Tim Riesterer Medical Device & Diagnostic Sales Training Conference keynote

3 Conversations You Need to Win

Q: #1 Reason Don’t Hit Quota?

A: Inability to Articulate Value!

Leads

Products

Process

Training

CRM

Good Intentions. Wrong Instincts.

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

MAXIMIZATION

Customer Conversation Continuum

Create Value

Elevate Value

Capture Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

Customer Conversation Continuum

Create Value

ENGAGE

YOU

THEM

NO DECISION

WHY YOU?

60%

YOUR REAL COMPETITOR

ENGAGE

YOU

THEM

WHY YOU? WHY CHANGE?

MISSING!!

GET THE FIRST ‘YES’

NO DECISION

60%

DISTINCT POINT OF VIEW

Status Quo Threatened

Identify New Needs

Define Solution

Identify Viable Vendors

Review Approaches

Make Decision

74

“Why Change?” “Why You”

COMMODITIZED CONVERSATION

26 % % BUYING VISION BAKE-OFF

-3 -1 +1 +2 +3 -2

• Make the status quo unsafe • Define new set of needs • Align w/ your Strengths

• Here’s what you say you need • Here’s what we do different • Here’s the benefit you will get

Identified

NEEDS

CAPABILITIES Specified

Commoditized Conversation

Creating a Buying Vision

NEEDS

Identified

Specified CAPABILITIES

UNKNOWN STRENGTHS

UNCONSIDERED NEEDS

Commoditized Conversation

Creating a Buying Vision

Distinct Point of View

12

Didn’t appreciate…. The problem is as big or coming as fast as you say?!

Didn’t realize… there was even something to fix that issue or annoyance?!

Didn’t know… that was a problem I was having until you pointed it out?!

Under-Valued

Un-Met

Unknown

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

Customer Conversation Continuum

Create Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

MAXIMIZATION

Customer Conversation Continuum

Create Value

Elevate Value

Capture Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

Customer Conversation Continuum

Elevate Value

PRODUCT KNOWLEDGE BUSINESS EXPERTISE

EXECUTIVES VALUE 4X MORE

EXECUTIVES VALUE 4X MORE

88% PROFICIENT

24% PROFICIENT

4X LESS LIKELY

PRODUCT KNOWLEDGE BUSINESS EXPERTISE

EXECUTIVES VALUE 4X MORE

88% PROFICIENT

24% PROFICIENT

4X LESS LIKELY

BEST IN CLASS

FOCUS 2X MORE

AVERAGE COMPANIES

FOCUS MORE

PRODUCT KNOWLEDGE BUSINESS EXPERTISE BUSINESS VALUE GAP

Business Knowledge

Customer Insight

Financial Acumen

ROI Executive Engagement

Fluency target

core competencies

1 2 3 4 5

Business Knowledge

Customer Insight

Financial Acumen

ROI Executive Engagement

50% average current competence

Fluency target

core competencies

1 2 3 4 5

Typical self-asses- sment

50% average current competence

Fluency target

Intellectual Altitude

core competencies

1 2 3 4 5

Business Knowledge

Customer Insight

Financial Acumen

ROI Executive Engagement

Typical self-asses- sment

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

Customer Conversation Continuum

Elevate Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

MAXIMIZATION

Customer Conversation Continuum

Create Value

Elevate Value

Capture Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

MAXIMIZATION

Customer Conversation Continuum

Capture Value

Your Price I% increase in discounting

9% decrease in operating

margin

A SLIPPERY SLOPE

Your Price

Their Price

TYPICAL VIEW OF DISCOUNTING

Negotiating Tactics

Selling to business buyer

Deal moves to purchasing

Your Price

Their Price

WHAT’S REALLY HAPPENING

Negotiating Tactics

Selling to business buyer

Deal moves to purchasing

Value Leaks

Demonstrating Value?

CHECKING BOXES

Demonstrating Value?

Giving Away Value

CHECKING BOXES

Exchanging Value

PIVOTAL AGREEMENTS

CHECKING BOXES

Demonstrating Value?

Giving Away Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

MAXIMIZATION

Customer Conversation Continuum

Capture Value

STATUS QUO THREATENED

DEFINE SOLUTION

REVIEW VENDORS

CHOOSE SOLUTION

-3 -1 +1 +2 +3 -2

TERMS AND CONDITIONS

DIFFERENTIATION

IDENTIFY NEW NEEDS

MAXIMIZATION

Customer Conversation Continuum

Create Value

Elevate Value

Capture Value

Malcolm Gladwell

Scientist for Tipping Point Morton M. Grodzins

What was the difference?

Gladwell told a better story!