How to Uncover Golden How to Uncover Golden Opportunities and Important Opportunities and Important RisksRisksin Your Sales and Marketing Strategy in Your Sales and Marketing Strategy

Shady Grove Innovation Center/November 19th, 2010Shady Grove Innovation Center/November 19th, 2010

Andrew Rudin,Andrew Rudin,Managing Principal, Outside Technologies, Inc.Managing Principal, Outside Technologies, Inc.www.outsidetechnologies.com

703.371.1242 (mobile)703.371.1242 (mobile)arudin@outsidetechnologies.comwww.xeesm.com/andyrudinwww.xeesm.com/andyrudin

Thank you for taking time Thank you for taking time from your day to be here!from your day to be here!

Outside Technologies, Outside Technologies, Inc.Inc.

Sales strategy and execution since 2001

•Expert in sales risk management

•Social Selling (Sales2.0)

Strategies and best practices

If I took time out of my day to If I took time out of my day to attend this meeting, which attend this meeting, which outcomes or results would be outcomes or results would be

most important to memost important to me?? Know how to solve a persistent Know how to solve a persistent

problem or challenge in a new wayproblem or challenge in a new way Strategies and tactics that provide Strategies and tactics that provide

me a competitive advantageme a competitive advantage Skills I can apply to a broad range of Skills I can apply to a broad range of

selling situationsselling situations

Key Problem to SolveKey Problem to Solve

How to How to reduce sales riskreduce sales risk and and capitalize capitalize on opportunitieson opportunities in an environment of in an environment of great economic uncertaintygreat economic uncertainty

Define Define RiskRisk and and OpportunityOpportunity

““It is not my job to have all the It is not my job to have all the answers, but it is my job to ask lots answers, but it is my job to ask lots of penetrating, disturbing and of penetrating, disturbing and occasionally almost offensive occasionally almost offensive questions as part of the analytic questions as part of the analytic process that leads to insight and process that leads to insight and refinement.” refinement.”

--Gary Loveman, CEO, --Gary Loveman, CEO, Harrah’sHarrah’s

How do We (I) Generate How do We (I) Generate Revenue from Our (my) Revenue from Our (my) innovation?innovation?

Which opportunities must Which opportunities must we capitalize on in order we capitalize on in order to succeed?to succeed?

Which assumptions have Which assumptions have we made that we made that must be truemust be true in order for our strategy to in order for our strategy to work?work?

What What valuevalue do we need do we need sales to contribute to the sales to contribute to the organization?organization?

Which risks will derail our efforts Which risks will derail our efforts to capitalize on our opportunities?to capitalize on our opportunities?

Which risks will prevent our Which risks will prevent our company from deriving value from company from deriving value from

our sales organization?our sales organization?

What risk level (aka What risk level (aka Risk Risk AppetiteAppetite) can our ) can our organization accept?organization accept?

Risk Management 101Risk Management 101

AcceptAccept

ReduceReduce

EliminateEliminate

TransferTransfer

ShareShare

Strategic Discovery:Strategic Discovery:•What we knowWhat we know•What we What we don’tdon’t know know•What we assumeWhat we assume

Situational Awareness:Situational Awareness: What are we facing What are we facing right right now?now?

ForcesForces

““Gap” ModelGap” Model

Strategic questionsStrategic questions

Qualification Qualification (situation, (situation, consequence, and impact)consequence, and impact)

NetworkingNetworking

Attitude/sentimentAttitude/sentiment

ValidationValidation

VisioningVisioning

1. Qualification: 1. Qualification: “4 Green Lights”“4 Green Lights”

Can my company as Producer and my target company as Can my company as Producer and my target company as Consumer generate mutually beneficial value?Consumer generate mutually beneficial value?

SSolution fit:olution fit: Does my prospect seek an outcome that can Does my prospect seek an outcome that can be enabled with my product or service?be enabled with my product or service?

AAccess:ccess: Can I get access to the people who can enable me Can I get access to the people who can enable me to achieve the outcome I want?to achieve the outcome I want?

FFinancial resources:inancial resources: Does my prospect have the resources Does my prospect have the resources (money/time/people) to purchase and implement my (money/time/people) to purchase and implement my solution?solution?

EExpected timeframe: xpected timeframe: Does my prospect plan to purchase Does my prospect plan to purchase my product or service in a timeframe that is within my my product or service in a timeframe that is within my operating horizon? operating horizon?

Exploration & Production

Z a he er

S ch u ltz

M itch e ll

K lim ch u ck

A n ge lo

K e lle r

S m ith

GeologyD h illo n

M ye rs

PetrophysicalC ro s le y

ExplorationA ve ry

C o rd o za

S u th e rla nd

R a m ire z

DrillingM cW a tte rs

W a ring

ProductionH a ssan

ReservoirH o p p er

ProductionM ila ve c

S e n io r V ice P re sid e n tM a re s

Formal Structure

Sutherland

Smith

Crossley

Dhillon

Zaheer

Keller

Angelo

Schultz

Cordoza

Klimchuck

Mitchell

McWatters

Myers

Ramirez

Avery

Mares

Hopper

Hussan

Milavec

Waring

Informal Structure

2. Networking Questions

Resource: Rob Cross The Hidden Power of Social Networks

3. Attitude/Sentiment 3. Attitude/Sentiment QuestionsQuestions

1. Believe (do you believe the situation exists?)1. Believe (do you believe the situation exists?)2. Care (do you care about it?)2. Care (do you care about it?)3. Act (will you act to solve it?)3. Act (will you act to solve it?)

• How would you characterize the accuracy of the figures we have discussed/presented/included in the proposal?•If you had to make a decision based on what you know right now, what would it be?• How important is solving this business problem for you personally?• How consequential is solving this problem (or strategic challenge) for your organization?•If you accept our proposal, when do you anticipate executing a purchase order?• Will you recommend acceptance of my company’s proposal?• Can I have the order?

Resource: Made to Stick by Chip Heath and Dan Heath

4. Validation Questions4. Validation Questions““Leave no answer unquestioned!”Leave no answer unquestioned!”

What evidence confirms (or contradicts!) our key What evidence confirms (or contradicts!) our key information about our prospect’sinformation about our prospect’s

Strategy and business drivers?Strategy and business drivers? Perception of the impact of the problem on the Perception of the impact of the problem on the

organization?organization? Network of buying decision makers and influencers?Network of buying decision makers and influencers? Governance policies?Governance policies? Procurement steps and timeframe?Procurement steps and timeframe? Motivation and commitment?Motivation and commitment?

5. Visioning Questions5. Visioning Questions

Can you describe how solving this Can you describe how solving this challenge could deliver value for you challenge could deliver value for you or for your company?or for your company?

If you could design a solution to enable If you could design a solution to enable your strategy, how would it work?your strategy, how would it work?

What are the characteristics of the What are the characteristics of the vendor you seek for this collaborative vendor you seek for this collaborative effort?effort?

Critical Success FactorsCritical Success Factors

Insist on transparency—for you and your Insist on transparency—for you and your prospectprospect

Bring curiosity to every conversationBring curiosity to every conversation Don’t look for questions to “carry the ball”—Don’t look for questions to “carry the ball”—

conversations do.conversations do. Put Put risksrisks and and opportunitiesopportunities at the top of your at the top of your

discovery listdiscovery list Endeavor to see the world through your Endeavor to see the world through your

prospect’s eyesprospect’s eyes Don’t assume you know the answers to your Don’t assume you know the answers to your

most important questionsmost important questions Don’t rationalize anomaliesDon’t rationalize anomalies If you’re unclear about something that matters, If you’re unclear about something that matters,

keep asking questionskeep asking questions

Resource SummaryResource Summary

Book:Book: Let’s Get Real or Let’s Not PlayLet’s Get Real or Let’s Not Play, by Mahan Khalsa, by Mahan Khalsa

Book: Rob Cross The Hidden Power of Social NetworksBook: Rob Cross The Hidden Power of Social Networks

Book: Book: Made to StickMade to Stick by Chip Heath and Dan Heath by Chip Heath and Dan Heath

““To an Octopus, ’50’ Means Nothing” To an Octopus, ’50’ Means Nothing” http://www.customerthink.com/article/octopus_50_means_nothing_empathy_matters

““The Innovator’s DNA,” The Innovator’s DNA,” http://hbr.harvardbusiness.org/2009/12/theinnovators-dna/ar/1 ““The Right Sales Questions Will Get the Right Answers,” The Right Sales Questions Will Get the Right Answers,”

http://www.customerthink.com/article/right_sales_question_get_right_answershttp://www.customerthink.com/article/right_sales_question_get_right_answers

““Just the Facts: Sales Discovery Requires More than Asking Killer Just the Facts: Sales Discovery Requires More than Asking Killer Questions”Questions”

http://www.customerthink.com/blog/http://www.customerthink.com/blog/just_the_facts_sales_discovery_requires_more_than_asking_killer_questionsjust_the_facts_sales_discovery_requires_more_than_asking_killer_questions

Thanks !Thanks !

Questions?