Many people do not take advantage of trade shows and industry events. Those in sales selfishly chase potential clients who rarely respond to an outreach after the show. Some think everybody is a client or immediate referral source. After a recent trade show one consultant emailed me his web brochure and asked me to think of him. I have no connection to his business or connection with an immediate need.
The best way to use these expensive opportunities is to find people that you enjoy. Focus on quality conversations that are likely to be remembered after the show. Ask people to follow-up for coffee or lunch. If that's not possible check in by email. Don't ask them to visit your website or learn more about your service offering.
For example I met somebody at an event a few months ago. She works in an industry that is of interest to me. We had a great conversation. After the event I reached out to ask for connections to a few people she knows. It was not a problem for her and actually helped her get back in touch with them. We like talking to each other.
My sales business is based on these connections and the ability to leverage this network in a way that is respectful and helpful for them.
Saturday, December 31, 2011
How to succeed in a very crowded market
At the OMS conference in Chicago earlier this year a panelist described her experience evaluating marketing technology vendors. Each company had its own unique value proposition and best in class technology that reinvented its particular industry niche.
From her perspective all of it sounded the same. Her eyes glazed over listening to what to her was essentially the same product pitch. Case studies and claims of superior performance improvement did not help her understand the value to her company.
My current company OptiMine Software does have a revolutionary technology that reinvented a category. We have a spreadsheet to show prospects with very specific data how well the software performed in a testing environment. To say that I felt a need to change my approach in response to her comments is an understatement.
The first solution is to identify a specific challenge or opportunity in conversation with a client who took the time to investigate the software. If this is not possible a real opportunity does not exist. Then allow the client an easy way to test the validity of our claims at a very minimal investment in budget and time.
This approach works but the product has to deliver. It's not easy to compete against deeply entrenched players with stronger branding and market presence. However with a better product it is certainly possible with the right approach.
From her perspective all of it sounded the same. Her eyes glazed over listening to what to her was essentially the same product pitch. Case studies and claims of superior performance improvement did not help her understand the value to her company.
My current company OptiMine Software does have a revolutionary technology that reinvented a category. We have a spreadsheet to show prospects with very specific data how well the software performed in a testing environment. To say that I felt a need to change my approach in response to her comments is an understatement.
The first solution is to identify a specific challenge or opportunity in conversation with a client who took the time to investigate the software. If this is not possible a real opportunity does not exist. Then allow the client an easy way to test the validity of our claims at a very minimal investment in budget and time.
This approach works but the product has to deliver. It's not easy to compete against deeply entrenched players with stronger branding and market presence. However with a better product it is certainly possible with the right approach.
Listen rather than talk but not at first
Many sales books talk about the importance of listening to the customer. Most share the belief that salespeople should talk 10% of the time and the customer 90%.
However trust must be earned before this listening rule can be applied. Most corporate managers will not disclose much without an NDA. Also most people don't want to air dirty laundry when talking to strangers. In some cases people just want context first.
As Keith Eades describes in Solution Selling sharing success stories helps earn trust and establish relevancy. I'd take it a step further. On a call yesterday with a major financial services company the prospect told me to demo our software first.
Even with all the public information about our products most prospects don't really understand what we do. Once that is clear then we have earned the right to listen and ask questions. If the prospect won't talk then it is imperative to find out what is happening.
A few months ago at the listening stage the prospect would not disclose much. I asked why there is no interest. The answer was that in his company without an NDA nothing will be disclosed.
He is very interested but timing is bad until a broader strategic review is completed. Don't be afraid to ask pointed questions and challenge vague answers. You have the right after spending time talking about the product.
However trust must be earned before this listening rule can be applied. Most corporate managers will not disclose much without an NDA. Also most people don't want to air dirty laundry when talking to strangers. In some cases people just want context first.
As Keith Eades describes in Solution Selling sharing success stories helps earn trust and establish relevancy. I'd take it a step further. On a call yesterday with a major financial services company the prospect told me to demo our software first.
Even with all the public information about our products most prospects don't really understand what we do. Once that is clear then we have earned the right to listen and ask questions. If the prospect won't talk then it is imperative to find out what is happening.
A few months ago at the listening stage the prospect would not disclose much. I asked why there is no interest. The answer was that in his company without an NDA nothing will be disclosed.
He is very interested but timing is bad until a broader strategic review is completed. Don't be afraid to ask pointed questions and challenge vague answers. You have the right after spending time talking about the product.
Planning a marketing event in Chicago
My company OptiMine Software gave me the opportunity to create a marketing event in Chicago. We are planning for late March but have not settled on a date yet.
Bin36 offered the best combination of cocktails, food and classroom seating for a panel discussion. I'll announce the panel members over the next few weeks and date of the event.
Rob Cooley our CTO will be on the panel and Josh Dreller from Fuor Digital will moderate. Rob believes that it is critical to optimize each marketing channel to avoid wasteful spending. However books such as ZMOT discuss how to align marketing investment across channels at a high level with consumer behavior patterns.
At OptiMine we see that paid search marketing spend is very wasteful. Improvements in this channel will yield considerable results. However companies are also learning how to use data to better allocate investment across new channels like social, mobile and display. Opportunities in both of these areas will be debated.
At this early stage we have not settled on this topic. Please weigh in on what you want to learn about from our expert panel.
Bin36 offered the best combination of cocktails, food and classroom seating for a panel discussion. I'll announce the panel members over the next few weeks and date of the event.
Rob Cooley our CTO will be on the panel and Josh Dreller from Fuor Digital will moderate. Rob believes that it is critical to optimize each marketing channel to avoid wasteful spending. However books such as ZMOT discuss how to align marketing investment across channels at a high level with consumer behavior patterns.
At OptiMine we see that paid search marketing spend is very wasteful. Improvements in this channel will yield considerable results. However companies are also learning how to use data to better allocate investment across new channels like social, mobile and display. Opportunities in both of these areas will be debated.
At this early stage we have not settled on this topic. Please weigh in on what you want to learn about from our expert panel.
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