Power of the
Pyramid #3
Target Selling
takes your firm to
the next level
Hitting
the Bulls
eye!
3 Strategies for Double Digit Growth
1. Identify “A” clients and super please them
2. Identify “B” clients and turn them into “A”
clients
3. Find prospects in your marketplace like your
“A” and “B” clients
Identify “A” clients and
super please them
1. Build loyalty
2. Introduce new services
3. Turn them into “raving
fans”
4. Focus of senior partners
Identify “B” clients and
turn them into “A” clients
1. Learn their business
2. Offer Dessert
3. Make them more
profitable
4. Focus of New Partners
and Senior Managers
Kanthal Corp’s 5/50/150 Rule
15% of
your
clients =
30% of
your
firm’s
total
revenue
5% of
your
clients =
50% of
your
firm’s
total
revenue
..and
150% of
your total
profits
Walking Up the Value Ladder
Org Impact
How did you get
your “A” clients to
move up the
value ladder?
The higher they
move the more
valuable the
relationship
Partnership
Innovation
Process Integration
Relationships
Services
Commodities
Peter Drucker
says…
“Lack of focus is
the BIGGEST
mistake businesses
make.”
Identify prospects like
your “A” and “B” clients
and get them into your
sales pipeline
1. Turn them into clients
2. Potential long sales cycle
3. Be intentional and
persistent
Jay Conrad Levinson
Guerrilla Marketing Attempts
27
C. P. Accountant
Lifetime Average = .333 (9 for 27)
Finding Target Prospects
• Create a Target Prospect List
• Increase your rate of asking for referrals… How
often is about right?
• Measure and develop systems to support your
outcomes
• Find a point of receptivity or…
• Start your cold calling campaign
Pipeline
Targeting
100% Firms Fees
Prospecting
Qualifying
Interest Development
Gain Access
Proposals-Oral/Written
Accept Rejection
Reject Acceptance
Communications
Newsletters
Seminars
Receptions
Price
Optimization
Maximum Loyalty
Maximum Profits
Compelling
Mission and Values
Improve Client
Improve Community
Teamwork
Client Meetings
Unique Services
Collaboration
Niche Development
Pro Active
Loyalty
Five Star Service
Ideas
Additional Services
Niche
Questions
Listening
Extensions
Services
Client Service
Communication
Training
Surveys
Communication
Responsive
Delivery
Technical
Recovery
Newsletters
Meetings
Client Needs
Client Wants
On Time
One Budget
Competence
Specialization
Answers
Process
Error Plan
Moving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
Fill Your Pipeline
?
If you want to grow 10%...
• If you have 25% of your firm’s revenue in your
sales pipeline and
– You have 10% client attrition each year
– You want to grow at 10% then…
– You need a 90% close ratio to reach 10% growth
If you want to grow 10%...
• If you have 50% of your firm’s revenue in your
sales pipeline and
– You have 10% client attrition each year
– You want to grow at 10% then…
– You need a 40% close ratio to reach 10% growth
If you want to grow 10%...
• If you have 100% of your firm’s revenue in
your sales pipeline and
– You have 10% client attrition each year
– You want to grow at 10% then…
– You need a 20% close ratio to reach 10% growth
100% of your firm’s revenue in your
sales pipeline…are you crazy?
• FAQ’s
– What if it all comes in at once?
• It never does
– We don’t have anywhere near that currently?
• How much do you have?
– How is this even possible?
• It is simple, but not easy. You have to have a plan, work
the plan, measure the plan and hold people
accountable to results
Selling: 12 Steps
1.
2.
3.
4.
5.
6.
Prospecting for leads
Gaining access to prospects
Qualifying prospects
Identifying decision influencers
Developing like and trust
Discovering problems and needs
Selling: 12 Steps
7. Creating wants
8. Handling objections
9. Demonstrating capabilities
10. Creating value perceptions
11. Persuading decision influencers
12. Closing the sale
Buying Cycle
•
•
•
•
•
•
•
Changes over time – Marketing
Recognize they have a need – Marketing
Look for someone who can help – Selling
Evaluate options – Selling
Decide – Selling
Implement the solution – Client Service
Support the relationship – Client Service
Moving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
Step 1: Prospecting for Leads
MADDEN Prospect Test
•
•
•
•
•
•
Money
Accessible
Desire
Decision Influencer
Eligible
Need
Center of Influence
&
Referral Source
Moving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
Now
Enjoy
Decision
Pay Strategy
Qualifying Prospects
NEAD-PAY
N – Who Are You Using Now?
E – What do You Enjoy About…?
A – What Would You Alter…?
D – What is the Decision process and
who is involved?
PAY STRATEGY?
Pricing Discussions
• Understand Pricing Emotions
• Be confident
• Address the need and the want
• Set and manage expectations
• Don’t create pricing objections
• Be ready to reject acceptance
Pricing
Emotions
Price
Resistance
AKA…
Sticker
Shock
Pricing
Emotions
Price Anxiety
AKA…
$#@&^%!
Pricing Emotions
Payment Resistance
AKA…
Buyer’s Remorse
Moving Toward the Pinnacle
• Pipeline Development
• Prospecting
• Qualifying
• Interest Development
Which is
most
important
Interested
Prospect
or
Qualified
Prospect?
Team with
Other Professionals
• Client Meetings – Conduct a “Client Business
Review”
• Collaborate on key initiatives
• Offer Unique Services for your clients
• Development Strategic Niches/Specialties
Communications with
Other Professionals
• Newsletters or Cycle Selling
• Seminars
• Private Business Receptions
• Lunches, dinners and other events
Pipeline
Targeting
100% Firms Fees
Prospecting
Qualifying
Interest Development
Gain Access
Proposals-Oral/Written
Accept Rejection
Reject Acceptance
Communications
Newsletters
Seminars
Receptions
Price
Optimization
Maximum Loyalty
Maximum Profits
Compelling
Mission and Values
Improve Client
Improve Community
Teamwork
Client Meetings
Unique Services
Collaboration
Niche Development
Pro Active
Loyalty
Five Star Service
Ideas
Additional Services
Niche
Questions
Listening
Extensions
Services
Client Service
Communication
Training
Surveys
Communication
Responsive
Delivery
Technical
Recovery
Newsletters
Meetings
Client Needs
Client Wants
On Time
One Budget
Competence
Specialization
Answers
Process
Error Plan
Targeting
• If you aim at nothing…
You will hit it every time
• Gaining Access
• Proposal Power
• Accepting Rejection
• Rejecting Acceptance
Gaining Access to Prospects
Internal Referral Sources
External Referral Sources
Direct Mail/ Permission Marketing
The Permission Marketing Process
Series of 4 Letters:
1.
Introduction
2.
Information
3.
Problem Questions
4.
Verify Initial Call Date
Step 2: Gaining Access to Prospects
Make the Call
Get the appointment
Don’t try to sell!
Targeting
• If you aim at nothing…
You will hit it every time
• Gaining Access
• Proposal Power
• Accepting Rejection
• Rejecting Acceptance
Have a GREAT Proposal Process
• Qualify
• Plan questions ahead of time
• Have an on-site visit if possible
• Review a draft proposal
• Make a memorable client centered
presentation
Help the Buyer Choose YOU!
Targeting
• If you aim at nothing…
You will hit it every time
• Gaining Access
• Proposal Power
• Accepting Rejection
• Rejecting Acceptance
Rejection?
Industry Leader
Go to Firm
Gaining New Accounts
Risk Management
Differentiate
Interviewing
Like & Trust
Pipeline
Targeting
100% Firms Fees
Prospecting
Qualifying
Interest Development
Gain Access
Proposals-Oral/Written
Accept Rejection
Reject Acceptance
Communications
Newsletters
Seminars
Receptions
Price
Optimization
Maximum Loyalty
Maximum Profits
Compelling
Mission and Values
Improve Client
Improve Community
Teamwork
Client Meetings
Unique Services
Niche Development
Pro Active
Loyalty
Five Star Service
Ideas
Additional Services
Niche
Questions
Listening
Extensions
Services
Client Service
Communication
Training
Surveys
Communication
Responsive
Delivery
Technical
Recovery
Newsletters
Meetings
Client Needs
Client Wants
On Time
One Budget
Competence
Specialization
Answers
Process
Error Plan
Gaining New Accounts
• Manage risk and charge more for
higher risk engagements
• Differentiate yourself and your firm
• Interview and qualify your prospects
• Build “Like and Trust”
Charging More
• All new clients should be charged at a 20%
premium
• Always consider your A and B clients
• Remember the Value Ladder – competition at
the bottom of the ladder is fierce and price
resistance is high. At the top you are the
leader.
• Ask for a retainer, progress billing, etc…
Differentiate
• Be prepared for the frequent objections
• Clarify the objection, “What concerns you
most about that?”
• Rehearse your response –
– “You’re right, we aren’t the cheapest in town.”
– “Yes, most other CPA/CA firms don’t require a
retainer up front.”
– “That’s true. I’m sure you can get it for less with
someone else.”
Interview and Qualify
• Go through the 12 steps
• Decision Influencers
• Build the PAIN!
• Don’t give the solution too early.
• Close and continue to market
Like
Trust
Keys to Success
• Win Emotions
• Access to Key Information
• Pre and Draft Proposal Meeting
• Strong Endorsement – Client Success
and Client Tragedy
Recommended Reading
• Power Up Your Profits – Troy Waugh
• The Essential Drucker – Peter Drucker
• Wooing and Winning Business – Spring Asher
and Wicke Chambers
• The SPIN Selling Fieldbook – Neil Rackham
• Sales Questions that Close the Sale – Charles
Brennan, Jr.
Assignment Next 120 Days
1. Identify your “A” and “B” prospects
2. Find a way to meet them
3. Explore the…
1.
2.
3.
Receptivity
Problem
Power
4. Follow Up
Scott Bradbary, M.Ed.
Vice President of Training
[email protected]
(615) 373-9880