FIVE REALITIES OF CLOSING MONSTER ACCOUNTS.
Everybody loves to sell new accounts, particularly those of the high revenue, high volume and high profit variety. Your approach to prospecting for the “big ticket” sale has to be organized around five realities in order to maximize the chance to close more guerrilla deals.
REALITY #1:
THE ODDS OF YOUR INITIAL CONTACT INTO THE ORGANIZATION COMING AT THE RIGHT TIME ARE SLIM.
Why? It’s not unusual for a “big ticket” sale to have a 9 month to two year sales cycle — or longer. It is normal for the majority of your targets to have “no immediate need” or be unwilling to meet with you.
Rather than be frustrated, you should have an additional logical practical valuable “Plan B” which IS OF IMMEDIATE VALUE to your targets, initiates a relationship, educates them as to the benefits you provide and builds trust and credibility with the quality and consistency of information delivered, and finally, is delivered over a long period of time. When they are ready, you will be in front of them.
If your prospecting plan doesn’t incorporate this reality you will lose out on “big ticket” sales and be doomed to shorter cycle, lower volume accounts, not because your product or service wasn’t competitive, but simply because you had UNREALISTIC EXPECTATIONS AND WEREN’T ORGANIZED.
Make your competition beat you toe to toe. Resolve to be at the table the next time your targeted mega accounts review vendors.
REALITY #2:
THE FINANCIAL CONSEQUENCES OF THE PURCHASE DECISION TYPICALLY FAR EXCEEDS THE PRICE OF YOUR PRODUCT OR SERVICE.
Those who can get the check must have an ability to instill trust and confidence in their targets.
Two Rules:
1. Consistency builds credibility.
2. Multiple “touches” over a long period of time are necessary to build trust. (Rule of 7).
Ever lost an account to a less deserving competitor and wonder why?
Think of it from the buyers point of view. You know they went with the company they had more comfort, trust and confidence in.
You can lay much of the groundwork for instilling trust and confidence in the prospecting stage with consistent communication.
REALITY #3:
YOU ARE MORE LIKELY TO SELL A MONSTER ACCOUNT IF THEY CALL YOU. YOU CAN ENGINEER THAT RESPONSE.
Is it easier to sell when you have to break the door down to get in or when you are invited?
Years ago, light dawned on marble head with the realization that closing percentages skyrocketed when potential accounts initiated the contact. Not only did closing percentages increase but those accounts tended to be the most satisfied and profitable.
You can engineer that response with your prospecting system. You code and segment appropriate to your business and follow up consistently with a cost effective mix of marketing tools, so that when your target is ready THEY WILL CALL YOU.
It is easy to engage in self destructive behavior in this area. Just be determined to send out too big a package too often, to spend too much money on a “touch,” to recreate the wheel on a regular basis and to follow up individually rather on a group basis and you will cede much new business to your competition.
REALITY #4:
LOOK FOR YOUR CLIENTS. DON’T TRY TO MAKE A SILK PURSE OUT OF A SOW’S EAR.
My personal viewpoint is that in the universe of prospects, that there are more than enough good quality desired potential accounts, and that the best prospecting systems find those accounts. The objective of prospecting is to find those accounts with a process that is systematic, economic and effective.
They are out there. If your system isn’t finding them, test options and fine tune your process. You will win against larger and better financed competition if you are focused, organized and implement consistently.
Do it.
Best wishes for prospecting success,
Scott Channell
