Q Group

As salespeople, we all know how to communicate what sets our product and service apart from the competition. Whether it’s 24/7 service. The largest inventory. Your company’s added value. Yet, many of us fail to realize what else we bring to the table: our decidedly unique perspective.

The fact is your relationship with your client should consist of many roles that go far beyond the product or service or company you represent. And, to be effective, each must be enhanced with your own individual style. Take a look at the following roles you bring to the table, and think about how your clients would value them. But let me assure you that each of these qualities is inherent in all rainmakers, the sales leaders in your particular industry.

1. Knowledge sharer. Your understanding of an entire industry, and what leads to success or failure, is unequaled. After all, how often do clients have the opportunity to speak to someone who has been in forty or fifty companies that do similar things that they do? Very rarely. Naturally, we’re not looking to tell one client another client’s business. But, specifics aside, you can certainly convey the insight you have gained, and offer advice and recommendations based on that insight.

2. Forecaster. If a client is struggling when creating a new marketing project, or planning an expansion, or recruiting talent, these may be situations that you’ve also experienced. So why not protect your client from making moves that have pitfalls based on what you’ve seen and/or observed? You possess a unique ability to predict an outcome based on people who have done similar projects and had the same type of issues that their competition would have. So what pain can you help your client avoid?

3. Recruiter. Many years ago, a consultant told me about the technique of redshirting. It’s the practice of finding people that you think might be great for your company or great for a friend of yours. Basically, you categorize that prospect similar to what they do in college football when they “redshirt” to protect a player. As a salesperson, I oftentimes help people with recruiting individuals, and I keep a running file of folks I know that may be looking for work, and/or are talented at what they do. Since my clients know this, they often call and ask me, “Do you know anybody looking to do this?”

4. Business builder. You can help your clients grow their business. Personally, I don’t just provide ideas about how to recruit new business. I actually get leads for my clients. I tell colleagues, “If you’re looking for this service, you should call this guy.” Not as many people do referrals as you may think. So, when a referral does happen, oftentimes clients never know the link. That’s why I always let a client know when I’ve referred his or her company.

5. Trend-sayer. Clients are very, very busy running their own companies. And as much as they want to stay on top on what’s happening in the market, many times that takes a backseat to putting out daily fires. Become the barometer or the weather vane of the industry. Let clients know what’s going on, and what you’re seeing.

When you actively engage in these roles, in addition to your role as a salesperson, what you have are highly personalized benefits that make you an invaluable resource to your clients. All too often we talk about branding products and services. I suggest you also brand yourself as an industry expert, resource and confidant. That’s what you alone bring to the table.

That’s Q from the Street

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Leads.  How did the word originate? And, what approach do people take to them? Basically, a lead is a prospect’s or suspect’s name that eventually can turn into a sale. Literally, the lead leads you into a sale or a transaction.

Over the last year we’ve been working with many clients on adword campaigns.  These campaigns are revealing in the way that people react to the leads they generate.  At our organization we talk about measuring results.  And, in order to measure results on ad word campaigns, it’s imperative that you follow-up on your responses (i.e., leads).  Somewhat surprisingly, I’ve experienced numerous lead follow-up styles, including:

• No follow-up. Some clients decide not to contact every lead, making assumptions about the region the lead is located in, the size of the job (i.e., not worth their time), etc.
• Slow follow-up. Some think it’s acceptable to follow up on their leads within a week’s time.
• Multiple follow-up. One company has at least 3-4 people call the lead. While this might seem impressive, none of these calls is synchronized. So it’s fairly obvious—not to mention, annoying—to the person being called that no one has any idea of the call history and previous conversations.
• Weak follow-up.   Conversely, some clients don’t follow up enough, thinking that one contact is sufficient. Everybody knows that good salespeople continuously stay on a lead as most sales goals are made after the first five or six calls.

My thoughts on these observations?

It’s curious to me that people prejudge a lead’s value. Hasn’t every professional salesperson at one time or another received a lead that didn’t seem particularly promising at the time? And although that particular sale never materialized, the prospect referred you to a great opportunity with someone else?

Or how about when an earlier lead leaves a company, and they remember how you once helped them out. Now at a new company, that former lead has purchasing power, and you’re the person they’re going to call.  Too many people discount leads and opportunities in the short term without considering their long-term benefits.

And then there’s the issue of turnaround time and speed.  Just think about the people answering ad word campaigns on the 24/7 Internet. They’re browsing for a provider of a service or a product. Typically, if the first person isn’t available, they’ll click on another. And then another.  If you’re unable to contact your “click” immediately, then consider hiring an answering service. Some will immediately page you on your cell phone so you can make a prompt connection with your lead.

Perhaps the best method for taking leads seriously is to calculate what one lead is costing you. There’s a statistic called CPL, or cost per lead.  Often times CPL is used in media plans, but I don’t see any reason why people can’t apply it to other types of marketing.

I have clients whose CPL range anywhere from $100 to maybe a couple of dollars apiece.  Now, certainly at the $100 range it’s pretty unusual to see someone not jump all over it, but it may surprise you that some still don’t. So calculate your cost per lead and then remember what Dale Carnegie spoke about in his book, How to Win Friends and Influence People. He stressed that leads were really the opening of a conversation and the beginning of a relationship. And, if you treat them as such, respectfully, I believe you’ll have greater results.

So start tracking your leads—and start valuing them. And make your absolutely 110 percent best effort to follow-up with speed, tenacity and preparedness.

That’s Q from the street.

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​Funny thing how we all assume we have a plan.  Everybody throws the “plan” word around like it just happens. But the plain fact is it doesn’t.  Because if we don’t have a plan—a written plan—with specific goals and specific action steps to achieve those goals, we don’t have a plan.  We have a wish.  I for one am not big on wishing. I like to have a plan that I can check regularly. So even if I don’t achieve the ultimate goal, I’m able to check the progress I’ve made towards it.

​There’s a fascinating story from the book “What They Don’t Teach You in the Harvard Business School” by Mark McCormack whereby the author recounts a study conducted on students in the 1979 Harvard MBA program.  The students were asked, “Have you set clear, written goals for your future and made plans to accomplish them?” Turns out only three percent of the graduates had written goals and plans; 13 percent had goals, but they were not in writing; and a surprising 84 percent had no specific goals at all.

​Ten years later, the class members were interviewed again. The 13 percent of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all. Moreover, the three percent who had clear, written goals were earning, on average, ten times as much as the other 97 percent put together! Obviously, it’s well worth it to write things down.​

​So, exactly what’s a plan?  Simply put, a plan makes clear what you’re trying to achieve; that is, what your objectives are. How much do your want to grow your company financially in the New Year? How are you going to position your company for growth, e.g., a low-cost provider, or as the high-cost provider who also delivers the best service? Whatever it may be, your objective needs to be clear. You also need to define your targets so once you identify the market you want to grow in, you can determine the clients that you’re going to go after. So right there you basically have an objective of where you want to take your company, exactly what it is you’re selling, and whom you’re planning to sell to.

​The next part of your plan is setting goals. The majority of goals need to specifically deliver quantitative results that lead toward the achievement of your overall objective. I talk to many of my clients about SMART goals because I believe in them—and they’re an excellent device for setting goals. SMART goals are:

​Another effective tool when setting goals are Key Performance Indicators (KPI).  I call them critical activities.  These are measurements that help chart and monitor theprogress being made toward the goal.  For example, you might set a goal to land 100 new clients. And you mightcommit to getting ten new clients a month. But, how?

Maybe it’s done through telemarketing work. Consider this scenario: Historically for your organization, it’s been shown that you can generate one appointment for every 30 phone calls made. Moreover, your track record also shows that for every appointment made, “a third” of a client is achieved. Bottom line is, every threeappointments produces one new client. If you do the math, you’ll need to generate 9,000 phone calls, or about 750 calls per month.  Definitely doable, if you’ve got the right resources. Naturally, the calls need to followed up by the next critical activity:  your proven sales process, and making the close.

​So that’s an example of how to go about laying out a plan.  A plan that’s, in fact, an action plan.  Because that’s the only type of plan I believe in.  Naturally, there are plans that offer great reading in the Harvard Business Journal. But when it comes to most small-to-medium sized businesses, a plan that produces action produces results.  

Thats it for now

And that’s Q from the street

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In recent years tradeshows have experienced the very sort of highs and lows that make most entrepreneurs wonder why they don’t just cash in for a regular nine to five alternative. The Eighties and Nineties were a boon to the tradeshow and exhibit industry. Companies would spend countless dollars displaying their products and services and entertaining best prospects.

Vendors and suppliers initiated the tradeshow concept because it made economical sense, utilizing one centralized location to display products to a captive, seemingly motivated audience. The gathering of multiple people at a single location also provided a price advantage with regard to travel, hotels, etc. What’s more, companies began to use tradeshows as a reward for sales staff and management. Add to the mix associations that provided educational opportunities for vendors to help train support and other staff. All in all the trade show model was win, win, win.

So the birth of tradeshows began out of a necessity for industries to be more efficient, to unite, to acquire knowledge and training, and to distribute product. But as with most growing trends there comes a point where the push to stand out and one up the competition must be weighed against the bottom line. The September 11 fallout combined with continued economic struggles worldwide forced all of us to take a big step back and re-evaluate our marketing investments.

Today’s tradeshows have taken on a new style and with that style has emerged increased effectiveness. Tradeshows remain a highly efficient gathering place where buyers and sellers can converge and communicate. As a matter of fact, today you’ll find many tradeshows boasting 10 percent increases in attendance, as well as an increase in exhibitors. Yet there are clear distinctions from the past. Gone are logo-branded shopping bags or other promotional items or giveaways. Today, these items are being replaced with “knowledge tools” that help people become more cost-effective when they are selling a product or satisfying their client. And, gone are the days when employees are rewarded with a trip to the annual convention or trade show. Today, statistics show that up to 90 percent of show attendees are true decision makers.

What’s more, many company-sponsored entertainment/cocktail events have also disappeared, replaced by educational and training sessions. Often the educational sessions are provided by associations who have now been added to the group of people who have come together at one gathering place.

So at today’s tradeshow, you’ll see associations, user groups, vendors, suppliers and clients collectively trying to make the most effective use of their travel budget, their time and their staff. Companies are sending the people that need to be there. As a matter of fact, 75 percent of the people who make a purchase tell us that they have visited a trade show and that either their purchasing decision was initiated at a show or it was confirmed at a show.

That’s a very high statistic. So what I suggest to you is to take a step back and take a look at the dollars you are spending. Evaluate your marketing budget and see where you can fit tradeshows back in, or perhaps, how you can do more tradeshows and be more efficient and more effective. There’s one thing for certain: today’s tradeshows remain an effective part of your sales strategy. And, if they’re not part of your plan, you might be missing opportunities. As one of my clients recently asked me, “How much do you think we’re going to do if we go to the tradeshow? And, what do you think the repercussions are if we don’t attend?” I answered his question with another question, “What will your clients think if you’re not there, and what will that cost you?”

As the old adage says: Maybe you simply can’t afford not to do it.

That’s Q from the street.

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As business directors, we are instruments of change. Over the years, we’ve witnessed paradigm shifts in the way we conduct business and communicate with customers. Yet, when I speak to clients regarding social media, there seems to be such mystery surrounding it. Curiously, most of them already have the innate tools, experience and business savvy that can make them highly effective users of this medium.

Why? Because social media is akin to attending a network meeting, whether it’s a local trade network, a regional business lead generation network or a special-interest association. They all encompass what social media represents.

We’ve readily adapted to a slew of technology that has connected people. Think back to the PC, the fax machine, email, cell phones, texting, and the Internet. All of these technologies have converged on us, enlisting us as their proponents and their drivers. These techno-tools have made us more communicative, more productive and more efficient. And they represent a level of professionalism to both customers and colleagues.

So, exactly what does your experience have to do with social media? Simply put, social media leverages your innate ability to keep making connections. Let’s review some of the major players in the world of social media:

• Facebook. This is perhaps the epitome of social media because it enables people to socialize with others, be they friends, family, or just-met acquaintances. It became so ubiquitous so quickly that the business world felt compelled to get involved. Facebook developed corporate pages whereby companies submit a corporate viewing page that must be associated with a person, an administrator, who also has a personal account on Facebook. It’s important to realize that the personal account and the professional page will never be connected. My company has a Facebook page, and I have a personal Facebook page. If someone requests friendship from me on my personal page, I can let them in that world. But on the corporate page, they can just indicate they “like” my company.
• LinkedIn. This is a professional business directory. Though global, you can use it to identify and target localized opportunities. Maybe it reveals 50,000 potential clients, but because of your unique selling proposition only 500 are your ideal prospects. LinkedIn gives you the ability to get in contact with those unique people in the industry that’s in your sector. Let’s revisit the association analogy I made earlier. Usually, in every association there’s a vendor, there’s a supplier, and maybe there’s an associated member. With LinkedIn you can get in contact with those people that are in your community and the other communities that you’d like to be in touch with. Folks can check your bio, your background, and your professional credentials. I highly recommend including a photograph of yourself to bring a little more personality to your listing.
• Twitter. In essence, Twitter is a brief 140 character electronic press release, providing a cost-effective way to get quick notices out to clients, Folks who read your “tweet” are known as “followers.” My recommendation is for you to follow all the people that you admire, all companies that are your prospects, certainly all your clients, and then, from there, hopefully people will follow you back. Aspire to be Ashton Kutcher, who at last look had over 7 million followers. With one tweet, he can sell a product off the shelf in an hour. Seriously, Twitter bypasses the need to get a notification out via an internal database, or an email that might not be checked promptly, or via snail mail that winds up on the bottom of an in-box.
• YouTube. This is your video message to the world. Today, with a digital camera of decent quality, you could upload a video that introduces you and your company “up close and personal” and thanks folks for viewing your channel. Moreover, you can get the word out about your website, and ask viewers to “like” you on Facebook, and “follow you” on Twitter.

The important thing to remember is that social media is a vital part of communication today, and your networking experience—whether it’s within associations, whether it’s referring people to one another, whether it’s finding the trends in your industry that are slightly ahead of the curve—these innate communication abilities give you a distinct advantage in the brave new world that’s social media. Your sustained business experience, your ability to conduct yourself, to both share and seek knowledge, to help others in your industry, to find those really unique things that give you an advantage and your clients an advantage, those are your instinctive skills that can’t be replicated by someone who has great computer skills and 17 different social media accounts. Yes, in time they can develop these skills, but right now, these novices are electronic savvy, not business savvy.

So start embracing the social world to ensure you’re covering all your bases when communicating with clients, prospects, and suppliers. And don’t let social media intimidate you. You’ll discover there are plenty of people out there that want to lend support (don’t forget I’m one of them). And, if you’ve been looking for a way to make yourself feel a little younger, it certainly helps.

That’s Q from the street.

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Choosing the right method of showing our appreciation for a client has its challenges. We struggle with political correctness and varying corporate guidelines, balancing our appreciation with a need to demonstrate it in compliance with a new set of gift giving rules born from the economic restructuring of business as we know it.

Did you ever notice the people that go over the top in their “appreciation to clients” usually have good reason to. Perhaps it’s a waning relationship, or maybe, more commonly, a new buying relationship. Did you ever look at these relationships and compare them to the insecure person that tries to impress, solidify, or even hold on to their partner?

So what makes a healthy relationship with our clients? I think balance is at the center of this answer. Specifically, Balance of a relationship’s Big Three: Respect, responsibility, and reliability.

These are the real gifts that your clients value all year round. That token material gift, without the balance of the Big Three, is just a symbol with no real impression or value. However, supported by the Big Three, the material item becomes a reminder of all that your relationship brings to that special person and their organization.

Let’s break them down:

Writing this article is certainly going to have me try harder this New Year. If my words have any effect, I hope they can take one of your relationships to a newer level in 2011.

Q,
From the street. Keep on selling.

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