Posted September 22, 2008
Let’s face it, everyone wants to be trusted. In the sales world, trust isn’t just a nicety, it’s the glue that holds together quality relationships. It’s the essential component for long-term growth and profitability in your business.
Trust expert and author Charles H. Green lists his “sweet 16″ compelling insights in his blog “The Guts of Trust”.
Comments (0)The Red Velvet Rope Policy: The Key to Effective Prospecting
Posted September 3, 2008The Red Velvet Rope Policy: The Key to Effective Prospecting
The paparazzi encircle the limo-toted movie stars as they prepare to grace the red carpet for the premier screening of their latest blockbuster. Ah, but this isn’t an open-invitation event. Only the select few with the proper credentials may enter through the red velvet rope that swaggers between vigilant chrome uprights.
Perhaps from fear of not letting any business slip away, many sellers offer “general admission” tickets to their theater. Admittedly it’s counter-intuitive. After all, why would you want to limit your audience? The Red Velvet Rope Policy, as described in Book Yourself Solid by Michael Port, suggests narrowing your focus. It requires you shed the “all things to all people”, shotgun approach. This advice will cut across the grain for many sellers. You might say, Mark, how can you ask me to turn away potential customers in a fiercely competitive market? Let go of a prospect…are you kidding?
In today’s world, we must dare to view prospecting differently. Similar to the movie premier, admittance should be reserved for those with the proper credentials. First, look internally and then look externally. Ask yourself these questions:
Internal:
- Expertise – What’s my track record/experience? What do others see as my strengths?
- Interest - What areas peak my curiosity?
- People – What type of customers inspire me? Which drain me?
- Passion – What do I genuinely get excited about? What aspects of my business would I do even if I didn’t get paid for it?
- Talents – What are my natural talents?
External:
- Financial – What are their revenues, profits, ability to pay, etc.?
- Size – How many employees, lawyers, patients, students, etc.?
- Culture – Do their core values, beliefs and value proposition fit with ours?
- Market – What’s their geographic, vertical, team, product/services, etc.?
- What other external factors should be credentials?
By using these questions to filter both the internal and external parameters you will:
- Love what you do >
- Enjoy the people you’re around >
- Do a better job >
- Create more customer value and satisfaction >
- Build a foundation of more loyal and profitable customers
You may find the need to divest yourself of some customers already inside the rope without proper credentials. When I worked at Boise Cascade, I recall a customer that demeaned and ridiculed our employees. We felt we couldn’t do anything to please them; the account depleted our team’s energy. We came to dread interacting with them and the mere mention of their name caused distress.We felt an unwritten obligation to endure their antics; perhaps it came under the “customer is always right” mantra. Additionally, we felt the pressure of replacing the business. On the day we said “enough is enough” and gracefully ended our agreement, we felt liberated. Yes, it left a big hole, but the cloud was gone and eventually we replaced the business.
As I’ve shared this concept at training sessions and speaking events, participants say it’s empowering – they set the credentials for prospects that can enter their theater. No longer do they feel compelled to satisfy everyone.
Caution: avoid the trap of dropping a prospect just because they aren’t rolling out their red carpet for you. If they possess your required credentials, adopt a long-term focus – making the relationship your goal, not the short-term sale.
Now it’s time for your premier. You get to set the credentials for those who get through your red velvet rope. Are you ready to decide who’s on the invite list?
(Visit this link for a free “Red Velvet Rope Policy” Worksheet, a guide to help you develop your Red Velvet Rope Policy).
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