{"id":740,"date":"2019-07-04T19:23:54","date_gmt":"2019-07-04T19:23:54","guid":{"rendered":"https:\/\/sellingsherpa.com\/?p=740"},"modified":"2019-07-04T19:24:01","modified_gmt":"2019-07-04T19:24:01","slug":"the-transparency-sale-book-summary","status":"publish","type":"post","link":"https:\/\/sellingsherpa.com\/index.php\/2019\/07\/04\/the-transparency-sale-book-summary\/","title":{"rendered":"The Transparency Sale (Book Summary)"},"content":{"rendered":"
\n

The Transparency Sale: How Unexpected Honesty and Understanding the Buying Brain Can Transform Your Results By Todd Caponi<\/a><\/p>\n\n\n\n

Introduction<\/strong><\/h3>\n\n\n\n
  • It\u2019s about framing our solutions as a 4.2-4.5 [where\npurchase likelihood peaks], and no longer positioning as though we\u2019re a perfect\n5.0.<\/li>
  • In my own experience, the use of unexpected\nhonesty and transparency shortened sales cycles dramatically.<\/li><\/ul>\n\n\n\n

    SECTION 1: TRANSPARENCY REDEFINED<\/strong><\/h3>\n\n\n\n

    Chapter One The Brain and Decision Making<\/strong><\/h3>\n\n\n\n
    • If we haven\u2019t painted a picture of an easy path\nto evaluate, purchase, implement, and use our products, that uncertainty may\ndrive a buyer to perceive more complexity in your solution than may actually be\nrequired, and as a result, may see your solution differently than an option\nwhere the path is clearly laid out.<\/li>
    • Dr. David Rock\u2019s \u201dSCARF\u201d model, consisting of\nfive domains of feelings contributing to a decision: Status, Certainty,\nAutonomy, Relatedness, and \/ or Fairness.<\/li><\/ul>\n\n\n\n

      Chapter Two Buyer Empathy<\/strong><\/h3>\n\n\n\n
      • Build bulletproof trust during your interactions\nwith the prospective buyers<\/li><\/ul>\n\n\n\n

        Chapter Three. Why Doing it Right Matters \u2013 The Results\nFormula<\/strong><\/h3>\n\n\n\n
        • To reach our goals, we must know what the key\ninputs are to our success, then measure those inputs.<\/li>
        • Four fundamental components that are the\ncontributors to your actual results,
          • Number of Qualified Opportunities<\/li><\/ul>
            • Average Deal Size<\/li><\/ul>
              • Win Rate<\/li><\/ul>
                • Cycle Length<\/li><\/ul><\/li>
                • Apply the TEMP model to assess qualified opportunities
                  • T \u2013 Trigger: When I refer to the trigger, I\nrefer to the point where the buyer has recognized that their status quo is no\nlonger sustainable. <\/li><\/ul>
                    • E \u2013 Engagement: When looking at engagement, I am\nasking myself: Is the customer\/prospect engaged? Have we scheduled a next step\nor follow up?<\/li><\/ul>
                      • M \u2013 Mobilizer : Have we connected with the\nindividual or individuals capable of \u2018mobilizing\u2019 an organization to make a\nchange?<\/li><\/ul>
                        • P \u2013 Plan: The plan refers to how far you are in\ndrafting a mutual decision plan (MDP) with your prospect. Have we had the\ndiscussion with the buyer around what steps will be required to fix the problem\nwith their status quo? Have they contributed to outlining the plan?<\/li><\/ul><\/li><\/ul>\n\n\n\n

                          Chapter Four Why Change, Why You, Why Now?<\/strong><\/h3>\n\n\n\n
                          • The key isn\u2019t convincing a potential buyer that\nyour solution has significant ROI. Problems need to be prioritized. Typically,\na buyer can only concentrate on fixing three to five problems at a time. [The\nkey is understanding] which projects do [they] really believe will increase\nrevenue, reduce cost, or help [them] avoid a direct hit from a freight train,\nwith the highest return on perceived effort? <\/li>
                          • Types of buyers:
                            • Actively Buying (AB): ABs will often \u201dcommoditize\u201d\nyour products and services against the alternatives they\u2019re looking at by\nlumping solutions together that, from their outside perspective, look similar.<\/li><\/ul>
                              • Passively Buying (PB)<\/li><\/ul>
                                • Status Quo (SQ)<\/li><\/ul><\/li>
                                • The Concept of Why: Why Change? Why you? Why\nnow?<\/li><\/ul>\n\n\n\n

                                  SECTION 2: WHY CHANGE?<\/strong><\/h3>\n\n\n\n

                                  Chapter Five Email Prospecting<\/strong><\/h3>\n\n\n\n
                                  • How do we optimize those first few words of the\nemail? Through personalization and value creation, not through sales pitches\nand attempts to influence. <\/li>
                                  • Ways to provide value in a personalized way,\nminus the sales pitch:
                                    • Share information about the recipient\u2019s\ncompetitor.<\/li><\/ul>
                                      • Share information that connects with their\npersonal values.<\/li><\/ul>
                                        • Share information about something useful for their\nrole.<\/li><\/ul>
                                          • Offer to make a connection.<\/li><\/ul>
                                            • Congratulate them.<\/li><\/ul><\/li><\/ul>\n\n\n\n

                                              Chapter Six Positioning<\/strong><\/h3>\n\n\n\n
                                              • The truth is, no matter what you sell, it\nprobably isn\u2019t perfect.  [Ask your\nprospect,] \u2018Would it be helpful if I start with how they\u2019re better than us?\u2019<\/li>
                                              • When Derek told our competitor about his\ndecision to go with us, that competitor shared a couple of other issues clients\nhave had in working with us. Derek\u2019s response to them was, \u201dYes, I know. [Todd]\ntold us!\u201d<\/li>
                                              • \u201cTo ensure we\u2019re making the best use of our time\ntogether, would it make sense to highlight a couple of the things we DON\u2019T do?\nIf you and your team have determined these to be vitally important to the\nsuccess of your project, it\u2019s likely better to start with those, versus\ndiscover them later, right?\u201d<\/li><\/ul>\n\n\n\n

                                                Chapter Seven Mutual Decision Plans<\/strong><\/h3>\n\n\n\n
                                                • Introduce the MDP early<\/li>
                                                • Make every interaction transparent<\/li>
                                                • Revisit\/follow the MDP through the entire\nprocess<\/li>
                                                • Limit options: This isn\u2019t a list of things you\nhave to do; it\u2019s a mutual to-do list for both you and your buyer.<\/li>
                                                • Ask questions like:
                                                  • \u201cIs there anything missing that you\u2019re going to\nneed to do?\u201d <\/li><\/ul>
                                                    • \u201cAre any of these steps unnecessary in your\ndecision journey?\u201d<\/li><\/ul>
                                                      • \u201cWhat elements will take longer than the time\nperiod I\u2019ve proposed?\u201d<\/li><\/ul>
                                                        • \u201cWhich elements will need to be accelerated?\u201d<\/li><\/ul>
                                                          • \u201cWho, other than yourself, needs to be involved\nin this?\u201d<\/li><\/ul>
                                                            • \u201cDo we need to include steps to ensure they\u2019re\naligned?\u201d<\/li><\/ul><\/li><\/ul>\n\n\n\n

                                                              SECTION 3: WHY YOU?<\/strong><\/h3>\n\n\n\n

                                                              Chapter Eight Presenting<\/strong><\/h3>\n\n\n\n
                                                              • When we present stories and emotion, then\nsupport that emotion with logic, the result is a much higher propensity to\ndrive connectedness and consensus.<\/li>
                                                              • A short-term \u201dcarrot\u201d has a greater impact than\na longer term \u201dstick.\u201d<\/li>
                                                              • [Your goal is] to help [your prospect] understand\ntheir problem more fully, to inspire feelings that their status quo is less\nsustainable than they originally thought, to motivate them to change, and to\nconnect them in a way where they want to change with you!<\/li>
                                                              • Framework to disarm, educate, engage emotion to\nbring the audience together, and compel action:
                                                                • Step 1: Alignment Begin the meeting with a\nverbal agreement on the purpose, agenda, and ground rules of the meeting. We\nthen asked each audience member to introduce themselves, along with why they\nwere investing their time in the presentation.<\/li><\/ul>
                                                                  • Step 2: Disarming: \u201cIn preparation for today, we\nexperienced what it is like to be a Fingerhut consumer. Also, we chose to start\nwith some vulnerability about our own company. We explained how, as an upstart\ncompetitor, there were pieces of our technology that were behind.<\/li><\/ul>
                                                                    • TRANSITION: \u201cAs we were preparing for this\ndiscussion, we discovered three potential opportunities where we felt there\ncould be a major impact on your business. Can we briefly start there?\u201d<\/li><\/ul>
                                                                      • Step 3: Diagnosis Now is the time to teach them\nsomething about their business that they likely had not ever considered such\nas: A missed revenue opportunity? A missed cost savings opportunity? A\npotential risk to their business that they are potentially not seeing?<\/li><\/ul>
                                                                        • Step 4: Prove It!<\/li><\/ul>
                                                                          • Step 5: Potential Reward: What are the feelings\nthis opportunity can impact in terms of status, certainty, autonomy,\nrelatedness, and fairness?<\/li><\/ul>
                                                                            • Step 6: The Path Together: We put together a \u201dhere\u2019s\nhow to proceed\u201d framework.<\/li><\/ul><\/li>
                                                                            • We gave them confidence in our ability to\nexecute through making the entire presentation about what was possible in their\nworld.<\/li>
                                                                            • Having your last slide, contain only the word \u201dQuestions?\u201d\nis a mistake.<\/li><\/ul>\n\n\n\n

                                                                              Chapter Nine Empowering References<\/strong><\/h3>\n\n\n\n
                                                                              • Asking a client to be a reference must be framed\nas valuable for the client. For example: \u201cWould you be interested in speaking\nwith the senior vice president at Acme Corporation? She has an incredible\nbackground, is evaluating our products, and would like to speak to someone\nabout their experience. You immediately came to mind, as I figured there would\nbe mutual value in a conversation with her.\u201d<\/li><\/ul>\n\n\n\n

                                                                                SECTION 4: WHY NOW?<\/strong><\/h3>\n\n\n\n

                                                                                Chapter Ten Transparent Negotiations<\/strong><\/h3>\n\n\n\n
                                                                                • \u201cTransparent Negotiation\u201d is showing your hand\nto the buyer from the beginning, disarming their barrier to the discussion.<\/li>
                                                                                • Negotiation \u201dLevers\u201d
                                                                                  • Volume<\/li><\/ul>
                                                                                    • Timing of Cash <\/li><\/ul>
                                                                                      • Length of Commitment<\/li><\/ul>
                                                                                        • Timing of the Deal<\/li><\/ul><\/li>
                                                                                        • At the start of the sales cycle, when a prospect\nasks about how our solutions are priced, be transparent right from the\nbeginning<\/li>
                                                                                        • When the buyer makes a request to extend that\ndiscount beyond the mutually agreed upon date, create uncertainty in your\nanswer. \u201cWe do not know if we\u2019ll be able hold the price into October. What I do\nknow is that this price is still valid through the end of September, so can we\ntalk about October in October?\u201d<\/li><\/ul>\n\n\n\n

                                                                                          Chapter Eleven Negotiating Terms & Conditions<\/strong><\/h3>\n\n\n\n
                                                                                          • Clients want their relationship with you to be\nas easy as possible. The more effort, burden, or homework you give the client,\nthe less confidence they have in the relationship.<\/li>
                                                                                          • Build trust the first time you send the legal\ndocument to the buyer. Example: \u201cThe ninety (90) day notification requirement\nfor the contracting party will only be valid if the selling party reminds the\ncontracting party of this provision 120-180 days prior to the end of the term.\u201d<\/li>
                                                                                          • Start in the middle: Create a legal document\nchock-full of unexpected surprises that create mutual value and scream\npartnership.<\/li><\/ul>\n\n\n\n

                                                                                            SECTION 5: WHY STAY, BUY MORE & ADVOCATE?<\/strong><\/h3>\n\n\n\n

                                                                                            Chapter Twelve Post-Purchase Interaction<\/strong><\/h3>\n\n\n\n
                                                                                            • The first days post-signature will likely\ndetermine whether they buy more from you, stay with you long term, refer you to\nothers without being asked, and call you first when they join their next\ncompany.<\/li>
                                                                                            • As a seller, work with your internal teams to\nestablish a communication process that starts from the minute the signature is\nmade.<\/li>
                                                                                            • Kickoff call
                                                                                              • The buyer\u2019s objectives<\/li><\/ul>
                                                                                                • Why the buyer chose you: A reminder of exactly\nwhat they purchased, and what they did not<\/li><\/ul>
                                                                                                  • Introductions to your team members:<\/li><\/ul><\/li><\/ul>\n\n\n\n

                                                                                                    Chapter Thirteen Client Success<\/strong><\/h3>\n\n\n\n
                                                                                                    • Don\u2019t send client interaction surveys after\ntroubleshooting. Instead, send post interaction surveys after business reviews,\ntrainings, or well-being checks.<\/li>
                                                                                                    • The effectiveness of a QBR isn\u2019t determined by\nhow good you make the client feel; it\u2019s about ensuring expectations are being\nmet, and exploring opportunities to achieve even more.<\/li><\/ul>\n\n\n\n

                                                                                                      BONUS CHAPTER<\/strong><\/h3>\n\n\n\n

                                                                                                      Chapter Fourteen Transparency Applied To…… <\/strong><\/p>\n\n\n\n

                                                                                                      • \u2026Your Job Search<\/strong> : \u201cWell, let me start\nwith why I may not be the perfect candidate for the role. In reading the job\ndescription, the majority of the requirements are a great fit for my experience,\nexpertise, and passion. However, there are two here we should probably address\nright from the beginning.\u201d<\/li>
                                                                                                      • … Your Recruiting<\/strong>: Consider presenting\nyour open roles as though they are a 4.2-4.5.<\/li>
                                                                                                      • … Your Requests for Proposals<\/strong>: I highly\nrecommend creating a list of RFP questions the client can include in their\nprocess.<\/li>
                                                                                                      • … Your Conference Booth<\/strong>:
                                                                                                        • Network with their peers… in their booth! <\/li><\/ul>
                                                                                                          • Arm your booth with your top client success\nrepresentatives, solution consultants, or even your product team members. Then,\nmake sure it\u2019s clear to any conference attendees who are walking the floor that\nyour booth is a sales-free zone,<\/li><\/ul><\/li><\/ul>\n<\/div>","protected":false},"excerpt":{"rendered":"

                                                                                                            The Transparency Sale: How Unexpected Honesty and Understanding the Buying Brain Can Transform Your Results By Todd Caponi Introduction It\u2019s about framing our solutions as a 4.2-4.5 [where purchase likelihood peaks], and no longer positioning as though we\u2019re a perfect 5.0. In my own experience, the use of unexpected honesty and transparency shortened sales cycles […]<\/p>\n","protected":false},"author":1,"featured_media":741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_import_markdown_pro_load_document_selector":0,"_import_markdown_pro_submit_text_textarea":"","_monsterinsights_skip_tracking":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-740","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t