System Selling – The Importance of a “Value Positioning Statement”

As a business advisor I’ve worked with a number of companies over the past 20 years. I’ve find out that one of the greatest challenges that businesses are faced with, is that many times business owners do not have a real good grasp of what they really do for a living and how it benefits others.

The development of a VPS is the real key in our ability to communicate with others about what our company does and how it may solve a prospect’s problem. 

Value positioning statements should be no more than 10-15 seconds in length. A well thought out VPS cannot be emphasized enough

When people ask you what you do for a living what’s your response?

• A value positioning statement starts with I’m in the business of…

• Example: For Levi Inc. the VPS is:

“I’m in the business of building and implementing sales and growth strategies for emerging businesses as well as improving and strengthening the top and bottom line to ensure that a company reaches their full potential”

• You’ll be constantly developing your VPS; it’s never perfect.

Your homework for the next month is to start to capture your Value Positioning Statement. 

System Selling: Networking

Networking is key in generating business opportunities and is an important strategy that, if laid out properly, will get you in front of a number of people in a reasonably short period of time.

While talking to people about networking I’m constantly stressing that it needs to be a 2 way street. I find that in today’s society people are more inclined to be a bit more self serving. If you want to receive referrals you should warm-up to the idea of giving them.

The key aspects of effective networking are:

o   Game Plan: requires researching potential business categories and specific groups

§  Research: you need to be able to gather information on your prospect in all aspects.

§  Objectives & Goals: having a strategy in place in which you can picture what your end result will look like.

·         Example: deciding how many contacts you would like to make at a certain event or over the next month through various means.

o   Perseverance: simply making sure you stick to your game plan.

o   Follow-up: is key because the lack of it seems to be the root cause of why people fail to attract a reliable pool of networked contacts.

Perfecting these key aspects allow you to be well connected in your field of business. The next step is tackling the various networking mediums that are in today’s marketplace. Some of these forms include:

o   Organized networking groups: attending one that meets on a regular basis

o   Business networking: can be in person + using email as a tool for communication.

o   Social media: technology driven, cost effective and requires regular maintenance

o   Trade associations: joining one that has a connection to your business

o   Trade shows

o   Forming core groups with complimentary businesses

§  Example: a realtor, a mortgage broker, a title agency, etc.

Keeping up with connections made through these forms is highly important when trying to build your networking base. Having a strong pool of contacts allows you to generate business for not only yourself but the other people you’re connected with. Making the situation a win-win for all parties involved. In essence, Networking is all about making connections, discovering possibilities, extending connections and developing relationships.

There will be a continuation of networking in next weeks blog update!

System of Selling: Information Gathering and Interviewing

When you first begin to analyze system selling it’s important to know that you need an organized approach in doing business. This starts with information gathering, which allows you to get to know your prospect without actually spending time with them.

Before meeting with a prospective client it’s important to do your due diligence in gathering information about the company and the individual that you’re interviewing.

The things you should do are:

1.    Check out their company’s website, when looking through the site take note of the company’s:

o   Mission Statement

o   Purpose

o   Product or Services

o   Players Involved

o   Business History

2.    Visit the prospect’s LinkedIn and Facebook profiles

o   This will give you a good idea of the experience and background of the individual

o   When looking through their profiles jot down some points of interest that you may share

3.    Doing this will provide you with a good foundation when going into the first meeting. It will be immediately apparent to the prospect that you as an interviewer have done your homework.

o   It’s important to note: just because you gather information on someone doesn’t mean you necessarily need to use it, it could be tucked away for future clarification or developing a better dialogue with the prospect.

4.    Through these information gathering concepts you should be able to gain insight into the company’s strengths as well as identifying weaknesses.

Being prepared before your meeting gives you added confidence, an objective perspective, as well as building a basis for good interviewing. The interview is all about discovering if you have a potential fit. At the end of the interview, both parties should be able to come to a conclusion regarding whether or not you should remain connected. Having good interviewing skills and the ability to gather information is essential in your pursuit of an effective selling system.

Be sure to leave a comment regarding any thoughts you have about this week's post or anything you would like us to cover in future blog posts.

System of Selling: Introduction/ Connecting With People

The introductory phase is really all about the importance of relationship building and connecting with people.

First things first, you need to find networking opportunities that will get you in front of the type of people that you would like to meet. This includes social media contacts as well as face-to-face contacts. As you’re building your network of contacts, there are going to be certain characteristics and traits you are going to look for.

Some things to look for:

·         People that have centers of influence. It’s really all about connecting with people and creating visibility for yourself. In a lot of cases, people don’t know that we exist.

·         Individuals that you would like to build a relationship with. It’s always nice to work with people that you readily identify with, ones you would like to stay in touch with and ones that offer a fresh perspective.

·         You want to develop relationships with people that compliment what you do. A complimentary business usually is one that is not competitive, but may work in the same arena. An example would be a business attorney that builds an alliance with a domestic attorney.

Some things you should remember:

·         You need a strong value positioning statement that will explain to people what you do in short order. An example is Levi Inc. is “in the business of building and implementing sales and growth strategies for emerging businesses”.  

·         Open up the lines of communication. This will ensure continuity and building trust.

·         Do the research and due diligence to determine if any opportunities exist. Keep your funnel of activity full, over time you will build a strong business network.

After all it’s all about building a network of people that you can rely on not only for references but friendship, trust and business.

Next week we’ll continue to add to your portfolio by discussing the essential systems of professional selling.