I can’t believe I’m saying this and I know that every single one of my teachers from my entire (K-12) will give out a hardy laugh if they new that it was me but, “You’ve got to do your homework if you want to win!” Sales, is no game for the ill-equipped, spontaneous ad-hoc semi-pro. Only the strong, the ready and the willing will even have a shot of success at closing the BIG deals in today’s world. Fortune doesn’t simply “favor the brave.” Today you’ll have to be an expert at not just understanding your product and all of its subtleties…you’ll have to know your prospect like the back of your hand. You’ll have to know: who they are, what their company does, who their product serves, what they stand for and where they came from.
You see, people do business with those they know, like and trust (KLT). Here’s a BIG tip for small business owners. You should seek to do business with people that you KLT as well! Work takes on a level of ease that actually borders on fun when you really know your prospects and they know you. Professionals today need to do everything possible to make the transition of knowing much easier for all parties involved.
Lucky for all of us, technology has made this much easier. Now we have so many more research tools and easier access to those that we already have through the magic of (you guessed it) the internet. The internet has created an environment that is so rich with useful data that approaching a potential prospect cold is an absolutely ridiculous notion. I don’t usually go on any appointments now days without at least checking Google, LinkedIn and Facebook just to see what I can find out about my prospect before we meet. What I’m looking for here is connectivity; somehow my prospect and I share something in common. It’s my job to find out what that commonality and possible connection might be.
I’m also looking for opportunities to solve my prospects problems. Maybe after reading a company website I’ll notice that there is really no way to contact the company or its key leaders. This might be on purpose or maybe it’s a design flow issue. In any case, I might be prompted to ask “what do you want to your website and other forms of marketing to actually do for you?” If the prospect says “you know, I don’t really know what that thing is doing or how it really helps”, that might wake up a need to really drive home the mission of the organization to the team and all of its contractors. Pointing out the wasted opportunity in something that prospects are already putting resources behind can be an easy way to connect on a professional level. Just making a cold call without any information would be the kiss of death in this scenario.
Your research should also tell you who you should be talking to. Yes you can always pick up the phone and ask “can I talk to the person in charge of widget purchasing”, however it’s much easier to know that the chief widget purchaser belongs to the local rotary club and will be giving a presentation to a small group of professionals at a local bistro next week. Being a fellow Rotarian means wearing your pin and showing up for lunch could really put you ahead of the competition. Or better yet, you find out that your kids play soccer together in the same league although different teams. I’m thinking that a little half time chat might create a wonderful business opportunity.
There are several social media sites that make research a lot easier:
- LinkedIn (www.LinkedIn.com)
- Facebook (www.FaceBook.com)
- Twitter (www.twitter.com)
- Slideshare.net (www.SlideShare.net)
They’ve all save my life and my sales (as if there is a difference) at some time.
I’ve all but abandoned the traditional approaches to research through the newspapers and magazines like A) national news sources like CNN (www.cnn.com), Financial Times (www.ft.com), Los Angeles Times (www.latimes.com), New York Times (www.nytimes.com), Wall Street Journal (www.wsj.com), and Washington Post (www.washingtonpost.com); B) local newspapers where your prospect is headquartered; C) trade and industry magazines related to your prospect’s industry; D) trade and industry magazines related to your prospect’s biggest clients; and E) press release sources like Associated Press (www.ap.org), PR Newswire (www.prnewswire.com), Reuters (www.reuters.com), and United Press International (www.upi.com). It’s rare that I find anything of real use here so I use them as a secondary source.
More often I find myself looking for popular blogs and using RSS feeds to deliver my own homespun brew of news bites. I start with blogs authored by the prospect’s organization and employees, especially individuals I expect to meet. Then, I look to newsletters by the organization as well as newsletters by its clients, partners, competitors, and industry gurus. Of course I never forget to look for conference sites and the ton of free white papers and reports.
There’s usually no need to go broke looking for information with the premier resources like: D&B (www.dnb.com), Dow Jones Factiva (www.factiva.com), FreeEdgar (www.freeedgar.com), Hoovers (www.hoovers.com), Yankee Group (www.yankeegroup.com), and Zoominfo (www.zoominfo.com). It’s true that they may have their place in the new world but quite honestly I haven’t found it.
Whatever you do, don’t be willing participants in your own demise. You see prospects are armed with the exact same access to information that you have. That’s right; they know when your company has tons of complaints against them from the better business bureau. In fact, it’s easier than ever for a disgruntled client to post a negative rating on some consumer watchdog site for your industry and bam! So you need to watch not just what your prospects are doing, but what they are seeing about you. But that’s another article.
Welcome to the revolution!
Marvin Powell is the founder and owner of Coach Powell training and Development, a firm that can help you grow your business by focusing on your success, with keynotes, workshops, and consulting. The coach can be reached at marvpow@aol.com or visit www.ninetydaypowerplay.com
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