For Cold Callers AND Non-Cold Callers
As cold callers know, cold calling is difficult and oftentimes frustrating. Perceptions of cold calling are, in many cases, negative. But for many industries, cold calling is essential. By learning more about the cold calling process, and how to deal with resistance, the cold caller can seek business more confidently.
For those who do not cold call, there are lessons that can be learned from cold calling. Unlike other sales activities, cold calling has the potential of capturing an entire sales process in literally minutes. Resistance is quick and an immediate response is necessary. Such a response can make or break the sale forever. Learning how to pitch and deal with resistance in a short period of time can help those who do not cold call to hone sales skills that can be utilized in longer sales processes.
The cold call process is comprised on 4 basic parts:
1. Pre-Call Considerations;
2. Controlling the Call;
3. Dealing with Resistance; and
4. Post-Call Considerations
In this series of posts, I will delve into each of these 4 basic parts of cold calling. The series will, I hope, provide immediately tangible ways for cold callers to improve their endeavors, and gain depth in the cold calling process. Non-cold callers will gain insight into how components of the cold calling process can help them achieve greater success.
J.B.
Read More6th Stage: CR Sales Process Paradigm
The sixth stage in Crux Rainmaking’s Sales Process Paradigm is: Dealing with Resistance
Types of Resistance
Even with the warmest of introductions, it is the rare sales meeting where your prospect presents no form of resistance whatsoever. Oftentimes, some sort of resistance will need to be handled properly. Thus, is becomes critical to be prepared for resistance by understanding the most common types of resistance, and then to handle such resistance with clarity. The most common types of resistance or objections a prospect may have are: (a) not interested, (b) no current need, (c) no budget (or too expensive), and (d) already have a current vendor. Handling these objections is the subject of entire books. Below are a few tip-of-the-iceberg thoughts for you to further consider.
Not Interested Objections
Not interested objections may be an excuse to avoid doing business with you, or might be legitimate. If legitimate, chances are your prospects don’t fully understand what it is you are selling to be able to make a prudent decision. If your prospects already have a vendor, suggest that it wouldn’t hurt having a back-up vendor in the event there is ever a problem with their current vendor, or if they are interested in getting the same or greater value for less money (i.e., a higher value proposition). If they don’t have another vendor, then they may simply not fully understand what it is you are selling, in which case suggest that you send them some information and request a follow-up conversation to further discuss.
No Current Need Objections
No current need objections can be countered with an example of how another company—which also didn’t have a current need—benefitted from allowing you to provide information to help them better plan for the future. Circumstances change, and sometimes quickly. Having more, as opposed to less, information will put them in a strategic position to make decisions fast, in the event they have to.
No Budget (or Too Expensive) Objections
No budget (or too expensive) objections can also be either excuses to avoid doing business with you, or legitimate. Legitimate budget objections can be dealt with through creative and flexible payment terms, reduced fees, and/or FREE samples. If they won’t entertain these sorts of responses (especially FREE samples), then the objection might simply be an excuse.
Already Have a Current Vendor Objections
Already have a current vendor objections should be countered with a statement about how you are very pleased that they are happy with their current vendor, and that you have a high level of respect for customer loyalty, because YOUR clients and customers are loyal to you. And if there is nothing they would change about their current vendor, then that is great, as your primary concern is that they are best taken care of. Then go into why YOUR customers stay with you. Perhaps it is your same day return phone calls, creative pricing, personal involvement on projects/orders, depth of knowledge and experience, etc. Then go into why some of your customers decided to leave their vendors to do business with you. Sometimes these examples will let your prospect better understand some of the things that can be improved by going with you. Also, if there is a current vendor, try to identify if there are any customer needs not being met, or not being met up to the customer’s standards. If you can even fill in the gaps, you will be able to start developing a business relationship with that customer, allowing them to measure you up against your competition.
These are just a few of the more common objections you will encounter. Be ready for resistance and have solid ways to respond to them during a sales meeting.
J.B.
Read MoreCrux Quick Tip (CQT) #30: Get Outside Your Comfort Zone
CQT #30: Get outside your comfort zone by stepping into someone else’s world.
Comfort Zones
Comfort zones are comfortable. They are where we operate on a daily basis. There is familiarity. Familiarity is predictable. For example, if you are a real estate broker, joining industry organizations, or the local Chamber of Commerce, or networking with attorneys and other professionals, or attending general networking events are likely some of the things you do to meet new people. But remember: everyone is doing that! Your competitors are wise to these methods as well. So—step out of your comfort zone and into someone else’s world.
Stepping Out and Stepping In
Stepping out of your comfort zone from a sales and marketing perspective is easy. Just identify another world that fascinates you and research ways to step into it. An example here would be helpful: My other world is the music industry. For many years part of my practice was entertainment law, and I have also managed musical artists over the years. As such, I became a member of The Recording Academy, which hosts the Grammy Awards. For years now, I have attending the Grammys (included this year) and have met people from around the world through my participation in Recording Academy events. These contacts have provided a brand new sub-set of contacts for me, some of which have yielded excellent business in my core areas of practice. This is a completely different world for me. It is an exciting world with exciting people. I am way out of my comfort zone, but I like it!
Be Creative
When considering another world, be creative. Think about those things you are intrigued by. Are you passionate about something? Have you always wanted to try something, but never made the time? Do you know someone in another world that can be your guide? These are just some of the questions you can ask yourself to help step into someone else’s world, and radically grow your base of contacts.
J.B.
Read More3rd Stage: CR Sales Process Paradigm
The third stage in Crux Rainmaking’s Sales Process Paradigm is:
Qualification, which requires both pre-meeting research and in-meeting questions.
What is Qualification?
Qualification is the process by which you maximize the likelihood that you are pitching to an appropriate buyer. If a buyer cannot afford what it is you are selling, or if there is no need, or you cannot deliver within the buyer’s time requirement, or you are not dealing with the person within an organization who has the authority to buy on behalf of that organization, you have just wasted your time and energy trying to sell to that buyer. Even some of the best salespeople run the risk of getting in the middle of the pitch and only then finding out that they are barking up the wrong tree. With Crux Rainmaking, one of the keys to success is efficiency throughout every part of the sales process, so properly qualifying prospects is critical to insuring efficiency.
Pre-Meeting Qualification
The very first thing you need to do when starting down the road of following up on a new lead is to research that lead as much as possible before further communication with that prospect. Use the Internet, public records and reports, and your network of contacts to determine the following, if possible: Who is responsible for making purchasing decisions? What are the company’s current priorities? Who are their biggest competitors? Who are their current vendors? Are there indications that your product simply would not be appropriate or too costly or otherwise unacceptable to them? The answers to these questions will give you valuable insight into whether the prospect is right for you.
In-Meeting Qualification
Your qualification does not end with your research before that first meeting with a prospect to discuss a possible relationship. Your meeting with a prospect is also an opportunity to qualify that prospect. Probably the most important bit of advice I can give with respect to in-meeting qualification is as follows: Before even getting into what you can do for a prospect, ask a few direct questions. For example, ask about what they need, how they currently handle a particular buying situation, what their greatest challenge is when trying to market themselves, or establish themselves as a reputable company in the marketplace, who their biggest competitor is, and how they try to distinguish themselves from that competitor? As for the authority question, you need to be very tactful in confirming that person’s authority or limits thereof. It is sometimes best to ask something like this: “Other than you, who else in the company would be involved in making the decision to buy?” By asking questions like this, you can better frame your pitch when the conversation transitions into how you can help them.
So, do your research beforehand and ask the right questions during your first meeting to maximize the likelihood that you are, in fact, talking to a realistic prospect that is poised to buy from you. Avoid inefficient prospect meetings. Focus on mastering the art of qualifying and watch you meetings become more efficient and productive, leading to more business over a shorter period of time.
J.B.
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Crux Quick Tip (CQT) #28: Have Direct Conversations with Referral Sources
CQT #28: Have a direct conversation with any referral source to whom you have provided value, but who has not returned the favor.
Lack of Reciprocation
Do you have anyone in your network to whom you have provided an introduction to a potential client, customer, or donor, but from whom you have not received any business value whatsoever? Do you have more than one person in your network that fits this description? If so, you are not alone. If you are actively providing value to people (i.e., going out of your way to make their business success greater), then chances are that there are a few people who have not yet returned the favor. You need to take a step back and decide if you should sit down with them and discuss the wherewithal of such a person(s) to remain top of mind with you.
To Have the “Direct Conversation” or Not
If someone has not reciprocated yet, there could be many good reasons for this. The most likely and understandable is that such person is, in fact, looking for opportunities for you, but they simply have not yet materialized. You are top of mind with them, but no opportunity has arisen. Notwithstanding that fact, the person continues to actively look for opportunities. With this sort of person, either you know this is the case already or not. If you already know this, then there is no need to have the Direct Conversation. If you don’t know this is the case, then you should have the Direct Conversation.
The Substance of the “Direct Conversation”
The Direct Conversation need not be that direct. The idea is to have a conversation on the relationship between you and the other person. Start by saying that you value the relationship, and are very much looking forward to growing it in the future. State that your goal is to make sure you are on the same page regarding finding opportunities for each other, so as to maximize your mutual success. Tell the other person about the efforts you continue to make on his or her behalf. If the other person does not automatically start describing the actions he or she is taking on a regular basis to find opportunities for you, then ask him or her directly to do so, because perhaps there is something you can do to assist them in finding opportunities for you. Keep the conversation friendly, upbeat, and non-confrontational. You are not there to give the impression that you are unhappy with how things are going. You want to communicate that you are a person of action, and want to insure that there is mutual value being exchanged in the relationship.
Results of the Direct Conversation
If you are satisfied that the other person is really committed to helping you build your business, then there is no need for further action. If you do not get the feeling that he or she is truly committed to helping you, then do not rule out providing value to that person, but you do need to take a hard look at other potential people within your network to perhaps help first. After all, if there are others within your network who are actively looking for opportunities for you, why wouldn’t you try to help them before someone who has essentially said you are not top of mind or someone who, as it turns out, has a very low likelihood of ever providing you value? Be reasonable. Use the Direct Conversation to insure that you fully know the members on your business development team. No matter what happens, the other person to the Direct Conversation will have a much higher level of sensitivity to what you are looking for in the relationship. This can only work to your advantage. The more top of mind you are to that person, the greater chance of an opportunity arising for you!
J.B.
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