Time is the New Currency
How to sell value, be a trusted adviser, be neutral? When I think of all the sales training I have had, or have learned about, most, to all, have been effective and well worth the effort. Yet, few to none, have focused on time. Time from the perspective of having more of it for selling, thinking about strategies, doing more research, analyzing my pipeline, and the list goes on and on. It’s presumed that once we learn new techniques or process, where many are delivered over a couple of days; we simply deploy them, mostly on our own, into our respective named accounts or territories. Time is generally not a key element in the learning how to sell value over price.
Selling the CFO Time is Really Difficult
At one time, I was fortunate to have supported a team, inside a large, and highly successful software company. They just sponsored some new, and innovative sales training on a select group of Account Executives. It was intended to change the game in they accessed, and engaged with C-level targets to shorten sales cycles and increase average order values. The training focused on how to prospect into very large, Fortune 500 companies, specifically aimed towards securing a meeting with the CFO. They learned over two heavily packed intense days, how to identify a good prospective company, identify significant corporate initiatives, and align that it with their software solutions. This information was to help craft strategic and value-based messages to help gain entry into the C-suite & how to sell value over price.
To do this, we first were taught to understand the inner workings of the corporation, especially into their financial health, and how it connects to funding key or strategic initiatives. The very bull’s eye we want as an Account Executive, so we can sell value over price strategically as an trusted adviser and not a vendor.
I Did Not Study Finance in School
To gain this insight, we were taught literally in hours how to understand Annual Reports (some 600+ pages), the Shareholder letters, the 10K, 10Q, Cash Flow Analysis, where the strategies and corporate initiatives reside (Management Discussion & Analysis or MD&A), Balance sheets and Income statements, Quarterly earnings calls and interviews, analysts’ reports, and competitive analysis. We did this over 2, sometimes 3 years.
The challenge was that the learning curve to be proficient in corporate finance, terminology, ratios, and the like for a $5-50B company was extremely time consuming. We were expected to learn “How to Sell Value” overnight, then use our new knowledge to construct prospecting phone, email, and networking….to entice the CFO’s to meet with us.
Spend 64 Hours, Save Months
I wholeheartedly believe in the deep significance of this, and continue to use it in my business and sales activities. But from a time, perspective, I still look to get things done quicker so I have more selling time. I have seen, and used, a few devices to help me along the way. One was a Continuing Ed course in finance where I spent a few months and just a few hours a week learning how to sell value & accomplish this complex task more easily and quickly. Another was I hired a CPA to coach me (not cheap but so worth the cost!). I read various articles on how to read an Annual Report. Or, finding a reasonably priced tutor, many who are an ex-CFO, or joining networking groups where Executives attend and are willing to share insights into how to enter the C-suite. Even constructing a matrix of steps I need to take that systematizes my efforts, and helps to shorten my learning curve in obtaining this key corporate information.
There are numerous sales books on this subject on Amazon. There are many ways to get the information and still save time. Do the time and you reap huge rewards on an education on how to access and engage with senior executives and Decision Makers.
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