If you are in B2B, and work in a type of business where sourcing prospects is necessary and essential, then it is always a challenge to find the qualified prospects.  It is even more difficult when you are Black. Prospecting is always a challenge, and you have become accustomed to dealing with it.

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I think one of the best ways of finding prospects that are willing and able is to bring the prospects to you.  Now, that is not as simple as it sounds.  It also means that you need to have a “hook”.  This hook will real them in so that you can spend social time with them.  In many cases, that is all you need to win them over.

I think that devising a strategy is important.  I am going to talk about a strategy that will work if used effectively.  This strategy will not totally replace telephone prospecting; yet will work if you know the names of buyers and some of their concerns or interest.

As was discussed in Black Sales Journal 2/21, Networking for the Black Sales Professional, networking is a powerful way to bring in prospects.  Today I want to focus on seminars, when done as networking, and the benefits of doing it correctly.

Sometimes you need some help to pull the prospect in.  This ‘hook’ can be a speaker, some libations, some valuable late-breaking information, or all of these items.  The hook is seldom if ever free, yet with some light analysis, you can determine a payback point, even if you don’t want to use quantitative analysis.

A Simple Example

Lets start with an example of a meeting that I’ve done before.  You want to get prospects of like nature together to sell them ‘widgets’.  They are all involved in the business of transportation services, and would all make good clients for your product.  They are from the same geographic area, and have many of the same concerns.

You engage a local expert, politician, or activist to speak to the group regarding changes in legislation, or regulation.  The cost will most likely be free, and the group can hear the expert talk on these issues at no charge.  Now, where you score is registration, where you get as much useful information as you can from each invitee, but also from casual interaction during the cocktail or social (this sounds better) hour.  Where you, as the vendor of your product or service gets an opportunity to speak to as many of the business owners as you can regarding your services, and who you would like to sell to them.

The Positive Results:

• A database of serious prospects to sell to.
• The movement of many ‘suspects’ to prospect.  Keeping in mind that you always knew they were there, you lock them in when you “touch” them.
• Notoriety as the person that got valuable information into their hands.
• They appreciate a professional showing interest and forethought about their industry
• You benefit from the efficiency of having them all together in the same place for the solicitation effort.

The Challenges:

• Making sure that you ‘touch’ each prospect.
• Building your rapport while working the crowd
• Financial issues – Those cocktails are not free
• Doing solid follow-up

There are challenges in everything that we do, and these are surmountable.

Make It Even Better

Using the same example above, you team with another sales professional in an industry that complements, not competes with yours.  Technology gives us an opportunity to consistently teach, train, and explain. The other sales professional markets a technology product for the transportation industry, and you provide a service to the transportation industry.  By teaming up as sales professionals you are able to do the following:

• Share prospect bases, in turn broadening your reach and increasing the penetration for the other sales professional as well.
• Split expenses which creates efficiency.
• More effectively cover the crowd

In this process, your objective is to meet as many prospects as you possibly can.  This objective can be realized easily if done correctly.  Costs generated by these activities should be monitored to determine:

• The cost per event in total
• The cost per prospect for the event
• The number of converted prospects (prospects to customers)
• The average amount of revenue generated in say 6 months to a year from the activity
• The total amount of revenue generated by the activity

Sharing the information about these metrics with the other sales professional allows you to determine effectiveness.  These can be done for any range of products.  Finding an individual who sells a complementary product is simple and splitting costs is efficient.

A Couple of Tips

These events can definitely be revenue generating, yet a couple of sales tips will help you:

• It does neither you, nor another sales professional any good to have prospects standing in a corner sipping your liquor while they converse.  As a matter of fact, it will only cost you money.  With this in mind, I would suggest that you, depending on the size of your group, have ample company personnel (inside sales assistants, sales managers, etc) to help you in corralling all of the prospects you can touch.
• Many of these people may know each other as they are in the same industry.  They will tend to gather and talk about industry issues.   A scheme or game where they have to mingle would be good.  Consider having them get a token from any meeting sponsor that is there.  It would make them eligible for a good door prize.  This can go a long way to keeping them moving and mixing.

A big key is to make sure that you keep a good database for your use, or to share with the other sales professional(s) in attendance.  You will be amazed as to how quickly the night will go while you are making sure you meet everyone.  Remember, it is your social hour; you deserve to meet them all.

Good Hunting.  We enjoy your Comments. You can reach me at Michael.Parker@blacksalesjournal.com.

Jealousy, the “green eyed monster”, lives in the hearts of many sales professionals. Don’t think that it is something abnormal, it is truly human nature!

Whether it is jealousy about income, managerial attention, or one of the worst ones – jealousy regarding recognition, it exists in many professional sales departments whether it is outside sales or inside sales.

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You can be the object of such jealousy, or you may have jealousy in your own heart. I can relate as we all have been there.  I won’t be critical, but I will advise what you might want to use the jealousy to fuel your everyday activities.

Used correctly this jealousy could help you as a catalyst to propel you to do the things necessary to be the best.

There is Always a “Target”!

I once work with a sales professional, I’ll call him John L, who was flat out just better than anyone else in our sales office. He dressed the part, he had the sales training, and quite frankly even his name was associated with being the best.

There was no one that had the respect of all the different functions or departments like this individual did. He had management’s ear, and if he suggested a change or program, it was probably going to be implemented.

Alas, no one was jealous of this individual, as he was the standard.  So it is not always the best that is the target.

The target for jealousy is normally someone who is “the upstart”, the individual who is breaking away from the pack and making individuals of like tenure and abilities look bad. This individual gets to be the target of professional jealousy, in most cases whether it is deserved or not.

What Can You Do?

A quick review of some of the reasons for the professional jealousy will shed light on the issue.  Professionals get jealous because of the following:

Management Attention -In sales it is human nature to covet managerial attention, as that attention is a limited resource. Your sales manager tends to focus attention on the individuals who are getting results. Even if you are wanting for assistance, if you’re not getting results, and don’t show the potential to get results, the attention to you may be scarce.

Suggestions:

• Get Your Sales Manager Involved In Your Business – From the simple ‘ride-along’, to negotiating and pricing.  Give him a ‘franchise’ in your operations and you will be surprised the level of commitment that can take place.
• Schedule ‘status’ meetings with your manager – Don’t wait to be asked about key or major prospects, keep your manager up front and in the loop.  If you want the manager’s attention, tease out the attention by giving information and facts that provoke interest.  Always have something going!
• Review Black Sales Journal 6/14/12 – 6 Simple Ways to Manage Your Sales Manager – This post will help you ‘manage’ your sales manager.  These points will work, if you couple them with doing the other activities that requisite to the job!
• General Sales Success and Recognition– We’ve all been an office here ‘rising star’ changes the game.  This individual may put together a string of sales, land the big one, or gets the manager “knee-deep” in a string of new prospects that makes the manager feel needed. Note that the manager feels needed, not only because they’re being asked for help, but also they see potential and get a good feel for what’s going on.  Additionally, the more information the manager gets about your prospects, the more close to a sale situation he or she is in, and the more they will help you close the sale.

Suggestions:

• Be in the Top 20% - Pareto’s Principal would suggest that 20% of a sales force garners 80% of the sales production.  You have got to be there.
• Read Black Sales Journal 8/22/2013 Be in the Elite – Crack the 20%! – Realize that sales success is hard work, technique, and desire, and you need to be a sales leader, even if you are not the top producer.  Read this post and give it some thought!
• Always be the Professional! – Remember that you have got to look the part as you seek to be in the 20% (see Persona below).  There are many sales professionals who a manager believes success is imminent, and just around the corner.
• Income/Lifestyle – In this most measurable of professions, there are individuals who have been able to change their income, and resultantly their lifestyle and their family’s lifestyle in an amazing fashion.  The ability to work a compensation plan to perfection is what singles out sales professionals from many other occupations. Sales professionals used to measure success by some rather simple milestones, such as making six-figure incomes. Although this may still be a yardstick, there are many sales professionals whose six-figure incomes dwarf the theoretical threshold of $100,000.  They make enviable (notice that word) high six-figure incomes, buttressed by compensation schemes and benefits that include long-term compensation factors as well as other benefits.

Suggestion:

• Know How You get Paid! – Master your sales compensation plan. Read Black Sales Journal 9/17/2012, It’s About That Paper – Know How You Get Paid!.
• It is All About How You Manage Your Money – I was once told that a man making $25,000 could live like a man making $100,000, and a man making $100,000 could look like a man making $25,000.  It is all in how you handle your money.  You know what I mean.
• Act Like You Have Been There – Spend your money wisely with an eye toward the future.

Develop Your (Sales) Persona

John L, individual I mentioned to start the article had a sales persona, in concert with a aura of success.  In addition to looking and dressing the part, his vehicle was spotless.  There are things that you can do that will give everyone around you confidence in your ability and your decisions. When you add to it business maturity, your persona is enhanced.

Suggestions:

• Always be the professional!
• Be a Lady or a Gentleman
• Help other sales professionals – Be a mentor.  See Black Sales Journal 3/28 – Being a Mentor – Can You Help Someone Else?

In Sales, Some Jealousy is Healthy

Many of us are motivated by jealousy, even if we don’t know it.  If you are burdened by jealousy instead of motivated, then endeavor to use it to your advantage.

Just like in a good relationship, some jealousy is healthy.  I am talking about the healthy jealousy that pushes you to be the better (or even the best) and seek the appropriate levels of attention and recognition.

Your comments are welcome.  You can reach me at Michael.Parker@blacksalesjournal.com.  Always be the best.