Fifteen

It’s December 15, and your venture-backed start up’s funding is about to run dry. The product has been built and is finally working. You’ve got everything you need, save one thing: the first major customer. Can you close the big deal to finish the year off with a bang? Will you be handing out the bonus checks that your team deserves or will you be handing out layoff notices?

The first MBA Sales Competition, held on Saturday, November 3, and organized by the MIT Sloan Sales club, gave 21 MBA students from leading business schools a chance to answer that question for themselves. The students, who represented HBS, Wharton, Yale, Kellogg, Babson, and MIT Sloan, competed for bragging rights and the chance to advance to the national sales competition.

The day began with competitors facing off in mock sales calls for Xconomy.com, a Kendall Square based new media company that hosts editorialized blogs from local industry thought leaders such as Jim Collins and Bill Aulet. Their task: persuade a large fictional technology company to partner with Xconomy.com and become an exclusive advertising sponsor called a “charter underwrite”. A panel of twelve distinguished judges, including many MIT Sloan alumni and sales professionals, evaluated the entrants on their presentation skills, as well as on their ability to engage the customer, overcome the buyer’s objections, and tailor the presentation to the customer’s purchase inclination.

Following the first round of competition, students were treated to lunch at the Faculty Club with the judges. During lunch, Bill Ghormley, VP of Sales for Xconomy, shared his perspective on the strengths and weakness of the morning pitches. Jim Kearney, a sales trainer, gave the group advice and coaching, as well.

The afternoon consisted of two more simulated selling situations for two very different products: solar panels from Evergreen Solar and virtualization software from Virtual Iron Software. For these presentations, the contestants had to quickly adjust their pitches when they received last minute information right before the pitch. For these presentations, the judges were asked to project different customer behaviors as well.

At the final gala event, held at the Marriot in Kendall Square, the organizers announced the winners and the competitors were given the chance to network with the judges and the other students. First prize went to Tim Nicolette (HBS), second to Julie Yoo (MIT Sloan BEP ’09) and third prize to Ajay Kulkarni MIT Sloan MBA ’08). In addition to the top three, six others will be sent to compete in the national tournament, which will be held at Kennesaw State University in March.

According to Yoo, the greatest challenge was developing “different ways to address the unique solutions and objections that applied to each case.”

Kulkarni cited the importance of the GSDS to his strong finish: “The GSDS was one of the best classes I took at Sloan.” In particular, GSDS techniques helped him connect with clients, ask the right questions, and get to commitment.

Microsoft Corporation, one of the event’s key sponsors, was impressed by the caliber of the finalists and has expressed a strong interest in participating in the future.

The competition was the brainchild of Nathan Williams MBA ’08. He first thought of organizing the event after reading about a sales competition held for undergraduates. Williams called and convinced the director of the National Collegiate Sales Competition to allow him to launch the first graduate division. Says Williams: “I decided to launch the first MBA sales competition to give top business school students a chance to test their sales skills and an opportunity to further develop their capabilities through direct and real time feedback. People got feedback from their morning session that they were able to constructively use in their afternoon sales. It was a positive learning experience for everyone involved.”

A committed group of Sloan Sales Club leaders made the competition a success. The team included: Managing Directors Nathan Williams MBA ’08 and Felipe Castro MBA ’09, Operations Director Varun Dhanuka MBA ’09, Marketing/Sponsorship Director Nishi Das MBA ’09 and Competition Strategy Director Thais Felipelli MBA ’09.

With their creativity, ingenuity and resilience tested, the competitors demonstrated the skills needed to ensure that when they find themselves facing that critical make or break December sales call for their own companies, they will be able to close the deal.

For more information on the Sales Competition, please visit: http://www.mbasalescompetition.com.

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