12 Jan New Video: The Ultimate Guide to Selling Third Party Maintenance (Part 1)
Now recognized as one of the leading industry voices on how to sell Third Party Maintenance (TPM), our CEO Ken Peck was interviewed by The Channel Company in an informative new video. Most of the content revolved around Ken’s second edition of his book “Selling 3rd Party Maintenance, The Ultimate Guide”. In our next two posts we’ll review the most important takeaways from the video.
Main Goal of the Book: Offer a Simple Approach to
Understanding and Selling TPM
Interviewer Kena Johnson of the Channel Company first asked Ken why the need for the second edition of his book. Ken explained that many channel partners have new sales trainees and/or salespeople who are not well versed in TPM and the some of the nuances of selling TPM to end-users. Many channel partners and their staff have used Ken’s book to offer one on one or group training on our simple approach to position partners to acquire end-user clients.
The market for TPM is growing quickly. Naturally the growth in technology fuels the need for high end maintenance. But, at the same time, the OEMs are proving unable to cost effectively deliver global maintenance. Into the void, the TPM industry, companies like Smart 3rd Party and our channel partners have experienced dramatic growth. Ken’s book is just one more tool to help our partners.
The book covers the history of TPM which has grown over the decades in response to frustration with OEMs expensive and dictatorial maintenance policies. The key drivers of frustration with the OEMs are:
- IT infrastructure costs are under extreme pressure and typically need to
- Many IT assets have useful lives that extend well beyond what the
manufacturers will support or allow
In effect, both of these drivers really get at the most important takeaway: End-users just want to save money. And, they don’t want to be tied to the OEMs.
Ken noted that the salesperson will really have to answer these two important questions:
- Can you save us money?
- Can you really do what you’re promising?
The first question will be easily answered by delivering the quote in the sales process. The second will be demonstrated by showing the methods which Smart 3rd Party has developed to deliver its proprietary 5 step problem resolution process. And, often this will all be backed up by testimonials or case studies from satisfied end-users
What’s The Sales Process Look Like for TPM?
In the book, Ken lays out the typical sales process for TPM. You will note there are similarities to selling almost anything else in the B2B world. But there is one priority that cannot be underestimated.
First, let’s look at how Ken lays out the process:
Ken talks about creating a list of warm contacts and a second target list which can come from a variety of media such as web leads, email, phone contacts, trade show leads, referrals, snail mail, LinkedIn and others. Once these leads have been catalogued, the process above begins. In the second step, you will try to get more information so you can tailor your quote. In the book there is a list of questions to help you problem-solve with your potential client and get the answers they need.
Which is the most important priority in the process above? Step Number 3, which is GET THE LIST! This step cannot be overemphasized as having a full or partial asset list will get you the critical information to make your quote. Because you will almost certainly show substantial savings, this one step alone can drastically increase your close percentage to 50%!
The Steps to the Sale Involve Two Journeys-The Sales Side and
the Buyer’s Journey
In this article we’ve mostly covered the important components of your side of the transaction—the sales effort. The book is aimed at helping our sales partners grow their business. Any good salesperson understands that they need to know the buyer. What are their trigger points and frustration drivers?
In the next article, we’ll focus more on the other side of the transaction, The Buyer’s Journey. And, we will draw from Ken’s advice on how to build your sales goals and plan to win.
Summary of Takeaways:
- TPM is a rapid growth industry and many channel partners have been able to expand their sales and profits joint venturing with Smart 3rd Party.
- To help our partners, we’ve been leaders in showing the best methods of selling, as evidenced by the highly informative book by Ken Peck, CEO of S3P. (Selling 3rd Party Maintenance, the Ultimate Playbook)
- End-users are experiencing pain because of the high costs and the demands of the OEMs. The book lays out a process for understanding this pain and developing a win-win solution.
- The Channel Company Video Interview with Ken Peck: Click here
- Selling 3rd Party Maintenance, The Ultimate Playbook by Ken Peck