Can you offer a Proof of concept? Some sort of "Micro-sale" that will wedge you in, and help bring in the larger opportunity down the road? Are you still stuck in the old days incenting or even pestering your sales team to blow out the initial contract as much as possible? (Please stop that immediately if you can). So what's the conclusion or moral of this post? Think about how you may be using this concept, or might create this concept in your world. Sell the minimum that is needed, service well, and the additional revenue opportunities will come, so will the renewals if you don't push too hard. So this in and of itself is sort of a Monkey-fist trend. Also, it has been proven that the days of "increased initial contract values" are soon over, and "expansion revenue" strategies are taking over. It could come in the form of a reduced subscription rate for the first X months, perhaps with a "walk away free" clause in your terms. In today's world of SaaS, and the subscription economy, adopting a "Monkey-Fist" approach is vital to success. If all goes well, the full agreement/ purchase/ term becomes much easier to swallow. In both, the prospective customer and seller put skin in the game to sample the relationship. CRM also brings immediate value that is easier to quantify, and often ties into the ERP, so ERP migration/ implementation then becomes the next objective.Īnother example of a "Monkey-fist" sell is a "Proof of concept" or perhaps a trial engagement. A perfect example is selling ERP (The heaver-weight line), but "wedging" or "monkey pawing" with CRM (The lightweight line).ĬRM is known to be an easier sell, less invasive install and less expensive relative to ERP. Now let's think about Software Sales for a moment and how this concept applies. The other end of the lightweight line would be attached to a heaver-weight line, allowing it to be drawn to the target easily. A lightweight feeder line would be tied to the bowline, then the weighted monkey's fist could be hurled between ship and dock. The line would have the monkey's fist on one end, a bowline on the other, with about 30 feet of line between. The monkey's fist knot is most often used as the weight in a heaving line. Quick Description, then on to the analogy: Think large boats in a harbor, needing to be tied up to the docks. However, it was this concept that helped me close deals, and even build and sell companies. I learned this term from Dave Sandler of "Sandler Sales Training" about 10-11 years ago. I often get a chuckle or two when I use the term "Monkey's Paw/ Fist".
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