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Wednesday, June 26, 2013

Are They a Prospect or a Client? Discern and Thrive

Prospect or Client?




Ever have someone prematurely share about a new project? They'll say, "... and I'm so excited about my new client! They're awesome. Well, we haven't quite worked out what I'll do for them. No, they haven't paid me yet, but they're really cool...". This usually is followed explanations of why their new "client" is so "cool".

I can appreciate their excitement - after all, joining or launching a new project is always exciting. And I want to celebrate the win with them, I really do, but anyone who doesn't have the check in hand before they share about their victory has a misguided perception.

They don't seem to realize it yet,
but they're talking about a
Prospect, not a Client. 

In their own mind they're making zero differentiation between a client and a prospect - and perhaps more dangerously, they aren't differentiating between the two in their sales process or their cash flow either. No surprise - these folks generally struggle to grow a consulting practice.

There are lots of great ways to segment the oceans of prospects that are out there. When I'm discerning at this level I like to use the simplest - the Three Buckets. In your minds eye imagine three 'sales buckets'. Call them Suspects, Prospects, and Clients.
  • Suspects fit your demographic but they don't know about you - yet. They're potentially ideal clients.
  • Prospects fit your demographic and they are showing a level of interest. You're also tracking them in your sales pipeline.
  • Clients are entities (ie, people or companies) who have signed your written services agreement and their first check has cleared your bank account.
Start differentiating between these three buckets and you'll be closing better business in no time.

Concept Into Action
Get clear about what makes a client different from everyone else. Its just that simple. Then its time to open-up your Networking Toolkit. Remember:
  • Chatting up Suspects? Use your Marketing Tools (elevator pitch, one-sheet, referral generation, etc)
  • Qualifying Propsects? Use your Selling Tools (CRM, Ping list, Contouring, Pitch)
  • Providing Clients with excellent service? Use your project management tools. And every so often, use your Selling Tools to remind them about one or two additional services you offer. Clients like to put in a box and forget that we're sometimes multi-talented - part of your job as a salesperson is not to let them!


Whats the difference between a Suspect and a Client? 

Do Polished Pros use the same toolkit for both?


As always, your comments are welcome. See you there!






 

Friday, June 14, 2013

Networking for Introverts

Should Introverts Even Bother Networking?
Even though they understand the value, its easy for Introverts to convince themselves that professional networking just isn't for them. They know what its like to fumble through a roomful of strangers and chat uncomfortably over coffee or a cocktail. Smiling, nodding, and pitching their "value-add" to a roomful of peers sounds like pure agony. At the suggestion of attending another event like that their palms start sweating and thoughts of "what could I possibly offer a roomful of people like that?" creep across their consciousness.

I'm an Extrovert, so at the risk of sounding presumptuous, I believe that with a little preparation, nearly any Introvert can be just as successful at networking as the most outgoing Extrovert.

Reduce wall-flower-itis!
Introverts who master the professional networking skill-set have done a little more homework than your typical Extrovert. Their homework?
  • Understand what a Polished Pro expects to hear (see below).
  • Increase your comfort-level by preparing 3 Important Tools (see below).
First they develop a clear understanding of what the Polished Pros in the room will expect to hear from them. Then the boost their confidence by scripting and rehearsing. 

Then they sign up for a few networking evetns, accumulate new, positive networking experiences, and show up with ever-increasing confidence and ease. Over time, they'll sometimes even turn into Polished Pros themselves.

Ok, so what do Polished Pros Expect to Hear?
One reason networking events can be so stressful is that productive one-on-one interactions require both parties to be playing the same game. They need to be operating in-sync. Introverts are sometimes so preoccupied that they miss cues, and never quite feel in-sync with the people they meet. 

Additionally, in these settings, a Polished Pro will alternate between two completely different modes of interaction. The Shift from one to the other often throws the Entrepre-nerd off-balance. But its really pretty simple! Here's what to anticipate.

The first mode is always Social. This is when we establish that our new friend can hold a decent conversation. Come prepared with a gambit, or a go-to question to kick things off. Then ask a few follow-up questions. A question as simple as "How's your day going?" or asking about their kids or their dogs are easy ways to get your conversation going.

Then comes The Shift. Sometimes it happens slowly, but more often than not it comes so quickly an Entrepre-nerd is taken off-guard. After The Shift we're in Business-mode, and with that comes an inquiring statement, like, "so, tell me... what do you do?". Now is when a Polished Pro expects to hear your one-liner followed by your 5-second pitch

If you haven't prepared these tools,
then putting yourself in Opportunity's Way by attending a networking event might just be
a waste of your time.


Prepare 3 tools and double your Comfort-Level
In order to show up like a Polished Pro, you'll need to prepare three tools and keep them ready for the next time someone asks, "So... what do you do?":
  1. A one-liner. Here's where, in seven words or less, you describe what you do in a compelling way. My one-liner is "I build sales teams." 
  2. A 5-second pitch. This gives your new friend some detail and a little sizzle. My 5-second pitch is "My clients stop leaving so much business on the table." 
  3. A Case Study or example of recent client experience. A classic formula for a case study goes like this: 
    • Describe who your client was: industry, size, etc...
    • Describe the problem they faced
    • Describe your solution
    • Describe their positive outcome
    • Describe their new level of trust in you with a testimonial
My Case Study might sound like: "I recently worked with a 15-employee professional services firm in the Eastside. Their sales conversion rate had cratered to less than 10%, so they contracted me to implement my sales management toolkit, called SellState. Six months later their conversion rate was in the mid-twenties, nearly their highest ever, and I'm pleased to say that the CEO just referred me to her best friend."
Experts Only: after sharing these 3 tools, a Polished Pro might cap their responses with a Trigger.  

After your share always leave time for a few questions before gracefully turning the focus around and ask what they do for a living.

Concepts into Action

Are you an Introvert who wants to get the most out of professional networking? Here's your homework:
  • Calendar 15 minutes per-day to work on items 1,2, and 3 (above), and build your one-liner, your 5-second pitch, and a strong Case Study. Persistence and patience here will pay great dividends - remember that the Roman Empire wasn't built in a day.

  • Practice all 3 tools to the point where, if someone woke you from a sound sleep and asked, "So, what do you do for a living?" you'd give nearly the same answer every time.
  • Then its time to book your next networking event!

By preparing this way you'll find that you'll be able to relax and enjoy yourself more than you expected. 

Q: How are you currently responding to the question, "So, tell me what you do..."?

Q: How often does your response stimulate a deeper conversation? 

Comments are always welcome. See you there!