THE LAW OF THE BULL’S-EYEIF you don’t aim for the best prospects, you’re likely to dobusiness with any prospect
THE LAW OF THE BULL’S-EYEIt doesn’t matter how many prospects you see.It matters how you see the right prospects.Prospecting is a productivity game, not anumbers game!
Prospects can be categorized into 4 profiles:1. Low profit/high maintenance: Prospects that have potential to produce a littlebusiness and a few referrals and are very hard to serve because of unrealistic priceand service demands and inefficient business practices2. High profit/high maintenance: Prospects that have potential to produce a lot ofbusiness and some referrals but are very hard to service because of unrealistic priceand service demands, inefficient business practices, and a high need for egofulfillment3. Low profit/low maintenance: Prospects that have potential to produce a littlebusiness and a few referrals but are likely to provide greater profits as therelationship grows, and are easy to serve because of a high level of professionalism,strong desire to partner with you, and efficient business practices4. High profit/low maintenance: Prospects that have potential to produce a lot ofbusiness and many referrals and are easy to serve because of high level ofprofessionalism, strong desire to partner with you, and efficient business practicesTHE LAW OF THE BULL’S-EYE
THE LAW OF THE BULL’S-EYEAll sales presentation success is predicated on hitting the right prospectswho will in turn become clients that reap high returns for life.1. A car salesman asks for my card and calls me once, three weeks later. By that time I had alreadybought a car from another dealership that communicated with me six times before I picked thecar up and five times after I drove it off the lot. The result was that the first salesperson lost50,000USD; the second gained my trust.2. Sixty-five real estate agents get my name but only one follows up, and poorly. I buy from noneof them. I call sisty-sixth agent and after three meetings, I select him and use his services threetimes in five years, total 65,000USD in commissions for that salesperson.3. As a salesperson, one particular client didn’t give me her first order until eighteen months aftershe knew she was my prospect. During that time I communicated with her eighty onetimes, trying to add value each time, so that I would ultimately be selected as her vendor. Inthe end she became my best and most profitable client.“What you do between the time you meet a person and the time thatindividual decides to buy determines whether he or she will becomeyour client or your competitions.”
THE LAW OF THE BULL’S-EYETodd Duncan studied successful sales people. He did thingsdifferently to elevate his sales career:1. I always tried to determine another client or vendor who knew myprospects’ names so I could use them in my introduction. This helpedbuild credibility and trust and reduce tension.2. I never “cold-called” again but made my cold calls warm, my warm callshot, and my hot calls sizzle by sending a letter in advance of calling for anappointment.3. I always made sure my initial letters had a unique value proposition-something embedded in the letter that would genuinely attract theirattention and captivate their interest.4. I kept every phone call in which I asked for a business developmentappointment to less than 90 seconds whether I called the prospects orthey called me. I committed to discovering needs and offering solutions inperson rather than on the phone.5. I sent thank you letter and a testimonial from an existing client to myprospects two days before meeting with them.
THE LAW OF THE BULL’S-EYEGET READY….Step # 1. Secure your business plan.(Review from our goal setting)1. Establish your volume goals. If you desire a 6 digit income, your first year must looksomething like this:Income Goal : 800,000.00Sales Needed : 12 clients @ 3% commission2. Determine your daily numbersIf 12 clients are to be closed in 6 months, you will need to close 2 clients per month starting July.3. Determine your conversion goal. This refers to the percentage of sales you want tomake per sales attempts.
THE LAW OF THE BULL’S-EYEGET READY….The inherent value in the Law of the Bull’s-eye is thatby taking better aim at the right prospects, you canincrease your earnings without increasing yourhours.
THE LAW OF THE BULL’S-EYEAIM…Step # 2. Secure your prospecting sources.2 types of relationships from which you can do more prospectswithout adding hours to your time: Those that refer quality prospects to you (COI) Those with whom you have partnered for the purpose of gainingreferrals and repeat business (Clients, eg….)
THE LAW OF THE BULL’S-EYEAIM…Centers-of-influence examples: If you sell medical equipment – a physician who will refer you to departmentsin the hospital that could buy additional equipment from you If you provide software or network solutions – the CEO of the company whowill refer you to Purchasing and IT departments, as well as to other CEOs withPurchasing and IT departments who could purchase additional software andnetwork solutions from you
THE LAW OF THE BULL’S-EYEAIM…5 ADDITIONAL METHODS TO OBTAIN PROSPECT REFERRALS:1. Point of Sale: Never leave a successful business development appointmentwithout seeking referrals2. Repurchase Cycles: If you work with clients that have routine buyingcycles, always track them. Never leave a successful business developmentappointment or let existing client relationships exist without determining the nextorder cycle and/or seeking referrals3. Association/Networking Groups: Be involved in associations to broaden sales andpartnership opportunities4. Clubs: Become known in the organization that you are in5. Affinity Businesses: “Closely related”
THE LAW OF THE BULL’S-EYEAIM…Step # 3. Check ‘em outIs this client has the potential to become the type of clientyou want for life?
THE LAW OF THE BULL’S-EYEFIRE!Step # 4. Design and send your approachletterStep # 5. Follow up
THE LAW OF THE BULL’S-EYEFIRE!Step # 6. Set the appointment with a powerful, valueadded script.1. Call the prospect and professionally introduce yourself, making reference to your approachletter2. Convey that your referrer or COI asked you to call, and introduce the prospect to a possiblesolution for a need in his life or business3. Ask the prospect if he has 90 seconds for you to explain4. State the purpose of your call5. Ask for a thirty-minute face-to-face appointment to explore the possibilities of partneringtogether6. Ask when a convenient time to meet would be7. Confirm the goals of the meeting8. Thank the prospect and assure him that it will be time well spent
THE LAW OF THE BULL’S-EYEFIRE!The Final Step: FOLLOW UPWhat happens if you follow this advice and the prospect doesnot agree to meet with you?Establishing Trust takes time, and sometimes thatmeans adding value without receiving business.
THE LAW OF THE BULL’S-EYEDear Todd,As you know, Andrea and I attended your conference in Lanai this pastsummer and your sales school in San Francisco just a few weeks ago.I started working for a new company in a new city after returning fromyour conference. I had no contacts and knew no one. I bought a database systemand set a goal of targeting the top 15%, or sixty-five prospects in my market.Using your system, within two weeks my calendar was booked for individualappointments with twenty-two prospects. We had to delay our mailing, as therewere no appointment slots for weeks.I am very excited about our future and much of it has to do with you. I cantthank you enough.Make it a great day!John