Four questions to ask ourselves to determine whether to apply Sales 2.0 techniques to the appointment setting process.
I just read a very good eBook by Nigel Edelshain, originator of Sales 2.0 Methodology. In it he talks about all of the excellent tools or processes that are now available to us to find information on our Targets, or use to get an introduction to the person we wish to speak with: Linkedin, triggers of events, Jigsaw, ZoomInfo, etc. All good ideas, but here’s the operative question we must ask ourselves prior to engaging the Sales 2.0 approach. Is it worth it to do all of this work prior to picking up the phone and asking for an appointment?
Shame on us if we set an appointment and don’t do this research prior to attending that meeting. And I am a big proponent of the Sales 2.0 thinking prior to trying to set the appointment, but it is not applicable in every selling environment and to every step in the process. To spend an hour, or even 30 minutes researching every thing possible about a Target in my territory when my average sized sale is small (i.e. I must close a lot of deals), my territory is large and my typical Target looks like every other business in that territory.
So here are four questions we should ask ourselves before deciding to do a lot of research or not prior to attempting to set an appointment.
- What is my average sized sale or what is the lifetime value of this potential customer?
- What do I sell (how complex a sale is it)?
- How big is my universe of targets?
- What level of management am I calling into?
If my average sale is small, I sell a simple commodity like product or service and/or my solution is sold into a ‘horizontal’ market, I may eat most of my profit in a lot of up front investigative time. On the other hand, let’s say my average sized sale is more than $50,000 and I only have 100 possible targets in my territory, then I can’t afford to miss one. I’m therefore going to be doing all of the networking, research, social media, etc. to make sure I don’t blow it when I actually try to get the person on the phone to set the appointment.
Also, if I’m calling into first line management or into purchasing and my sale will be quick, I’m not sure I would spend a lot of up front time doing research either.
In those ‘not-worth it’ situations, I’d prefer to invest my time in building a solid approach, voicemails and emails that tell my story of how we helped someone else, and work on how I handle the ‘nos’ I invariably still get. At the end of the day, when I place that call, I’m still trying to set an appointment with someone I don’t know, or just barely met. And just because I did a lot of research and got a strong referral, let’s say, I’m still going to hear exactly the types of ‘no’. They’ll just be nicer about it. I’ve still got to have the skills to counter that ‘no’.
Caponi Performance Group and Contact Science jointly market the telephone prospecting and cold calling solution called The Prospector’s Academy™ under the brand name Coldcalling101. It is the only comprehensive solution to solving the biggest barrier to success in most selling organizations – the inability to secure enough Initial Appointments to begin the selling process. We accomplish that through simultaneously addressing both the efficiency and effectiveness of the process. We can be reached at 214 483-5800 or at barry@coldcalling101.com.
February 24th, 2010 at 3:30 pm
Barry,
Thanks much for the kind words.
I agree with your point. More research for bigger deals and bigger accounts.
Keep in mind also that these Sales 2.0 tools actually speed up research time so it’s possible to do some homework in 5 mins for a small ticket item and MULTIPLY your sales results by applying just a little customization to your approach. This will differentiate you from the masses in the BUYER’S ears.
Nigel