"Over-delivering on Value" - Sales Success Stories Book - Sample Story #22
You're listening to the sales success stories podcast, where we deconstruct world class sales performers to provide insights and strategies to help you improve. To learn more, visit us at top one dot FM. Here's your host Scott Ingram. Today on a sales success stories podcast, I have another sample story for you from the sales success stories book, this one comes from George pennock, who was one of the co stars of episode nine of the podcast at the time, George was the top regional sales manager at Restaurant Technologies and came on with his top rep a recently had the opportunity to catch up with George after about two and a half years in that RSM role he transitioned back into an individual contributor role on their national accounts team and recently closed the largest deal in company history. And I hear he might have an even bigger one in the works, I think you'll hear from this story the level of creativity and collaboration. George brings to the table hill also be talking about how his time in sales. Leadership has helped him become a better performer on the stage at the sale success summit, tell you a bit more about that after we listened to join. Shared this story story forty nine over delivering on value. All top performers take risks. They valuate the pros and cons of what could happen, and they take very calculated risks. We evaluate our time where we spend it how effective we are in who we spent our time with the following the story about how I close one of the nation's most well known franchisees. This process brought three things to light thinking outside the box to bring more value, making the right time investment in taking calculated risks as a sales professional, the company, currently sell for offers a technology that automates labor intensive processes and kitchens. Essentially, this eliminates risk out of the manual processes that make kitchen safer are, that does automation, it self is sold on a long term lease. So we have to sell a lot of value. We work with all major brands across the country. Everything from the top curious ours, such as McDonalds. Burger King cave. See two major tells resorts and schools and twenty sixteen. I was. Engaged with a twenty unit golden corral. Franchisee that was one of the most influential franchisees within the brand because of the number locations. This franchisee had we allowed the franchisee to pilot tests, or program before, making long-term commitment, essentially, what we did is three store test to let them collect data on the impact of our program, both financially and the impact it had the kitchen before making a decision. We typically do this for larger companies so they can gauge the impact and fit of the solution, before, making a large-scale decision to do business with us during the test. I evaluated other ways that I could bring value outside of just the value that might company already brought to the table. The test was going, well, we were about thirty days in and felt we would earn the long term commitment yet. I really wanted to bring something else. The table that would one hundred percent seal the deal. This had to be something outside of what my company already offered and Hannah pair well with one of the benefits we brought to the table. So the search began nearly all of us in sales have strategic partners that we lead share. With and network with. But how many of them actually bring our prospects value that aligns well with what we already do how many of them do more than just make an introduction. How can a fund a new strategic partner to deliver value that aligns with mine? I begin spending time with some of our long-term customers and finding out the why behind them doing business with us in the first place. I started learned the core reasons. But we'll were other areas that the customer considered that maybe I wasn't after making the short time investment away from prospecting to acquire a deeper understanding of where customers did business with us. I found a reoccurring theme through at all safety, almost all of our customers evaluated the safety of the kitchen before and after program implementation, that became a sticking point for me if I could find a strategic partner that could leverage the safety that I brought to the table and benefit the customer, even more everyone wins. How prospects valuate safety and injuries on the job to their staff, greatly affects their workers comp rates. I then started doing my duty. Diligence on workers comp insurance, all restaurant operators have to carry this to protect them from injuries that happen to their staff while on the job when fewer injuries occur their rates drop. The latter intrigue me more. If I could find insurance company to recognize what we do to reduce injuries and kitchens. Would they be more with their rates? This would be a great way to bring more value to this key franchisee, while they're evaluating our program. This would save my prospect, even more money on my program, thus making their business. More profitable to compound at all. If this worked with this one prospect, why couldn't I scale this across all of my prospects nationally, I begin working with various workers, comp companies and fully educating myself on everything that went to writing policies. I wanted a full understanding of that going forward. So that if this worked, I could talk intelligently to my prospects about the added value, we now bring to the table by reducing their workers compensation rates it didn't take long for me to find. Insurance provider, do a presentation lists safety that we brought to the table for restaurant owners and put together a formalized program for future prospects. Take advantage of this was brand new untested partnership that I had with an insurance company that I was going to bring to the table during test with one of the most well-known restaurant franchisees in the world sound slightly risky, right? My new insurance partner, and I put some rough numbers to paper in order to evaluate how the customer was going to look at this new offer. I simplified these numbers just for this audio book, but these are actually relatively accurate compared to the cost savings valuation. The customer did the annual cost of our automated program across their portfolio was going to be around one hundred thousand dollars a year. The hard savings that might prospect would see across their portfolio per year was about seventy five thousand dollars, this left about a twenty five thousand dollar gap that we needed to make up. Now, they're also soft savings that we brought to the table, but these soft savings. Are never factored in on whether or not the customer, is going to recognize that to their bottom line. They're saving such as labor fishes where you might have a more fishing kitchen. But you may not send people home and say that to your bottom line and cut labor. So as you can see we provide a nice, heart savings to the prospect, along with the soft savings combined. We're at twenty thousand dollars per your savings for program implementation, but we don't know, for sure we're going to get credit on that extra forty five thousand dollars that were estimating now onto whether insurance provider, estimated they could do for us, this could vary because the insurance provider had not yet, met with the prospect, and we are simply doing estimations as at this fully work right now. He estimated that their current insurance premium was around eight hundred thousand dollars he felt he could adjust that premium down to about seven hundred fifty thousand dollars, which would save the prospect fifty thousand dollars per year. This would be great because this would then add to the hard savings that my program, brought to the table, and we. Would become instant savings overall to the prospect, everyone wins the prospect. It's great deal. My new insurance agent partner picks up a new customer in I earn a new customer to this is a true win-win. However, these were all estimations on the insurance side. There's no way to be sure it was accurate till I made the introduction, and my new insurance partner could really evaluate the prospects current business. And to be honest, it's nearly impossible for myself as one person to fully screen insurance company, and their program before bringing them to the table, and this operators, currently test. So I started weighing all the risks in all rewards to do in this. So for this audio book, I'm going to list out a couple of the risks that I've alienated as well as some of the rewards. We'll start with the risks. Obviously the biggest of them all is if I were to make this introduction, and insurance provider falls, flat and actually increases the rates on my prospect, this'll be detrimental to the deal. Another risk is the new insurance partner having able falls, flat an execution. He could have. Full poor follow up and doesn't provide good service. This would be poor reflection directly myself for doing the introduction, and bring them to the table or the insurance provider, makes an offer and gets the business. But ends up cutting me out of the equation, says, hey, you don't need Georgia's system. I can give you that deal without it all of these are valued valid concerns. Now time for the upside. If the insurance provider makes great offer the prospect, it can do what he's estimating the prospect would see an incredible return for doing business with me in the insurance company. Everybody Wentz Secondly at this worked, I now have a scalable solution that I could bring to the table to all of our future prospects. This would be great as never been done in my company's history after thinking this through I felt comparable making the introduction. This was never done before in the history, my company. So there's a lot of risk involved. However, I felt I was doing the right thing by tempting to over deliver to my customer. I've always had massive success during the sales process being as transparent as possible with my prospects. So full transparency. Here's how I set up the introduction with my new insurance partner to the prospect, quote, Mr. prospect. I know you are valuating our program for automating labor processes in your kitchen. I feel there could be some added safety benefits that you may not be fully evaluating. We have a newly formed partnership with an insurance provider that will offer credit on your worker's comp insurance for having automated solution in place in full transparency. We have not tested this program with a live customer. I feel this is a good opportunity for you to see what kind of added benefit, you could get from our program, and I would be open to your feedback after reviewing what my insurance partner has to offer as this has never been done before. I wanna make sure our program is the biggest success possible for you. And this could be an added way for you to see that please. Let me know if you'd like me to make an introduction in, quote now that last line is really important. I asked for their permission before making the introduction. I found that the best way to make introductions. Especially if you're cheering this comes off, as a much better Email to the customer than just sending them an Email with your partner seat on the bottom and just shooting that out of the blue, you should always ask I it wasn't long at all before the prospect who I built a great relationship with accepted my offer for the introduction the prospect called the tell me that after my partner made his proposal. They are now seeing a one hundred fifty thousand dollars a year savings on their premiums going into the next year because of our joint program this. Well exceeded the estimated fifty thousand dollar savings the insurance rep and myself had in mind. The prospect couldn't have been happier with me, bringing into the table and my company now has an excellent case study of an added benefit or program. They ended up signing with both of us and seeing massive success and return on their hundred thousand dollar investment. If felt so good to hear them thanked me for bringing the insurance provided the table this really. And up consultation selling the lessons. I learned throughout this process, where big for myself as a sales professional, and my company during the time I was researching workers comp companies, I was actually being told by other reps Emma, my company that it would not work. It was a bad idea. And it was way too risky to bring another company to the table. When I had not yet secured the deal myself, they said, it would delay the sale cycle backfire and make myself look bad. If the insurance rep didn't provide a level of service, that we would in the end I went with my gut instinct, I did as much diligence as I possibly could in a short amount of time and took a calculated risk. It was critical for me to start with my current customers. Learn everything I could about their decision making process, and where they saw an added benefit rather than just going by the benefit. I saw him on product now that we have a new way to bring more value to our customers as a company. We are scaling these efforts nationwide. We have an excellent case study that we are sharing with other. Spects and it's growing our company's pipeline incrementally. This is one of just sixty stories from the sale success stories book, and just like this one from George pennock all of them are read by the author in the audiobook, version, you can find links to all the different formats of the book at many of the online retailers where it's available at top one dot FM forward slash book. You can also learn more about the sales success summit, where George along with a number of the contributors to this book will be presenting in fact, all of the presenters will be the top one percents as performers that you've heard here on this podcast if you hurry and register in the next few days, also send you an invite to the attendee networking, call that. I host the first Friday of each month. This is exclusively for the sales professionals who are already registered for this year's event. The details are all at top one summit dot com than be sure to come back next week for. Another interview with another top performing sales. Professional. Thanks for listening. Thanks for listening to the sales success stories podcast to be sure you never miss an episode and for an invitation to our sales success community, powered by fluid subscribe to our newsletter at top one dot FM.