konstantin fominykh: improving selling/serving to us clients by addressing key gaps (the wall street...
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IMRPOVING SELLING TO US CLIENTS BY ADDRESSING KEY GAPS
Konstantin Fominykh, CEO & Founder TurnFix (New York, US)Professional Coaching and Educational Programs
June 2015
the IT practice of AA/Andersen Consulting (currently Accenture) and several others across Eastern Europe
• Managed the first large MIS implementation project in Ukraine for the IT practice of AA/Andersen Consulting (currently Accenture) and several others across Eastern Europe
• Education: MBA from the Harvard Business School, MSc in Biophysics from the Moscow Engineering Physics Institute, MA from the New Economic School. CFA designation holder.
• Runs FinanceVisuals offering Institutional and Retail clients advanced mathematical and Visual tools for comprehending the Global investment Universe
• Worked as a Chief Equity Strategist at JP Morgan Chase, in New York, and before that was a Senior Portfolio Manager at Citigroup, New York. As a Consultant for BCG advised global companies across the US, Europe and Asia.
TURNFIX – OUR BACKGROUND
KONSTANTIN FOMINYKH
2. Co-creation – cooperating to develop bespoke solution
3. Upgrade communication – build emotional and cultural bridges
1. Diagnostics – finding right keys to your customer’s doors
AGENDA
2. Co-creation – cooperating to develop bespoke solution
3. Upgrade communication – build emotional and cultural bridges
1. Diagnostics – finding the right keys to your customer’s doors
AGENDA
• It is always focused on the customer
• It is about the observable symptoms, not blame
• It engages collaboration and partnership
• It promotes ownership
• It differentiates you from your competition
Diagnostics is more effective than presentation
1. DIAGNOSTICS
• Start with symptoms, not solutions
• Don’t judge external characteristics – you’ll miss the much more relevant internal
• Make your first conversations not about sales, but about discovery
Imagine if doctors apply generic approach to all their patients
• The job responsibility - what makes the diagnosis relevant
Whom to ask: clients employees, client vendors, client customers
• Physical symptoms - what’s happening
• The cause is the problem’s origin - why it is happening
• Consequence is the problem’s impact - what and who is being affected and how bad the problem is
• Priority is the problem’s position - whether and when the problem is worth resolving
How to ask: No Selling, Be Open, Honest, and Straightforward
How to conduct diagnostics conversation
1. DIAGNOSTICS
They like what they see, but
they aren’t ready, or
they need approvals, or
they don’t have the budget now, or
any one of a hundred other excuses
THE REAL REASON CUSTOMERS DON’T BUY - THEY DON’T KNOW WHY THEY SHOULD
CHANGE. SO, THEY DON’T.
DO NOT ALLOW THE CUSTOMER TO SELF-DIAGNOSE
1. DIAGNOSTICS
3. Upgrade communication – build emotional and cultural bridges
2. Co-creation – cooperating to develop bespoke solution
AGENDA
1. Diagnostics – finding the right keys to your customer’s doors
Exceptional salespeople question and listen to their clients, always working toward a clear understanding of the client’s needs and preferences.
Think of yourself as a tailor
2. CO-CREATION OF SOLUTION
Co-creation approach helps you to: • Prepare customer for solution (less stalling,
objecting or challenging the proposal)
• Avoid confrontation (handling objections)
• Set yourself apart from the competitors
• Gain an inside track to winning the sale by taking a leading role in the creation of the rules
Wall Street and Retail Investment Advisors switching towards understanding client's needs (liabilities)
• LDI - Liability Driven Investing
• GBI - Goal Based Investing
• ALM - Asset Liability Management
Wall Street Example – diagnostics in Financial Sector
2. CO-CREATION OF SOLUTION
Portfolio Comparison (periods ending 12/31/2011): Simple Factor Portfolio features Equity – like returns with considerably less volatility (rebalanced monthly)
Factor Correlations (5-, and 10 –Year) Monthly for Periods Ending 12/31/2011: Introducing Factor Frameworks enriches choices and reduces RISKS
2. CO-CREATION OF SOLUTION
• Clarify expected outcomes - define the business, performance, and personal outcomes
• Choose the optimal solution alternative - help analyze and rank the ways the desired outcomes could be accomplished, select the best approach
• Identify the resources required to implement the solution and achieve its value - financial and organizational resources to invest
• Establish the time frame in which the outcomes willbe achieved - set an end date for value achievement
• Finalize the decision criteria and measure the value delivered
Follow these principles to conduct the design conversation:
2. CO-CREATION OF SOLUTION
2. Co-creation – cooperating to develop bespoke solution3. Upgrade communication – build emotional and cultural bridges
AGENDA
1. Diagnostics – finding the right keys to your customer’s doors
How much would you pay for this meal?
3. UPGRADE COMMUNICATION
Pasta al Pomodoro at the El Centro Restaurant in New York
Would you pay $19 for this meal?
3. UPGRADE COMMUNICATION
DELIVERY MATTERS FAR, FAR MORE THAN YOU THINK!
Nutritional content is EXACTLY the same, but the Delivery is vastly different!
3. UPGRADE COMMUNICATION
Source: TurnFix interviews
The best way to close the gap with the Western-based competitors is to:
1. develop deeper Subject Expertise;
2. Narrow down COMMUNICATION BARRIER
IT Outsourcing Global Comparison: Projects complexity and Pricing per hour
3. UPGRADE COMMUNICATION
Eastern European Companies beat Indian outsourcers on complexity
3. UPGRADE COMMUNICATION
Why we teach American, not British English
Jeff Kiddler about English skills of Ukrainian professionals, LIOF 2015
3. UPGRADE COMMUNICATION
Views from Western professionals:
“Minimized accent allows you to be better understood and it moves you closer to your client’s universe. There is no better way to grow your business rather than moving closer to your client.”
- H.N. Partner, former Hewlett-Packard manager
• Instructor guided and computer assisted methodology• Targeting most problematic sounds for non-native English Speakers• No traditional testing, no homework, no grammar drills• Idioms and phrases are geared for Business• Professional Native English speaking instructors• Able to arrange learning globally
Improve your English with TurnFix
3. UPGRADE COMMUNICATION
• 45 minutes long, 3 times a week, approx. 2-4 month
• Individual or semi-individual teaching• Remote instructions guided over
Skype, Google Hangouts, etc. • Structured text and audio materials,
self-recording option
Teaching format
3. UPGRADE COMMUNICATION
• Course I (intermediate): most problematic sounds, basic intonation, > 200 idioms, 24 lessons
• Course A (advanced): critical sounds, intonation and stress, > 300 business idioms, 24 lessons
Courses structure
3. UPGRADE COMMUNICATION
Testimonials
“Этот курс для тех, кто находится в авангарде общения в американскими клиентами, кому важно чувствовать и понимать тонкости общения с ним, так сказать, быть «на одной волне».”
- O.B. Director of Training Center,
one of the largest IT-outsourcing Companies in Europe.
“Общее впечатление от курса - выше ожиданий, честно говоря ) Не то чтобы я считал свой английский очень хорошим до этого, но не ожидал узнать столько нового, начиная буквально с первого же урока..”
- V.M. Partner, VP Engineering from Russia
“Заказчик отметил, что мое произношение улучшилось и даже похвалил его. Более того, я стал использовать идиомы в ежедневной речи. Считаю, что это реальный показатель качества курса.”
- D.I. Senior Architect from Ukraine
American and British Business English with live Native Speakers:
1. Critical tell-away sounds for Slavic Speakers
2. 5 most popular Business American and British Idioms with Live Native Speakers
Thank you!
Please visit our interactive workshop tomorrow
3. UPGRADE COMMUNICATION
