Showing posts with label insight. Show all posts
Showing posts with label insight. Show all posts

Monday, October 4, 2010

3 Key Traits Of Top Performing Sales Professionals

... An insightful Summary to archive:

Beginning in 1997 and continuing through today, the Gearner Research Group has conducted interviews with over 85,000 sales professionals in one of the largest ongoing research projects in the field of sales. The goal of the study has been and continues to be, to ascertain the traits and characteristics of the most accomplished sales representatives when compared against those deemed less successful.

The overarching question we set out to answer was, "Are the most successful sales professionals doing something fundamentally different than those who are less successful?" Not surprisingly, there are considerable implications of this study on selection and development of sales professionals.

Background: We initially developed a list of 38 traits we felt that were important for success in sales. Our goal with the study was to not only determine the traits of top performing sales professionals but also to identify the behaviors or traits that were missing from those less successful.

Participants in our study were nominated by their sales leadership. Our observed interview population consists of 65% sales professionals deemed by their organizations and by quantitative sales results, as being in the top 8-10% in their company or industry. The remaining group (35%) were specifically interviewed and observed as a comparison group. Subjects in this second group were ranked in the lower 20% of their sales organization on their quantitatively measured sales success over multiple years in selling.

• Financial services • Technology (software)
• Real estate • Educational services
• Manufacturing • Pharmaceuticals
• Retail • Consulting
• Insurance • Marketing & Advertising
• Wholesale goods • Automotive
• Technology (hardware)

While there are a number of traits and characteristics that are common to most sales professionals three key traits were found to be high predictors of success. Our findings are as follows:
Three Key Traits For Success In Sales Professionals
Trait #1: Emotional Intelligence. (A 73% correlation with sales success.)

Emotional intelligence (EI) describes the ability capacity, skill to identify, assess, manage and control the emotions of one's self of others, and of groups. Different models have been proposed for the definition of EI and disagreement exists as to how the term should be used. Despite these disagreements, which are often highly technical, EI has successful applications in the sales domain.

In the 1900s, even though traditional definitions of intelligence emphasized cognitive aspects such as problem solving, several influential researchers in the intelligence field of study had begun to recognize the importance of the non-cognitive aspects. For instance, as early as 1920s E.L. Thorndike used the term social intelligence to describe the skill of understanding and managing other people.

In 1940 David Weschler described the influence of non-intellective factors on intelligent behavior. In 1983 Howard Gardner's Frames of Mind: The Theory of Multiple Intelligences introduced the idea of multiple intelligences which included Interpersonal intelligence (the capacity to understand the intentions, motivations and desires of other people).

The first use of the term "emotional intelligence" is usually attributed to Wayne Payne's doctoral thesis, A Study of Emotion: Developing Emotional Intelligence from 1985. We observed that traditional types of intelligence, such as IQ fail to fully explain sales success while subjects testing high on EI consistently fell into the ranks of superior performance.

As a result of the growing acknowledgement by professionals of the importance and relevance of emotions to work outcomes, the research on the topic continued to gain momentum, but it wasn't until research by Geartner that the link has been fully established between EI and sales success.

Trait #2: Active Listening: (An 88% correlation with sales success)

Active listening requires the listener to understand, interpret, and evaluate what they hear. The ability to listen actively can improve personal relationships through reducing conflicts, strengthening cooperation, and fostering understanding. This traits was observed in 93% of those in the top group of sales performers yet only observed in 8% of those in the lowest percentiles.

We observe that when in a sales situation the less effective sales representatives are often are not listening attentively. They may be distracted, thinking about other things, or thinking about what they are going to say next. Active listening is a structured way of listening and responding to others, focusing attention on the speaker.

It is important for a listener to observe the prospective clients demeanor and body language. Having the ability to interpret a person's body language lets the listener develop a more accurate understanding of the speaker's message.In sales call we found the most effective sales professionals actively listenedfor feeling and emotionally charged words. Rather than merely repeating what the speaker has said, the active listener used these clues to address concerns and reduce fears through the use of stories (see trait #3).

Author Thomas Gordon who coined the term "active listening", states "Active listening is certainly not complex. Still, learning to do Active Listening well is a rather difficult task." The relationship between active listening and sales success is clearly apparent which leads us to conclude that this is a trait sales leaders should use as a part of their sales selection criteria and reinforce through training and coaching.

Trait #3: Use of Anecdotes & Stories.(A 92% correlation with sales success)

Sales is largely about communicating a desire state. One in which the prospective client is no longer shackled by the limitations or restrictions of the particular problem they face. As such, the most effective sales professionals are highly gifted communicators of sales stories. However, it is interesting to note that the use of sales stories by the top 10% of sale professionals was a strategic rather than purely tactical tool. By this we mean that stories were developed and told that addressed a wide variety of issues. Our field interviewsshowed that on average the top performing sales professionals used 4.5 stories on a single sales call while those sales representatives in the lower 20% failed to use a single story on their typical sales call.

It is also interesting to observe that those in the lower 20% thought they used sales stories far more frequently than they did. On average individuals in this group claimed they told 5 stories per call when the actualobservable results were less than one.

Our conclusion for this behavioral disconnect between what the top sales professional actually did, and what the lowest performing sales representativethought they did, yielded someobservations and conclusions.

It is interesting to note that the top sales professionals did not attempt to make up stories as they were engaged in the sales call. Rather they had a total of 15-25 sales anecdotes and stories fully prepared and developed. These were described by multiple sales professionals as the "arrows in the quiver" that were then drawn out and used in response to verbal clues (see active listening). Again by contrast, the lower performing sales representatives had virtually no stories prepared except for an occasional "success story" that was developed by less than 5% of these lower performing group.

Conclusion: Although research is ongoing, it is clear that these three traits and characteristics have emerged as the top predictors of sales success across industries. Not surprisingly, only some of these traits may be considered developmental and will respond better to traditional training and coaching. Regardless, all three of these should be discussed among sales leadership from both a selection and development perspectives.

Via

Wednesday, August 4, 2010

Branding Luxury

"Affordable luxury as a category is maturing," said Guy Salter, deputy chairman of Walpole, the association that represents British luxury goods firms. Since our recent economic downturn, consumers have redefined luxury. More than ever, masstige is the new mass. What was mass now now perceived as cheap and untouchable to savvy and discerning consumers. In this organic adjustment, luxury has lower its bar to affortable luxury. I am delighted to say, with strategic adjustments, most luxury brands are now [still] doing quite well.

Miles Socha's recent article in the WWD, DEFINING THE NEW LUXURY, is an interesting exploration of this evolution. More than ever, smart, consistent 360ยบ branding is critical to success:

Lucian James, founder of strategic consultancy Agenda Inc., based in New York and Paris, said luxury was not only impacted by the economic crisis, but a “crisis of meaning” as well.

“Consumers spent some time away from luxury products, and the spell was — to some extent — broken,” he explained. “The recession was a time when consumers really connected to discount and fast-fashion brands and found them surprisingly good.”

To win shoppers back in the postcrisis period, luxury brands “need to create more powerful messages, not just evoke aspirational lifestyles and expect consumers to be seduced….They need to explore ways that they can connect the brand to emerging consumer lifestyles and emerging consumer moods,” James said.

"The clientele for luxury today is less tied to income levels than to which brands consumers choose to adorn themselves with, counterfeit or otherwise. “People don’t reach up en masse to luxury brands. They go to the ones that are meaningful for them,” he said.

Tuesday, December 29, 2009

Japanese design principles

The Zen principles of Aesthetics are derived from the Buddhism beliefs of Anicca or Impermanence where “everything, without exception, is constantly in flux, even planets, stars and gods”. Wikipedia

THE PRINCIPLES:

FUKINSEI (imbalanced)
Asymmetry, odd numbers, irregularity, unevenness, imbalance is used as a denial of perfection as perfection and symmetry does not occur in nature.

KANSO (simple)
Elimination of ornate and things of simplicity by nature expresses their truthfulness. Neat, frank and uncomplicated.

KOKOU (austere)
Basic, weathered bare essentials that are aged and unsensuous. Evokes sternness, forbiddance, maturity and weight.

SHIZEN (natural)
Raw, natural and unforced creativity without pretence. True naturalness is to negate the naive and accidental.

YUGEN (subtle profound)
Suggest and not reveal layers of meaning hidden within. Invisible to the casual eye and avoiding the obvious.

DATSUZOKU (unworldly)
Transcendence of conventional and traditional. Free from the bondage of laws and restrictions. True creativity.

SEIJAKU (calm)
Silence and tranquility, blissful solitude. Absence of disturbance and noise from one’s mind, body and surroundings.

Via

Monday, December 7, 2009

Shop in 3D

For the month of December, InStyle has gone 3-D.
Gifting in 3D features the first augmented reality ads offering a click-to-buy experience.  Each brand comes to life on screen through a customized, branded gift box that springs open to reveal a 30-second video, as the screen displays up to 10 items for gift-giving, including special offers and a chance to win a $1000 Shopping Spree in NYC.



The experience can also be shared virally. Expect to find deals, messages, and product suggestions from spectacular brands including: YSL, Neiman Marcus, Chanel, DVF, HP, and more.

Monday, October 5, 2009

The Blogger’s Bill of Rights

1. Anyone has the write to give their opinions about anything, for any reason. [i.e. They have the right to take pictures of their food, the right to be boring, the right to be wrong, and the right to rip their rivals.] They have, in short, a right to exist.

2. No blog or website should be read for one minute longer than it remains useful or entertaining.

3. Blogs should able to freely link to each other and quote to fair use standards, and to use each other’s images when credit and linkage is given.

4. Blogs are not responsible for the general rancor and malevolence of their commenters.

5. Blogs neither have to make money, nor be owned by a legitimate solvent entity, nor hew to any established standards of print journalism. They don’t have to be “interesting.” They don’t have to be “relevant.” They don’t have to appeal to anyone but their makers. And in that lay their special virtue. NO BLOG IS EXTRANEOUS.

Wednesday, August 5, 2009

Segmentation: Building Better Interactive Marketing By Reaching More Focused Markets

At the heart of successful marketing is the need to generalize: to make predictable the behaviors of large groups, and to extrapolate predictable trends from the jumbled mass of seemingly random individual actions. You must generalize your intelligence, tackling common sales trends rather than spending all your time chasing a multitude of independent prospect interests.

Your customers, however, do act individually with their own motivations, desires and needs. And when economic conditions get tight, your prospects individualize even further - they focus more on their unique problems and less on wider commercial trends. Their buying behavior segments. Businesses that overly focus on a single generalized market soon discover that financial problems arise fast when their customer base, previously marching in step, all start bolting off in their own directions. That poses a dilemma to many businesses when a recession hits.

No business can profitably afford to uniquely cater to every prospect on an individual basis. So how should you adapt your interactive marketing when their core market base - faced with the practical realities of a tough economy - begins to splinter and fragment?

Successful businesses segment their market. Targeted communications are crafted on a level closer to the lives of their customers. Rather than one big customer base, they segment their market into a group of smaller related customer bases - and in doing so, both serve their customers better and build a reliable redundancy into their sales cycle. As long as the economy remains in a recessionary or recovering position, smart businesses will segment their core markets with marketing strategies designed to appeal to smaller, more predictable prospect groups.

Consider how your core market can be approached as multiple segmented groups, each segment being:

Distinctive. Each targeted segment should be very clearly distinguishable from the others. What makes this group of people absolutely unique? What can you add to your online marketing to better identify with them, to distinguish their needs from other prospects?

Common. Prospects that make up each segment should share clear common qualities. Even in tough times, people never escape generalization altogether. What ties these prospects together? What can you add to your online portal to inspire a sense of community among them?

Responsive. Be brutally honest with yourself: is this group of people truly apt to respond to your marketing right now? Is your offering clearly within their current buying patterns? Don't waste time and money attempting to sell to a segment that clearly won't respond to you.

Reachable. A sharp message, selling a fabulous service to a responsive segment, accomplishes nothing if you can't actually reach those people. Interactive marketing - social networking, website design, email marketing - offers you more opportunities than ever before to reach your prospects. Start taking advantage of the tools available today to get your message out.

It is rarely good business to ever put all your eggs in one basket. But in a recessionary or recovering economy, it is often a guaranteed recipe for failure. If you're finding it harder and harder to boost your sales in this increasingly pragmatic sales landscape, stop: take a closer look at your prospects and consider how a segmentation plan can improve your marketing. You'll likely discover opportunities for success that you never dreamed were there - and the clear strategies you need to leverage them into greater future successes.

Wednesday, June 3, 2009

Luxury Brands Waking to a New Reality

As the recession keeps depressing, luxury brands are experiencing a wake-up call from this nasty cycle and from chastened luxury buyers.

For the first time, it seems, even brands that have succeeded by pursuing strategies of "great product plus major investments in image advertising" are forced to re-think this approach and many are exploring tactics more like the American packaged goods approach.

"Aspirational" or "symbolic" buyers, with household incomes of $250,000 to $500,000, are gone. And, the definition of luxury is radically changing. True luxury will continue to be distinguished by its inherent value, or by what Stanley Marcus called, "the impact of the hand" (the best the mind of man can imagine and the hand of man create).

Also, more than ever, great experiences will rate high on the value scale: rare experiences, sensually orchestrated, producing memories so precious they are actually luxury products. These include 'time out' vacations, exotic travel, sensual comforts, etc.

Educated consumers will even put a premium on things or experiences that cost little or nothing but provide immense satisfaction: good water, knowing how to tie a bow tie, dry firewood, a hot bath, first press olive oil, fresh caught fish, a smile, beautiful wrapping paper, elegant packaging, staying in shape, afternoon tea, museum visits, time alone or with family and friends. Did I say, time, the ultimate luxury, alongside health.

At no point in 15 years has the "best customer" (3.2 million worth more than $1 million) better mirrored Milton Friedman's view, "Nobody spends somebody else's money as carefully as he spends his own."

Focus on the Best Customer
Every smart luxury brand is obsessed with their best customers and is focusing marketing efforts on "surprising and delighting" them. The 'best customer' spends more, is more loyal, refers more, if asked and rewarded, is willing to partner, wants favored brands to succeed, forgives more readily (if mistakes are corrected), offers stronger word of mouth, is not PRICE but VALUE sensitive, is more economical to keep than to find and becomes more profitable over time.

These best customers are now--they're more curious about the best of the best and want brands to articulate why their products and services are worth the price; while demanding high-touch, sophistication, intimacy and intelligent 'courting.'

More demanding than ever, they view wealth as something to be enjoyed rather than displayed; are highly cynical about advertising and demands a personalized approach; desires connoisseurship' while searching for the unique and memorable, wants to tell the story of a great experience, relies on friends' recommendations, social networks and buzz instead of traditional advertising.

What Smart Luxury Brands Do
Marketing is increasingly seen as the president's job and not just the marketing department's. Luxury marketing, once seen as great product, great location and major investment in advertising, is increasingly following a packaged goods model. Advertising spends are being cut and the investment targeted to niche publications – Departures, Elite Traveler, The Robb Report, Modern Luxury.

Marketing is considered as an investment by the smartest brands. Those that continue to spend enjoy a significant competitive advantage. Luxury Marketing Council research shows that those that do invest are putting their marketing dollars toward: improving customer service, heightening the quality of interaction with best customers, investing in third-party-testimonial generating public relations, engaging people/employees/sales folks "on the line," making direct customer contact as strategic partners, genuinely soliciting their insights from the customer and marketplace and sharing insights with people/employees/sales associates in ways once deemed 'for top management only.'

While challenges remain, the prospect for a bright new world of luxury brand success is peaking through the clouds.

Via

Tuesday, June 2, 2009

Web Trend Map


It has been featured all across the web from Reddit and Digg to TechCrunch, BoingBoing, and Gawker. Now the latest version of Information Architects' popular Web Trend Map is up for grabs.

The Web Trend Map plots the Internet’s leading names and domains onto the Tokyo Metro map. Domains and personalities are carefully selected through dialogue with map enthusiasts, and every domain is evaluated based on traffic, revenue, and character.

IA grouped together closely associated websites, ensuring that every domain is on an appropriate line. As a result, the map produces a web of associations: some provocative, some curious, others ironically accurate.

Download the origional version here.

Wednesday, April 29, 2009