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 5% of your clients = 50% of your firm’s total revenue 15% of your clients = 30% of your firm’s total revenue..and 150% of your total profits

Walking Up the Value Ladder Org Impact Partnership Innovation Process Integration Relationships Services Commodities How did you get your “A” clients to move up the value ladder? The higher they move the more valuable the relationship

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) M

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 100% Firms Fees Prospecting Qualifying Interest Development Targeting Gain Access Proposals-Oral/Written Accept Rejection Reject Acceptance Communications Newsletters Seminars Receptions Compelling Mission and Values Improve Client Improve Community Price Optimization Maximum Loyalty Maximum Profits Pro Active Ideas Additional Services Niche Questions Loyalty Listening Extensions Services Five Star Service Client Service Communication Training Surveys Communication Newsletters Meetings Responsive Client Needs Client Wants Delivery On Time One Budget Technical Competence Specialization Answers Recovery Process Error Plan Teamwork Client Meetings Unique Services Collaboration Niche Development

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.Prospecting for leads 2.Gaining access to prospects 3.Qualifying prospects 4.Identifying decision influencers 5.Developing like and trust 6.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

Qualified Prospect?

Now

Enjoy

Alter

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 No Way I Am Paying This!

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 100% Firms Fees Prospecting Qualifying Interest Development Targeting Gain Access Proposals-Oral/Written Accept Rejection Reject Acceptance Communications Newsletters Seminars Receptions Compelling Mission and Values Improve Client Improve Community Price Optimization Maximum Loyalty Maximum Profits Pro Active Ideas Additional Services Niche Questions Loyalty Listening Extensions Services Five Star Service Client Service Communication Training Surveys Communication Newsletters Meetings Responsive Client Needs Client Wants Delivery On Time One Budget Technical Competence Specialization Answers Recovery Process Error Plan Teamwork Client Meetings Unique Services Collaboration Niche Development

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! Who should I choose? Who do I like? Trust? Who captured our emotion? Passion?

Targeting If you aim at nothing… You will hit it every time Gaining Access Proposal Power Accepting Rejection Rejecting Acceptance

Rejection?

Gaining New Accounts Risk Management Differentiate Interviewing Like & Trust Pipeline 100% Firms Fees Prospecting Qualifying Interest Development Targeting Gain Access Proposals-Oral/Written Accept Rejection Reject Acceptance Communications Newsletters Seminars Receptions Compelling Mission and Values Improve Client Improve Community Price Optimization Maximum Loyalty Maximum Profits Pro Active Ideas Additional Services Niche Questions Loyalty Listening Extensions Services Five Star Service Client Service Communication Training Surveys Communication Newsletters Meetings Responsive Client Needs Client Wants Delivery On Time One Budget Technical Competence Specialization Answers Recovery Process Error Plan Industry Leader Go to Firm Teamwork Client Meetings Unique Services Niche Development

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

Trust Like

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.Receptivity 2.Problem 3.Power 4.Follow Up

Scott Bradbary, M.Ed. Vice President of Training (615)