processes. It may be year-over-year growth in sales, return on investment (ROI), customer satisfaction, or retention rates. Whatever it is, define that measurement so that you can address performance in terms in which your audience can relate.
Although smaller sales may involve only a single decision maker, most larger sales today involve multiple decision makers as well as key influencers and stakeholders – people who have an interest and/or influence in the product or service being purchased. Knowing who all these players are and what their role is in the decision-making process is important because you need to address each of their unique needs and interests to make sure your deal doesn’t get stalled somewhere along the way. Most of the individuals involved in your presentation fall into one of the following three categories:
✔ Problem owner: These are the people affected by the problem and typically the ones who will be using your product or service or be directly impacted by it. For example, if you’re selling medical equipment, it may be a nurse or medical specialist. If you’re selling a CRM solution, it may be a salesperson. Although problem owners may not be directly responsible for making the decision or even be at the presentation, don’t underestimate these key individuals’ potential to make or break a sale. No organization wants to invest in a product or service that is a hard sell internally.
✔ Problem solver: This is the person who is seeking a solution to the problem and may be your point of contact at the organization. This individual may be the same as the problem owner, or she may be a manager, a consultant, or a buying committee who has been tasked with evaluating and vetting vendors. Like the manager of a sales team who needs a CRM system, the problem solver may be directly impacted by the problem; however, even if she isn’t, she has a vested interest in the solution and your ability to do what you say you can do because her reputation is at stake.
✔ Decision maker: This is the person who is ultimately going to write the check to solve the problem. For larger purchases, this is typically a person from the C-suite whose interests are broad and usually take into account how the decision will affect the organization as a whole as well as how it fits in with other corporate objectives. The decision maker may not be at your presentation, but it’s important to address her needs and expectations, especially providing financial validation and alignment of your solution to company goals to avoid your sale making it all the way up the ladder only to get vetoed at the top.
Having a prospect excited about moving forward only to be unable to meet her deadline is disappointing. Clarifying your prospect’s expectations and timelines up-front can save you a lot of frustration later. Finding out about any time issues, deadlines, or objectives also gives you a good handle on your prospect’s level of urgency. If she tells you there is no real timeline, take note. You may want to re-evaluate the opportunity, dig deeper into the impact of the current problem, or find out what would have to happen to make it a greater priority.
Even if you think you know what other vendors your prospect is talking to, asking the following questions is a smart practice because your prospect’s answers may surprise you and affect your messaging dramatically.
✔ What/who else is the prospect considering to solve the problem? Knowing what or who your competition is going into your presentation is necessary to help you address key differentiators and competitive advantages; however, don’t stop there.
✔ Why is the prospect considering them? Don’t assume you know the answers. Let the prospect tell you in her own words. After all, you aren’t competing against your competition as much as you are against your prospect’s perception of your competition. Identifying current or prior allegiances or loyalties now can save you a load of heartache down the road. Refer to the later section on “Analyzing your competition” for more information.
✔ What is their buying history? Past behavior is the best indication of future behavior, so discovering how your prospect has made similar purchases in the past and what her experience was with them is certainly valuable. Were there any noncommitment or payment issues? Take these factors into consideration as you evaluate the opportunity and if you win the deal.
Who, what, where, and when are basic questions that every vendor will ask, but some finer points you can use to your advantage include the following:
✔ Who can you contact? Like most vendors, you want to find out who will be attending the presentation and what role each individual plays in the organization. Take it a step further and ask for each person’s contact information as well. Your real competitive advantage will come from reaching out to additional influencers and problem owners within the prospect’s organization prior to the presentation to gain insight and build rapport. Check out the section Speaking to decision makers and key influencers” later in this chapter.
✔ What is the format? Is this a high-level overview or a deep dive? Does your prospect expect you to follow a script or a particular agenda? How much time do you have? Although often the time is allotted to you as something like “90 minutes next Tuesday,” you may be surprised to find that you can get additional time if you ask for it. Take a more assertive role in the planning stage and ask first what your prospect’s expectations are and develop an agenda around it so you can recommend the time needed to address all concerns.
✔ Where and when will it take place? In addition to the basic information on location and timing that every vendor will receive, find out ahead of time how the room is laid out, if you can get in early to set up, and if other companies are presenting, what the order is.
If you have to do a presentation without much time to plan – you’re responding to a web lead or referral, or simply a prospect who has an urgent need that can’t wait – you can still use this chapter’s information to quickly get what you need to adapt your presentation on the fly. For example, assume that you’re a real estate agent and you receive a phone call from a homeowner who wants to list her house. She is interviewing two agents that evening and only has a few moments to talk on the phone. Here’s what you would quickly find out in your conversation using the preceding eight points:
Challenge/opportunity: The homeowner and her husband want to sell their condo.
Trigger event: The husband works at home and now the wife’s office is closing so she’ll be working at home as well.
Status quo: They live in a two-bedroom condo, with one room designated the husband’s office. It’s been recently updated and has great views of the city.
Impact: If they don’t sell, the wife will be working out of the living room, they’ll be cramped, and frustrations will grow.
Goals: She would like to get $400,000 for the condo. She recognizes this is above-market price, but they’ve added $50,000 in upgrades.
Decision makers: The wife is the problem owner, problem solver, and co-decision maker with her husband.
Urgency: Her office is shutting down in two months so she would like to be in new place by then so she can set up her office.
Competition: She is also meeting with her co-worker’s cousin who just got his real
