Written by Dave Goates, Director of Human Capital at Launch Leads
Today we discuss three more important metrics to determine the criteria you are pursuing among your target list of prospects. See last week’s post for a list of those criteria:
- Annual value of your prospect’s products or services
- Titles of the people you are calling to schedule
- How your product or service can be a game changer
First, it is imperative that you understand how much your prospect’s company charges for its products or services. By ascertaining how much they are charging per sale, you’ll get an idea of their annual revenue and what goes into producing their results. Why does that matter? Because a company with $500,000 in gross revenue can arrive at that number in many ways. If they sell one “widget” for half a million dollars, they don’t have a very broad appeal and their market is a niche market with not much opportunity for an outside vendor to penetrate the sales model.
However, if they are producing that level of revenue and they offer their widget for $500, then you know they’ve got a well-developed customer base and anything you can do to offer improvement might be welcomed as a fresh perspective.
Second, knowing who the decision makers are at a company today is an absolute necessity. Here some reasons why:
1) With as thin as some companies are today in leadership personnel, the likelihood is decisions aren’t as decentralized as they might have once been. Many buying decisions today are made “by committee” because no one wants to be tagged with making a critical error in the the decision process. (You need look no further than Congress for a recent example, when they appointed a “super committee” to study debt and deficit reduction).
2) By identifying all the decision makers early in the sales process, you will not waste your time with people who have no authority or influence in affecting your outcome.
3) Finding the people you are looking for (but don’t know who they are going in) can be as easy as asking, “Maybe you could help me find. . .” when speaking with a receptionist. Another useful phrase when you start at the top of the food chain is, “I know you’ve probably delegated that responsibility to someone else, so who would be most interested in a conversation about. . . in your organization?”
Third, and this might be the most useful of all: How is your product or service designed to disrupt the current solutions your prospects are utilizing? Have you done enough analysis on the target prospects in advance to know where you might be positioned in their world? By “disruptive” we generally mean it’s an offering that advances a particular known function in two ways:
1) By using what you’ve got, your prospect can either move their sales needle dramatically with little or no effort on their part, or
2) By adopting your solution, your prospect can dramatically reduce their costs associated with that function.
If no one else is discussing these things at your company, open the conversation and see where it leads. You’ll be able to pinpoint your offering even more.