engaging prospects

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Engaging Prospects MIT Portugal Innovation Symposium Beth E. Zonis May 13, 2014

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This was given as a workshop to about 40 entrepreneurs from various countries in Europe. There are worksheets that accompany the presentation.

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Page 1: Engaging prospects

Engaging Prospects MIT Portugal Innovation Symposium

Beth E. Zonis

May 13, 2014

Page 2: Engaging prospects

Agenda

➜  Objectives: Startups and Industry

➜  Offer

➜  4 Ps of Prospecting:

➜  Value Proposition ➜  Profile ideal prospects

➜  Produce prospects

➜  Prepare for meeting ➜  Maintain and build relationship(s)

➜  Contact information

Page 2 © Beth Zonis, May 2014

Page 3: Engaging prospects

Startup objectives are…

… to establish and build relationships with businesses who will:

➜  Purchase products and services

➜  Partner to sell, manufacture, and/or deliver products and services

➜  Provide funding to enable Startup’s growth

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Industry objectives are…

➜  For BUYER: New/better products/services

➜  For PARTNER: New contacts and products

➜  For INVESTOR: Investment to increase revenue and profit

➜  For ALL: Make money and/or solve problems that improve society

➜  Today our focus is on the BUYER

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Features, Advantages and Benefits

➜ Features: What is it? ➜  Color, shape, size, location

➜ Advantages: What does it do? ➜  Functions, capabilities

➜ Benefits: What does it fix or improve? ➜  It makes the user happier

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DISCUSSION: What can you offer to your clients?

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DISCUSSION: What do your clients get?

➜  Now ➜  Future

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DISCUSSION: What examples, success stories or statistics can you cite?

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DISCUSSION: Who is an ideal “prospect”?

Types of Organizations Roles

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What do you know about your target, by role?CTO: an Agent of Innovation (example) “The many, wide-ranging activities associated with the Chief Technology Officer role should deliver a measurable impact on a company’s financial and innovation outcomes… The result is a company that can make better, faster, and more efficient decisions.” – THE EFFECTIVENESS OF THE CHIEF TECHNOLOGY OFFICER, Scott Hartley, Industrial Research Institute, 2011

The Role of the CTO: Four Models of Success, Cabot Consultants, 2002

“We are on the lookout for developments that are truly going to be disruptive and try to tie ourselves to them. We constantly challenge ourselves and refresh that list of the large trends that we should be looking at…” – Gregg Zank, CTO, Dow Chemical, 2011

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DISCUSSION: What is your value proposition?

Value Proposition Worksheet

For…

Who want/need…

We offer…

We are better than alternatives,

because…

Proof points:

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Discussion: How do you reach your prospects?

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Assembling lists of companies (example)

➜  Top 100/500/1000 lists (general) ➜  Forbes Americas Largest Private

Companies ➜  Fortune 500 ➜  Inc 5000

➜  Top lists by industry group ➜  Deloitte ➜  E&Y ➜  PWC

➜  Industry lists (custom or off-the-shelf) ➜  Industry publications/journals (e.g.,

PFC Energy) ➜  Associations

➜  Social media ➜  LinkedIn

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How can you find these people?

➜ Campaign: broad outreach and communications ➜  Lists/ directories ➜  Introductions ➜  Events

➜ Warm calls and cold calls

➜ Inbound marketing (they find you)

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What to know about a prospect before you reach out to them (suggestions)

➜  What business are they in?

➜  What are their major initiatives and challenges?

➜  How does their mission relate to yours?

➜  How do they make purchases?

➜  How do they establish partnerships?

➜  How do they buy/invest?

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Where to collect this information (example)

➜  Online databases and search engines ➜  Hoovers.com ➜  D&B ➜  Google search, Google news

➜  Company website ➜  Home page/ About us ➜  Investor information, annual reports ➜  Leadership: Board of directors, Executive officers ➜  Latest news ➜  Jobs/ careers

➜  Social media ➜  LinkedIn

➜  Whom do you know?

➜  Who’s in your network?

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Preparation before meeting with prospect

➜  Know about the company whom you’re calling (see research questions on prior slides)

➜  Assemble a list of names, telephone numbers and email addresses

➜  Prepare an “elevator pitch” for a telephone introduction (2 minutes max) ➜  Use a personal introduction if possible (e.g., “So-and-so suggested I

call you…”) ➜  Introduction to Startup and why you’re calling ➜  “May I speak with the person who is responsible for X?” ➜  “I’d like to share some information about how our solution could help

your business. (e.g., What’s in it for them?) ➜  Do you have a few minutes now, or can we schedule another time to

talk?” ➜  Leave only 1 message. If the person doesn’t answer or respond, try

his/her assistant by touching “0” when his/her voicemail comes on ➜  If you can’t reach the person via phone, compose a brief email offering a

time to talk.

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A small % of leads progress through the pipeline

Leads

Prospects

Qualified

Committed

Transacted

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How can you maintain and build the relationship? ➜  Make connections to multiple people within the organization ➜  Consider how many “touches” it takes to close ➜  Have a new “reason to call” with something of interest each time

you contact them, such as: ➜  Startup milestones, new products, etc. ➜  When you’ll be in their area so you can arrange to meet ➜  Link to relevant article or report ➜  Invitation to upcoming events

➜  Reach out multiple times in a variety of ways

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Takeaways: 4 Ps of Prospecting + Maintain and Build

Value Proposition

Profile ideal prospects Produce prospects

Prepare for meeting

Maintain and build relationships

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Beth E. Zonis Beth Zonis is the Commercialization Program Manager for the MIT Skoltech Initiative. She

has been instrumental in establishing and growing the Center of Entrepreneurship and

Innovation at the Skolkovo Institute of Science and Technology in Moscow. Ms Zonis has

spent her career in marketing, business development and program management. Early in

her career she delivered 100% of new business to an IT start-up, including major Fortune

500 companies, driving growth from 10 to 1000+ employees. At IBM she built a foundation

and culture of generating references to drive business growth as Global Marketing Manager

for IBM Site and Facilities Services which delivered 125% year-over-year growth; and

generated over 70% of customer referrals. Ms Zonis founded and ran Eco Marketing LLC, a

successful consulting firm specializing in marketing sustainability and cleantech solutions.

Since 2009 she has been a mentor to startups in the Cleantech Open. Ms Zonis holds a BA,

cum laude, from Wellesley College; a Certificat de Science Politique from l’Institut d'Etudes

Politiques in Paris; an MBA from Boston University; and a Certificate in Sustainable

Business from the University of Southern Maine. She is fluent in French and Spanish, and

has some knowledge of German, Mandarin and Russian.

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Questions?

Beth E. Zonis 617-324-8292 [email protected]

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