Archive for the ‘Sales Strategy’ Category

Winning through Certifications

Friday, November 30th, 2012

Dr. Renae Sanders

For many small businesses becoming a certified vendor at the local, state, or federal government level is an important step toward diversifying the client base and income stream. Certification is recommended for all eligible businesses, but pursuit of any government contract should be a strategic move for businesses. As you prepare, the following will help you avoid wasting your time and resources:

Establish Clear Sales Goals

Businesses should have clear goals for the types of business they are pursuing and which certifications are needed to achieve stated goals. Only pursue certifications that are most recognized by the organizations or entities with which you wish to do business.

There are several certifying agencies at each level of government, but businesses must also investigate which entities accept certifications by other agencies. For example, you may need only a state or regional certification to enter the supplier diversity program at large corporations. Knowing your target audience helps to narrow your scope and focus your marketing efforts on specific businesses or entities.

Learn the Lingo

Pursuing opportunities with government agencies also comes with a vernacular that is necessary to master to be successful in this space. A term like “lowest responsible bid” is quite telling and suggests business owners should be (1) operating at its most efficient level and (2) understand that egregious markup of services are less likely than in the past. Lowest, responsible bids means the granting entity already has an informed idea of the costs for the project, so unless your bid has a valid, and compelling reason to be higher than your competitors, the bid that meets the needs of the project with the lowest price will win the bid, provided all other requirements are present.

Demonstrate Performance

Competition for the largest contracts is stiff. Many agencies are loath to displace a known entity with an unknown player based on what is written in the bids or certification applications. New players must bring their “A” game. To win big in government contracting, a solid track record of performance, stability, and sustainability in related business activity along with great timing is paramount.  Tell your story, better yet, get others to tell your story to key players for you.

Establish a Solid Marketing Strategy

Government agencies are a market segment just like any other segment. As such, a marketing strategy specific to this target group is a necessity.  Simply having space in a vendor’s database will yield minimal results unless an aggressive marketing strategy is employed. Keep in mind, the sales cycle for each level of government and agency are different, but few are instantaneous. Landing a multi-million dollar contract can take years.

While many bid opportunities are issued at the state and local levels, the level of competition for these contracts is also high. Decision makers who have built relationships with existing contractors are more like to stick with a known entity over a new comer.

Remain Abreast of Trends

The time spent between pursuing and waiting for your big break is also the time where additional training and preparation should be obtained for leaders and key employees. For instance, LEED certification and training is a growing requirement among companies seeking large contracts with government and large corporations. Understanding your role in the social and environmental space is of growing importance and increasingly large general contractors, government agencies, and large corporations want to ensure small businesses will add value and strengthen their efforts in the sustainability areas.

The bottom-line is there are numerous, good reasons to pursue certifications. However, developing a solid strategy for how you will leverage them for your business is a critical step in the process. There are many companies that offer services to assist businesses with obtaining certifications, just be certain find a partner you can trust, that is knowledgeable and offers real value to you and business.

Dr. Renae Sanders is the Managing Director at KRS Consulting, LLC, a management consulting firm specializing in organizational development, growth, and relationships. Believing people are the link between strategy and success, Dr. Sanders works with organizations, leaders, and managers to strengthen internal practices and relationships. Email info@krsconsult.com to book an engagement or meeting with Dr. Sanders.

Tags: , , , ,
Posted in Business Development, Dr. Renae Sanders, Organizational Planning, Sales Strategy, Small Business | No Comments »

From Losing to Winning

Wednesday, February 15th, 2012

Tags: , , ,
Posted in Business Development, Dr. Wesley Carter, Sales Management, Sales Strategy, Small Business | No Comments »

Selling through Presentation

Sunday, December 25th, 2011

by Dr. Wesley Carter
Making presentations can increase the heart rate and anxiety level of even the most tenured executive. In business, the oral communication and the physical document are the two most common components of every presentation. Public speaking terrifies most individuals. Thankfully, there are organizations dedicated exclusively to helping individuals develop their speaking skills. A quick search on the Internet will provide a list of resources.

Presentations should be developed based on the specific audience for the information. In business, presentations are typically geared toward selling an idea, product, service, or concept. Therefore, it is critical that the presenter is very knowledgeable about the respective topic.

The oral portion of a presentation is different than the actual physical document used to convey an idea. Both, the oral and physical presentation must tell a story. And both must contain an introduction, middle, and conclusion. However, the oral presentation actually sells the idea, product, service, or concept. Hence, the importance of making a presentation that is memorable, persuasive, and succinct.

Before making a presentation, gain as much knowledge about your audience as possible. Will your audience consist of experts or will your presentation be their first introduction to the topic? If your audience consists of experts on the topic, your oral presentation can be presented at a high level with details included the Appendix, should you need to explain a concept in more detail. However, if your audience is not very knowledgeable of your topic, your presentation should be designed to teach and sell.

Know your topic! Nothing is more ineffective than listening to a presentation made by an individual with little or no knowledge of the topic being presented. Reading to the audience is a presentation no-no. Skilled presenters practice their presentations, and some even choreograph their gestures for emphasis, until they are smooth and natural. The tempo of the presentation should be conversational. Beware of rushing through the presentation.

At the beginning, the presenter should introduce themselves and the topic. Experienced presentations speak clearly, making frequent eye contact with the audience. Attire should be neat and professional to minimize distractions.

Generally, presenters should plan to spend about one minute per presentation slide. Upon the conclusion of the presentation, the key points should be reiterated. The presenter should invite questions. It is wise to repeat the question before responding because the audience may have difficulty hearing the individual posing the question.

The physical presentation typically consists of slides produced on a computer. There are several presentation tools available. It does not matter which tool presenters use as long as it produces professional presentations that can be accessed easily using the hardware that will be available at the presentation site. Design themes and templates should chosen to align with the presentation topic.

The slide layout is absolutely critical. Slides should be consistent and easy to follow. Dark words on a light background are easier to read from different vantage points in the audience. Punctuation, fancy fonts, and words spelled using all capital letters, tend to detract from the presentation. Presentation experts recommend that each slide consist of no more than five bullets, no more than two different fonts, and less than 35 words. However, this is a guide rather than a rule.

Slide transitions and animation should be kept to a minimum. Presentations that include numerous slide transitions and lots of animation are clear indicators that the presenter is a novice. When an audience is presented with heavy animation, it can be a like a dog chasing a squirrel, the audience becomes preoccupied anticipating the next transition. The topic of the presentation gets lost in the animation theatrics.

Just like the oral presentation, slides should be organized with an introduction, middle, and conclusion. Spell-check is a presenter’s friend. Typos can destroy the effectiveness of any presentation. Slides should include page numbers.

Finally, skilled presenters generally arrange for a trusted individual to review the slides before actually making the presentation. Another set of eyes will often uncover errors or inconsistencies missed by the creator of the presentation. A carefully prepared presentation is a valuable sales tool.

WESLEY CARTER DM, authors an advice column that leverages leadership and management strategies to solve common business problems. Carter holds a Doctor of Management (DM) degree with an emphasis in Organizational Leadership, an MBA, and a B.A. in Management. Carter is a partner at KRS Consulting, LLC in Charlotte, NC. If you have a question, email wesley@krsconsult.com. All submissions become the property of Wesley Carter. Call (704) 992-1211 or email to book an engagement. This article originally appeared in “The Charlotte Post”.

Tags: ,
Posted in Business Development, Dr. Wesley Carter, Leadership, Management, Marketing, Sales Strategy | No Comments »

Pricing Professional Services

Thursday, October 13th, 2011

Dr. Wesley Carter

No matter what you charge, you will encounter the occasional persnickety client that balks at your rate. The sticker-shock may be justified. But, it could also be a strategy to persuade you to lower your rate. As a consultant, one of your most important responsibilities will be to accurately establish rates and fee structures.

There are several alternatives for establishing your consulting fees. A few of the most popular strategies are hourly, project-based, market value, per day, or formula-based rates. Arbitrarily multiplying an hourly rate can be tricky. If you set the rate too low, you undercharge and work yourself to death. And if you set your rate too high, you will have a hard time finding clients willing to pay.   

Using a project based pricing strategy requires an accurate assessment of the amount of time it takes to complete a project along with the inclusion of additional hours for unexpected challenges. However, on predictable projects, with predictable tasks, a project based fee structure may be applicable. But, again, even a project based fee structure must be priced based your hourly rate in addition to numerous other variables to withstand the scrutiny of a profitability evaluation. A project based pricing strategy includes a requirement for hourly valuation to ensure that project based pricing creates a profit for the consultant.

The easiest pricing strategy is establishing your fees to align with market rates for comparable services in your geographical area. However, this strategy does not accommodate skills and experiences unique to you. Moreover, without a rationale for establishing your pricing structure, it will be difficult to justify your rates.

Similar to the project based fee structure, pricing your services based on a per day rate also requires you to first, decide on an hourly rate. Keep in mind that a consulting day is seven hours, as opposed to an 8-hour employee day.  Again, it is critical that you annualize your daily rate to determine if the rate will adequately sustain you and your family financially. You will also need to be realistic about the actual number of days that you will actually be able to work for hire. For example, you may not be available for hire during vacations, sick days, holidays, or when you need to address the administrative functions of running your business.

 Basing your fee structure on a formula methodology will enable you a degree of customization dependent upon your unique situation. For example, consultants with special certifications and/or qualifications can justifiably charge a higher rate. You will need to research the annual salaries/fees, expenses, and training needs of professionals with similar experience and expertise levels.  

According to the industry standard, the cost of employing an individual needs to be increased by 25% to account for benefits. However, health insurance fees are typically higher for a small business owner than for an employee of a large organization. Therefore, start with 135% of your annual salary forecast and add an estimate of your annual operating expenses to that amount. Lastly, add your tax liability and continuing education expenses. The result will be your cost of doing business. Now, divide that amount by the hours that you realistically expect to work each year. This is your hourly rate.

Leveraging a formula based fee structure provides the flexibility of pricing by the hour, day, or project. More importantly, a formula based structure will enable you to justify your fees based on an objective assessment of the cost and value of offering your services.

Even the most qualified and seasoned consultants find themselves being asked to justify their rates. If you cannot reasonably justify your rate in a way that makes sense to your target market, you have not priced your services accurately. If your rates are a deterrent to securing clients, you will need to reevaluate your rates. If you have more work than you can reasonably do, your rates may be too low.

There are three effective strategies to assist you in justifying your rates to clients; investment, value, and differentiation. Translate your rate into the return on investment (ROI) for the client. Ensure that the value that clients receive as a benefit of hiring you is greater than the cost of hiring you. In addition to competitive advantage, differentiation provides grounds for justifying your rates.

Refrain from consulting for family or friends to avoid requests to lower your rates and ultimately, your probability of operating a successful business. Family and friends often harbor unrealistically high expectations and an unwillingness to pay fees commensurate what their level of demand. Now, get to work!

WESLEY CARTER DM, authors an advice column that leverages leadership and management strategies to solve common business problems. Carter holds a Doctor of Management (DM) degree with an emphasis in Organizational Leadership, an MBA, and a B.A. in Management.  Carter is a partner at KRS Consulting, LLC in Charlotte, NC. If you have a question, email wesley@krsconsult.com. All submissions become the property of Wesley Carter. Email wesley@krsconsult.com to book an engagement. This article was written for and originally appeared in the Charlotte Post.

Posted in Business Development, Dr. Wesley Carter, Marketing, Sales Strategy, Small Business | 3 Comments »

Getting the Next Appointment

Wednesday, August 31st, 2011

by Dr. Wesley Carter

There are few things more frustrating that trying to get an appointment with a resistant prospect. Even when you have conducted your research and presented yourself professionally, some prospects are still resistant to being pinned down for a meeting. Sometimes a conversation goes awry because the prospect simply does see any value in meeting with you or, conversely, talks so much that you cannot get a word in.

Sales success is dependent upon the ability to build rapport and trust with prospects. But first, you must get the prospect’s attention. Maybe you have successfully met with a prospect and struggled with getting the next meeting. Or perhaps, you have difficulty getting the first appointment with a particularly difficult prospect. Either way, it is time to commit to a set of strategic scripts designed to help you get in front of your prospects.

Always attempt to schedule your next appointment before the close of the first meeting. If you are attempting to schedule a first appointment, it is better to have the conversation face-to-face. Try to avoid asking a yes or no question when requesting an appointment. Instead, say, “Would earlier in the week work better than later in the week for us to get together? Morning or afternoon?”

 How a prospect responds controls the next step. Learn to recognize a soft decline. Prospect soft decline responses range from “my secretary manages my calendar” to “I don’t have my calendar with me” or “Let’s touch base in a couple of months when things calm down.” Each response dictates a different appointment strategy.

If the prospect responds by claiming their secretary controls their calendar, you will need to listen carefully for the unspoken message. If the prospect notifies you that their secretary will be contacting you to schedule the next appointment, chances are, they are at least committed to the next appointment. However, if the prospect simply states that their secretary manages their calendar and does not offer a specific commitment to arrange another appointment, they are giving you a soft decline.

This is when you need to step up and tactfully take charge. Say, “I can only imagine how busy you must be. If you will give me your secretary’s name and phone number, I will gladly take responsibility for arranging for us to get together. Will you also ask her to expect my call?”

Now, be quiet and allow the prospect to respond. If they are genuinely interested in meeting with you again, the secretary’s information will be forth coming. However, if the prospect is resistant to providing you the requested information, you have not successfully convinced them of your value proposition. In this case, you need to uncover the reason for the resistance. You may need to go back and tweak your value proposition or competitive advantage.

Sometimes you may ask for a meeting only to hear, “I do not have my calendar with me.” It is unlikely that a prospect really does not have a calendar available because most cell phones include a calendaring function. However, it is courteous to give them the benefit of the doubt. Offer a solution, “If you will give me your email address, I will email you a couple of days and times to connect. Would morning or afternoon work best for you?” In this situation, try to make it as easy as possible for the prospect. If the prospect honestly does not carry an electronic calendar with them and they are open to getting together, they will accommodate your suggestion.

Every salesperson has been put off with the old, “Call me in a couple of months when things calm down at work.” If left untended, it is unlikely that the prospect is actually going to meet with you in two months. Pushing to get a meeting scheduled despite their request to wait two months could backfire. Instead, research the prospect to learn about professional affiliations, social roles, or noteworthy events.

Begin to identify articles, studies, events, or other information that might appeal to the prospect’s interests. Attach a handwritten note to the information and mail new information to the client every two weeks until you get closer to the end of the two month moratorium.

When you get an appointment confirmed, be sure to follow up with a handwritten note to thank the prospect for their time in advance. Include a recap of the appointment specifics such as the time, date, objective, and location. Do not forget to include your contact information. Now, go get’em!

WESLEY CARTER DM, authors an advice column that leverages leadership and management strategies to solve common business problems. Carter holds a Doctor of Management (DM) degree with an emphasis in Organizational Leadership, an MBA, and a B.A. in Management.  Carter is a partner at KRS Consulting, LLC in Charlotte, NC. If you have a question, email wesley@krsconsult.com . All submissions become the property of Wesley Carter. Call (704) 992-1211 or email to book an engagement. This article originally appeared in The Charlotte Post.

Tags: ,
Posted in Business Development, Dr. Wesley Carter, Leadership, Marketing, Sales Management, Sales Strategy | No Comments »

Transforming Conferences into Opportunities

Friday, July 29th, 2011

by Dr. Wesley Carter

If you are like most conference attendees, you spend the last few days before a conference trying to finish everything on your desk only to arrive at the conference exhausted. However, if you were to start planning a little earlier you would be able to execute a few conference planning strategies to maximize the value derived from the experience. Break the cycle for your next conference and plan to arrive rested and prepared to transform the conference into opportunity. Your objective should be to net at least twice the investment in the conference, in sales.

Preplanning and forethought will enable you to maximize your effectiveness at conferences.  Execute a few strategic conference tactics to exponentially increase your effectiveness at the event. A conference may be one of the few times when you can get access to targeted participants without the barriers of secretaries or interruptions. Your effectiveness at a conference directly correlates to the degree to which you plan your conference activities.  

Order at least 500 business cards and prepare to exchange them with potential clients or contacts. If possible, order business cards with a matte finish and a blank back to make it easier for your contacts to make notes on the back of your business card.

Prepare an elevator pitch, aka a powerful business introduction, and practice it until you sound natural. An elevator pitch is a term that refers to the picture that your words invoke in the minds of the people that you meet. An elevator pitch it is the single most important part of every memorable introduction. It should be thought provoking, concise, interesting, and descriptive.

Thoroughly review the agenda and read up on the topics and presenters. This information will come in handy should you get an opportunity to actually meet the presenters.  Review the web pages and latest news on the major sponsors and exhibitors at the conference. Specifically, look for connections between the organizations and your company. Use this information to identify the list of people that you intend to connect with.

Order a name badge with your name and company logo. Wearing a name badge at the conference is an excellent means of branding yourself at the conference. Wearing a name badge also relieves the pressure from others having to remember your name or your company. Do not miss any opportunities because someone could not remember your name and was too embarrassed to speak to you. 

Selectively target the key individuals that you plan to connect with and create a “hit list” to help you use your time effectively. Do your research and learn as much as possible about each person on your hit list. Google each individual on your hit list and try to find a picture so you will recognize them.

Send an email to others in your network and schedule a time to connect while at the conference. Determine if anyone in your network has access to the individuals on your hit list. If so, ask for an introduction. In advance, warn your friends that you will not be hanging out with them because you will be “working” the event.

Enter the details of time, location, and speaker’s name into your pda for every session that you plan to attend. Do not limit yourself to the content areas that are of interest to you. Attend a few sessions that would be of interest to your customer set and plan to sit beside the most valuable leads. Try to ask at least one intelligent question in each session and preface it with your name and your company to exploit the opportunity to introduce yourself.

For every person that you meet, make notes on the back of their business card with the key points covered in your conversation. The notes that you transcribe will come in handy when you handwrite your follow-up notes after the conference. Try to schedule the next appointment while at the conference and you can include it on the note that you will mail afterwards.

 While at the conference, avoid the cocktails in the meet & greet events and sip cola to keep your head clear for networking. Take every opportunity to identify the decision makers and make a connection. Be sure to share some little known fact about their company to demonstrate that you have more than a passing interest in them and their organization. If the individual has been in the news recently, take a copy of the article with you and write “Great article! I would love to discuss it further.” Subtle flattery can be quite advantageous.

Tweet any salient points made by the various speakers of the sessions that you attend. If you plan to attend a particularly interesting session, tweet the information to your network. Speakers appreciate audience members who help to fill up their sessions.

As soon as you get back in the office, review the business cards that you collected at the conference. Take the time to handwrite a personal note to each person of interest and close with a specific action step such as a commitment to call or stop by the following week. If you scheduled a meeting during the conference, remind them that you’re looking forward to it.

WESLEY CARTER DM, authors an advice column that leverages leadership and management strategies to solve common business problems. Carter holds a Doctor of Management (DM) degree with an emphasis in Organizational Leadership, an MBA, and a B.A. in Management.  Carter is a partner at KRS Consulting, LLC in Charlotte, NC. If you have a question, email wesley@krsconsult.com . All submissions become the property of Wesley Carter. Call (704) 992-1211 or email to book an engagement. This article originally appeared in the Charlotte Post.

Tags: ,
Posted in Business Development, Dr. Wesley Carter, Marketing, Sales Strategy, Small Business | No Comments »