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Marketing & Sales20 min read
New Sales. Simplified.
by Mike Weinberg
The Essential Handbook for Prospecting and New Business Development
Published: March 22, 2022
4.2 (240 ratings)
Table of Contents
1
what’s in it for me? learn how to succeed in new business sales.2
check if your behavior, attitude, and attributes match those necessary for new business sales success.3
first, select your targets, then, deploy your weapons, and finally, attack!4
selecting your targets is key to your success.5
your sales story is the most important weapon in your armory.6
don’t use a sales voice on the phone, and plan for a successful meeting.7
follow a clear structure when you visit your customer.8
avoid raising your clients’ defense shields, and remember to sell, not present.9
for a successful attack, block out your time for prospecting, and keep your pipeline balanced.10
final summaryBook Summary
This is a comprehensive summary of “New Sales. Simplified.” by Mike Weinberg. The book explores the essential handbook for prospecting and new business development.
what’s in it for me? learn how to succeed in new business sales.#
Introduction
going after new business isn't complicated.
there's no mystery.
there's no magic.
it's all about doing the groundwork.
and this is where these chapters come in.
hi, i'm franz.
i'm a journalist and a senior editor at summarybook.org.
today i'd like to introduce you to new sales simplified by mike weinberg.
now, before we start, there are two things i wanted to mention.
firstly, this is a book about finding new business.
it's not an introduction to sales management or other business topics in general, but rather a collection of advice for practitioners.
so that means to get the most out of it, you ideally already have a business.
of course, you're allowed to listen to it if you're just curious as well.
secondly, keep in mind that this is a handbook, so it contains a lot of lists and bullet points.
things that are immensely helpful, but that are also hard to remember.
the good thing is, you can always rewind or peek at the text.
and if you really want to use these chapters for enhancing your business strategy, i even recommend grabbing a pen and paper or your computer and taking notes.
and every time there is a list, i inserted this beautiful sound here.
and i hope that will make it easier for you to follow.
imagine you're facing a paradoxical situation.
check if your behavior, attitude, and attributes match those necessary for new business sales success.#
your relationship management is top-notch, you excel at problem-solving, your customer service is superb, your client retention is brilliant, and still, when it comes to new business, you underperform.
in fact, there are a lot of new business salespeople who fail even though they are great at selling.
why?
well, they all have something in common.
it's a set of behaviors, attitudes, and attributes.
so here's a little questionnaire for you.
let's see if you tick any of the boxes.
the first question is, are you spending too much time waiting?
when are those new marketing materials coming out?
when is the new website being launched?
don't wait for these things to happen.
be proactive with your target accounts and get out there now.
and don't ever sit back on your laurels, waiting for one of your pipeline deals to close.
keep working on your list.
but there are more questions to answer.
for example, are you able to tell your sales story effectively?
question number three, have you selected your target accounts well?
question four, are you joining the party late when the other players have already been in the lead?
also ask yourself, are you being too pessimistic or negative?
are you not coming across well, either on the phone or in person?
do you adapt to your prospect's style?
are your sales calls effective?
are you over analytical or are you fine with acting, even if you don't have all the facts and figures?
and finally, and this is a big one, can you really ride out the risk, rejection and conflict you get on a daily basis when you're developing new business?
to be successful, you really have to answer honestly, because this can be a great starting point to working out what you need to change.
so, you have completed the questionnaire, you've worked on your shortcomings, you're ready to go.
first, select your targets, then, deploy your weapons, and finally, attack!#
where do you start?
well, you could start with a new business development framework, the one that mike weinberg uses and that has been refined over a decade.
the interesting thing about this framework is that it was born out of failure.
several years ago, weinberg joined a learning management company.
he had big dreams.
he would deliver so much new business, riding the tech wave and eventually becoming rich and famous.
but things didn't work out that way.
everything that could go wrong, went wrong.
you see, the problem was, weinberg had developed a new business sales framework in his previous job, but he just wasn't allowed to use it.
and that made him realize, i want to share this with others.
so, what is this framework?
well, it's based on three metaphors from warfare.
first, you need to select your targets.
after all, if you don't know who your targets are, how can you pursue new business?
we'll look at that in the next chapter.
second, you have to create and deploy weapons.
you have a plethora of weapons available to choose from, but you have to learn to be proficient in their use.
in chapters four and five, we'll cover the three main armaments at your disposal.
and third, once you know who your targets are and the weapons you're going to use, you need to plan and execute your attack.
if you're not succeeding in developing new business, then you can bet your bottom dollar the fault is in one of these components.
in that case, there are some questions you should ask.
is our target selection poor?
is there a lack of focus on those targets?
are our weapons good enough?
are we poor in deploying those weapons?
or are we not planning sufficiently or executing our plan badly?
but if the answer to all of these questions is no, and you're doing fine, congratulations, you have a three-point sales plan in place.
and that means you have simplified your new sales.
okay, let's start with the first point in your plan, the targets.
selecting your targets is key to your success.#
imagine you're planning a new business development sales campaign.
now, there are two questions you need to ask.
where are you going to get the business from and who should you be pursuing?
select your targets strategically so that you can invest your time effectively.
ask yourself big picture questions such as who are your best customers?
what are they like?
can you find other customers similar to them?
when you're doing that, you should involve senior management as well.
make sure that everyone is singing from the same hymn sheet because even if you're the best new business sales person ever, you'll fail if you don't have the right prospects.
so, how do you choose your prospect?
here comes a four-item list.
the first rule is work and rework a finite list of accounts.
don't change direction when you don't get your first kill.
focus on a vertical market or a specific type of account so you become an expert in that field.
the second thing you'll need is a concise one-page list.
this will lead to improved activity.
it doesn't matter if it's handwritten or color-coded or printed out or written up on a whiteboard.
make your list workable.
you need the right number of accounts for your business.
whether that's a handful or a hundred depends on what you're selling and on the sales cycle.
the third rule is to focus your activities.
segment your accounts into four categories.
1. largest in dollar spend.
2. most growable in terms of opportunity.
3. most at risk in terms of losing their business.
4. others which don't fit the other three categories.
okay, let me repeat that.
largest, most growable, most at risk, other.
fourth rule, pursue those prospects who are like your very best customers.
you'll have instant credibility with them because you have a relevant story to tell but also client references that prove it.
when you're planning your accounts, you can leave a little extra room for what you might call dream clients.
those vip accounts which would make your entire year and potentially change your company's future too.
but limit your selection to say four or five at most and never ever forget to work your normal list.
it's all about the list.
the list is your key too.
your sales story is the most important weapon in your armory.#
you're a fighter pilot.
your mission is to exceed your sales goal.
and to do that you need to secure new accounts.
you're already locked into your fine and focused written and workable list of targets.
now it's time to load up your fighter plane to execute your mission.
so what's in your armory?
one weapon you do have at your disposal is networking.
you know, building your relationships using social media to research and connect with targets, email, telephone calls, voicemail, marketing materials, both printed and digital, white papers, face to face sales calls, case studies, samples and demos, trade shows, entertainment presentations, proposals and references.
still, there's one thing we've missed and this is crucial.
your most important weapon is your sales story.
so how do you go about crafting your perfect story?
well, there are three building blocks and the sequence matches.
first, remember, it's not about you.
your story must be client centric.
it's about what you can do for your clients, not how great your company and its products are.
don't talk about you.
do talk about the clients pains, the problems you'll solve, the opportunities you'll give them and the results you'll help them achieve.
draw your prospects in.
let them see what's in this for them.
if your prospects don't relate to any of these issues, then there's really no need to talk to them and then you can move on to the next one.
second, simply state what you do, what you offer, whether that's services, solutions or products.
it's as simple as that.
third, ensure that your story makes you different from anybody else.
not only different, but better than anybody else.
and that in turn helps to justify your premium price.
at this point, you can also create a power statement.
a power statement starts with a headline to create context.
something like, summarybook.org is based in berlin and new york city and provides the world's leading service for bite-sized knowledge content.
that's true, by the way.
then lead into why clients turn to you and outline customer issues solved, pains removed and results achieved.
add in your offerings and then list your differentiators.
keep it concise.
this statement will give you the confidence to talk to anyone about what your company does.
you're at home and you wanted to relax, but you can't relax because the stupid phone is ringing all the time.
don’t use a sales voice on the phone, and plan for a successful meeting.#
it's a telemarketer.
you imagine the headset-wearing caller sitting at a desk and reading from a script.
you can hear they're a salesperson just from the tone of their voice and then it hits you.
that's me.
that's how i sound when i'm cold calling or, as the author prefers to call it, making a proactive sales call.
so, when you're making a call to a target, get rid of your sales voice.
talk casually, with a normal tone.
and when it comes to a script, it's better to have an outline for your call with some key phrases rather than reading from a script.
remember the power statement?
now it's time to use it.
but when you use it, make sure it sounds conversational.
and then be prepared to ask your prospect for a meeting.
not once, not twice, but three times.
don't accept a no.
don't hang up.
that third ask is probably when your prospect's resistance will crumble.
let's take a deep breath.
you've done it.
you've scheduled a meeting.
what's next?
well, there are four steps to follow.
keep it simple.
bring a pad and paper, not your projector.
you should not need to make a presentation at this stage.
if there's a possibility to sit next to your prospect or at a 90 degree angle to them, do it.
sitting opposite from your prospect gives the feeling of you being adversaries and that's a message you don't want to send.
make sure to have a plan and follow it.
your own plan.
don't default to your prospect's agenda.
listen as much as possible.
you have two ears and one mouth, so use them in that proportion.
and how do you make your visit into a successful sales call?
well, there are easy steps for that too, but that's another list and before that, let's take a break.
see you all in chapter 6.
hi there, i'm back.
follow a clear structure when you visit your customer.#
and now i'd like to talk about how you should structure your client visit.
in mike weinberg's framework, there are seven phases.
if you're talking to an existing customer, you have an additional phase, making it eight in total.
so that means i'll give you a list of eight items, but number three is meant only for existing customers.
and as i said earlier, if that's information overload, then just rewind, look at the text or press the pause button now and then to take notes.
first and foremost, build rapport.
spend as much time on this as your prospect wants to.
if you only get one word answers to friendly questions, just move on to the next stage.
share your agenda, because sharing your agenda is the most important part of the call.
it shows that you're professional.
and if you also then ask your prospect what they want to get out of the meeting, it reinforces the fact that the meeting is about them, not you.
third, and as i said, this is only for existing customers, go through any outstanding issues they have.
fourth, use the next three minutes to deliver a full blown version of your power statement.
watch for reactions from your prospect as you talk about pains and problems.
these generally indicate you're hitting the right buttons.
the fifth phase of the call is an opportunity for you to ask questions.
for example, what results do you need to achieve?
who are the decision makers?
what are the timescales?
who are the competitors?
and so on.
then it's your turn to sell.
let your prospect know what your solutions will do for them.
use the prospective client's own words and play them back to them if you can.
in the seventh phase, you can determine whether your solution fits the client's needs.
smile and nod gently as you inquire if there's a good fit.
and finally, ask a simple question.
what do you think would be an appropriate next step?
listen, respond appropriately and reach for your calendar.
it's likely your prospect will do the same and you're on the way to success.
think about the last time you went to a store, where you were approached by an eager salesperson.
avoid raising your clients’ defense shields, and remember to sell, not present.#
did you feel comfortable?
chances are, you weren't.
probably, your heckles were up and that's perfectly normal.
so, don't think it's your fault when your prospect chose resistance, but it is your problem to solve.
how do you do that?
here are four steps.
start by examining your beliefs.
do you really believe that your potential clients will be better off working with you and that you care about their businesses?
genuine sincerity will be rewarded.
on the other hand, any sign of insincerity will make the defense shields go up.
then, think about how you sound, the cadence and tone of your voice.
as i said before, it really pays off to speak in a normal, friendly, casual manner.
think about how you feel about your prospects.
try to be optimistic, because if your prospect sense negativity, they're bound to resist your approach.
lastly, think about the words you're going to use, too.
your potential client is screening your language to see if you understand that it's all about them and not you.
now, before we enter the final chapter, a word on presentations.
i think it's important to mention this, because many people believe that presenting equals selling, but that's not true.
presenting and selling do not go together well.
no one wants to be bombarded with facts.
you know what's better?
creating a dialogue.
before you give a presentation to a client, make sure you've had a meeting in advance where you listen to the client.
if that's not possible, convert the first 15 minutes of your presentation into a discovery session, where you ask questions and the client answers.
and keep your presentations short.
four slides is enough.
slide one, title.
slide two, your suggested agenda.
slide three, a couple of reasons why clients turn to your company.
and slide four, your understanding of the client's situation.
that's all.
after that, ask for feedback.
the more you learn at this stage, the more you can tailor your final pitch to the specific needs of the customer.
showdown.
you've selected your targets.
for a successful attack, block out your time for prospecting, and keep your pipeline balanced.#
your weapons are in place.
now, it's time to attack.
you arrive at the office and… you have your existing accounts to deal with, and then there's the sales meeting you have to attend.
a meeting with a manager, and there are the product and project managers who interrupt you.
meanwhile, the kids are ill, your parents need your help, your heating has broken down, you need to read the news.
well, this is kind of how most new business salespeople find the day.
there's no spare half hour where you can pick up your prospect list easily.
so what's to be done?
the answer is pretty straightforward.
time blocking.
make an appointment with yourself for taking action on priorities, and that includes blocking out time for prospecting.
ask yourself how much time do you need for new business development, and then block that time in your calendar.
maybe 90 minutes twice a week are enough.
maybe you need up to 8 or 9 two-hour blocks.
it all depends on you and your goals.
but the important thing is, once you've set your blocks, stick to them, and remain focused during the time block.
no checking emails, no messages, no incoming calls.
because this is your time for prospecting.
you've just listened to our chapters to new sales simplified by mike weinberg.
final summary#
Conclusion
we've covered a lot of ground, but at the end of the day, a new sales process boils down to three things.
target, weapons, and attack.
get those right and you'll be well on your way to success.
and now, as the author says, go forth and sell.
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