Sales Community - Playing for the Consolation Prize

Consolation Prize?

As sales professionals, we want to win every deal.

But when you lose, how you lose is extremely important and show's a great deal about yourself as a professional and about your brand.

For those not members, you can get a free year membership using this link: June Free ??

_____________________________

Tech Sales Insights LIVE

Join us live on LinkedIn Wednesday, June 22nd with guest Sean Foster, CRO of Anomoli. Join us live at 12PM EST!

'Operationalizing Sales' with Sean Foster

→ This weeks episode is sponsored by?Gong, enabling revenue teams to realize their fullest potential by unveiling their customer reality.?The patented Gong Revenue Intelligence Platform? captures and understands every customer interaction, then delivers insights at scale, empowering revenue teams to make decisions based on data instead of opinions.

Next up is Henri Richard, VP & Executive Partner, Global Sales Practice at Gartner on Wednesday, June 29th at 12PM EST

Check out our previous episodes here:?Tech Sales Insights LIVE

_____________________________

From Our Sponsors:

The Alexander Group

Sales Compensation Symposium

With an increase in wages, rampant turnover and low staffing levels, what are the implications for performance measurement, sales compensation and quotas?

Alexander Group’s annual?XaaS Sales Compensation Symposium?for technology leaders in HR, sales ops and sales comp is back! Join us virtually on August 3rd?as we dive into the strategies and best practices to set, measure and compensate success.?

Session topics include Winning the Battle for Talent, Sales Compensation in a Consumption World, Rethinking Compensation for Channel Facing Roles, and more!

Register Today >>

Gong

Want insights from a veteran of the sales industry?

(She’s a 3x IPO, 5x tech advisor, and 6x board member.)??

Sign up for The Edge – a monthly newsletter designed for growth-minded execs. It’s written by Kelly Breslin Wright, President and COO at Gong.?

Subscribe here to get on the list.

Sales Impact Academy

Sales Impact Academy is the world's leading GTM education platform and as part of our partnership they’re offering you and your team?free access to their entire Academy for 30-days.

Sales and Leadership roles are hard. They’re also not considered in the higher-education system, leaving a gap in upskilling for success.?

That’s why SIA have brought together leading industry experts, to bridge the gap and provide the ultimate primer for designing, building and scaling in your commercial role.

Join the Sales Community today to receive the exclusive 30-day free access to the entire Academy!

_____________________________

Randy's Tips to Sell More ?? Excerpts from Your Go-To Sales Advisor

Playing for the Consolation Prize

By Andy O’Brien, SVP General Manager North America at OpenLegacy

What the Idea Is: You want to win every deal you are engaged in, but how you lose and position yourself after that is very important. Human nature, personal possessiveness, and follow-up from your boss shape this. Remember your brand—be self-aware when you are losing, and position yourself for the consolation prize with that client. Focus on how to find the next deal where you can get a commitment on the spot, thus getting a contract in place and finding revenue for the company.

Here’s an example: If you lose your deal in a production environment for $5M, how do you lose gracefully and ask for a smaller deal in a development environment? Have the self-awareness to know when to flip gears; don’t get off the big deal too fast; but once it is apparent, look for other specific asks. Be very specific—ask, “Will you give me a deal here, now?” If you can get the development deal as consolation prize, you can get a contract in place and perhaps build a go-forward revenue annuity.

Why It Is Valuable: It’s about your brand; build it as a mature person who is looking to have a productive, mature, and trusting relationship. Get something in place that gets the heavy work out of the way and creates more access than you had in the past. Once you have one signed deal, it’s easier to go back again and ask for something else.

How It Works: Sales planning is critically important. If you have built a sales campaign, this strategy should be a part of the plan. (Building a reverse timeline is a great practice; see the next idea for the details.) If you get bad news, know what your plan will be to handle that situation. Remember, existing customers are a lot easier to sell to than new ones.