This blog post was contributed by my friend and mentor, Steve Bookbinder
Ask the experts:
Q. My partner and I are involved in a marketing company and have an idea for a way to market our services to big brands. If we were to land one of those accounts, the opportunity would be big. How do you think we should get started with this new initiative?
A. I have spoken to literally thousands of salespeople who have some kind of bag-the-elephant sales idea and I find most make two mistakes in their approach that dooms the entire effort. First off, let me state that I am generally in favor of any sales idea that, if successful, would allow the seller to dramatically increase their average-revenue-per-sale, provided that the servicing of that account were possible without causing you to lose any clients you would prefer to keep.
Big projects mean more time management
The first consideration, when going after the BIG sale is that it can take up alot of your time. Forget about servicing; the sales process would no doubt involve many meetings, many emails, and the creation, rehearsal and presentation of many documents that will be needed to support the sales effort. Therefore, a seller is best advised to only have one or two of those size opportunities in their funnel at any given moment.
Therefore, the trick to adding a new, BIG initiative is to make sure that it is only one of many sales initiatives in your funnel. I prefer to set up my funnel by Source of Deal Flow/Business Line, not simply a pile of various prospects. This way, I can concentrate my sales time and efforts on the lead source/business line that requires AND DESERVES the most attention. The alternative would be to forsake all other lead sources for a month or two while diving into the most exciting thing in the funnel--the new, BIG idea. Once you come at the new project from the mature-responsible (scary term, no?) position of making sure nothing is dropped by adding a new thing, you automatically craft an approach more likely to work. Absent this concept, I can easily see a seller pouring themselves into researching leads, cold calling and expensive marketing--with the opportunity cost being attention paid to all of the other older initiatives, "boring" smaller sales opportunities and prospects-in-motion being shoved to the back burner.
Who do you know? Who do they know?
So, how should you go after the one-off BIG customer? By deliberately limiting the time you will put against it! And, by finding a way in that doesn't require time consuming cold calling. If you have a BIG idea, the first thing you need to think about is who you know (and who your contacts know) that will get you a fast introductory meeting. If you are starting from scratch, you will be far less likely to ever achieve success by only spending a fraction of your time working it, but far more successful than putting all your eggs in the one “BIG sale bucket.” Take a second look at your plan. Are you considering launching a marketing effort that will involve convincing total strangers that:
a. they need the service you are suggesting they buy?
b. that you are the right person/team/company to supply that service?
That already sounds like a big number (in terms of lead gen, prospecting and cold calls) game with lots of time lost trying to get someone - anyone - to meet with you. Not a good way to go if you already have anything else on your funnel. (Which you should; you always need a balance of prospects that would enable you to get the smaller, faster sale.) By approaching the sales idea from a starting point of more easily securing the first meeting through contacts, you can focus on the quality/strategy of that meeting. Improving that first meeting means you will more likely get something going--or at least another meeting that could lead to success.
The one-off big idea is less valuable, in my view, than a new lead source called "the BIG sales lead source." Therefore, you need to get your first client so you can finally get the second one. Now, you are in business. Now you have deal flow. And you have it all - the potential for the BIG sale as well as the smaller, boring sales, that you need to pay your bills day-to-day while you are waiting to get rich.
Steve Bookbinder, of Steve Bookbinder Associates, is a full service agency focused on sales and improvement through consulting, training, speaking and web services.
Jeff and Steve are writing and speaking partners and co-present Be Your Own Coach workshops based on their book "How to Be Your Own Coach" (www.byourowncoach.com)
Thursday, July 2, 2009
Wednesday, July 1, 2009
Networking Tips from a Pro!
I’m often asked, “Jeff, where do you get your leads? Cold Calling? Networking? Something else? Is networking is an effective replacement for cold calling?” Wow! Great, and important, questions. Leads can come from many sources and no one who works with leads should ever be without a large supply. They’re out there waiting for you if you just know where to look.
Is networking a replacement for picking up the phone and dialing? In most instances, no. While networking can get you leads and referrals it’s typically a longer process as people get to know and trust you. Cold calling has a more immediate and dramatic affect on your pipeline of appointments, which always needs to stay full if you want to make a lot of money.
That said, I network to get leads and referrals. So, how do we improve the quality and results of our networking? Here are some tips, gained from personal experience over the years:
Tip #1 – When you arrive, use the bathroom.
Do I really care if you empty your bladder? No, but I think it’s a great idea to “check your look” when you arrive at a networking event. Make sure your tie is straight, your hair hasn’t flapped over due to the wind, and that you don’t have something left over from lunch stuck between your teeth. You only get one chance to make a good first impression and that can be easily blown by some corn being in between your two front teeth!
Tip #2 – Eat quickly – then MINGLE!
I’m often stunned by the people who arrive at a networking event only to stand in front of the appetizer table for the next hour with a cocktail in one hand and a plate of food in the other. It’s kind of difficult to shake someone's when both of yours are full. Same thing about a mouthful of food…it makes it difficult to talk. Get some food, eat it quickly then go find someone to talk to.
Tip #3 – When you get to a networking event, look for people you DON’T know
Many people, when networking, walk into an event and look for familiar faces. They then proceed to spend the rest of the event drinking, eating and chatting with their friends. While networking with friends is important too, you can do that anytime. Pick out someone who looks interesting, walk up to them with a smile on your face and your hand stretched out ready to shake theirs and say, “Hi Steve, (assuming they have a name tag) my name is Jeff Goldberg. Nice to meet you. Hey, I’m just curious, what do you do?” Steve will then explain what he does for a living and while he’s doing that you should be actively engaged in listening. This is not the time to check your watch or look around the room for other people you’d like to meet. Give the person you’re speaking with your undivided attention and make them feel important and special. When Steve finishes, he will almost always end with, “So what do you do Jeff?” This gives you the opening you need to move on to Tip #4.
Tip #4 – Have your “Elevator Speech” polished and ready to go
When someone asks you what you do, that’s not the time to figure out how to describe your job. If you don’t have a well crafted “elevator pitch” in advance of needing it you might very well blow your small window of opportunity to make a connection.
Your elevator speech must be brief, clear and concise. (elevator speech - Imagine you wanted to sell your services to Microsoft. You get on an elevator in a large hotel and press the button for the 42nd floor. Bill Gates walks in behind you and presses 40. You have approximately 30-35 seconds to tell Bill what you do and how you can help him in a way that he completely understands). It must quickly explain to the listener what you do and where you add value with a focus on benefits. It must be delivered in such a way that the person listening could then tell others what you do. There should be nothing in your elevator speech that causes the other person to think, “What does that mean,” or “I don’t understand.”
Here’s an example – “Well Steve, I’m Jeff Goldberg and I own my own company, Jeff Goldberg and Associates. We’re a sales training and consulting firm specializing in helping salespeople to get more appointments with decision-makers, shorten their sales cycle and close more business more profitably. The training is based on my 36 years of sales and management experience, as well as my having personally trained many thousands of salespeople, more than 5000 in the last two years alone. I also have a background in the theatre and stand-up comedy which makes me uniquely qualified to work with sales professionals in a fun, and highly productive, way to help them close more business and make more money.”
Brief, to the point, easily understandable and repeatable.
Tip #5 – Know what constitutes a good lead for you
Know what a good lead is for you and make it easy for the other person to help you find people like that. A clearly defined good lead for you makes everyone’s life easier. For example, a good lead for me is the CEO, President or VP Sales at any company, anywhere in the world, that has a sales team of 10 people or more. I suggest you include your, “A good lead for me is...,” at the end of your brief commercial. So mine would sound like this:
“…..uniquely qualified to work with sales professionals in a fun, and highly productive, way to help them close more business and make more money. By the way, a good lead for me is any company, anywhere in the world, with a sales force of 10 people or more and I look to be introduced to the President, CEO or whoever sales ultimately reports to.
Tip #6 – You have to Give to Get
Most people network to get leads or referrals, and of course that’s what you should hope to do. The problem with that is there’s no WIIFM. (What’s In It for Me?) Each of us does the things we do and makes decisions based on WIIFM. If you go to a networking event thinking about all the great leads you hope to get, the people you meet and network with will “smell” the greed coming off you in waves. When meeting and speaking with people, I suggest you should instead be thinking, “How can I help this person?” It often happens that I’ll be at a networking function and after listening to the other person speak, I immediately offer some leads to the person. If someone gives you a gift don’t you feel good about them, and perhaps even a bit obligated to give one in return? By offering your help, others are more likely to give you theirs.
Tip #7 – Make specific requests
If there is a particular company you’re looking to work with or a particular person you want to be introduced to, ask. “By the way, Steve, I’m very interested in working with Microsoft. By any chance do you know Bill Gates or someone else who might be able to help me meet him?” I'd love to meet Bill Gates and I'd love to work with Microsoft. I mention this all over the world. One of these days I expect to run into someone who can put me in touch with Mr. G!
Tip #8 – Focus on the person you’re speaking with
People are highly flattered when you pay attention to them and the opposite is true too. If you’ve taken the time to introduce yourself and ask about someone, give them your complete and undivided attention for the next 3 to 5 minutes. Don’t check you watch or your cell phone to see who’s texting you. Don’t be looking over their shoulder trying to pick someone out to talk with after you’re done with them. Look people in the eye and be interested in them. When you’re interested IN them, you’re more interesting TO them.
Tip #9 – It usually doesn’t happen at the event
The name of the game is to meet as many possible sources of referrals so spend no more than approximately 5 minutes with each person and move on to someone else. Set an appointment to get together with anyone who seems promising. After meeting someone at a networking function, I meet them for breakfast or lunch. It’s much more relaxed and we can take the time to get to know each other and discover how we can really help one another.
Tip #10 – Loosen up and have some fun
No one likes to talk with people who are bored, boring or depressed. Conversely, almost everyone enjoys speaking with others who are upbeat, excited about life and who show they are genuinely interested in them. Did you ever notice how someone who is interested in you is more interesting to you? Show people you’re interested in them by asking good questions and actively listening.
Make these tips part of your networking arsenal and watch your lead flow increase.
Make It Happen!
Is networking a replacement for picking up the phone and dialing? In most instances, no. While networking can get you leads and referrals it’s typically a longer process as people get to know and trust you. Cold calling has a more immediate and dramatic affect on your pipeline of appointments, which always needs to stay full if you want to make a lot of money.
That said, I network to get leads and referrals. So, how do we improve the quality and results of our networking? Here are some tips, gained from personal experience over the years:
Tip #1 – When you arrive, use the bathroom.
Do I really care if you empty your bladder? No, but I think it’s a great idea to “check your look” when you arrive at a networking event. Make sure your tie is straight, your hair hasn’t flapped over due to the wind, and that you don’t have something left over from lunch stuck between your teeth. You only get one chance to make a good first impression and that can be easily blown by some corn being in between your two front teeth!
Tip #2 – Eat quickly – then MINGLE!
I’m often stunned by the people who arrive at a networking event only to stand in front of the appetizer table for the next hour with a cocktail in one hand and a plate of food in the other. It’s kind of difficult to shake someone's when both of yours are full. Same thing about a mouthful of food…it makes it difficult to talk. Get some food, eat it quickly then go find someone to talk to.
Tip #3 – When you get to a networking event, look for people you DON’T know
Many people, when networking, walk into an event and look for familiar faces. They then proceed to spend the rest of the event drinking, eating and chatting with their friends. While networking with friends is important too, you can do that anytime. Pick out someone who looks interesting, walk up to them with a smile on your face and your hand stretched out ready to shake theirs and say, “Hi Steve, (assuming they have a name tag) my name is Jeff Goldberg. Nice to meet you. Hey, I’m just curious, what do you do?” Steve will then explain what he does for a living and while he’s doing that you should be actively engaged in listening. This is not the time to check your watch or look around the room for other people you’d like to meet. Give the person you’re speaking with your undivided attention and make them feel important and special. When Steve finishes, he will almost always end with, “So what do you do Jeff?” This gives you the opening you need to move on to Tip #4.
Tip #4 – Have your “Elevator Speech” polished and ready to go
When someone asks you what you do, that’s not the time to figure out how to describe your job. If you don’t have a well crafted “elevator pitch” in advance of needing it you might very well blow your small window of opportunity to make a connection.
Your elevator speech must be brief, clear and concise. (elevator speech - Imagine you wanted to sell your services to Microsoft. You get on an elevator in a large hotel and press the button for the 42nd floor. Bill Gates walks in behind you and presses 40. You have approximately 30-35 seconds to tell Bill what you do and how you can help him in a way that he completely understands). It must quickly explain to the listener what you do and where you add value with a focus on benefits. It must be delivered in such a way that the person listening could then tell others what you do. There should be nothing in your elevator speech that causes the other person to think, “What does that mean,” or “I don’t understand.”
Here’s an example – “Well Steve, I’m Jeff Goldberg and I own my own company, Jeff Goldberg and Associates. We’re a sales training and consulting firm specializing in helping salespeople to get more appointments with decision-makers, shorten their sales cycle and close more business more profitably. The training is based on my 36 years of sales and management experience, as well as my having personally trained many thousands of salespeople, more than 5000 in the last two years alone. I also have a background in the theatre and stand-up comedy which makes me uniquely qualified to work with sales professionals in a fun, and highly productive, way to help them close more business and make more money.”
Brief, to the point, easily understandable and repeatable.
Tip #5 – Know what constitutes a good lead for you
Know what a good lead is for you and make it easy for the other person to help you find people like that. A clearly defined good lead for you makes everyone’s life easier. For example, a good lead for me is the CEO, President or VP Sales at any company, anywhere in the world, that has a sales team of 10 people or more. I suggest you include your, “A good lead for me is...,” at the end of your brief commercial. So mine would sound like this:
“…..uniquely qualified to work with sales professionals in a fun, and highly productive, way to help them close more business and make more money. By the way, a good lead for me is any company, anywhere in the world, with a sales force of 10 people or more and I look to be introduced to the President, CEO or whoever sales ultimately reports to.
Tip #6 – You have to Give to Get
Most people network to get leads or referrals, and of course that’s what you should hope to do. The problem with that is there’s no WIIFM. (What’s In It for Me?) Each of us does the things we do and makes decisions based on WIIFM. If you go to a networking event thinking about all the great leads you hope to get, the people you meet and network with will “smell” the greed coming off you in waves. When meeting and speaking with people, I suggest you should instead be thinking, “How can I help this person?” It often happens that I’ll be at a networking function and after listening to the other person speak, I immediately offer some leads to the person. If someone gives you a gift don’t you feel good about them, and perhaps even a bit obligated to give one in return? By offering your help, others are more likely to give you theirs.
Tip #7 – Make specific requests
If there is a particular company you’re looking to work with or a particular person you want to be introduced to, ask. “By the way, Steve, I’m very interested in working with Microsoft. By any chance do you know Bill Gates or someone else who might be able to help me meet him?” I'd love to meet Bill Gates and I'd love to work with Microsoft. I mention this all over the world. One of these days I expect to run into someone who can put me in touch with Mr. G!
Tip #8 – Focus on the person you’re speaking with
People are highly flattered when you pay attention to them and the opposite is true too. If you’ve taken the time to introduce yourself and ask about someone, give them your complete and undivided attention for the next 3 to 5 minutes. Don’t check you watch or your cell phone to see who’s texting you. Don’t be looking over their shoulder trying to pick someone out to talk with after you’re done with them. Look people in the eye and be interested in them. When you’re interested IN them, you’re more interesting TO them.
Tip #9 – It usually doesn’t happen at the event
The name of the game is to meet as many possible sources of referrals so spend no more than approximately 5 minutes with each person and move on to someone else. Set an appointment to get together with anyone who seems promising. After meeting someone at a networking function, I meet them for breakfast or lunch. It’s much more relaxed and we can take the time to get to know each other and discover how we can really help one another.
Tip #10 – Loosen up and have some fun
No one likes to talk with people who are bored, boring or depressed. Conversely, almost everyone enjoys speaking with others who are upbeat, excited about life and who show they are genuinely interested in them. Did you ever notice how someone who is interested in you is more interesting to you? Show people you’re interested in them by asking good questions and actively listening.
Make these tips part of your networking arsenal and watch your lead flow increase.
Make It Happen!
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