Monthly Archives: October 2015

Sales , , 2 Comments

When “No” Is the Best Answer

by

“No” can be the starting point of the biggest sale of your career. Experienced and successful sales professionals know that “No” should not be confused with “Never”. “No” can mean that this is not the time to ask for the sale. “No” can mean that you are talking to the wrong person. After doing some homework to verify who can impact the sale and give the green light (that could involve more than one person), you may ask to speak with the real decision-maker, who will advocate for you and also re-allocate the budget if necessary, and you will strike it rich.

Rejection is a part of life and it is most certainly part of sales and entrepreneurship. Rejection is a challenge. In Mandarin Chinese, the same character represents crisis and opportunity. Resilient people — and I know that you are resilient, or you would not be a Freelance consultant — use a crisis to:

  • Re-examine the proposed value-added of your product or service
  • Reevaluate the competitive landscape
  • Refine your sales pitch
  • Re-engineer yourself to become more competitive
  • Re-approach that rejecting client and others as well
“No” can make us improve ourselves and become more relevant to prospective clients, now armed with a better message and better value proposition, or perhaps even an upgraded or more specifically tailored service or product. Try these tactics the next time rejection rattles you:
Listen
While it is a natural response to counter prospect objections, one would be advised to listen well. Is that prospect doing you the enormous favor of telling you how to re-shape, re-position or at least better describe your product or service?  Try to curb the reflexive defensiveness that every human has and listen with an open mind. What weaknesses are being pointed out to you?
Objections are not always rooted in misunderstanding or hostility. Learning the ways in which your product or service does not measure up is the most valuable information that can be presented to you.  After giving your perspective on the merits of the offering in question,  honor the client’s perspective as you do yourself  a favor and ask more questions about the preferred outcomes and what changes would perhaps be helpful.
Analyze
The negative feedback that you receive is just one person’s opinion or the report of a single experience.  Nevertheless, listen and do your best to be objective about what has been revealed to you. Some or all of the negative report may be accurate.  Separate the probably relevant aspects from what may be unreasonable or unfixable. Here begins your list of action items.
Adjust
After you’ve heard the complaints, thank your prospect for his/her candor. Hearing the truth is always a good thing, even when it hurts. On the spot, think of improvements or adjustments that can be made quickly and inexpensively (If it appears that might be possible). Has the prospect made suggestions that you can incorporate?
Reassess
After you’ve reviewed what transpired a couple of times, you may decide that revisions need to be made in your services or products; business model; operations process; sales distribution; quality control; or marketing message. Before institution any permanent changes, do speak with other clients and assess their experiences when doing business with you. Are you hearing similar complaints,  or wish-list type of suggestions that clients had not previously revealed to you?
If common themes emerge, then changes are definitely in order. Draw up a list of recommended upgrades or alterations so that you can take the full measure of what needs to change. Which changes be made quickly? Which can be expected to have the greatest impact on customer satisfaction or billable hours?  Create a budget and time-table and then prioritize the tasks and if budget allows, perform first those that will have the greatest potential for positive impact.
Freelance consultants, entrepreneurs and sales professionals will face rejection for the entirety of our careers. In order to withstand the ongoing assault,  we must believe in ourselves, in our abilities and in our products and services. Yet over-confidence is not useful and is not a true indicator of resilience.  The ability to hear and accept occasionally painful truths and the courage to re-vamp, re-group, move on and succeed are the attributes that distinguish the winners among us.
Thanks for reading,
Kim
Business Strategy , , , , , Leave a comment

Business Model = Profit Engine

by

Hatching an idea for a business involves much more than inspiration.  Your entrepreneurial idea must also include a strategy for making the idea profitable. That strategy is known as the business model. The function of a business is to provide products and/or services that help clients solve their business or consumer needs.  In addition, your business must work for you  and generate a reliable and abundant revenue stream from which you derive your annual income.

Before we go any further, let’s clarify the meanings of business model  and business plan.  Your business plan  is a document in which you describe the mission of your business; the target customers; the marketplace and competitive environment in which it will operate; its marketing, financial and operations plans; and the legal structure it will be given.

Your business model  will detail how the venture will attain and sustain profitability. The cornerstone of a good business model is a competitive analysis, which will help you verify target markets (customer groups) and establish your expected value-added in the presence of enterprises that offer similar products and services.

The primary element of your competitive analysis is customer knowledge, something that regulars to these posts know that I encourage frequently.  Information-gathering is a vital and ongoing business function.  James King, Director of the New York (state) Small Business Development Center, notes that “…customer purchasing patterns change rather rapidly and if you’re not ahead of your customers, you’re not making sales.”  Along with your selection of products and services to provide and customer acquisition strategies, operational aspects — that is, the process of how your products or services will be delivered — must meet the often fluid expectations of customers and will therefore figure into your venture’s business model.

Once you’ve developed a proposed business model, find a trusted potential customer or business owner or colleague and ask for a review.  Discovering and closing immediately obvious gaps is something you’ll want to do before your business is up and running.

King recommends that aspiring entrepreneurs “Sit down with someone who doesn’t have a vested interest and ask that person to poke holes in your model. If they do a good job, you’re going to be better prepared for any eventuality. The more risk you can eliminate, the higher the probability that you’re going to be successful.”

One is advised to revisit the business plan and business model every couple of years, or at least when changes in your industry, local business environment or technology have the potential to impact your sales revenue or how your do business. This practice will also give you the benefit of reviewing your projections as regards expected vs. actual target customers and allow you to refine planning for growth and expansion, as you create strategies for sustainable business success.

Thanks for reading,

Kim

Professional Development , Leave a comment

LEAD With Conviction

by

Those who misinterpret the role of leader often feel that exerting power over others is its purpose but that hypothesis has been revealed to be false. The most effective leaders recognize that the quality of leadership is greatly enhanced when they are liked and respected by those in the organization and/or on their team.

Bill George, Senior Fellow at the Harvard Business School and author of Discover Your True North (2007), encourages leaders to empower those whom they lead.  He asserts that the most empowering condition is when organization members align around a goal or mission and team member passions and purposes are complementary and synchronized.

Leadership Development expert Travis Bradberry, co-author of Emotional Intelligence 2.0  (with Jean Greaves, 2009), says that leadership is about emotional intelligence and that it is a flexible skill that can be improved with effort. Here are the behaviors and attributes that successful leaders develop and cultivate.

Form personal connections

The best leaders know that a successful life is built on good, mutually beneficial relationships. A true leader is not afraid to extend him/herself and get to know the people whom s/he leads, as well as others. Good leaders may be introverts or extroverts,  but they nevertheless enjoy connecting with people. They focus on the person/people with whom they are speaking and have personal conversations. They care and those they lead know this to be true.

Be approachable

Good leaders know how to maintain boundaries and still make it possible for others to reach out and talk with them. They believe that those whom they lead are valuable and worth their time.
Have integrity

Good leaders keep their word, to the very best of their ability. They do not say one thing and then do another. They respect those whom they lead.

Have substance

Leaders understand that expertise is necessary, the foundation of their stepping into the leadership role. They rose to the top because they possess superior knowledge and expertise and they are masters at leveraging it.

Be positive

Leaders encourage those on their team to be the best they can be. They believe in the abilities of those on their team or in the organization. They have faith in the vision and mission of the organization and communicate their enthusiasm for achieving the goals that express and promote them.

Be generous

Leaders share.  A superior leader gives those on the team the tools they need to achieve success. They support and encourage people.   Leaders empower, they do not micromanage.

Recognize and appreciate potential

Leaders are able to spot talent and they are willing to help you to develop and leverage yours.  A leader aspires to recommend you to a position where your strongest talents and competencies can be utilized and rewarded, so that you will operate at your best and derive satisfaction as you do.

Be humble

Arrogance and braggadocio are not signs of leadership and that includes the “humble brag”.  Leaders are usually quite happy to lead, but they are aware that leadership is about accountability and responsibility and not an excuse to boss others around.

Communicate well

Whether standing before a large group or chatting over coffee with one or two team members, leaders both have something to say and listen well. They are well-spoken and fluent writers, as well. They are usually good story tellers. Many leaders have a background in sales.

Good judgment

As the song says, you’ve got to know when to hold and know when to fold. Judgment entails many competencies, including the ability to prioritize.  Leaders are good decision-makers and they are guided by their personal integrity; respect for their team and the organization; expertise in their field; and understanding of human nature and motivations.

Former political adviser and CNN political commentator and currently a professor at the Kennedy School of Government at Harvard University David Gergen, author of Eyewitness to Power (2000) writes, “At the heart of leadership is the leader’s relationship with followers. People will entrust their hopes and dreams to another person only if they think the other person is a reliable vessel”.

Thanks for reading,

Kim

Professional Development , Leave a comment

The 7 Minute Presentation Rule

by

Freelance consultants are often called upon to make business presentations, at a client meeting or even a board meeting. Getting one’s point across clearly, succinctly and convincingly is an all-important component of one’s success as a leader or manager. Droning on in an unfocused way is not desirable, but communicating the required amount of information is paramount.

“Anything you have to say in a business setting should fit into a seven minute window”, says the computer technology, writing and presentation expert John Brandon. Brandon is a speaking coach and frequent presenter; experience has taught him that in seven minutes, it is generally possible to deliver your important message and maintain audience attention as you do. Like a stage play, he has blocked out a diagram of the action that will teach us his presentation method.

First, write a draft presentation and design your Power Points, if you elect to use slides. Confirm that all necessary information will about fit into seven minutes, perhaps with some judicious editing. Do an initial run-through and check your time. If the talk exceeds the seven minute window by a few minutes, further rehearsing may allow you to bring the delivery time down to the target time limit. You can also take another look at your material to consider what might be edited out. Here is Brandon’s presentation roadmap:

Minute  1: Grab audience attention

Brandon urges you to open your talk with a “bang”. You might begin with a surprising statistic or provocative point, verbally or depicted on a slide. The “bang” must persuade the audience to want to hear what you have to say. The opening is NOT where you deliver your main message. The “bang” whets audience appetite for your knowledge and perspective on the topic. Achieving the “bang” in 60 seconds requires discipline, editing and creativity. You can do it.

Minute  2: Summarize in one minute

The right “bang” will be the perfect entrée to the heart of your talk. There will be no need for a transition statement—the audience will be more than ready to hear you. Brandon says that in this segment, you tell the audience why you are standing before them today. Give a 60 second overview of what you are selling, recommending or explaining.

Minutes 3-6: Present the main message

Your audience is keen to hear what you have to say. You have earned their respect and undivided attention. In this segment you deliver the goods, the heart of the talk, in four minutes. You will defend and explain your quirky or provocative “bang” with charts, graphs, non-text-heavy Power Point slides, or maybe just your silvery spoken words, perhaps with an anecdote of two sprinkled in. You may do and say whatever you feel will be most effective to win over your audience. It’s your talk!

Minute  7: Summarize the main message and conclude

Use the final minute to debrief the crowd. Close the deal by summarizing your main points, to help the audience retain the information. Do you have a call-to-action—do you want the audience to advocate for your idea or buy your product? Tell them in this segment. Leave the audience with an idea and information that they will savor and remember. That’s it!

Thanks for reading,

Kim