Selling in a Tough Economy Part 2
Each and everyone of you have a network out there in the world both personal and professional but chances are most of you don’t use it. Now to address your concern but if I spend all my time with the business you have it won’t grow. Absolutely right and it’s a dangerous thing to have too much business in one place regardless of the economic conditions. So let’s begin building up your network and using it to grow your business. We’re going to cover three area’s that you should be using, your professional contacts, on line, and Events.
Looking at the example of a person who has moved on to a different company. Boy they were a great customer you’re really going to miss them! Are you going to let that person go forever while you just stand there and wave good bye to them like some love lorn lead character on a dock as the ship pulls out to sea like you see in the movies. If so here’s a free hint… really no extra charge…GET OUT OF SALES NOW.
A lot of people do this everyday in a much less dramatic fashion they lose track of their professional contacts as they move on. Now you can become the match maker and benefit all along the way. Send them a note. Put them in your data base and update the records as they move. What if they don’t follow up and send it to you. Well you know where they went because you asked right. You have a few choices. First just call to say hi. Check in to see how the new gig is going. Most of the time you want a real reason to call…in this case finding out how things are going is a real reason.
Secondly ask at their old employer (assuming they left on good terms) if they’ve heard from them. If you know who their friends were at the last job chances are they’ll be more than happy to tell you and might even hand over a phone number and email address.
What is this going to do for you ask? How does it lead to new business? Simple it spreads your reach out, gives you new companies to call on that will ultimately lead to new contacts and prospects and it all started by staying in touch with people you’ve built a relationship with along the way.
When times are tough people are first off are more cautious on their spending, secondly they are often more critical and do a lot more analysis on those expenditures. You’ve got a history, you’ve taken care of them or their co workers in the past. Even if they weren’t your day to day contact but you’ve built basic reporire you’ve begun building your own brand recognition, your brand is that of a knowledgeable person who gets things done.
Plant the seeds early before they move on, if you can. You should be looking to add to your network people who make sense to stay in touch with every single chance you get. But if you hear they are changing places pounce, politely of course. Send them a letter say congratulations, tell them you’ve enjoyed working with them. And ask them to shoot you their contact info when they get settled. My favorite method is old fashioned…Pick up the phone and ring them. Most peole who are excited about a new opportunity want to tell others about. Be a good listener, be genuinely interested in listening and being their friend. It is not the time to ask for an order or a list of contacts but it the time to build your relationship out a little more and express your interest in keeping in touch with them.
In the old days people didn’t change companies like they do now so this makes it a little tougher to keep tabs on everyone. You really do have to make the effort and have a plan. This where being on line and leveraging those tools can help.
Technology has helped out along the way giving us automated ways to get in touch with people, log and keep track of their info. For those of you who don’t use a data base there are tons of options from paid for to free. Sales force.com has a free version for single users and has for some time. Odds are your company has one as well. So use it religiously.
After you’ve built up who you do business with now, expanded your reach with in those companies and taken care of people changing roles recently go back to the accounts you’ve done business with, even in past jobs, or at other companies and start piecing together that network of people. Look at accounts that did business with you and dried up, each out to them has there been a change? Can you get another look? Did the people who used to do business with you move on. Not every new or old contact will lead some where but some will and those that do are often well worth the time and effort.
Don’t over look social media. It’s a new phenomena but it isn’t just for kids posting pictures of their latest spring formal and talking about what they’re doing on Friday night and who went out with who. If used right it can be a powerful networking tool. A way to stay in touch with contacts and trusted business friends both old and new. There are sites out there that are geared towards professionals such as spoke and the very well established linked in. All of which are as of the moment free and some with the option to buy in to more robust paid versions.
Still looking for old contacts? You’ve called into their old places of employment and asked around but haven’t had much luck! Google them! Try their name and company name to see if there is any press. Search with in the networking and social media sites. Check industry and trade associate websites and publications, also there are services like Jigsaw.com that can help you piece together a list of contacts with in a company. And linked in has a name search feature that can be really helpful.
What ever you do keep track of where people are and have been and make it part of your customer service and prospecting plan to check in along the way, know how many people you need to keep track of and how often, some might be once every six months maybe they are out side your current industry, some might be once a qtr other might even be monthly so you can talk shop and compare notes. Once you have a dialogue remember look for opportunity and ask for referrals but be prepared to give something in return.
Now that something in return might be another contact, maybe a supplier of something you don’t sell. Reference or even on occasion a job lead. If you’re dialed in and really building and working your network then it is something that will be easy to do to.
Old contacts can give you great perspective and a host of new opportunities. They can take you into new places but now you really want to get your name out there and find more business. Sow with the technology in place to keep track of everyone it’s time to get back to basics and do it the old fashioned way. Shaking hands and kissing babies, with a modern twist of course.
Live networking
There are certainly other ways to build your network and ultimately fill up your prospect and customer list. Since you know what your top accounts look like and what your prospects are searching for because you’ve narrowed down the list. Start with places that can offer you those type of accounts.
Now how in the world do you do that . well since you’re an informed and well researched professional start by looking for trades associations and organization that the type of customer’s you’re looking for participate in. Since we just ogt off the tropic of technology start on line but don’t over look any traditional print versions as well. Most industries have users groups, associations many are national but a lot of times there are also local functions, and far more trade shows and conferences than you could ever imagine.
Depending on what you’re selling and where you may also want to consider more generic options. They may not be as targeted nut many of them are well established and in some cases decades old. So looking to network in this way considers social organizations, the chamber of commerce, Roatary club etc.
Any time you’re looking to build your business this way keep in mind you can’t just show up for one event and have a boat load of business, like anything else you have to be active and consistent in your approach to networking. Look for a way to stand out, can you be a presenter? Give a an informational talk? Teach por train an audience about a specific trend or skill? It’s not a pitch it’s education but there is no harm in saying who you are and what you do briefly at the beginning and end and including your contact info so people can follow up.
Join committees and work to make meaningful introduction for others. Staying with the match maker concept you job is knowing everyone who is anyone and then helping other people make connections. In turn you’ve helped out two people who may or may not be a fit for you but chances are they know some one who is. All the while expanding your own network of contacts you chance to sell beyond the initial contact comes in the follow up. That intro is like a meeting some one at a party…odds are you aren’t going to run off and spend your life with them, you might want to go out on a date or two first. The follow up is that date networking just gets you in the door and it gets your name out there.
Whether at local events or annual regional one, follow up with those that you’ve met. How many times have you collected a business card and never even sent a quick email or phone call. Why? Is a simple thank you and it was nice to meet you too much to ask?
Also plan to get the most out of the time spent at any networking event. For conferences Pre arrange meeting out side of the trade show with acquaintances, do it before the day starts, on breaks during meals, after the last event of the night but avoid the temptation to spend the predetermined social events every event seems to have built in with people you already know exclusively because you are giving up the chance to meet new people, continue conversations with the person next to from a break out session that you just left.
Spend your time with people you don’t know with these exceptions. If you have a contact that is more dialed in than you and they are making introductions to everyone because they are like the mayor of a small town and knows each and every soul that walks through the door. Maybe they are on the board of the organization, a well respected industry expert, the life of the party, take advantage of it. Don’t ignore the people you know shirt chat’s can lead to others that know them coming up and lead in to new conversations but even so make sure you shake hands and meet every one in the room.
Strike up conversation in the food line, around the bar, at trade show booths. introduce your self and be ready to help others make connections.
Referrals
If times are tough it’s time to use your network and referrals are certainly part of that. Any time you’re building a network should be doing so ultimately with the idea of gaining business in mind. Referrals can help in that objective, get you in to new places and very often they even help to shorten the sales cycle.
Each and every one of those contacts you just established as part of networking has a handful of relationships that could help you find new business. Looking for those referrals is a form of networking in and of itself. Most people like to be helpful but you can’t come right out and ask “HEY DO YOU KNOW SOMEONE ELSE WHO WANTS TO GIVE ME THEIR MONEY?” On the other hand you can and should ask things like…do you know who else I might want to talk to? Is there any one else who buys in another department or business units. Never over look subsidiaries, sister companies are great soft landings in many cases. With current customers once again covered.
Ask for outside referrals. Companies that they partner with that might be of interest. Other friends in the business? Word of mouth goes a surprisingly long way even in today’s business climate. If you have a good account and a person who enjoys and sees the benefit of doing business with tell them you’re looking for new customers. Do it tactfully and may even seem a little bold but believe it or not many people actually expect this kind of radical behavior from their sales person. Huh imagine that.
Be sure to share what you’re doing with some other customers…in a generic sense of course and see if it can’t spark some conversation. Or better yet ideas with you in mind. When doing this start by picking someone in a non- competing company but still has similarities to your account. Is there a company across town that came to mind. Great keep looking there might be more.
Part of referrals is that you customer wants to share that doing business with you has been a good decision for them. It reinforces why your relationship is valuable.
When you get the referral make sure you give that person the same level of attention and service you give the person who sent you to them.
These type of opportunities come in many flavors from here’s a name and number, you might want to call so and so or even actual introductions.
A big part of getting referral si s letting people know what you’re looking for, not every one is in sales so a little gentle prompting through questions and conversation get things flowing. Now lookoing across your accounts is a great place to start but what about people you have been calling on even if they aren’t giving you business. In some cases these folks can be even better sources than your accounts, especially if you’ve been delivering information of value to them, following up and taking care of the sales 101 stuff. It may just be a way to reward your efforts even if it isn’t business from them.
As you work your network and touch base with your contacts share with them what you’re looking for. By now I’m sure you have a target list of new customers you’d like to get into. If it makes sense there might be connection there ask. Hey do you happen to know so and so over xyz company? It might just open a few doors.
So you’ve worked your base, built your network and are getting some referrals but still those pesky growth targets and number of prospects and quotes you need is not quite there yet. Then this is what separates the pro’s from the amateurs true net new business.
Net New Prospecting
Create a list of contact and approach various levels in the accounts you’re targeting.
Start at the top! Offer your solution and desire to help at the Presidential or Vice Presidential level. They can introduce you “down” in the company. It’s a much easier solution than trying to be introduced “up” in the company.
Have you ever tried getting to the purchasing department “cold” versus getting an introduction from a sales or operations manager? The results can be staggering! When a vice president introduces you…or you can use their name as a referral, amazing can things can happen! Try it….I’d bet your call back rate is completely different.
Now that you know who you’re going after how are you going to get to them. The reality is that an untrained salesperson calling names out of a phone book doesn’t work nearly as well as a referral or introduction but despite the discomfort you might need to knock on a few doors or dial the phone to find new business.
There are a lot of people out there selling the concept that cold calling doesn’t work. BULL!
Calling the phone book just to dial the phone might not work but approaching a targeted list with a strong offer and compelling message that gains their interest does. Use your skill set and personality style to begin the dialogue. Be persistent but professional and always have a reason to call.
Not long ago a salesperson was handed a book of business. Actually they were handed an account that should have been a gold mine. The account was buying and starting to shift business over from another vendor when the rep took over. A month in sales had dried up. Had spending gone down? Now actually the customer was spending more than before but the new rep called once left a message to the effect that they were the new rep and waited for the phone to ring. He lost over a million dollars in business in 30 days. Follow up!
Some sales people tend to go elephant hunting but before you spend too many cycles and resources chasing big game assess. Even though you need to build long term business relationships with customers and prospects in tough times it is more essential than ever to figure out who has money to spend, who is just using you as leverage against your competition and who is the best possible fit to buy from you.
Referrals
If times are tough it’s time to use your network and referrals are certainly part of that. Any time you’re building a network should be doing so ultimately with the idea of gaining business in mind. Referrals can help in that objective, get you in to new places and very often they even help to shorten the sales cycle.
Each and every one of those contacts you just established as part of networking has a handful of relationships that could help you find new business. Looking for those referrals is a form of networking in and of itself. Most people like to be helpful but you can’t come right out and ask “HEY DO YOU KNOW SOMEONE ELSE WHO WANTS TO GIVE ME THEIR MONEY?” On the other hand you can and should ask things like…do you know who else I might want to talk to? Is there any one else who buys in another department or business units. Never over look subsidiaries, sister companies are great soft landings in many cases. With current customers once again covered.
Ask for outside referrals. Companies that they partner with that might be of interest. Other friends in the business? Word of mouth goes a surprisingly long way even in today’s business climate. If you have a good account and a person who enjoys and sees the benefit of doing business with tell them you’re looking for new customers. Do it tactfully and may even seem a little bold but believe it or not many people actually expect this kind of radical behavior from their sales person. Huh imagine that.
Be sure to share what you’re doing with some other customers…in a generic sense of course and see if it can’t spark some conversation. Or better yet ideas with you in mind. When doing this start by picking someone in a non- competing company but still has similarities to your account. Is there a company across town that came to mind. Great keep looking there might be more.
Part of referrals is that you customer wants to share that doing business with you has been a good decision for them. It reinforces why your relationship is valuable.
When you get the referral make sure you give that person the same level of attention and service you give the person who sent you to them.
These type of opportunities come in many flavors from here’s a name and number, you might want to call so and so or even actual introductions.
A big part of getting referral si s letting people know what you’re looking for, not every one is in sales so a little gentle prompting through questions and conversation get things flowing. Now lookoing across your accounts is a great place to start but what about people you have been calling on even if they aren’t giving you business. In some cases these folks can be even better sources than your accounts, especially if you’ve been delivering information of value to them, following up and taking care of the sales 101 stuff. It may just be a way to reward your efforts even if it isn’t business from them.
As you work your network and touch base with your contacts share with them what you’re looking for. By now I’m sure you have a target list of new customers you’d like to get into. If it makes sense there might be connection there ask. Hey do you happen to know so and so over xyz company? It might just open a few doors.
So you’ve worked your base, built your network and are getting some referrals but still those pesky growth targets and number of prospects and quotes you need is not quite there yet. Then this is what separates the pro’s from the amateurs true net new business.
