Saturday, October 30, 2004

Can You Close a Million-Dollar Deal in Two Sales Calls?

Maybe. If you follow this partnering strategy.

1. Establish a relationship with a partner. Gardner calls the partner a code breaker. "A partner is someone who already is writing millions of dollars’ worth of business annually with one of your potential clients. He or she usually is a sales rep with another company that is not a competitor," says Gardner. "This is your strategic alliance – the person who can get you in to see the decision maker."

So how do you find the right partner? Gardner suggests researching companies and finding sales reps who are connected to some of the major corporations you are interested in approaching. Contact them with your idea about working together. Once you both agree the foundation of a mutually beneficial relationship exists, research the new account and meet with your partner before the sales call to talk specifically about the strategy you will use with the client.

2. Make the first sales call. "You are already prequalified in the decision maker's mind because of the code breaker," says Gardner. "Ease your way into the meeting by taking a back seat and letting your partner follow up on old business. Then have the him or her introduce you." Remember, says Gardner, you need to be armed with case studies and metrics. "Know your RIO, your differentiators and value-adds before you enter the room," she says.

3.Make the second (and last) sales call. Keep in mind you may be meeting with someone other than the CEO. "If this is the case, try to introduce yourself to the person before your presentation," she says. "You can do this via a conference call or, after your meeting with the C-level person, walk down the hall and introduce yourself. Find out in advance who your allies are. You don't want to go in cold."

The second sales call is a traditional sales meeting where you pitch your product, answer questions and discuss the details. You don’t need the code breaker for this meeting, but you do need to be prepared. "Because you have entered at an exceptional level on the solid reputation of your partner, you will get the commitment and close the deal in this sales call," says Gardner.

4. Keep the code breaker in the loop. If you want to continue to build the relationship with your partner – and you do – you need to keep that person in the loop about everything that is happening with the account. "You build rapport and trust by communicating," says Gardner. "Keep C-level people in the loop, too, but pick and choose what you tell them."

5. Move on. After you close the deal, create a technical team to handle the pricing, proposal and smaller details while you move on to close other deals with your partner.

Source: Patricia Gardner, president of the consulting firm, Maximum Sales Inc., and author of The Million Dollar Sales Call (McGraw Hill, October 2004), via sellingpower.com