Selling(A VERY brief overview)

Prospecting & the law of numbers

• There are nearly 7 billion people on the planet. There are ALWAYS customers out there somewhere who want what you’re offering. But weathering the process of finding them is what kills the vast majority of salespeople.

• Recognize & accept that you will probably need to “touch” 10 or 20 or 50 prospects for every one “lead”.

• Leverage social media/networking, ORBIS, census/demographic information, & other resources (B&E Library!) to get publicly available information on your “touches”. This helps you target ones who are more likely to become “leads”.

• DOCUMENT EVERYTHING. No piece of information you glean about a “touch” is too insignificant. They all help you to get to know the touch better and give you opportunities to build a relationship.

• Don’t take rejection personally. It’s an omnipresent part of the process.

The “Bible of Selling” according to Neil Rackham

• “Leads” become “prospects” by talking with them about details of their situations that relate to problems you can help them solve.

• SPIN Selling & Major Account Sales Strategy– Recognition of Needs

• Situation• Problem• Implications• Needs-Payoff

– Evaluation of Options– Resolution of Concerns

• Manage prospects in each stage above like a “funnel” – ratio of 5-10 prospects for each successive stage.

• Some useful references:– Rackham, Neil. SPIN Selling. McGraw-Hill: New York. (ISBN 0070511136)– Rackham, Neil. Major Account Sales Strategy. McGraw-Hill: New York. (ISBN 0070511144)– Khalsa, Mahan. Let’s Get Real or Let’s not Play. Franklin-Covey/White Water Press: Salt Lake City. (ISBN

1883219507)

CRM SystemsApplication/Service Price* Comments**Salesforce.com $5-250

per user per month

Market leader, large installed base makes it likely that salespeople you hire are familiar with the software. Completely cloud-based, with a number of optional upgrade modules. Scalable.

Netsuite $499-999 per month plus $79-99 per user

More of a complete ERP solution, as opposed to a CRM-specific solution like Salesforce.com.

MyDials $250 per month (unlimited users)

Particularly robust reporting/analytics/forecasting capabilities. Integrates well with Netsuite.

• You can also use Access, Excel, or the contacts folder in MS Outlook to get you started.

Capital Acquisition Plan – Revisited• Credit Card Debt & Lines of Credit (initial)

– Credit rating, personal financial situation of founders

• Bank Debt (once you get up and running)– Assets of business– Financial statements of business– Business plan

• Equity Investors (initial)– Individuals

• Friends & family with personal savings of $10,000+– The higher the personal savings, the less risky it is for them to peel off a couple grand.– Should get some sort of personal enjoyment/satisfaction out of business in exchange for risk

assumed.– Advice Partners

• Larger, more established business partners who have an interest in seeing your business succeed– Venture Capital/Angel Investors/Crowdsourcing

• Crowdsourcing is an emerging micro-capital investment market. Keep your materials in circulation.• VENTURE CAPIAL & ANGEL INVESTMENT ALMOST NEVER HAPPENS – ESPECIALLY FOR

LIFESTYLE BUSINESSES. But keep your materials in circulation – “you can’t win if you don’t play”.