Peggy’s Pointers

What is your Value Proposition in the Eye of your Client?

I asked a client one time, “Kyle, why do you do business with me?”  His response was, “Those wonderful Gourmet Chocolate-Chip Brownies that you bring me every Christmas.”

Yes, those Gourmet Chocolate-Chip Brownies are scrumptious.  An 80 year old friend of mine bakes these for me each year.  Usually around July, several of my clients begin to ask, “When are you going to bring us more brownies?”  I have to remind them it isn’t Christmas yet!

Much has been written about Value Proposition and how you must offer so much more than your competition in order to retain business.  However, do you know from your client’s prospective the Value Proposition that you provide?

Besides tempting clients with brownies each year, here are several additional tips that you can use to engage clients and prospects to learn more about them and how to better be of service:

• • Industry – Keep abreast of their industry and discuss trends and happenings with them.  Follow them on the internet through all of their social media; subscribe to their industry magazines; join their trade associations.
  • Competition – Vet their competition through websites or available trade association information.  Discuss what they are doing in comparison to their closest competition.
  • Future of Company and Client – Periodically engage them in conversation as to what direction the company as a whole is going but also seek to find out about own their future plans.  Are they looking to move up in the organization or on to better opportunities?
  • Extras – Be willing to offer products and services that your competition either doesn’t offer or doesn’t want to offer.  Over the years, I have provided my clients with many products outside of my core product offerings simply because they said they would buy it if I could provide.
  • Partner – Figure out a means of partnering with your clients.
  • Resource – Be the “go-to” person when your client needs a warm referral for products or services outside of your wheelhouse.
  • Personal Values – How well do you know your client and what is important to them–their values and personal likes/dislikes?

Providing a real value to your clients comes in many forms.  Don’t be afraid to simply ask how you can help them grow their business.

Peggy P. Edge © 2014

Definition of Mystique:   An aura of heightened value, interest, or meaning surrounding something, arising from attitudes and beliefs that impute special power or mystery to it.

You gain power in the eyes of your clients when you come across as someone who is on the cutting edge of your industry.

Ideas to help build a sales mystique include:

• • Know your products – pros and cons.  Be willing and able to explain not only what it is designed to do but also any shortcomings associated there within.
  • Know your competition – Study your competition’s sales methods, pricing structure and their “go-to” process to close sales.
  • Know your industry – Keep posted on trends and technology within your industry.
  • Know your client’s industry – Read and study what’s new in your customer’s market.
  • Know your client’s competition – Spend a little time vetting your client’s competition which can reveal insight into both companies.
  • Know how to be a resource – Inquire as to how you can help grow your client’s business.

Peggy Parker Edge (c) 2014

Networking—to be an effective resource to your prospects and clients, you have to keep your ears open for opportunities to be of service.

Obviously I don’t sell phone systems, provide travel services, or do financial planning.  However, what I do offer my clients is me and my network.  By being a resource to everyone I come into contact with in the marketplace, I provide an invaluable service.

You see, when my clients have a need I want them to think of me first.  Over the years, they have called me to ask for someone to fix the pot-holes in their parking lot;  to ask if I know someone to fill a position within the company; or to ask who I use for my banking needs.

Likewise, you too can be a resource for your client base by making sure that each one of them know you are there to not only be a supplier of products and services but also a provider of connections.  You must ask, “What are your looking for today?”  Be willing to think outside of the box a little bit and stop looking for more sales.

Remember to always look for the opportunity to be of service.  Your connections could be the one thing that sets you apart from your competition…your EDGE Over the Competition!

Peggy Parker Edge (c), 2014

Think about professional athletes for a moment.  Do you think they ever enter the field or run out on the court expecting to lose the game?

A resounding NO!  Why?  The reason is because they have a Winning Mindset and expect to be Victorious each and every time.

How do they do this?  Practice!  Practice!  Practice!

Why then, as salesmen do we get sometimes develop a defeatist attitude?  Managers are notorious at requiring their sales executives to assign a percentage to the likelihood of closing the sale.

If you don’t believe that you expect to have 100% chance to win the business, what can put you in that win-win mode?

To be successful in sales, we must all set out to believe that:

• 100% of the time when we call for an appointment we get it.
• 100% of the time we meet with a prospect that we are granted the opportunity to present out offerings.
• 100% of the time that we have made our presentation that we close the sale.

However, before anyone can be 100% sure of a pending sales, we must be totally prepared.  Therefore to get that Winning Mindset, it always requires some work on the front end to accomplish our goals.

Again, when you prepare and are ready for the game, then is when you have “the Edge” over your competition!

Peggy P. Edge (c) 2014

Engage the prospect first?  Absolutely!

If you lead the sales presentation by telling Mr. Prospect how wonderful your company is; that your products/services are so superior to the competition; and start trying to close without identifying his needs, you have lost any opportunity to move the sale forward.  You have yet to focus on him or his needs.

What is wrong with this picture?  You know the saying that when you meet someone for the first time, within 5 minutes you have made your lasting impression on the other party.  Well, within those first 5 minutes, Mr. Prospect has already tuned you out because you have not made any attempt to include him in this sales process.

How do you engage, include or elicit participation from a first time prospect?

1. Ask probing questions.  Get him to tell you about how his company operates, what they do, and how they do that.  Don’t be afraid to ask anything that you believe will help you understand their needs.
2. Decipher the problems.  Again, you must ask.  You cannot assume anything even though you might have some prior experience in the industry, don’t get caught categorizing what you are hearing into a pat solution.  Be open-minded.
3. Figure out why the issues are important.  You absolutely must get details here so that you understand exactly what is going on within this organization.

I learned in my senior Marketing Problems class in college, first you must identify the facts and determine the issues had hand.  As professional salesmen, you must engage the client first and foremost.

Only after you have accomplished this investigative portion of your visit, then you can move forward to the next steps:

1. Conceive possible solutions  (figuring out what products/services will be the best fit for the application)
2. Make suggestions that are client based–not what you want to sell them today (Forget that you are going to make a $100 bonus to sell the newest widget right off the production line)
3. Create recommendations (if these do not match the problems, you do not have a potential solution)
4. Justify each recommendation for each solution proposed. (This is a requirement…each recommendation must have a corresponding justification.)

In that marketing class, the groundwork was laid with us as potential salesmen–before you can expect to be successful in sales, you must always apply one of the Rules of Sales–Engage the Prospect!

Peggy P. Edge (c) 2014

Sometimes when you offer a service, it is difficult to explain or describe exactly what it is that you do.

For example, if you say you are a Business Coach.  What exactly does that mean?  What do you really do!

The Key Step here is to:  

Give an example of how you have helped a client.

One of the main purposes of a good, effective 30-Second Commercial is to be able to relay in layman’s terms:

1.  What it is that you do for a living?

2.  Who is your target market?

3.  Why should someone be interested in what you have to sell–your value proposition?

When you give that commercial, you want those in ear-shot to be able to tell other people what you do and to be able to explain it enough so there could or might be some interest generated that would result in a one-on-one meeting or introduction.

Always keep in mind to speak in layman’s terms and to give examples of how you have solved a problem.

Peggy P. Edge (c), 2014

A Strategic Alliance is a joint venture between two companies or two people in the co-relational industries.

As a small company in the industrial packaging industry, for 16 years I have used strategic alliances at Edge Packaging Systems, www.edgepackaging.com, to leverage and maximize my offerings to clients.

How I have accomplished this is to partner with companies who have expertise in areas that I have either cursory knowledge or they can provide me with a look of a much larger organization than I am thus being able to provide my clients with just about anything they need.

Some examples of how you can create a business partnership include:

Competitors – yes seek out those who have a mutual interest to help you.

Expertise:  If they have a particular expertise that you lack, consider how you can use them as consultants for a project.

Product Offerings:  If you have a need for your client but cannot provide from your current sources, look at the possibility to partner with a competitor.

When you partner with a competitor, obviously you must lay down some ground rules that will make it mutually beneficial to both of you.

Vendors – are a great resource for helping finance business ventures.

Financial:  Many vendors will give extended terms to emerging companies to help them jump start their businesses.  Sometimes it is a matter of asking for the assistance.

Utilizing the expertise of a competitor or obtaining the financial assistance from a vendor is just two great means to leverage your company and product offerings.  Usually it is just a matter of asking for the help.  It could be your EDGE over Your Competition!

Peggy P. Edge (c) 2014

Peggy’s Pointers of kNOTS

A networking event is kNOT the place to sell.

• The networking meeting is the place to make connections, make appointments and agreements for future linking.

Do kNOT shove a business card into everybody’s hand.

• Wait until someone asks you for your card.

Do kNOT automatically put anyone on your newsletter or distribution list without prior permission.

• Be careful with this because some networking organizations do not allow members to be solicited.  This is a form of solicitation and you could jeopardize your business opportunities with the group.

Do kNOT promote more than 1 business at an event.

• This is one of the biggest mistakes I see women doing.  Their commercial will include they are General Manager of Dither Drilling company and I also sell XYZ.
• If you have more than one business…always, always, always…network them at different venues.

Do kNOT sit with anyone that you know.

• I call this the Bertha effect.  My grandmother always sat on the right side of the pew on the 4^th row of her church.  Everyone knew that was Bertha’s place.
• Not only should you sit with someone you do not know but if you are attending a regularly scheduled event, sit in a different place in the room each week.

Do kNOT assume anything about a group or person.

• Just because a networking function has only small business owners and you need to connect with Enterprise type corporations, don’t assume that there is not anyone in the group who you would be a good resource for you.

Excerpt from: “Key Steps to Effective Business Networking” – Peggy P. Edge (c) 2012

So many times over the 15 years that I have been involved in my local B2B networking group, I have seen people come and go never understanding exactly what they are doing there or why there are there.  The main reason is they have not created an action plan or road-map.

Just like any good sales plan, you should also have a detailed plan for your business networking activities.

Here are a few pointers that your plan must include:

Basic Membership Requirements: Include not only dollars/cents but also the soft costs too, like time investment.

Dues and Meals:  These dues could be national, state and/or local.  Don’t forget to include the price of the meal in your hard costs.

Attendance:  Check this out because most groups require a certain percentage of attendance in order to maintain membership.

Leads/Referrals or Guests:  Some organizations require that you bring leads each session.  Do you have the connections to be able to do this?  What about guests?  Are you required to help bring in new members?

Soft costs:  Time to be a participant…do you have to conduct one-to-one meetings with members on a regular basis?  Do you have the time in your schedule to do this?  If not, then you might look at another group that does not require as stringent outside requirements.

Other soft costs:  time to get to/from meetings plus the time at the meeting.  Most networking groups meet for 1-1/2 hours, can you commit that that much time away from your office?

Offerings and Expectations:  Most people go to networking groups to “get leads.”  Some organizations forbid members to solicit business.  Do you know what the requirements are with regard to asking others for business?

In addition, your plan must include a detailed outline of your offerings and expectations.  What do you have to offer to the group…in leadership capabilities, mentoring of younger or inexperienced members?  Then, what are your expectations from the group…are you looking for some mentoring yourself or help developing a sales pipeline?

Agenda for meetings:  Once you have all of your costs figured out and you are ready to get involved, don’t forget that you should also have an agenda for each meeting that you attend.  Otherwise, you are just going for the social interaction.

Make a list of all of the elements involved in being a member of each group that you belong and put some dollar figures there to see if it is really worth your time to join a particular group or organization.

By creating a detailed Road-Map for your business networking activities, you can determine which groups best fit your overall sales action plan.

Peggy P. Edge © 2014 (Excerpt from Book:  5 Key Steps to Effective Business Networking, Peggy P. Edge © 2012)

What exactly does the term Business Networking mean?  Over the many years that I’ve been involved in a B2B networking organization, I have been able to narrow the definition down to 5 Key pointers:

–It is:  Being Passionate about Giving First.

–It is:  Building and Developing Synergy Partners.

–It is:  Sharing your expertise and talents.

–It is:  Being a resource and connector of people.

–It is:  You’re EDGE over your Competition!

When you can incorporate and accomplish all of these elements in your sales activities, you will not have to cold call again.  For 15 years that I have owned my packaging company, I have worked strictly off of referrals.

Networking is not about selling at all.  It is about making connections and developing those relationships so that you create your own sales advocates in the marketplace.

Peggy P. Edge (c) 2014