320 likes | 442 Views
How to sell an integrated HRIS solution. Dennis Pate President Top Line Tactics, Inc. Winning market share in 2005. Competing against National Service Providers. Dennis Pate My Experience.
E N D
How to sell an integrated HRIS solution Dennis Pate President Top Line Tactics, Inc.
Winning market share in 2005 Competing against National Service Providers
Dennis PateMy Experience • President/Founder - Top Line Tactics, Inc. Provider of revenue acceleration solutions for the Employer Services market • ADP Major Accounts Southwest Area Vice President of Sales June 1987-December 2002 • Annual team quota $26,000,000 – ASP over $550,000 • Sales growth in last 5 years at ADP over 550% • Qualified for ADP President’s Club 13 times • Won prestigious ADP Board of Director’s award four times as a manager
Main Topics • Employer Services market overview • Current market dynamics • Challenges in the marketplace • Understanding the competition • How to win market share in 2005 • Sales Process for integrated solutions
The Employer Service Market Today • Over $9,000,000,000 annually in Payroll and HR outsourcing revenue • Over 60% of the market does not outsource • 3 largest competitors have 85% of the market share • Over 5000 Sales Associates in the market • Competition is well trained. National firms spend millions of dollars annually to create a highly tenured, professional, knowledgeable and effective sales force • Critical need to drive new products and concepts into the future as well as reduce operating cost due to earnings pressure
Current Market Dynamics • Consolidated service centers are managed as call centers • Public firms focused on share holder return not client satisfaction and adding value • Earnings pressure has created pricing and service issues • Clients do not understand services they are receiving • Product line is fragmented due to add on products • ADP, Paychex, and Ceridian client satisfaction is declining Opportune time if your prepared!
Current Market Dynamics • Rapid change and consolidation of market • Larger market than ever before and growing daily • Multiple opportunities (product, price, service) • Are you prepared to seize this unique opportunity? • How long will it last? • What’s Important Now? Market share Opportune time if your prepared!
Challenges in the marketplace • Overcoming / level setting the national service providers messaging • Competing effectively against well trained sales force of national service providers • Successfully communicating key points of difference • Maximizing profit from new accounts
Understanding the Competition • Motivation – Revenue growth (sales vs. retention) • Structure – Earnings focused • Process – Codified, tailored by market, repeatable and measurable • Product – Fragmented product line, new products released to win market share not for client enhancement • Price – Varies by product and length of time on service. moving toward bundled approach • Service – Measured by response time not value received by client
Evolution of the Employer Services Sales Associate • Tellers- Features focused • Sellers- Needs focused • Farmers- Sell between the sales • Hunters-Fighter pilots of the sales world • Business Developers-Develop demand • Partners-Trusted advisor (large accounts or 3rd parties) • I.N.C. Industry Networked Consultant-Recognized for whom and what they know
Ceridian The Broadest Range of SERVICES from a Single Source Provider • Recruiting • Background Checks • Drug Screening • Applicant Tracking • Exit Interviews • Enrollment & Eligibility • Flexible Spending Accounts • Tuition Reimbursement • (401)k Administration • Defined Benefits • COBRA / HIPAA • QDRO • Transit • HRIS • Employment Law • Unemployment Comp. • EEO • HR Reporting • Training • Compliance Employment Life Cycle • Time & Attendance • Payroll Processing • CD-ROM • 3rd Party Interfaces • Tax Filing • Work/Life • Surveys • Training • Expatriate Service • Concierge Services • Change Mgmt. • Self Service • Wellness • EAP • Performance Appraisals • Salary or Rate Changes
Tax Filing Time & Attendance Payroll Processing Internet Recruiting HRMS Solutions Banking Services 401k Administration and Record Keeping Background Checks General Ledger Interface UCM Unemployment Compensation Management CD-ROM Output Wage & Garnishment Processing
How to win market share • Setting the stage – Utilizing the correct sales process / building credibility • Product functionality – Understanding the gaps • Price comparison – Knowing the competitions strategy as well as feature functionality • Service differentiation – Key points of difference / leveraging references
Winning market share Prospects want to know the following • Who is ABC Payroll/HR • How does ABC Payroll/HR provide value • How is ABC Payroll/HR different from the competition • What does ABC Payroll/HR know about the prospect • What is the projected ROI • How does ABC Payroll/HR do business • Recommended steps of engagement with ABC Payroll/HR
Winning Market share We need to uncover the following • Will the prospect buy • Will the prospect buy from me • Will the prospect buy now ( within 90 days)
The Solution Customized Complex Sales Process • Involves multiple buyers • Buyers prefer integrated solutions rather than products • Helps understand shifting buyer requirements due to multi department buying committee • Used to unhook competition • Flexible in approach • Overcomes objections prior to being raised
Complex SalePotential problems if not understood • Rosy forecasts • Blind spots (missing info/assumptions) • Wasting time trying to sell unqualified prospects – chasing the wrong rainbow • Quote and hope prospects • Dashing to the demo • Little white lies from prospects • Dead and don’t know it prospects
Complex Sales Process Profile Market Gain Access 10% - Casual Interest 30% - Prospect willing to set up a one on one meeting (Initial Overview call) First Call 40% - Economic buyer is identified and will commit organization to a presentation. Executive Overview 50% - Good interest shown. Client will commit to our Analysis. 70% - Successful executive exchange and Formal Feedback Session. Business Case Details mutually agreed upon. Analysis 80% - Presentation to Senior Management made. Your product is favored. Feedback 90% - Prospect states your product will be selected, pending management board, or committee approval. Demo Financial Prop 95% - Management has approved your solution. 100% - Order in briefcase.
Profile Profile Market Gain Access • Part of gaining access. • Organizing and targeting. • Foundation of our information gathering process. • Find out the high level issues, concerns and trends in the industry, and identify key players. • Developing your strategy. • Pick two or three client related industries as references.
Gaining Access Profile Market Gain Access • Get in the door--gain access. • Determine the business issues and initiatives of the C-level executive. • How do we do that? • Be accurate. • Put yourself in the C-level executive’s shoes.
First Call • Conversation should be based on your insights from profiling. • This is a two way conversation. • Reference clients in similar industries. • Determine the buying criteria. • Be prepared. • Competition is always present. First Call
Executive Overview • Identify key staff members involved in the buying decision. • Used to gain acceptance. • Third party evaluation of what they are currently doing. • Outsourcing non-strategic services can bring value to each functional area. First Call First Call Executive Overview
Analysis • Partnership and Accountability • Continuation of building the business case. • Create the need. • Conduct a business analysis. • Look for which initiatives have the highest priority. First Call First Call Executive Overview Analysis
Feedback • Response to the C-level buyers decision criteria. • Business case for investment. • Developed by using the data gathered in the analysis. • Information creates impact. • Collaborative effort. • Must be conducted face-to-face. • Opportunity to qualify. First Call First Call Executive Overview Analysis Feedback
Demo • Address the needs of the Users. • The demo should include the company initiatives and benefits to the users. • Recap the current situation, incorporate the company vision. • “Why it’s important to change”. • Competition is always present. • Demo is a proof source. First Call First Call Executive Overview Analysis Feedback Demo
Financial Proposal • Present our pricing, business case, solutions suite, and Implementation plan to begin the conversion. First Call First Call Executive Overview Analysis Feedback Demo Financial Prop
Sales Process Profile Market Gain Access 10% - Casual Interest 30% - Prospect willing to set up a one on one meeting (Initial Overview call) First Call 40% - Economic buyer is identified and will commit organization to a presentation. Executive Overview 50% - Good interest shown. Client will commit to our Analysis. 70% - Successful executive exchange and Formal Feedback Session. Business Case Details mutually agreed upon. Analysis 80% - Presentation to Senior Management made. Your product is favored. Feedback 90% - Prospect states your product will be selected, pending management board, or committee approval. Demo Financial Prop 95% - Management has approved your solution. 100% - Order in briefcase.
What is the funnel • The funnel is a metaphor for all of our sales activity • Identifies where we are in the process • Provides visual clues to make sure we have enough in the pipeline • Defines where we should spend our time • Provides a reality check • Helps us plan • Helps us determine if something is worthy of the Pipeline report
Tools for success • Business plan that addresses desired income, sales goals, product mix, unit productivity, and seasonality of business • Structured, measurable, repeatable gaining access program with multiple strategies for different industries and competitors as well as a maintained database • Comprehensive knowledge of your product line and ability to demo every feature • In-depth understanding of competitors product line, pricing strategy, and service offering • Ability to guide prospects through the Complex sales process • ROI tools / Analysis tools / Feature comparison tools • Client base to reference!!!!
The number one buying sign ? Agree to meeting Be Prepared!
EXPECT TO WIN! www.toplinetactics.com dennis@toplinetactics.com Dennis Pate 972-390-7700