71% or 29% Club?

You are a member if you are a hunter. Farmer, gatherer, inside sales, probably not. As you know, hunting has become a study in forensic sales: Strategic Sales, Relationship Selling, Value-Based Sales, The Complex Sale: these are all time-tested sales processes. But by the time the typical sales person hears about an opportunity, the influencers are already in place. It now becomes a matter of timing.

See Part 1: The Ability to Engage

The best hunters know that the one element of a deal that is still in their control is just that — timing. If they can get a seat at the table before it is set, they have a chance at helping to decide what is served. Real hunters do not waste time hunting where there is no game. They look for budget, ‘deciders’, urgency, and access. The most important of these is the decider, and how to reach him.

A recent survey by the Alliance Franchise Network concluded that 71% of the time, before the vendor comparison process even started, buyers knew who they were going to buy from. A third of the time, they had a ‘guy’ who they could ask for a referral. We all have network of ‘phone guys’, ‘tech guys’, and ‘car guys’ who are our go-to sources for warm referrals. Likewise, you need to be ‘in network’ for your potential client. Otherwise, you are in the 29% club.

Identifying the decision maker is relatively simple. Reaching them, not so much. If you can introduce yourself with a referral from someone the decision maker knows you’re well on your way. It starts with investigative work on your part. Big data and online sites provide myriad sources of potential references and referrals. You have a maze of data dots that, when properly connected, will lead to the referral name you need to pique a decision maker’s interest. Use that name in the subject line of an email and you are now a member of the 71% warm referral club.

It has been researched to the fifteenth decimal point. Millions of dollars have been budgeted trying to figure it out. In this age of all things digital, it is a strategic imperative for effective business communications, but most sales people do an awful job at it.

What’s the “it”? The ability to engage a potential customer via email. Giving them a nugget of info in the subject line that piques their interest enough to read further. Something that they won’t ignore, delete, or file before opening.

Here’s a clue as to what it should NOT be about:  You.  Or your company.  Or your service. It should be about the person you’re writing to.  And they have gotten a bit crafty at filtering out unwanted communications.  If it’s not about them or someone they know, your email will be deleted or ignored and you won’t connect – making you a member of the 29% Club. As a member, you reveal three things about yourself to potential clients:

1. You do not know them
2. You do not have a direct referral to them
3. You are guessing at what that customer needs

According to a recent study conducted by a TechCXO client in the printing vertical, 71% of the time buyers already knew someone who provided the service/product they needed – or could get a direct referral from someone in their networks. Likewise, before any RFQs, I/Ps, buying process or decision timeframe is established, a buyer begins his research on where he can get reliable intel on his project needs. Demonstrating that you’re a member of the 71% Club can successfully start a conversation. In other words, you need to:

1. Know your client
2. Get a direct referral to them
3. Understand their pain

That brings us back to the email subject line. The time-proven technique to get a buyer’s attention is a name — the name of someone they know and trust who has referred you for a brief, introductory conversation. You already have, or have access to, those names. Mining your contacts and conducting a little research into published information about your prospect, will result in a network of data dots that, when properly connected, will lead to a must-read subject line. Getting good at it qualifies you for the 71% club.

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Chris Pariseau is a Sales, Strategy & Marketing Partner for TechCXO in Atlanta. He is a firm SME on prospecting.