power of the pyramid #3

Power of the Power of the Pyramid #3Pyramid #3

Target Selling takes your firm to

the next level

Hitting the Bulls eye!

3 Strategies for Double Digit Growth

1. Identify “A” clients and super please them

2. Identify “B” clients and turn them into “A”

clients

3. Find prospects in your marketplace like your

“A” and “B” clients

Identify “A” clients and super please them

1. Build loyalty

2. Introduce new services

3. Turn them into “raving

fans”

4. Focus of senior partners

Identify “B” clients and turn them into “A” clients

1. Learn their business 2. Offer Dessert 3. Make them more

profitable 4. Focus of New Partners

and Senior Managers

Kanthal Corp’s 5/50/150 Rule

5% of your

clients = 50% of

your firm’s total

revenue

15% of your

clients = 30% of

your firm’s total

revenue

..and 150% of

your total profits

Walking Up the Value LadderOrg Impact

Partnership

Innovation

Process Integration

Relationships

Services

Commodities

How did you get your “A” clients to

move up the value ladder?

The higher they move the more

valuable the relationship

Peter Drucker says…

“Lack of focus is the BIGGEST

mistake businesses make.”

Identify prospects like your “A” and “B” clients and get them into your

sales pipeline

1. Turn them into clients

2. Potential long sales cycle

3. Be intentional and

persistent

Jay Conrad LevinsonGuerrilla Marketing Attempts

27

C. P. AccountantLifetime Average = .333 (9 for 27)

M

Finding Target Prospects

• Create a Target Prospect List• Increase your rate of asking for referrals… How

often is about right?• Measure and develop systems to support your

outcomes• Find a point of receptivity or…• Start your cold calling campaign

Pipeline 100% Firms Fees

ProspectingQualifying

Interest Development

TargetingGain Access

Proposals-Oral/WrittenAccept Rejection

Reject Acceptance

CommunicationsNewsletters

SeminarsReceptions

CompellingMission and Values

Improve ClientImprove Community

Price Optimization

Maximum LoyaltyMaximum Profits

Pro ActiveIdeas

Additional ServicesNiche

Questions

LoyaltyListening

ExtensionsServices

Five Star ServiceClient Service

CommunicationTrainingSurveys

CommunicationNewsletters

Meetings

ResponsiveClient NeedsClient Wants

DeliveryOn Time

One Budget

TechnicalCompetenceSpecialization

Answers

RecoveryProcess

Error Plan

TeamworkClient MeetingsUnique Services

CollaborationNiche Development

Moving Toward the PinnacleMoving Toward the Pinnacle

• Pipeline Development

• Prospecting

• Qualifying

• Interest Development

Fill Your PipelineFill Your Pipeline

If you want to grow 10%...

• If you have 25% of your firm’s revenue in your

sales pipeline and

– You have 10% client attrition each year

– You want to grow at 10% then…

– You need a 90% close ratio to reach 10% growth


• If you have 50% of your firm’s revenue in your

sales pipeline and





• If you have 100% of your firm’s revenue in

your sales pipeline and




100% of your firm’s revenue in your sales pipeline…are you crazy?

• FAQ’s– What if it all comes in at once?

• It never does

– We don’t have anywhere near that currently?• How much do you have?

– How is this even possible?• It is simple, but not easy. You have to have a plan, work

the plan, measure the plan and hold people accountable to results

Selling: 12 StepsSelling: 12 Steps

1. Prospecting for leads2. Gaining access to prospects3. Qualifying prospects4. Identifying decision influencers5. Developing like and trust6. Discovering problems and needs

Selling: 12 StepsSelling: 12 Steps

7. Creating wants8. Handling objections9. Demonstrating capabilities10. Creating value perceptions11. Persuading decision influencers12. Closing the sale

Buying Cycle

• Changes over time – Marketing• Recognize they have a need – Marketing• Look for someone who can help – Selling• Evaluate options – Selling• Decide – Selling• Implement the solution – Client Service• Support the relationship – Client Service



• Prospecting

• Qualifying


Step 1: Prospecting for Leads

MADDEN Prospect Test

• Money• Accessible• Desire• Decision Influencer• Eligible• Need

Center of Influence&

Referral Source



• Prospecting

• Qualifying


Qualified Prospect?

Decision

Pay Strategy

Qualifying ProspectsNEAD-PAY

N – Who Are You Using Now?E – What do You Enjoy About…?A – What Would You Alter…?D – What is the Decision process and who is

involved?PAY STRATEGY?

Pricing Discussions

• Understand Pricing Emotions• Be confident• Address the need and the want

• Set and manage expectations• Don’t create pricing objections• Be ready to reject acceptance

Pricing Emotion

sPrice

Resistance

AKA…Sticker Shock

Pricing Emotion

s

Price Anxiety

AKA…

$#@&^%!

Pricing Emotions

Payment Resistance

AKA…

Buyer’s Remorse

No Way I A

m Paying

This!



• Prospecting

• Qualifying


Which is most

important

Interested Prospect

orQualified Prospect?

Team with Team with Other ProfessionalsOther Professionals

• Client Meetings – Conduct a “Client Business Review”

• Collaborate on key initiatives

• Offer Unique Services for your clients

• Development Strategic Niches/Specialties

Communications withCommunications withOther ProfessionalsOther Professionals

• Newsletters or Cycle Selling

• Seminars

• Private Business Receptions

• Lunches, dinners and other events






Reject Acceptance


SeminarsReceptions



Price Optimization


Pro ActiveIdeas


Questions

LoyaltyListening

ExtensionsServices




Meetings


DeliveryOn Time

One Budget


Answers

RecoveryProcess

Error Plan


CollaborationNiche Development

Targeting

• If you aim at nothing… You will hit it every time

• Gaining Access• Proposal Power• Accepting Rejection• Rejecting Acceptance

Gaining Access to Prospects

Internal Referral Sources

External Referral Sources

Direct Mail/ Permission Marketing

The Permission Marketing Process

Series of 4 Letters:

1. Introduction

2. Information

3. Problem Questions

4. Verify Initial Call Date

Step 2: Gaining Access to Prospects

Make the Call

Get the appointment

Don’t try to sell!

Targeting



Have a GREAT Proposal Process

• Qualify

• Plan questions ahead of time

• Have an on-site visit if possible

• Review a draft proposal

• Make a memorable client centered

presentation

Help the Buyer Choose YOU!• Who should I choose?

• Who do I like?• Trust?• Who captured our emotion?• Passion?

Targeting



Rejection?

Gaining New AccountsRisk Management

DifferentiateInterviewingLike & Trust






Reject Acceptance


SeminarsReceptions



Price Optimization


Pro ActiveIdeas


Questions

LoyaltyListening

ExtensionsServices




Meetings


DeliveryOn Time

One Budget


Answers

RecoveryProcess

Error Plan

Industry LeaderIndustry Leader

Go to Firm


Niche Development

Gaining New AccountsGaining New Accounts

• Manage risk and charge more for higher risk engagements

• Differentiate yourself and your firm

• Interview and qualify your prospects

• Build “Like and Trust”

Charging More

• All new clients should be charged at a 20% premium

• Always consider your A and B clients• Remember the Value Ladder – competition at

the bottom of the ladder is fierce and price resistance is high. At the top you are the leader.

• Ask for a retainer, progress billing, etc…

Differentiate

• Be prepared for the frequent objections• Clarify the objection, “What concerns you

most about that?”• Rehearse your response –

– “You’re right, we aren’t the cheapest in town.”– “Yes, most other CPA/CA firms don’t require a

retainer up front.”– “That’s true. I’m sure you can get it for less with

someone else.”

Interview and Qualify

• Go through the 12 steps

• Decision Influencers

• Build the PAIN!

• Don’t give the solution too early.

• Close and continue to market

Trust

Like

Keys to SuccessKeys to Success

• Win Emotions

• Access to Key Information

• Pre and Draft Proposal Meeting

• Strong Endorsement – Client Success and Client Tragedy

Recommended Reading

• Power Up Your Profits – Troy Waugh• The Essential Drucker – Peter Drucker• Wooing and Winning Business – Spring Asher

and Wicke Chambers• The SPIN Selling Fieldbook – Neil Rackham• Sales Questions that Close the Sale – Charles

Brennan, Jr.

Assignment Next 120 Days

1. Identify your “A” and “B” prospects2. Find a way to meet them3. Explore the…

1. Receptivity2. Problem3. Power

4. Follow Up

Scott Bradbary, M.Ed.Vice President of Training

[email protected](615) 373-9880

mailto:[email protected]

mailto:[email protected]

power of the pyramid #3

Documents

firms revenue

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firms total revenue15

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