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Transcript of Pipeline Workshop. What is Consultative Selling? © 2012 The PACE Partners LLP London England...
Pipeline Workshop
What is Consultative Selling?
© 2012 The PACE Partners LLP London England
Building the motivation
to buy and re-buy
Why People Buy
© 2012 The PACE Partners LLP London England
© 2012 The PACE Partners LLP London England
Trust
Credibility
Competence
Compatibility
The Iceberg Principle
© 2012 The PACE Partners LLP London England
Building Trust
© 2012 The PACE Partners LLP London England
Trust
Trust
Credibility Competence
Consistency
Compatibility
(Initial) impact
Confidence
Delivery as promised
Honesty
Knowledge
Expertise
Insightful questions
Track record
Over time
Towards different people
Between different people
Genuine interest
Active listening
Showing vulnerability
Adapting behaviour
A Trusted Adviser
© 2012 The PACE Partners LLP London England
Sector & Client
Knowledge
GenuineInterest
Key Skills &
Processes
TechnicalExpertise
The PACES Approach to Selling
P osition your firm, your sector, yourself and the discussion
A scertain in detail the client’s situation and requirements
C onfirm your understanding of the client’s situation and requirements
E xplain or explore a suitable way forward
S eek commitment to the way forward
© 2012 The PACE Partners LLP London England
The PACES Approach to Selling
Key rule:
Total P.A.C.Before E.S.
Agree the full picture before discussing or deciding the way forward
© 2012 The PACE Partners LLP London England
Consultative Selling
What it is not:
Sell, sell, sell
Pouncing on the first opportunity
Focusing only on the opportunities for YOU
Pressure, manipulation
Short-term greed
© 2012 The PACE Partners LLP London England
Consultative Selling
What it is:
Looking through each client’s eyes
Having (and demonstrating) genuine interest in the client
Moving at the client’s pace
Building a relationship of TRUST
Building lifetime value for both parties
© 2012 The PACE Partners LLP London England
Designing the client base of the future
What would your perfect client base look like in 2/3 years time?
Possible considerations:
Number of clients (existing/new)
Type of clients
Type of work
Fee levels
Geography
Type of work
Type of relationship
© 2012 The PACE Partners LLP London England
A cautionary tale…...
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Unmanaged
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
Pipeline Activity - Managed
© 2012 The PACE Partners LLP London England
Level
Time
Activity
Results
The PACE Pipeline
What is it?
A ‘project management’ approach to business development
© 2012 The PACE Partners LLP London England
Foundations of the Pipeline Principle
There is nearly always a time lag between selling activities and results.
Not all selling activity produces results.
Results cannot be guaranteed, results are history.
Activities can be managed and monitored.
© 2012 The PACE Partners LLP London England
The PACE Pipeline
© 2012 The PACE Partners LLP London England
1Undefined prospects / suspects
P1
P2
P3
P4
P5
Prospecting
Protecting
Projecting
Promoting
Defined prospectsnot yet marketed
to
Current key and valued clients
Defined prospectsmarketed to- not yet indialogue
Qualified prospects- in dialogue
2
3
4
5
6
Pruning
‘Problem children’ clients
© 2012 The PACE Partners LLP London England
P1
P2
P3
P4
P5
The PACE Pipeline
© 2012 The PACE Partners LLP London England
1Undefined prospects / suspects
P1
P2
P3
P4
P5
Prospecting
Protecting
Projecting
Promoting
Defined prospectsnot yet marketed
to
Current key and valued clients
Defined prospectsmarketed to- not yet indialogue
Qualified prospects- in dialogue
2
3
4
5
6
Pruning
‘Problem children’ clients
Prospecting
P1
Defining Prospects
© 2012 The PACE Partners LLP London England
GIGO
arbage
n
arbage
ut
Selection criteria
Filters
The factors that make a client more attractive / easier to approach
© 2012 The PACE Partners LLP London England
Triggers
The factors/events that make a target client more likely to meet with/talk to/buy from a new adviser
Factors which might make prospects more likely to move from their existing adviser(s)
© 2012 The PACE Partners LLP London England
© 2012 The PACE Partners LLP London England
Agree a hit list
Decision making model
A Decision Making Model
© 2012 The PACE Partners LLP London England
Bishop‘gatekeeper’can say no based on conforming to specification
can’t give the final approvaljudgmental on specific quantifiable elements of your proposal.
Question: Does it meet specification?
King/Queenfinancial/economic buyercontrols expenditureauthority to release fundsdiscretionary use of budgetthe power of veto
Question: How will this impact our organisation & R.O.I.
Pawn‘users’/supervise usejudgements about impact on job performancewill have to live with your solution
Question: How will it affect me & my team?
Knightcoach/spyguide around the businessprovides & helps interpret informationwants your proposal to be successfulCredibility
Question: How can we win this together?
The PACE Pipeline
© 2012 The PACE Partners LLP London England
1Undefined prospects / suspects
P1
P2
P3
P4
P5
Prospecting
Protecting
Projecting
Promoting
Defined prospectsnot yet marketed
to
Current key and valued clients
Defined prospectsmarketed to- not yet indialogue
Qualified prospects- in dialogue
2
3
4
5
6
Pruning
‘Problem children’ clients
P2 Promoting
Research
“In addressing how senior people should not be approached, Cold calling, generic letters and brochures came top of this list. (They) were vexed by the number of uninformed approaches they received from firms which simply said they wanted to be considered for work?”
Nisus Consulting
© 2012 The PACE Partners LLP London England
Contact
Capability
Corporate
Clients and defined prospects
Active
Passive
Nearnessto
client
The ‘Nearness to Client’ Pyramid
© 2012 The PACE Partners LLP London England
Maister’s View of Marketing Tactics
© 2012 The PACE Partners LLP London England
Order of effectiveness
The first team
The second string
Clutching at straws tactics
Seminars (small scale) Articles in client-orientated (trade) press Speeches at client industry meetings Proprietary research
Community / civic activities Networking with potential referral sources Newsletters
Public relations Brochures Seminars (ballroom scale) Direct mail Cold calls Sponsorship of cultural / sports events Advertising Video brochures
Source: D H Maister ‘Attracting New Clients’
Clients’ Perception of Marketing
© 2012 The PACE Partners LLP London England
1
2
3
4
5
Staff secondments
Seminars at clients' offices
Regular service review meetings
Seminars at firm’s offices
Research into key issues
E-bulletins
One to one lunches
Newsletters
Pitching proactively for new work
Websites
Corporate hospitality
Seeing a firm’s name in the press
Sponsorship
Importance
Performance
Suggested Elements of a Promotional Campaign
Magazine articles
Proprietary research
Press releases
‘white’ papers
Seminar invitation
DVD’s
Awards
Referrals/references
case studies
Software/tools
Links to websites/pdf files
Promotional items
© 2012 The PACE Partners LLP London England
How to build a campaign
The Client’s World
P olitical
E conomic
S ocial
T echnological
E nvironmental
L egislative
© 2012 The PACE Partners LLP London England
Making the phone call
Gaining the Appointment
1 Greeting
2 Identify - client then you
3 Gain interest/link statement
4 Ask for the meeting
5 Objection handling
6 Ask for the meeting
© 2012 The PACE Partners LLP London England
Client enthusiasm management
© 2012 The PACE Partners LLP London England
Client enthusiasm
Time
© 2012 The PACE Partners LLP London England
Client enthusiasm
Time
© 2012 The PACE Partners LLP London England
Client enthusiasm
Time
© 2012 The PACE Partners LLP London England
Client enthusiasm
Time
© 2012 The PACE Partners LLP London England
Client enthusiasm
Time
© 2012 The PACE Partners LLP London England
Client enthusiasm
Time
P3 Projecting
Managing the Projecting Phase
© 2012 The PACE Partners LLP London England
P3
Projecting
Qualified prospects
- in dialogue
First sight ofopportunity
Plan / execute selling process
Commercial qualificationbegins
Plan / execute bid / proposalprocess Bluebird
Commercial Qualification
1 The business driver(s)
2 The bases of decision
3 Money / budgets
4 Timescales
5 Decision making process
6 Alternatives / competition / incumbents
© 2012 The PACE Partners LLP London England
Managing the Projecting Phase
© 2012 The PACE Partners LLP London England
P3
Projecting
Qualified prospects
- in dialogue
First sight ofopportunity
Plan / execute selling process
Commercial qualificationbegins
Plan / execute bid / proposalprocess Bluebird
Managing bluebirds
The PACE Pipeline
© 2012 The PACE Partners LLP London England
1Undefined prospects / suspects
P1
P2
P3
P4
P5
Prospecting
Protecting
Projecting
Promoting
Defined prospectsnot yet marketed
to
Current key and valued clients
Defined prospectsmarketed to- not yet indialogue
Qualified prospects- in dialogue
2
3
4
5
6
Pruning
‘Problem children’ clients
P4 Protecting
Key Account Management Model
© 2012 The PACE Partners LLP London England
Segmentingthe client base Meeting client expectations
Relationship protection
Excellence in: Planning Executing Communicating
Marketing to clients
Selling to clients
Cross-selling to clients
Teamwork
Leadership
Communication
Supporting Technology
Key ClientPlanning
Tools
Relationship Analysis Model
Relationship Analysis Model (RAM)
© 2012 The PACE Partners LLP London England
Positive
Negative
View of us
Low High?
? ?
Level of influence
Players of unknown influenceand allegiance
Relationship Analysis Model (RAM)
© 2012 The PACE Partners LLP London England
Positive
Negative
View of us
Low High?
? ?
Level of influence
Players of unknown influenceand allegiance
Friends Allies
‘No Man’s Land’
Protestors Enemies
Cross-Selling Challenges
Communication
Knowledge of what others do
Trust in others’ capabilities
Loss of control considerations
Financial considerations
The client’s image of our firm
A real understanding of the client’s business
Knowing how to cross-sell
© 2012 The PACE Partners LLP London England
P5 Pruning
Pruning
Lack of fit criteria
Work is low volume / low revenue
Work is unprofitable / produces poor cash flow
Client / work does not fit with strategic direction
Association with client / work creates poor image
Client / work is unpleasant
Client / work leads to low staff morale / high staff turnover
Work is high hassle / constant source of remedial actions
Work is not in line with our current / future strengths
© 2012 The PACE Partners LLP London England
How to Prune
Alternatives
Let it wither
‘Be honest’ meeting
Set minimum acceptable fees
Delegate the client
Service ‘at a distance’
Pass to a partner organisation
© 2012 The PACE Partners LLP London England
The PACES Approach to Selling
P osition your firm, your sector, yourself and the discussion
A scertain in detail the client’s situation and requirements
C onfirm your understanding of the client’s situation and requirements
E xplain or explore a suitable way forward
S eek commitment to the way forward
© 2012 The PACE Partners LLP London England
The PACES Approach to Selling
Key rule:
Total P.A.C.Before E.S.
Agree the full picture before discussing or deciding the way forward
© 2012 The PACE Partners LLP London England
Meeting Management
© 2012 The PACE Partners LLP London England
Beginthe
meeting
Agreeingtheway
forward
Showingunderstanding
Understandingthe client
© 2012 The PACE Partners LLP London England
I have a really bad headache!
Open General Questions
Are likely to give long uninfluenced answers
© 2012 The PACE Partners LLP London England
Open General Questions
Open questions can be easily identified because they normally start with, or include the key words:
What; Why; Where; Who; How; When; Which
‘Tell me’‘Explain to me’‘Describe to me’
© 2012 The PACE Partners LLP London England
Open Specific Questions
Are likely to give long influenced answers
© 2012 The PACE Partners LLP London England
Closed Questions
Are likely to give short influenced answers - often just yes or no
© 2012 The PACE Partners LLP London England
Exercise
In the following exercises decide which question is the most general and which
is the most specific
A question relating to a person’s attitude to a new system
What is your attitude to this?
Why do you have such strong opinions on these types of systems?
Why are you so negative to this sort of idea?
© 2012 The PACE Partners LLP London England
A question related to dealing with a vacancy in a department
Who do you think has the best skills for this job?
Who do you think should get this job?
How do you think we should deal with this vacancy?
© 2012 The PACE Partners LLP London England
A question related to a person’s view of their career
How do you see your career developing?
How do you see the future?
Where do you want to go in the company?
© 2012 The PACE Partners LLP London England
Funnelling
Funnelling
© 2012 The PACE Partners LLP London England
1 Introduce, set the scene and stimulate the client to talk
3 Open Specific Questionsto explore avenues fully
4 Closed questions to checkunderstanding of information gained
5 Summary and agreement on all aspects of client’s situation
2 Open General Question to open up avenues of discussion
Closed Questions
What do you do when you have asked a question?
Listening
© 2012 The PACE Partners LLP London England
Positive Body Language
Pauses and Silence
Acknowledgements“Uh huh?”“Really?”
“Yes?”
Door Openers “Tell me more.”“I’d like to hear about that.”
“I’m interested to learn about this.”
Unbundling
Key Words & Phrases “Usually?”“When you say ‘political?”
“You mentioned earlier about a lack of
support’?”
Providing Feedback Summarising & Reflecting
Passive
Active
Questioning, listening & funnelling
Paces
Your positioning statement
pacESOffering solutions best practice
F.B.R.
Features
Any facts about a product, service or solution.
© 2012 The PACE Partners LLP London England
Benefits
What the client gains when a feature or features meet the “requirements”.
© 2012 The PACE Partners LLP London England
Requirements
The client’s needs and wants.
© 2012 The PACE Partners LLP London England
Offering Solutions
1 Restate the specific client requirement
2 Select the most appropriate feature/s of the
3 Your firm’s offer
4 Provide proof
5 State the benefits from the client’s perspective
6 Gain commitment
© 2012 The PACE Partners LLP London England
When should you present fees?
When should you present fees?
The Value Concept - Handling Fee
It’s all in the mind!
Confidence - and lack of it - shows The client is paid to get the best price - you will
often hear your fees attacked If you don’t see the value nor will the client You may not be least expensive but you won’t always be
most expensive If you cannot build confidence in your rates - don’t
try to sell!
© 2012 The PACE Partners LLP London England
Handling Resistance
Handling Resistance
Step 1 Pause
Step 2 Funnel - “Tell me more”
Step 3 Identify other objections
Step 4 “If we can….”
Step 5 Provide best answer
Step 6 “Completely satisfied?”
Step 7 Move to next stage
© 2012 The PACE Partners LLP London England
Handling the Fee Objection
Step 1 “Compared with what?”
Step 2 “How much?”
Step 3 Sell the difference
© 2012 The PACE Partners LLP London England
Moving on fees
Make the client ‘work’ - do not move too easily
If you change the price - change the offer too!
‘Negotiate’ any movement using ‘if’ and ‘then’
© 2012 The PACE Partners LLP London England
Conclusions & Actions