effective prospecting: increasing your chances of success
TRANSCRIPT
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June 16, 2016 | PJ Nisbet
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Effective Prospecting:Increasing your chances of success
© 2016 ValueSelling Associates, Inc. All rights reserved.
☞ BRAIN TEASER
All of the numbers between 1 and 15 are listed below except for 4 and 9. Where would these numbers fall in
this sequence?
8, 11, 15, 5, 14, 1, 7, 6, 10, 13, 3, 12, 2
Answer: Think alphabetically, not numerically!
8, 11, 15, 5, 4, 14, 9, 1, 7, 6, 10, 13, 3, 12, 2
☞ BRAIN TEASER
CSO INSIGHTS top sales challenges for 2016
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How to profile your ideal prospectsUnderstanding the activity metrics necessary to achieve your targetImplementing a multi-dimensional approach to getting meetings with your clients5 practical exercises to stay on top of your prospecting goals
© 2016 ValueSelling Associates, Inc. All rights reserved.
Agenda
What are the common characteristics
among your current clients?
Can you describe your best customers?
Industry
DemographicsGeography
Company size
Company maturityBusiness SituationBuying Roles, Business
Issues and Problems solved
Identifying the profile
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Problem
What specific problems can we help them with, normally a combination of people, process and technology challenges
Business IssueWhat are their likely business issues, usually about revenue, cost, quality or compliance
Value created by resolving business issues
Buying Roles Which job titles are most we relevant for?
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Identify sources of information
• Industry information• Associations• Trade Press• Lists
• Partners• Co-Marketing Opportunities• Local Sales Reps
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• Internal data• Marketing Campaigns• Past Customers
• External Data• Lists• Social Networking-
particularly LinkedIn
Leverage your baseCan you expand your current customer “spend” with you?
─Identify additional problems you can solve
Are there additional buying centers in your current customers that are untapped?
Referrals – other companies, friends, or colleagues who could benefit from your services?© 2016 ValueSelling Associates, Inc. All rights reserved.
Filling Your Pipeline: How many prospects do you need?
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Target
Average Transaction Size
Total Number of Transactions Required
Average Win Ratio (Meeting to Close)
Total Qualified Prospects Required
Pipeline Ratio (Qualified Lead lead to Meeting)
Total Prospecting Year – Month – Day
For example
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2,000,000
125,000
2m/125K = 16
1 out of 3
3 x 16 = 48
1 out of 5
5 x 48 = 240 per year or 20
per month or approximately
1per day
Building your prospecting campaign
Email campaigns
LinkedIn connections
Social media
Telephone calls
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How do you contact your prospects (before you phone them)?
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Prospects pick up the phone less than 10% of the time
This doesn’t necessarily mean that they aren’t interested, could be that they are just busy…
What do we do with the 90%...
Connecting with your ideal prospects by telephone
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Tactics for making prospecting calls
Start calling as high as you can (MD, CEO, President)
There are 5 likely scenarios…
– You get through
– You can leave a voicemail
– You can speak to their Admin/PA
– You can speak to the Admin/PA voicemail
– You go to Reception
Leave a credible message on voicemail and/or if talking to the PA/Admin or Receptionist get a referral to another key Buying Influence
Repeat this process for all key Power People
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Tapping into the social DNA of the prospect
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Credibility introduction
Who you are and what you do
That you solved a business issue or very large problem for an organization similar to mine
What was unique about how you solved it?
What value (financial impact) did they receive from it?
30 second Credibility Introduction…
Persistence pays off…
90% of sales people give up after the first attempt
97% don’t make it to the 3rd attempt
Make at least 3 attempts to contact the identified power people
3 business days is optimal between your attempts
Try and create as many “touch points” as you can (i.e. voicemails, email, referrals, ADM dialogues, etc.)
© 2016 ValueSelling Associates, Inc. All rights reserved.
5 practical ideas on improving your prospecting effectiveness
Profile organizations likely to do business with you, think of the problems that they are likely to have
List key sources of information about these organizations in your industry or market place
Current customers are the best source of referrals; think of 3 clients you could ask for a referral
Gather prospect information, establish the highest level decision maker and 3 other important buying roles
Create your compelling credibility introduction which you can use as a basis for email, voicemail or on the first call
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Schedule time
Be purposeful
Begin with the end in mind
Focus and avoid distractions
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Prospecting is non-negotiable
Questions?
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At the end of today’s webinar
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PJ Nisbet | Managing Partner EMEA
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