Business Startup Bootcamp - Day 3

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  1. 1. Welcome
  2. 2. Day 3 recap of day 2
  3. 3. Networking Establishing & maintaining lines of communication with people
  4. 4. Benefits of networking Effective networkers use their networking skills throughout their life. The main benefits are: Raising awareness about you Sharing ideas and solving problems Building strong relationships and rapport Developing partnerships, leads and referrals Becoming more influential in your industry Increasing efficiency and productivity
  5. 5. Building your network Good networkers are always on the look out for opportunities to meet and interact with people. The more people you meet, the better your chances of finding the information you need or the leads you want. Even if the person you meet cant help you, they may know someone who can. Where? Networking Events Trade Shows Online
  6. 6. Planning Determine your goal Decide who to talk to / Research your audience Figure out: What the person knows Who the person knows What In It For Me (WIIFM) Practice the opening speech & the request for a meeting What dates are you free? Prepare to handle doubters Prepare to show & have the meeting Follow-up: Thank-yous, nurture connections and keep track of contacts
  7. 7. Networking Toolkit Business Cards Style and Clothing Event Research Make a plan Who are your targets, photos, bio, their network What is the timings / opportunities Prepare conference & opening questions What can you do for nothing Opening Speech / Pitch
  8. 8. At the event A Pitch! 60 seconds max Problem Proposition People Proof Practice, Practice, Practice Meet people Build rapport Get to the point Hand out business cards Closing conversations and then work the room
  9. 9. Maintaining your network Following through Re-establishing contact This shows that you are dependable, responsive, organised and courteous. Contact Management Facebook, LinkedIn, ..etc Outlook
  10. 10. Social Networking
  11. 11. Social Networking
  12. 12. Make Your Passion A Success Download from: www.MakeYourPassionASuccess.com
  13. 13. Some people have a negative view of salespeople. What is your view of salespeople? How many of you have a viewpoint that is Positive? Negative? No opinion? How many of you are interested in a sales career?
  14. 14. Everybody Sells! Each of us develops communication techniques for trying to get our way in life You are involved in selling when you want someone to do something You use persuasion skills to persuade someone to act
  15. 15. What are benefits? Benefits SELL and Features DON'T! People buy based on emotion not logic What are the benefits of a car? This car has four doors to accommodate growing families. With this car, youll save on petrol. With this car, youll draw lots of attention. What are the benefits of YOUR product?
  16. 16. The Sales Process Starts with Prospecting & Qualifying Approach Presentation Demonstration Handling Objections Closing Follow-Upaction desire interest attention
  17. 17. Sales Pipe Line in 10%s 1. Whats the business reason to buy? 2. Who will make the final decision to buy, and who from? 3. What is the decision process to make the purchase? 4. Have you agreed with the customer the buy/sell process? 5. Whore you competing with, and how will you win against them? 6. Do you have a champion inside the company who wants your offer? 7. Has the prospect confirmed youre the preferred vendor? 8. Has the prospect agreed a delivery or start date and committed internal resources? 9. Has the prospect agreed the contract terms and conditions? 10. Has the prospect signed the contract?
  18. 18. 3 basic sales approaches Standard Pat statements and refined sales pitch Good for rookies, uniform for management No listening Need Satisfaction Lots of careful questions to find opportunity Problem-Solution Full analysis of customer needs
  19. 19. Pitching over the telephone
  20. 20. Always be prepared before the call Know your product inside out Be knowledgeable about the industry Know your competition Know the basics of the customers needs People in common Believe in yourself, your company, and product or DONT be there
  21. 21. The pre-call Plan Always have a written plan Plan, plan, plan, get 2 names Always have a list of objectives for you/customer Free product trial, competitors terms, secure lunch date Always have a goal of learning something new about the customer Equipment, ancillary products, 2nd tier suppliers Their go to market strategy and unique advantages Always try to have an actionable item for you and your customer after the call Price on equipment, tech specs, trial in plant, customer volume per month
  22. 22. Gaining peoples trust Meeting for the first time
  23. 23. Meeting for the first time . . . Read the sign in sheet. Always. Consider whether to write your name/company legibly or not Extra effort with reception. Always Never talk in carparks, elevators, lobby, bathroom, etc Review your written plan briefly Look very relaxed in the lobby. (even if not)
  24. 24. First few minutes matter Nonverbal visual cues Your dress. Plan it Look them in the eye and shake firmly Smile broadly Show personal enthusiasm in body language Pace yourself by customerwatch them approach
  25. 25. The opener Im Cliff Brooks, How are you? Nice looking kids. Ive got a few just about that age, its pretty busy at our home. Hows your day so far? Got your name from Joethanks for seeing me. He thought this might make sense for us to get together Couldnt help seeing those tanks on the side of the buildingId bet you are pretty happy with those H&K 2 ton stainless auto top loaders?
  26. 26. After the pitch
  27. 27. 3 basic sales approaches Standard Pat statements and refined sales pitch Good for rookies, uniform for management No listening Need Satisfaction Lots of careful questions to find opportunity Problem-Solution Full analysis of customer needs
  28. 28. Needs Discovery After closing this is the key selling skill Question and listen. Really listen Whats not being said? What are they trying to say but cant Whats the real need? Sometimes the needs are just those of the buyer, and not actual. You understand!
  29. 29. Questions Open probes How is the recession hurting your business? or The recession sure got our industry in a bad place right now. You guys seem to be doing so well how are you doing it?
  30. 30. Closed Probes Is student recruitment a problem for you? Or Given the shortage of money, can our dedicated sponsorship help with those recruitment problems? Would extended payment terms help?
  31. 31. Concerns/Objections Typically a natural part of any call An opportunity for more dialogue Helps both parties in buying process this is a buying process Customer indifference is the killer not active objections
  32. 32. Handling Objections Listen Write them down Agree/restate without prejudice Get clear about the real issue Discuss solutions Ask for a commitment
  33. 33. The Closing process The closing process is a sequential series of actions: 7. Follow-up 6. Close 5. Trial close 4. Meet objections 3. Determine objections 2. Trial close 1. Presentation
  34. 34. Ask Questions Open probes How can this product benefit your business? or What do you think are our advantages in our product range?
  35. 35. Concerns/Objections Typically a natural part of any engagement An opportunity for more dialogue Helps both parties in buying process this is a buying process Customer indifference is the killer not active objections
  36. 36. Handling Objections Listen Write them down Agree/restate without prejudice Get clear about the real issue Discuss solutions Ask for a commitment
  37. 37. Look for buying cues Nonverbal yess Sounds good Focus on delivery and terms in discussion Timelines or Dates Pulling out forms, contact details, etc Looking up stock/inventory
  38. 38. Closing Trial closes might uncover more issues/needs Is this what you had in mind? Would this do the job for you? How does this look? If still no What specifically doesnt seem as though it meets your needs?
  39. 39. Close Alternative close Which would you prefer the single case or pallet quantity? Summary close With the 10% gain in factory efficiency and unique new volume price program lets get this on the books. When would you like delivery?
  40. 40. Selling via emails Its the same, however: People get hundreds of emails: Need instant interest Take time to create good copy Use graphics or not? Segmentation
  41. 41. Post Sale Service, service, service Know your companys ability Dont ever oversell Call and write Creative thanks Visit again soon after product delivery
  42. 42. Negotiation
  43. 43. what things can we negotiate?
  44. 44. What are the key features & benefits of a job which you could negotiate? Write down 10 in groups of three people
  45. 45. The Sales Process Starts with Prospecting & Qualifying Approach Presentation Demonstration Handling Objections Closing Follow-Upaction desire interest attention
  46. 46. What is it? Negotiation is the of reaching an by resolving differences through using back and forth designed while leaving the other side and .
  47. 47. A Good Negotiator Is.. Creative Versatile Motivated Has the ability to walk away
  48. 48. Nonverbal behaviors of the message in conversations is conveyed by the spoken word The 65% is broken down: of the meaning is derived from the words spoken from paralinguistic channels, that is, tone of voice, loudness, and other aspects of how things are said from facial expressions
  49. 49. Bargaining When in doubt, ask questions! Open questions Reflective questions Tactics
  50. 50. Preparation Know what your interests are and why you value them What is the issue at hand: Yours - Theres What are the needs vs. wants Know the strengths and weaknesses of your position and self Self awareness, personality characteristics, emotional intelligence
  51. 51. Double Vision See things from the other sides point of view- why they are negotiating? Research the interest of the other side What are their needs (security, autonomy, recognition)
  52. 52. The down side Be aware of the unpleasant consequences for both sides if your idea/proposal is not accepted If you succeed who else might be affected, harmed, advanced?
  53. 53. Planning Brainstorm all alternatives that could satisfy your needs Be creative and expand the pie Know who is supportive and who is not/less Does this person has the authority to make the decision? Are there any penalties for bluffing? Are there time limits associated with negotiations?
  54. 54. Role Play Imagine how it would feel to achieve your goal Role play your opening with a trusted colleague and rehearse the problematic areas Be the devils advocate Plan ways to break it/Buy time I need to think over what you just said so can I have a couple of minutes?
  55. 55. The meeting process State the problem/issue Restate the problem Present solutions Identify real needs Reach Consensus Decide on best solution
  56. 56. During Bring the list of your main points and a set of questions Try not to interrupt; the more they reveal, the more youll learn Re-state as impartially as you can as I hear it) Stay open to new information Take notes Focus on interests. Not people, not Gains Use objective criteria to make decisions and be sure the other party does as well Redirect personal attacks onto the problem at hand
  57. 57. During Listen actively and reflectively Listen also for what is not said Learn from what the other side says Stay open to new information Synthesize the information you hear and use it in you Be prepared to walk away if an agreement is not reached. Write a email if contract or agreement is required. (e.g., If I dont hear by x, will assume that it stands)
  58. 58. Common Errors Assuming shared values Assuming similar communication preferences Big picture thinking or detailed analyses? Stories or facts? Time to process or get decisions over with? Expect reciprocity Avoiding conflict Trying to prove how smart or right you are by talking Not listening carefully
  59. 59. In groups Think of benefits you want as an employee you can offer as an employer in a mind map employee one side and employer the other draw lines for the compromise
  60. 60. Employee ConcernsEmployer Concerns
  61. 61. Funding your Business
  62. 62. Funding the Business 1. Cash 2. 3Fs = friend, family, fools 3. Credit 1. Credit Cards 2. Overdraft 4. Loan 1. Bank 2. Person 5. Equity 1. Angel 2. VC 3. PLC 0 10,000 5,000 50,000 10,000 50,000 2,000 5,000 20,000 100,000 5,000 - 20,000 10,000 100,000 300,000 10,000,000 20,000,0000+
  63. 63. THE INVESTABLE TEAM
  64. 64. The team Management Team Board of Advisors Board of Directors
  65. 65. Rock Bands Startup Founders
  66. 66. Who are the critical members of the team?
  67. 67. Management Team They have the credibility to execute Mix of Vision and Experience Sales & CFO must be experienced Complete team when presenting to investors, otherwise investors bring in their own people Angels invest in young and fresh VCs prefer repeat entrepreneurs
  68. 68. Roles Job Role Entrepreneur / Founder The Innovators Finance Spreadsheets Operations Makes it happen Sales & Marketing Brings in customers Activity Figurehead Leader Liaison Monitor Disseminator Spokesperson Entrepreneurs Disturbance Allocator Negotiator
  69. 69. Board of Advisors Industry experts signal you are real Customers Partners Investors Management upwards always needed
  70. 70. Board of Directors A functional board is an asset Mix of experiences Financial Operational Board level appointments They should form a team and able to work together Team Management should attend board meetings
  71. 71. - What is Crowdfunding? crowdfunding kradfnd/ noun noun: crowdfunding; noun: crowd-funding 1 the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet."musicians, filmmakers, and artists have successfully raised funds and fostered awareness through crowdfunding"
  72. 72. Over $2 Billion raised through Kickstarter Equity Crowdfunding in UK raises more that VCs and Angels How Important is Crowdfunding? For almost anyone wanting to raise the money to start a business or a social enterprise, I would advise them to investigate the crowdfunding route very seriously Luke Johnson, Chairman of the Centre for Entrepreneurs
  73. 73. Equity P2P Lending Donation Reward
  74. 74. Most campaigns fail! Most successful campaigns raise less than 10k Some people lose money on a crowdfunding campaign The Truth
  75. 75. Small Projects Products based projects Social Projects Creative Projects Events University Projects What can be Crowd funded?
  76. 76. Pros Cons Perhaps limited on amount you can raise Not su...