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Critical Vendor ™ Networking

Critical Vendor ™ Networking. Defining & Developing Target Markets. x. What can you do with 211 °F water?. x. What can you do with 212 °F water?. Presentation Outline…. The Best of the Reps and the Rest of the Reps Seven Steps to Success Know Your Niche Master Your Market

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Critical Vendor ™ Networking

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  1. Critical Vendor™ Networking Defining & Developing Target Markets

  2. x What can you do with 211°F water?

  3. x What can you do with 212°Fwater?

  4. Presentation Outline… • The Best of the Reps and the Rest of the Reps • Seven Steps to Success • Know Your Niche • Master Your Market • Reap Your Rewards • Critical Vendor Networking • Short – Term Gains • Long – Term Gains • The One Degree of Difference Difference

  5. The Rest of the Reps Have huge networks – Often hundreds of contacts Spend endless hours at networking events Sell to anyone & everyone Focus on their own business Accumulate random contacts –no network structure Go to many long, usually fruitless meetings Take a year or more to get referrals Offer money or other incentives for referrals Make “one-off” sales The Best of the Reps Have small networks of 5 to 7 contacts per target market Avoid networking events Have well-defined markets Focus on their clients’ businesses Build well-structured networks Go to 2 or 3 brief meetings a month – and get multiple referrals Begin getting referrals in weeks, not months NEVER pay for referrals Enjoy continuous referral streams The best vs. the rest…

  6. Seven Steps to Success… 1 Tell them what GOOD you do. Short-TermResults 2 Describe who you do it for. 3 Discover where your prospects hang out. 4 Find their burning issues. 5 Find out who is helping with these issues. Long-TermResults 6 Meet these critical vendors. 7 Give business away!

  7. A note on examples… For each of the Seven Steps to Success discussed in this presentation, three examples are given. The first two are from PEO’s clients. The third example is from a large PEO.

  8. Step 1… Tire Shop Owner Replaced tires sold by previous owner a year ago at no cost to customer. Not what do you do, but what GOODdo you do? Mortgage Broker Refinanced recently bankrupt client and saved him $250 a month. PEO Saves CPA with only 1 employee more than $500 a month.

  9. Tire Shop Step 2… Owners of 3 to 5 year-old, high-performance, specialty sports cars. Who do you do it for? Mortgage Broker Low-income, inner-city home buyers with high credit card debt. PEO High-end remodeling contractors with 10 to 20 employees, businesses founded after 1995, located in northern California.

  10. Rep’s Criteria: Who I’ve sold to Who I’d like to sell to Areas of special interest Areas of special knowledge Who gives me referrals Who do I give referrals Commissions Company’s Criteria: Total monthly payroll Average salary/employee Number of employees Risk Level Size of target market Life-Stage (growing, mature, shrinking) Number of locations Targeting your market…

  11. Tire Shop Target u Owners of high-performance sports cars Step 3… Auto ShowsRace TracksOwners’ Clubs Where do they hang out? Mortgage Broker’s Target u Low-income, inner-city families with high credit card debt. ChurchesSports clubs PEO Target u High-End Remodeling Contractors NARITrade AssociationsTrade Schools

  12. Steps 1 – 3Short-Term Results… 1 Tell them what GOOD you do. 2 Describe who you’ve done it for. 3 Discover where your prospects hang out. Surrounded by Prospects!

  13. Steps 4 - 7Long-Term Results… 4 Discover their burning issues. 5 Find out who is helping with these issues. 6 Meet these critical vendors. 7 Refer business to critical vendors!

  14. x 212° Reps… • Know their target market’s burning issues • Do not believe satisfied clients are a great source of new business • Get 10 to 20 times more referred business

  15. Going to Professional/Trade Associations Step 4… Meeting AgendasSpeaker TopicsWorkshops & Seminars What are their burning issues? Asking Clients & “Premium” Prospects GoalsChallenges Reading Professional/Trade Publications Tables of ContentsFeature ArticlesAdvertising

  16. Tire Shop Target u Owners of high-performance sports cars Step 5… Auto Security ExpertsMechanics(Rare) Parts Dealers Who are their Critical Vendors? Mortgage Broker’s Target u Low-income, inner-city families with high credit card debt. PriestsKids’ Sport Coaches PEO Target u High-End Remodeling Contractors ArchitectsMaterials Suppliers

  17. . A Critical Vendors Network is… …a small, but powerful team of businesspersons all selling non-competing products or services to the same target market

  18. Residential Realtor Critical Vendor™ Networks… Mortgage Broker CPA Property Insurance Agent Pest Inspector Staging Professional General Contractor Title Company

  19. Small Business Bookkeeping Services Critical Vendor™ Networks… X Acupuncturist Accountant Insurance Agent X X Printer Delivery Service Payroll Services Banker

  20. Employee Benefits Company Critical Vendor™ Networks… Commercial Insurance Agent Small Business Attorney Payroll Services Company 401K Advisor Temporary Employment Agency Business Broker CPA

  21. Step 6… Meet Your Critical Vendors! Put the Freeze on Cold-Calling

  22. “You give, you get. You no give, you no get!” Harvey Mackay “Dig Your Well Before You’re Thirsty” x Law of Reciprocity...

  23. Step 7… Refer Business to your Critical Vendor Team!

  24. Seven Steps to Success… 1 Tell them what GOOD you do. Short-TermResults 2 Describe who you do it for. 3 Discover where your prospects hang out. 4 Find their burning issues. 5 Find out who is helping with these issues. Long-TermResults 6 Meet these critical vendors. 7 Give business away!

  25. $4,000 x 1° of difference… • Pick your market • Discover the issues • Hang out with your prospects, not your competitors • Know your market’s Critical Vendors $50,000+

  26. x The Long-Term… Puts you at the hub of 57 Growing Businesses!

  27. x Network Structure

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