Brave New Sales

Prospecting In New Markets: Fish Where The (Fat) Fish Are

Full disclosure...

My idea for this post came while reading Chris Brogan's post of yesterday, Fishing Off The Back Porch.

The driving theme of Chris' post:  We often get lazy in our lead generation efforts.

Chris painted a great picture of fishing off your own "back porch" when you should grab your gear and walk down to the stream.  Throwing a baited hook into the swimming pool, from our comfortable patio chair, isn't good enough.

This mental illustration made me think of another such picture, from my first real job in sales.

 

Fish Where The Fish Are

I stepped right in to deep water in a sales management job -- New York State Manager for a major California winery, Sebastiani Vineyards.  From journalism to sales management, without any experience in sales!  Whoa!  Somehow it worked out.

In light conversation, here's how we often prioritized accounts at Sebastiani:

"Fish where the fish are."

This expression painted a simple picture.  It was memorable.  It was easy to recall.  Not a lot of sophisticated metrics, but intuitive.

And intuition works:  "Hmmm, nothing but minnows in this pond."  Or, "Oooh yeah!  There's gotta' be a fat bass lurkin' around this lake!"

 

But Don't Fish Amongst A Feeding Frenzy

A few years later, I found myself working in sports marketing.

I loved going to the big sports marketing conferences.  Easy to understand why.  I was making all sorts of industry contacts, especially my first year.  I was learning a lot.

In my second year, I liked it even more.  Also easy to understand why.  I was in my comfort zone.  I was busy chatting in the corridors, building a relationship with a keynote speaker, having a beer at the bar, and learning a little bit more in the process.

But I wasn't selling.  I wasn't meeting buyers with appetites.  Buyers weren't even looking at my bait... or anyone's bait for that matter.

These sports marketing conferences were filled with sports marketing agents... and sports brokers, consultants, branding gurus, project managers, you-name-it... but don't name "qualified buyers."

The only buyers at these conferences were the ones invited to speak.  Sure, as speakers, they were high-profile and worked for organizations that had big budgets.

But it wasn't long before I noticed two things:

1. There were only a few qualified buyers at any given conference, and they would be among the conference speakers.  The rest stayed away.
2. These few qualified buyers were swarmed by other agents, brokers, consultants... and they weren't very pleased about being swarmed.  They were the "feed" in a piranha "feeding frenzy," and they felt sharp teeth all around them.

 

Fish Where The Fat Fish Are

I used to work with Rob Prazmark, a rain maker in the sponsorship sales world.  Rob's done billions of dollars in sponsorship deals around the Olympic Games and other blue-chip properties.

Sure, Rob attends most of the big sports marketing conferences.  He has to.  He's one of the industry's top guns.  But he doesn't stop there.

Rob and I shared a cab back to Atlanta airport once, and we got talking about the scant opportunities at the Olympic-related conference we had just left.

Rob cut right to the chase.  "You leave a conference like this?  Maybe you have two business cards worth following up on."

He paused.  I knew his big point was coming.

"You want qualified leads?" he asked rhetorically.  "Go to other industry conferences.  Right now?  Telecom is hot.  You'll get two dozen leads in one day.  A lot of them are fat, and a lot of them are hungry."

 

Stray Into Uncharted Waters

So, you want to develop new leads?  Pick an industry where you think your offering has a good fit... and not your industry.

Your fit is within a lot of industries, you say?  Good for you.  So get a sense of what's popping.  What industries are going through a lot of growth, innovation -- perhaps even downsizing if your offering has a fit related to cost efficiency or change management.

I use the example of conferences only to illustrate the bigger point.

Identify a new industry.  Market yourself there by exhibiting at a conference... or by cold-calling, warm-calling, networking, tweeting, blogging, whatever is appropriate to that industry.  Just don't stay in familiar waters, in markets where you've been.

It's comfortable but, by definition, it's limited.

Stray into uncharted waters.  Fish where the fish are.

Fish where fatter and hungrier fish might be waiting for your cast.

 

- What kind of opportune waters might fit your offering?
- Where might you find fatter and hungrier fish?

 

 Photo of Mike Halstead, from whom I also learned a lot in my good ol' days of sports marketing.

 

Don't Send Me Your CV!

I've received about a dozen CVs in October.  All by email.  All unsolicited.

I'm going to hurt the feelings of a few friends and readers here, but I need to be cruel to be kind.  So here goes.

Don't send me your CV.  (Please.)

Don't send anybody your CV on an unsolicited basis.

Daniel Pink wrote "Free Agent Nation" a decade ago.  In it, there is wisdom for the ages.

While Pink advocated self-employment and entrepreneurialism, he admitted there are often viable reasons for going back in to the mother ship of gainful employment: a solid income stream, health insurance, training, relevant projects in an area where you want to grow, etc.

But that's no reason to sell poorly.

And just sending out your CV is poor salesmanship.  Here's what it says to cynics like me:

1. Do my job for me.  Maybe you need me.  Or maybe you'll forward my CV to someone who does.  Or maybe you'll tell me to call someone who's looking for someone with my qualifications right now.  Or maybe not.  But I'm taking the easy way by sending you my CV.  So do my job (for me).
2. I haven't taken the time to determine your needs.  We've never spoken, or the last time we spoke was you-remember-when.  I really don't know if you need someone with my qualifications, or if you know anybody who does.  But I'm rolling the dice, which is a low-risk roll (for me) because I haven't put any "skin in the game" so far, anyway.
3. I hope my CV comes pretty close to your needs.  Sure, we've all read about tailor-made solutions, but now that I'm in this space, that's theory.  This is reality (for me).
4. If I had to post this at a real post office, I'd probably pick up the phone.  Imagine if I had to print this, write a cover letter, insert it into an envelope, lick a stamp, walk it down to the post office.  If I had to all that, I'd probably just pick up the phone and have an actual conversation with you.  I could even listen to you.  But emailing you is so fast, and so easy (for me).  Click.
5. I've given up on consulting/My start-up never really got started.  If something changes, I'll take that entrepreneurial opportunity, for sure.  But it's tougher than I thought out here, and I'm throwing in the towel.  I wanted "out" of the corporate life when we last spoke, but now... whew, I'll take anything.  This is the way it's going to have to be (for me).
6. I'm giving up on my current employer.  Your needs and how I can address them are fine, but they really come second.  I'm just so-o-o ready to leave this place that I'm flogging my CV around town, because getting out of here comes first.  So maybe you have a need and, sure, that would be really great (for me).

Think about it.  Have you ever received an unsolicited CV in your inbox?  No?  How about an unsolicited brochure in the form of a pdf attachment?  What went through your mind?

In the Brave New World, nobody wants to look at any brochure, learn about any product, or read any CV, until they've determined that they have an opportunity to exploit, a problem to solve, a need to address, or a desire to fulfill... and that you can help them exploit it, solve it, address it or fulfill it.

Then they will want to talk to you, and meet you (and, maybe read your CV before the meeting).

So what you need to do is to, yep, pick up the phone... and help people.

Sell yourself like a business development professional in an exciting industry, with great products that really help people.

Here are 11 steps.  ("Eleven?"  Yes, eleven.  I didn't say it would be easy.  If easy is what you want, just send your CV!)

1. Assume that your product is good.  Believe it!  The best career salespeople do not work for companies whose products they don't believe in and whose management doesn't inspire them.  (Although we all make mistakes, but I digress.)  So believe in yourself.  Believe that you can help people/companies.
2. Determine your value-add and your passion.  Niche thyself with a unique selling point or competitive advantage statement.  Be very specific.  What makes you so damn good, and how does that help people/companies?
3. Identify your targets.  List those companies you'd like to work for first, and then those where you feel there could be a need for your USP/talents.  Any correlations?  Within those companies, which department/type of manager would most need your talent?
4. Build referrals.  Among your targets should be networking allies, people you already know.  Don't send them your CV either.  Enlist their support by engaging them in identifying targets, consistent with Point 3 above.
5. Find the right mindset.  Your conversations should not be about you looking for a job.  Every conversation should be about identifying companies/entities/managers who might be experiencing the challenges you can help them overcome, and then how you can help them.
6. Pick up the phone.  I know.  Cold-calling is tough.  It's actually easier when you have the mindset of helping people overcome challenges and exploit opportunities.  Engage people in... imagine this... real conversations!  The telephone is your friend.  And it feels friendlier to the recipient than does an email.
7. Stimulate interest.  When you get your prospect/ally on the phone, find something to spark interest.  Your "grab" could be a relevant industry trend, a common problem that similar organizations are suffering, a new opportunity that a few companies are exploiting.  If the grab doesn't feel right after a few calls, adjust, but it has to be relevant and compelling.
8. Bridge to customer needs.  Then ask the 'C' word.  ("Are you facing similar Challenges in this area?")  Or the 'O' word, which leads back to the 'C' word.  ("Is this an Opportunity you might be looking to capture?"  "I see.  What Challenges will that bring you?")
9. Listen.  Many deals have been lost by salespeople who talk too much.  Few lose deals by listening too much.  So if you find you're getting traction, ask a few more good questions.  And listen.
10. Propose a face-to-face meeting.  Suggest that you believe you can help in this area, but that it would benefit both of you to get to know each other, so that you can learn more about what they're looking to achieve.  By all means, be ready to answer the CV question with, "Sure, I''m happy to send you my bio as we prepare for the meeting."  But don't think CV first.  Think meeting first, because the client, er, prospective employer, has a need that you can address.  It's you they need to hire, not your CV!
11. If you don't get a meeting, get a referral.  Don't ask for a referral if you get a meeting.  (And continue to think positive, that you'll get a meeting.)  But if the prospect won't meet with you, what have you got to lose?  "Before I let you go, Ms. Jones, I was just wondering if you might know someone that could be experiencing these types of challenges?"

And if you get a referral?  Don't send your CV.

Don't send me your CV, either.  Catch me in a good moment, though, and I'll take your call.

 

Photo by Encarni  http://www.flickr.com/photos/mechiflahacerfotos

Post (c) Jack Vincent 2010

Team Selling? "Pull and Load"

One thing I enjoy about working with companies from different sectors is that it's a fertile source for my own learning.

Sometimes a solution I might develop with one client has applications for other clients, as was the case this week with a program we call "Pull and Load."

A technology components supplier has Area Sales Managers handling the ongoing relationships with customers.

These sales managers have broad, general knowledge across numerous product lines, but they don't have deep expertise in any one specific area.

Enter the specifists.  These are the -- yeah, let's make a joke at their expense -- the nerds.  (Don't be too condescending about nerds.  No one in Silicon Valley is laughing at them.  The nerds are the ones doing the laughing... all the way to the bank!)

The generalists manage today's business with clients, while keeping an ear to the wind for future challenges and needs.  The nerds manage tomorrow's solutions, with a by-product being innovation.  (No sense innovating what the marketplace doesn't want, right?

In the Brave New World, one of your best sources for innovation often comes not just from R&D or the creative department, but from listening to your clients.  Of course, you need to be asking them the right questions, and this is where the specifists are not just geeks, but savvy commercial people, too.

In Pull and Load, the sales generalists "pull" from existing clients, and "load" it on to the nerdy specialists.

Essentially, when the salesperson gets into a conversation regarding a customer's future challenges, he gets as good a brief as his (shallow) generalist mind can handle.  He then provides the brief to the nerd with the deeper (but narrower) mind.  Together, they brainstorm, go back to the customer, and get in to some serious solutions selling.

The company then custom-designs new components for the client's future product specs.  In the process, they innovate for the marketplace at large.

Pull and Load.  Innovate and Sell.

I really like this principle, and I think it has all sorts of applications beyond generalists and specifists.

For example, another company I've worked with struggles finding salespeople in their specialized industry, especially salespeople who can open and close... who can get in to see a lot of new accounts and also close a lot of them.

Some of their salespeople are great openers, and others are great closers.  And therein lies the gap.

And therein lies the rhetorical question: "Why not team up the openers with the closers?"

And this prompts the painful answer: "Because many salespeople are selfish."  (Hey, don't blame me for playing messenger.  If you've been in business for any length of time, you know this is the nature of the beast!)

But, what's worse?  Not opening enough, and not closing enough, and... getting fired?  Or splitting your commissions?

Splitting shouldn't mean "half of the pie."  It should mean half of two pies.  And if it really works, it could mean half of three pies.  You leverage your strengths, and you all sell more!

Make sure you see the forest through the trees.  Take the broader view.  Consider teaming up, leveraging strengths, and selling more.  The openers open more.  They pull, and then they load it on the shoulders of the closers.  The closers close more.  The generalists identify.  The specifists solve.

Pull and Load.  I'm going to play around a lot more with this one.

Make a "Cold Call" Warmer - The Triggering Event

Happiness is a Warm... Trigger.

O.K., I'm dating myself, and revealing my wanna-be cult past.  The above is a play on a Beatles title, one of their more surreal songs from The White Album.

But it fits this Friday's post for two reasons.

1. Cold-calling is extremely difficult in the Brave New World.  A buyer's guard is arguably at its highest when taking a first call from a salesperson.  Therefore, any tool for turning a cold call into, what I call, a "warm call" is a tactical advantage.
2. The tools for pre-heating an approach call are few.  One of the most effective ones is to seize the moment -- the moment you learn of a "triggering event."

Remember, most purchases are initially driven by emotion.  Then ration sits in the passenger's seat and feeds the driver with analytical reasons to satisfy this emotional need or desire.

Activating the triggering event addresses the early stages of the buying process, be it in B2B or B2C, when buyer emotion is often at its highest.

As Kendra Lee writes in All Business, "Triggering events are changes in (your prospects') companies, community or world that cause your prospects to make an adjustment and possibly a buying decision."

"Pain" has become a big word in sales over the past decade, as pain often drives buyers to act.  And "trigger" implies sudden, catalyst.

So triggering events often create an immediate need to act, whether it's to correct a problem, exploit an opportunity or fulfill a desire.  What better time to be seen as resourceful by your prospect?  What better time to distance yourself from one of those... cold-callers?

This is not just about seizing an opportunity; this is about "customer focus" in its most genuine form.  If your goods or services can address this sudden awareness of pain, you owe it to yourself and to the prospect to show how you can help!

This still requires good cold-calling skills (topic for a future post), but the point is, your call will be warmer if there has been a triggering event.  You will be seen as being up-to-date and resourceful.  You will be positioned as a professional.  You could be a white knight.

Here are several types of triggering events.

• Positive financial news.  Prospects may be able to exploit opportunities now, may have to now, and may have the budget now... but not tomorrow.
• Negative financial news.  They may have the need to correct something.  Pronto!
• New product launch.  They need to get it right.  Can you help them?
• Product recall.  They really need to get it right.  Can you reduce the pain?
• New management.  Perhaps previous management should have used your services in the past.  ("If only they would've listened to me!")  Perhaps the new managers see the light, or know they need a flashlight.
• New legislation.  Big brother has put up another obstacle.  Everything needs a re-think.  "All hands to the pump!"
• Other stuff.  Your field may have triggers that other industries don't.  You're the expert in your field... you get the point.

Keep an ear to the wind.  Keep an eye on the news.  Be solutions-oriented.  Be fast.  Be trigger happy!

Post Script:  Here's a timely and cool example of a B2C trigger.

A few friends of mine here in Luzern Switzerland are as passionate about FIFA World Cup as I am.  (See previous posts.  And for those who know me, "Viva España!")

Switzerland beat Spain in the first group match... which was Spain's only loss in the tournament, before Spain went on to win every match thereafter, including the final.  Spain, World Champions.  Campeones del Mundo!

So the buzz in Helvetia this week has been, "Switzerland, the only team to beat the World Champions."

ESP 0:1 SUI

And so my three amigos, Padi, Wes and Thomi, designed t-shirts in Swiss red with white letters, "Weltmeister Besieger" (see photo above).  They put together an online campaign including a website Weltmeister Besieger and a Facebook page.  By Monday morning they had their campaign going online.

They're doing alright with it, they're having fun, and they're staying in touch with their Brave New World entrepreneurial-side!  I bought a t-shirt for my son, who's in touch with his Swiss side.  "Kewl."

Padi, Wes and Thomi seized the opportunity, and they're helping Swiss fans fulfill their desire to celebrate this tiny country's most positive story out of World Cup.

Pride = emotion = triggerable.

"Happiness is a Warm Gun."  (Lennon/McCartney, 1968).  Sehr kewl!

Bridge to Customer Needs

The last conference speaker before lunch was fantastic.

He was engaging as a presenter, he really knew his stuff, his material was exciting, and his slides were awesome... great visuals, minimal text.  The best presentation of the morning and, even better yet, he was right on target with a good portion of the audience.

Hot stuff!

Naturally, a line formed at the side of the lectern.  A dozen or so conference attendees would endure their hunger a bit longer in order to get some of this guy's time.  I was fortunate enough to be the second person in line.

Sure enough, the woman in front of me was thorough, to say the least.  But I must admit, she was asking some very good questions.

In fact, she was a qualified buyer.

She had a clear need for the services the speaker provided.  After ten minutes of Q&A, she went away nodding in approval.  She thought this guy's stuff was hot.

And this guy had just... blown an opportunity.

Maybe he was still wrapped up in "presentation mode" and felt he had to impart information.  Or maybe he was a Founding CEO, with all the technical genius to launch this hot-shot start-up and he had left his sales gun back in the office.  Or maybe...

Whatever.

Here's the crux.  Not once did Upstart CEO ask the project manager anything about her project... not what challenges she was facing, not even what the project was.  Not once did he "bridge to the prospective customer's needs."

Opportunity lost.  Or as a not-so-old proverb goes, "Opportunity is often lost because we are broadcasting when we should be tuning in."

Fast forward five hours.

At the conference's pre-dinner apero, I was again chatting with Upstart CEO.  I had come to the end of my queries, so we started making small talk about New York State, where we both were born.  And again, I  could see other people wanting to have a word with Upstart.  Yeah, yeah, yeah, the guy's mojo was hot stuff.

So I smiled at one of the circling onlookers and welcomed this Newcomer into our discussion.

It happened again!

Newcomer was asking good questions, giving all the indicators of a qualified buyer.  Upstart was giving generous, in-depth answers.  But after ten minutes, the conversation was beginning to wane.

So I smiled at Newcomer and asked, "And what are you working on?"

Within 90 seconds, Newcomer and Upstart were off to the races.

To make a short story shorter, Newcomer and Upstart concluded by agreeing to meet in two weeks, with key team members from each side.  Newcomer would send material to Upstart before then, so that Upstart's team could get a better understanding of the challenges Newcomer was facing.

Opportunity won.  (And I didn't even get a commission.  But I did build goodwill.. on both sides.)

In the Brave New World of Sales, do not expect your prospects to take action just because they think your stuff is hot.

If your hot stuff piques a prospect's interest, that's good.  It's very good.

But to lead a prospective customer successfully through the buying process, your hot stuff is only a start.

As early as you possibly can... read my lips... as early as you possibly can, bridge to the customer's needs.  There are good ways and bad ways of doing this, and intuition is a good thing to follow.  But don't confuse intuition with feelings of uncertainty or doubt; don't trick yourself into not doing it.  You must navigate the conversation toward the customer.  Must!

In the Brave New World, the hottest stuff out there is not your hot product, your sexy brand, or your cutting-edge management team.

The hottest stuff is your ability to bridge your focus toward the customer.

 

Photo by New York State Travel Center

Are You "Adding Value to the Conversation"?

I was coaching a small start-up entrepreneur recently who was saying he was stuck.

He had been making a lot of calls, some cold, some warm, but he didn't feel he was making any headway.  Prospects were showing resistance the moment they sensed he was pitching.

He's an expert in his field and knows he has a lot to offer.  I actually think he's brilliant.  But prospects don't want to hear about his services.

That same day, an old friend of mine was telling me she was ready to make the big step.  She was going to start a blog, get a Twitter profile, and get rockin' on LinkedIn.  But she was also stuck.  "What do you do once you start the blog and polish your profile?"  That big step was a giant leap.

This week, I was also working with an HR Director in a highly specialized industry, designing sales coaching for the company's salespeople.  The salespeople are, well, specialists who receive extensive training on new, cutting-edge products.  But the market is changing fast, and the competitors are beginning to simply out-sell them.  Most of the company's salespeople "don't even know when they're in a commercial conversation.  They want to talk product features and benefits."

Welcome to today's commercial process.  Yep.  Welcome to...

Storytelling By Email: 9 Best Practices

In the Brave New World, we're all fighting for share of voice, as well as impact.  Email is no exception.

One way to cut through the clutter is to craft your email in to a short (very short!) story.

Storytelling became a hot concept in branding and marketing a decade ago.  Guess what.  It's here to stay.  Because it works.

It's the cornerstone of publishing, and it's an essential part of TV programming.

Storytelling can make an online property go viral in minutes.

So why not "storytelling in selling"?  Why not in prospecting?

I know several salespeople who use storytelling in their approach emails, and they are getting good results.  I have started doing it, and I must report that I'm seeing an increase...

Prospecting: Are You Promiscuous Enough?

Some of my closer colleagues emailed me with comments to my previous post, "Are You Too Promiscuous?"  (Come on, folks, help me out.  Why not comment directly on my blog itself?  Actually, I know the answer, it's quicker and more efficient to send an email.  That's cool, too.  Thanks!)

The ensuing "Promiscuity Debate" centered around the big question: to research, or not to research, before establishing contact with a new prospect?

One friend who works in commodities trading pointed out that his sales are transactional in nature.  "You call.  You tell them the price is on the move.  You point out the benefits of...

Prospecting: Are You Too Promiscuous?

I used to work along side a salesman who used the "spray and pray" approach to prospecting.

He would get lists of companies, call the receptionists, find his way in to the marketing departments, and follow-up with a fax that was customized to the extent of "Dear Ms. Whatever-Your-Name-Was."  Company after company.

To this day, I admire the guy for his fearless approach to cold-calling.  On the other hand, he was "a mile wide and an inch deep."  He was like the creep at the bar hitting on everybody, with the reputation to go with it.

I often wonder how this guy is doing today with the advent of the internet and email.  Maybe I should check my spam filter.

Prospecting should not be seen merely as "a numbers game."  As Jill Konrath writes in "Selling to Big Companies", don't be too promiscuous in your prospecting.  You will be more successful -- and motivated -- if you focus on, say, a dozen companies in a given month.  Research them.  Try to find what types of challenges or opportunities they face in areas where you're an expert or can provide value.  Prospecting is also "a quality game."

Identify good targets.  Good = quality.  Maybe, quality targets are multi-national companies within 30 minutes of your home office.  Or maybe it's a certain industry where you have deep expertise.  Or maybe... you get the point.  Be selective.

Sure, the more cold-calling you do, the more initial contacts you'll make.  But will this turn in to a deep love affair. e.g...

Speaking at a Conference? 8 Tips for Industry Leaders

I returned from a major industry conference two days ago

Was I disappointed!  While the networking was good, the presentations overall were... average.  And "average" is so far below the potential of anyone who speaks at a conference.  Brave New World entrepreneurs must seize opportunities like this big time!  Yet time and time again, the vast majority of conference presentations fall in to the abyss of meaningless... boring... forgotten.

Indeed, there were a few diamonds in the rough.  A few industry leaders actually cared about their presentations.  They not only prepared well, but they executed well.  And they made a big impact.  They strengthened their own personal brands and maximized their lead generation.  Could this be one of their secrets...