power of the pyramid #3
DESCRIPTION
Target Selling takes your firm to the next level. Power of the Pyramid #3. Hitting the Bulls eye!. 3 Strategies for Double Digit Growth. Identify “A” clients and super please them Identify “B” clients and turn them into “A” clients - PowerPoint PPT PresentationTRANSCRIPT
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Power of the Power of the Pyramid #3Pyramid #3
Target Selling takes your firm to
the next level
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Hitting the Bulls eye!
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3 Strategies for Double Digit Growth
1. Identify “A” clients and super please them
2. Identify “B” clients and turn them into “A”
clients
3. Find prospects in your marketplace like your
“A” and “B” clients
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Identify “A” clients and super please them
1. Build loyalty
2. Introduce new services
3. Turn them into “raving
fans”
4. Focus of senior partners
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Identify “B” clients and turn them into “A” clients
1. Learn their business 2. Offer Dessert 3. Make them more
profitable 4. Focus of New Partners
and Senior Managers
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Kanthal Corp’s 5/50/150 Rule
5% of your
clients = 50% of
your firm’s total
revenue
15% of your
clients = 30% of
your firm’s total
revenue
..and 150% of
your total profits
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Walking Up the Value LadderOrg Impact
Partnership
Innovation
Process Integration
Relationships
Services
Commodities
How did you get your “A” clients to
move up the value ladder?
The higher they move the more
valuable the relationship
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Peter Drucker says…
“Lack of focus is the BIGGEST
mistake businesses make.”
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Identify prospects like your “A” and “B” clients and get them into your
sales pipeline
1. Turn them into clients
2. Potential long sales cycle
3. Be intentional and
persistent
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Jay Conrad LevinsonGuerrilla Marketing Attempts
27
C. P. AccountantLifetime Average = .333 (9 for 27)
M
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Finding Target Prospects
• Create a Target Prospect List• Increase your rate of asking for referrals… How
often is about right?• Measure and develop systems to support your
outcomes• Find a point of receptivity or…• Start your cold calling campaign
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Pipeline 100% Firms Fees
ProspectingQualifying
Interest Development
TargetingGain Access
Proposals-Oral/WrittenAccept Rejection
Reject Acceptance
CommunicationsNewsletters
SeminarsReceptions
CompellingMission and Values
Improve ClientImprove Community
Price Optimization
Maximum LoyaltyMaximum Profits
Pro ActiveIdeas
Additional ServicesNiche
Questions
LoyaltyListening
ExtensionsServices
Five Star ServiceClient Service
CommunicationTrainingSurveys
CommunicationNewsletters
Meetings
ResponsiveClient NeedsClient Wants
DeliveryOn Time
One Budget
TechnicalCompetenceSpecialization
Answers
RecoveryProcess
Error Plan
TeamworkClient MeetingsUnique Services
CollaborationNiche Development
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Moving Toward the PinnacleMoving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
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Fill Your PipelineFill Your Pipeline
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?
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If you want to grow 10%...
• If you have 25% of your firm’s revenue in your
sales pipeline and
– You have 10% client attrition each year
– You want to grow at 10% then…
– You need a 90% close ratio to reach 10% growth
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If you want to grow 10%...
• If you have 50% of your firm’s revenue in your
sales pipeline and
– You have 10% client attrition each year
– You want to grow at 10% then…
– You need a 40% close ratio to reach 10% growth
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If you want to grow 10%...
• If you have 100% of your firm’s revenue in
your sales pipeline and
– You have 10% client attrition each year
– You want to grow at 10% then…
– You need a 20% close ratio to reach 10% growth
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100% of your firm’s revenue in your sales pipeline…are you crazy?
• FAQ’s– What if it all comes in at once?
• It never does
– We don’t have anywhere near that currently?• How much do you have?
– How is this even possible?• It is simple, but not easy. You have to have a plan, work
the plan, measure the plan and hold people accountable to results
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Selling: 12 StepsSelling: 12 Steps
1. Prospecting for leads2. Gaining access to prospects3. Qualifying prospects4. Identifying decision influencers5. Developing like and trust6. Discovering problems and needs
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Selling: 12 StepsSelling: 12 Steps
7. Creating wants8. Handling objections9. Demonstrating capabilities10. Creating value perceptions11. Persuading decision influencers12. Closing the sale
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Buying Cycle
• Changes over time – Marketing• Recognize they have a need – Marketing• Look for someone who can help – Selling• Evaluate options – Selling• Decide – Selling• Implement the solution – Client Service• Support the relationship – Client Service
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Moving Toward the PinnacleMoving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
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Step 1: Prospecting for Leads
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MADDEN Prospect Test
• Money• Accessible• Desire• Decision Influencer• Eligible• Need
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Center of Influence&
Referral Source
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Moving Toward the PinnacleMoving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
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Qualified Prospect?
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Now
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Enjoy
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Alter
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Decision
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Pay Strategy
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Qualifying ProspectsNEAD-PAY
N – Who Are You Using Now?E – What do You Enjoy About…?A – What Would You Alter…?D – What is the Decision process and who is
involved?PAY STRATEGY?
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Pricing Discussions
• Understand Pricing Emotions• Be confident• Address the need and the want
• Set and manage expectations• Don’t create pricing objections• Be ready to reject acceptance
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Pricing Emotion
sPrice
Resistance
AKA…Sticker Shock
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Pricing Emotion
s
Price Anxiety
AKA…
$#@&^%!
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Pricing Emotions
Payment Resistance
AKA…
Buyer’s Remorse
No Way I A
m Paying
This!
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Moving Toward the PinnacleMoving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
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Which is most
important
Interested Prospect
orQualified Prospect?
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Team with Team with Other ProfessionalsOther Professionals
• Client Meetings – Conduct a “Client Business Review”
• Collaborate on key initiatives
• Offer Unique Services for your clients
• Development Strategic Niches/Specialties
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Communications withCommunications withOther ProfessionalsOther Professionals
• Newsletters or Cycle Selling
• Seminars
• Private Business Receptions
• Lunches, dinners and other events
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Pipeline 100% Firms Fees
ProspectingQualifying
Interest Development
TargetingGain Access
Proposals-Oral/WrittenAccept Rejection
Reject Acceptance
CommunicationsNewsletters
SeminarsReceptions
CompellingMission and Values
Improve ClientImprove Community
Price Optimization
Maximum LoyaltyMaximum Profits
Pro ActiveIdeas
Additional ServicesNiche
Questions
LoyaltyListening
ExtensionsServices
Five Star ServiceClient Service
CommunicationTrainingSurveys
CommunicationNewsletters
Meetings
ResponsiveClient NeedsClient Wants
DeliveryOn Time
One Budget
TechnicalCompetenceSpecialization
Answers
RecoveryProcess
Error Plan
TeamworkClient MeetingsUnique Services
CollaborationNiche Development
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Targeting
• If you aim at nothing… You will hit it every time
• Gaining Access• Proposal Power• Accepting Rejection• Rejecting Acceptance
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Gaining Access to Prospects
Internal Referral Sources
External Referral Sources
Direct Mail/ Permission Marketing
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The Permission Marketing Process
Series of 4 Letters:
1. Introduction
2. Information
3. Problem Questions
4. Verify Initial Call Date
Step 2: Gaining Access to Prospects
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Make the Call
Get the appointment
Don’t try to sell!
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Targeting
• If you aim at nothing… You will hit it every time
• Gaining Access• Proposal Power• Accepting Rejection• Rejecting Acceptance
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Have a GREAT Proposal Process
• Qualify
• Plan questions ahead of time
• Have an on-site visit if possible
• Review a draft proposal
• Make a memorable client centered
presentation
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Help the Buyer Choose YOU!• Who should I choose?
• Who do I like?• Trust?• Who captured our emotion?• Passion?
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Targeting
• If you aim at nothing… You will hit it every time
• Gaining Access• Proposal Power• Accepting Rejection• Rejecting Acceptance
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Rejection?
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Gaining New AccountsRisk Management
DifferentiateInterviewingLike & Trust
Pipeline 100% Firms Fees
ProspectingQualifying
Interest Development
TargetingGain Access
Proposals-Oral/WrittenAccept Rejection
Reject Acceptance
CommunicationsNewsletters
SeminarsReceptions
CompellingMission and Values
Improve ClientImprove Community
Price Optimization
Maximum LoyaltyMaximum Profits
Pro ActiveIdeas
Additional ServicesNiche
Questions
LoyaltyListening
ExtensionsServices
Five Star ServiceClient Service
CommunicationTrainingSurveys
CommunicationNewsletters
Meetings
ResponsiveClient NeedsClient Wants
DeliveryOn Time
One Budget
TechnicalCompetenceSpecialization
Answers
RecoveryProcess
Error Plan
Industry LeaderIndustry Leader
Go to Firm
TeamworkClient MeetingsUnique Services
Niche Development
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Gaining New AccountsGaining New Accounts
• Manage risk and charge more for higher risk engagements
• Differentiate yourself and your firm
• Interview and qualify your prospects
• Build “Like and Trust”
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Charging More
• All new clients should be charged at a 20% premium
• Always consider your A and B clients• Remember the Value Ladder – competition at
the bottom of the ladder is fierce and price resistance is high. At the top you are the leader.
• Ask for a retainer, progress billing, etc…
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Differentiate
• Be prepared for the frequent objections• Clarify the objection, “What concerns you
most about that?”• Rehearse your response –
– “You’re right, we aren’t the cheapest in town.”– “Yes, most other CPA/CA firms don’t require a
retainer up front.”– “That’s true. I’m sure you can get it for less with
someone else.”
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Interview and Qualify
• Go through the 12 steps
• Decision Influencers
• Build the PAIN!
• Don’t give the solution too early.
• Close and continue to market
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Trust
Like
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Keys to SuccessKeys to Success
• Win Emotions
• Access to Key Information
• Pre and Draft Proposal Meeting
• Strong Endorsement – Client Success and Client Tragedy
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Recommended Reading
• Power Up Your Profits – Troy Waugh• The Essential Drucker – Peter Drucker• Wooing and Winning Business – Spring Asher
and Wicke Chambers• The SPIN Selling Fieldbook – Neil Rackham• Sales Questions that Close the Sale – Charles
Brennan, Jr.
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Assignment Next 120 Days
1. Identify your “A” and “B” prospects2. Find a way to meet them3. Explore the…
1. Receptivity2. Problem3. Power
4. Follow Up