Building a Commercial Indicator


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Andrew Priestley has designed several award-winning indicators. Here is a brief overview of whats involved in creating a commercial indicator as a product for prospects.

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Building a Commercial Indicator

  1. 1. COMMERCIAL IN CONFIDENCEBuilding a Commercial IndicatorAndrew Priestley © 2011 © 2009/2012 The Coaching Experience Indicators 1 of 1 Contact
  2. 2. COMMERCIAL IN CONFIDENCEContents  3 Introduction: Why Indicators? Creating the Indicator Logos Fonts Colours Images Contact Details PDF Friendly4 The Questionnaire Respondent Details The Questionnaire Instructions The Questions5 Your 25-50 questions The Key Categories6 Category Questions The Answer Options The Preferred Answer The Reason Why It’s the Preferred Answer7 Create a Questions Schedule The Overall Category Review8 The overall scales per category Overall feedback per category9 The Basic Report The Bespoke Report10 The Bespoke Feedback Schedule Top and Tailing your Report11 Summary The Key Benefit of an Indicator Next Steps12 Appendices © 2009/2012 The Coaching Experience Indicators 2 of 2 Contact
  3. 3. COMMERCIAL IN CONFIDENCEIntroduction: Why indicators?When a prospective customer makes a sales enquiry they ask you a lot ofquestions. But you also ask them qualifying questions to determine if they are infact a potential customer. Sometimes this can take a few moments but often –especially if it’s a high value, multi-step sale - this can take some time. Usuallythat is time you have to invest at your expense.A commercial indicator is a product for prospects. It helps the customer moreaccurately determine their needs and the strength of those needs. Better stillthey pay for this as a value-add service and as a bonus provide you with high-grade information about their buying needs.Ultimately you get paid for a service your provided for free.Creating the indicatorWe collate everything we need to create the look and feel and branding of theindicator.LogosWe need your company/business logo/s, and any essential logos (i.e.,memberships, accreditations etc)FontsYou need to nominate your preferred fonts and styles.Understand we work in Excel and Word software with standard PDF friendlyfonts i.e., Arial, Calibri, Verdana, Tahoma, Times.ColoursYou need to identify your preferred colour scheme. Again, we use Excel andWord software with standard colours with very little PMS colour control.ImagesWe need any JPEG images that you need including (i.e., screen shots, bookimages, headshots etc). These need to be resized for inclusion in the final PDF.Contact detailsYou need to supply all the correct best contact names and details (i.e., phone,web, email etc).PDF friendlyThe end report for the beta phase will be a PDF and the maximum preferred filesize for a finished report is about 1.2MB. This equates to about a 20pp x A4report.NB: To meet obligations under various privacy laws, ALL reports are passwordencrypted PDFs. The base password will be qwerty but you will be able tochange that password if needed.All data is confidentiality assured under various data protection laws. © 2009/2012 The Coaching Experience Indicators 3 of 3 Contact
  4. 4. COMMERCIAL IN CONFIDENCEThe QuestionnaireThe questionnaire includes a) respondent details b) questionnaire instructions c) the questions d) the categories e) answering and filing instructionsRespondent DetailsThe respondent is the person completing the questionnaire.What basic information do you need to know about the person filling in thequestionnaire?NameDateMobileEmailURLPhysical addressDOBOtherYou can get a respondent to also answer other background information. Thatinformation can be coded to be used in the report as well.So what would be very handy for you to know that you can ask in the very startof the questionnaire that would help you better qualify your potential newclient?As an example on the sales profile we asked what their top two frustrations withselling were and these answers were used later in the report. We asked whatthey sold and how many salespeople were on the team.In the profit indicator we asked for revenue ranges, if they were tax registered(GST, VAT) etc.The Questionnaire InstructionsEssentially we tell the respondent how to fill in the questionnaire, back up thefile and where to email it.The QuestionsIndicators are NOT psychometric tools. This means they are not intended to beacademic instruments that are administered by a qualified assessor and havingrobust validity. They are not intended as formal technical assessments.They are intended to give a general indication only and on this basis they can becreated easily for commercial application. The information is only used to clarifycommon needs or issues you have with clients and their answers are used as astarting point for further discussion.Basically indicators in this context are a qualifying tool. © 2009/2012 The Coaching Experience Indicators 4 of 4 Contact
  5. 5. COMMERCIAL IN CONFIDENCESo the starting point is: what questions do you (or your industry) normally ask aprospective client to qualify a prospective customer’s explicit needs?How do you normally know if someone you meet is a potential new client?Or, if someone makes an enquiry what questions do you typically ask to quicklyassess what their pain points are; and if you can help them?As an observation most prospects can be generally qualified in about 12questions – believe it or not – and their answers generally place them in theballpark of being a potential customer.In my experience most customers can be accurately qualified in about 25-50questions. I have taped many qualifying sessions and most of the informationyou’ll need has been elicited in about 25 questions. The remaining 25 questionsusually add greater confirmation or additional and needed distinctions.So start thinking about the questions you typically use to qualify a prospect.Your 25-50 questionsYou need to come up with a list of pre-qualifying questions that you typicallyask a new client. You might already know these. So start writing them down.As a guideline somewhere between 25-50 questions is fine.Key CategoriesYou will notice that some questions are really about the same topic. They gotogether.For example, on the sales indicator questions such as ‘Have you been formallytrained in selling?’ and ‘Do you receive ongoing training in selling?’ and ‘Do youattend sales training industry events?’ and ‘Do you read sales books?’ are allabout Training.So under the category of Training I have four key questions I typically ask apotential sales person to assess how well trained they are in selling.So think about what category your questions relate to. Your questions willnormally relate to a number of key categories.And you need at least three categories.For example the Think Know Feel Indicator has three categories – think, knowand feel.The KPI Indicator has 8 categories. We measure Pitch, Publish, Product, Profile,Partnerships and questions that relate to your Niche and ability to take action(GSD) and an Overall category.The Property Investor Profile has 6 categories. © 2009/2012 The Coaching Experience Indicators 5 of 5 Contact
  6. 6. COMMERCIAL IN CONFIDENCEThe Sales Profile has 10.The more categories means more questions in the questionnaire.If you have ten categories and 5 questions per category you have 50 questions.Category QuestionsYou need about 3-7 questions per category. The ideal is about five questions.Here’s an example. All of the questions below are about a Privacy Policy. Does your business have a Privacy Policy? Is the policy current? Is it on your website? Have you inducted your staff about their obligations under the Act?The Answer OptionsIn most cases we are using a basic three item Yes, Maybe or No Likehert Scale.You can have five (Yes, Usually, Maybe, Not Usually, No) or seven point scales butthe coding time and cost to code these additional variables dramaticallyincreases the end cost of creating the indicator.The Preferred AnswerWe need to know the preferred answer to every question. For example: Does your business have a Privacy Policy?The preferred answer for this question is YES. That is the optimum answer forsmart business owners. Get the idea? You don’t want them to answer Maybe orNo.The Reason Why It’s the Preferred AnswerIt may help to know why it’s the preferred answer. “… because that’s what prudent businesses should have. And because you are highly exposed if you collect customer details … a customer complains to the Commission … and the Commission audits you … and discovers you don’t have one. Big fines!” © 2009/2012 The Coaching Experience Indicators 6 of 6 Contact
  7. 7. COMMERCIAL IN CONFIDENCECreate a Question ScheduleTo make life easy we get you to a) group the questions under categories andthen b) set up question schedule that looks like this. Note: don’t overdo thequestions. Just the ones that help you benchmark your potential new client.We’ve use an example from the KPI Indicator.No Category Question Preferred Why Answer1 Publish Have you published a book? Yes KPIs have a book.2 Publish Is your book on Amazon? Yes KPIs have a book on Amazon.3 Publish Is your book for sale on your Yes KPIs sell their own website book4 Publish I have written over 10000 Yes KPIs have online words in blogs content5 Publish Etc No KPIs do not …So, based on your preferred answer of YES, if your respondent answered NO toPublish question 1 that is now important information. If all their answers are theopposite of optimum behaviour it means they probably need your product orservice offering i.e., the KPI program, sales training, investor education etc.NOTEYou can write a list of questions first and work out the categories later or visaversa. But it has to end up as an orderly schedule of questions. We can help withthis.The Overall Category ReviewThe KPI Indicator has nine categories. Each category has about 5 questions. Wecode the responses per category so that you end up with an overall categoryresult expressed as a percentage out of 100.As an example pretend you have a category called Publish and there are fivequestions. If we average the scoring of all the questions you will end up with apercentage out of 100 as your overall score.The ideal is around 75% - give or take 5%.As a rule of thumb you do NOT want 100% as your preferred outcome. You wantaround 75% optimum for success on most indicators. Think of it this way, thereare no perfect people and no one is 100% anything. 100% suggests that thingsare too good to be true. It can also indicate that the respondent tried to put theirvery best foot forward or engineer the result in some way.We will help you construct questions that help your respondents avoid thisoutcome. © 2009/2012 The Coaching Experience Indicators 7 of 7 Contact
  8. 8. COMMERCIAL IN CONFIDENCEThe overall scales per categoryWe create an overall feedback scale per category. A sample looks like this:86-100% Too high, too good to be true76-85% High65-75% Optimum50-64% Average25-49% Fair<25% CautionOverall feedback per categorySo you would help us construct brief feedback for each of these % ranges. Forexample:Publish86-100% This is an unrealistically high score. This suggests that you are a published bestselling author with a killer marketing strategy that consistently propels your books into the A-list. Is this accurate? Your score suggests a review of your actual progress.76-85% Your score is high and suggests that you are a published author with some impressive book sales. Is this the case? Your score suggests a review of your actual progress.65-75% Good score. This suggests you are publishing online (blogging) and offer downloadable reports and whitepapers and you are a published author or about to publish. Room to improve of course but on the whole you are making nice progress.50-64% This score is OK but suggests that while you are active online through blogs and e-letters etc you need to be more consistent and focus on your marketing. You’ll need more help with this aspect.25-49% This is a low score and suggests there is a lot more you can be doing to market yourself through online and offline publishing. You need help with this aspect.<25% Caution: You are not using publishing effectively or at all. Your efforts are not consistent or effective. You need help with this aspect.We code the indicator so that it gives the appropriate feedback dependant onthe overall % score. So if the respondent scored 33% on the indicator used in theabove example the report is coded to display:Publish Measures how effectively you use on and offline publishing33% This is a low score and suggests there is a lot more you can be doing to market yourself through online and offline publishing. You need help with this aspect.And that would also be displayed graphically as a bar chart or pie chart etc (TBC). © 2009/2012 The Coaching Experience Indicators 8 of 8 Contact
  9. 9. COMMERCIAL IN CONFIDENCEThe Basic ReportOnce we have the questions; and the categories; and the preferred answers andthe category feedback we can build a basic indicator.A basic indicator would include a graphic representation of the overall trends ofthe categories and some overall feedback per category.The sales profile started life as a 4-page report and included a title page andthree pages of graphs and some simple notes.The basic report is easier to create but we have found that the perceived valueof the report – to the respondent - is lower than a bespoke report.The Bespoke ReportThe bespoke report still has the graphs and categories overviews but it nowincorporates bespoke feedback to how the respondent answered everyquestion.So in addition to overall category feedback they also get feedback to a YES,MAYBE and a NO answer for each question – depending on how they answeredthat question.Take one of your qualifying questions and let’s say the preferred answer is YES.How would you respond if they answered YES? You’d say something like, “That’sgreat! Successful clients do xyz …”You might also want to add some clarification like, “Just make sure that you aredoing xyz …”If they answered NO you’d probably say, “You said you don’t currently have xyz.This is not a good idea because …”If they answered MAYBE you’d probably say, “Your answer suggests you areabot to do xyz or still considering doing xyz. Most successful clients have madethat decision and …”Get the idea? You have developed a response for every possible scenario.What gets generated – therefore - is a more substantial and personally relevant16-20pp report. © 2009/2012 The Coaching Experience Indicators 9 of 9 Contact
  10. 10. COMMERCIAL IN CONFIDENCEThe Bespoke Feedback ScheduleTo help create that substantial outcome, we get you to create a schedule thatlooks like this:Publish1. Have you published a book?Y You said you have published a book. That’s great. You will have more credibility if you have a published book …M You said ‘Maybe’ you have a published book. This can indicate its written but not produced yet or its still in a digital format such as an e-book …N You said you don’t have a published book yet. You are missing out on an great opportunity to position yourself as a KPI …2. Can your customers download reports?YMNx. Can your customers … etc.YMNGet the idea?It takes a little more time to construct this for every question and category butthe perceived and actual value to the customer is massive and the results tendto show that a customer is highly predisposed to becoming a client becausethey indicator was so detailed and personally accurate.They still get the graphs, overall category feedback and then feedback for eachquestion per category.Top and tailing your reportEither way, you can top (start) and tail (end) the report with additionalinformation about you, your team and your business, next steps, bonus offersand product and service information.It’s also the place to add in important contact details © 2009/2012 The Coaching Experience Indicators 10 of 10 Contact
  11. 11. COMMERCIAL IN CONFIDENCESummarySo in this case we need:The questionsThe categoriesThe preferred answer per question i.e., Yes.Overall category feedbackBespoke feedback to a Yes, Maybe and No response for each questionAny top and tail informationContact detailsOnce we have this data we can create an impressive report that your clients willvalue. Plus they will provide you with high-grade information that is collatedinto a meaningful report … and that they have provided to you.The Key Benefit of an IndicatorIn most cases you need to find out this information anyway. But invariably youspend a lot of time gathering this information and at your cost.Paid indicators mean the prospect has paid to give you the same information.And they want the feedback and they value it highly.Next stepsIf you would like to proceed with creating your own indicator email me © 2009/2012 The Coaching Experience Indicators 11 of 11 Contact
  12. 12. COMMERCIAL IN CONFIDENCEAppendicesExample of How to read page © 2009/2012 The Coaching Experience Indicators 12 of 12 Contact
  13. 13. COMMERCIAL IN CONFIDENCEExample of Bar Chart: The Sales Profile © 2009/2012 The Coaching Experience Indicators 13 of 13 Contact
  14. 14. COMMERCIAL IN CONFIDENCEExample of Overall Feedback ScaleExample of Bespoke Feedback © 2009/2012 The Coaching Experience Indicators 14 of 14 Contact