Welcome
Day 3
recap of day 2
Networking
Establishing & maintaining lines of
communication with people
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
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 can’t help you, they may know someone who can.
• Where?– Networking Events
– Trade Shows
– Online
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-you’s, nurture connections and keep track of contacts
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
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
Maintaining your network
• Following through
• Re-establishing contact
– This shows that you are dependable,
responsive, organised and courteous.
• Contact Management
– Facebook, LinkedIn, ..etc
– Outlook
Social Networking
Social Networking
Make Your Passion A Success
Download from:
www.MakeYourPassionASuccess.com
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?
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
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, you’ll save on petrol.”
– “With this car, you’ll draw lots of attention.”
• What are the benefits of YOUR product?
The Sales Process
Starts with Prospecting & Qualifying
Approach
Presentation
Demonstration
Handling Objections
Closing
Follow-Upaction
desire
interest
attention
Sales Pipe Line in 10%’s
1. What’s 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. Who’re 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 you’re 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?
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
Pitching over the telephone
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 DON’T be there
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
Gaining people’s trust
Meeting for the first time
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)
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 customer…watch them
approach
The opener…
• “I’m Cliff Brooks, How are you?”
• “Nice looking kids. I’ve got a few just about that age, its pretty busy at our home.”
• “How’s your day so far?”
• “Got your name from Joe…thanks for seeing me. He thought this might make sense for us to get together…”
• “Couldn’t help seeing those tanks on the side of the building…I’d bet you are pretty happy with those H&K 2 ton stainless auto top loaders?”
After the pitch
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
Needs Discovery
• After closing this is the key selling skill
• Question and listen. Really listen
– What’s not being said?
– What are they trying to say but “can’t”
– What’s the real need?
• Sometimes the needs are “just those of
the buyer, and not actual”. You
understand!
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?”
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?
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
Handling Objections
• Listen
• Write them down
• Agree/restate without prejudice
• Get clear about the real issue
• Discuss solutions
• Ask for a commitment
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
Ask Questions…
• Open probes…
– How can this product benefit your business?
or
– “What do you think are our advantages in our
product range?”
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
Handling Objections
• Listen
• Write them down
• Agree/restate without prejudice
• Get clear about the real issue
• Discuss solutions
• Ask for a commitment
Look for buying cues…
• Nonverbal yes’s
• Sounds good…
• Focus on delivery and terms in discussion
• Timelines or Dates
• Pulling out forms, contact details, …etc
• Looking up stock/inventory
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 doesn’t seem as though it meets your needs?
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?
Selling via emails
• It’s the same, however:
• People get hundreds of emails:
– Need instant interest
– Take time to create good copy
– Use graphics or not?
– Segmentation
Post Sale
• Service, service, service
• Know your company’s ability
• Don’t ever oversell
• Call and write
• Creative thanks
• Visit again soon after product delivery
Negotiation
what things can we negotiate?
What are the key features &
benefits of a job which you could
negotiate?
Write down 10 in groups of three
people
The Sales Process
Starts with Prospecting & Qualifying
Approach
Presentation
Demonstration
Handling Objections
ClosingFollow-Upaction
desire
interest
attention
What is it?
Negotiation is the of reaching
an by resolving
differences through
using back and forth
designed while
leaving the other side and
.
A Good Negotiator Is..
• Creative
• Versatile
• Motivated
• Has the ability
to walk away
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
Bargaining
• When in doubt, ask questions!
• Open questions
• Reflective questions
• Tactics
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
Double Vision
• See things from the other side’s point of
view- why they are negotiating?
– Research the interest of the other side
– What are their needs (security, autonomy,
recognition)
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?
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?
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 devil’s 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?”
The meeting process
State the problem/issue
Restate the problem
Present solutions
Identify real needs
Reach Consensus
Decide on best solution
During
• Bring the list of your main points and a set of questions
• Try not to interrupt; the more they reveal, the more you’ll 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
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 don’t hear by x, will assume that it stands”)
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
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
Employee ConcernsEmployer Concerns
Funding your
Business
Funding the Business
1. Cash
2. 3F’s = friend, family, fools
3. Credit1. Credit Cards
2. Overdraft
4. Loan1. Bank
2. Person
5. Equity1. 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+
THE INVESTABLE TEAM
The team
• Management Team
• Board of Advisors
• Board of Directors
Rock Bands Startup Founders
Who are the critical members of
the team?
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
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
Board of Advisors
• Industry experts signal you are real
– Customers
– Partners
– Investors
• Management upwards always needed
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
- What is Crowdfunding?
crowdfundingˈkraʊdfʌndɪŋ/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"
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
Equity P2P Lending
Donation Reward
Most campaigns fail!
Most successful campaigns raise less than £10k
Some people lose money on a crowdfunding campaign
The Truth
Small Projects
Products based projects
Social Projects
Creative Projects
Events
University Projects
What can be Crowd funded?
Pros Cons
Perhaps limited on amount you can raise
Not suitable for everything
Not delivering on the reward
Risk of fraudulent campaigns
Taxes on pledges
Failure risk
Market test and validate
Low risk to entrepreneur
Good for consumer facing products
Build a community
Faster, cheaper
Don’t give away equity
Reward
Setting Goals
The Purpose of Goals
The purpose of goals is to give you
something that you want to enhance your
life in some way, so the most important thing
you need to know about goals is that you
ought to have some.
Types of Goals
• Long Term Goals:
10-year, 5-year and 1-year goals
• Short Term Goals:
goals for the next 9 months, 6 months and
3 months
• Immediate Goals:
1-30 days from now
How to Set Goals
• Learning how to set goals is as important
as knowing what the goal should
contain. What’s important to remember
about setting goals is the correct
F.R.A.M.E. of mind. What is meant by
“frame of mind?” Each letter in the word
“frame” illustrates the following:
F.R.A.M.E
• Fantasize - Dream your wildest dreams and make sure that your goals match your values. Ask yourself: what do you want to be doing in 1 year? 5 years? What kind of person do I want to be?
• Reality - Fantasies can become reality, depending on how hard you are willing to work for them.
• Aim - Define your goal(s) by striking a balance between Fantasy and Reality; set a high but realistic goal.
• Method – Be truthful to yourself by narrowing your choices or goals to the ones you really intend to accomplish. Don’t be afraid to ask for help.
• Evaluation - Process the results, but don’t make it the last step; evaluation should be on going.
Setting SMART Goals
If goals aren’t reachable, they aren’t worth making. All you have to do to set realistic goals is follow the SMART goals guidelines.
SPECIFIC• What details do you want to
accomplish?
• “I want to do better in history”
• “I want to increase my history grade from an 85% to a 90%.
MEASURABLE• All goals should have a way to
evaluate whether or not they were accomplished.
• “I want to run the mile better.”
• “I want to improve my mile time by 30 seconds.”
ATTAINABLE• Goals must be something you
are capable of reaching.
Which one would be a better goal for a injured sports star?
“I will help my team to win the 2016 Olympics”
“I will rehabilitate my knee so that I can play again next season.
RELEVANT
• Make goals that are important to you and your lifestyle.
Which goal is better for a teacher?
• “My goal is to discover a cure for cancer”
• “My goal is to inspire at least one student to become a doctor to research a cure for cancer”
TIME - BOUND
• Make sure that you have a time set as a “dead line” so your goal is not unending.
• “My goal is to be able to run a half marathon.”
• My goal is to run in a half marathon by May of 2016.
BREAK
Pitching to Real
People
CREATING A PITCH
Talking about your business
• 1 minute
– Elevator pitch
• 5 minute
– Standard pitch
• 15 minute
– Investor / Large Sales presentation
The Sales Process
Starts with Prospecting & Qualifying
Approach
Presentation
Demonstration
Handling Objections
Closing
Follow-Upaction
desire
interest
attention
the pitch
Starts with Prospecting & Qualifying
Approach
Presentation
Demonstration
Handling Objections
Closing
Follow-Upaction
desire
interest
attention
Pitching for Business
Request
Proof
People
Proposition
Problem
Starts with Hook
Pass
ion
Success
Pitching Tips
• Breath
• Cloths
• Death by PowerPoint
• Talk to them and not at them
• Show and Sell
• Be truthful
• Take your time and enjoy it
Hook
• Prospects enter your sales pipeline HERE!
– Make it sound conversational.
– Deliver it with confidence.
– Get a favourable interruption--one that will put your prospect in control as soon as possible.
• Make it engaging
• Benefits SELL and Features DON'T!
• People buy based on emotion not logic
Problem
• What problem do I solve?
• How big is the problem?
• Who is my target customer?
• Who else is in the market?
Proposition
• What is my service, product, company or
cause?
• Identify and highlight the unique selling
points
• How do you make money?
• What is your business model?
• What is your competitive advantage?
• Why should they care?
People
• Why should I like you?
– Who are you?
– What is the story behind you?
– Who is behind the company?
– Who is the team?
Proof
• Who is using this product NOW!
• Show and demonstrate the product
• Any ?
– Press
– Independent Reports
– Patents
• If talking to investors now talk about cash
flow, budgets and spreadsheets..
And don’t forget...
Creating a 60 second pitch
• Hook
• Problem– What problem do I solve?
• Proposition– Who is my market?
– Who is my competition?
– What is my service, product, company or cause?
– What is my competitive advantage?
– Why should they care?
– How do I make money?
• People– Who is behind me?
• Proof– Who is/has been using my product?
– How can you demo it?
• Passion
• Request
• About 150-225 word can be spoken in 60 seconds
So w
hat
did
we
lear
n?
Thank You
Dr. David Bozward
www.enterprisingstarts.com
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