Welcome

Day 3

recap of day 2

Networking

Establishing & maintaining lines of

communication with people

Benefits of networking

• Effective networkers use their networking

skills throughout their life. The main benefits

are:

– Raising awareness about you

– Sharing ideas and solving problems

– Building strong relationships and rapport

– Developing partnerships, leads and referrals

– Becoming more influential in your industry

– Increasing efficiency and productivity

Building your network

• Good networkers are always on the look out for opportunities to meet and interact with people.

• The more people you meet, the better your chances of finding the information you need or the leads you want.

• Even if the person you meet can’t help you, they may know someone who can.

• Where?– Networking Events

– Trade Shows

– Online

Planning

• Determine your goal

• Decide who to talk to / Research your audience

• Figure out:• What the person knows

• Who the person knows

• What In It For Me (WIIFM)

• Practice the opening speech & the request for a meeting• What dates are you free?

• Prepare to handle doubters

• Prepare to show & have the meeting

• Follow-up: Thank-you’s, nurture connections and keep track of contacts

Networking Toolkit

• Business Cards

• Style and Clothing

• Event Research

• Make a plan– Who are your targets, photos, bio, their network

– What is the timings / opportunities

– Prepare conference & opening questions

• What can you do for nothing

• Opening Speech / Pitch

At the event

• A Pitch! – 60 seconds max– Problem

– Proposition

– People

– Proof

– Practice, Practice, Practice

• Meet people

• Build rapport

• Get to the point

• Hand out business cards

• Closing conversations and then work the room

Maintaining your network

• Following through

• Re-establishing contact

– This shows that you are dependable,

responsive, organised and courteous.

• Contact Management

– Facebook, LinkedIn, ..etc

– Outlook

Social Networking

Social Networking

Make Your Passion A Success

Download from:

www.MakeYourPassionASuccess.com

Some people have a negative view of salespeople.

• What is your view of salespeople?

• How many of you have a viewpoint that is

– Positive?

– Negative?

– No opinion?

• How many of you are interested in a sales career?

Everybody Sells!

• Each of us develops communication techniques

for trying to get our way in life

• You are involved in selling when you want

someone to do something

• You use persuasion skills to persuade someone to

act

What are benefits?

• Benefits SELL and Features DON'T!

• People buy based on emotion not logic

• What are the benefits of a car?– “ This car has four doors to accommodate growing families.“

– “With this car, you’ll save on petrol.”

– “With this car, you’ll draw lots of attention.”

• What are the benefits of YOUR product?

The Sales Process

Starts with Prospecting & Qualifying

Approach

Presentation

Demonstration

Handling Objections

Closing

Follow-Upaction

desire

interest

attention

Sales Pipe Line in 10%’s

1. What’s the business reason to buy?

2. Who will make the final decision to buy, and who from?

3. What is the decision process to make the purchase?

4. Have you agreed with the customer the buy/sell process?

5. Who’re you competing with, and how will you win against them?

6. Do you have a “champion” inside the company who wants your offer?

7. Has the prospect confirmed you’re the preferred vendor?

8. Has the prospect agreed a delivery or start date and committed internal resources?

9. Has the prospect agreed the contract terms and conditions?

10. Has the prospect signed the contract?

3 basic sales approaches

• Standard– Pat statements and refined sales pitch

– Good for rookies, uniform for management

– No listening

• Need Satisfaction– Lots of careful questions to find opportunity

• Problem-Solution– Full analysis of customer needs

Pitching over the telephone

Always be prepared before the call

• Know your product inside out

• Be knowledgeable about the industry

• Know your competition

• Know the basics of the customers needs

• People in common

• Believe in yourself, your company, and

product or DON’T be there

The pre-call Plan

• Always have a written plan– Plan, plan, plan, get 2 names

• Always have a list of objectives for you/customer– Free product trial, competitors terms, secure lunch date

• Always have a goal of learning something new about the customer– Equipment, ancillary products, 2nd tier suppliers– Their “go to market strategy” and unique advantages

• Always try to have an actionable item for you and your customer after the call– Price on equipment, tech specs, trial in plant, customer volume

per month

Gaining people’s trust

Meeting for the first time

Meeting for the first time . . .

• Read the “sign in sheet”. Always. Consider whether to write your name/company legibly or not

• Extra effort with reception. Always

• Never talk in carparks, elevators, lobby, bathroom, etc

• Review your written plan briefly

• Look very relaxed in the lobby. (even if not)

First few minutes matter…

• Nonverbal visual cues

– Your dress. Plan it

– Look them in the eye and shake firmly

– Smile broadly

– Show personal enthusiasm in body language

– Pace yourself by customer…watch them

approach

The opener…

• “I’m Cliff Brooks, How are you?”

• “Nice looking kids. I’ve got a few just about that age, its pretty busy at our home.”

• “How’s your day so far?”

• “Got your name from Joe…thanks for seeing me. He thought this might make sense for us to get together…”

• “Couldn’t help seeing those tanks on the side of the building…I’d bet you are pretty happy with those H&K 2 ton stainless auto top loaders?”

After the pitch

3 basic sales approaches

• Standard– Pat statements and refined sales pitch

– Good for rookies, uniform for management

– No listening

• Need Satisfaction– Lots of careful questions to find opportunity

• Problem-Solution– Full analysis of customer needs

Needs Discovery

• After closing this is the key selling skill

• Question and listen. Really listen

– What’s not being said?

– What are they trying to say but “can’t”

– What’s the real need?

• Sometimes the needs are “just those of

the buyer, and not actual”. You

understand!

Questions…

• Open probes…

– How is the recession hurting your business?

or

– “The recession sure got our industry in a bad

place right now. You guys seem to be doing

so well how are you doing it?”

Closed Probes…

• Is student recruitment a problem for you?– Or

• Given the shortage of money, can our

dedicated sponsorship help with those

recruitment problems?

• Would extended payment terms help?

Concerns/Objections

• Typically a natural part of any call

• An opportunity for more dialogue

• Helps both parties in buying process

– “this is a buying process”

• Customer “indifference” is the killer not

active objections

Handling Objections

• Listen

• Write them down

• Agree/restate without prejudice

• Get clear about the real issue

• Discuss solutions

• Ask for a commitment

The Closing process

The closing process is a sequential series of actions:

7. Follow-up

6. Close

5. Trial close

4. Meet objections

3. Determine objections

2. Trial close

1. Presentation

Ask Questions…

• Open probes…

– How can this product benefit your business?

or

– “What do you think are our advantages in our

product range?”

Concerns/Objections

• Typically a natural part of any engagement

• An opportunity for more dialogue

• Helps both parties in buying process

– “this is a buying process”

• Customer “indifference” is the killer not

active objections

Handling Objections

• Listen

• Write them down

• Agree/restate without prejudice

• Get clear about the real issue

• Discuss solutions

• Ask for a commitment

Look for buying cues…

• Nonverbal yes’s

• Sounds good…

• Focus on delivery and terms in discussion

• Timelines or Dates

• Pulling out forms, contact details, …etc

• Looking up stock/inventory

Closing…

• Trial closes might uncover more issues/needs

– Is this what you had in mind?

– Would this do the job for you?

– How does this look?

• If still no…

– What specifically doesn’t seem as though it meets your needs?

Close

• Alternative close

– Which would you prefer the single case or

pallet quantity?

• Summary close

– With the 10% gain in factory efficiency and

unique new volume price program lets get this

on the books. When would you like delivery?

Selling via emails

• It’s the same, however:

• People get hundreds of emails:

– Need instant interest

– Take time to create good copy

– Use graphics or not?

– Segmentation

Post Sale

• Service, service, service

• Know your company’s ability

• Don’t ever oversell

• Call and write

• Creative thanks

• Visit again soon after product delivery

Negotiation

what things can we negotiate?

What are the key features &

benefits of a job which you could

negotiate?

Write down 10 in groups of three

people

The Sales Process

Starts with Prospecting & Qualifying

Approach

Presentation

Demonstration

Handling Objections

ClosingFollow-Upaction

desire

interest

attention

What is it?

Negotiation is the of reaching

an by resolving

differences through

using back and forth

designed while

leaving the other side and

.

A Good Negotiator Is..

• Creative

• Versatile

• Motivated

• Has the ability

to walk away

Nonverbal behaviors

of the message in conversations is

conveyed by the spoken word

• The 65% is broken down:

of the meaning is derived from the words

spoken

from paralinguistic channels, that is, tone

of voice, loudness, and other aspects of how

things are said

from facial expressions

Bargaining

• When in doubt, ask questions!

• Open questions

• Reflective questions

• Tactics

Preparation

• Know what your interests are and why you

value them

– What is the issue at hand: Yours - Theres

– What are the ”needs” vs. “wants”

– Know the strengths and weaknesses of your

position and self

– Self awareness, personality characteristics,

emotional intelligence

Double Vision

• See things from the other side’s point of

view- why they are negotiating?

– Research the interest of the other side

– What are their needs (security, autonomy,

recognition)

The down side

• Be aware of the unpleasant consequences

for both sides if your idea/proposal is not

accepted

– If you succeed who else might be affected,

harmed, advanced?

Planning

• Brainstorm all alternatives that could satisfy your needs

– Be creative and expand the pie

• Know who is supportive and who is not/less

– Does this person has the authority to make the decision?

– Are there any penalties for bluffing?

– Are there time limits associated with negotiations?

Role Play

• Imagine how it would feel to achieve your goal

• Role play your opening with a trusted colleague and rehearse the problematic areas

– Be the devil’s advocate

• Plan ways to break it/Buy time

– “I need to think over what you just said so can I have a couple of minutes?”

The meeting process

State the problem/issue

Restate the problem

Present solutions

Identify real needs

Reach Consensus

Decide on best solution

During

• Bring the list of your main points and a set of questions

• Try not to interrupt; the more they reveal, the more you’ll learn– Re-state as impartially as you can “as I hear it…)

• Stay open to new information

• Take notes

• Focus on interests. Not people, not Gains

• Use objective criteria to make decisions and be sure the other party does as well

• Redirect personal attacks onto the problem at hand

During

• Listen actively and reflectively– Listen also for what is not said

• Learn from what the other side says– Stay open to new information

• Synthesize the information you hear and use it in you

• Be prepared to walk away if an agreement is not reached.

• Write a email if contract or agreement is required.– (e.g., “If I don’t hear by x, will assume that it stands”)

Common Errors

• Assuming shared values

• Assuming similar communication preferences

– Big picture thinking or detailed analyses?

– Stories or facts?

– Time to process or get decisions over with?

• Expect reciprocity

• Avoiding conflict

• Trying to prove how smart or “right” you are by talking

• Not listening carefully

In groups …

Think of benefits

– you want as an employee

– you can offer as an employer

in a mind map

employee one side and employer the other –

draw lines for the compromise

Employee ConcernsEmployer Concerns

Funding your

Business

Funding the Business

1. Cash

2. 3F’s = friend, family, fools

3. Credit1. Credit Cards

2. Overdraft

4. Loan1. Bank

2. Person

5. Equity1. Angel

2. VC

3. PLC

£0 – 10,000£5,000 – 50,000

£10,000 – 50,000£2,000 – 5,000

£20,000 – 100,000£5,000 - 20,000

£10,000 – 100,000£300,000 – 10,000,000£20,000,0000+

THE INVESTABLE TEAM

The team

• Management Team

• Board of Advisors

• Board of Directors

Rock Bands Startup Founders

Who are the critical members of

the team?

Management Team

• They have the credibility to execute

– Mix of Vision and Experience

– Sales & CFO must be experienced

– Complete team when presenting to investors,

otherwise investors bring in their own people

– Angels invest in “young and fresh”

– VCs prefer repeat entrepreneurs

Roles

Job Role

• Entrepreneur / Founder

– The Innovators

• Finance

– Spreadsheets

• Operations

– Makes it happen

• Sales & Marketing

– Brings in customers

Activity

• Figurehead

• Leader

• Liaison

• Monitor

• Disseminator

• Spokesperson

• Entrepreneurs

• Disturbance Allocator

• Negotiator

Board of Advisors

• Industry experts signal you are real

– Customers

– Partners

– Investors

• Management upwards always needed

Board of Directors

• A functional board is an asset

• Mix of experiences

– Financial

– Operational

– Board level appointments

• They should form a team and able to work together

• Team Management should attend board meetings

- What is Crowdfunding?

crowdfundingˈkraʊdfʌndɪŋ/noun

noun: crowdfunding; noun: crowd-funding

1 the practice of funding a project or venture by raising many small amounts of money from a large

number of people, typically via the Internet."musicians, filmmakers, and artists have successfully

raised funds and fostered awareness through crowdfunding"

Over $2 Billion raised through Kickstarter

Equity Crowdfunding in UK raises more that VCs and Angels

How Important is Crowdfunding?

“For almost anyone wanting to raise the money to start a business or a social enterprise, I would advise them to investigate the crowdfunding route very seriously”

Luke Johnson, Chairman of the Centre for Entrepreneurs

Equity P2P Lending

Donation Reward

Most campaigns fail!

Most successful campaigns raise less than £10k

Some people lose money on a crowdfunding campaign

The Truth

Small Projects

Products based projects

Social Projects

Creative Projects

Events

University Projects

What can be Crowd funded?

Pros Cons

Perhaps limited on amount you can raise

Not suitable for everything

Not delivering on the reward

Risk of fraudulent campaigns

Taxes on pledges

Failure risk

Market test and validate

Low risk to entrepreneur

Good for consumer facing products

Build a community

Faster, cheaper

Don’t give away equity

Reward

Setting Goals

The Purpose of Goals

The purpose of goals is to give you

something that you want to enhance your

life in some way, so the most important thing

you need to know about goals is that you

ought to have some.

Types of Goals

• Long Term Goals:

10-year, 5-year and 1-year goals

• Short Term Goals:

goals for the next 9 months, 6 months and

3 months

• Immediate Goals:

1-30 days from now

How to Set Goals

• Learning how to set goals is as important

as knowing what the goal should

contain. What’s important to remember

about setting goals is the correct

F.R.A.M.E. of mind. What is meant by

“frame of mind?” Each letter in the word

“frame” illustrates the following:

F.R.A.M.E

• Fantasize - Dream your wildest dreams and make sure that your goals match your values. Ask yourself: what do you want to be doing in 1 year? 5 years? What kind of person do I want to be?

• Reality - Fantasies can become reality, depending on how hard you are willing to work for them.

• Aim - Define your goal(s) by striking a balance between Fantasy and Reality; set a high but realistic goal.

• Method – Be truthful to yourself by narrowing your choices or goals to the ones you really intend to accomplish. Don’t be afraid to ask for help.

• Evaluation - Process the results, but don’t make it the last step; evaluation should be on going.

Setting SMART Goals

If goals aren’t reachable, they aren’t worth making. All you have to do to set realistic goals is follow the SMART goals guidelines.

SPECIFIC• What details do you want to

accomplish?

• “I want to do better in history”

• “I want to increase my history grade from an 85% to a 90%.

MEASURABLE• All goals should have a way to

evaluate whether or not they were accomplished.

• “I want to run the mile better.”

• “I want to improve my mile time by 30 seconds.”

ATTAINABLE• Goals must be something you

are capable of reaching.

Which one would be a better goal for a injured sports star?

“I will help my team to win the 2016 Olympics”

“I will rehabilitate my knee so that I can play again next season.

RELEVANT

• Make goals that are important to you and your lifestyle.

Which goal is better for a teacher?

• “My goal is to discover a cure for cancer”

• “My goal is to inspire at least one student to become a doctor to research a cure for cancer”

TIME - BOUND

• Make sure that you have a time set as a “dead line” so your goal is not unending.

• “My goal is to be able to run a half marathon.”

• My goal is to run in a half marathon by May of 2016.

BREAK

Pitching to Real

People

CREATING A PITCH

Talking about your business

• 1 minute

– Elevator pitch

• 5 minute

– Standard pitch

• 15 minute

– Investor / Large Sales presentation

The Sales Process

Starts with Prospecting & Qualifying

Approach

Presentation

Demonstration

Handling Objections

Closing

Follow-Upaction

desire

interest

attention

the pitch

Starts with Prospecting & Qualifying

Approach

Presentation

Demonstration

Handling Objections

Closing

Follow-Upaction

desire

interest

attention

Pitching for Business

Request

Proof

People

Proposition

Problem

Starts with Hook

Pass

ion

Success

Pitching Tips

• Breath

• Cloths

• Death by PowerPoint

• Talk to them and not at them

• Show and Sell

• Be truthful

• Take your time and enjoy it

Hook

• Prospects enter your sales pipeline HERE!

– Make it sound conversational.

– Deliver it with confidence.

– Get a favourable interruption--one that will put your prospect in control as soon as possible.

• Make it engaging

• Benefits SELL and Features DON'T!

• People buy based on emotion not logic

Problem

• What problem do I solve?

• How big is the problem?

• Who is my target customer?

• Who else is in the market?

Proposition

• What is my service, product, company or

cause?

• Identify and highlight the unique selling

points

• How do you make money?

• What is your business model?

• What is your competitive advantage?

• Why should they care?

People

• Why should I like you?

– Who are you?

– What is the story behind you?

– Who is behind the company?

– Who is the team?

Proof

• Who is using this product NOW!

• Show and demonstrate the product

• Any ?

– Press

– Independent Reports

– Patents

• If talking to investors now talk about cash

flow, budgets and spreadsheets..

And don’t forget...

Creating a 60 second pitch

• Hook

• Problem– What problem do I solve?

• Proposition– Who is my market?

– Who is my competition?

– What is my service, product, company or cause?

– What is my competitive advantage?

– Why should they care?

– How do I make money?

• People– Who is behind me?

• Proof– Who is/has been using my product?

– How can you demo it?

• Passion

• Request

• About 150-225 word can be spoken in 60 seconds

So w

hat

did

we

lear

n?

Thank You

Dr. David Bozward

David@bozward.com

www.enterprisingstarts.com