Power of the Pyramid #3

1. Target Selling takes your firm to the next level Power of the Pyramid #3

2. Hitting the Bulls eye!

3. 3 Strategies for Double Digit Growth • Identify “A” clients and super please them • Identify “B” clients and turn them into “A” clients • Find prospects in your marketplace like your “A” and “B” clients

4. Identify “A” clients and super please them • Build loyalty • Introduce new services • Turn them into “raving fans” • Focus of senior partners

5. Identify “B” clients and turn them into “A” clients • Learn their business • Offer Dessert • Make them more profitable • Focus of New Partners and Senior Managers

6. Kanthal Corp’s 5/50/150 Rule 15% of your clients = 30% of your firm’s total revenue 5% of your clients = 50% of your firm’s total revenue ..and 150% of your total profits

7. Walking Up the Value Ladder • How did you get your “A” clients to move up the value ladder? • The higher they move the more valuable the relationship Org Impact Partnership Innovation Process Integration Relationships Services Commodities

8. Peter Drucker says… “Lack of focus is the BIGGEST mistake businesses make.”

9. Identify prospects like your “A” and “B” clients and get them into your sales pipeline • Turn them into clients • Potential long sales cycle • Be intentional and persistent

10. Jay Conrad LevinsonGuerrilla Marketing Attempts 27 M C. P. Accountant Lifetime Average = .333 (9 for 27)

11. Finding Target Prospects • Create a Target Prospect List • Increase your rate of asking for referrals… How often is about right? • Measure and develop systems to support your outcomes • Find a point of receptivity or… • Start your cold calling campaign

12. Pipeline 100% Firms Fees Prospecting Qualifying Interest Development Targeting Gain Access Proposals-Oral/Written Accept Rejection Reject Acceptance Teamwork Client Meetings Unique Services Collaboration Niche Development Communications Newsletters Seminars Receptions Compelling Mission and Values Improve Client Improve Community Price Optimization Maximum Loyalty Maximum Profits Pro Active Ideas Additional Services Niche Questions Loyalty Listening Extensions Services Five Star Service Client Service Communication Training Surveys Communication Newsletters Meetings Responsive Client Needs Client Wants Delivery On Time One Budget Technical Competence Specialization Answers Recovery Process Error Plan

13. Moving Toward the Pinnacle • Pipeline Development • Prospecting • Qualifying • Interest Development

14. Fill Your Pipeline

15. ?

16. If you want to grow 10%... • If you have 25% of your firm’s revenue in your sales pipeline and • You have 10% client attrition each year • You want to grow at 10% then… • You need a 90% close ratio to reach 10% growth

17. If you want to grow 10%... • If you have 50% of your firm’s revenue in your sales pipeline and • You have 10% client attrition each year • You want to grow at 10% then… • You need a 40% close ratio to reach 10% growth

18. If you want to grow 10%... • If you have 100% of your firm’s revenue in your sales pipeline and • You have 10% client attrition each year • You want to grow at 10% then… • You need a 20% close ratio to reach 10% growth

19. 100% of your firm’s revenue in your sales pipeline…are you crazy? • FAQ’s • What if it all comes in at once? • It never does • We don’t have anywhere near that currently? • How much do you have? • How is this even possible? • It is simple, but not easy. You have to have a plan, work the plan, measure the plan and hold people accountable to results

20. Selling: 12 Steps • Prospecting for leads • Gaining access to prospects • Qualifying prospects • Identifying decision influencers • Developing like and trust • Discovering problems and needs

21. Selling: 12 Steps • Creating wants • Handling objections • Demonstrating capabilities • Creating value perceptions • Persuading decision influencers • Closing the sale

22. Buying Cycle • Changes over time – Marketing • Recognize they have a need –Marketing • Look for someone who can help – Selling • Evaluate options – Selling • Decide – Selling • Implement the solution – Client Service • Support the relationship – Client Service

23. Moving Toward the Pinnacle • Pipeline Development • Prospecting • Qualifying • Interest Development

24. Step 1: Prospecting for Leads

25. MADDEN Prospect Test • Money • Accessible • Desire • Decision Influencer • Eligible • Need

26. Center of Influence& Referral Source

27. Moving Toward the Pinnacle • Pipeline Development • Prospecting • Qualifying • Interest Development

28. Qualified Prospect?

29. Now

30. Enjoy

31. Alter

32. Decision

33. Pay Strategy

34. Qualifying ProspectsNEAD-PAY N – Who Are You Using Now? E – What do You Enjoy About…? A – What Would You Alter…? D – What is the Decision process and who is involved? PAY STRATEGY?

35. Pricing Discussions • Understand Pricing Emotions • Be confident • Address the need and the want • Set and manage expectations • Don’t create pricing objections • Be ready to reject acceptance

36. Pricing Emotions Price Resistance AKA… Sticker Shock

37. Pricing Emotions Price Anxiety AKA… $#@&^%!

38. Pricing Emotions Payment Resistance AKA… Buyer’s Remorse No Way I Am Paying This!

39. Moving Toward the Pinnacle • Pipeline Development • Prospecting • Qualifying • Interest Development

40. Which is most important Interested Prospect or Qualified Prospect?

41. Team with Other Professionals • Client Meetings – Conduct a “Client Business Review” • Collaborate on key initiatives • Offer Unique Services for your clients • Development Strategic Niches/Specialties

42. Communications withOther Professionals • Newsletters or Cycle Selling • Seminars • Private Business Receptions • Lunches, dinners and other events

43. Pipeline 100% Firms Fees Prospecting Qualifying Interest Development Targeting Gain Access Proposals-Oral/Written Accept Rejection Reject Acceptance Teamwork Client Meetings Unique Services Collaboration Niche Development Communications Newsletters Seminars Receptions Compelling Mission and Values Improve Client Improve Community Price Optimization Maximum Loyalty Maximum Profits Pro Active Ideas Additional Services Niche Questions Loyalty Listening Extensions Services Five Star Service Client Service Communication Training Surveys Communication Newsletters Meetings Responsive Client Needs Client Wants Delivery On Time One Budget Technical Competence Specialization Answers Recovery Process Error Plan

44. Targeting • If you aim at nothing… You will hit it every time • Gaining Access • Proposal Power • Accepting Rejection • Rejecting Acceptance

45. Gaining Access to Prospects Internal Referral Sources External Referral Sources Direct Mail/ Permission Marketing

46. The Permission Marketing Process Series of 4 Letters: Introduction Information Problem Questions Verify Initial Call Date Step 2: Gaining Access to Prospects

47. Make the Call Get the appointment Don’t try to sell!

48. Targeting • If you aim at nothing… You will hit it every time • Gaining Access • Proposal Power • Accepting Rejection • Rejecting Acceptance

49. Have a GREAT Proposal Process • Qualify • Plan questions ahead of time • Have an on-site visit if possible • Review a draft proposal • Make a memorable client centered presentation

50. Help the Buyer Choose YOU! • Who should I choose? • Who do I like? • Trust? • Who captured our emotion? • Passion?