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January 25 - September 18, 2019
So, we’re looking for the biggest problems, highest urgency, and largest budgets, right? Nope. Just big enough, urgent enough, and high enough. The biggest, the highest, and the largest are hard to find.
3 characteristics
“What should I talk about with the buyers I can already reach?”
Who talk with
First, you call prospects you have any sort of decent relationship with and ask the following question: “What problems have you found so pressing and important that you’ve actually spent money bringing in outside help to solve them over the past few years?”
Call ptospects and ask
That adventure reinforced two lessons every good marketer knows and preaches: 1) breakthrough products will catapult you to success, and 2) the key to winning business is differentiating.
Key to winning business differentiate
When a decision maker on a project approaches a consulting firm, however, she does not believe most firms will fulfill on their basic promise.
Perceived reliability vs differentiate
“Because working with us will give you the highest likelihood of achieving your goal, and the least chance of something going wrong that could hurt you or the business.”
highest likely hood of achieving goal
Some Effective Fishing Lines One Australia-based consultant I coached tells prospects: “I work with IT companies that are underperforming in the Asia-Pacific region.”
Fishing line
The Fishing Line for Ascendant Consulting (my firm) is: “I work with B2B manufacturers who are tired of slugging it out for market share.”
B2b manufacturing hook
you’re swamped with work, the answer is still easy: carve out at least 20 percent of your time for acquiring new clients.
20% towards client development
salespeople. They’re purveyors of a compelling experience.
Salespeople convey experience
Pile on the examples and stories. Don’t let your writing drift off into dim lands of concept and theory. Punctuate your ideas with colorful, real-world applications.
use real examples
Clients would rather hear an old, proven idea conveyed in an intriguing, memorable way than hear an entirely new idea. My
Use old ideas in a compelling way
Make your writing actionable. Have a point. What should readers do next? Along those lines, make it easy for that next action to be to contact you. Ensure your phone number and email address are easily found on everything you write.
Writing actionable
Focus. Make three points in nine ways rather than twenty-seven different points. No audience remembers more than three lessons anyway. More is not better. More is confusing and diluting.
When speaking only make 3 points
this project. You know that meeting people and building relationships are at the heart of what I do. Plus, I love meeting interesting people. Who have you run into recently who’s intriguing, creating change or shaking things up?”
Referral script
chatting with Yuri Yusimi over at Sereus Dough and your name came up. Yuri said you’re one of the savviest plant managers he’s met, and thought we’d enjoy meeting each other. With a description like that, I couldn’t resist reaching out to you. Do you have a few minutes to chat now or could we set a time to talk…” I’ve found that a bit of flattery (if it’s sincere) goes a long way, as does an approach that is casual and expressly not selling anything.
Pitching to referrals
The letter you’ll assign each person is either A, B or C. An A is for people with whom you have a strong relationship, strong enough that they’d call you back if you called them or shoot you a reply if you sent them an email. If you’re married, your spouse should be an A, even
Rank contacts
Now go back through your list and assign everyone a 1, 2 or 3. Label people who can hire you directly with a 1. Think of a 1 as a decision maker. CEOs, division presidents, general managers, and maybe even vice presidents can be decision makers. The intern probably isn’t.
Label contacts
Touch every person in your network core regularly using one-to-one outreach in addition to any mass outreach efforts (i.e., your newsletter, podcasts, etc.). Email: Send a personal email to everyone in your network core a minimum of one time per quarter. If a contact doesn’t reply, wait at least a week to send another email, or just set them aside for another three months. Phone: Reach out by phone directly to your network core a minimum of twice per year.
How often to contact
interactions more explicitly useful for your contacts: 1. Send an article that’s relevant or even just interesting. It doesn’t have to be penned by you. Highlight a sentence or two that you think are particularly worth reading. 2. Send a book that’s fun, inspiring or intriguing. Or all three. If you include your notes and key takeaways from the book, your contact will love you. 3. Send an app or a software recommendation that will make your contact’s life easier. 4. Push back on his assertions, and tactfully redirect his thinking. Too few people in a top executive’s life are willing to
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Add value
Tips to Make Phone Outreach More Effective • Avoid gatekeepers by calling early in the morning or after 5:30 p.m. when most assistants have left, but executives are still in their office. It’s an old school tactic, but it still works. • Call five minutes before the hour; i.e., 10:55 a.m. or 1:55 p.m. An executive who has a meeting scheduled for the top of an hour (which is common) will frequently be free about five minutes before the meeting starts. This is a great window to connect and use your Right-Side Up script. If they’re in a hurry you can schedule a time to have a longer call.
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Calling
YOU: “Would you be open to a separate conversation where we talk about your business, and explore whether my firm can help you achieve your goals?”
The turn conversation, from friend to client
Situation 2. Desired Outcomes 3. Indicators of Success 4. Perceived Risks and Concerns 5. Value 6. Parameters These six topics provide deep insight into your prospect’s
6 steps / questions to win a sale
Then, when Yusimi started talking about what he needed, Bob slowed him down a little bit and asked a crucial question: “What’s changed?” The objective at this point is to discover the catalyst that’s driving this project. Why are they doing the project now rather than last year or a year from now? Some events must have led to the prospect’s desire for this project. What’s happened or changed that suddenly makes
Important question “What’s changed?”
What I’m trying to find out is what your expectations are for how you’ll actually be better off at the end of the project. What will be different then versus where you are now?”
“What will be different...”
“So, what are all the things that could go wrong if you hired me?”
“So what are all the things that could go wrong if you hired us?”
What does it cost you if you don’t do this project? The word “cost” is extremely important,
“What does it cost you if we don’t do this project?”
motivator for most people than potential gain; 2. Cost is always at the front of our prospects’ minds. Since Yusimi’s concerned with the cost of the project you want to frame value in those terms too.
Avoiding losses
Document are: 1. Situation 2. Desired Outcomes 3. Indicators of Success 4. Perceived Risks and Concerns 5. Value 6. Parameters
Proposal steps
Section 1: Context In this section you simply reprise the six elements of the Context Document: Situation, Desired Outcomes, Indicators of Success, Perceived Risks and Concerns, Value and Parameters. Remember, you’ve already received agreement
Proposal outline
providing. Start with the result, not the process.
Start with result not process
Timing. Any milestones and key dates you agree to meet. For most projects with most clients this can be a sentence or two, or a table with a handful of milestones. Sometimes a simple graphic depicting the major stages of the project and the timing of each is helpful.
Timing for propsoal
An example of an actual, irresistible proposal, with key points highlighted is available online: The Perfect Proposal Template.
Proposal template
Bonus Materials available at davidafields.com/winningclients
Additional online resources
Why do I generally recommend a hybrid fee structure rather than pure, success fees? Because most clients won’t enter into a contract based 100% on success fees, and that’s just as well. Unless you structure them correctly, success-fee contracts are fraught with undue risk on both sides. If you are seriously considering using this type of contract, I recommend you review pages 182-185 of The Executive’s Guide to Consultants.
Hybrid fee structure
A reasonable rule of thumb to get your thinking started is a seven-to-one return on risk-adjusted value. In other words, if the value of your work to help Sereus Dough Inc. improve its croissant throughput is estimated at $1.2 million over three years, then a reasonable stick in the sand is around $170,000 or so. The seven-to-one rule of thumb is a starting point, not an exact, scientific formula. I might consider $180,000 (as I did in the example of Fee Structure #3) or even $200,000, both of which still give an outstanding return.
Pricing rule of thumb
Five Pricing Strategies that Will Win You More Projects at Higher Fees.)
Bonus Materials available at davidafields.com/winningclients Five Pricing Strategies that Will Win You More Projects at Higher Fees
negotiation by remembering the Three Cs of negotiation: stay Calm, be Confident in yourself and your offering, and always Consider your prospect’s point of view. In practical terms, the Three Cs translate into five best practices:
The 3 C for negotiation - calm,
YURI YUSIMI: “This no-cancellation clause is never going to work. We could never enter into a contract that isn’t cancellable.” YOU: “I understand your reticence on that clause. It probably feels as though that shifts all the risk onto you. After all, what if we totally screw up along the way?” YURI YUSIMI: “That’s right.” YOU: “Well, that’s why we guarantee our work. If anything goes wrong, we’ll take care of it, no matter what it takes or what it costs. But let’s say you decide to shift strategy along the way and the project’s no longer relevant. That’s actually a risk to us, right?” YURI
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Reponse to guarantee
