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Is the Art of Business Development Prospecting Overrated? 3 Tips!

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Many sales guru’s think that the Art of Business Development Prospecting is overrated, but this aspect of business can never be sidelined. Many make blunders because they mistake the art for “something else” by committing one or more of the under listed blunders:

  1. Not listening. No salesperson has ever heard of a sale. However, when asked a simple question, many sellers take it as a license to deliver a monologue. Here are three tips for better listening.
  2. Using sales of snapshots. People often start to lose interest when they feel they are being sold. Usually they begin to feel this way when they hear phrases like “This is a great question” or “What is needed to get your business today?” People need to feel like individuals, not like parts on an assembly line.
  3. Failure to adapt to the situation. The problem with using a rigid sales script is that it assumes buying motivations, prospects pain points, and supposed similar situations in life.
  4. Distinguish features from benefits. Often focus on sellers telling someone what a product or service to the detriment of this problem solves or what pain takes away. Once I observed a commercial leasing agent from the prospective client’s office. When he met in the hall of the building, he commented on the large outdoor car park. It was a declaration of characteristics. A benefit statement would have focused on how customers would never find a parking lot or that people could always park near the building in bad weather. Was it a necessary conversation point to make? Probably not!

Below are three tips that can assist in the art of business development prospecting, taking you from overrated to actual sales/business development activity:

Tip #3 – Prospecting is Not Networking.

Prospecting requires thoughtful analysis. Networking is improvisational and immediate. Prospecting requires equal measure of looking out into the marketplace assessing the need or demand, and introspection to look within yourself and determine, with clarity and confidence, what opportunities you are well positioned to pursue that will elevate your scene to ever-higher levels.

Prospecting requires discernment. It’s not a numbers game all the time. Whatever your business, you will not be good for all potential prospects. There should be a mutually perceived adjustment between you and your prospective client – where the best to serve them well is in a way that is highly valued by them (NOT you the salesperson!) Believe me, this dilutes the pile of pressed mud. Once you are able to define what a “good fit” is for the prospect, and why they should care, you are able to focus all your energy and resources on the opportunities that feed the most promising of prospects. When you are highly specialized, prospecting is often though of as “easy.” If you are a specialized expert, known in the market to solve specialized types of problems you may be thinking that you do not need to prospect for customers (or those customers who need this kind of problem solved). It is much easier to determine which prospects place a high value on your solution. Chances are good that these prospective clients will be looking for you too, and you will be much easier to find as a result.

Tip #2 – What Defines a Perspective?

A prospect is a known buyer at an early stage in search of a solution to a major problem that cannot be solved now or in the near future. All the others are suspect. Converting suspects into prospects is a tough job and takes time. In my consulting firm, it takes three months or more of careful “in-touch” strategies to transform a prospect from a suspect.

Tip #1 – Always Be Prospecting (ABP)!

Prospecting is not an activity you do when you need business. If you need business next week, the prospecting of evil cannot correct. Always be prospecting (ABP), no matter how busy you are. It is the only way to create a sustainable sales pipeline to grow your business. Whatever your current business book, plant and tend a garden for abundant future prospects ripening every day.

SUMMARY

In this post we’ve set out to identify is the art of business development prospecting overrated, along with three tips to assist you in implementing the prospecting pipeline-fill needed to be successful in sales.

 

Sam Palazzolo

PS – If you or your organization is challenged as a result of Sales / Business Development activity, please don’t hesitate to drop me a line and request future post titles! Here are a few other titles that are currently in the works:

  • Rеѕроndіng tо Emergencies
  • Identifying thе Strеngthѕ and Weaknesses in Representatives
  • Dеvеlоріng Strаtеgіеѕ fоr Rеvеnuе Grоwth
  • Developing Effесtіvе Cоmреnѕаtіоn Pans
  • Hоldіng Sales Rерrеѕеntаtіvеѕ Accountable fоr Pооr Pеrfоrmаnсе
  • Learning tо Motivate and Inѕріrе Sales Representatives

The Leadership Challenge: Flexibility – 5 Tips!

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The Point: If you’ve ever taken in a Cirque du Soleil show you know that the pure athleticism of a cast member is simply mind-boggling. It bears repeating… Mind –boggling! Mix several of these cast members into the choreography of the show itself and it can be sensory overload (almost inducing a nauseous state!) In this post we’ll examine the leadership challenge of flexibility and provide 5 tips so that you as a leader can be more Cirque-like in your leadership pursuits… Enjoy!

The Leadership Challenge: Flexibility – 5 Tips!

I Have to Do What with My Phone?

Is there anything better than taking in a show in Las Vegas? In full transparency, I’m fortunate enough to call Las Vegas home and am 100% biased. I simply believe it’s the best city on Earth! After all, who has better entertainment, restaurants, and night-life than LV (I’ll recognize NYC, but…)? And nothing is better than going to see the Cirque du Soleil shows. From KA at MGM, Michael Jackson at Mandalay Bay, The Beatles at Mirage, “O” at Bellagio, the list goes on and on… Each of them fantastic in their own right.

As different as each of these shows are, there is a core athleticism that remains the constant benchmark. The cast members are not only in fantastic shape, but the choreography highlights just how fantastically athletic each one is. Another constant is a need for safety for each and every cast member. So with safety in mind, each show starts off with a “kind” way of informing the audience to please shut-off your cell phones (NOTE: Videos/Photos are forbidden!)

5 Tips for Leadership Flexibility

I recently took in the “O” show at Bellagio, and it did not disappoint! I was left mouth-opened (ironically in the shape of an “O”), gasping for explanation as to how the cast members were able to pull-off the many choreographed scenes that were performed. In a word, I was stumped!

So it’s with this show in mind that I began to ponder “What are the leadership lessons that can be learned from such an amazing production?” Here then are 5 tips for the leadership challenge of flexibility, Cirque-style:

Tip #5 – Sometimes It’s Going to Rain!

To say that the “O” Cirque show has water in it is like saying there is oxygen in the air… It’s everywhere! And just when you think you/the cast members are safe water presents itself again and again. So know this much as a leader, it is going to rain (or the elements are not going to cooperate). It’s not a matter of if, but when… So prepare yourself for the elements.

Tip #4 – You Better Be Flexible!

The Cirque cast members, as previously mentioned, are each gifted athletes, with strength and flexibility. So as a leader you had better be prepared to flex your muscles and be flexible when those unplanned business situations arise.

Tip #3 – Eliminate Noise (No Cell Phone Utilization!)

I previously discussed the cute way in which audience members were requested to quiet their phones. Likewise, as a leader sometimes you’ll be better off if you go and sit in a quiet conference room by yourself to actually think (and breath) about what you are going to do. Think of this as a strategy session for one!

Tip #2 – If You’re Scared, Say You’re Scared and Jump In!

The highlight of the “O” show for many is the high-divers that jump to what appears to be their peril, but in actuality land in a very wide/deep pool of water. I guess that old New Orleans phrase of “If you’re scared, say you’re scared” can come in handy for the leader that needs to get over whatever is presenting the obstacle-of-the-moment so that they can move on.

Tip #1 – Enjoy the Moment!

Nothing, and I mean nothing, gave me greater joy than to go see the “O” show with loved ones (I’ve actually seen it twice!) It was in this second viewing that I was able to take in more (See my sensory overload comments earlier) and really notice what was taking place all over the stage. As a leader, you’ll be pulled in a multitude of different directions in what appears to be simultaneous instances. When this occurs, and I know it will be difficult, you need to remember to smell the roses and enjoy the moment.

SUMMARY

In this post we’ve explored the leadership challenge of flexibility, brought to life through the magical Cirque du Soleil shows in Las Vegas. While you/I might never look like a Cirque performer (I’m still attempting to!), hopefully the five tips presented will provide you with some insight into how you can be the best leader you can be (Or at the very minimum, jump from a high-dive into a pool!)

 

Sam Palazzolo

 

PS – If you have a leadership challenge you’d like me to explore, please drop me a line and let me know!

The Leadership Challenge: Will Your M&A be a Success or Failure? 3 Tips!

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The Point: Recent research by Harvard Business Review reported that the rate of failure in most mergers and acquisitions is around 70% to 90%. So what made this possible? This is simple anyway – a company that focus mostly on what to get from an acquisition is less likely to succeed than a company that focus majorly on what it has to give it (Think of this as a play-off of the “In order to get, you have to give” principle). This truth was also echoed from Adam Grant’s book “Give and Take” – stating that people who are keen to giving rather than on taking, especially within the interpersonal/business realm often later do better than those that concentrate more on increasing their own position. In this post we’ll discuss how mergers and acquisitions can be among those deemed successful… Enjoy!

The Leadership Challenge: Will Your M&A be a Success or Failure? 3 Tips!

Value Creation: The Secret to M&A Success?

Being successful with mergers &acquisition has long been proven to be challenging, yet there have been records of serial acquirers who are more successful with M&A than other companies who occasionally make an acquisition. The major secret behind this success is value creation.

Creating value is regarded as the real essence of any business – it can be easy to forget about this important concept when trying to merge and acquire a new company. Value should be concrete/real, and creating this should always have a positive effect on any business. Most products of true value are embedded with definite way(s) of serving consumers – through a service, for instance, value is being created.

The basic premise of any merger should be that merging parties create greater value together rather than in pre-merger (or while separate entities). Value creation is supposed to be executed by all mergers, yet about 80% of mergers fail to follow this fundamental leadership principle.

Other than making a compulsory effort for creating value, there are also other things that will determine the success or failure of mergers & acquisitions. Below are 3 tips that can help an acquirer improve its competitiveness and increase the chance of succeeding.

3 Tips for Any Acquirer to Improve its Competitiveness

Tip #1: Develop a Clear Strategy

There must be a clear strategy coupled with an open communication channel between stakeholders. Failure to identify a strategy and communicate will hinder the merger or acquisition in delivering desired results. There should be transparency in the process, likewise, it must be realistic and every area of management should be involved for success.

Tip #2: Allow a Wide Range Engagement

When the purpose of mergers & acquisitions are well defined and regularly communicated to stakeholders, market share and growth will allow a natural process to be managed and make goals more realistic. There would be some challenges along the way for sure. However, your strategy must assess any potential risks and challenges that may surface during the process.

By carefully utilizing some employee engagement programs with other strategies built around communication, M&As can operate successfully – it should be at the center of their overarching strategy.

Tip #3: Use a Board and Specialists from Outside

It is a smart approach to build an advisory board regardless of M&A stage – this should include heads of departments, major stakeholders, some internal staff and specialists from outside the organizations to assist with the process.

With the help from an independent source, great business decisions can be validated, claims can be challenged and leadership has a better ability to stay on track toward set goals. A specialist from outside will ensure that employees acquire needed support via a merger or acquisition (See the previous comments on transparent communication and employee engagement surveys).

Summary

In this post titled “The Leadership Challenge: Will Your M&A be a Success or Failure?” we have discussed how not all mergers & acquisitions will succeed (In fact, a high percentage often fail!) To succeed, mergers and acquisitions could run smoother (i.e., achieve better results in less time) by applying the 3 Tips discussed above.

 

Sam Palazzolo

PS – If you or your organization are challenged as a result of M&A activity, please don’t hesitate to drop me a line and request future post titles!

The Leadership Challenge: Launching a New Business – 3 Tips!

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The Point: We all love the success stories associated with launching a new business that are bantered about in the media. 20-30x returns are often reported to those early investors who were daring enough to participate in fund raising. However, what happens to the ideas that don’t get launched successfully? What becomes of the leaders who fail(ed)? Where do the investors turn for investment lost? In this post we’ll take a look at the leadership challenge of launching a new business from a 30,000 foot perspective and provide three tips to help insure success at a foundational-level is achieved… Enjoy!

The Leadership Challenge: Launching a New Business – 3 Tips!

I Have a New Business Idea!

Being an Entrepreneur can be an easy living. You come up with an idea, market/sell it to the masses, and reap your financial rewards. Easy, right? Wrong! The leadership challenge associated with launching a new business venture can be daunting (Read that as long hours spent performing what amounts to tedious in nature tasks with little/no reward the potential outcome). I knot this unfortunately first-hand as a result of both launching several new business ventures as well as from an investment perspective helping entrepreneurs raise seed funding when either they drain their own funds or those of friends/family.

Just because you have an entrepreneurial idea there is no guaranteed success quotient that lies on the other side of that idea. So what can you do to dramatically increase your odds of success? I recently sat on a panel to discuss just what an entrepreneur can do to greatly enhance their odds, resulting in the following three tips to launching a new business:

Three Tips to Launching a New Business

Tip #1: Have an Awesome Team

I’m a firm believer that you can do it alone, but why would you? With today’s new economy and access to international talent for little/no cost, why would you not want to employ the talents of others to assist you on your journey. Look to hire the best, brightest, and passionate people. Remember, Rome wasn’t built in a day (#SPQR), but that’s because they didn’t have the internet!

Tip #2: Vet the Idea

Often times I’m approached to invest in a “thought” or more likely a “dream” that the founder(s) had one evening. Make certain that the idea you are pursuing in your new business venture has “legs” and can stand on its own outside of you and your startup-team. In other words, go out and conduct your market studies to insure that what you have to offer is (a) desired and (b) someone is willing to pay for it.

Tip #3: Make Certain You Love

It’s extremely important that you absolutely/positively love the new business concept. Notice I said “love” in that last sentence, not “I like it” or “I can live with it” or even “That’s a quick way to make a buck!” Here’s why love is paramount: You are going to spend countless hours away from those that truly do love you. So in those solitaire moments you’ll want to insure that your passion outperforms all others in pursuing your new business venture. If you are not 100% committed with mind, body and sole you will not be successful. (PERIOD)

SUMMARY

In this post we’ve taken a look at the leadership challenge associated with launching a new business, as well as provided three tips to assist in creating a foundation of success. It’s important to remember that not every idea you come up with as an entrepreneur will turn out successful. However, it only takes one idea to propel you to the front page of INC Magazine once success occurs!

 

Sam Palazzolo

The Leadership Challenge: The Yoda Process to Meeting Success – 4 Tips!

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The Point: Have you ever been in one of those meetings where the leader ram-rod home point after point, only to have everyone participating withdraw further and further from the team’s mission? How about if your meetings just don’t have a high level of candor/commitment present? If so, then this special May 4th Star Wars themed leadership challenge tip is for you… Introducing the Yoda Process to Meeting Success along with 4 tips. May the force be with you… Enjoy!

The Leadership Challenge: The Yoda Process to Meeting Success – 4 Tips!

Our Meetings Suck!?!

So you’re sitting through yet again another boring meeting at work… What makes the meeting so boring? Why do you keep on putting up with such time sucks? In my advisory services, I’ve noticed a lot of meetings taking place where nothing of importance gets reviewed, discussed, and resolved (if need be). Conversely, I also see a lack of meetings take place on topics that should be reviewed to realign stakeholders.

If you’re like me, you’ve read countless creative ways in which to make meeting success occur through the use of what I can only call “cute” techniques. Think a meeting is going too long? Implement an egg timer so that when the timer runs out, the meeting is over (or everyone gets paroled!) How about coming up with an agenda that dictates not only topics that are allowed to be discussed, but the individual who will be “telling” instead of “discussing” the topic at hand. Now don’t get me wrong, an egg timer can be useful (if you’re making hard-boiled eggs) and an agenda can keep you on-time/on-target (if your leader had ADD/ADHD). But what you might need to do is let the “force” guide you by implementing the Yoda Process.

The Yoda Process

Who can forget that scene in the swamp where a young Luke Skywalker is training under the Jedi Master Yoda. With failure after failure occurring, and frustration mounting, Yoda attempts to guide Luke to use the force to help him. Just like a lot of young leaders (young is a state of mind), Luke replies “All right, I’ll give it a try.” To which our Jedi Master explodes “NO! Try not! DO or DO NOT. There is no try.” So what if you had a Jedi Master in each of your meetings? Do you believe things would better? Better decisions would be made? More authority would be gained? Projects and goals would be achieved? If all of these sound like a good moment, then the Yoda Process is for you.

The Yoda Process consists of appointing a Yoda for each meeting. The role of this Yoda is to keep stakeholders in line (on topic) and engaged during the meeting. The Yoda also helps keep professionalism in play (Sometimes honesty has a price to play in hostility and disrespect). A key question to ask the Yoda during meetings are:

– What are we not talking about that we should?

– Is this the most useful utilization of the stakeholders time?

The Yoda can then report back on the meetings “State of Candor” and insure that meeting results are achieved.

Four Tips for The Leadership Challenge of the Yoda Process for Meeting Success

Here then are four tips for the leadership challenge of the Yoda process for meeting success that I would look for you to employ in your next meeting:

Tip #1 – Select Yoda Carefully

You just can’t pick anyone as the Yoda for your next meeting, or can you? I would implore you to have a “rotating” Yoda chair in which each team member is allowed to play the role of Yoda. Not only will this strengthen team dynamics, but should increase individual accountability!

Tip #2 – ID Yoda Questions

While I mention two questions to ask your Yoda during a meeting, your particular meeting might require different ones. Ask your stakeholders to develop/come-up with questions that are specific to your project at hand either prior to or at the start of your meeting.

Tip #3 – Keep Track of Yoda Progress

Monitor your Yoda progress by measuring milestones associated with the implementation of your Yoda Process. Remember, what gets measured gets managed.

Tip #4 – Meet with Yoda Post-Meeting

You should plan on debriefing with Yoda after your meeting, NOT to talk about the meeting that just was met about, BUT instead to identify what worked well/not so well, what should be continued/discontinued, and what should be done the same/different next meeting. These Yoda Post-Meetings should be shared with the next Yoda so that meeting faux-pas don’t repeat themselves.

SUMMARY

In this post we’ve taken a look at the leadership challenge of the Yoda Process to Meeting Success and provided 4 tips. If there is a dynamic in the room where you perceive that someone is holding back, try to encourage them to speak openly. Hence the Yoda Process was born. This process/methodology consists of designating one (or more) individuals to monitor meeting conversations to insure that they stay on-topic/on-reality. In the event the monitor senses someone that is holding back, they will call that individual out, requesting that they sense the holding back moment as such, and speak on behalf of said individual. Remember, while May 4th might only come around once per year, the force should always be with you!

 

Sam Palazzolo