becoming a better opportunity advisor - kuesel...
TRANSCRIPT
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Becoming a Better Opportunity Advisor
Keiter
August 2015
Presented by Art Kuesel
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Art Kuesel, President
EXPERIENCE
Sales Executive 3 years inside $60M CPA firm 5 years inside $25M CPA firm 6 years at PDI/Koltin Consulting 2.5 years at Kuesel Consulting
EXPERTISE
Leadership and Sales Coaching Sales/Marketing Training
EXPERTISE (Cont.)
Keynotes, Presentations, Workshops on Growth
Growth Plan Development/Implementation
Managing Partner Coaching Sales & Marketing Recruiting
STREET CRED→ Top 100 Most Influential Person in
Public Accounting: 2014→ In-house and external experience→ Clients include scores of T250 Firms
including a third of the T100→ Frequent writer and blogger for
Accounting Today→ Accomplished speaker and
presenter on growth trends2
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Today’s Workshop
1. Opening Remarks
2. Clues & Triggers and Top Wedge Services @ Keiter
3. Client Development Opportunities you may be Missing
4. Understanding Buyer Behavior
5. Mastering Consultative Selling
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Opening Remarks
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Clues, Triggers and Wedge Services @ Keiter
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Defining Clues and Triggers
An opportunity advisor watches for clues and triggers!
Clue: Something a client says
that indicates there is a need for an
additional service
Trigger: An event that happens
with a client that triggers the need
for an additional service
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Recognizing Clues/Triggers
Four Steps:
1. KNOW OUR SERVICES
2. Be Actively Engaged in the Relationship. Have your Antenna Up!
3. Engage in Conversation
4. ACT & Suggest Next Steps
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Common Clues You May Hear
Clues…
I wish…
I’m having trouble…
This is a top challenge…
Our competition is…
I’m concerned about…
Are you seeing this with your other clients?
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Triggers You May Encounter
Triggers
Recent sale, merger, or divestiture
New facility, building, land, physical expansion, etc.
New division, product or service line, niche, focus
Owner retiring, succession to new generation
Expansion into new markets
Rapid growth/decline in number of employees
Significant changes in cash flow, payables, receivables, profit
Addition or subtraction of a key competitor10
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What to do when you hear a clue or recognize a trigger
Engage in the Conversation
How is that affecting you?
How does that make you feel?
What are the biggest challenges that come along with that?
What do you see as the opportunities that surround that situation?
What are you doing about it?
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What to do when you hear a clue or recognize a trigger
ACT
1) I believe we’ve helped other clients with similar challenges, can I introduce you to XYZ?
-or-
2) I believe we can help you, but I’m not the expert on it. Can I get back to you later today or tomorrow with more information?
-or-
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Detour Approach
1. KNOW OUR SERVICES
2. Be Actively Engaged in the Relationship. Have your Antenna Up!
3. Engage
4. Bring the information back to the office and talk with the relationship partner about what you heard.
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…HAVE a strong relationship!
…KNOW the services we offer!
…KNOW what’s important to your clients!
…ENGAGE when appropriate!
…DO something with the information!
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PS. This Only Works if you…
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Uncovering Opportunities @ Keiter
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Let’s review top wedge services here at the firm and discuss their clues and triggers.
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Clues/Triggers
Clue/Trigger Keiter Service
Business Valuation
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Clues/Triggers
Clue/Trigger Keiter Service
SALT & International Tax
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Clues/Triggers
Clue/Trigger Keiter Service
Succession & Exit Planning
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Clues/Triggers
Clue/Trigger Keiter Service
Cost Segregation
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Clues & Triggers (Common Example)
Clue/Trigger Keiter Service Offering
1. CFO is looking to hire a controller2. Controller quit3. CFO quit
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Clues & Triggers (Common Example)
Clue/Trigger Keiter Service Offering
1. Controller complains about reporting capabilities from current financial software and that current systems don’t talk to each other
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Clues & Triggers [Group Discussion]
What other services @ Keiter are growing and what are their clues and triggers?
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Did you recently hear a clue, or observe a trigger that would indicate an opportunity?
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Action Plan Development [A]
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Client Development Opportunities you may be Missing
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Relationship Breadth: Firm A
Partner
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Firm A Client
Generation 1 Owner
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Relationship Breadth: Firm B
Partner
Manager
IT Consultant
Accounting Services
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Firm A Client
Generation 1 Owner
CFO
Generation 2 Owner
Office Manager
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Relationship Breadth: Firm A
Partner
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Firm A Client
Generation
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Relationship Breadth: Firm B
Partner
Manager
IT Consultant
Accounting Services
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Firm A Client
Generation 1 Owner
CFO
Generation 2 Owner
Office Manager
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Benefits of Relationship Breadth
Relationship Breadth:
Insulates against unfortunate accidents
Creates a stronger web between us and our clients
Increases cross-selling opportunities
Fuels more referrals
Drives greater long-term retention
What else?
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Breadth & The Client Circle of Influence
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Common COI relationships we should seek connections with include:
Banker/Financier
VCs
Attorney – Corporate, Trust/Estate, Employment
Boards of Directors
Committees – Tax, audit, internal audit
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Consultants/Professional Advisors
P&C Insurance
Real Estate Broker
Bonding Agency
Key Vendors, Top Clients
TPA
Who else?
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Asking for introductions to these people
1. Can you help me with something?
2. I’d like to serve you better… In order to do this, I need to have stronger relationships with your <insert types of contact here>. This could enable <insert advantage here>. Plus, if you know and trust them, I am sure they would be someone that I could benefit from a relationship with.
3. How have you done this?
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Relationship DEPTH: Would you fire your friend?
Q: In general, the stronger the relationships we have with our clients, the (easier/harder) it is to leave us.
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It’s much easier to fire your accountant, than it is to fire your friend!
Benefits of Client Friendships:
Fuels more referrals
Drives greater long-term retention
Increases trust
Insulates you against mistakes
Accelerates your trusted advisor status
Anything else?
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Keiter is
AMAZING!
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Top Ways to Thrill your Clients
1. Taking client to lunch, coffee, drink, etc.
2. Seize opportunities that arise from client life situation (marriage, anniversary, birthday, birth of child)
3. Do things without charge that add value
4. Meet on nights, early am, weekends, whatever is necessary to accommodate their schedule
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Top Ways to Thrill your Clients
5. Remind them about due dates
6. Be proactive with ideas that can help save the client money, create greater efficiency, reduce risk, reduce liability, etc. and quantify the value of those ideas
7. Know what is important to them professionally (know their strategic objectives, plans, goals, etc.)
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Top Ways to Thrill your Clients
8. Know what is important to them personally! (family, friends, vacations, passions)
9. Know and have relationships with their circle of influence (banker/financer, attorney, professional advisors)
10.Be hyper responsive, acknowledge questions and inquiries quickly
11.Deliver on-time every time
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Top Ways to Thrill your Clients
12.Send them notes/emails with articles, newsletters, and other items that show that you are invested
13.Make the client feel important in front of his/her family or friends (tickets to special events)
14.Take responsibility for what goes wrong and fix it
15. Under promise and over deliver
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Q&A Breadth, Depth, COI, Thrillers
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Do you need to do any of these:
Create greater breadth?Create greater depth?Meet your client COI?Do more thrillers?
Who and where? When will you get it done by?
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Action Plan Development [B]
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Understanding Buyer Behavior
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What Motivates Large and Medium Buyers
How Buyers Search for a Firm What Buyers want to Avoid What Tips the Scale for the
Winner
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Understanding Buyer Behavior Today
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What Motivates Large Buyers Today?
Source: CFO Magazine
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What Motivates Mid-Sized Buyers Today?
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Source: Hinge Research
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Place client logo here
PRESENTATION TITLE MAY GO HERE
How S/M Buyers Search for New Firm
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Source: Hinge Research
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What S/M Buyers Most Want to Avoid…
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Source: Hinge Research
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What Tips the Scale to Unseat an Incumbent?
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Source: Hinge Research
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What Winners Do Differently
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Source: Hinge Research
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What Winners Do Differently
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Source: Hinge Research
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What Winners Do Differently
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Source: Hinge Research
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Further Information
Inside the Buyer’s Brain: Hinge Research Institute
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Mastering the Consultative Sales Process
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Discussion
Bought something recently? How did it make you feel?
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Discussion
Bought something recently? How did it make you feel?
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Discussion
Get sold something recently? How did it make you feel?
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Discussion
Get sold something recently? How did it make you feel?
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Selling vs. Buying
The difference between buying something and being sold something is huge!
• People LOVE to buy!• People HATE to be sold to!
So, remember that this is ultimately about them buying something from you that will solve a problem.
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There are 426,915 books with “sales” in the title
Remember that a consultative sale has dozens of variables!
This six-step sales process can help to break down the process into bite-sized pieces that can be attacked individually
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Many Paths to Success
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Assumptions for Today
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Identification of a Potential Need
Exploring the need in greater detail by asking good questions
Suggesting one or more solutions based upon the discovery process
Refine solutions based upon continued discussion
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The Core of the Consultative Sale>
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The Professional Services Sales Process in Six Steps
Step #1: Building a relationship and developing trust (Good luck getting to #2 without trust)
Step #2: Identifying that an Opportunity Exists (Your antenna was UP!)
Step #3: Discovery (Identify true wants/needs)
Step #4: Formulate the Value Proposition (how does your unique solution address all wants and needs)
Step #5: Proposal or Engagement Letter (It has legs)
Step #6: Do loop to win
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Process Steps
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People rarely buy professional services from someone they don’t know, trust, like, or respect
(This is what CPA firm sales executives do for a living)
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Step #1: Developing a Relationship and Building Trust
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Building Blocks of Trust in our World
1. Clients need to like you!
• Find commonalities, exhibit care and concern, demonstrate active engagement in the relationship
• Show loyalty – acknowledge contributions of others
• Be genuine – (it’s easy to tell)
• Right wrongs – “service recoveries”
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Building Blocks of Trust in our World
2. Clients need to respect you!
Having broad or deep knowledge in subject matter
Talk straight – be honest and call things what they are
Be transparent – be open and authentic and err on the side of disclosure
Introduce others of value to them –be a connector
Be a great communicator
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Building Blocks of Trust in our World
3. Clients need to have repetitive and positive experiences with you!
Clients need to feel that you have their best interest in mind at all times – frequency matters
Clients need severalconsecutive experiences with positive results
Under promise and over deliver again and again
Look long term in your scope
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You heard a clue or recognized a trigger You engaged someone with some thought
leadership (education is selling!) A referral source referred you A discussion uncovered a need
Step 2: Identifying that an Opportunity Exists
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Step 3: Discovery [Table Exercise]
1. You’ve been invited to a meeting with the president of a $40M closely held manufacturer based in Mechanicsville, Mechanicsville Manufacturing.
2. The president’s sought you out because he knows of the Manufacturer e-Newsletter but you’ve never personally met with him.
3. He’s budgeted one hour for your meeting, and has another appointment immediately after yours
Part 1 >>>What will you prepare/research in advance of this meeting?
Part 2 >>>What questions will you ask in this meeting?
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Formulate your value proposition by wrapping their service needs, with how you will also meet what they want out of the relationship, possibly even minimizing their fears.
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Step 4: Formulate your Value Proposition
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What Motivates Large Buyers Today?
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What Motivates Mid-Sized Buyers Today?
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Let’s Create a Value Proposition Now [Table Exercise]
The president has told us: 1. Frustrated that Cherry Bekaert hasn’t been
proactive – in particular his accounting software2. Nickel-and-dimed by CB for every little thing3. He’s concerned about changing firms for the upset
it will cause his finance staff4. His deliverables were often late5. He rarely sees the partner on his account
> In your table, formulate value proposition(s) based upon these complaints, which we would use to lead our proposal/pursuit
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Step 5: Proposal or engagement letter
Custom cover letter - discuss your solution and how it will solve their problem - lean heavily on your value proposition
REMEMBER that proposals don’t sell. Only people can sell. Meet with the prospect to deliver your proposal.
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I. Cover LetterII. Your Needs/Our SolutionsIII. Special Touch #1 (Value Proposition crafted to
address wants, needs, fears and other “pain” items)IV. Special Touch #2 (Value Proposition crafted to
address wants, needs, fears and other “pain” items)V. Industry Experience/Client ProfileVI. Process/ApproachVII. Service TeamVIII.ReferencesIX. FeesX. Conclusion (ASK FOR THE BUSINESS)XI. Appendix
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Step 5: Proposal or Engagement Letter Contents
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Step 5: Orals Presentation
Let’s say that our proposal has gotten to the final round and the client is inviting us (and one other finalist) to present to the buying team!
1. What should you always know before you arrive?
2. How many people should you have?3. Should the presentation be “rehearsed” ?4. What is this presentation really all about?5. What should you always know when you
leave?6. What should you always do before you
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Step 6: Do-loop to win
a) Use something you learned in the orals presentation to create yet another value proposition and follow-up (do-loop)
b) Note and respect the buyers timeline and process
c) Follow-up diligently
b) Adjust follow-up accordingly as needed depending on what transpires
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What Buyers Most Want to Avoid…
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What Tips the Scale to Unseat an Incumbent?
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What Winners Do Differently
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Q&A for The Consultative Sales Process
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Do you have an opportunity in early stages? How will you change your approach?
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Action Plan Development [C]
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We must WORK our Plan to Succeed!
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Thank you!
For tools, resources, and a monthly
blog subscription on marketing,
sales, and growth topics go here:
www.kueselconsulting.com/Keiter
Or contact Art:
312.208.8774