If you’re feeling frustrated and defeated because your attempts to close deals are constantly getting stalled, then you are not alone! It can be disheartening when you put in all the effort but still face resistance from prospects who are not moving forward. Despite your best efforts to engage and persuade, you might be experiencing a lack of commitment or a fear of making decisions from your potential clients.
Episode Overview
Ryan Maggio‘s journey is a tale of resilience and growth. A Silicon Valley native, he had a unique start in the corporate world. As a young man, he cleverly navigated a loophole in his college’s reimbursement program, managing to save and invest in experiences that would shape his future. This early display of entrepreneurial spirit was a sign of his grit, a quality that would serve him well in his future role in Xactly, a leading software company. Here, he weathered the company’s evolution, from its initial VC funding stages to its private equity ownership. The fluidity of the company, coupled with his own dynamism, allowed him to thrive in an ever-changing ecosystem. Ryan’s understanding of stalled deals and the challenges faced by sales professionals was born not just from his experiences but also from his passion for understanding the intricacies of the field.
You have to retrain the mind of how do I go sell right now? How do I go in and drive value, get that person to open up? What is your fear? Because if you tell me what you’re apprehensive about, it can be a little bit different of an experience. – Ryan Maggio
About Our Guest
Introducing Ryan Maggio, a stalwart in intelligent revenue sales with a notable career spanning nearly 15 years at Xactly Corporation. Rising from an individual contributor to his current position as Vice President of North American Sales, Ryan’s career trajectory is commendable. He has been a pivotal force during the venture-capitalist backed early days, the IPO phase and the current private equity-owned era of the company. His acumen in driving value sales and deep-rooted understanding of dealing with common sales hurdles such as stalled deals sets him apart. Ryan’s insights on navigating turbulent selling environments and thoughtful engagement strategies are truly enriching.
What You’ll Learn
In this episode, you will be able to:
- Discover effective tactics to troubleshoot stale deals and navigate through the intricate labyrinth of sales obstacles.
- Uncover unique methods to mitigate buyer apprehensions and successfully interact with the decision-making hierarchy.
- Learn how to deploy a powerful multi-faceted approach and showcase rapid value realization to win prospects.
- Realize the critical role of team synergy and how tools like Fly Engage can be a game-changer in your sales journey.
- Gain insights into proactive measures to prevent deal stagnancy and guarantees customer delight. List 2:
Timestamped Summary of this Episode
00:00:08 – Introduction,
00:01:14 – Get to Know Ryan Maggio,
00:04:24 – Juicy Fact About Ryan,
00:06:45 – Causes of Stall Deals,
00:10:21 – Selling to the Right Level,
00:15:42 – Getting Ahead of Churn,
00:16:19 – Addressing Stalled Deals,
00:19:40 – Identifying and Preventing Stalled Deals,
00:22:17 – Transparent Communication and Mutual Action Plans,
00:25:59 – Driving Accountability and Next Steps,
00:29:59 – Leveraging LinkedIn Connections,
00:31:21 – Understanding the Buying Committee,
00:33:01 – Utilizing LinkedIn Company Page Followers,
00:36:58 – Leveraging AI and ML for Sales Coaching,
00:39:18 – Tying Commissions to Discounts,
00:44:12 – Connecting with Ryan Maggio,
00:45:07 – Connecting with Ryan Maggio on LinkedIn,
00:45:39 – Ryan’s All-Time Favorite Movie,
00:46:08 – Finding Common Ground with Kids,
00:47:14 – Closing Remarks,
Timestamped summary of this episode:
00:00:08 – Introduction,
Mario Martinez Jr. introduces himself as the CEO and founder of Vengreso and the host of The Modern Selling Podcast. He introduces his guest, Ryan Maggio, the VP of North American Sales at Xactly Corporation, and mentions that they will be discussing stalled deals.
00:01:14 – Get to Know Ryan Maggio,
Ryan Maggio shares his background and experience at Xactly Corporation, where he has been for almost 15 years. He talks about the company’s evolution from a commissions vendor to an intelligent revenue platform.
00:04:24 – Juicy Fact About Ryan,
Ryan Maggio reveals that he essentially got paid to go to college through a reimbursement program at the Apple retail store he worked at. His parents didn’t know that he was getting reimbursed for his college tuition fees while living at home.
00:06:45 – Causes of Stall Deals,
According to Ryan Maggio, the majority of stalled deals are caused by the lack of engagement and failure to sell value. In a good time selling motion, sellers focused on value, but now buyers have a fear of messing up and require more engagement and understanding of their apprehensions.
00:10:21 – Selling to the Right Level,
Ryan Maggio emphasizes the importance of selling value to the right level in the organization. Getting buy-in from the CFO or engaging with the office of the CFO is crucial for deal approval. It’s necessary to build relationships and understand the power dynamics within the organization.
00:15:42 – Getting Ahead of Churn,
The guest discusses the importance of customer satisfaction and renewal even before a deal is signed, emphasizing the need to engage the right team to give customers confidence.
00:16:19 – Addressing Stalled Deals,
The guest suggests engaging prospects with relevant information such as recent earnings releases or LinkedIn activity. They also emphasize the importance of understanding the customer’s objectives and initiatives to craft personalized messaging and reengage stalled deals.
00:19:40 – Identifying and Preventing Stalled Deals,
The guest mentions the use of technology to monitor prospect engagement and search activities. They also highlight the importance of ongoing communication, qualifying the prospect’s commitment, and using mutual action plans to prevent stalled deals.
00:22:17 – Transparent Communication and Mutual Action Plans,
The guest emphasizes the need for transparent communication, setting clear expectations, and establishing mutual action plans with prospects. They stress the importance of accountability and ongoing qualification to prevent deals from stalling.
00:25:59 – Driving Accountability and Next Steps,
The guest discusses the importance of driving accountability by setting up clear next steps and follow-up meetings during sales interactions. They highlight the need for both reps and customers to take action and fulfill their commitments to keep deals progressing.
00:29:59 – Leveraging LinkedIn Connections,
Ryan discusses the importance of leveraging LinkedIn connections to gain valuable introductions and insights. He highlights the need to go beyond the main point of contact and reach out to other individuals in the organization to gather information and determine if the deal is worth pursuing.
00:31:21 – Understanding the Buying Committee,
Ryan emphasizes the importance of understanding the entire buying committee associated with an opportunity. He shares the advice he received from his mentor to go two levels up, two levels down, and one to the side to identify key individuals who may have influence in the decision-making process.
00:33:01 – Utilizing LinkedIn Company Page Followers,
Ryan reveals a valuable technique of utilizing the followers of a company’s LinkedIn company page. By sorting and searching followers, sales professionals can identify potential members of the buying committee and engage with them to strengthen their network and gather insights.
00:36:58 – Leveraging AI and ML for Sales Coaching,
Ryan discusses how his company’s solution, Xactly, utilizes AI and ML technology to provide valuable insights and coaching for sales professionals. The solution analyzes various data points, such as email and conversation language, to identify areas for improvement and drive momentum in deals.
00:39:18 – Tying Commissions to Discounts,
Ryan highlights the importance of tying commissions to discounts offered during the sales process. By showing sales professionals the financial impact of their discount decisions, they can make more informed choices and prioritize value-driven negotiations.
00:44:12 – Connecting with Ryan Maggio,
Mario asks Ryan the best way to connect with him, and Ryan suggests using LinkedIn or email. He is open to discussing various topics such as stalling deals, forecasting, and commissions. Mario also comments on the confusing branding of different social media platforms.
00:45:07 – Connecting with Ryan Maggio on LinkedIn,
Mario provides Ryan’s LinkedIn profile information and advises listeners to send a personalized connection request message. He encourages listeners to mention that they heard Ryan on the Modern Selling podcast to establish a connection.
00:45:39 – Ryan’s All-Time Favorite Movie,
Mario asks Ryan about his all-time favorite movie. Ryan mentions that his favorite movie changes over time but currently he enjoys watching “Rookie of the Year” with his son, who loves baseball.
00:46:08 – Finding Common Ground with Kids,
Mario and Ryan discuss the movies they watch with their children. They both enjoy watching movies that resonate with their kids, particularly sports movies. Mario shares his recent experience of watching “Big” with his children.
00:47:14 – Closing Remarks,
Mario thanks the listeners for tuning in and encourages them to leave a five-star rating and review for the Modern Selling podcast on iTunes. He also promotes FlyMSG, a text expander and personal writing assistant tool, and signs off with a message of good selling.
Watch the video version of this episode, directly below:
Mitigate Buyer Apprehensions
Mitigating buyer apprehensions, as Ryan puts forward, necessitates an anticipatory approach towards understanding potential risks and problems from the client’s perspective. By engaging in absolute honesty and direct queries about what could deter them from closing the deal, sales professionals can proactively prevent obstacles. This fosters a sense of reliability, reaffirming customer trust and validating the salesperson’s commitment to making the deal successful.
Resources
- Check out FlyMSG.IO, the free personal writing assistant and text expander application created by Vengreso.
- Listen to The Modern Selling Podcast hosted by Mario M. Martinez Jr., featuring sales leaders, practitioners, and influencers sharing insights on growing sales numbers at scale.
- Learn more about Xactly Corporation, a leading provider of intelligent revenue platforms for sales forecasting, sales planning, and commission execution.
- Explore the revenue enablement solutions offered by Xactly Corporation to drive value and solve business problems for your organization.
- Access the report conducted by LinkedIn on the causes of stall deals and the challenges faced by sellers in today’s market.
- Find out how to overcome the fear of messing up and engage with buyers at the right level to ensure decision-making and deal progression.
- Develop a multi-channel approach to engaging with the CFO and other key decision-makers in the buying committee to prove value and ROI.
- Leverage Turbo teams, a cross-functional approach involving sales, product, innovation, sales enablement, finance, and customer success teams, to strategically attack
