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Sellng skills for EDOs

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Relationship and consultative selling skills for Economic Development organization staff

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Sellng skills for EDOs

  1. 1. 5 th Annual Investment Promotion Masterclass Advanced Selling Skills for IPAs Derek Perkins Perkins Associates
  2. 2. Current Market Context: Competition 27-Jun-02 © DP International Consulting                                                                 
  3. 3. Current Market Context: Technology
  4. 4. IPA Best Practice: EDB <ul><li>Reinventing organization </li></ul><ul><li>Manufacturing 10% of GDP by 2010 </li></ul><ul><li>GDP per capita = USA by 2030 </li></ul>
  5. 5. Selling Issues - IPAs <ul><li>Preparation </li></ul><ul><li>Formal sales process </li></ul><ul><li>Hidden agendas </li></ul><ul><li>Prospect’s activities & your benefits </li></ul>
  6. 6. Selling Issues - IPAs <ul><li>Clear definitions </li></ul><ul><li>Silo behaviour </li></ul><ul><li>Internet </li></ul>
  7. 7. 27-Jun-02 © DP International Consulting
  8. 8. 27-Jun-02 © DP International Consulting
  9. 9. Selling Issues - Prospects <ul><li>Control </li></ul><ul><li>Partners </li></ul><ul><li>Costs </li></ul><ul><li>(Source: Harvard Business Review – David Arnold) </li></ul>
  10. 10. Selling Issues – Different Views <ul><li>IPAs </li></ul><ul><li>Grants </li></ul><ul><li>Land/property </li></ul><ul><li>Workforce </li></ul><ul><li>Communications </li></ul><ul><li>Universities </li></ul><ul><li>PROSPECTS </li></ul><ul><li>Revenue growth </li></ul><ul><li>Profits </li></ul><ul><li>Partners </li></ul><ul><li>Customers </li></ul><ul><li>Technical skills </li></ul><ul><li>Personal career development </li></ul>
  11. 11. Core Skills Needed <ul><li>Selling </li></ul><ul><li>Consulting </li></ul><ul><li>Project Management </li></ul><ul><ul><li>Internal </li></ul></ul><ul><ul><li>External </li></ul></ul><ul><ul><li>Client </li></ul></ul>
  12. 12. Profiling & Targeting Your Prospect <ul><li>COMPANY </li></ul><ul><ul><li>Turnover </li></ul></ul><ul><ul><li>Cluster/skills/technology </li></ul></ul><ul><ul><li>Market share </li></ul></ul><ul><ul><li>Profitability </li></ul></ul><ul><ul><li>Growth </li></ul></ul>
  13. 13. Profiling & Targeting Your Prospect <ul><li>PEOPLE </li></ul><ul><ul><li>Senior executives </li></ul></ul><ul><ul><li>Responsibilities </li></ul></ul><ul><ul><li>Reporting lines </li></ul></ul><ul><ul><li>Goals (business & career) </li></ul></ul><ul><ul><li>Influencers, champions, decision makers </li></ul></ul>
  14. 14. Profiling & Targeting Your Prospect <ul><li>ORGANIZATION </li></ul><ul><ul><li>Business units involved </li></ul></ul><ul><ul><li>Relationships </li></ul></ul><ul><li>FINANCIAL </li></ul><ul><ul><li>Budgets: </li></ul></ul><ul><ul><ul><li>Responsibility </li></ul></ul></ul><ul><ul><ul><li>Where held </li></ul></ul></ul><ul><ul><ul><li>Authority </li></ul></ul></ul>
  15. 15. Analysing Your Prospects Needs <ul><li>UNDERSTAND BUSINESS NEEDS BY PROBING: </li></ul><ul><ul><li>Overseas activities </li></ul></ul><ul><ul><li>Customers </li></ul></ul><ul><ul><li>Third parties used </li></ul></ul><ul><ul><li>Evaluation & decision processes </li></ul></ul>
  16. 16. Analysing Your Prospects Needs <ul><li>UNDERSTAND BUSINESS NEEDS BY PROBING: </li></ul><ul><ul><li>Major priorities & timeframe </li></ul></ul><ul><ul><li>Benchmarks for success </li></ul></ul><ul><ul><li>How executives are evaluated </li></ul></ul><ul><ul><li>Budgeting cycle </li></ul></ul><ul><ul><li>IS THE PROJECT APPROVED & A PRIORITY FOR PROSPECT? </li></ul></ul>
  17. 17. Sales Channels: Trade Shows & Missions <ul><li>Probably most common vehicle for market entry </li></ul><ul><li>Possibly least effective ( if not done properly): </li></ul><ul><ul><li>80% firms – no participation without subsidy </li></ul></ul><ul><ul><li>60% failed to follow up leads </li></ul></ul><ul><ul><li>50% neutral/negative on results </li></ul></ul>
  18. 18. Sales Channels: Trade Shows & Missions <ul><li>PRE-TRIP: </li></ul><ul><ul><li>Research prospects </li></ul></ul><ul><ul><li>Pre-arrange meetings </li></ul></ul><ul><ul><li>Send target companies information </li></ul></ul>
  19. 19. Sales Channels: Trade Shows & Missions <ul><li>DURING EVENTS: </li></ul><ul><ul><li>Capture enquiries & leads </li></ul></ul><ul><ul><li>Enter into database NOW! </li></ul></ul><ul><ul><li>Use literature sparingly </li></ul></ul><ul><ul><li>Ask open-ended questions </li></ul></ul><ul><ul><li>SELL! </li></ul></ul>
  20. 20. Trade Shows & Missions: Follow Up Immediately after show 2 weeks after show 3 months after show 6 months after show 1 year after show 18 months after show 2 years after show
  21. 21. Selling To Senior Executives <ul><li>Address client’s business needs </li></ul><ul><li>Promote your region’s strengths that address those needs </li></ul><ul><li>Know your competitors, their strengths & weaknesses </li></ul>
  22. 22. Selling To Senior Executives <ul><li>What helps them </li></ul><ul><li>What helps their company </li></ul><ul><li>What adds value </li></ul>
  23. 23. Selling To Senior Executives <ul><li>EXAMPLES OF TANGIBLE BENEFITS: </li></ul><ul><ul><li>Measurable increases in revenues </li></ul></ul><ul><ul><li>Greater market share </li></ul></ul><ul><ul><li>Reduced time to market </li></ul></ul><ul><ul><li>Reduced cost of sales </li></ul></ul>
  24. 24. Selling To Senior Executives <ul><li>EXAMPLES OF INTANGIBLE BENEFITS: </li></ul><ul><ul><li>Reduced risk or worry </li></ul></ul><ul><ul><li>Ability to set new trends </li></ul></ul><ul><ul><li>Improved employee morale </li></ul></ul><ul><ul><li>Appreciation of human capital/asset </li></ul></ul>
  25. 25. Compelling Proposals <ul><li>Executive Summary </li></ul><ul><li>Need/problem </li></ul><ul><li>Benefits of solution </li></ul><ul><li>Solution </li></ul><ul><li>Delivery </li></ul><ul><li>Conclusions </li></ul>
  26. 26. Compelling Proposals <ul><li>GRADING PROPOSALS: </li></ul><ul><ul><li>A: Letter & brochure (24 hours) </li></ul></ul><ul><ul><li>B: Brief formal </li></ul></ul><ul><ul><li>C: Formal </li></ul></ul>
  27. 27. Compelling Proposals <ul><li>Plain English </li></ul>“ Fax Transmission Network Access Cost Optimization Proposal” “ Reducing The Cost Of Accessing The Network For Fax Transmissions”
  28. 28. Compelling Proposals <ul><li>Plain English </li></ul><ul><li>No jargon </li></ul><ul><li>Explain acronyms </li></ul><ul><li>Glossary </li></ul>
  29. 29. 5 th Annual Investment Promotion Masterclass Advanced Selling Skills for IPAs Derek Perkins Perkins Associates

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