What’s the only unlimited resource you can use to win more deals?
At the end of every month we bring in a lot of deals at NetSuite. We celebrate each and every win as an entire company with mass email recognition, we call these POWs. The entire sales cycle you look forward to recognition in your POW, and as you see all your peers getting called out, you feel the competitive social pressure to get your name out every month too with a win. I think this is a great tradition of a winning sales culture we have at NetSuite.
When it comes to mentioning people out in the POWs you don’t want to be stingy. I sometimes feel reluctance from reps to acknowledge people that helped in some minor way as if it somehow takes away from their achievement. I see this all the time not just in the POWs but also in a rep’s reluctance to bring their manager or other execs into a deal as if bringing in more help would somehow take away from their perceived ability to manage a deal on their own.
The entire point of a sales TEAM is that you don’t have to go it alone. If you don’t leverage, and recognize, your value add team you are doing yourself a huge disservice.
Credit does not have a fixed capacity, it’s not a measured commodity that can be distributed, and by distributing it to someone else it takes away from your allocation. That’s not how credit and recognition work, it’s one of the only tools you have in a sales process that is unlimited. Time is fixed, money and budget are fixed, resources are fixed, but recognition is unlimited. That makes it your most precious and powerful tool.
In economics you learn that scarcity increases demand and therefore increases value. There is something to be said for being genuine in your appreciation. If you give empty recognition to everyone it can diminish its value slightly. But when giving genuine appreciation, credit really can be an unlimited commodity that you can continue to create.
In my squad we send out the POWs like everyone else, but because my team coined a sales methodology we call #Velocity I also send out a stuffed animal velociraptor to our value add team members who help us win our deals. It’s not anything fancy or expensive just a small thoughtful token of appreciation. For our customers it’s the same, when customers do reference calls for us I have my team send hand written thank you cards, and when customers go-live on the product we try to send cookies to the office, nothing extravagant just small, random, unexpected gestures of appreciation.
Giving out credit and appreciation to your employees, managers, value add team, admins, and customers is such a simple concept that you know will serve you in the long term, yet you’d be surprised how often it is withheld.