Prospecting For Golden Clients
Do you have a clear image and understanding of your perfect client? Authors often mention about writing for their avatar. This is their imaginary reader. They have a clear picture of whom they are writing for. They know their reader’s hopes, fears, aspirations, behaviors, goals and idiosyncrasies.
In sales, prospecting to find your Golden Client is a bit like discovering your life partner. We have to go out and meet a lot of potential partners, until we find the person who just clicks with us. We find we get along very well together – we are simpatico, share common interests, have great communication and are on the same wavelength.
Clients are our partners too. Partners in the sense that we are looking for a long- term relationship. Our chief objective is to make re-sales. Not to make a “sale”, but to generate consistent orders year after year. This can only occur when the mutual trust has been built.
If we have distilled what our perfect client looks like, then we have a much better chance of finding such a buyer. Now our perfect buyer may need to grow into that category. It is rare to find someone who is perfect from the outset. The “test and see” strategy in Japan almost ensures that the first orders and interactions will be limited, as the buyer tests us out, to see if we are reliable.
This is done for self-protection in business. The distribution system in Japan is often convoluted and there are many outstretched hands involved. This means there are also many interlocking relationships, constructed on years of obligations and counter obligations.
As a new supplier, we are caught up in this web of mutual responsibility. Failure in any one part of the system jeopardises the livelihood of everyone in the food chain and so people take this relationship building very seriously. Once burnt they are very shy to try again, so we have one shot to make a new client and we had better not blow it.
So our perfect client may actually have to grow in scale to become our perfect client over time. In the beginning, we may only see small orders which based on satisfactory performance by us, will be able to grow in importance. This is the theory anyway.
Now this gradual scale increase idea raises a problem. Which are nascent perfect clients and which are buyers just pushing hard for all they can get from us? At the start this is sometimes hard to determine. As sellers, we tend toward being especially accommodating in the beginning, because we want to grow the business with this new client. This makes perfect sense, but we should always have our BATNA at the ready, to wield whenever needed.
Our BATNA is our “best alternative to a negotiated agreement”. This is our walk away position. If we get pushed unreasonably hard on price, we need to be thinking where is the point where this new client is less than perfect. In fact are they meant to become a non-client, because they are too demanding, too cheap and too problematic?
Sometimes the buyer tendency is to play the “new client” card as hard a possible. They want to force concessions. Then despite all the rhetoric and agreement about this being a one-off, once in lifetime special introductory arrangement, they then set that number as the new low bar. Against this standard all further future discounts are measured and negotiated. This is not a partnership.
We need to have a clear view of who we want to partner with and make sure that there is that level of compatibility. There needs to be win-win outcomes aplenty. We can have the correct approach to clients but not all clients reciprocate. Desperation drives bad decisions and bad partnerships. Life is short. So it is better to take our time and make sure this client is someone we want to be dealing with for a long time.
Engaged employees are self-motivated. The self-motivated are inspired. Inspired staff grow your business but are you inspiring them? We teach leaders and organisations how to inspire their people. Want to know how we do that? Contact me at greg.story@dalecarnegie.com
If you enjoy these articles, then head over to www.japan.dalecarnegie.com and check out our "Free Stuff" offerings - whitepapers, guidebooks, training videos, podcasts, blogs. Take a look at our Japanese and English seminars, workshops, course information and schedules.
About The Author
Dr. Greg Story: President, Dale Carnegie Training Japan
In the course of his career Dr. Greg Story has moved from the academic world, to consulting, investments, trade representation, international diplomacy, retail banking and people development. Growing up in Brisbane, Australia he never imagined he would have a Ph.D. in Japanese decision-making and become a 30 year veteran of Japan.
A committed lifelong learner, through his published articles in the American, British and European Chamber journals, his videos and podcast “THE Leadership Japan Series”, he is a thought leader in the four critical areas for business people: leadership, communication, sales and presentations. Dr. Story is a popular keynote speaker, executive coach and trainer.
Since 1971, he has been a disciple of traditional Shitoryu Karate and is currently a 6th Dan. Bunbu Ryodo (文武両道-both pen & sword) is his mantra and he applies martial art philosophies and strategies to business.
Hard Sell Stupidity
“We are going to be in your area next week, would you be available on Tuesday or Thursday?”.
“Really? Which part of my area will you be in?”.
“Are you available on Tuesday or Thursday?”.
“Wait a minute, you just said you would be in my area, so which part of my area will you be in?”
“Akasaka”.
“Really that’s interesting. Akasaka is a big place, which part of Akasaka?”.
“Are you available on Tuesday or Thursday?”.
This was an outbound investment sales call. The object was to sell me on investing my hard earned cash in their company’s investment product.
By the way, this conversation carried on far beyond what I have extracted here and became even more ridiculous, if that is actually possible. The essence was that I didn't believe that what they were saying was true. They started with a suggestion that they would be in my area and could just drop by. They say this to appear indirect and less “hard sell”.
However, when you push back on the validity of what they are saying, out comes the blatant hard sell - their constant annoying refrain of “Tuesday or Thursday?”. Why would they be doing this, when it is so obviously ridiculous? The answer is lack of sales skills and proper training.
There is a set script in place and I departed from the sacred text by challenging what they were saying. I did not believe that they will happen to be in my area and therefore that they could just drop by. It sounded unlikely to me, so I pushed back on their basic assertion. If they wanted to see me, why not just say, “we would love to visit you, would Tuesday suit or how about Thursday?”. Instead they started with a lie or at best, a dubious assertion, that has close to zero credibility.
Now this sales call is for an investment offer, where you cannot see, taste, hear, touch or smell the product and you won't know if it is any good for years. The trust factor on this type of sale is huge, yet they start the proceedings with an obvious lie.
How could they have done it more professionally? They don't know me and have found my address and phone number somewhere, so are trying to begin a relationship. When you are starting a relationship you need to immediately put the other person at ease and try to build some rapport.
“Hello Dr. Story, we have not met or spoken before, but my name is Taro and I am with xyz company. We exist to serve the interests of highly discerning clients like yourself. Do you have a few moments to speak?
Thank you.
We offer information, insight and help busy executives like yourself to better manager their wealth. Our clients often tell us they are so busy helping everyone else that they tend to sacrifice devoting enough time to their own personal wealth management. Is this the type of experience you have ever had?
We may or may not have something that suits your situation, but the beauty of spending a short meeting with our experts is that they can at least outline some of the most successful portfolio structures that have been working for executives similar to yourself. Are you in a position today to be able to consider investing in products which you might find attractive?”.
This example passage does a number of things. It flatters me that I am discerning, checks that I have time to talk, tells me they are in the wealth advisory business. They also pick a problem that busy executives do have and that is that often we are not managing our own wealth sufficiently well.
By asking me if I have had that experience, this opens up a sufficiently broad timeframe range to receive a positive “yes” response. By saying they may or may not have what I need, comes across as balanced, consultative and not hard sell. Referring to the best practice examples, tells me they are only going to talk about things that are relevant and working well already.
Checking whether I have capacity to take action will save us all a lot of time. Wealthy people don't leave their money sitting around in cash. They are leveraging it, investing it, working it. Often, as a result they don't have any capacity to invest, because they are already locked into other investments. The wealth management firm is looking for people who have not committed all of their wealth because they have recently cashed out of something, come into sources of cash or have a high degree of liquidity to enable them to move cash around between investments.
Instead, all we had here was a hard sell for a Tuesday or Thursday alternative of choice, built off a lie about the fact they would be in my area next week. There is no congruency between what they are selling and how they are selling it. The young woman I was talking to was calling me from a Philippines sales boiler room and was a "phone dog", her job being to call large numbers of people like me on a list and go through the script. I departed from the script and she was lost.
We are all in the trust business and so what we say can't be tricky, smarmy or duplicitous. We are here to serve clients and tricking them into seeing us isn't a winning formula. The point of the conversation was to get an appointment, no matter what. Wrong objective!
The point of the conversation should have to been to build trust and invoke interest. They need to weed out non-clients like me, so that they are only speaking with qualified buyers. I wasn't one, but she had no idea of knowing that because the script wasn't intelligent. Now you would hope that your financial advisor would be intelligent, yet what they were doing was clear proof to me how unintelligent they were.
In this modern age, boiler room induced hard sell doesn’t work. The client’s interest has to be paramount. Salespeople who don’t get this basic point are not going to be around very long. Re-design the sales approach and put the client’s success at the center and then you will meet clients and make sales.
Engaged employees are self-motivated. The self-motivated are inspired. Inspired staff grow your business but are you inspiring them? We teach leaders and organisations how to inspire their people. Want to know how we do that? Contact me at greg.story@dalecarnegie.com
If you enjoy these articles, then head over to www.japan.dalecarnegie.com and check out our "Free Stuff" offerings - whitepapers, guidebooks, training videos, podcasts, blogs. Take a look at our Japanese and English seminars, workshops, course information and schedules.
About The Author
Dr. Greg Story: President, Dale Carnegie Training Japan
In the course of his career Dr. Greg Story has moved from the academic world, to consulting, investments, trade representation, international diplomacy, retail banking and people development. Growing up in Brisbane, Australia he never imagined he would have a Ph.D. in Japanese decision-making and become a 30 year veteran of Japan.
A committed lifelong learner, through his published articles in the American, British and European Chamber journals, his videos and podcast “THE Leadership Japan Series”, he is a thought leader in the four critical areas for business people: leadership, communication, sales and presentations. Dr. Story is a popular keynote speaker, executive coach and trainer.
Since 1971, he has been a disciple of traditional Shitoryu Karate and is currently a 6th Dan. Bunbu Ryodo (文武両道-both pen & sword) is his mantra and he applies martial art philosophies and strategies to business.
How to Properly Prepare For Client Meetings
Salespeople are very busy, rushing around finding new clients, developing leads, networking, cold calling, attending client meetings, getting stuck into preparing proposals and later executing the follow through on what has been promised. Somewhere in this process some key basics start to go missing. One of those basics is the proper preparation for client meetings.
This is rather ironic because we salespeople have never had it so good. In this modern age we have so much information available to us just a few clicks away. Listed client companies very conveniently include their financial details, strategies, corporate officer information, etc., in their annual reports on their web sites.
Invariably, we will see a modern besuited business Titan posing in the plush corporate corner office. In addition to the PR division’s photographic efforts, there will be a substantial article or interview with the CEO, outlining the way forward for the company. The key organisation goals and milestones are on display for all to see.
A few minutes finding this information and reading it will give the salesperson a very clear idea of the key business drivers for the company’s strategy. The financial section will also tell us how the entity is tracking against it’s declared goals. It may even get down to a breakdown at the divisional or country level, which is pure gold to someone about to meet a decision-maker from that firm.
Being able to tie what you sell to the goals they have set for themselves instantly makes the context relevant and places the discussion on the right basis. Talking about your contribution to their ROI is of great interest to someone in that company, who has responsibility to deliver the goals established by senior management. So rather than talking about what you want – to sell something – the discussion is better focused around how you can help them achieve their goals.
How many salespeople though bother to do this prior to calling on the client? Not enough! If we turn up to their office and say, “Tell me about your business?”, this speaks volumes about our lack of research on the company beforehand. It would be much better to ask a question that relates to the goals which have been set within the company. We should be looking for some context where we can show how helpful we can be, in solving their local issues preventing them from satisfying their corporate goals.
We should be coming into that meeting talking about the most relevant issues facing the team we are meeting. We might say:
“I notice that your company President has made it
a clear goal to grow the business by 12% over this next year.
Given the current business climate, that sounds pretty tough.
Is that also the commitment you need to deliver from the Japan business?”
This is a great question because we have indicated we have done our homework on the firm, we are aware of their goals and we are empathetic. We are also checking if the local business has the same issues or not. If they answer that the local unit has to grow by 30%, then that sets us up for a very interesting conversation about how they are going to achieve that and why their local goal is so much larger.
We want to capture the scale of the gap between their current performance and their required performance, plus their chances of bridging that gap without our help. If we find out the opportunity to grow 30% in Japan is a snap, because business conditions here are so much better than everywhere else for them, we may have a hard time showing where we can be helpful.
On the other hand if they are really suffering from having such a large target, then perhaps we may be the solution and they will be all ears to hear how we can help. We could ask them “how is business?” and they may or may not choose to enlighten us to their reality. Remember, everyone loves to buy but no one wants to be sold. So the less you have to tell salespeople anything, the less likely you will be sold anything.
If we are able to lead the conversation into a deeper stage quickly, the more likely we are to find out if we have a new client here or not. This should be our goal and we should be using the best resources available to us to achieve our goal.
Apart from the information on the firm, there is also information we will find on the individuals we will meet from the firm. They will probably have a Google, Yahoo, Facebook, LinkedIn, Twitter, Instagram, YouTube presence. A quick search on their name will turn up useful background information, which may allow us to draw out some connections we share in common. If you both studied at the same university or previously both worked in the same industry or lived in the same location (state or town) or have the same hobbies, these are speedy connectors between two total strangers.
In sales, we need our buyers to know, like and trust us. The like and trust parts are the difficult bits, especially at the initial stages of the relationship. Sharing things in common is a great way to quickly establish credibility and a relationship.
Let’s take my example. I am a proud Queenslander, grew up in Brisbane, I support the Brisbane Broncos and Origin rugby teams, studied Modern Asian Studies at Griffith University and I practice karate. There are a wealth of speedy connectors right there. You can find all of this out about me on-line in about five minutes.
Start our meeting by commenting on how well Queensland has been doing in the Origin rugby and you and I are off to a great start! It means you know about the rabid Queensland versus New South Wales State rivalry in rugby and how important it is to native Queenslanders like me to win.
I am a buyer of goods and services here in Japan. Over the last twenty 25 years here, not one salesperson has tried to connect with me through knowing some common connectors. Given what is out there now in the public domain, there is no excuse for salespeople calling on me, particularly over the last ten years, to not try to connect in this way.
It is the same for most people we meet. We can get the relationship off to a flying start, if we bother to invest the time to find out their key details. Yes, we are all very busy but that is not a sufficient excuse. We salespeople are simply not doing a good enough job to use the tools at our command today. It is crazy when you think about it. Trying to build a connection and establish a positive first impression has to be every salesperson’s goal when meeting new clients for the first time.
Yes there are unlisted companies and yes, not so many Japanese business people use LinkedIn as yet. However, there are plenty of companies though who are listed and plenty of Japanese people on Facebook etc., so we should make the effort to do our homework on the client before we meet. In this Internet age there really are no excuses.
One of the other tricky bits about Japan is the group dynamic of decision-making. We may not know beforehand precisely who will be in the room. Often there will be extra people who turn up and so we won’t be able to research them prior to the meeting. However, after the meeting we can try to find out something about them that might enable us to establish a relationship. If they support a particular interest, we might send them an article on that subject.
If they like a certain sport or activity we might arrange tickets as our guest. However, I am a bit conservative regarding individual gift giving in Japan. There are often corporate compliance restraints on entertainment and gift giving which we should be aware of. We don’t want our efforts to cause them any embarrassment or trouble. On the other hand, we could bring something to eat to be shared with the whole team and that is usually acceptable. Japan, fortunately has an amazing selection of these types of goodies for just such an occasion.
This is the age of readily available and free information. We need to differentiate ourselves from every other salesperson out there. A simple way to do that is to spend some time researching the company and the individuals. When we have these insights we ask better designed questions, we uncover more key information more quickly and we provide great context for our conversation with the buyer.
Action Steps
Engaged employees are self-motivated. The self-motivated are inspired. Inspired staff grow your business but are you inspiring them? We teach leaders and organisations how to inspire their people. Want to know how we do that? Contact me at greg.story@dalecarnegie.com
If you enjoy these articles, then head over to www.japan.dalecarnegie.com and check out our "Free Stuff" offerings - whitepapers, guidebooks, training videos, podcasts, blogs. Take a look at our Japanese and English seminars, workshops, course information and schedules.
About The Author
Dr. Greg Story: President, Dale Carnegie Training Japan
In the course of his career Dr. Greg Story has moved from the academic world, to consulting, investments, trade representation, international diplomacy, retail banking and people development. Growing up in Brisbane, Australia he never imagined he would have a Ph.D. in Japanese decision-making and become a 30 year veteran of Japan.
A committed lifelong learner, through his published articles in the American, British and European Chamber journals, his videos and podcast “THE Leadership Japan Series”, he is a thought leader in the four critical areas for business people: leadership, communication, sales and presentations. Dr. Story is a popular keynote speaker, executive coach and trainer.
Since 1971, he has been a disciple of traditional Shitoryu Karate and is currently a 6th Dan. Bunbu Ryodo (文武両道-both pen & sword) is his mantra and he applies martial art philosophies and strategies to business.
The Importance Of Consistency In Sales
We all know that consistency is a fundamental requirement if we are going to establish trust with others. We ask buyers to purchase from us on the basis that we will be delivering what we say we will deliver, on time, at the agreed price point and quality. Now no salespeople go around promising anything less so there is no differentiation at this stage of the sales process. What can we do to differentiate from all the other rivals out there making promises and claims of reliability.
Saying you are reliable and trustworthy is hot air, until you prove it. Obviously once we get the order and deliver we are in a position to walk the talk. What about before that though? How do we have the buyer feel comfortable with our hot air such that they decide to take a risk and buy from us?
Being able to quote statistics based on performance is powerful. If we can say that our on-time delivery rate has been running at 97% on average over the last five years that is powerful. Being able to show the dates and times in a format that offer prooof is even better.
Having testimonials that focus on the reliability factor is also convincing. Most testimonials focus on broad satisfaction and quality, but asking clients to comment on this specific issue is another way to differentiate ourselves from the competition.
Controlling expectations is another important factor in underlining our reliability and ability consistency. Under promise and over deliver is an old chestnut but a good one for salespeople. We tend to want to promise the earth to get the deal agreed. The classic scenario is the sales team promises the client things the company can't fulfill, usually around delivery times or volumes. The factory managers or the production department are now under immense strain to hold up the compny's reputation because of laziness on the part of the salesperson and this squally invites things to go wrong when you least need them to.
Promise well within your range of possibilities on the first outing with the new client. Deliver exceptionally well and then from there expand the conversation to include other services or products. Don't be in a rush to cram the whole line-up down the throat of the buyer. Bite size pieces is how you eat an elephant and how you best serve each new client. Patience and attention to detail are the primary requirements for success.
We should also be careful about our consistency in casual conversation. If we tell someone our favorite baseball team is the current winning team but next year we are now supporters of the new champions, then we sow the seeds of doubt about our reliability. If you were a vocal critic of a political candidate before the election and now you are a supporter people wonder about your authenticity. Some may see this as immense flexibility but reliability is more valued in business here. If this person can change so easily they come across as opportunistic and standing for nothing.
In Japan especially predictably is valued. Buyers like to be sure of what they are buying and in the first instance they are buying us. We have to create a great first impression and after getting the business we have to create a great second impression and a great third impression, ad infinitum.
If we tell the client one thing and later contradict ourselves then the trust is destroyed and it is very hard to get it back. The ability to deliver the same product or service at the agreed level doesn't always happen for a variety of reasons. We had better have a rock solid explanation though as to why this variation occurred and why it won't happen again. Everyone knows that things can go wrong, despite the best planning, so it is the reaction and response that buyers look for. Mealy mouthed arguing the point infuriates clients much more than the fact of an error.
Engaged employees are self-motivated. The self-motivated are inspired. Inspired staff grow your business but are you inspiring them? We teach leaders and organisations how to inspire their people. Want to know how we do that? Contact me at greg.story@dalecarnegie.com
If you enjoy these articles, then head over to www.japan.dalecarnegie.com and check out our "Free Stuff" offerings - whitepapers, guidebooks, training videos, podcasts, blogs. Take a look at our Japanese and English seminars, workshops, course information and schedules.
About The Author
Dr. Greg Story: President, Dale Carnegie Training Japan
In the course of his career Dr. Greg Story has moved from the academic world, to consulting, investments, trade representation, international diplomacy, retail banking and people development. Growing up in Brisbane, Australia he never imagined he would have a Ph.D. in Japanese decision-making and become a 30 year veteran of Japan.
A committed lifelong learner, through his published articles in the American, British and European Chamber journals, his videos and podcasts “THE Leadership Japan Series”, "THE Sales Japan series", THE Presentations Japan Series", he is a thought leader in the four critical areas for business people: leadership, communication, sales and presentations. Dr. Story is a popular keynote speaker, executive coach and trainer.
Since 1971, he has been a disciple of traditional Shitoryu Karate and is currently a 6th Dan. Bunbu Ryodo (文武両道-both pen & sword) is his mantra and he applies martial art philosophies and strategies to business.