Mod 2

Mod 2

Prospecting

Sales process of searching for and engaging potential customers (prospects) to build a pipeline and drive revenue (usually the “least hated” from their job)

• Can become very successful if you cont. putting yourself in front of a lot of people

Prospecting line:

From Warm → Cold:

Referrals, COI, Networking, Mailing, & Cold Calling

• TRY TO STAY IN THE WARM SIDE AS MUCH AS POSSIBLE!!

Refarrals

When a client talks about you to another person, they usually introduce them to you & you’re more likely to get 1 client with every 3 referrals ~ Ratio: 1-3

Center of Influence (COI)

Non-client introduces you to someone else, where you usually get 1 client with every 10 center of influence ~ Ratio 1:10

• EX) Accountants: They know a client's financial picture and can refer them to a financial advisor for wealth management.

• EX) LED: A group of non-competing professionals who exchange names

Networking

People who gather together for a common purpose, where you usually get 1 client with every 50 people you networked with ~ Ratio: 1-50

• Meet once a month (usually happy hr, coffee, etc.)

• They all charge (if they don’t = don’t trust)

• Different committees (usually 5-6)

• Different levels of charges ~ memberships, levels, etc.

Tips in Networking:

1. Only join organization(s) that you believe in

2. Limit the organizations joined to about 2

3. Everyone should feel empowered & proud to be a part of the committee

4. Try your best to join the highest level- can cost more but more beneficial benefits

5. Join a committee within the org.

6. Be patient

How to conduct yourself in these meetings:

1. Make at least one new friend in every meeting

2. Do NOT discuss business

   1. If it does come into topic→ Talk about the benefits/outcomes you receive from your career & if they ask for more info, kindly tell them to contact you at another time (no business cards)

3. No business cards

4. After meeting someone→ drop key details you’ll remember about them

Mailing

Strategic, bulk distribution of promotional materials, digital (email) or physical (direct mail)→ to a targeted list of prospects or customers, where with every 100 mails you get 1 client ~ Ratio 1:100

Cold Calling

Calling someone unexpectedly to strategically target a list of prospect customer, where with every 125 cold calls you get 1 client ~ Ratio 1:125

• TIP: You do NOT come back from the all the ways someone continuously tells you no → confidence drops by A LOT & can become traumatic (doesn’t really build character)

4 tips to develop Knowledge:

1. Top the knowledge of sells & experts

   1. High #s

   2. Long period of time

2. Read for 30 min a day abt you industry or competition (cont. investing/educating yourself)

3. Feedback from people who don’t love you

4. Analyze your success & failures ~ mostly failure so can see how you can come back stronger

Quote Reminder:

“We would pursuit perfection knowing full well we will never achieve it, but along the way we will capture excellence.”

Joint Work

Good Partnership - everyone is always partnered

• Do not collab w/ same personalities bec you want different perspectives

• Orderly Agenda - Work out in advance

• Ego on the shelf - egos don’t thrive in partnership

Tips to present to multi purpose:

1. Have audience set next to each other - not across

2. You take a head of the table when presenting - no matter if it is someone else’s office

Why plan sales meeting & the must haves in obtaining the precall info:

To increase the proactivity & not waste time

6 must haves in obtaining the precall information:

1. N - name

2. A - address

3. T - telephone #

4. O - occupation

5. A - approx. Income

6. F - family Status

Additional info:

1. P - personality type (optional- great if you have but don’t need & can assume from occupation but better to know fs)

2. Make sure that all info that you find out (that the customer did not tell you) is kept a secret between yourself only and only use that info until it’s necessary to customize your services/products to the customer

The Pre-call Objectives

• Visionary Objectives: Exceeds Expectations

• Primary objectives: Equals expectations

• Minimum objectives: The least you can walk away w/

Paradigma Shift

We all have a comfort zone but never drift 10% away from the comfort zone

Stage one: Discovery Meeting (first meeting)

• Abt 15-20 min @ length

• 1 promise) “I will not try to sell you anything”

• 2 promise) “I will not stay longer than 25 min unless you ask me to.”

Discovery Meeting:

Discovery Questions:

• Is there a need

• Is it a single or multiple need

• What’s our next step

5 Components:

• Introduction

• Rapport

• Personalized mission statement

• Survey

• Next Stap

Discovery introduction

1 way to say hello: Standard/normal way

2 way to say hello: Referral introduction ~ someone (comp, customer, source, etc.) told someone else about you

Discovery Rapport

Looking for the friend to the person your talking to ~ looking for anything that will bring a convo up (either comparing their office, personality, clothes, etc.)

Rules:

• ONLY BUILD rapports if they’re AUTHENTIC & SINCERE

• DON’T BUILD rapport BASED ON sex, religion, & politics

Personalized Mission Statement

A statement abt yourself that states only the benefit statement of what you do for a living

How you do that:

1. Feature ~ separate what you do into solid features

2. Benefit ~ What the features does & its benefits of doing that

Starters for the this statment:

• “I’m in the business of…”

• “I assist my clients w/…”

Rules:

• DON’T state the name of the product or service you provide - ONLY its characteristics & benefits

• State same amount of features & benefits

• DON’T ever use selling or anything in that aspect

Survey

Series of closed ended statements or questions to see if there is a need

• Alternative ended close - not yes/no - instead to see what their strong opinion is on their option/decision

• Obtain only questions you need answers to (not emotional)

You’ll be able to see if the customer has a need:

• If they do not have a need → You find out they won’t be a client

• If they do have a need → Then go to stage two

Stage two: Agenda

A written outline of things to be covered

• The only one you don’t need an agenda is for the discovery meeting (1st meeting)

Purpose of the agenda:

1. Profile: Gather enough info to see if there will be a presentation (reschedule a bad presentation always before performing w/out enough info OR w/out any decision makers)

2. Get Referrals

Components of an agenda:

1. Recap the first meeting ~ Great emotional

2. Thorough & complete fact finding

   1. Finance

   2. Names of all decisions makers

      1. Now ~ Have you currently solved for the need

      2. Enjoy ~ What do you energy most in which you do it

      3. Alter ~ In a perfect world, what do you alter or change abt it?

      4. Decision ~ say “If I show you a more efficient way to solve for the need, are you in the position to go through with it?”

   3. Date & time for the meeting

   4. Referrals & introductions

   5. Blank line

Standardized Memorized Presentation

Presentations that never changes presentation & no flexibility

Outlined Presentation - use mainly 95%

Presentations that use combination / hybrid of standardized, customized, & memorized information

• Part of it is the same for everyone but the other part is costumed to the buyer(s) needs ~ ALWAYS alter to customers need

Customized Presentations

Presentations that are either for high network client ~ abt 10k or heavy competition OR heavy competition

• Make sure all info and dat and representation of the customer is highly correct & ready to present to this customer

• CAUTION: takes a lot of time & money - ALWASY MAKE SURE your going to close a sell once presentation is over

Characteristics of a strong presentation:

• Keep buyer’s attention ~ Schedule multiple breaks bec people’s attention is shor

• Improve the buyers understanding ~ not to the point they can sell it themselves but enough that they can tell others abt it

• Helps buyer remember what was said ~ Do that by speaking to their personality type

• Offer proof of salesperson assertions ~ Assertive people - conventional of their belief base

• Creates a sense of value ~ Value is residue of effective time management

Characteristics of a Good Prospect

1. Need ~ Professional sellers - always find a need

2. Affordability ~ If you put someone on a pymt plan ← better to not make a sell than put someone to pay something they can’t afford

3. Authority ~ All decision makers need to be present (if ones absent, reschedule) - say “the worst thing I can ever do to you is put my job responsibility on you, I’ll reschedule another time.”

4. Favorably Approached ~ Must be favorably approached ← If customer is distracting, say “ If I’m implementing this correctly, and what we’re talking about is truly important to you and could change your life, is it worth setting aside one uninterrupted hour of your time?” = if they say no, leave

5. Eligibility ~ Customers need to have a need for it, affordability, all decisions makers are there, are interested (not distracted) then the customer is eligible to sell

NOTE:

If everything is present & they still don’t buy from you, then its on you

Visual tools used for good prospects (treat your visuals the same way you treat apprearance)

• Charts ~ Good for analytical number learners

• Models, Samples, & Gifts ~ Good for kinetic people

• Catalog & brochures ~ Extension of yourself

• Testimonials ~ Good for everyone

  • TIPS: 1) Someone of the highest representation, 2) A road quickly

• Electronic (DVD, tapes, powerpoint) ~ Good for visual learners

Stage 3: Strategy Meeting

Only present to people who I know they’re going to buy

• PURPOSE:

  • 1) To implement the product/service

  • 2) To get referrals

• COMPONENTS:

  • Recap the profile & bring back emotions

  • Asset each need individually & make a recommendation for each

  • Steps for a qualification & Implementation (get pymt & signature here)

  • Referrals & Introductions

  • Set a date & time for stage 4 (confirmation meeting)

  • Blank lines

• NEXT STEP

What sells meeting is ok in zoom?

ONLY fact finds

What sells meeting is ok in person-to-person?

Preferably all - Discovery, fact finds, and presentation

Responding to Objections: When they happen?

Usually in legal setting or when objecting an argument. However in a professional setting, it comes out positive = means they’re listening

• In professional settings - usually happens in…

  • First appointment ~ Bec you’re taking someones time

  • Presentations ~Bec you’re offering something new

  • Attempting to obtain money ~ Bec signature is the next hard thing to obtain from someone

  • After the sell ~ Buyers

9 Common Objections

• I don’t need the product

• I’ve never done it that way before

• I don’t like the product

• I don’t understand

• I need more informaiton

• I don’t like your company

• I don’t like you

• No money

• I need to think it over

(People often finding ways that they don’t need it)

Right ways to respond to an objection:

• Positive attitude

• Anticipate objections

• Relax, Listen, and don’t interrupt

• Forestall known concerns - you bring up the concerns before they do

• Evaluate objections

Unclogging objections

• “I sense something happened to you or someone you know, tell me what happened”

• After they tell you - 3 sides of restoring to tell them - 1. your version, 2. their version, 3. the truth

Response method

1. Direct denial ~ hard no, for a hard objection

2. Indirect denial ~ Softer no for a softer objection

• Use compensation technique ~ Making a big picture into a smaller/clearer picture

3. F-F-F ~ Feel (I can see how you feel to show empathy), Felt (Others felt similar to show validation & build rapport), Found (share how others found that the cost or product justified the cost- showing a resolution and worth obtaining)

4. Boomerang ~ The objections is the reason they purchase

5. Postpone method ~ Ok to postpone but tell them exactly when you’ll respond or call back

Obtaining commitment: The importance of closing and when to attempt it:

Closing is no more than 10% of the conversation or semester

When to attempt it:

• Buyer comments → Client talks as they already own the product

• Nonverbal cues → Client nonverbal cues that they’re ready to buy (grabbing wallet, etc.)

CAUTION: Make sure the client knows everything they NEED to know abt the product before purchasing it

How to successfully obtain a close:

1. Positive attitude ~ except it to happen (be positive)

2. Let the customer set the pace

3. Be assertive, not aggressive ~ Assertive people have convention in their beliefs, non-assertive don’t

4. Sell the right item in the right amounts

Methods for closing:

• Qualifications ~ Use Qualification method to identify if a prospect is a good fit, likely to buy, and worth investing time into, reducing wasted effort and improving forecasting

• Yours vs. Ours method ~ It contrasts the prospect’s current problems, risks, or situation ("yours") versus the improved future state achieved through the seller's solution which are the clients benefits ("ours")

  

  • (Good for visual learners)

  • Remind customer that if they decide not buy - “our responsibility becomes yours again “

Post-closing behavior to embrace

1. Don’t act surprised ~ act like you’ve been there before

2. Congratulate on the choice ~ Find a non-cheesy way to incorporate them into your company

3. Referrals

Post-closing behavior to avoid

• Super Bowl ~ You get so excited to make a sale (gets weird)

• World’s fastest human ~ Sell person breaks the world record of running & leaves as fast as possible - no good customer service

Reasons why you can NOT close:

1. Poor attitude - energy is contagious!!

2. Poor presentation - No discovery, nor profile, just don’t know the customer

3. Poor habits - poor time management, poor appearance, poor agenda, etc.

Referrals: Importance of them and the method of getting them

REMINDER: Referrals importance - every 3 clients you get 1 referral (1-3 ratio).

Half of sells people don’t ask for referrals but the other half that does don’t ask the correct way - Referral methods that help ask for referrals the correct way:

• Isolate Faces: Isolate face for people to see - Instead of asking "Do you know anyone?", this method guides the client to think about particular people, industries, or roles that fit the salesperson's ideal client prospects

• Urgency method: Ask after they buy from you “How would you like to do what I do for a living?” If they say no ask, the client “If you did do what I do for a living, who are the 5 most likely people you would talk to about this?”

• Letterman: If you give them a list with bullet points from 1-5 = they will give an avg of 2 referrals BUT if you them a list in descending order from 5-1 named bullet point = they will give you an avg of 4 referrals

Stage 4: Confirmation Meeting

The stage after someone purchases from you

Purpose:

• D: to deliver or install products/services

• R: to get referrals

Components:

1. R- eview what they purchase

2. I- nsure the initial use of product

3. C- reate systems for reordering

4. S- et up a review schedule

5. R- eferrals & introductions

6. B- lank line (make it interactive)

Stage 5: Review meeting

Same purpose and components as the confirmation meeting, but also…

• H: Too see what has happened since you last met

• A: Anticipate changes going forward

• R: To get referrals

How often do you do Review meetings?

When someone buys from you for the first time → in first year = every 3 months, second year = every 6 months, years after = once a year (assessing their situation(s) and review)

Account Classification:

Break clients into categories (letter grades) & category determines the level/personalization of review

• Clients A) Best Clients & get face-to-face review

• Clients B) Should get face-to-face review

• Clients C) If calendar is open - gets face-to-face OR have them email you to set up a review

• Client D) Gets the letter

• Client E) Review is done over the phone

Understanding your career needs analysis in…

• S: Structure → Most salespeople thrive in an unstructured environment - entrepreneurship

• M: Motivation → Are internally or externally motivated?

• S: Stress → How do you handle stress?

  • Situational stress: Brought by an event (temporary)

  • Felt stress: Stress we have over our position in life (job, family, relationships)

Managing your career: What do you have to offer?

• S: Skills → Things you acquire over time, but if you don’t maintain them they weaken

• K: Knowledge → Things you learn, but if you stop learning you get passed up by someone who continued educating their mind

• Q: Qualities →Things that are unique only to you

Managing you career: Questions to ask the company you want to work for

1. What are their needs? → What are they missing that I can provide

2. What do they have to offer? → Should be able to get this information from mission statement (if mission statement is confussing = RED flag)

Resume tips:

1. 1: One page, one side

2. E: Easy to read

3. N.O.: No objective statement (if you have to, change it for every job you apply to)

4. R: Do not list references but have four ready to go references (4 for each personality)

5. GPA: Under education do not list GPA unless it’s a 4.0

6. Accom.: Include accomplishments (Dean’s list, Provost list)

7. Story bullets: Pretend anything on your resume can be clicked on & turn into a 10 min story

8. S. Skills: Make sure they’re still special (if your little sibling is doing it = not special) & put if you’re bilingual

9. Have one for an analytical person and one for an amiable person

Interviews

• Stress Interviews: Intentionally put yourself in uncomfortable situations to see how you respond

• Panel Interviews: Interviewed by a panel of employers

  • Tips:

1. Before it begins - get business card of everyone

2. Put the card in front of you, coordinated in front of each interviewer to know who is who

3. Find the leader (typically asks the fewest questions)

• Group Interview: When you’re brought with a bunch of other applicants

1. Resist temptation to top whatever the “leader of the pack” says

2. Ask open-ended questions

3. Read personality types of the people around you

General tips:

• Research: No excuse for not researching the company in depth & also the interviewer (if you know who it is)

• UM Alumn: See if there is any UM alumni working in the company (if there are - contact them immediately for a cup of coffee)

• Daily Habits: DO not change your daily habits - get a good nights sleep and don’t skip meals

• late: DO NOT arrive late

• Early: DO NOT arrive 20 minutes early - go for a wa

Cover Letter:

• Identification Statement

• Have enough info where interviewer thinks they know you but don’t (leave some info out)

• Ask for the interview (Tell them you will contact them to set up an interview)

Planning for Negotiating Sessions

• Location": Should be neutral

• Time: Try not to set deadlines & best time of the week → Tuesdays - Thursdays mornings

• Negotiation Objectives:

  • Target Objectives - What you hope to achieve

  • Minimum objectives - the least you can accept

  • Opening objectives - Your initial proposal

Individual Behavior Patterns

1) Competing - people who compete

• Highly assertive & highly uncooperative

• Only win if someone else loses

2) Accommodating-

• Highly unassertive & highly cooperative

• In a win-lose scenario - typically end up in the loser side

3) Avoiding

• Highly unassertive & highly uncooperative

• Goal is to not reach an agreement

4) Compromising

• In the middle of assertiveness & cooperativeness

• Tends to satisfy both sides but not recommended to negotiate

5) Collaborating

• Highly assertive & high cooperative

• Goal is maximize both sides & is the best way to negotiate

Win/Lose Negotiations:

*Designed to get people emotional - people buy off emotion* TRY YOUR BEST TO NOT DO THESE!!

1. Good guy/bad guy

2. Lowballing - When we give them the impression that we are done negotiating but I still am

3. Emotional Outbursts

4. Budget tactic Budget bogey) - minimize price in the big picture when reality its the whole picture

5. Browbeating - Take away someone’s enthusiasm or self respect at the beginning of the negotiation session

How to handle these win/lose negotiations:

1. Detach yourself

2. Acknowledge their position and then respond - force them to repeat the behavior a second time

3. Build them a bridge - Take the good of what they offered and incorporate it into your final solution

4. Warn, but do NOT threaten - Threat = what will happen if you don’t get your way VS Warn = What will happen if they do get their way

Concessions:

1. Demands: Do not make a concession until you’ve heard all of the other person’s demands

2. Tone: Every concession given, get tone back * don’t feel guilty

3. Meet: If Concessions does not meet your objectives, just say no

4. Tentative: All concessions are tentative until the final agreement is signed