How to sell deeper into your existing clients business
How to sell deeper into your existing clients business
So I said, "Well Carl, how have your meetings been going with the managers in the other departments?" I knew I was setting him up with this question, but I wanted him to realize it himself. His response was, "Other managers? I haven't met the other managers. In fact, that's part of my problem." Bingo! That WAS his problem. What Carl was doing, it turned out, was asking his client, the manager in the department who purchased his product, to speak with his counterparts in the other departments about how great his product was doing. You see, Carl told me that once he gets into a company with his product or service, they love it. So he thought that the manager could help him by "spreading the word" throughout his company. He was expecting his client to actually spend his valuable time "selling" Carl's product to his peers. That is if he even remembered to do so, since I'm sure he is busy like the rest of us and probably barely had time to even say hello to his peers.
The process of selling deeper into an existing client account is very similar to networking. When you meet someone at a party, business event, mixer, or whatever, and you are trying to make more business connections by networking, you don't just give them your card and say, "Hey, if you know of anyone who needs help with their financial planning, tell them about me. Will ya?" If you think they will hold onto your card, remember you when they are meeting with their clients, colleagues, or friends, and actually go the extra effort to talk about you, then you're misinformed. The truth is, you're the last thing on their mind when they are talking to their clients about their own product. So, unless an opportunity falls in their lap that could involve you ("Hey Fred! You wouldn't happen to know of a good financial planner, would you?") then you need to take a different approach.
But wait! There's even a bigger reason why you shouldn't expect someone to do your selling for you. Let's say I meet a financial planner at a networking event (Oh wait! I have. About a million times already!) and he gives me his card so I can refer him to my clients. Now, assuming he already has a great reputation which was validated by being a member of this networking group to begin with, then exactly how am I supposed to "sell" him to my contacts? I know virtually nothing about financial planning, except what my planner has told me about my finances and situation. So what am I supposed to say about this guy to my clients? I can't give good examples because I don't understand what he does. Or, I can use anecdotal stories about how he got one of his clients a 16% return on their 401K. But how good a job can I really do for him? In fact, I will potentially do more harm than good by setting wrong expectations or inadvertently giving out wrong information.
The best way that networking works is to swap cards with someone, then contact them a day or so later and have a longer discussion about what you do and the kind of clients you are looking for. Then ask your newfound friend if they could introduce you to some of his clients. You don't ask if they know of anyone who could use their services. Why not? Because you shouldn't expect them to know enough about your services to know who can use them. That's your job. You just want to get him to introduce you to his contacts, who might have similar interests, so you can do the selling.
What does this have to do with Carl? It's the same thing. First, Carl can't expect his client to do his selling for him. Second, and most important, he shouldn't WANT his client do his selling for him. His client is not trained in how to sell Carl's products and services. So what will his client say besides, "He did good by me!"
What I told Carl to do is to get his client to introduce him to the other managers. Coach him as to exactly what departments he wants to meet and then have Carl's client make a phone call or write a letter of introduction (he can even write the letter for his client). Include in the call or letter information about how pleased he is with Carl's product, but don't elaborate on what it could do for them (He doesn't really know!). Then the letter can say, "I recommended to Carl that he contact you directly to set up a meeting since I believe you might benefit from what he has to say." Ideally, a better scenario is to set up a lunch meeting with Carl and another department head for the next time Carl visits the account. This way the meeting is more informal, the new department manager gets a free lunch, and Carl's client is there to make the introductions and help transition Carl to the other department head, along with all his compliments and accolades about Carl and his products. This way, Carl will do the selling, not his client. His client's role is different, yet vital.
You might recognize this as the "referral", which is what it is, plain and simple. Unfortunately, a lot of sales people either don't ask for referrals or don't know how to ask for them. Carl hit on both counts. He has since tried this new approach and is finding it lots easier to penetrate his accounts. In fact, it is easier and less costly to sell into his existing accounts than to find and sell to a new one. In fact, statistics show that it costs seven to 10 times more to find and sell to a new customer than to sell to an existing one. You just have to know how to do it. And using your existing client to introduce you to his counterparts is a great shoe-in for you to do your job of selling.
Good Luck & Good Selling!
Russ Lombardo
How to sell deeper into your existing clients business - To learn more about this author, visit Russ Lombardo's Website.
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I received a call from a sales executive (let's call him Carl) recently about a dilemma he was having. He said, "Russ, I have a great suite of products and services that can address the needs of various departments and functions within a company. But once I get the first sale in one department, I just can't seem to penetrate other departments at this same account. I just seem to hit a brick wall. I looked at most of my accounts and I noticed that I only sold one product or service to each one. I rarely sell multiple products to multiple departments within the same company. What am I doing wrong?"
So I said, "Well Carl, how have your meetings been going with the managers in the other departments?" I knew I was setting him up with this question, but I wanted him to realize it himself. His response was, "Other managers? I haven't met the other managers. In fact, that's part of my problem." Bingo! That WAS his problem. What Carl was doing, it turned out, was asking his client, the manager in the department who purchased his product, to speak with his counterparts in the other departments about how great his product was doing. You see, Carl told me that once he gets into a company with his product or service, they love it. So he thought that the manager could help him by "spreading the word" throughout his company. He was expecting his client to actually spend his valuable time "selling" Carl's product to his peers. That is if he even remembered to do so, since I'm sure he is busy like the rest of us and probably barely had time to even say hello to his peers.
The process of selling deeper into an existing client account is very similar to networking. When you meet someone at a party, business event, mixer, or whatever, and you are trying to make more business connections by networking, you don't just give them your card and say, "Hey, if you know of anyone who needs help with their financial planning, tell them about me. Will ya?" If you think they will hold onto your card, remember you when they are meeting with their clients, colleagues, or friends, and actually go the extra effort to talk about you, then you're misinformed. The truth is, you're the last thing on their mind when they are talking to their clients about their own product. So, unless an opportunity falls in their lap that could involve you ("Hey Fred! You wouldn't happen to know of a good financial planner, would you?") then you need to take a different approach.
But wait! There's even a bigger reason why you shouldn't expect someone to do your selling for you. Let's say I meet a financial planner at a networking event (Oh wait! I have. About a million times already!) and he gives me his card so I can refer him to my clients. Now, assuming he already has a great reputation which was validated by being a member of this networking group to begin with, then exactly how am I supposed to "sell" him to my contacts? I know virtually nothing about financial planning, except what my planner has told me about my finances and situation. So what am I supposed to say about this guy to my clients? I can't give good examples because I don't understand what he does. Or, I can use anecdotal stories about how he got one of his clients a 16% return on their 401K. But how good a job can I really do for him? In fact, I will potentially do more harm than good by setting wrong expectations or inadvertently giving out wrong information.
The best way that networking works is to swap cards with someone, then contact them a day or so later and have a longer discussion about what you do and the kind of clients you are looking for. Then ask your newfound friend if they could introduce you to some of his clients. You don't ask if they know of anyone who could use their services. Why not? Because you shouldn't expect them to know enough about your services to know who can use them. That's your job. You just want to get him to introduce you to his contacts, who might have similar interests, so you can do the selling.
What does this have to do with Carl? It's the same thing. First, Carl can't expect his client to do his selling for him. Second, and most important, he shouldn't WANT his client do his selling for him. His client is not trained in how to sell Carl's products and services. So what will his client say besides, "He did good by me!"
What I told Carl to do is to get his client to introduce him to the other managers. Coach him as to exactly what departments he wants to meet and then have Carl's client make a phone call or write a letter of introduction (he can even write the letter for his client). Include in the call or letter information about how pleased he is with Carl's product, but don't elaborate on what it could do for them (He doesn't really know!). Then the letter can say, "I recommended to Carl that he contact you directly to set up a meeting since I believe you might benefit from what he has to say." Ideally, a better scenario is to set up a lunch meeting with Carl and another department head for the next time Carl visits the account. This way the meeting is more informal, the new department manager gets a free lunch, and Carl's client is there to make the introductions and help transition Carl to the other department head, along with all his compliments and accolades about Carl and his products. This way, Carl will do the selling, not his client. His client's role is different, yet vital.
You might recognize this as the "referral", which is what it is, plain and simple. Unfortunately, a lot of sales people either don't ask for referrals or don't know how to ask for them. Carl hit on both counts. He has since tried this new approach and is finding it lots easier to penetrate his accounts. In fact, it is easier and less costly to sell into his existing accounts than to find and sell to a new one. In fact, statistics show that it costs seven to 10 times more to find and sell to a new customer than to sell to an existing one. You just have to know how to do it. And using your existing client to introduce you to his counterparts is a great shoe-in for you to do your job of selling.
Good Luck & Good Selling!
Russ Lombardo
How to sell deeper into your existing clients business - To learn more about this author, visit Russ Lombardo's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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