Ain't Talkin', Just Walkin' – Inspiration Comes From Odd Places

Question: Where do you find inspiration for your business development efforts?  

Some people find their motivation from YouTube Videos with soaring music, spacious images and cliches.  And that's fine.

Others find motivation from inspirational case stories such as people who climb mountains with only one leg, recover from tragedy/beat illness, and succeed despite odds that make you embarrassed to complain when the barista puts skim and not soy milk in your latte. And that's fine, too.

Me, many years ago in NYC: "I hate shaving."My roommate: "If you had no hands, you'd be happy to be able to complain about hating shaving." (Even so, I grew a beard.)

For business development, for me, it's a combination of three things:

1) Curiosity.  I meet a new person and I really want to know what they do, how they help others, what sets them and/or their offerings apart, and how they go about letting others know about this stuff.

2) Data.  I kind of get off on listening to folks say "Great work sells itself" and then checking to see the growth of their client base and the number of people they've networked with in the past 90 days, as well as their other business development efforts.  (Hint: doing a good job/having quality products are table stakes, not your business development plan. I have tons of data to prove this.)


Also, I like seeing how opportunities arise - using spreadsheets and forms.  Often, business developers are so sure they know who refers them business and how opportunities appear.  Often their beliefs are anecdotal and the actual metrics do not fully support them, or identify unnoticed veins of opportunity.  This takes effort, but the strategy is about as simple as it gets: Things that work once tend to work again. Things that work twice tend to work over and over again.

When you walk in the gym and suddenly feel tired, how do you steel your heart for the work-out, and even push yourself to do one more rep, one more mile, 100 more calories, ten more pounds?

3) The music in my iPod.  Today, while on the treadmill (since it was too cold for rollerblading), Bob Dylan's "Ain't Talkin', Just Walkin'" came on.  I found this motivational.  Four simple words.  I also like the lines: "Heart burnin', still yearnin'" and "My mule is sick, my horse is blind."  Now the rest of the song isn't very inspiring from a BD perspective, but I do like the idea that Bob Dylan (or the fictional singer of this song) is simply moving forward and not spending time telling people about what he "plans" to do. 

So... from where do you find inspiration for your business development efforts? (Post below if you are so inclined.)  If you don't know, perhaps finding this source would help motivate you to put one foot in front of the other and move forward. 

/talkin'.

But I Licked it First! -or- How to Ensure Prospects Die on the Vine

So here's the situation: One of your sales reps, partners, whatevers meets someone at a networking event. He or she logs the contact in your CRM (which is great), but then the wheels come off. No one else at your organization can even touch that contact or that company. Oh, they can, but they won't.

Why not? Because if anything ever closes from that contact or that company, the person who logged the contact has progenitor, that is, proof he or she was the origin point and, in many situations, gets all the credit and commission – regardless of any effort past the first touch.

"But everyone should advance the lead for the good of the business," you say from your corner suite.

"All I will get is pain and grief if I even go near it," they mumble from their office a floor (or more) below.

--

Why "licked it first?"

You open a box of donuts. There is one Boston Creme donut in there, but Bob quickly leans down and licks it. While many others wants that donut, no one will ever touch it. Why not? Because Bob licked it.

Eventually, the donut goes stale and it's tossed into the garbage.

Sadly, this describes the "origination" policies of many sales & marketing organizations. (And, in my world, every organization is a sales & marketing organization.)

How can you solve the donut problem? Drop a plastic knife into the box. Then people will cut off part of the donut and leave the rest for others.

--

An interesting 'fail.'

Sitting in a meeting (as a consultant), I learned that marketing had "stopped" delivering leads to a specific business developer. Funny, since the marketing team had no knowledge that they had been formerly successful for that individual. No credit was provided to marketing on the BD's reports. No mention that the efforts had led to "over the transom" calls. Not even a "Hey, thanks!" Nothing. Until, of course, the leads stopped arriving. And then, the marketing team was criticized for suddenly being a failure. (How heart warming!)

Now the marketing team knew their efforts were, possibly, indirectly helping that BD guy, since he was doing well on sales and they were promoting his services – but they did not know a specific direct path was working.

Why didn't the BD mention anything before? Because he did not want to lose the commission or have to fight for it. Also note: the marketing team at this organization receives no commission for being part of the success path. None. But the BD guy did not want to lose the leads to a "house" account, or even have to share the kudos, so he said nothing. Who won here? (Considering all the parties and making a mental tally...) No one! And everyone left the meeting annoyed at everyone else.

Who's fault is this? Leadership's for rewarding individual success and punishing teamwork.

So what can be done?

1) Time bombs. Set up a rule that any contact that has no activity for 30, 60, 90, or 180 days is fair game. (Think "fast fish" from Moby Dick ... which I believe I referenced in an earlier post.)

2) Teamwork. Sure, give credit for the original touch, but not 100% credit. What is the right number? The one that gets people to request help from the 'licker' (creating a pursuit team) vs. watching the contact die on the vine.

3) Bonus for growth, not specific sales. Sure, give the 'licker' a spiff for bringing the contact into the fold (after something closes or, at least, after there is a real proposal/contract on the table of course), but also give the other team members a bonus for hitting their larger goals.

4) Psychic rewards for playing nice. Publicly thank the other players, by name, and with some small or non-monetary reward. Too many leaders publicly call out the individual who originally licked the contact or brought the ball over the finish line without even recognizing the blockers or tacklers. Or, perhaps worse, pacifying them with "...and the many other people who helped here..." said right before the bonus check is handed over to the single individual.

A simple question.

Are you creating Bobs that lick the best donuts? ...or are you dropping a plastic knife in the box to promote teamwork?

Being Smarter is not a Selling Proposition.

John Tuld: There are three ways to make a living in this business: be first, be smarter, or cheat.

ˆˆ This comes from the movie "Margin Call" which is well worth watching.

SPOILER ALERT!

John, the firm's leader, continues to explain that cheating is off the table (you can decide if this is true in their case) and that the other firms' people are just as smart as they are (he says this even knowing they have a literal rocket scientist in the room.) So the only option left to them is to be first.

Whether or not you believe this is a false choice, that is, that there are 4th and 5th options, those of us in marketing (especially for professional services firms) are often presented with "we are smarter" as part of the firm's value statement.

First of all, no, you are not smarter.

You might know more about a specific area or have more experience in a specific circumstance, but you are not smarter than your competition. Bristle all you want and, to be fair, you might be right to do so. I've met some people who are, quite simply, smarter than the rest of us. I think of myself as pretty smart, but I often run into people who quickly leave me in their dust. (Likely even more than I believe there to be.) You might be one of them.

I've also met a few people who are able to more adeptly apply their intelligence (and/or experience) to specific needs. And you might be one of those.

In fact, you might be the rarest of all rarities and in both categories. But I'd bet against it. Odds, are you only believe this to be the case. Many people I meet feel they are in this rare air and, well, not so many of them are in either category. But that's fine. Nothing wrong with thinking you are smart, so long as you don't put off people by lording your intelligence over them (regardless of it being true.) Believing you are smart and can apply this intelligence is a good thing.

Secondly, who said being smarter was good for business development?

My experience shows that intelligence does not equate to rainmaking skills. Some smart folks are good at bringing in new business. Some aren't. Some truly dull wits (a few who make you wonder how they manage to tie their own shoes) are phenomenal at getting clients and customers in the door.

You find me the best rainmaker at a company and I very much doubt you will have found me the firm's smartest professional. Some of the best rainmakers I know are very bright people. Some are below average by comparison to others in their field. And they know it. And they shrug it off. In fact, a good number of them have told me (sotto voce) that they know the race does not often go to the mentally swiftest. "The trick is to make the client think he's the smartest person in the room and you just happen to be good at the one thing they need you do to."

The real trick, I believe, is to have a great idea and present it in a way that makes the client thinks it was his idea.Often this is the best (or only) way to get anything approved. But I digress...

You are not smarter. And, even if you are, this is not a value proposition.

Putting a finer point on it, telling people you are smart is the opposite of marketing. Showing them that they are smart to hire you or buy your stuff is what we strive for in marketing. The more we can do this, the more customers we will get and the longer we will keep them.

Never miss an opportunity to let your customers know they were smart to hire you and to keep paying you. A great way to do this is to get a referral from them and have that referral thank them for the introduction; or have them thank their friend for turning them onto your service or product. This makes your customer feel smart and helps you get new business. But again, I digress.

Also, being smart does not equate to providing value.

It's how you apply the combination of your experience and intelligence that matters. And it depends on what you are building. Google has made a business of hiring the smartest people around. We've all heard about their interview tests. But the fact they are smarter has no value to me. What's valuable to me is that Google's tools help me find and promote things more efficiently. Which helps me sell stuff for my clients, even if they might be less intelligent than their competitors. And helps me out maneuver marketers who might be far smarter than me.

The next time someone asks what sets you and your company apart and you think "we are smarter" or "I am smarter," rethink. You are not smarter and, even if you are, it makes no difference.

So... using the choices above, you can either be first or cheat. I think Mr. Tuld chose wisely. But what do I know? I'm not a rocket scientist.

How NOT to handle an internal referral

We think of referrals as something that comes from an external source, that is, someone outside of our organization*. And, generally, people know how to handle these.

1) Keep your referrer in the loop. Do not let them hear of your success (or lack thereof) from a third party.

2) Show appreciation regardless of the end result.

3) If the referral is not in your sweet spot, use this an an opportunity to help the referrer better understand what a sweet spot referral might look like – and make sure you also understand their specific needs & wants (which might not be a quid pro quo referral.)

That being said, I notice that most people are far weaker when it comes to internal referrals, that is, referrals that come from people within your organization. I can easily guess why these are treated differently ("It's their job to bring me referrals," ... "What? Do they think I can't do my job without their help?" ... Etc.), but guessing at this reason is not the point of this post.

The point of this post is what often seems to happen next:

1) a lengthy dissertation on how well the professional is already connected to the prospect,

2) a long sigh about this now being added to an already full work load,

3) twenty questions (a la Reservoir Dogs) about the path or opportunity,

4) a complete lack of response, leaving the referrer wondering if the recipient has fallen off a cliff. (And when the recipient is toggled, the internal referrer sometimes receives a snippy "Will look at this when I get a chance" e-mail in response.)

What the internal referrer almost NEVER receives is the following: "Thanks." Or "Great work." Or "Appreciate it." Or etc.

What the internal referrer also RARELY receives is any follow-up information on what happened next, if anything.

Since the internal referrer frequently receives no value from the referral (other than a self-applied gold star he/she can use on a future performance review), this strikes me as short sighted on behalf of the recipient of the referral (read: the last referral you will get from this source) and debilitating to the organization as a whole. Not to mention brutal to the referrer who now has nothing to report back to his/her network contact. Does the recipient think the internal referrer lives in a vacuum?

Anyway, this is kind of like the star running back failing to acknowledge a good block that set him free for a touchdown run or a long pick up. Sure, it's the blocker's job to do so, but why not take the second to acknowledge it?

However, unlike the blocking analogy above, you will never know when the internal referrer missed (or ignored, or avoided) an opportunity to help your organization gain a few open yards. Also unlike the analogy, it's often not this internal referrer's job to find referrals. It's just something he/she was doing to help rise the tide at your organization. And they were treated poorly for doing so.

To end: Perhaps you should assess how your organization responds to and recognizes internal referrals from all parties, even those who are not incentivized to do so.

*Can't stop myself from mentioning that current customers/clients should be a strong source of external referrals. If this is not the case with your business, then, well, fix that, too.

Customer Complaints: Deal With Them, Don't Just Delete Them

Recently, I had a complaint with a late fee from my gym (automatic credit card processing issue), so I posted a request for assistance on their facebook page. When I went back there to check the resolution, having heard nothing from them online or in RL, I noticed that my post had been deleted. No resolution offered. Simply "poof" gone.

So, of course I reposted it. And added a handy tip about social media strategies ... but this got me to thinking.

We rarely remember moments when we've been provided efficient service, since we expect that we will be treated fairly and that most things will go well. Sad but true that we simply don't take the time to appreciate when things go right, or don't even think about it (until we get a customer satisfaction survey.)

What we remember is how we are treated – or mistreated – when things go wrong.

Meaning: Your opportunity to create a loyal customer and promoter – or an unwilling hostage and detractor (or a lost customer and detractor) – often starts when they bring you a problem to help them solve. You might even have caused this problem and all they are asking is for you to undo the damage.

Most companies seem to see complaints as issues to be resolved (and assign low-level, disempowered staff accordingly), not opportunities to reward customers for their patronage and create long-term loyalty.

Many, many years ago, we ordered a product from Home Improvements and it arrived with a chip in it. Perfectly functional, but it had a slight chip. We called them up and they said they would ship another one out immediately. We asked how we should return the chipped one and the CSR said, "Either throw it away or put it in a place where no one will see it and now you have two." (Which made sense for the item.)

I've told this story a number of times and, I expect, this simple and inexpensive act on their part has earned them at least a small handful of new customers over the years. And it cost them nothing. In fact, I expect it saved them money.

So... how do you handle complaints? Do you simply deal with them? Do you delete them? Or do you use them as rare opportunitites to show customers that you value their loyalty.

WWED? = What Would an Entrepreneur Do?

A number of month's back I wrote "WWED?" on a post-it note to help stimulate discussion with a partner at a law firm. I stuck that note to my bulletin board and find myself pointing to it day after day – as well as using it to help fuel my own decision making.

Many people use the I/U process (Important/Urgent) to help focus their time and effort (as do I), but I am not sure this helps decide what you should do. Or how you should act.

"WWED?" delivers instant clarity.

A few times, I have done nothing more than point to the post-it note to help my client get over the decision-making 'hump.'

So... What would an entrepreneur do?

I doubt there is a comprehensive list or even an action plan for decision-making entrepreneur-style, but I do think there are some ground rules.

1) Make decisions. Stop waiting for others to force your hand. If you need to be nagged to move forward, you are either being guilted into a bad course of action or you are not an entrepreneur.

2) Lead by example. Leave a wake, not a memo. Enough said.

3) Pick up the phone. E-mail is great for sharing details, but not for having decisive and brief discussions, providing solutions or delivering bad news (and eating crow.) Or better still, make a personal appearance.

4) Trust your people. Even if you did not choose them. And even if they are your superiors. Let them know that you don't always expect success, but you always expect sweat, urgency, and immediate heads-up when a problem occurs. And you expect them to learn when they fail.

5) Rise the tide. Too many people think that entrepreneurs are looking to hobble their competitors. Anyone who believes this is not an entrepreneur. So-called competitors are often the best collaborators and, even as adversaries, provide later insights you won't get if you ostracize them.

6) Find time to think. Entrepreneurs are doers, but, even more so, they are thinkers. They carve off time, close their door, walk to lunch instead of taking a cab, draw on napkins, etc. ... all to figure stuff out vs. checking stuff off.

… and the list goes on.

But the point is this:

Regardless of your role at your organization, you can create a mental box of your ownership. You can determine the part of the business you control and from which you can create value for all the boats in the lock, not just your own dingy.

That is, if this were "You LLC," how would you act? What decisions would you make? What would you stop doing?

You would never say, "It's only company money." Or blame others for your failure. Or wait for outside forces to force your hand. Or goof off on Facebook because no one is watching. Or show up at 9:00 am sharp every day since that's when your job starts. Or do value-less things because others assigned them... Etc. ... Etc.

To end:

Next time you are face with a decision, no matter how seemingly small, ask yourself, "WWED?"

What is a Promoter and how do I make more of them?

In February, I wrote a blog post entitled: Stop Networking! You Already Know Enough People. While you don't see comments here at Blogger, I continually receive notes and in-person queries, many of which are basically the following question:

"OK, so how do I monetize my 'large enough' network?"

Good question. Strike that. Great and possibly, the best question.

First of all, there are three types of people in your network:

1) Promoters and prospects

2) Time sucks

3) Friends and family

Separate your network into the three categories as above.

If they fall into category 1… keep them on the list.

If they fall into category 2… take them off your list and DO NOT SPEND ANOTHER SECOND ON THEM. You will never get that time back. This is why you have so many people on your list and, adding up the hours spent on them will only make you cry. I suggest you throw away the rear view mirror and move forward.

If they fall into category 3… take them off your networking list and put them on your holiday card/BBQ invite list.

Your list should now only have promoters on it and should be, at most, 5% of the original size.

"OK, so how do I figure out who my promoters are?"

Assess them against the three attributes, starting with the first one.

1) Access.

They hang around people who could be your clients. If they do not have access to your prospect network, they can never be promoters and will only ever be time sucks. In other words: If they are on your networking list and they do not pass the "access test" then take them off your networking list. Send them e-blasts, perhaps, but not lunch invitations.

|> I've watched a lot of football over the years, and I have never seen someone in the stands throw a receiver a touchdown pass. Nor have I seen someone in the audience get an assist for a hockey or soccer goal. <|

2) Interest.

They believe you can help their network and want to help you. You can test this by providing them with a referral or an introduction to a promoter of their own and seeing if they return the favor. If they live at the end of a cul-de-sac... take them off your list. Or, you can ask for a specific referral and see how they react. Better, though, to start by helping them and see if they pay-this-forward, even if it's not to you.

3) Understanding.

They appreciate the value you can provide to their network. Note: I did not say they understand what you do, definitely not how you do it, or why you are so special. In many cases, (cough cough...approaching 100% of all cases), the only thing that makes you special is they are willing to refer you to their clients.

Prospect: "What sets you apart from the 500 other people who seemingly do what you do?"

You: "I'm in the room with you right now and they aren't."

Odds are, there are dozens or hundreds of people who do what you do and only your mother thinks you are special. (Or at least you hope she does.) Please do not waste any time trying to explain what you do or what sets you apart. Even if they could understand, which they can't, they don't care. They only care that you can help their network. Better to tell them when you can help. ... but that's a blog post for another day.

Next up:

> Triggers and USPs

> The LinkedIn trick for finding the real promoters in your network … and what you can do to find them if you aren't using LinkedIn. (Read: You like doing things the hard, old-fashioned way.)