Cold Call Clinic

Recently,  I suggested to my friend Regina that she cold call a local venture capital firm. I’d read about the company and, thinking of Regina, visited the website.  It looked like a good fit,  so I forwarded the link for her review.

Regina is a Freelancer who specializes in evaluating the market potential for incubator stage life sciences products.  Small companies and start-ups often seek out venture capital or angel investors to obtain financing for further research and development or a  product launch.  Both the VC/angels and the company must be certain of the financial potential of the new product.  Regina is hired to make that assessment and issue her findings.

She and I worked together in sales for several years and she is well versed in the art of cold calling.  Although several tactics can be instituted to  “warm up”  a cold call via referrals/introductions,  networking,  or speaking/teaching,  sometimes it is necessary to plunge in,  pick up the phone and try to wrangle an appointment with someone who could become a client—if you can convince them!

Here are steps you can take that will improve your cold calling skills and give you another way to expand your client base:

Do your homework
First,  verify that your services are likely to be of value to your prospect.  Visit the company website.  Conduct an internet search and learn what has been written about the company recently and which execs have been quoted in the media.  Read up on the industry to find out what hot issues are getting press coverage.  If possible,  deduce which competitor could be doing business with your prospect and what unique benefits are offered.  Can you sell against that?

Ask around to your colleagues and inquire as to who may know this prospect,  or have a contact at the company.  Can an introduction be arranged? You may discover that your prospect belongs to a certain organization that you can visit.  Maybe you’ll cross paths?

Write a script
If you must call or email the prospect,  assemble your talking points in advance. Brainstorm the most appealing benefits and other selling points,  where you see alignment between your services and the prospects’  apparent needs and smooth answers to anticipated objections.

Devise  2–3  questions to ask that will show you’ve done your homework and will clarify prospect needs.  Remember to identify who makes the decision to hire.  Smart questions put the finishing touches on the pre-qualifying process.

Open with benefits
“What’s in it for me?”  is the question on everyone’s mind.  Whether your initial contact is a serendipitous face to face or by email or telephone,  you’ll have to sell your prospect and maybe the gatekeeper, too with compelling benefits if you want to get invited to the office.

After you briefly introduce yourself,  your company and services,  ask if  it is a convenient time to talk.  Your respect for their time will earn you points.  If granted a minute to talk,  paint a quick picture of how benefits you bring will provide  valuable solutions.

Listen well
Allow your prospect to talk about their business needs.  The information given will help you to position your services and verify—or rule out—your theory of alignment between the two of you.  Ask questions when necessary.  Remember that selling is a conversation and not a monologue.

Confirm agreement
If your prospect has been amenable to your sales pitch,  ask to continue the discussion at the office or over coffee or lunch—whatever is most convenient for the prospect.  There may not be an offer of immediate work,  but consider it relationship building and getting a foot inside the door.

Objections
If your prospect balks,  acknowledge the hesitation and ask for clarification.   Have you misunderstood something? Is there no budget available for the project? Is there a relationship with a competitor? Is there no perceived need for your services?

If the prospect works with a competitor,  ask about the types of projects that are outsourced.  Diplomatically mention your expertise in handling such projects.  If the prospect sees no need for your services,  ask how solutions are achieved or problems resolved? Again, diplomatically soft-sell and plant the seed.  However, do not start a wrestling match. You want to leave a positive impression,  even if you do not get the chance to have a meeting.

Referral
If the call has gone well (and it will!) but you still don’t get an appointment,  ask your erstwhile prospect if he/she can point you in the right direction and refer you to someone they know who might benefit from your services.  Be certain to ask whether or not you can use their name.   Even if you don’t get a client,  you might get a referral.  Equally important,  you will have interacted with an important person who will remember you favorably should your paths cross again.

Thanks for reading,

Kim

Most of All, It’s Who Knows You

Networking and other business promotional activities,  whether self-generated when you for example speak to the local Rotary Club,  or engineered by a PR specialist  who gets  you a quote in the New York Times,  serve to make you known to those who might use your services.  The next step in the continuum is to create conditions that encourage prospects to become clients.

Effective PR and self-promotion showcase you as an expert.  Mine the benefit by reinforcing  your position as a source of valuable and timely information.  Rather than just making the rounds at networking events as a way to cash in on your notoriety,  accumulating piles of business cards from random “contacts” as you go,  focus instead on developing meaningful relationships that have the potential to deliver billable hours.

Join a LinkedIn group and trade relevant information with peers who share a common  affiliation by starting discussions and/or commenting on others’ discussions.  Peruse the Answers Forum and weigh in on the sometimes compelling questions put forth by LinkedIn members from around the world.

Demonstrate that you are  a knowledgeable professional who is willing to dispense  information that could benefit others.  You may be invited to have an off-line discussion and that may lead you to a client.  It happened for me a couple of months ago.

When you step into the role of teacher/speaker, by all means meet and greet session attendees following the program.  Engage those whom you meet and aim to deepen interactions beyond the mere trading of business cards.

In order to reap the benefits that accrue from your PR / promotional strategy,  you must work for your network so that your network will work for you.  Ivan Misner, chairman of the networking organization BNI International,  recommends that while in conversation with a new contact,  ask what business challenges he/she is confronting right now.  This communicates genuine interest and guides your  follow-up with that individual,  with either an introduction or information.  It’s an excellent way to make people want to know you.

Help can be easy to give.  Forwarding the link to an article that addresses a subject  likely to be of interest  is a  savvy  way to demonstrate that others’  needs are important to you. The recipient is invariably flattered and will appreciate both the info and your thoughtfulness.  Selective,  individual forwarding of online resources  adds value and elevates networking to relationship building.  Post links to articles that address  subjects of interest to a wider audience onto  FaceBook and Twitter.

Seek to build a diverse network of relationships,  professional and personal.  Be available to connect with people in fields where you may not expect to find clients,  with people of different socio-economic or educational backgrounds and from various ethnic,  religious or racial backgrounds.

Not only do we not know where or under what circumstances we will meet our next client,  but a diverse network of relationships  exposes us to different ways of evaluating and tackling  our challenges and may also help us to discover unexpected opportunities. Reaching  out  and extending oneself  beyond the usual parameters is good for business.

Thanks for reading,
Kim

On The Cover Of The Rolling Stone

There’s no doubt about it—your business will benefit from well timed and placed media exposure in outlets that your clients trust and follow.  If you’ve come to the realization that you want fast,  effective action and you lack the time and the connections necessary to generate the kind of publicity that will raise your profile, then it’s time to hire a professional.

Buying advertising is usually a good move, but PR looks more objective and hence,  is more credible in the eyes of many.  But what should you expect from a PR firm? How do you make sure they do what you pay them to do?

Unfortunately,  many PR specialists are experts in taking client money and little else.  You must do your homework and interview 3-4 firms before signing a contract.  Contracts usually run for 6 months,  with a review at 3 months that will allow you to cancel if not satisfied.

Your objectives and budget

First,  consider what you would like to achieve in your PR campaign.  Are you launching a new product/service,  selling a book,  seeking lucrative or prestigious speaking engagements,  positioning to land important clients,  enhancing your page placement on search engines or communicating your brand?  Plan to spend from $500 – $2000 /month for an average  small business campaign.

Which firm for you?

You’ll have the choice of hiring a large firm,  small firm or Freelancer,  an industry specific firm or generalist.  Each option carries advantages and disadvantages.  I recommend that Freelancers and small business owners  avoid big PR firms because they are not designed for us.  Big firms cost more money and may not give appropriate attention to smaller clients.  Smaller firms and Freelancers are likely to be within your budget and more sensitive to your needs (in theory, at least).

Industry specific PR specialists  are known by the media players in that industry and are more likely to have calls returned and requests for clients  reviewed.  The downside is,  they may simultaneously work for your competitors. They may also run a one size fits all,  cookie cutter promotional campaign.

When interviewing PR agencies,  ask to  speak with the person who will work on your account.  That will not necessarily be the same person who shows up for the meeting.  Make sure that your agency contact will give your account the personal attention that you will pay for.

In the interview,  highlights of a strategy that was devised for a client similar to you in budget and needs should be presented.  Be very clear about your objectives and listen well,  take notes,  ask questions and get specific answers.  Do not be fooled by anyone who promises you x number of exposures per month or quarter.  That is the promise of a scam artist.

References and results

When an interview goes well,  ask to speak with 2-3 clients like yourself,  who are willing to discuss their experience with the firm.  What kind of media placements and exposure were achieved for clients with a similar  profile and objectives? How long was the campaign,  how long to achieve the desired results,  which agent managed the account, what  would they change about the process if done  again,  which additional services or quality controls might be written into the contract?

You will speak only with the firm’s most satisfied customers,  but the conversations will help you to form  expectations and learn what it’s like to work with a PR specialist.  You will also  confirm whether you should launch a campaign at this time.

Your story

Once you’ve signed on,  adequate time should be devoted to learning more about you and your business,  so that  story angles can be perfected and a strategy developed.  This is the REAL  reason to hire a PR specialist. Your story might focus on personal or business challenges you overcame,  your exceptional or innovative products /services/expertise, or your tenure and activity in a community that is meaningful to your clients.  You do not hire a PR specialist to merely blast press  releases all over the place.  You can  do that yourself.

A star is born

Events you might sponsor,  awards and special recognition for you to receive,  community and charity events you would be wise to attend,  television and radio appearances and articles in blogs, magazines and newspapers are all potentially part of  a promotional strategy that can be developed for you,  at a price.  Whatever it takes to position you well and generate  interest, confidence and excitement in you and your business should be done,  limited only by your budget.

ROI

Finally, you must understand how your PR firm demonstrates the work done for your account.  Make sure that you receive weekly or monthly activity reports.  Which organizations or media outlets were contacted,  for what purpose and what was the outcome? Compare the achievements of  your PR specialist  to your objectives  and make sure there is alignment.  You are paying for results and not excuses.

Thanks for reading,

Kim

Build Your Self-Promotion Strategy

I modestly propose several tactics that you might use to build a subtle,  yet effective, self-promotion strategy that will deliver not only name recognition and hits on your web site,  but also paying clients and enthusiastic referral sources.

Online Tactics

• Set up a website that describes your services in language that clicks with your clients.  Demonstrate your understanding of what clients need when hiring for your category of services  by highlighting the solutions  you offer and problems that will be solved or avoided through your expertise.

• Include website features at your discretion.  If a  ‘call to action’  that clients value can be devised, then use it.  If you are a public  speaker and can pinpoint what clients typically want to see and hear when a hiring decision about speaking or teaching is made,  then add a video of you meeting those expectations.  If you’ve written  ‘white papers’  that address topics known to be of interest to clients, then add them.  If you want to add your public appearances calendar to demonstrate that you are in demand by reputable organizations,  by all means add and keep it updated.

• Establish a LinkedIn profile and use it as your adjunct web site.  Complete your profile and periodically add updates to showcase special achievements,  good business books you’ve read and professional events you will attend.   Join a group or two and stay up to date with what is happening in communities that impact or interest you,  whether alumni or professional.

• Start thoughtful discussions in your groups and add comments to others’ discussions to build a reputation as a good resource. Visibility in your groups may lead to online relationships that can yield off line results like referrals or maybe even a client.

• Set up a subgroup in Huddle Workspace for more specific  in-group discussions.   When it seems appropriate,  reply privately to a discussion and invite that person for coffee if the geography is convenient and it seems like a face to face could be mutually beneficial.

Off-line Tactics

• Join or visit networking organizations affiliated with your profession, where you can meet industry peers and stay current with industry trends, challenges and business growth opportunities.  Join/visit additional organizations where you can meet prospective clients,  referral sources and perhaps find speaking opportunities to showcase your expertise.

• Prepare a short narrative about a recent achievement:  an interesting project,  a marquee  client,  how you solved a vexing problem that stymied others,  how you brought something to the next level.  Write down your story and practice and perfect the language,  so you will have instant recall and be able to trot it out when necessary.

• Do some public  speaking and establish yourself as an expert in your field.  There are numerous (alas, often unpaid) speaking opportunities at business associations, professional groups, colleges, adult learning centers and nonprofit organizations. Figure out a topic or two that you can authoritatively address and put yourself on a couple of calendars.  Referral sources/potential clients may be in the audience.

• Volunteer for a cause that has meaning to you.  This can present a golden opportunity to meet movers and shakers,  potential clients/referral sources, demonstrate leadership and expand your skill set into areas that enhance you professionally.   You might chair a committee  or even propose a high profile event (I’m in the midst of both) and benefit not only the organization but also spice your CV.

• Become a mentor to someone who will receive a much needed career boost when you share  your knowledge, insights and relationships.  Not only will you receive great satisfaction from guiding someone along the path of professional growth and success,  you will also gain an ally and will learn from the person you mentor.  You’ll benefit from the perspectives of another,  perhaps younger,  person who can broaden your sights and could also  reveal new business avenues for you.  Important benefits accrue to mentors,  including expansion of one’s professional network and renewal of  managerial and coaching skills.

• Maintain your personal life.  Stay in touch:  send Christmas cards,  remember birthdays and congratulate friends’ accomplishments.  Go to your school reunions.  Go to the flower show or go hear your favorite blues singer.  Go away for the weekend or a week.  Learn to dance the samba or resurrect some long neglected talent like playing the xylophone.  Have things to talk about besides business!

Thanks for reading,
Kim