don't go where the money is
TRANSCRIPT
7/29/2019 Don't Go Where the Money Is
http://slidepdf.com/reader/full/dont-go-where-the-money-is 1/5
35 Snow Drive | Littleton, MA 01460 | (978) [email protected] | www.ccocouncil.org©2012 Chief Customer Officer Council, Inc.
Don’t Go Where The
Money Is!
Go Where The
Relationships Are
by Curtis N. Bingham
7/29/2019 Don't Go Where the Money Is
http://slidepdf.com/reader/full/dont-go-where-the-money-is 2/5
35 Snow Drive | Littleton, MA 01460 | (978) [email protected] | www.ccocouncil.org©2012 Chief Customer Officer Council, Inc.
Don’t Go Where The Money Is!
Go Where The Relationships Are
Curtis N. Bingham
Founder and Executive Director
Chief Customer Officer Council
CurtisBinghamistherecognizedauthorityonchiefcustomerofficersandthefirsttopromotethisroleasacatalyst
forcompetitiveadvantage.HeisthecreatoroftheCCORoadmap,agroundbreakingworkcontaining100+critical
strategiesessentialforcustomercentricity.Asaninternationalspeaker,author,andconsultant,Curtisispassionate
aboutcreatingcustomerstrategytosustainablygrowrevenue,profit,andloyalty.
Toooftensalespeoplewastealotoftimetryingtogowherethemoneyis,usingcoldcalling,direct
mail,orotherstandardtacticstoreachdecision-makerstheyhopewillbuyfromthem.Buttobereally
successful,salespeopleshouldinsteadgowheretherelationshipsarebyseekingoutpeoplewhohave
establishedrelationshipswiththedecision-makerstowhomtheywishtosell.Throughthese
intermediariestheywillultimatelyreachthedecisionmakersfasterandclosesignificantlymore
business.Inthisarticle,wetakealookathowsalespeoplecanbestgoaboutidentifyingandleveraging
relationshipswithsuchtrustedadvisorsandasaresultclosebigger,better,andeasiersales.
The Psychology of a Purchase Decision
Itiswidelyknownthatcompanieswillpurchasebasedonaninternalrecommendationfarmorequicklyandeasilythantheywillpurchasecoldfromanoutsidecompany.Asalespersonwithout
recommendations,referrals,ortrackrecordwillthusbesubjectedtosignificantscrutinyand
competitiveevaluation.Conversely,someonewhohassuccessfullyworkedwiththedecision-maker
won’tbescrutinizedmuch,ifatall.Sosalespeopleneedtofindtheplaceinbetween.Thebestwayto
dothisistoobtainrecommendationsfromsourcesthedecision-makertrustsexplicitly.
Withsuchstrongrecommendationsyoubypassintensescrutinyandcompetitiveanalysisaswellas
biddingwarsthatyoucansometimesbecomeembroiledin,andoftenlose.
Finding Trusted Advisors
Howdoyoutriangulateonadecision-makerandenterthisinsidernetworkoftrusttostreamlinethepurchasedecision?Acolleagueofminehassaidthatasaruleofthumbhetriestohavethree
networkingpointsofcontactwithanindividual,andinthiswayheeventuallyreachesthemthroughone
ofthesethree.Thebiggestchallengeistofigureoutwherethesepeopleare,wheretheyhangout,who
aretheirmosttrustedadvisorsorinfluencers.Itcouldbeotherpeoplewithinthecompany,theirboss,
oradvisors(suchasconsultants),orperhapsanaccountingfirm,bank,etc.
7/29/2019 Don't Go Where the Money Is
http://slidepdf.com/reader/full/dont-go-where-the-money-is 3/5
35 Snow Drive | Littleton, MA 01460 | (978) [email protected] | www.ccocouncil.org©2012 Chief Customer Officer Council, Inc.
3
IrecentlyattemptedwithoutsuccesstogainanaudiencewithaCIOofamajorfinancialservicesfirm.At
aseminarwherethisCIOwaspresenting,Ilearnedthatapartneratoneofthemajoraccountingfirms
wasinfactthisCIO’smosttrustedadvisor.Soafterdevelopingarelationshipwiththepartner,Icameto
understandtheburningissuesthisCIOfacedwhichledtotheintroductionwhichIhadbeentryingto
attain(unsuccessfully)onmyown.
Tofindtrustedadvisors,tryoneorallofthefollowing:
• Identifypeersinthecompanyanddeveloprelationshipswiththedecision-maker’speers.
• Identifyhigher-rankingindividualsasitisfareasiertoreachsomeoneifyouhavearelationship
withhis/herboss.
• Attendandjoinnetworkingassociations.Becarefulherehoweverbecausefrequentlythese
groupscanbefullofotherconsultantsvyingforthesamebusiness.
• Serveonboardsofnon-profits:Ihavefoundgreatsuccessinworkingontheboardsofnon-
profitssinceotherboardmembersgetthechancetoseeyouinactionandwillthenintroduce
youtotheirownnetworks.
• Locateserviceproviderswhohavecomplementaryofferingsbutnotnecessarilycompetitive
offerings.
Service Providers
Perhapsthebestmethodtoreachadecision-makeristhroughprovidersofcomplementaryservices
whoalreadypossessstrongrelationshipsandwhoserecommendationsaretrusted.Forexample,a
bankerwillknowquiteabitabouthis/herclientsandwillalsoknowwhatmanyoftheirneedsare.CPAs
aresimilar,yetinmyexperienceCPAsseemtobeabitmoreprotectiveoftheirclients.Lawyersonthe
otherhandknowquiteabitabouttheirclientsandarevaluablesourcesofrecommendations.Ifyour
prospectiveclientsareservedbyinvestmentbankersandventurecapitalfirms,youmaybeableto
reachyourprospectsontherecommendationoftheirfinancialadvisors.
Beforeyoucanleveragethisavenue,however,youmustanswertheWIIFM(“WhatIsInItForMe?”)
question.Thatmeans:Whywouldtheseserviceprovidersrecommendyou?Keepinmindthatthese
providersalwayswanttoincreaseorenhancetheirvalueintheclient’seyes.Ifyouareabletohelp
themfulfilltheirclient’sneeds,theyincreasetheirvalueandsolidifytheirrelationshipwiththeirclients.
Aswell,iftheseproviderscanmakeatrustedreferral,theyminimizetheriskofhavinganothercompany
broughtinwhomayimpingeontheirbusiness.Ifwarranted,youmayconsiderofferingsomesortofa
referralfeetomakeitworththeirwhileandtoensurefuturereferralsfromthem.Additionally,theseserviceprovidersmayrespondwelltoreciprocalreferralsintoyournetwork.
Obtaining an Introduction
Howtoleveragetheseinteractionsonceyougetthem?First,beveryclearaboutthevalue-addyou
offer.Bereadytodescribeitclearlyandsuccinctly,andinanon-threateningway.Beunafraidofasking
7/29/2019 Don't Go Where the Money Is
http://slidepdf.com/reader/full/dont-go-where-the-money-is 4/5
35 Snow Drive | Littleton, MA 01460 | (978) [email protected] | www.ccocouncil.org©2012 Chief Customer Officer Council, Inc.
4
thequestion,“Doyouknowofsomeonewhomightusetheseservices?”or“Areyouworkingwithany
companiesthatmightbenefit?”
Whenyoudescribewhatitisthatyouareabletodo,youneedtodosointermsofthepainorthe
needsthattheirclientsorthosewithwhomtheyhavetherelationshipwillbefeeling.
Insteadofsaying“I’masalespersonforZZZcompany,”insteadsaysomethingmorealongthelinesof,“I
helpcompaniesthatarestrugglingwithdiminishedrevenueandincreasinglyelusivecustomerstofind
moreclientsandgainmorerevenuefromeachofthem.”
Following Up
OneofthebestproponentsofthissystemwillregularlyfollowupwithmeonthestatusofthereferralsI
haveprovided.Heprovidesabriefsummaryofthemeetingshe’shad,thedirectionstheyareheadedin
together,andasanaddedsidebenefit,heoffersmeapercentageofthefeeheearnsasaresultofmyreferral.Suchregularandcomprehensivefollow-upisinvaluableforkeepingthisprocesssuccessfullyon
track.
Summary
Gowheretherelationshipsare!Thedecisiontoretainyourservicesissignificantlyeasierwhenyou
comehighlyrecommendedfromatrustedadvisor.Therearemanypeoplewithinabuyer’scircleof
influence,allofwhommightrecommendyou.Findoutwhothesepeopleareandestablishrelationships
withthem.Leveragenon-competingserviceproviderssuchasbankers,lawyers,CPAs,industrythought-
leaders,etc.toreachintotheirnetworks.Besuretotakecareofyournewnetworkandrewarditwell,
forthepotentialrewardstoyourselfareimmense.
7/29/2019 Don't Go Where the Money Is
http://slidepdf.com/reader/full/dont-go-where-the-money-is 5/5
35 Snow Drive | Littleton, MA 01460 | (978) [email protected] | www.ccocouncil.org©2012 Chief Customer Officer Council, Inc.
5
About CURTIS N. BINGHAM
AsExecutiveDirectoroftheChiefCustomerOfficerCouncil™,CurtisBinghamis
therecognizedauthorityonchiefcustomerofficersandthefirsttopromotethis
role as a catalyst for competitive advantage. He is the creator of the CCO
Roadmap,agroundbreakingworkcontaining100+criticalstrategiesessentialfor
customercentricity.Asaninternationalspeaker,author,andconsultant,Curtisis
passionateaboutcreatingcustomerstrategytosustainablygrowrevenue,profit,
andloyalty.
About THE CHIEF CUSTOMER OFFICER COUNCIL
TheChiefCustomerOfficerCouncilis thefirstof itskind;a member-led peer-advisory network offering unparalleled insight into the
critical issues facing CCOs. It was created to provide a safe
environmentwhere CCOs canshare ideas, concerns, andbuild best
practices that wellhelp them, their companies, andespecially their
customers succeed. The Council includes CCOs from diverse
industries, purposefully cross-pollinated with the most forward-
thinking companies, large and small. For more information, visit
www.ccocouncil.org,[email protected].
FormoreresourcesfromCurtisBinghamandtheCCOCouncil,includingarticles,videos,and The
BinghamAdvisory ,visitwww.ccocouncil.org.
Copyright Notice
Allcontentcontainedinthisarticleiscopyrightprotectedmaterial.Reproduction,inwholeorinpart,inanyformormedium,withoutthe
expresswrittenpermissionoftheChiefCustomerOfficerCouncilisstrictlyprohibited.Contactea@ccocouncil.orgforreprints.
CutAnythingBUTMarketing–InthisarticlebyCurtisN.Bingham,you’lllearnhowacross-the-boardbudget
cutsduringtimesofrecessioncanbedetrimenaltoyourbottomlineandwhythecounterintuitivedecision
toincreasemarketingspendpaysbothshortandlongtermdividends.
Downloadyourfreecopytodayatwww.ccocouncil.org/exclusiveresources/