Power Prospecting
Page 12
It worked fabulously. We utilized this sale to put a small to mid-sized company on the map. Within twelve months of the sale, this company grew into a prominent player that was feared by its competitors. None of this would have occurred had we not strategically exploited this major sale as a common reference in their prospecting and marketing efforts.
Using a common reference has the dual effect of increasing interest and utilizing “herd theory.” The fact that everyone else is moving in a certain direction implies that something about your offering is of value. People sometimes consider purchasing products and services based strictly on the fact that other reputable companies have already bought the products or services under consideration.
Although risky, an optional way to use a common reference is to use the name of a prospect’s competitor. Every business knows their competition, so why not use a prospect’s competitor as a common reference? Dropping the names of competitors can be remarkably effective in gaining the attention of buyers.
The more precise the common reference, the better. Avoid using vague references, and instead, use exact names. Names with an established presence or favorable reputation are powerful common references.
The Point? Don’t be afraid to exploit your successes. Use a recent win or recognizable client as a common reference. Broadcast your successes with current accounts that have name or brand recognition.
Sample Common References
“Hi Ms. Jones, this is Jason Bourne with XYZ Corporation.”
• We work closely with project managers of leading oil and gas firms, including Exxon and BP…
• We’ve recently done a lot of work with software companies in the areas of cold calling and prospect management, most recently at ABC Company…
• We just completed working with ABC Corporation in your area…
• The reason I’m calling today is because I just completed a very successful training with ABC Company here in Boston…
• We recently had ABC Company out of Dallas purchase X product…
• Some of our clients include X Corporation and Y Company…
• I was speaking with________and she mentioned that (you are now in the process of________).
• I understand from your website (my conversation with Mary) that one of your major initiatives this year is to________.
• On your website I saw that________.
When in doubt, or if you don’t have a common reference, use the following format to create an effective reference statement: “Good afternoon Mr. Smith. My name is Mitch Nelson. I’m with ABC Corporation.”
• We’ve recently been working with (Industry). One of the primary concerns we hear from other (Title) is their frustration with (Problem).
For example:
• Good afternoon Mr. Smith. My name is Mitch Nelson. I’m the Texas regional manager with Premiere Consulting. We’ve recently been working with (the banking industry). One of the primary concerns we hear from other (vice presidents) is their frustration with (treasury management officers not generating enough new business clients).
To identify a common market problem to use as a common reference, make a list of the top five problems your product or service resolves. Determine which of the five is the most commonly experienced problem and use it. If buyers say, “I don’t have that problem” you can use the remaining problems as a backup. For example, you might say, “Other problems we’ve helped our clients resolve are .” The key is to focus the buyer’s attention on critical issues and pressing problems that he or she may be experiencing.
Using a prospect’s industry as a common reference builds interest, and mentioning similar or exact job titles piques attention. Additionally, stating industry-wide problems faced by other companies induces curiosity.
Step 3: Make a Bold Value Statement
Making a bold value statement projects confidence and is the greatest indicator of a seller’s success. People who exude confidence instill confidence in others. When you show confidence in your company, product or service, it’s noticeable. People recognize it and sense it. They feel by your words that you really believe in your company, good, or service. By making a bold value statement, you project certainty and eliminate doubt.
Bold value statements establish that you have a legitimate reason to talk to the buyer. You are calling because you have been able to help other clients, and you believe that your goods or services will be of the same help for them.
The primary purpose of the bold value statement is to imply value, and the best and quickest way to establish value is to reference the value you have provided other clients. By referencing a success story or making a bold statement of achievement, you give buyers a snapshot of the value you have offered other companies.
Implying value does not mean opening your call with a laundry list of capabilities, and I am not suggesting that you use the Initial Benefit Statement to verbally list every feature, capability, or benefit you offer. That would be an opening brag statement, not an Initial Benefit Statement.
The Point? Associating a bold value statement with a common reference adds sting to the cold call. By making a bold statement of achievement, sellers project confidence and give buyers a compelling reason to listen.
Sample Bold Value Statements
“Good afternoon Mr. Smith. My name is Patrick Hansen. I’m the president of Patrick Henry International. We specialize in prospecting and lead generation training. Some of our clients include Time Warner® Cable and Kimberly-Clark®. One of the primary concerns I’m hearing from senior executives is their disappointment with sales people who struggle setting sales appointments.”
• We’ve been able to help our clients overcome this challenge and (schedule record numbers of appointments…)
• The purpose of my call is simply to discuss ways in which we’ve been successful with other companies improving B2B demand creation…
• The reason I’m calling is because we just completed a very successful sales training with ABC Corporation. In fact, we helped increase their sales appointments by 25%…
• We’ve been able to help other companies in the same situation lower
________, and increase________.
• We specialize in working with________in helping them deal with the issue of________.
• In working with other________, we have been able to help them ________.
• We have a new (project management collaboration tool) that ABC Company found (speeds up project decision making by as much as 20%).
• We make it easier for (companies, firms, employees, individuals) to________.
• We cut down the amount of time it takes to________.
• We help (minimize, reduce, lower, eliminate, prevent, consolidate, increase, improve, control, lessen)________.
Bold value statements don’t have to be long or elaborate. Their purpose is to add power to the call. You not only want to project confidence, you want to grab the attention of the buyer with a statement that implies value.
The following sample script is an example of an excellent opening statement that includes a strong bold value statement:
“Hi Dan, this is Jack Tripp with Premiere Software. I was on your website and downloaded your report on ebook publications. We’ve had other publishing clients using five to ten different programs to manage their online marketing and sales. We’ve helped replace all of these programs with just one, cutting their costs, saving hours of time, and in some cases, doubling their online book sales. With your permission, I’d like to ask a few questions to see if we might be able to accomplish similar results with your company.”
Step 4: State the Purpose of Your Call
Avoid being vague when stating the purpose of your call. Ambiguous, imprecise statements cause frustration and confusion instead of cla
rity.
For example:
“Hi Ms. Jones, this is Tony Stark with Patrick Henry International. We’ve recently been working with pharmaceutical companies in the areas of cold calling and sales training, most recently at Watson Pharmaceutical®. A consistent problem I’m hearing from other pharma executives is the difficulty their sales reps experience prospecting. We’ve developed an effective strategy to help our clients overcome this frustration…”
• And I would like to ask a few question to see if________may be of interest to you.
• I’ve got a few ideas that might be of value regarding________and I’d like to ask a few brief questions.
• We have a few options that could possibly be of interest. If I’ve reached you at a good time, I’d like to ask you a few questions to see if I can provide you with some information.
• We’ve been able to repeat these results with over 300 companies, and with a few questions we can determine if it would be worth your time to take a look at (our training options).
• The purpose of my call is to have a brief conversation and explore any potential match between our companies.
• The reason for my call is to ask a few questions and explore any potential match between X and Y.
Note: The real “acid test” of a cold call script is how easy you make it for a buyer to say “yes” and continue the conversation.
Setting Appointments
Successful cold calls make it easy for buyers to say “yes” and difficult or awkward to say “no.” Answering a few brief questions is easier to accept than committing to an appointment. Like dating, asking a potential partner, “Can I buy you a drink?” is easier to accept than, “Will you go on a date with me?” Saying “yes” to receive information or answer questions is much easier than a time or appointment commitment.
If you do ask for an appointment, the way you offer appointment times is important to the way prospective customers perceive the probable length of time he or she will have to devote to you. If you offer 11:00 a.m., or 9:00 a.m., the prospect, will, subconsciously, round up the time to the next hour. Instead, use 11:40 or 9:15 when offering appointment times.
Qualification Calls
If you are engaged in qualification-based cold calls (versus appointment-based cold calls) and are not certain whether or not it is worth your time to meet with the potential client, i.e., they may not be qualified to purchase your product or service, do not mention a time to meet. Simply conclude the opening statement without mentioning an appointment. For example,
• Hi, this is Savannah Hansen with Acme Software. We’ve recently been working with I.T. executives for large manufacturers. A common concern they share with us is the lack of technical integration between departments within their organization. We’ve helped our clients solve this problem with enterprise-wide networking solutions and would welcome an opportunity to discuss with you how we might be able to resolve similar dilemmas you might be experiencing.
• One of the problems we consistently encounter when talking to other executives is their disappointment over the inability of their sales reps to negotiate profitable agreements.
• The reason I’m calling is simply to discuss with you how we’ve been able to help our clients overcome this challenge.
More Possible Ending Phrases
• ...see if we should talk further.
• ...determine if this is something you’d like to take a look at.
• ...find out if this might be of value to you.
• ...see if this is an option worth considering.
Step 5: [Walk Away Statement]
The walk away statement is an OPTIONAL strategy that attempts to eliminate the stereotypical reputation of cold callers. The purpose of this approach is to sound and behave in a way that eliminates the natural instinct of a buyer to get off the phone. The walk away statement is based on the negotiation principle of not sounding needy or desperate and is sometimes called a “Negative Sale.” By utilizing the walk away approach, sellers not only project strength, they also negate a buyer’s inclination to be defensive or adversarial.
This approach attempts to eliminate pressure. Sometimes by inviting a buyer to say “No” you can actually increase the likelihood of a buyer saying “Yes.” By making a walk away statement, you let the buyer know that you are not desperate for business and that you are not trying to force something down their throat.
Example Walk Away Statements
“Hi Ms. Wallace, this is David Smith with ABC Corporation. We provide XYZ services for manufacturers. Some of our clients include X and Y. The purpose of my call is simply to explore any potential fit between our services and your manufacturing needs. Quite frankly, I’m not sure that a fit exists. However, based on my research and experience in your industry, I would like to ask a few questions to see if this may be of value to you.
“Hi Ms. Jones, this is Jeremy with ABC Corporation. I’m calling because I believe we can decrease your firm’s accounting costs—perhaps by as much 20%. Quite frankly, I’m not sure at this point if our services fit with your company. However, my experience tells me it well may…”
“Good morning Mr. Williams, this is John with ABC Corporation. We are the developer of XYZ product and help companies increase online demand. I’m not certain what we do is a pressing issue for you at the moment. If not, just tell me and I’ll be on my way, but if whoever currently handles your online marketing…”
The Point? Once The Initial Benefit Statement is completed, listen. Take notes and focus on discovery-qualification questions. (See Chapter 14).
Sample Initial Benefit Statements
“Good morning Mr. Smith, this is Derris Moore with Patrick Henry International. We provide sales and presentation training for medical device manufacturers. Some of our clients include ABC Corporation and XYZ Manufacturer. One of the primary concerns we are hearing from other executives is their frustration with ineffective sales presentations. The reason I’m calling is simply to discuss with you how we help clients overcome this challenge and determine if we might have a few options worth taking a look at.”
“Good afternoon Ms. Jones, my name is Holly Layne and I’m with Patrick Henry International. We specialize in sales-side negotiation training, helping sales people minimize discounts and price concessions. Some of our clients include Kimberly-Clark, Time Warner Cable, and Novell. If this is a good time, I’d like to ask a few questions to see if this might be a topic of interest for you and your sales team.”
“Hi Alan, this is Zac Fenton with Patrick Henry International. We’ve recently been working with mortgage companies in the areas of cold calling and lead generation. A consistent concern we hear from other executives is their frustration with representatives who struggle to generate qualified accounts. The reason I’m calling is because we just completed working with ABC Company and were successful in helping their sales people increase lead generation by over 30 percent. The purpose of my call is to discuss how we might be able to provide your business with similar results.”
“Hi Mr. Prospect, I am________with________. I understand that your company is in the process of________. We’ve worked with a number of other firms in similar situations, helping them to and________. I’d like to ask a few questions to see if I could provide you some information.”
Note: Simply inject your phone number and/or email address to create an IBS voice mail.
Because it will need work and modification as you refine your approach, don’t expect your script or delivery to be perfect the first time. Cold calling is a science. Like all other sciences, practice and experiment until you find what script or method works best for you.
Listening
After completing the opening statement, be quiet and let the buyer talk without interrupting. If he or she agrees to an appointment, say, “Thank you,�
� confirm the date and time, and move on. Avoid a premature presentation on the phone or “spilling your candy in the lobby” by saying too much too soon.
One of the most difficult tasks for sellers is to know when to be silent. Sellers are often tempted to keep talking at the conclusion of the benefit statement, especially if the buyer is silent. You must avoid this temptation. Even if the buyer is silent, wait until he or she responds.
Many sellers are poor listeners. Far too many salespeople believe they need to immediately immerse the buyer in information about their product or service. This is a costly mistake that should be avoided, especially on the first call.
The Initial Benefit Statement
Figure 11.2
Create an Initial Benefit Statement
There is a significant difference between a “canned” and a “planned” sales call. By creating and rehearsing sales scripts, prospecting calls become second nature. Sales professionals who create an Initial Benefit Statement in the form of a script are more confident and more productive. Use the following framework to create your own Initial Benefit Statement.
1. Introduce yourself, your company, and (optional) your location:
2. State a common reference:
3. Make a bold value statement:
4. State the purpose of your call:
5. [Walk Away Statement]
Caution! Prospecting calls must sound conversational to be effective. Calls cannot sound as though they are being read from a script. Once you have created a script, rehearse and master its content to “conversationalize” it.
Chapter 12
Objection Management
In the middle of difficulty lies opportunity.
—Albert Einstein
In 1836, Mexican dictator Santa Anna led an army of 5,000 soldiers against a tiny band of 180 Texans walled up in an old mission church in San Antonio, Texas, called the Alamo. For close to two weeks, Santa Anna’s artillery battered the mission walls with little result. Meanwhile, Sam Houston was recruiting volunteers from all over Texas to repel Santa Anna’s punitive expedition.