The Objective of Prospect Relationships

Why do you really want additional customers? No, really—I’m serious. What is it that drives you to seek out new prospects and new business opportunities? When was the last time you really thought about your reasons for being in sales?

There are all kinds of reasons, and yes, money is one of them. That can’t be overlooked. But, I’m betting there are other reasons outside of that paycheck which keep you coming back to work and back to nurture your business every day. There are things in this life that are worthwhile to be passionate about and one of those things, I hope, is your business.

Now, turn the tables. What is it that drives a customer to buy your product or service? Why would they choose your company over the next guy’s? Is it about passion for them as well? Probably, just not about the exact same things you are passionate about. The trick is finding out how the two of you fit together. Like any good relationship, a customer relationship can and should be about more than money. It’s about finding a good fit and a synergistic relationship. It’s about respect and value that goes beyond dollar signs.

I talked a little bit about this when I encouraged you to define your ideal client. To be successful, you need a very good understanding of your own drives and motivations and an even better understanding of your prospective client’s drives and motives.

First, let’s realize a general assumption. There are two kinds of prospects: new and seasoned. What do I mean by that? Basically, you will encounter two different types of consumer. The first – new – is a new player. They are new to the need for your type of service. They are start up companies or those who are learning a new way of doing things. (Think Grandma shopping for her first cell phone.) The second – seasoned – have been in the game for a while. They know what their needs are, they know how and what they want to buy, and they’ve done it all before. (Think about the teenage grandson Grandma brought shopping with her who is one his fifth cell phone.)

New and seasoned prospects have to be approached differently but your end goals are the same. You both want a positive outcome to your buying and selling relationship.

I’ll focus for just a minute on the seasoned prospect. Why? It’s a matter of logistics. They’re the ones you’ll encounter most often and the biggest question you’ll have is: are they buying from me or my competition?

Having completed millions of prospecting activities, we have learned a thing or two from the tens of thousands of sales opportunities we’ve generated at Ekstrom and Associates. Among these things is the fact there is relatively little complete brand loyalty. There can be substantial loyalty to a provider or vendor, but there typically isn’t blind loyalty to the brand as a whole. This is what you need to focus on. A prospect’s loyalty is generally focused on the company, not the brand of the product. Even if it’s there, loyalty to a brand will not stop you from taking business away from the competition.

Prospecting always works, and if you want to go after your competitors’ best clients there isn’t a better tool. What percentage of your existing clients left you and your company in the past five years? It’s likely that your competition suffered the same loss. Your ability to prospect, among other things, allows you the opportunity to learn firsthand, from your competition’s clients themselves, how dissatisfied they are with your competition. Use that knowledge to draw them away from your competition to you.

In order to take opportunities away from the competition you must be willing to step up to the plate where these seasoned buyers are telling you they have dissatisfactions. You need to know your ideal customer: their drives and passions and be willing to foster a relationship based on their needs. You look for additional services to provide that show your company is passionate about they’re needs.

First, you look for and fill an immediate need, then you work to keep these people by building a fortress around your relationship. These efforts: taking the most attractive clients away from your competition, and guiding you in building a fortress around them are what Ekstrom and Associates specializes in.

It can be that simple. Build a stout fortress around your most valuable clients and tear down the fortresses your competitor’s have built. It doesn’t make economic sense to take 10 great clients from your competition and lose 10 great clients in the process. Let them know how much you value their business. If you don’t show them they are a valued customer, they will find a company who will.

More Things to Consider Before You Pick Up the Phone

How the script is delivered (acted out) is just as important as what is said in the script. Your voice and mannerisms need to be just as personable as your words. What can you do to improve your calls outside of the script? Here are a few things to consider.

Ideally, the goal of your script should be to have a conversation. Not a long conversation, but a conversation nonetheless. In the past 20 years we have written hundreds of scripts and delivered them millions of times. Regardless of the script’s subject the most successful scripts are always conversational.

Maximize productivity during your calling time. When you are working efficiently you should be making approximately 30 phone calls per hour. Remember, an average prospecting call should only be a few minutes long, unless the customer initiates a longer conversation.

Here’s another hint. We recommend that you only let the phone ring four times instead of the standard six. That sounds like a strange rule doesn’t it? The reason we make this recommendation is that in most telephone systems, four rings takes a total of 24 seconds. Six takes 36 seconds. The difference between 24 and 36 seconds is just 12 seconds, right? What’s the big deal with 12 seconds? A lot!

On a 30 call per hour project (and most of our projects run 30 to 35 calls per hour) that wastes 12 seconds per call (12 seconds times 30 calls per hour equals 360 seconds). The numbers add up quickly. If you take 360 seconds divided by 60 (the number of seconds in a minute), it equals six minutes. Six minutes is equal to 10% of an hour. How would you like to lose 10% of your productivity, right off the top, because you allowed the phone, if not answered, 12 extra seconds on a call?

Adjusting the amount of times you let the phone ring is one of the most basic things you can do to make your prospecting time more efficient. It can’t get simpler than that.

Remember to utilize some type of a Marketing & Sales Database, to keep your call time and prospecting experiences organized.

Be consistent and diligent. Keep track of what you say when you leave messages for Decision Makers (DM) and call back when you say you will. Don't expect that interested or not, they will return your call.

Have you scheduled prospecting into your day just as you would block out time for a sales meeting? If you do not make time for new prospects you can not expect them to seek you out.

Another thing to consider is the “voice” of the one making the prospecting call. Do all you can to make this voice friendly, polite, and specific to the geographic area you are approaching. I realize you can’t change your voice dramatically, but you can improve diction and vocal mannerisms.

Attitude also makes a big difference- do you expect the DM to take and enjoy your call, or do you see yourself as an inconvenience and interruption to their day? If that is how you feel about your phone call, how can you expect the other person to feel any differently?

What you take into the experience often determines what you can take away from it as well. Sometimes the old adage “Smile before you dial” is overused, but that doesn’t make it less true. When you are happy and excited, the listening ear on the other end of the line can detect that. Don’t be false, but determine your own motives for making a prospecting call, remember the overall goal of getting to know the prospect and enjoy the conversation.

Remember prospecting is not sales: when you talk to a prospect you are looking to see if they have a need you can fill, not telling them what you think they need and how much it will cost them. Get to know them, ask for information about their needs and concerns before you ask for more of their time or money. Most people have their own opinions and feelings so it should not be surprising that they are willing them, even with people they don’t know.

Maintain a policy of honesty and respect. Do not fabricate connections with a prospect or information about your product or service. When you don’t know an answer, admit it, but promise to find out and get back to them.

Be personable. Make a connection to the prospect as a person rather than a number off your list of people to contact. Just as you would want to be treated with high regard, they want that too. Offer, and expect, respect and common courtesy.

Are you taking advantage of opportunities to gather "I know a guy" referrals? Even if a prospect is not a good fit for your company, they may know someone who would be. This concept applies to current clients and those you are seeking to make productive relationships with.

Lastly, be sure you know what the "no" you hear means- there is a big difference between, "No, never" and "No, not right now." Remember the "X" factor. There is an appropriate time for every purchase and if you have an established relationship with the prospect you have more of a chance at being there when their time to purchase arrives.

Creating an Effective Script

Have you ever mentally coached yourself for a conversation or confrontation? There are times when we want to step into a situation knowing exactly what we want to say, how and when. Prospecting is defiantly one of those times.

Creating a plan to:

(1) Deliver the message you want delivered, and

(2) Obtain the information you require.

Is what scripting is all about. If you are prepared, you can enter each conversation with an increased level of confidence in yourself and in your message.

So, what is a script? It’s an outline for a purposeful conversation. In other words, the script guides or controls the conversation. When you do it right, the prospect won’t even be aware that the conversation is structured. Part of wearing your prospecting hat is to have the script so well practiced that the prospect feels the conversation is spontaneous.

This isn’t as foreign as it might seem. Just as I mentioned, we are all prone to rehearsing our words before we open our mouths at certain times. In fact, most conversations have some sort of script, but it’s often very general and “off the cuff.” Knowing this can give you a distinct advantage. If one of the participants has the whole conversation carefully worked out in advance the dialogue proceeds the way that person wants it to. You can be in control of the conversation.

One of the secrets to guiding the conversation is to create a list of open ended questions which the prospect can answer that takes the script in the direction you want it to take.

With a well-developed script, you can:

• Make a great first impression on behalf of your company

• Get past the receptionist to the Decision Maker

• Determine whether the company or prospect is qualified

• Gather relevant marketing information for your Marketing & Sales Database

• Prioritize the company’s value as a prospect to your business

• Generate sales opportunities

• Maximize your productivity during your prospecting time

As you’re crafting the script keep your three over-riding goals in mind:

1. Qualify the Decision Maker

2. Determine the timing of the prospect’s next planned purchase

3. Set up a Next Step, or what is going to happened after this conversation

Beyond the initial greeting, the development of the script depends on the specific project you are creating. Remember, this conversation is about asking questions and listening to what the prospect needs so that you can prioritize your future actions, not delivering a sales pitch.

Here are some general hints on developing questions:

• The script should result in a short conversation; no more than a couple of minutes, unless the decision maker wants to ask questions or talk longer. There are a number of things you could ask that would be helpful, but efficiency is critical. There is a trade-off between information gathering and effective time management.

• The questions you ask should elicit information you need to advance your agenda. Create questions that give you measurable data.

• Try not to start off with open-ended questions such as “Is there anything that you need in your company?” It puts people on the spot, and the answer will probably not have much to do with your specialty anyway.

• Ask questions that move you towards a determination of whether or not this person has a need you can fill.

• Try to ask questions that will give you valuable, actionable information no matter what the answer is. A well-thought out information gathering or yes/no question can give you a lot of data.

• Ask questions that naturally branch. Whichever branch the prospect takes, have back up questions or information for that branch. This is one way you can direct the conversation. These questions might begin with leads such as: “Do you?” “Have you thought of?” and “Are you happy with?”

• Know when to give up. If the QDM is not willing to answer questions, thank him or her, politely terminate the call and go on to the next prospect. Don’t continue to move ahead if clear progress isn’t being made.

It is important to remember that while you are seeking Sales Opportunities, you’re looking for the right kind or fully qualified Sales Opportunities. So, this process is as much about disqualifying, or “weeding out”, as it is about qualifying. The prospect’s qualifications are measured with a tool we call the Willingness Range. This is one of the trickiest parts of the script to write. Without delivering a sales pitch you need to ask questions that will show how ready or willing the QDM is to commit to a sales meeting. The more the prospect is willing to commit to a course of action, the higher the Willingness Range. The higher the Willingness Range, the higher the qualification. The lower the Willingness Range, the lower the qualification.

You want the questions to culminate in a realistic commitment on the part of your prospect. High Willingness Range qualifying questions would be something like: “Would you like to discuss that idea sometime?” “Is there a day that’s better than another to schedule that discussion?” “Would you prefer a morning or afternoon appointment?” All these questions require the prospect to make a commitment.

Don’t be too quick to offer literature. Offering written information requires only low levels of Willingness. It reduces the need for commitment and effectively ends your conversation. Literature plays an important role in the process, and you may want to use it, but most prospects will willingly accept literature as a simple tool to end the conversation.

Remember, writing the script is a process and you should expect to revise and rewrite it several times before you arrive at a final version. A script is a dynamic document, and as the economy changes, as new technologies emerge, and as other conditions change, you will need to revise your script to fit the situation. Paying attention to how prospects respond to and keeping careful records will help you analyze what is working and what is not. Keep the things that work and rework the things that don’t until your prospecting conversation is a pleasant experience for both you and the prospect.

For more insight into prospecting scripts, see: Questions That Can Make You Money

More Information on CRM Databases

Since we’ve been discussing the importance of knowing:

Your current customers

Who your target audience is for prospecting, and

How you want to organize your information about these groups

The following video seems appropriate

As I previous mentioned there are many, many different database and CRM programs available in the market. That being said, one of the most important things to remember when you begin comparing programs is that none are perfect! What I am trying to say is that they are not written with your unique customer (prospects) needs in mind. The best decisions are made when you take your top customer and prospecting priorities and match them to a program that can best help you meet them.

On May 12, 2009, Selling Power Magazine published an interview with Eric Berridge, CEO of Bluewolf, in their Daily Report a five minute video entitled The Secrets Of Successful CRM. You can view it here or by following the link for yourself to: http://www.sellingpower.com/video/?date=5/12/2009. Eric explains why whatever CRM or database you select you will find it necessary to make compromises in what you’d like to accomplish or be prepared to program the database to meet your unique needs.

Remember to allow yourself a learning curve. Don’t expect a perfect match your first time out the door. Prospecting is a dynamic process and so are the tools you’ll use to be effective in your efforts. Do expect you database to provide a set of productive steps forward in meeting your prospecting needs.

Thanks for the great tip Eric Berridge and Selling Power Magazine!