Recommendation from Prof. Chen. Pretty good. Definitely professional services focused, but certain aspects were still applicable to SAAS/products. I feel like the last 50 or so pages could’ve been taken out. Very helpful Whole Mind approach.
Notes:
Selling = being helpful.
Have a weekly list of Most Important Things (MITs) and take 30 mins per week to reflect on your progress. Keep a separate planner/journal for work than for personal life.
Build momentum with rituals and habits.
Business development = finding the right prospect and then designing the perfect buying experience for that prospect.
The Whole Brain Model = thinking about how everyone is biased to some of these quadrants and how these four quadrants from seller and buyer perspective in every interaction:
1. Analytical (logical, quantitative, critical, technical, factual). Focus on high value.
2. Practical (conservative sequential, controlled, detailed, organized). Focus on proven success, the safe choice.
3. Relational (emotional, musical, humanistic, expressive, sensory). Focus on benefits to people the buyer empathizes with: their customers, their employees, their team, or others.
4. Experimental (integrative, visual, synthesizing, conceptual, metaphorical). Focus on strategic fit, breakthrough results, future flexibility, and innovation.
Bad is way stronger than good: it takes many positive reinforcements to neutralize just one negative reinforcement.
Develop a Protemoi List = list of potential Raving Fans. This would be Tech Enthusiasts/Early Adopters for TransitFile. Use positive reinforcements with this list to build those relationships. Things that’ll convey “I’m thinking about you.” This should be a monthly engagement. I want to use this to start building a board of advisors.
Position yourself as the greatest value, not as the least bad option.
Sometimes less is more. The more you promise with your ad/marketing, the less the buyer believes, whereas if you concisely state your value proposition, the rest is left up to their interpretation. Have a super focused positioning statement. Brands that are for everyone aren’t as successful as brands that are for a very specific customer. Consumers assume specialists are better than generalists (e.g. Sweet Baby Ray’s BBQ Sauce vs. Kraft BBQ Sauce).
You need a clear idea of who the right customers are to be able to say no to the wrong customers.
Positioning = communicating what problems you uniquely solve. Targeting = communicating the types of people who spend money solving that unique problem.
Be careful not to spend all your time with existing customers and people you already know while neglecting all other new BD efforts.
Positioning statement should have three main points that address these five areas: (1) client needs, (2) thinking styles, (3) competitors’ strengths, (4) your strengths, (5) boldness needed to win.
Five drivers of likeability: (1) commonality, (2) frequency, (3) mutuality, (4) balance, (5) uniqueness.
Keep track of lead generation efforts to make them less mysterious.
Give-to-get: “Show me you’re willing to invest in us. Do your homework and come with a gift of knowledge or something that demonstrates that you value my time and the relationship.” Give something to the prospect to the point where a deal becomes the obvious next step. The sales process shouldn’t feel forced, it should feel inevitable. You should make the prospect feel like it’s their birthday throughout the sales process. Four steps: (1) introductory meeting: help the prospect see you’re a good fit by asking questions, figure out their needs, describe your unique positing in their words and their thinking style, and look for ways to be helpful, show the client what you do, don’t tell them what you do (2) give-to-get: must be easy for you to create and execute, offer genuine value to the prospect, lead to paid work. Often takes the form of a diagnostic, finding a problem and identifying possible solutions without actually solving them (you want this to lead to paid work); (3) small project (paid work): the client is willing to invest in you because you have something they want, they are curious about something you say you can do, or they want to experience your service on a small project before risking it on a larger one. Just need the client to pay for something, even if it’s small. Small projects are a big deal. (4) big project: this is always the goal, but you must earn your right.
Work backwards: determine the big project you want, design a small project that leads to that big project, and design the give-to-get to lead to the small project.
Use “would it be helpful if we…” to offer give-to-gets. For a more formal client, offering a one-pager about your company, how you can help, and some possible give-to-gets is better.
Think about your leads in terms of Buyers, Influencers, and Gatekeepers.
Four steps to selling: (1) listen and learn, (2) create curiosity - craft the goals, create the plan, pick the teams, agree on terms, (3) build everything together, and (4) gain approval.
Pricing (“money is a quantification of the scope”): (1) embrace pricing conversations, don’t avoid them, and bring them up early on. Make light of pricing conversations and your prospect will match your energy; (2) anchor on value/how much you can save them, etc. This places your price into the context of money. Don’t rely on your prospects to calculate the value of your product. Avoid discounting during negotiations because it shows your initial price had room to lose and makes the prospect think there’s more room to lose. Standard pricing across all clients is best. Stick to accurate original numbers, don’t round your price to easy numbers; (3) “what costs more is worth more,” command a premium price with your unique value add to your prospect; (4) make everything cost something, so if the scope changes, the price changes. Sometimes you can ask for intangibles if the prospect insists on lowering the price (e.g. introductory meetings, press release, testimonials); (5) build everything together and look for mutual wins. Label trades clearly for the prospect to understand what’s going on and how value is being exchanged; (6) make buying more a better deal. Use the “good, better, best” bundling strategy; (7) be willing to concede one last thing, but never agree to a last minute discount on price. Think of other nonmonetary ways to give the prospect a small victory at the finish line and keep this ready if your prospect raises any last minute objections. If the prospect DOES ask for a last minute price reduction, have an intangible ask of them prepared to make the exchange of value even.
If you’re having trouble gaining approval from your prospect, then you’re farther along than they are. Circle back to them and see where you’re really at, then start over from there.