Entrepreneurial Selling by tblackinc

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									CHICAGO BOOTH:
ENTREPRENEURIAL
SELLING (34111-81)
PROFESSOR WORTMANN
SYLLABUS – SPRING 2011


Overview
The biggest challenge to growing a successful entrepreneurial venture is selling.
Entrepreneurs must build a strong sales pipeline to ensure profitable growth as they tackle
other pressing issues like staffing, infrastructure, and financing. In the Entrepreneurial Selling
course, you will learn how to acquire customers, use selling skills in different contexts, tell
powerful stories, manage the entrepreneurial sales process, and use the key tools required
for success in selling. The course will combine the following elements to create a powerful
learning experience for you:
        Models: Conceptual description of critical sales concepts.
        Toolkit: A list of key tactical sales tools, which we will build tool-by-tool throughout
         the course.
        Guest Speakers: Real life examples of key class concepts
        Role Plays: Experiential exhibitions to emphasize class concepts. These include cold-
         calling, a sales presentation, questioning, and handling objections
        Discussion: Based on reading, cases, and your experience, the class will dialogue
         through issues and concepts.
        Assignments: As described in the “Grading” section of the syllabus, these include case
         write-ups, a Story Matrix, a Sales Trailer and Sales Toolkit for a start-up or early-stage
         company, and a Sales Presentation to a mock customer.
These elements will be supported by a research-based sales process and sales toolkit.


Learning Objectives
You will be able to:
• Understand the key phases of the entrepreneurial selling process
• Use the sales toolkit to construct a sales strategy for your venture
• Identify the most common failure points in an entrepreneurial sales process
• Put to use a set of sales skills that will serve you in any career context



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Overarching Goal
My goal with this course is to make you as smart and efficient in selling as possible, so that
when you are spending time selling, not a moment is wasted. Why? Because as an
entrepreneur, the way you spend your time determines success and failure. Period.




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Course Schedule

Week/Date                Class Session Info                               Read Before Class                       Due at the beginning
                                                                                                                  of Class
Week 1                   The Entrepreneurial Selling Process              Course Pack: Entrepreneurial Selling      Biography Paragraph

(March 28)                                                                article                                   Post-it note with one
                                                                                                                     thing that makes you
                         Summary: The challenge of
                                                                          Course Pack: Note on Business              most uncomfortable
                         entrepreneurship, entrepreneurial selling vs.
                                                                          Model Analysis for the Entrepreneur        about selling (due at the
                         traditional selling, balancing sales and other
                                                                                                                     break)
                         roles, who sells, how and when,
                                                                          Course Pack: Portrait of the CEO as a
                         understanding the sales process, sales cycle
                                                                          Salesman
                         vs. sales model, types of sales people


                         Class Topics:
                          Models: Entrepreneurial Selling Process
                            (Wortmann), Customer Tailored Sales Call
                            (IBM), SPIN Selling™ (Rackham),
                            Consultative Selling™ (Forum),
                            Entrepreneurial Selling
                            (Deutsch/Wortmann)
                          Toolkit: Entrepreneurial Selling Process
Week 2                   Ready…Aim                                        Book: Crossing the Chasm (Chapters        Salesperson interview

(April 4)                                                                 1-5)                                      Cold-calling assignment
                         Summary: Targeting, segmentation, using a
                         Sales Trailer, sales forecasting, competitive    Course Pack: The Sales Funnel
                         landscape
                                                                          Course Pack: Targeting the Right
                         Class Topics:                                    Customers
                          Models: L.E.A.D.S. (McAvoy)
                          Toolkit: Creating the Sales Trailer, top-
                            down bottom-up forecasting,
                            Competitive landscape
                          Book Discussion: Crossing the Chasm
                          Possible guest speaker
Week 3                   Engaging the prospect                            Course Pack: Sales Learning Curve         Case Write-Up: Scalix
(April 11)                                                                                                          Group: Half-page
                         Summary: The differences between cold            Book: What’s Your Story? (Chapters         overview Assignment 1
                         calling and hot prospecting, methods for         1-3)                                      Sales Trailer video on
                         finding leads, Art of conversation, qualifying                                              YouTube (take 1)
                         customers, differentiators, value proposition,   Case (Course Pack): Scalix
                         prospecting scripts, interview data




      Entrepreneurial Selling Syllabus – 34111                                                                        Page 3
                         Class Topics:
                          Models: Conversation, great questions
                          Toolkit: Conversation progression,
                            qualifying questions, prospecting script,
                            initial targets
Week 4                   Making the match – Part I                      Course Pack: Building Your Sales
(April 18)                                                              Funnel From Left To Right
                         Summary: Starting meetings, asking great
                         questions, determining fit, pivots             Course Pack: Personal Selling and
                                                                        Sales Management
                         Class Topics:
                          Models: Great questions, pivots
                          Toolkit: Purpose, benefit, check (Forum),
                            Great questions, Pivots
                          Possible guest speaker
Week 5                   Making the match – Part II                     WisdomTools Case (Course Pack):
(April 25)                                                              Episode 1, Scenes 1-3
                         Summary: Hurdles and objections,
                         presenting and proposing                       Course Pack: Q&A with Author of
                                                                        “Presentation Secrets of Steve Jobs”
                         Class Topics:
                          Models: Presentation skills (Fusion
                            Learning)
                          Role-play: Handling objections
                          Toolkit: Sales Hurdles, Objections,
                            Presentation Checklist
Week 6                   Doing the deal                                 Book: What’s Your Story? (Chapters         Case Write-Up: Siebel
(May 2)                                                                 4-6)
                         Summary: Closing, re-setting expectations
                                                                        Case (Course Pack): WisdomTools:
                         Class Topics:                                  Episode 1, Scenes 4-6
                          Business case Discussion: Siebel, Parts I,
                            II & III (Harvard)                          Case (Course Pack): Siebel, Parts I, II
                          Book Discussion: What’s Your Story?          & III



Week 7                   Delighting clients                             WisdomTools Case (Course Pack):            Case Write-Up:
(May 9)                                                                 Episode 2, Scenes 1-2                       ClairVoyance
                         Summary: Relationship and client
                         management, Client Delight Index, sales        Case (Course Pack): ClairVoyance
                         checkpoints, building references, stories,
                         Day in the Life of a salesperson               Course Pack: The Four Truths of the
                                                                        Storyteller


                         Class Topics:
                          Business case Discussion: ClairVoyance



      Entrepreneurial Selling Syllabus – 34111                                                                      Page 4
                            (Chicago Booth)
                          Toolkit: Client Delight Index, Story Matrix,
                            win/loss debrief
Week 8                   Tuning the sales engine                          WisdomTools Case (Course Pack):    Email to Craig with
(May 16)                                                                  Episode 2, Scenes 3-4               preparation for Sales
                         Summary: Owner’s Manual/Sales toolkit,                                               Presentation
                         preparation for sales meetings, Time Check,      Course Pack: Choose or Lose        Group Project: Sales
                         metrics                                                                              Toolkit
                                                                                                             Group Project: Sales
                         Class Topics:                                                                        Trailer video on YouTube
                          Toolkit: Time Check                                                                (take 2)
                          Possible guest speaker
Week 9                   The Real World – Part I                          Prepare for sales presentations    Sales Presentations
(May 23)                                                                                                      (Group 1)
                         Summary: Final team presentations to mock
                         customer illustrating grasp of sales process,
                         use of toolkit and
                         demonstration of key selling skills



Week 10                  The Real World – Part II                         Prepare for sales presentations    Sales Presentations
(May 30)                                                                                                      (Group 2)
                         Summary: Final team presentations to mock
                         customer illustrating grasp of sales process,
                         use of toolkit and
                         demonstration of key selling skills



Week 11                  Finishing School                                 Course Pack: WisdomTools Case:     Case Write-Up:
(June 6)                                                                  Episode 2, Scenes 5-6               WisdomTools
                         Summary: Debrief of sales presentations,
                         handling curve balls, moving forward with
                         sales skills and sales toolkit, completion of
                         WisdomTools Case, Sales Learning Curve
                         (Stanford)




      Entrepreneurial Selling Syllabus – 34111                                                                Page 5
Grading
Grading will be based on several factors:
• 50% - Final project assignment (25% Sales Trailer, 25% Written Sales Toolkit, 50% Sales
Presentation)
• 25% - Case write-up assignment, cold-calling assignment, Story Matrix and sales meeting
report
• 15% - Class participation
• 10% - Sales person interview


Provisional grades are given for graduating students.


Final projects (50%)
In a team of three to four people (absolute minimum of three), identify a new product or
service from an existing business, early-stage or start-up company. Construct a detailed
sales toolkit for the solution and make a sales presentation to a mock customer. This final
project assignment will be conducted in teams of three to four individuals and will be made
up of three distinct components:
        Sales Trailer
        Sales Toolkit
        Sales Presentation to a mock customer
Each team member will receive the same grade (sales trailer counts for 25% of final project
grade, sales toolkit deliverable counts for 25% of final project grade, and sales presentation
counts for 50% of final project grade)


Sales Trailer
•   Each team will research a new product or service and produce a video sales trailer. Two
    drafts of this sales trailer are required; due dates can be found in the Course Schedule
    chart above. Further instructions will be provided in class. Your team will be responsible
    for finding/reserving/borrowing video equipment and uploading the videos to YouTube.
    The first draft is due in Week 3, and the final draft will be included with the Sales Toolkit
    in Week 8 (see course schedule).


Sales Toolkit


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•   Each team will research a new product or service and produce a detailed sales toolkit for
    attacking a target market. Toolkit must consist of the following components:
         •    Company differentiators
         •    Value proposition
         •    Competitive landscape
         •    Target market/segment analysis
         •    Sales hurdles
         •    Presentation and meeting checklist
         •    Prospecting script
         •    Sales Trailer (in print and video)
         •    Conversation progression
         •    Qualifying questions list
         •    Objections and responses list
         •    Story Matrix
         •    Presentation deck
         •    Sales forecast for first year
         •    Five initial target customers (1-3 actual contacts in each)
         •    A day in your life (a scheduled allocation of your time for a full day and each
              activity)
         Note: Final draft of video sales trailer should be included with this document when it
         is submitted (Week 8) only if your sales trailer has changed
         Note: Sales Toolkit must be NO longer than 20 pages total (including appendices).
         Your presentation deck for sales meetings does not have to be included in the 20
         pages. The course is organized to review each tool individually throughout the
         course. Your group is not required to turn in any sections of the final project until
         Week 8 (May 16). Your group is strongly encouraged to create at least a draft of
         each one for your selected product or service immediately following the class session
         in which it is described.
• Evaluation of your sales toolkit will be made up of the following criteria:
         • Immediate applicability for the sales team
         • Thoroughness in construction of the sales tools
         • Connection to what was learned in the course
         • Style and presentation



Entrepreneurial Selling Syllabus – 34111                                             Page 7
Mock Sales Presentation
•   Each team will prepare a sales presentation and present it to a customer during either
    the 9th or 10th weeks of the course. A preparation email is required prior to the
    presentation, and the presentation will last 35 – 45 minutes.
         Required preparation for sales presentations: For your sales presentations in weeks
         9 or 10, please prepare three items to email to me by May 16:
         1. A description of your customer for the purposes of your sales presentation.
              Please tell me your customer’s title, where you are in the sales cycle, what
              expectations he/she should have for the meeting, two questions you might ask
              him/her and the answers to those questions and your goal(s) for the meeting
         2. An email (to me) that you would normally send to the prospect prior to the
              scheduled meeting
         3. An agenda for your sales meeting
         This email should be no more than three paragraphs (less than one-half page) in
         total. Email these to me (and please copy Alice Gallen) in straight email text with no
         attachments (because I cut and paste them into a document for your mock
         customers). Please do not use Word…just straight email text.


         Sales presentation itself must consist of the following components:
              •    Purpose, benefit, check
              •    Great questions to determine fit
              •    Qualifying
              •    Listening
              •    Use of selling tools (stories, trailer, objections)
              •    An ask
              •    Action steps
         Important note: Each sales presentation will be thrown a curve ball. Part of the
         overall team grade will depend on how your team handles the curve ball.
•    Evaluation of your performance in the sales presentation will be made up of four
components:
         • Customer - 30%
         • Craig - 25% on preparation and 25% on presentation
         • Self - 10%
         • Partner - 10%

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The sales presentation will be judged on the following criteria:
         •    Use of selling tools
         •    Persuasiveness
         •    Objection responses
         •    Handling of curve ball
         •    Listening
         •    Quality and style of presentation
         •    Meeting management
         •    Hygiene factors (appropriate dress, mobile phones, handouts, etc.)


Case write-up assignment, cold-calling assignment and sales meeting report (25%)
        Case Write-Up:
              o    The purpose of the one write-up is to evaluate the case in the context of the
                   Entrepreneurial Selling Process and readings for that class, NOT just a
                   regurgitation of the key points of the case or answers to questions
                   included at the end of the case. I am interested in your thoughts about what
                   this company could have done better and differently, what mistakes were
                   made, and what decisions you would have made. I am also interested in how
                   you connect the case to the lessons we have learned from the readings,
                   discussions, and articles
                            This case will be returned as a graded assignment out of 10 points.
                            You can choose which case to write up (Scalix, Siebel, ClairVoyance, or
                             WisdomTools)
                            The paper must be no longer than 2 pages (single-spaced)
                            Additional research beyond the boundaries of the case is permitted
              o    Best practices for case write-up:
                        •    Suggests alternate qualification questions to ask
                        •    References the tools we are learning in context of the case (“the sales
                             toolkit was weak in these two areas..” or “I would have attempted to
                             get over this sales hurdle by...”)
                        •    Reflects your personal experience
                        •    Is organized in clear sections with headers
                        •    Conforms to deliverable requirements (noted in “Additional Details”
                             below)

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                        •    You can freely discuss the cases with other members of this quarter’s
                             class, but your write-up must be completed individually
    •        Cold-calling assignment:
               o   In between weeks 1 and 2, you will be given a cold-calling assignment. This
                             assignment will be distributed at the end of the first course session
                             and is due in session two (along with the salesperson interview
                             assignment)
    •    Sales meeting report:
               o   After your sales presentation in week 9 or 10, you must submit a one-page
                             debrief on the sales meeting. This one-pager should include whether
                             you think the customer is qualified, what went well and what could
                             have been improved and what the next steps are for this prospect




Sales person interview (10%)
Each student will be required to interview one sales person and produce a written report
that answers the following questions:
         •     What is the hardest part about selling?
         •     What are the three most critical elements to being a high-performing sales
               person?
A “salesperson” can be anyone who acts in a selling capacity; an entrepreneur selling his/her
product, an Accenture partner who sells work, an author who sells his/her book, etc.
This paper should be no more than one page, single-spaced, and should follow the
formatting guidelines included in the “Additional Details” section of the syllabus.


Here is the actual assignment, since this is due immediately in week two of the course:
Please interview a salesperson you know (a friend, a salesperson in your company, etc) and
write a one-page paper that answers the following two questions:

        What is the hardest part about selling?
        What are the three critical elements to being a high-performing salesperson?




Entrepreneurial Selling Syllabus – 34111                                                Page 10
This one-page paper (with name, but no cover sheet) is due at our second class session
(April 4). I am looking for your interpretation of these questions and answers, not just an
interview record.



Class participation (15%)
We will be spending a considerable amount of time in class discussions. My expectation is
that everyone will contribute over the quarter. A couple of thoughts for you to consider
about classroom participation:
•   Selling is a contact sport...you will be cold-called
•   I expect you to be prepared
•   That said, I expect you to take risks. Selling is action, and you can never be completely
    prepared with all of the information you need when you need it. If you jump in and it
    turns out you are dead wrong, you will be rewarded more than if you stay silent. If I
    cold-call you and you take a shot at it...even if you are dead wrong...you will be better
    off


Additional details
   Assignments:
         You will be required to turn in all assignments, whether or not you are registered (or
          stay) in the course
         Late assignments are NOT permitted. If you are considering taking this course, you are
          encouraged to attend every class and complete all assignments on time, even if you
          have not yet registered. Late registration is not an acceptable reason to submit
          assignments late
         Assignments are to be submitted to Digital Dropbox on Chalk, not to our email (with
          the exception of the customer preparation email required for the sales meeting and
          a hard copy of the Sales Toolkit due on May 16). To use Digital Dropbox properly,
          you must click both “submit” and “send.”
         Formatting for all items:
             Single-spaced
             Stapled
             Three-hole punched
             Please add Honor Code to your footer (not on a separate page)
             No cover sheet is necessary


Entrepreneurial Selling Syllabus – 34111                                           Page 11
   Books:
        What’s Your Story? (Wortmann)
        Crossing The Chasm (Moore)
•   Attendance:
        Attendance is required at all course sessions and for the duration of each session
              •    You are allowed one miss, although it may impact classroom performance
                   component of your grade
              •    You should notify me prior to missing a session
              •    An absent student may make up the missed session by preparing a one page
                   summary of the missed session
              •    We will be using Session 11 (June 6) to debrief our sales presentations.
                   Attendance at this session is required
              •    Tardiness and leaving early are not permitted
              •    While you are here, be here


Now, let’s talk about selling…
Contact Info:

craig@craigwortmann.com / 847.922.2209

agallen@chicagobooth.edu / 404.273.2348




Entrepreneurial Selling Syllabus – 34111                                             Page 12

								
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