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Pipeline Workshop. What is Consultative Selling? © 2012 The PACE Partners LLP London England Building the motivation to buy and re-buy Building the motivation.

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Presentation on theme: "Pipeline Workshop. What is Consultative Selling? © 2012 The PACE Partners LLP London England Building the motivation to buy and re-buy Building the motivation."— Presentation transcript:

1 Pipeline Workshop

2 What is Consultative Selling? © 2012 The PACE Partners LLP London England Building the motivation to buy and re-buy Building the motivation to buy and re-buy

3 Why People Buy © 2012 The PACE Partners LLP London England

4

5 Trust Credibility Competence Compatibility The Iceberg Principle © 2012 The PACE Partners LLP London England

6 Building Trust © 2012 The PACE Partners LLP London England Trust Credibility Competence Consistency Compatibility (Initial) impact Confidence Delivery as promised Honesty Knowledge Expertise Insightful questions Track record Over time Towards different people Between different people Genuine interest Active listening Showing vulnerability Adapting behaviour

7 A Trusted Adviser © 2012 The PACE Partners LLP London England Sector & Client Knowledge Genuine Interest Key Skills & Processes Technical Expertise

8 The PACES Approach to Selling P osition your firm, your sector, yourself and the discussion A scertain in detail the client’s situation and requirements C onfirm your understanding of the client’s situation and requirements E xplain or explore a suitable way forward S eek commitment to the way forward © 2012 The PACE Partners LLP London England

9 The PACES Approach to Selling Key rule: TotalP.A.C. BeforeE.S. Agree the full picture before discussing or deciding the way forward © 2012 The PACE Partners LLP London England

10 Consultative Selling What it is not:  Sell, sell, sell  Pouncing on the first opportunity  Focusing only on the opportunities for YOU  Pressure, manipulation  Short-term greed © 2012 The PACE Partners LLP London England

11 Consultative Selling What it is:  Looking through each client’s eyes  Having (and demonstrating) genuine interest in the client  Moving at the client’s pace  Building a relationship of TRUST  Building lifetime value for both parties © 2012 The PACE Partners LLP London England

12 Designing the client base of the future

13 What would your perfect client base look like in 2/3 years time? Possible considerations:  Number of clients (existing/new)  Type of clients  Type of work  Fee levels  Geography  Type of work  Type of relationship © 2012 The PACE Partners LLP London England

14 A cautionary tale…...

15 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time

16 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

17 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

18 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

19 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

20 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

21 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

22 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

23 Pipeline Activity - Unmanaged © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

24 Pipeline Activity - Managed © 2012 The PACE Partners LLP London England LevelLevel Time Activity Results

25 The PACE Pipeline What is it? A ‘project management’ approach to business development © 2012 The PACE Partners LLP London England

26 Foundations of the Pipeline Principle  There is nearly always a time lag between selling activities and results.  Not all selling activity produces results.  Results cannot be guaranteed, results are history.  Activities can be managed and monitored. © 2012 The PACE Partners LLP London England

27 The PACE Pipeline © 2012 The PACE Partners LLP London England 1 Undefined prospects / suspects P1 P2 P3 P4 P5 Prospecting Protecting Projecting Promoting Defined prospects not yet marketed to Current key and valued clients Defined prospects marketed to - not yet in dialogue Qualified prospects - in dialogue 2 3 4 5 6 Pruning ‘Problem children’ clients

28 © 2012 The PACE Partners LLP London England P1 P2 P3 P4 P5

29 The PACE Pipeline © 2012 The PACE Partners LLP London England 1 Undefined prospects / suspects P1 P2 P3 P4 P5 Prospecting Protecting Projecting Promoting Defined prospects not yet marketed to Current key and valued clients Defined prospects marketed to - not yet in dialogue Qualified prospects - in dialogue 2 3 4 5 6 Pruning ‘Problem children’ clients

30 Prospecting P1

31 Supplier Segmentation Matrix © 2012 The PACE Partners LLP London England Strategic importance or cost High LowHigh Difficulty of substitution Leverage size Partner Manage risk Shop

32 Defining Prospects © 2012 The PACE Partners LLP London England G I G O arbage n ut

33 Selection criteria

34 Filters The factors that make a client more attractive / easier to approach © 2012 The PACE Partners LLP London England

35 Triggers  The factors/events that make a target client more likely to meet with/talk to/buy from a new adviser  Factors which might make prospects more likely to move from their existing adviser(s) © 2012 The PACE Partners LLP London England

36

37 Agree a hit list

38 Decision making model

39 A Decision Making Model © 2012 The PACE Partners LLP London England Bishop  ‘gatekeeper’  can say no based on conforming to specification  can’t give the final approval  judgmental on specific quantifiable elements of your proposal. Question: Does it meet specification? King/Queen  financial/economic buyer  controls expenditure  authority to release funds  discretionary use of budget  the power of veto Question: How will this impact our organisation & R.O.I. Pawn  ‘users’/supervise use  judgements about impact on job performance  will have to live with your solution Question: How will it affect me & my team? Knight  coach/spy  guide around the business  provides & helps interpret information  wants your proposal to be successful  Credibility Question: How can we win this together?

40 The PACE Pipeline © 2012 The PACE Partners LLP London England 1 Undefined prospects / suspects P1 P2 P3 P4 P5 Prospecting Protecting Projecting Promoting Defined prospects not yet marketed to Current key and valued clients Defined prospects marketed to - not yet in dialogue Qualified prospects - in dialogue 2 3 4 5 6 Pruning ‘Problem children’ clients

41 P2 Promoting

42 Research “In addressing how senior people should not be approached, Cold calling, generic letters and brochures came top of this list. (They) were vexed by the number of uninformed approaches they received from firms which simply said they wanted to be considered for work?” Nisus Consulting © 2012 The PACE Partners LLP London England

43 Contact Capability Corporate Clients and defined prospects Active Passive Nearness to client The ‘Nearness to Client’ Pyramid © 2012 The PACE Partners LLP London England

44 Maister’s View of Marketing Tactics © 2012 The PACE Partners LLP London England Order of effectiveness The first team The second string Clutching at straws tactics  Seminars (small scale)  Articles in client-orientated (trade) press  Speeches at client industry meetings  Proprietary research  Community / civic activities  Networking with potential referral sources  Newsletters  Public relations  Brochures  Seminars (ballroom scale)  Direct mail  Cold calls  Sponsorship of cultural / sports events  Advertising  Video brochures Source: D H Maister ‘Attracting New Clients ’

45 Clients’ Perception of Marketing © 2012 The PACE Partners LLP London England 1 2 3 4 5 Staff secondments Seminars at clients' offices Regular service review meetings Seminars at firm’s offices Research into key issues E-bulletins One to one lunches Newsletters Pitching proactively for new work Websites Corporate hospitality Seeing a firm’s name in the press Sponsorship Importance Performance

46

47 Suggested Elements of a Promotional Campaign  Magazine articles  Proprietary research  Press releases  ‘white’ papers  Seminar invitation  DVD’s  Awards  Referrals/references  case studies  Software/tools  Links to websites/pdf files  Promotional items © 2012 The PACE Partners LLP London England

48 How to build a campaign

49 The Client’s World P olitical E conomic S ocial T echnological E nvironmental L egislative © 2012 The PACE Partners LLP London England

50 Making the phone call

51 Gaining the Appointment 1Greeting 2Identify - client then you 3Gain interest/link statement 4Ask for the meeting 5Objection handling 6Ask for the meeting © 2012 The PACE Partners LLP London England

52 Client enthusiasm management

53 © 2012 The PACE Partners LLP London England Client enthusiasm Time

54 © 2012 The PACE Partners LLP London England Client enthusiasm Time

55 © 2012 The PACE Partners LLP London England Client enthusiasm Time

56 © 2012 The PACE Partners LLP London England Client enthusiasm Time

57 © 2012 The PACE Partners LLP London England Client enthusiasm Time

58 © 2012 The PACE Partners LLP London England Client enthusiasm Time

59 P3 Projecting

60 Managing the Projecting Phase © 2012 The PACE Partners LLP London England P3 Projecting Qualified prospects - in dialogue First sight of opportunity Plan / execute selling process Commercial qualification begins Plan / execute bid / proposal process Bluebird

61 Commercial Qualification 1The business driver(s) 2The bases of decision 3Money / budgets 4Timescales 5Decision making process 6Alternatives / competition / incumbents © 2012 The PACE Partners LLP London England

62 Managing the Projecting Phase © 2012 The PACE Partners LLP London England P3 Projecting Qualified prospects - in dialogue First sight of opportunity Plan / execute selling process Commercial qualification begins Plan / execute bid / proposal process Bluebird

63 Managing bluebirds

64 The PACE Pipeline © 2012 The PACE Partners LLP London England 1 Undefined prospects / suspects P1 P2 P3 P4 P5 Prospecting Protecting Projecting Promoting Defined prospects not yet marketed to Current key and valued clients Defined prospects marketed to - not yet in dialogue Qualified prospects - in dialogue 2 3 4 5 6 Pruning ‘Problem children’ clients

65 P4 Protecting

66 Key Account Management Model © 2012 The PACE Partners LLP London England Segmenting the client base Meeting client expectations Relationship protection Excellence in: Planning Executing Communicating Marketing to clients Selling to clients Cross-selling to clients Teamwork Leadership Communication Supporting Technology Key Client Planning

67 Tools

68 Relationship Analysis Model

69 Relationship Analysis Model (RAM) © 2012 The PACE Partners LLP London England Positive Negative View of us Low High ? ? ? Level of influence Players of unknown influence and allegiance

70 Relationship Analysis Model (RAM) © 2012 The PACE Partners LLP London England Positive Negative View of us Low High ? ? ? Level of influence Players of unknown influence and allegiance FriendsAllies ‘No Man’s Land’ ProtestorsEnemies

71 Cross-Selling Challenges  Communication  Knowledge of what others do  Trust in others’ capabilities  Loss of control considerations  Financial considerations  The client’s image of our firm  A real understanding of the client’s business  Knowing how to cross-sell © 2012 The PACE Partners LLP London England

72 P5 Pruning

73 Pruning Lack of fit criteria  Work is low volume / low revenue  Work is unprofitable / produces poor cash flow  Client / work does not fit with strategic direction  Association with client / work creates poor image  Client / work is unpleasant  Client / work leads to low staff morale / high staff turnover  Work is high hassle / constant source of remedial actions  Work is not in line with our current / future strengths © 2012 The PACE Partners LLP London England

74 How to Prune Alternatives  Let it wither  ‘Be honest’ meeting  Set minimum acceptable fees  Delegate the client  Service ‘at a distance’  Pass to a partner organisation © 2012 The PACE Partners LLP London England

75 The PACES Approach to Selling P osition your firm, your sector, yourself and the discussion A scertain in detail the client’s situation and requirements C onfirm your understanding of the client’s situation and requirements E xplain or explore a suitable way forward S eek commitment to the way forward © 2012 The PACE Partners LLP London England

76 The PACES Approach to Selling Key rule: TotalP.A.C. BeforeE.S. Agree the full picture before discussing or deciding the way forward © 2012 The PACE Partners LLP London England

77 Meeting Management © 2012 The PACE Partners LLP London England Begin the meeting Agreeing the way forward Showing understanding Understanding the client

78 © 2012 The PACE Partners LLP London England I have a really bad headache!

79 Open General Questions Are likely to give long uninfluenced answers © 2012 The PACE Partners LLP London England

80 Open General Questions Open questions can be easily identified because they normally start with, or include the key words: What; Why; Where; Who; How; When; Which ‘Tell me’ ‘Explain to me’ ‘Describe to me’ © 2012 The PACE Partners LLP London England

81 Open Specific Questions Are likely to give long influenced answers © 2012 The PACE Partners LLP London England

82 Closed Questions Are likely to give short influenced answers - often just yes or no © 2012 The PACE Partners LLP London England

83 Exercise

84 In the following exercises decide which question is the most general and which is the most specific

85 A question relating to a person’s attitude to a new system  What is your attitude to this?  Why do you have such strong opinions on these types of systems?  Why are you so negative to this sort of idea? © 2012 The PACE Partners LLP London England

86 A question related to dealing with a vacancy in a department  Who do you think has the best skills for this job?  Who do you think should get this job?  How do you think we should deal with this vacancy? © 2012 The PACE Partners LLP London England

87 A question related to a person’s view of their career  How do you see your career developing?  How do you see the future?  Where do you want to go in the company? © 2012 The PACE Partners LLP London England

88 Funnelling

89 © 2012 The PACE Partners LLP London England 1Introduce, set the scene and stimulate the client to talk 3Open Specific Questions to explore avenues fully 4Closed questions to check understanding of information gained 5Summary and agreement on all aspects of client’s situation 2Open General Question to open up avenues of discussion

90 Closed Questions

91 What do you do when you have asked a question?

92 Listening © 2012 The PACE Partners LLP London England Positive Body Language Pauses and Silence Acknowledgements“Uh huh?” “Really?” “Yes?” Door Openers“Tell me more.” “I’d like to hear about that.” “I’m interested to learn about this.” Unbundling Key Words & Phrases “Usually?” “When you say ‘political?” “You mentioned earlier about a lack of support’?” Providing Feedback Summarising & Reflecting Passive Active

93 Questioning, listening & funnelling

94 Paces Your positioning statement

95 pacES Offering solutions best practice

96 F.B.R.

97 Features Any facts about a product, service or solution. © 2012 The PACE Partners LLP London England

98 Benefits What the client gains when a feature or features meet the “requirements”. © 2012 The PACE Partners LLP London England

99 Requirements The client’s needs and wants. © 2012 The PACE Partners LLP London England

100 Offering Solutions 1Restate the specific client requirement 2Select the most appropriate feature/s of the 3Your firm’s offer 4Provide proof 5State the benefits from the client’s perspective 6Gain commitment © 2012 The PACE Partners LLP London England

101 When should you present fees?

102

103 The Value Concept - Handling Fee It’s all in the mind!  Confidence - and lack of it - shows  The client is paid to get the best price - you will often hear your fees attacked  If you don’t see the value nor will the client  You may not be least expensive but you won’t always be most expensive  If you cannot build confidence in your rates - don’t try to sell! © 2012 The PACE Partners LLP London England

104 Handling Resistance

105 Step 1Pause Step 2Funnel - “Tell me more” Step 3Identify other objections Step 4“If we can….” Step 5Provide best answer Step 6“Completely satisfied?” Step 7Move to next stage © 2012 The PACE Partners LLP London England

106 Handling the Fee Objection Step 1“Compared with what?” Step 2“How much?” Step 3Sell the difference © 2012 The PACE Partners LLP London England

107 Moving on fees  Make the client ‘work’ - do not move too easily  If you change the price - change the offer too!  ‘Negotiate’ any movement using ‘if’ and ‘then’ © 2012 The PACE Partners LLP London England

108 Conclusions & Actions


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