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Prior to forming New Century Dynamics Executive Search in 1999, Jim Weber spent 22 years with Fortune 500 companies in the Food Retailing Industry where he developed a broad-based portfolio of “hands-on” line and staff experience in growth and turnaround situations. A proven executive with exceptional leadership skills, Jim has a strong financial background and heavy operations experience in specialty retail stores, quick-service restaurants, manufacturing, and distribution.
Breakfast meetings can be a wake-up call when the attendees are experienced and masterful at their crafts. And when Jim Weber of ITB Partners presented his perspective on selling consulting services last week, even the most experienced among us sat up and took notice. (This post combines Jim Weber’s presentation, and with his approval, some framing with my own perspective.)
Anyone who is a good consultant wants to do a good job, and differentiate their services for their prospects and clients… that’s natural. Sometimes, however, we can miss the point — which is making the connection to our client, and understanding their world fully, through their eyes.
We sometimes miss the subtext of the conversation, which may be about the client’s unstated needs. So good consultants must be connected to their clients. They must value the client’s interests. And the context of selling consulting services must be reframed to focus on the client’s interests.
There’s also a bit of healthy schizophrenia involved — while you must understand the client’s need, you must also ensure that your own consultant’s assessment adds up.
Here are some takeaways:
Inside Your Prospects Head
At just about any company, the person hiring you will want to know two essential questions — “Do You Understand My Problem?” and “Will You Make Me Look Good?” If you can’t get past these questions, all the great work you might do… might not happen. Other key questions will likely include “Can You Work Within Our Culture?” While the culture may be cool, calm, and collected…or mad as a March hare, most clients expect No Drama.
You Are In Front of Viable Prospect
A key step in developing the plan is making sure there can be a plan. Is the prospect qualified? Are they just fishing around, or do they have a defined need? Are they looking to you to define this need? Do they have a budget available to pay for the project?
To understand and frame your client’s expectations you can ask: “What’s important around here?” This will help you determine if they are looking for a certain type of program response, or profitability, other KPIs or “soft” goals.
Sizing Up The Project And Expectations
Asking the right questions here may make the difference. You may ask “What have you done” in regard to the project, and this will offer insights into the client’s approach, plus success or failure at that endeavor.
And you will want to know “how” they executed the project — “How did you execute that?” will also tell a lot. The consultant can check out expectations by asking a question such as “If we found new ways of thinking through this issue, would you be open to that?”
Your Goal – Close The Deal!
When discerning the client’s needs, and their framing of it, you’ll want to Validate The Client’s Diagnosis. This step is key for producing later success.
You’ll also want to understand the company culture, and how your work and style fits into it. Then, essentially, you will be validating your fit for the work.
The Presumptive Close
I presume there are all kinds of “presumptive close” styles, but part of the subtext of the selling conversation will be to continue building the relationship. You’ll want to demonstrate what it’s like to work with you, and your Closing Strategy conversations are the beginning of your work.
How To Scare Off Your Prospect
Sometimes we can scare off the prospect by identifying all their landmines. And we suggest solutions. I take this one personally, I do it often — my rationale, likely yours, too — is to help the client, direct the conversation, and to provide value even in that initial selling process.
While those insights might be correct, the client just wanted to solve a particular problem. Other times, in the spirit of being a hero and showing how much we know, we can come up with a premature diagnosis – which is not fully informed, and off-target. We can also be too surgical in our technical techniques and conversation — even if it’s right, it just doesn’t build rapport.
A Successful Sales Close
While a consultant needs to map the terrain and understand where the client is at if all the questions asked to serve the consultant… then you might as well hire yourself. Jim reports that some consultants were “dying” when they focused on the mechanics of their job. But-but-but when they switched to issues that were important to the prospect… they arose like Pegasus. That’s a way better end result!
Another interesting bit of perspective from the meeting and discussion, regarding agenda and expectations, was the insight to “assume the worst going in” to a meeting. That doesn’t mean being a pessimist, it means that we live in a fast-paced world, and everyone may not be prepared for the meeting, or you might not expect the unexpected — you may need to guide the agenda and set expectations.
Jim’s presentation had us focus on being connected. Valuing the prospect’s interests. Playing their role. Not just understanding what they say they want, and selling the value of your services… but absolutely ensuring we meet their interests. Sounds good to me!
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Would you like to see the narrated .ppt presentation? Here’s the link, as Jim Weber presents Selling Consulting Services: https://lnkd.in/eXPbePR
Joel Alpert of MarketPower is a branding and marketing consultant who has developed branding, strategic thinking, direct marketing and more, for Fortune 500… SMB… and one person consultancies, in just about every conceivable category of business.
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It was a very good week. In addition to several client meetings and great interviews with candidates for my COO search; I talked with a few of our consultants and a prospective new member. One of those meetings included a fine cigar and a Guinness. My favorite way to work! I ended the week sharing a bottle of Cabernet with my friend and muse, Faith. More on that later.
My meeting with the prospective new consultant was most instructive. She has an interesting background that includes Fortune 500 experience and tenure as the CEO of her family’s business. Her experience and insight into a family-owned, small-business are valuable to clients operating in a similar environment. I enjoy these meetings as they are fun and enlightening. I enjoy hearing about one’s career and challenges in building a new business. I find it interesting learning how they market their services. Each has a story worth sharing, which could enhance their personal brands. I believe that business development requires a combination of strategic networking, public speaking, and writing articles or blog posts. The point is, we must find ways to leverage our time and resources by talking to a broader audience. By reaching a broader audience, I mean mass communication.
Most people I know are competent at networking and public speaking. A few are even positive toward writing articles. They understand the value of a program that helps promote their written work over an array of platforms. Even so, I’ve been surprised to find that most are reticent about writing articles for publication. Their reluctance is of interest to me as these are solid professionals who know how to write for business. They know how to draft a proposal. They know how to structure a cover letter to support their job search. Their writing skills are not an issue. So, why are so many people reluctant to publish their thoughts?
Back to Faith and that bottle of Cabernet. We get together every few weeks at a favorite watering hole to catch up and decompress. Talking with Faith is always interesting and stimulating. Our conversations are wide-ranging but always begin with a recap of the current week. Often, she helps me determine the theme for my weekly blog post. This week, Faith shared a few interesting stories I thought a broader audience would appreciate. I am convinced her stories will resonate with many as they’re about working for an NFL legend. I told her she should write a book. She demurred. I said she should do it for her family. If for no other reason, it would help her daughter and grandchildren appreciate her life. Faith agreed to think about it. After sleeping on our conversation, I woke up with the topic for this week’s post. Thank you, Faith!
We are busy people. I get it! Writing an article, even seven hundred and fifty words can be daunting. Some cannot justify the effort. However, I know that writing an interesting article in a reasonable amount of time is a process. Experience with this process generates confidence which changes one’s perspective, creating a new habit.
For Members who are reticent about contributing to our blog page, we provide alternatives like conducting an interview with the consultant or working on an article together including final edits. Most people are comfortable with these alternatives as they’re a lighter load. This makes me think that helping people become comfortable as a writer, could be as easy as following a two or three-step process to gain confidence. The benefits of one’s business development activities are too great to forego the power of writing.
After sleeping on it, I arrived at an alternative which Faith might appreciate. I could make video recordings of her telling her life stories. Recording her while enjoying a glass of wine, or two might add an interesting touch. I know it would be more fun for her. We could create a digital book. In time, I’ll wager that she will migrate toward writing that book. Even if she didn’t publish her work, it would be a very valuable gift for her children.
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A close friend and associate, John, become a successful independent consultant after leaving his corporate career. His transition was relatively easy as his network was strong, and he was well respected. His network was so powerful that he seldom failed to close a deal where he had a first-party referral. Those referral-based deals launched his career, with a little help from me. His challenge was closing deals when he had a third-party referral or if he had surfaced the prospect. That was an important learning experience for John.
John had difficulty closing a prospect unfamiliar with his reputation. We would debrief after those situations and I would offer suggestions to improve his technique. During this time, I recognized a self-destructive pattern common to inexperienced Independent Consultants. John had difficulty selling himself. Inadvertently, he repelled his prospects.
As discussed in my last post, prospective clients must become comfortable with the consultant. They want to ensure that the consultant will make them look good. Stated more bluntly, they want to ensure that they won’t be fired for letting a contract with an incompetent consultant, someone disruptive to the culture. These are the same concerns any manager would have when considering a potential hire. In John’s case, he struggled to make a connection. He would launch into problem-solution mode before he fully understood the prospect’s concerns. He didn’t ask questions that addressed their cultural imperatives and potential minefields. He would pontificate about concerns the client should have but may not have considered. John wasn’t necessarily wrong, but his delivery was off-putting, insulting even. I could see how the prospect would be concerned about him. I am certain they wondered if he would be difficult to manage and disruptive to the company’s management style. He did not assuage their concerns.
I had a similar experience recently. I was talking with a prospect about helping them through Chapter 11. This was a third-party referral, so I had to sell myself to the prospect. On my first visit, I focused on satisfying my need to ensure a successful outcome, rather than to understand their perspective. I was preoccupied with trying to extract information about their financial reporting capabilities. I was concerned that I wouldn’t have the information I needed to do my work. I wasn’t putting the prospect at ease. Looking back on the situation, it may have seemed like an interrogation to them. They were on guard, looking stone-faced as they provided minimal information. Fortunately, I recognized my mistake early enough to redirect my approach. I asked them to provide background about the cause of their financial situation and what they thought needed to be done. Their demeanor changed immediately as they went into detail about their needs. I had cracked the code! I stayed with that approach, drawing them out with open-ended questions. The more they talked, the greater my empathy for their predicament. People don’t want to be told what to do. They want to work with someone who will help them understand their problem so they can find a solution together. This tact was the beginning of a relationship that led to an engagement. It’s odd that I didn’t begin with this approach as it is my preferred style.
My initial tact with this prospect was a rookie mistake, uncharacteristic for someone with more than twenty years of experience. Landing contracts is about building relationships. The prospect wants to know that you have empathy for their situation, you aren’t judgmental, and understand their needs. The most effective way to accomplish this is by asking open-ended, non-threatening questions. This will help them open up to you. Approaching them in this manner demonstrates your professionalism. They will come to understand that you are sincere in your interest to help and that you are a fit with their culture. Eventually, John learned this technique and became a consulting powerhouse.
Remember, from discovery to close, your prospect is evaluating you. They want to know that your project management style fits with theirs. They don’t want to inject a disruptive influence into their company. The client wants to enhance their reputation and keep their job. They probably have more work in mind and would like to find someone to help them in the long term. So, if you want to close more deals, take time to understand the client’s situation. Ask questions to stimulate a dialog, generating information you need to help the client.
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I had arrived a little early for my luncheon meeting with an alumni friend. We get together about once a quarter to catch up, to discuss relevant issues about our university and the local alumni chapter. It was a workday, so I was dressed in business casual attire; a navy-blue blazer, a white shirt, gray wool trousers, and black shoes. My typical uniform. As I had some time to kill, I decided to visit a nearby menswear store that I patronize from time to time.
I received a warm welcome from one of the staff members who gave me a general overview of the merchandise they recently stocked. He was helpful, in an unobtrusive way, giving me the opportunity to become familiar with their merchandise. As the season is changing, there are a few items I want to add to my wardrobe, so I wasn’t killing time entirely.
While wandering around the store another employee approached me and slipped a white pocket square into my jacket pocket. He complimented me on my appearance and said that the pocket square completed my look. I was pleasantly surprised by his action, thinking that he presented me with a gift. Well, maybe I was a bit confused as I didn’t take it as an overt attempt to make a sale. His action created an opportunity for us to interact further as I continued to review their merchandise.
When it was time to go to the restaurant, I made my move toward the door, thanking the sales associates and promising to return. The associate who presented me with the pocket square, still in my pocket, asked if I would like to pay for the item. I had totally forgotten about it, especially since I had processed it as a gift. When I realized my mistake, I had to laugh. It was a funny situation, although somewhat embarrassing. He got me! How could I refuse to pay for the pocket square? I paid for the item, thanked them again, and went off to lunch. I’m a big fan of pocket squares so I am happy with the purchase.
Driving to my office after lunch, I thought back to the situation at the men’s store. I had to laugh at myself again for missing the obvious point of his gesture. But something was nagging at me. I admit that it was a clever sales technique, however, it felt deceptive.
I may have been confused because no one has ever put an item in my pocket that wasn’t meant to be a gift. Typically, a sales associate will bring me an item, often a tie, to show me how it complements my jacket or suit coat. He wouldn’t tie it around my neck, but maybe drape it over my sleeve. If I showed interest, he might take me over to a mirror to see how the tie would look in relation to my shirt and jacket. In those situations, I would hold the tie, folding it in a way that would allow me to bring it to my shirt collar to resemble my appearance if I were wearing the tie. I would manage this process, not the sales associate. During this time, he might talk about the item, speaking to the quality, the price, and how well it complements my attire. You know, selling.
In my recent interaction, the sales associate didn’t tell me anything about the item or the price which failed to reinforce the act of selling the pocket square. OK, call me naïve, but I am confident that you would’ve reacted in a similar way if only for a moment.
I admit it was a clever technique if not a hit-and-run tactic. He made a small sale, and I do like the pocket square. However, I am not motivated to return to that location or to work with that associate. I hold no animosity toward him, but he didn’t create mutual trust and respect that would motivate me to return.
Often, it’s the little things that make the biggest impact. When working to build a relationship we should be mindful of our behavior. We want to ensure that we don’t send any conflicting messages. Hit-and-run tactics will limit you to a low-level sales rut, with few return engagements. A lack of clarity or candor will inhibit the formation of relationships. In that event, you may never have an opportunity to work with many prospects. I may have returned to that store if the pocket square had been given as a gift, or if the sales associate had presented the item differently. I guess we will never know.
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A lagniappe (/ˈlænjæp/ LAN-yap, /lænˈjæp/ lan-YAP) is “a small gift given to a customer by a merchant at the time of a purchase” (such as a 13th doughnut on purchase of a dozen), or more broadly, “something given or obtained gratuitously or by way of good measure.”[2]The word entered English from the Louisiana French adapting a Quechua word brought in to New Orleans by the Spanish Creoles. From Wikipedia
Last week’s article mentioned the value of gift-giving to build relationships and generate new business. This week I was on the receiving end of several offers that reinforced the value of gifting. The most memorable situation occurred while talking with a prospective new consultant, Linda. Linda recently left a corporate career to strike out on her own, as a licensee of a National Brand that markets productivity enhancing solutions. We talked about her program’s benefits and I told her about our business model. At the end of our conversation, she invited me to complete a complimentary on-line diagnostic to determine how I might benefit from her services. It was gift of a free service. I was intrigued and gladly completed her survey. Her diagnostic is an excellent way to qualify new clients and since she captured my name and email address, she has what she needs to build a long-term relationship. Naturally, I did the same.
Early in my career, I spent five years working for Hickory Farms of Ohio. Hickory Farms built its business by offering gifts of free samples. Employees would greet shoppers passing in front of their store with the offer of a free slice of Beefstick Summer Sausage. While the shopper was enjoying their sample, the employee would tell them about the product and ask if they liked the taste of the item. A positive response from the shopper (commitment) began a conversation often leading to a sale. Today, sampling is a common practice used in restaurants and grocery stores.
Gift giving is a practice deeply embedded human culture. We know that throughout history, especially in the political realm, it was customary for visitors to present their host with a gift. The more important the host, the greater the gift. Gift giving is still a common practice, especially between people with established relationships. However, most larger companies have established rules for accepting gifts to ensure ethical behavior. In my experience these rules usually govern the acceptable value of the gift and full disclosure. Giving gifts is an excellent way to say thank you and to demonstrate appreciation, however, gifts can also be an effective way to establish a relationship.
Reasons for offering a gift:
To build and reinforce relationships/loyalty
To show love, devotion, and respect
Symbolic communication
To help others (altruism)
To find a mate
There is an entire industry segment (Promotional Products) devoted to gift-giving as a marketing tactic. I am confident that you have received items from companies that want your business. Typically, these are small items with a low monetary cost, but high utility value, which includes the giver’s logo, a tagline, and even a telephone number or email address. Items like coffee mugs, writing utensils, and key fobs come to mind. Every time you use the item you recognize the logo and think of the gift giver.
Linda’s technique is a classic way to generate new clients. Other similar offers include White Papers, Research Reports, Directories, and Training, among others. These offers are seldom 100% current or complete so they provide limited value but are useful ways to whet one’s appetite for more. Another effective technique is to offer a limited engagement at a modest price that adds value at minimum risk. I am not a fan of conducting this work for free as doing so tends to diminish one’s brand value. These entry-level projects are typically diagnostics that help the client validate the nature and scope of a perceived problem. It is a useful way to solidify a working relationship with a goal to stimulate further engagements.
If building relationships is an optimal way to generate new business, giving gifts is an effective way to establish a relationship. Offering gifts is aligned with established cultural norms that convey respect and appreciation. Giving a gift invokes the concept of reciprocity, another cultural norm which creates a perceived obligation for the recipient to respond in kind. Hopefully, the recipient will feel obligated to give you a fair opportunity to pitch your business, if not actually contracting your services. Whereas gifts of intellectual property may provide immediate value, smaller physical items with your company logo and contact information will serve as a constant reminder to the prospect. Limited engagements at a lower cost, while not necessarily considered a gift, is an effective way to solidify a relationship. These engagements can serve as a foundation for larger, more profitable contracts. In conclusion, while you are attempting to establish a relationship consider the viability of tangible and intangible gifts to facilitate the process.
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It’s been a while since I thought much about the process I employ to generate new business. Even though I’ve been managing my business for over twenty years, I don’t think about the processes I use to generate more business. I have an effective system in place which I execute diligently. Building relationships with prospective clients has become second nature, almost intuitive. Recently, I have been thinking a lot about my business development systems and processes, however. Since making a commitment to deliver a presentation on selling consulting services, I’ve been compelled to reconsider the matter. As you would expect, the subject has been on my mind quite a bit lately.
Friday, I discussed my progress on the presentation with my friend Faith. During our discussion, I mentioned that I hadn’t chosen a topic for this week’s blog post. I said that I would like to continue the theme of the last few weeks, building relationships. She suggested that I write about building professional relationships that generate new business. I liked her idea and I’m pleased to continue exploring this subject.
As I think about it, my work is all about building and strengthening relationships. People come to me seeking new jobs and career advice. I like to do what I can for them. Although I may not be able to help them immediately, I believe it’s important to understand their needs and aspirations. At some point, I will learn of an opportunity to provide assistance. By doing so, I am creating a foundation for a long-term relationship.
Mary’s situation is a good example. Mary is in the process of closing the family business and moving her residence to Atlanta. She came to me looking for help transitioning from her position as COO for an industrial company to become an employee for another company. Currently, she is not able to devote 100% of her time to job search, so starting the process has been prolonged. I immediately connected her with two networking groups to begin her transition.
Two weeks ago, we scheduled a call to discuss her situation. I had promised to review her resume and owed her my feedback. After providing my thoughts, she asked if I would take her on as a coaching client. I agreed, of course, and we scheduled a follow-on, face-to-face meeting. Reflecting on our interaction, we developed a relationship that resulted in new business for me. She came to trust me because I demonstrated a sincere interest in her career aspirations. I connected her with others who could be helpful and provided suggestions to improve her resume. Stated another way, I showed a genuine interest in helping her and demonstrated my capabilities. Interestingly, I never pitched her on the idea of becoming a client.
Selling consulting services is about selling an intangible product. One cannot touch, hold, see, smell, or hear the product. It is something that can only be imagined. Those buying consulting services are taking a leap of faith. In many ways, the process is the same as completing a successful series of job interviews. The candidate’s primary objective is to establish rapport with the hiring manager. After all, we want to work with people we like and who like us. To achieve a successful outcome, one must establish a personal connection. So, building rapport requires effective interpersonal skills. Those skills include the following:
Empathy – needs assessment
A Positive Mental Attitude
Appreciation/Gratitude
Mutual Respect
Accountability
Offer something of value – a gift.
Professionalism
Honesty and forthrightness
As with any job interview, you are being evaluated on every step of the selection process including an offer of employment. As you work to gain the prospect’s confidence, your working style and ethics are on display. The prospect is becoming comfortable, or not, with the idea of working with you. A well-executed process is critical! I cannot overemphasize the importance of this phase of the sales cycle.
Selling consulting services is a process governed by the fact that you are selling an intangible product, the prospect’s desired outcome. As a consultant, your job is to make the product tangible and mitigate the prospect’s doubt. You are the product! The attributes of the product you’re selling are your attributes: competence, professionalism, empathy, and ethics among others. You will demonstrate these attributes by developing a working relationship with the prospect. By developing solid relationships, you will ensure the success of your business.
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As you would expect, I spend a lot of my time promoting ITB Partners to prospective clients who may need our consulting services. Additionally, I talk with many people who want to affiliate with our company to leverage their resources and create a sustainable independent consulting practice. This week was typical in that respect.
Of course, all my meetings are interesting. I learn a lot from these conversations. One conversation stood apart this week. I received a phone call from a lady I have known for many years. A millennial, she’s been developing a sideline business. She started by purchasing unclaimed freight and reselling that merchandise through Facebook. As she learned about her customers and her skill set, her business became focused on selling women’s clothing. She has positioned herself as a fashion consultant. Her unique selling proposition is helping women purchase clothing that best suits their body type and personal style. As her business model requires consultative selling, I was very interested to learn how she connects with her clients and the process she uses to generate business. She was very gracious as she answered all my questions.
Consulting services are categorized as intangible sales. The product we sell is an improved future ‘state of being’ compared to the current situation. The desired ‘state of being’ cannot be experienced physically. One cannot see the outcome with their eyes; they cannot touch or taste the product as it currently doesn’t exist. The product may be a significant increase in revenue, lower operating costs, greater profitability, or reduced risk. These states can be measured only after they have occurred. Those of us selling consulting services must conduct ourselves like a physician. We want to make our clients feel better.
Last week I wrote about the value of listening which I believe to be an essential skill. I am convinced that it is the most important tool required to be a good consultant. I have been faithfully working to improve this skill. Toward that end, I remind myself to concentrate on what the other person is saying and to squelch thoughts about my response. As with most sales processes, my meetings are about gathering information to qualify prospective clients, not to debate. I endeavor to listen carefully and ask questions that yield useful information. Asking the right questions is required to keep the conversation flowing.
I am fond of using the physician as an analogy for the consultant. Before the physician can convince the patient on a course of action (to resolve a problem) she must gain the patient’s trust and confidence. The patient must be assured that the physician is prescribing a treatment that is in their best interest and that the physician is competent. It is the same process for an independent consultant. The first step is to gain the trust of the prospect and then to establish confidence. To begin the process of creating trust, the consultant must establish rapport. We do that by asking questions and listening thoughtfully to the prospect’s response. Questions that reveal the prospect’s situation, concerns, and fears help the consultant understand the nature of the problem to be solved. It also demonstrates empathy which establishes rapport. Like a physician, we want to know ‘where it hurts,’ and to understand the prospect’s ideal situation. Asking follow-up questions shows the prospect that you have a sincere interest to help them resolve their problems. Sincerity on your part will establish trust.
When you’ve established trust, you can work to gain confidence. Establishing confidence is based on quantifiable results. In other words, how many times have you completed the prescribed work and what is your success rate? If you are a surgeon prescribing a heart transplant, the patient will want to know how many heart transplants you’ve completed and if you lost any patients. This is a good time to have references available to ‘sing your praises.’
To be successful selling an intangible product like consulting services requires that you create a bond with the prospect. Creating a bond, or establishing rapport is accomplished by listening carefully to understand the prospect’s pain. Asking follow-up questions to completely understand the extent of the prospect’s situation helps ensure that you will close the deal. So, take time to ask good questions, listen carefully, and close more deals.
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I had an epiphany this week Thursday. Well, maybe it wasn’t an epiphany as much as it was an important reminder about the art of the elevator pitch. I was on a conference call with my Executive Leadership Team (ELT) discussing business development and the process of closing the sale. Specifically, the conversation became focused on understanding the needs of the prospect before selling our capabilities. I used the metaphor of a Family Physician, a General Practitioner diagnosing a patient’s malady. The GP begins with questions to understand their patient’s symptoms. In another words, where does it hurt? Diagnosis is a systematic process which results in mutual trust, and the beginning of a relationship. It follows a logical sequence. Consultative selling is very similar. It follows the same process. By establishing sincere interest in the client, learning about their pain, we demonstrate our consulting methodology.
My epiphany was that building a relationship is confusing to many. They become so focused on presenting their value proposition, they fail to connect with the prospect. Some people I know are honest about their lack of appreciation for networking. As a result, they, avoid it, having a more difficult time generating business. This recognition triggered me to address the issue head-on as it is so fundamental, it cannot be ignored.
“People will forget what you said. People will forget what you did. But people will never forget how you made them feel.” Maya Angelou
Networking for business development, qualifying prospective clients, isn’t much different than making friends or courting a prospective mate. Again, some are better at this than others. People who are good at making friends demonstrate a sincere interest in the other person, the target of their interest. These people ask questions to learn the other’s background and interests to identify common ground. Similarly, my single female friends say that the best prospect is one who shows sincere interest in them. One who asks questions to learn the lady’s background and interests, to identify common ground. Prospecting for business, or networking, works the same way. When your prospect is confident that you understand their needs they will invite you to present your bonefides. Great! Now you can deliver your elevator pitch. If there is common ground and a foundation for trust, the ability to consummate the sale is enhanced. The similarities between prospecting for business and dating looms large.
Making friends takes time and patience. As an Air Force Dependent, I’ve had a lot of experience moving from place to place and making new friends. My best friendships developed over time. I learned that often the wrong people were the first to reach out to me. It wasn’t because I was a magnet for those folks, but I encountered them with every move. They were overly aggressive, inappropriate even, which made me uncomfortable. I learned to be careful with these folks. During my corporate career, I moved around quite a bit as well. I experienced the same issues, although I was much better equipped to deal with them as an adult. I am confident that my experience, making friends is fairly commonplace. I am sympathetic to the trepidation of business leaders on the receiving end of one’s business development efforts. And, they should be wary as the stakes are greater.
The advice to my colleagues is to be respectful, to show interest in the prospect, and build a relationship. When your prospect feels there is mutual interest and respect, they will ask to hear what you have to say. In other words, don’t lead the conversation with your elevator pitch ask questions to get to know your prospect.
Qualifying your prospect is the same process you use to make friends or to find a mate. Make them feel that you understand their pain and will be a good partner. Demonstrate your respect for their situation and a sincere interest in helping them improve their performance. If you are in a more traditional networking situation, spend the bulk of your time listening and asking relevant questions. You will be rewarded with more business.
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When discerning the client’s needs, and their framing of it, you’ll want to Validate The Client’s Diagnosis. This step is key for producing later success.
A close friend and associate, John, become a successful independent consultant after leaving his corporate career. His transition was relatively easy as his network was strong, and he was well respected. His network was so powerful that he seldom failed to close a deal where he had a first-party referral. Those referral-based deals launched his career, with a little help from me. His challenge was closing deals when he had a third-party referral or if he had surfaced the prospect. That was an important learning experience for John.
As you would expect, I spend a lot of my time promoting ITB Partners to prospective clients who may need our consulting services. Additionally, I talk with many people who want to affiliate with our company to leverage their resources and create a sustainable independent consulting practice. This week was typical in that respect.
