Category Archives: Richardson Sales Training
Competing against an incumbent provider is one of the more challenging sales situations that we encounter. The existing account holder likely has a stronger relationship with the client, first-hand knowledge of the client’s business, and enjoys the benefit of being a known entity. Remarkably, even with mediocre performance, an incumbent can be difficult to unseat, and a lot of the reason why is attributed to psychology. There are a few neuroscience concepts that give us some insights as to why customers hold on so tightly and how a challenger might loosen the grip.
Loss aversion is the simple idea that the fear of losing something is much stronger than the joy of gaining something — in fact, it is about twice as strong, according to research. In a competitive sales environment, that means that the value proposition of a challenger needs to be significantly stronger than that of the incumbent if the challenger hopes to win the business. Loss aversion is how even relatively weak providers maintain accounts. So why is our fear of loss so strong?
It is human nature to overvalue what we already own; this is called the endowment effect. It is evident when people are reluctant to part with something they own for its cash equivalent, or if the amount that people are willing to pay for something is lower than what people are willing to accept when selling it (Kahneman, Knetsch, & Thaler, » Continue Reading.
This could be a very short blog post. The answer, in a word, is “Yes.”
But let’s look a little deeper into the reasons why sales training is important for growing your business.
First, consider these assumptions:
Sales professionals drive revenue. Within every sales organization is a range of skills, talent, and capabilities. The B2B selling environment, with ultra-informed buyers, continues to grow more challenging.
Some might argue a new way of selling is needed to succeed in today’s digital, connected, mobile world. The good news is that while enhancements might be necessary, there’s a lot about selling that hasn’t changed.
Buyers may be more savvy and demanding, but they still need guidance to make the best decisions – and trust is still a major factor in making buying decisions.
What this means is your sales professionals must be skilled in connecting with the buyer on both a personal and business level. They must be authentic in establishing credibility and earning the right to ask questions. Then they need to gain pertinent information about the buyer’s situation, tailor insights and ideas, and provide a differentiated solution.
These are a higher-order level of consultative selling skills, requiring a greater degree of preparation, assertiveness, and initiative. The sale is still made in the dialogue; it’s just that the path for getting there is a tougher climb.
Training Industry Executive to Lead Richardson; John D. Elsey Named New CEO
Philadelphia, PA — June 1, 2015 — Richardson, a global sales training and performance improvement firm, today announced the hiring of John D. Elsey as president and chief executive officer. Effective June 1, 2015, Elsey will replace Interim CEO Carter Brown, who remains a director of the Richardson Board. For the past 15 years, Elsey held C-suite positions with commercial training and education companies formerly owned by Informa Performance Improvement, most recently as president and CEO for ESI International — a global leader in strategy execution training solutions — and concurrently as president for the portfolio of four other training businesses within the group holding.
“John is a training industry veteran with a strong, global perspective and success in driving results. He is a proven leader who focuses on both top-line growth and bottom-line profitability, with international expansion a key element in his strategic thinking,” Brown said.
“John brings great value to Richardson with his demonstrated ability to work with C-suite customers of large, sophisticated organizations. He understands the subtleties of a conceptual sale and the operational, quality, and financial metrics of an exceptional business service organization.”
In leading ESI International, Elsey substantially grew revenues and margins while spearheading the growth and integration of the Americas, EMEA, and APAC businesses. He also established product development priorities and the go-to-market and brand strategy.
“I look » Continue Reading.
Learning by Doing: the Magic Behind the Richardson Experience
Salespeople and managers who go through a Richardson program often comment that it is different from any other training that they have ever experienced. We pride ourselves in being experts in adult learning, in addition to being technical experts in sales process and dialogue. For participants, it is a transformational experience in their careers. Together we roll up our sleeves, work incredibly hard, get broken down (a bit) and put back together, and leave with a very different mindset and skill set than when they entered.
Richardson and its Clients Honored with Eight Brandon Hall Group Excellence Award
We are very excited to announce that Richardson and some of our clients were recently recognized with eight Brandon Hall Group Excellence Awards. The Brandon Hall Group Excellence Awards recognize excellence in learning, talent management, and marketing and sales training programs. The Brandon Hall Group Excellence Awards were announced on September 26, 2013, and included the following for Richardson:
Which Top Producers Should You Study to Develop Sales Training Programs?
Huh? Isn’t that a silly question? This is pretty clear, right? A top producer brings in the most revenue. You study them.
Well, maybe. It depends.
Some questions I’d ask first are:
What’s the context for “top producer?” What does exemplary performance mean in your company? Are you truly looking at the right things? What exactly are you trying to accomplish with your sales training program? What behaviors do you need to replicate to do that? Context is the New Black
If revenue is what you pay for, as your primary criteria for variable compensation, those who bring in the most business will receive the biggest rewards. That’s your decision, based on your company objectives, and those are the producers who will likely: be lauded with recognition, walk across the stage, take the trips, and reap the financial rewards. In many cases, if that’s your sole criteria, I might question your decision, but that’s another discussion and not the topic for this post.
If you’re studying exemplary sales performers to gather top-producer practices to provide content for sales training programs, however, “bringing in the most business” or “highest revenue production” is usually not the only criteria you want to consider. This may seem counter-intuitive to some. If that’s you, suspend disbelief for a moment and I’ll explain.
Richardson Named to 2013 Selling Power Top 20 Sales Training Companies List
Richardson is honored to announce that we have been selected to the 2013 Top 20 Sales Training Companies list published by Selling Power magazine. The list appears in the Summer (July/Aug/Sept) issue of Selling Power, which will be mailed to subscribers in the second week of August.
Richardson and Clients Take Gold, Silver, and Bronze; Recognized for Sales Excellence with Nine Stevie Awards
Richardson and its clients took Gold, Silver, and Bronze — a total of nine awards – at the Seventh Annual Stevie Awards for Sales & Customer Service. Winners of this international competition, which recognizes sales excellence in disciplines vital to business success, were announced Monday, February 25, at a gala ceremony at the Paris Hotel in Las Vegas.