Archive for the ‘Business Development’ Category

The business of referrals? Give and you shall receive.

Thursday, June 6th, 2013

What’s your typical conversation starter? Does it focus on the weather? A local sports team? House business? I always talk about having a plan for your sales call. And part of that plan includes starting off the conversation in the direction you want it to go.

How do I typically start my conversation? I ask direct questions that help me understand the challenges my prospect faces when trying to obtain new business. Their answer can touch on a variety of things, including what competitors they consider to be a threat, what economic trends are keeping them up at night, or what areas of their operation could use improvement or outright change.

But, most importantly, the answers to this conversation starter let me assess my opportunity to help them immediately—through a referral. With one-to-one networking, the intent is to show interest in the person. But in sales, the focus should always be on the customer and that customer’s business. And this demands that you take the time to learn more about what matters most to them. That often translates into helping them find new business and prospects. After all, is there really any better way to get someone’s attention than offering them business with no strings attached?

Curiously for some, referrals are somewhat of a lost art. Which is rather regrettable since a steady stream of business referrals is what makes many companies enjoy business stability and/or growth year after year. And considering today’s endless platforms to connect with other professionals through social media and robust data mining strategies, the ability to provide referrals is really easier than ever before.

For me, every single one of my prospects and clients make up a network that is uniquely mine. So, as I’m speaking with a prospect or client, my brain is forever scanning my personal contact list to see if there’s a potential to not only recommend business, but to eliminate the obstacle or challenge that the client has expressed.

Another bit of conversation-starter information I always try to elicit is my prospect’s USP, or Unique Selling Proposition. Exactly why do people use their product or service? What sets it apart from all the others? What makes it better? Different? The key is to uncover something that the competition can’t also stake claim to. The USP is particularly critical for small businesses who are forced to compete with other small companies that seem to provide no compelling area of differentiation.

Most businesses consist of 15-20 clients that make up the lion’s share of their revenues. And, when you ask a businessperson why their clients work with them, if you get the right answer, you will have uncovered their distinctive secret. It might be the innovative way they conduct business. Or a service that most clients don’t have the staff to take care of. It could be loyal, trusting relationships that continue to stand the test of time. But whatever sets them apart, once you uncover their USP is, it becomes easier for you to refer relevant, new business to them.

Believe me, no matter what line of work you’re in, this “give to get” approach works. Because it demonstrates that you’re putting your client’s business success before yours. So be sure your conversation starters are designed to give the client something first. You’ll be amazed at the dividends you receive in return.

That’s Q from the street.

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GROW – Growing Business Measurably

Wednesday, February 13th, 2013

To those of you interested in growing your business,

On March 8th, we will conduct our first GROW meeting of  2013.

If you have never been to one of the meetings, we combine knowledge sharing, marketing and sales tips with take home value and some laughs. If you’ve ever visited my YouTube Channel, Channel Q, you’ll see that I like to mix in a little fun with my business. Not that I’m not very serious about business, it’s just that I’m so serious, I have to have fun somewhere.  So, I’d like to share with you our agenda:

8:00am – 8:30am  -  Continental Breakfast & Networking
8:30am – 9:30am  -  “Guaranteed Business Growth”  - Topics from Q
9:30am – 10:00am - Q & A with the Pros – Ask Questions to our experienced staff of marketing professionals

For those of you who have been to a GROW meeting, you probably know that I don’t pre-set the topic.  After we settle in, we get to share what our challenges are and what we’d like to learn, and I form my presentation from there.  One thing you can guarantee, it’ll all relate to growing your business. To learn more about GROW and our meetings, follow through to THIS LINK to our Website, and read our topic descriptions.  Make sure to send us your information through our SIGN UP NOW link.  We look forward to meeting you and helping you grow your business to success.

Remember, for your business to GROW you must have REVENUE, OPPORTUNITY, and you will earn WEALTH.

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In business as in life, it’s all about what really matters.

Tuesday, January 8th, 2013

Since my last column, a lot has changed for me personally. My home was washed out, and our business went without power for a week. I’m one of the folks who was hit a little harder by Sandy, and I wanted to share my experience in terms of how it might relate to you when dealing with your clients.

As I’ve said many, many times, for me it’s all about having a plan with smart goals. That’s really the foundation of all good sales and marketing work, as a plan lets you measure and gage your performance, while continuing to tweak until things improve.

When I was putting my plan together for the New Year, I realized I couldn’t escape from thinking about my own personal situation. I thought about all the things we lost: just about every belonging in our garage and in our finished basement which served as a storage area. And then the entire first floor. All gone under two feet of salt water.

I thought about what needed to be replaced: the refrigerator, stove and cabinets, plus basic furniture. Beyond that there was all the other stuff I had gathered over the years. A whole host of things that I spent time collecting and protecting.

But here’s what I learned: a minimum amount of things hold a maximum amount of memories.  We lost 5,000 photos, but when we went through them we probably only needed 50 or 100. I had a collection of 500 golf books. Yes, they were valuable, but only three or four of them truly meant something to me.

In business, there are multiple things we do for our clients, to take care of them and protect them. And to maintain their patronage.  But the core of these relationships consists of just a few meaningful deliverables. And these deliverables are why a client budgets hard-earned dollars to use your services.

What deliverables does your client value in your relationship? If you’re working in business development like I do, the deliverables are new accounts won, new orders completed, plus the amount and depth of new contact history, as well as the success achieved by penetrating existing accounts.

Take a moment to ask yourself what are the things you do for your clients. Review what you put resources against, such as filing different things for years and holding onto past records, notes and samples. You may realize that you don’t remember the last time you really looked at any of this—or even if your client ever asked for them. Because what most clients are interested in is recent results.

Too many of us overreact to this by thinking, “How could you forget all the other things I did for you?”  But, honestly, it’s not about what you did for your client yesterday. Always remember, it’s your client’s financial responsibility to make sure that the expense that’s going out to you has a quantifiable return that can not only be justified, but can be built upon.

I found out the hard way that there are so many things I’ve collected and gathered in my personal life. And there are so many things I do for clients. But the common thread here is there’s really just a handful of things that hold real meaning, real value. And it’s your job to know exactly what those things are. So, ask your client, “What’s the most important thing me or my company does for you?”

Sometimes the client is not even sure, but help them cultivate the conversation so they understand where you’re going and how you’re working to get them there. Decide on a list of the three or four things that really matter, and review the list every three months or so. Because your client isn’t thinking about that list every day. They might be collecting things and experiences with you just like I’ve collected all those non-essential items at my home that have been literally floating around for the last couple of weeks.

But there are those three or four things that your client can’t do without. And those are what are important in your relationship.

That’s Q from the street.

 

P.S. I’m a lucky one, but there’s a lot of people out there that need a lot of help. So do your best to help someone out.  Thanks.

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Growing Up Companies—and Clients

Tuesday, March 29th, 2011

As the recovery continues, the companies that are still in the game have a playing field that is now in a stronger position.  That’s because many companies that did not have the financial wherewithal have disappeared or have focused their efforts elsewhere.  But, we also find ourselves facing new, fresh competition that comes from new market entrants.

Oftentimes tough economic times have provided opportunities for many to enter and realize their entrepreneurial dreams.  We need to decide where the opportunities are and leverage what we’ve already built. Business school teaches three ways to grow a business:

  1. Sell more to existing clients.  This is usually considered the biggest opportunity, as low-hanging fruit are often located in an existing client base.  Many clients have the ability to grow their sales as much as 50 percent within their own database.
  2. Grow the area you sell to.  The Internet allows many of us to sell products if not worldwide, then certainly nationwide. Some products, such as knowledge or services, can be readily adapted to Internet    applications.  And, with the use of multi-media services that offer online video communications, the cost of travel is no longer prohibitive.
  3. Increase product lines through synergistic offerings.  FedEx realized that people who ship documents probably also need to create them. Thus, they purchased Kinkos. In addition adding storefront FedEx locations provided a retail revenue stream that did not exist in the past.

 

So what’s the best strategy to grow your business?  I believe that at the very heart of each of these three options is the definition of your ideal client based on the unique combination of skills and experience that they—and you—provide.

With the 80/20 rule in mind, I took a closer look at a trucking client and evaluated their client base. We discovered that most, including some larger customers, did not have a dedicated fleet or traffic master.  Sure they had people who were in charge of moving freight and warehousing, but they didn’t have a dedicated traffic foreman.

We then looked at what type of freight their clients moved, and whether there was opportunity to grow the area they currently sell to.  It turned out it really wasn’t about the type of freight they moved.  It was the level of customer service my client offered.  Whether a client required industry-specific documentation, or buttoned-up knowledge of government regulations regarding hazardous material or food, my client provided a knowledge and skill set that was out of the norm. So what their clients really valued was an outsource traffic department or freight department to manage this part of their business for them.  My client? They never skimp on customer service and pride itself on the fact that they have never let a client down in more than 30 years.

When you ascertain that your clients have a special need, you need to scrutinize and adjust your sales process. That process is geared towards how you can be a strategic partner in the day-to-day operations of their company.  How you can positively impact their P and L.  How you can help grow clients.  How you can direct day-to-day customer service that eats up too much of management’s valuable time.

When it comes to growing up companies and clients, we need to take a step back.  Borrow a page out of Bill Gates’ book and take a couple of days out of the office. Think outside the box and about why clients remain so loyal to us. And why we’re a good choice for them.  It’s great to think it’s because they like us or the restaurants we take them to. The fact is that our quality clients make choices on what is good for their business and their business’ bottom line.

So take a closer look at how you can change your industry for the better.  I’ve worked with printing companies who are now CD and DVD distribution companies.  I’ve worked with equipment manufacturers who are now system reengineering people focusing on work flow.  I’ve worked with clients who had national sales forces of 20-30 salespeople and are now down to two.  And they’re doing more business through the Internet.  So go ahead, get out of the box, see what your clients really think you’re about, what you mean to them.  Sometimes you’ll find opportunities right under your own head.

That’s Q from the street.

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Relationship First

Friday, September 4th, 2009

We often wear our sales process like a badge of honor. We knock on ten doors—nine of which are promptly closed in our faces—and savor that one time when the prospect says “OK, I’ve got ten minutes.” Then it’s all about isolating and communicating compelling benefits within that tight time frame.

On average, for every three pitches, we close one. And that’s usually with the guy that, when our ten minutes are up, spends another hour or so asking questions.

So what’s really working here? Time and time again, it comes back to one thing: relationships. When we started out in the sales game, conventional wisdom claimed that three specific characteristics were needed in order to be successful: empathy, perseverance and ambition (i.e., defined goals). I never agreed. I believe that all salespeople need the potential to acquire these attributes, but what’s paramount is empowering these traits with a passion for your product or service. When you possess that passion and you begin to communicate to someone who has a need, it becomes clear you are serious, not only about your business, but the needs of your prospect.

And, once you sell with passion, commitment to success and a sincere belief in your product or service resonates not just through your words, but in your comportment and your energy.

So how can we improve our close ratio? A typical presentation or pitch begins with an overview of your company, service, product, staff and, naturally, some nice, colorful charts and graphs that make us look professional. As an afterthought, we leave the prospect with printed collateral: oftentimes client references, case studies, and relevant success stories that we like to leverage.

I suggest you try this approach: Flip the order. Rather then starting by telling how great your company is, how many years you’ve been in business, and why you can offer more benefits and features than the last guy, talk about some of the projects you’ve worked on, just like those case studies that we typically leave behind. But this time, let all your passion and enthusiasm and belief resonate. Be prepared to discuss two or three projects that the prospect can most closely associate with.

Then watch what happens. This technique will peak an interest in the prospect because you’re now engaged in a dialogue, not a presentation. The dialogue will evolve into a conversation which will lead to the beginning of a relationship. And that, my friend, is our goal. They’ll be plenty of time to talk about how long you’ve been in business and the particulars of the company and staff. Because once we’ve established that relationship, all those other factoids become supportive to the close, but not necessarily integral to it.

Anthony Quaranta spent 30 years as a sales professional generating upwards of $10M in revenue annually, calling on businesses in the tri-state area. Today he is President of Q Group, a sales and marketing consulting firm that focuses on “Building Business…… Measurably” by setting goals, synchronizing marketing and sales efforts, and tracking these activities in order to improve a company’s overall results. The Q Group team works with organizations with a sales force of one to larger nationwide teams. You can contact Anthony by visiting www.QGroupltd.com or calling 631 234 7670.

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