The Letter of Understanding
The Letter of Understanding
In this letter (mail or email) you want to confirm the following:
Buyers goals, needs or problems
Current situation
Vision of how they see things after implementing a solution
Value – areas that will cost justify the purchase
Access to other buyers if they exist
Here is a sample
Dear Bob,
Thank you for your interest in ICU Security Group. The purpose of this letter is to summarize my understanding of our discussion today. You told me your primary goal is to be able to monitor the activity in your businesses from anywhere in the world.
Today you have four different locations and they each have a security recording device. The businesses are open 24/7 and do not have management in the store for 16 hours of the day. The security systems were originally installed to prevent robberies and they have, but shortages have risen 20% over the last year totaling $50,000. The cameras do not cover the whole store and no one is checking the recordings since they were installed for robberies and none have taken place. You believe you can reduce shortages if you have the following capabilities:
Camera coverage over the whole retail and stock room floors to remove blind spots and bring accountability to staff and customers.
The ability for you and your managers to monitor the store anytime of day from any internet connection including PDA to add additional accountability.
Ability of managers to see cash register transactions on the video recording to monitor purchase transactions and audit register tapes.
You indicated you would like me to visit with you managers before moving forward to gain additional input. I would suggest the following as a course of action:
Confirm you are in agreement with this summary.
Arrange interviews with your managers.
Summarize my findings and meet back with you to discuss solutions.
I will call you on Tuesday, January 7th at 9:00am to review this letter and discuss our next steps. If that time is not convenient for you, please let me know an alternative. I look forward to working with you and your company.
The Letter of Understanding - To learn more about this author, visit Rene Zamora's Website.
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The letter of understanding is a way to qualify your buyer. It helps you know if you should keep moving and confirms how well you understand their needs and situation. You should have your manager review these letters before you send them until they start coming back with no suggestions. You will probably need 6 or 7 letters to get there.
In this letter (mail or email) you want to confirm the following:
Buyers goals, needs or problems
Current situation
Vision of how they see things after implementing a solution
Value – areas that will cost justify the purchase
Access to other buyers if they exist
Here is a sample
Dear Bob,
Thank you for your interest in ICU Security Group. The purpose of this letter is to summarize my understanding of our discussion today. You told me your primary goal is to be able to monitor the activity in your businesses from anywhere in the world.
Today you have four different locations and they each have a security recording device. The businesses are open 24/7 and do not have management in the store for 16 hours of the day. The security systems were originally installed to prevent robberies and they have, but shortages have risen 20% over the last year totaling $50,000. The cameras do not cover the whole store and no one is checking the recordings since they were installed for robberies and none have taken place. You believe you can reduce shortages if you have the following capabilities:
Camera coverage over the whole retail and stock room floors to remove blind spots and bring accountability to staff and customers.
The ability for you and your managers to monitor the store anytime of day from any internet connection including PDA to add additional accountability.
Ability of managers to see cash register transactions on the video recording to monitor purchase transactions and audit register tapes.
You indicated you would like me to visit with you managers before moving forward to gain additional input. I would suggest the following as a course of action:
Confirm you are in agreement with this summary.
Arrange interviews with your managers.
Summarize my findings and meet back with you to discuss solutions.
I will call you on Tuesday, January 7th at 9:00am to review this letter and discuss our next steps. If that time is not convenient for you, please let me know an alternative. I look forward to working with you and your company.
The Letter of Understanding - To learn more about this author, visit Rene Zamora's Website.
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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