Four ingredients that turn any client interaction into an opportunity for exceeding expected results while simultaneously building trust. For more, click here.
Trip Allen, Team Egyii, Singapore
Ask any sales or non-sales executives (consultants, small business owners, etc.) what part of business they most dislike and they will almost universally answer with two words: business development (in other words, prospecting). No matter the overall business experience or training or overall capabilities, business development or thereof is typically abhorred. Not only is it difficult, but many of the processes hurt the business (and the individual’s efforts) as they are typically:
Short term focused
Utilizing techniques that are uncomfortable to both the prospects and the sales people
Product focused (and not client focused)
Over automated and under personalized
..only to cause dissatisfaction with the client in the short and long term- which subjects you to losing their business.
Disliked
This distaste reflects (or perhaps causes) one of the most troubling and intractable problems in business: despite spending time, effort and money encouraging, supporting and demanding that salespeople maintain a decent pipeline, these efforts produce low returns and poor morale.
We also observe that non-sales executives are typically experts in other areas such as consulting, engineering or marketing and are just not geared up for filling up the pipeline.
After all, who likes making (and receiving!) “cold calls.” That includes the client, who is typically annoyed with an overly automated under personalized script or technique that turns them off from the start.
What is an easier route?
There is no easy route. But there is an easier one. Everyone agrees that it is easier to get business from your current client base than chase new clients, and you should proceed along this path. If you have built a trusted relationship with your client base, you can capitalize on referrals.
But what happens when your business sees a big drought and dries up? Who can afford this scenario when things are uncertain? Nobody can.
Rewarding and Fun… What?
Here is a solution…
Business development does not need to be woeful. In fact, it can be rewarding and fun with the right attitude and approach.
One means to do this is through trust and the models that establish trustworthiness. When you understand and utilize the models of trust, you can see the power of it; it actually eases the stress and elevates the confidence in both you and your client, so that you can become more confident, comfortable and aligned with prospects.
Trust does take some time to establish, but the beauty of it all is you can start establishing trust through the structure of your dialogue (engage and listen) with your prospects right now. And, if you understand the Trust Equation, it only takes a little bit to build trustworthiness by heightening your credibility, reliability, intimacy and by lowering your self-orientation. Put these efforts in effect now and the results will endure.
Trust is ever so important in business commerce today and it is believed that trust-based business relationships are the single best route to corporate and personal success. And this different approach works for business development, too.
What could be better in times when clients or prospects are dissatisfied with the “quick turnaround” and “smile and dial” techniques that are often used today?
Results
When you develop business by initiating with trust (and therefore building trustworthiness), you get an engagement that is more personable and client focused, which allows for:
Less stress in your interactions and therefore more productivity
Faster results
Less “second guessing”
Less competitive bids
More referrals
After all , if the client trusts you, you get immediate credibility.
High impact results with low impact techniques.
Take the following Trust Quiz and think about how the 4 areas of the Trust Equation can help your immediate business development and long term relationship development.
Trip Allen, Team Egyii, Singapore
So many objections, so many solutions
Why are we always confronted with so many objections that stall the sale? And when we are, they become very difficult to resolve. There are many ways to confront objections and everyone often has their own “manipulative” techniques to counter….
“If I can do that price do we have deal?”
“Is that the only thing holding back?”
“What do I need to do to earn your business?”
“If I can offer a solution would you be willing to buy today?”
How well do these objection handlers really work?
Very often objections are based around price. When you reach a price objection, here is a tip:
“Is it a budget issue?” (can you afford it?)
or
“Do you see value in the solution?” (to discover if they are objecting on value not on price)
From there you have an idea where you stand. This advice is valuable in its time and place, but why reach this position in the first place? If you had done your work earlier, chances are this won’t happen.
The value of transparency in dealing with sales objections
As part of your build-up to the sale, prior to any objections (and as a tool during your objections) , if you are completely open you probably won’t encounter these objections in the first place and will be able to resolve them when they arise.
Buying is based on emotion. After the initial assessment of you and your products (which is a very rational approach) people tend to buy on emotion (non-rational) from people that they trust.
One way to build trust is through transparency. Transparency throughout. Before. During. After.
dictionary.com defines transparency as “a state of being transparent” and transparent is defined as:
Having the property of transmitting rays of light through its substance so that bodies situated beyond or behind can be distinctly seen
Easily seen through, recognised or detected
Manifest; obvious: example is “a story with a transparent plot”
Open; frank; candid: example is “the man’s transparent earnestness”
If you are not transparent in your actions, the buyer starts questioning your motives. Once the buyer questions your motives, she starts to fear you and what you are doing. And when fear sets in, what happens? Objections.
How do we conduct transparency?
Easy. Sharing. Sharing information with the buyer lowers suspicion because it encourages collaboration and openness, and this will bring out any objections earlier in the sale. Yes it appears to be risky, and risk causes you fear. Take that risk and get over the fear, because it certainly is easier to control your fear than the buyer’s.
Taking the initial risk is tough, but worth it. It will lead you into a more powerful, trusting relationship and may even help you get that sale…. and more.
(for a great article on handling price objections, see Meeting Price Objections from Trust by Charles H. Green, Trusted Advisor Associates)
Trip Allen, Team Egyii, Singapore
What am I talking about here? Coffee? A hospital?
You may need both to help build stronger business relationships…but that is not what I am referring to.
The “Drip Method” is all about feeding the client bits and pieces of valuable information to “hook” them into a long term relationship.
How is this done?
To start, you need to always be:
Understanding the client’s business
Anticipating his needs
Listening to him to understand his needs/priorities
Keeping a record of those needs/priorities so you can constantly refer to them
What is next?
You use the vast world of the internet, your creative mind and your network. You then gather the pertinent information, put it all together and send “value packages” to your prospects and clients.
With the value packages of client pertinent information, you feed your prospects and clients, on ocassion, through emails or face to face, pertinent articles (preferably ones that you write in your own blogs) and verbal tid-bits of information. Make sure that every message is personalised and timely. Make sure it is unobtrusive.
What does this do? It keeps you in front of the client with their agenda, not yours. It builds a value add relationship. Simple as that.
Keep in mind that this requires a lot of thinking and research… and it takes time, but it will bring results.
By the way, I drink my coffee expresso style…
Cheers.
Trip Allen, Team Egyii, Singapore
(A true story)
Successful.
Uneducated.
Wealthy.
Four priority bank accounts.
Four banks.
Four different Relationship Managers.
There is a fifth bank that also wants his business.
The fifth bank will get his business- if they do it right.
Why and how?
This particular “prospect” is an acquainance of one of the bank executives. The prospect is open with the executive, shares his personal life, discusses business matters and financial matters, socializes regularly with him, talks sports and even shares aspects of his social life. He respects the bank executive for his knowledge and there appears to be no threat. He is comfortable with the relationship. They are friends.
Interestingly enough, the bank executive is not a relationship manager- he is not in sales.
How does the bank executive do what is best for the bank, and “convert” this into a sale? That is the dilemma.
Clearly the “prospect” is an unsettled man. He has new-found wealth and is somewhat leery of the people around him. This is probably why he spreads his wealth between four banks and four relationship managers.
How many times have you come across this or a similar situation to this? A situation where there is a bond or relationship between a client or prospect and a non-sales related executive? From my experience in my days of technology sales, quite often the relationship was between the client and the sales engineer. Is that because there was no “threat” from the sales engineer? Was he providing more value? Was he not chasing the sales for the close? Most probably.
So why is this happening and why does it happen? And how do we turn the banking scenario around and turn it into a “sale?” I will let you figure that out on your own.
For related articles (and for a clue to why this may happen) see:
Two Simple Keys to Success in Sales
Want to Add Value in Your Sales “Process?” Try Adding Trust
The Agile Mind of a Salesperson: Motivation
Trip Allen, Team Egyii, Singapore
To support the business in changing and turbulent times, HR leaders are looking for ways to support their stakeholders and offer new ideas/programmes above and beyond the norm.
Why? Due to the pressure of the business. The pressure for profitability and the pressure to contribute more to the business.
How are the HR leaders looking to do this? The HR leaders are looking to supply the right tools, and some of the old tools may not work anymore. They also feel that they need to add more value to the business.
So what might work today?
We all know that HR needs to understand the business and needs to link learning and development to the business goals and strategies. That is a no brainer.
To date, HR leaders have exausted their efforts with the sales and sales management teams by providing sales training programmes that offer a scripted, burdensome process. These programmes have brought in results, but the HR Leaders should take it one step further- even as the executives continue to look for quick answers-and quick results.
Wait a minute. Quick answers and quick results? You have tried programmes that offer the quick answers and results already. Some work and some don’t. What to do next?
As an HR leader, shouldn’t you be in the position to advise the business? Shouldn’t that be your key role?
To provide value you should look to be a proactive advisor. And as an advisor, you can position business differentiators.
How to differentiate?
Soft skills.
Soft skills are truly in need today. And I don’t recommend that becuse Egyii’s business evolves around that. I (and others) believe it.
Soft skills need to complement the current sales process and the product training.
Soft skills are the “glue” to keep it all together.
So why is it difficult to pitch to management? Is it because soft skills are difficult to measure? They don’t show “direct” results? If that is on the mind of your executive team, they need advice. Your advice.
Soft skills, such as relationship skills, are important as they complement the drive for immediate results.
They also build the pipeline.
…and they turn a prospect into a client and keep the client a client.
If you are focusing on programmes that bring immediate results, chances are you are losing the client, because they know when the sales pressure is on. Relationship building soft skills help relieve this pressure and give you the ability to sell immediately and medium/ long term…without losing the client.
Isn’t that what the business REALLY wants?
HR Leaders have the opportunity to be more active as advisors. Contribute more of your ideas to the business. Add more value by advising the business and offering new tools such as more targeted soft skills.
It may difficult to convince the stakeholders- give it a try.
For more, see:
Building and fostering client relationships.
Building and rebuilding trust.
Trip Allen, Team Egyii, Singapore
Tough times require resiliency, especially in a cut-throat business like insurance. Your company’s branding, name and reputation, products won’t do it. It’s all about your people.
With pressure from the economic downturn, a large Singapore based insurance company needed their financial planners to deliver every time. However, the financial planners were not getting the right support they needed from their direct management. Read how Egyii’s Andrew Sidwell helped turn the situation around. Coaching for sales performance
Andrew Sidwell, Team Egyii, Singapore
Customer experience is comprised of three things: the Technology, the Design and the Connect.
But why does “customer experience” seem only to be emphasized in the mass market such hotels, airlines, retail banks and stores and telephone companies?
Shouldn’t it apply to every business encounter or client facing scenario?
Of course.
Let’s look at the area that is most overlooked-the “Connect,” which is the face to face encounter and where real relationship and business building opportunities exist.
When I personally operate, I look at every face to face encounter as an opportunity to connect and create a great personal experience for the person I am connecting with.
Think about it.
Whether I am calling on a CEO, a Managing Director, a Human Resource Leader or a Learning and Development Officer…..it doesn’t matter.
If you don’t create the right experience, you lose the opportunity. Period.
Let’s look at the reality of it all. When you walk into a retail store do you like being harangued by the retail clerk? Followed after when you need no help at all. “This would look good on you.” Who asked for your comment?
Or in a restaurant where the waiter obnoxiously starts recommending dishes-without asking what you like or what you might prefer.
What is the difference between the retail and restaurant scenario and a larger, complex, more expensive business to business or business to client sales scenario where the product portfolio-bits/bytes, features/benefits-is the focus?
There often is no difference. In both instances the encounter lacks sensitivity.
Why does it lack sensitivity? Because the encounter is all about the company and/or the intent of the deliverer. It is all about YOU and not the client.
In both instances, if you add sensitivity, real client focus (and a little bit of empathy), you will see amazing results.
Put yourself into the client’s shoes.
You are the front to your company, your product, yourself.
Think GREAT PERSONAL EXPERIENCE!
Everytime.
Trip Allen, Team Egyii, HOT HOT Singapore
No longer can global or major accounts programmes rely on decisions being made in mother countries. Decisions now need to be made on a local, Asia Pacific level, whether it is in Sydney, Singapore, Hong Kong, Mumbai, Shanghai or Tokyo.
And no longer can account teams rely on relationships alone. They must also add value.
Adding value means understanding what is on the mind of the client and giving them the tools to meet their personal and business goals. It’s not all about bits and bytes, bandwidth or speed or bells and whistles. To meet the goals, it’s all about understanding their problems and where they are in the decision making cycle…and being sensitive to that.
Neil Rackham, of Huthwaite and SPIN, was not a salesperson, but a behavioural psychologist. He studied how buyers bought and did not focus on how sellers should sell. He built a simple yet powerful tool to understand the buying cycle, or decision making process. He added sensitivity to the buying cycle.
In the buying cycle, there are multiple stages..changes over time, recognition of needs, evaluation of options, resolution of concerns, decision, implementation. No matter where you enter the buying cycle, you need to work (by continually adding value) with your client until he enters the “recognition of needs” area. This is the crucial time to be side by side, collaborating with your client to build the solution. (Rackham also recognises that all of this takes time, so focus on medium-long term, not short term).
Once you are at the recognition of needs phase, you should understand how the client makes the decision.
What motivates him to buy?
The client (or buyer) typically has four levels of questions when it comes to the question of motivation when buying:
1) The product and its characteristics/features
2) A solution to the problem
3) A good business partner
4) Someone we can trust
Buyers state that they want want the first or second and ocassionally the third. Most sales programmes/processes focus on levels two and three- focusing on identifying the buyers’ needs through consultative selling.
Levels one through three are rational and impersonal. The fourth level, a person we can trust, is far more powerful.
If you understand the buying cycle and ultimately what motivates your client when buying, you are one step ahead of your competitors.
There is a lot more to it than that for global/major accounts selling but understanding the crucial aspects of buying are vital.
*Derived from Trust-based Selling by Charles H. Green.
Trip Allen, Team Egyii, Singapore
(The author ran the Anixter Asia Pacific Global Accounts programme in the earlier part of this century. There are certainly a few things he did well but there are a lot of things he could have done better. He wishes he had known all of this then.)
Products aren’t the only things that need marketing. People do too. How do you build your presence for your clients- to market yourself and your company?
In a world where millions, if not billions, of people converge on a digital platform, communicate via mobile phones and meet face to face, to really establish a presence, a salesperson should create his own personal brand.
Twitter. Facebook. Linked In. Blogs. All free ways to create your extended presence.
Your extended presence is a great way to add value to your current relationship. Post and share your content and others’. Build upon subject matter that is relevant to your clients’ needs. Base it on the last conversation you had with your client.
A few helpful hints…peruse the following; Dan Schawbel’s articles as he is the personal branding expert who pens Personal Branding Magazine and, of course, the business guru Tom Peters, whose article The Brand Called You was originally written in 1997.
After all, the client’s relationship and loyalty is with the salesperson, not with the company.
Heat up the branding iron.
Trip Allen, Team Egyii, Singapore
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