Selling to Big Companies Blog

How to Develop Credibility - When You're Not Credible

What are the main issues you face when you target new vertical markets where you don't  have any experience in that area. Also, how do you overcome these problems?

I get asked those questions frequently. But usually it's after the decision has already been made and the poor salespeople are struggling to gain a foothold in the new vertical market.

If you're considering moving your company in a new business direction, here are my suggestions:

Your biggest issue will be credibility. Corporate decision makers don't want to be your first client in a vertical market. They don't want to have to educate you since it takes up their precious time.

Even though you're a good company, they know that your lack of experience could lead to time-consuming and costly errors. They don't want to risk this happening.

1. Move into the market slowly.
Don't bet your company on success in the new vertical. Study the industry. Learn their terminology. Know their competitors. Double check for "fit". I've seen way to many companies leap into new markets because they sense greater opportunity there than in their current market space.

2. Define the business case.
Uncover how they're currently handling things related to your offering. What are the common status quo scenarios? What business objectives will they have difficulty achieving unless they change the status quo? What are the financial ramifications of these? Then define the value they'll get from changing to your product/service.

Potential clients need to hear a strong value proposition that clearly articulates the business outcomes they'll realize by using your offering. Use business terminology, not techie talk.

3. Create linkage.
If possible, try to create a link between your current customer base and your new one. If all your clients are schools and now you want to move to theme parks, you need to be able to clearly articulate why it's relevant.

As an example, last week I had lunch with a good friend who spent over 20 years in marketing with a large accounting firm. She was laid off a while back. Now she wants to work with technology companies.

After analyzing both industries, combined with her experience we realized that her expertise was in helping company's implement strategic changes in their marketing. That positioning makes sense to potential decision makers - and minimizes the "you don't have any experience with companies like mine" objection.

4. Pursue smaller opportunities first.
This significantly reduces the decision maker's perceived risk in moving ahead with a new player in the market. Then, make sure you do a superb job on delivering on what you promised. After that, pursue additional opportunities within the account to expand your footprint.

5. Train your salespeople on all the above.
Without this knowledge, they will flop. That I can guaranteed 100%. Ultimately these people have to make it happen. Don't send them into the field with some worthless PowerPoints explaining your technology in excruciating detail. They need to be able to have intelligent business conversation with decision makers.

6. Create field-ready sales tools.
Focus especially on the early stages of the sales cycle. Your sales reps are going to have a tough time setting up meetings. Show them how to integrate their value proposition into phone calls, voicemails and emails.

Give them relevant white papers and case studies that are closely aligned with this new market segment. They must be able to show your company's expertise to customers, so this is a necessity - even if you're moving to a new market.

Create a "question matrix" that outlines what they should be looking for on calls and the questions they should ask to uncover this information. Develop customer-focused PowerPoints to use on follow-up meetings.

7. Pray!
It takes a lot of hard work to succeed in a new marketing segment. Implement the above suggestions and your chances of success increase. Rush blindly ahead and you'll most likely waste tons of money, put your firm in financial distress, frustrate your sales force and create incredible internal animosity.

Trash Talk & Delete Buttons: A Candid Letter from Your Prospective Customer

Dear Seller,

I only have a few minutes, but I understand you're interested in what you can do to capture my attention and entice me to want to set up a meeting with you.

Let me say this loud and clear right now - you have no idea what my day is like. You may think you do, but you're missing the boat. Until you understand this, my advice to you makes no sense.

I got into the office early this morning so I could have some uninterrupted time to work on a major project - something I can't seem to squeeze into the normal business day, which is filled with back-to-back meetings.

But, by 9 a.m. all my good intentions were dashed. My boss asked me to drop everything to get her some up-to-date information on a major reorganization initiative. Product development informed me that our new offering won't be available for the upcoming tradeshow. Sales is already in an uproar because they have customers waiting for it. Then HR tells me that one of my key employees has been accused of cyber-stalking.

Starting to get the picture? Welcome to my world of everyday chaos where, hard as I try to make progress, I keep slipping behind. Right now, I have at least 59 hours of work piled on my desk, needing my attention. I have no idea when I'll get it all done.

Did I mention my how many emails I get daily? Over 100. Everyone copies me in on everything. It drives me crazy. Then, add to that at least 30 phone calls - many from vendors who want to set up a meeting with me. And the pile of junk mail I get each day is ridiculous.

In short, I have way too much to do, ever-increasing expectations, impossible deadlines and constant interruptions from people wanting my time or attention.

Time is my most precious commodity and I protect it at all costs. I live with the status quo as long as I can - even if I'm not happy. Why? Because change creates more work and eats up my time.

Which gets us back to you. In your well-intentioned but misguided attempts turn me into a "prospect," you fail woefully to capture my attention. I'm going to be really blunt here: I could care less about your product, service, solution or your company.

I'm not one bit interested in your unique methodologies, extraordinary differentiators or one-stop shopping. Your self-serving pablum, while designed to lure me into your clutches, has the exact opposite impact.

It's trash talk! I quickly scan your emails or letters looking for those offensive words and phrases that glorify your offering or your firm.

The minute they jump out at me, you're gone. Zapped from my inbox or tossed into the trashcan. When you talk like that in your voicemails, I delete you immediately. Delete, delete, delete.

That's the most expeditious way to handle bothersome telemarketers. Use those same words on the phone with me and I'll quickly raise an objection you can't address.

I'm a master at sniffing out trash talk and deleting it. I have work to do and refuse to waste even one iota of my time on something that's irrelevant or self-promotional.

You need to know though that I'm not always like this. Occasionally a savvy marketer or seller captures my attention, gets me to raise my hand asking for more information and even entices me to request a meeting.

What are they doing? They're completely focused on my business and the impact they can have on it. That's what's relevant to me - not their offering.

I'm always interested in ways to shorten time to market, speed up our sales cycles and reduce our supply chain costs. Notice that this is business talk, not marketing speak!

When you get even more specific and tell me how much impact, now you're really talking my language. I guarantee that if you mention you've helped organizations similar to mine increase sales conversion rates by 39% in just 3 months, I'll be on the phone to you in no time flat.

Do you have any good information or fresh insights about the challenges my company is facing? How about how other companies are addressing these issues? If so, I'm interested in that too.

That's the good stuff. It stems from a focus on the difference you can make for my company, instead of how you're different from every one else. When you emphasize that, I'm interested.

But you can't rope me in with the good stuff, then slip back into that trash talk. If so, you're gonzo as fast as I can hit the delete button.

I pay attention in about 5 second increments, too. I don't have time for fluff. If it's relevant info, you've got me; start meandering and I hit delete.

Get the picture? I hope so, because I'm late for a meeting and while I've been writing this, the phone's been ringing off the hook.

Hope this helps!

Your Prospective Customer

****

Jill Konrath, author of Selling to Big Companies and founder of the Sales Shebang, is a frequent speaker at national sales meetings and industry events. For more articles like this, visit http://www.SellingtoBigCompanies.com. Sign up for the newsletter and get a BONUS Sales Call Planning Guide.

Can You Love a Man You've Never Met?

Within minutes of stumbling on his From Where I Sit blog, I knew I'd met a man who was after my heart. I just returned from a 3-week vacation to New Zealand, so his post on Unplugging from the Matrix really hit home. It was tough for me to be disconnected, but immensely valuable.

But our relationship really began when I read The Seven Levels of Preparation. He hooked me in the first paragraph when he wrote:

"Hi. My name is Mike, and I’m a prepaholic.” If there was a support group for people who over-prepare, I would be a charter member.

As many of you know, I believe preparation is essential for success and that lack of preparation is the root cause of most sales failure.

But, until I read Michael Hyatt's blog I never consciously paid attention to all the different types of prep work involved in getting ready for a big presentation:

1. Prepare the Presentation
2. Prepare the Setting
3. Prepare the Audience
4. Prepare Yourself
5. Prepare the Collateral
6. Prepare the Questions
7. Prepare the Next Time

He's right on when he says, "Most people focus exclusively on the first level." If you want your presentations to be more effective, check out this informative article.

Online Business Resources

Google News - Sign up for alerts about breaking news with your clients or prospects

Yahoo News - Another resource you can use to alert you to what's happening

Business Journals - Keep up to date on announcements with targeted accounts, locations

News Link - Info re: local newspapers, non-dailies that cover local firms in greater depth than national sites

Technorati - Conduct searches on blogs re: what's being said about your prospects & clients

Wayback Machine - Check out the web archives of your hot prospect; see the changes & evolution of firm

CEO Express - Business portal that's the home page for lots of corporate executives

Corporate Information - Full of detailed information on public companies; registration required, but free

Edgar Scan - Info on public companies, benchmarking capabilities and great graphical displays

Thomas Register - Focused on manufacturers; find other firms just like your best manufacturing customers

Brint - Business technology and knowledge management portal; very deep site

Hoovers - Comprehensive source of company information; some free, some subscription

Company Financials - Connect to the best financial resources on the web

Hill Search - Business reference library providing small firms access to pricey, rich databases at low monthly rates

CEO/CFO Interviews - Find out what these top executives say about their firm, industry, direction & more

Big Charts - Stock charts, interactive charting & research tools

Biz Stats - Instant access to useful business statistics, benchmarks and more

Creatively Cracking into Corporate Accounts

Are you tired of not getting any work from those big companies you drive past each day? Sure it's hard to get in, but with a little imagination and a bit of chutzpah, anyone can do it - even my college-age daughter.

Several years ago Katie needed to raise $7000 in less than two months so her Destination Imagination (DI) team could attend the Global Finals competitions. (DI is a creative problem-solving program for students of all ages.)

But she was done with nickel-and-dime fundraisers! After years of candy sales and car washes, she decided to tackle big companies because they had lots of money.

After serious consideration, she decided to target Pepsi. Why? Because the 16,000 kids & parents attending this event liked their products. And to her, that meant synergy.

So how does a college sophomore pursue getting money from Pepsi? Especially someone who has never taken a business class, has no knowledge of sales, isn't particularly outgoing, and has never met anyone in her life who works at Pepsi.

(Some of you may feel that this story is starting to sound a bit like your own situation.)

Thinking Like Your Customer

Several years ago a well-known professional speaker asked me what I did better than any other sales strategist. Most people would find a question like that tough to answer. I didn't have any trouble. Without hesitation I answered, "I hear things from a customer's perspective."

"You mean you're a really good listener?" he said, trying to fit my response into a familiar sales skill set.

"No," I replied. "I hear from a customer's perspective. I know immediately how they'll react to a seller's words, questions, or presentation. I know exactly what needs to be changed in their customer interactions in order to advance the sales process."

He looked at me like I was nuts. I'm not.

Is This Value Proposition Strong Enough?

A business colleague recently sent me an email very concerned about her value proposition. She runs a promotional products firm and has always told prospects, "Our business is to promote your business." But after reading Selling to Big Companies, she got concerned because it didn't sound strong enough.

Her target market is the media – TV, radio & print. She asked if she was on the right track with statements like, "We can help you increase viewers, ratings, readers or listeners." She also wondered about differentiation, saying that she really cared about helping them reach their goals and that she donates a percent of profits to good causes.

So what do you think? Would it tempt a corporate decision maker from a decent-sized TV or radio station to take her call? Would it entice a prospect who works for a major newspaper to meet with her?  If it's not strong enough yet, what suggestions would you make to help her get her foot in the door?

More on Triggering Events

Do you realize the value of your local business journal? Every week I read mine religiously to identify prospective opportunities for me to get more business. What am I looking for? Triggering events that set my sales antennaes twitching like crazy.

In last week's issue I found a prospect by the third page. Mind you, they don't know it yet - but I do. What was it that caught my attention?

• It was in my target market: B2B sales with the complex sale.
• There was a new decision maker. That likely means they're open to change.
• They want to move upmarket and pursue bigger customers.
• Their challenge: ensuring a clearly articulated sales message throughout their channel.

It practically has my name written all over it! Now I just need to pursue it.

Using triggering events is one of the best ways to get your foot in the door quickly. In my book, Selling to Big Companies, I spend a lot of time showing you how you can use them in voicemails, emails and any other touches you have with corporate decision makers. It's a strategy you need to implement!

Finding Good Prospects — Fast!

Over the years, I've kept my pipeline full by using a strategy employed by few other sellers. What's this key to my success? Triggering events.

Nothing beats a good triggering event to shorten the sales cycle and get some business without competition. The use of triggering events is one of the main "getting in" strategies I cover in my new book, Selling to Big Companies**.

Let me give you an example: Yesterday I received a telemarketing call from a copier company. The woman was using one of the most awful scripts I've heard. Clearly some well intentioned, but clueless marketing bozo had created it.

Researching Prospective Clients Made Easy

In today's sales environment, it's an absolute business imperative to research prospective customers before initiating contact. However, there never seems to be enough time to do it adequately. And so much of the stuff you find on Google is unrelated to what you really need to know.

That's why I love this article, "Leveraging the Power of Google to Perform Research" written by Michael Stelzner. He shares numerous easy-to-implement techniques that get you high quality information without a huge time investment.

I especially liked this suggestion: "One of the most useful features of Google is its cached version of results. ... To see Google's cache of a search result, simply click on the word "Cached" next to the listing. You will note that Google keyword highlights are instantly presented on the screen."

Just that single idea significantly reduces the amount of time I spend scanning the pages that I click on. Definitely worth checking out.