The two billion złoty cold call
Back then, there was nowhere near the amount of Class A office space in Warsaw as there is today, so many of the big name companies made Intraco their home.
After a successful negotiation and signed contract with Rothman's of Pall Mall, we hit the elevators, and since we were already in the building and were past the 'No Soliciting' sign, we decided to stop and visit a few companies on our way out of the building.
Generally, we would just have a quick chat with the secretary and get some contact names to call for next time, but this was our lucky day. On our first visit, to PIONEER Investment Fund, we introduced ourselves to the secretary and inquired about who would be the best person to contact about promotional product sales. She immediately contacted the decision maker, and told him he had guests in the lobby.
Out came this smiling jolly fellow, who greeted us and asked us to come into his office. He was so impressed that someone had actually cold called his office - he didn't even know what we were selling yet - that he invited in some of his staff to listen to what we had to offer.
Although not completely prepared for a formal presentation, we decided to wing it and started showing him what business we were in. Within five minutes he exclaimed, "this is great, this is exactly what we were looking for! We can use all of this as presents for our investors and clients. We'll take 25,000 hats, 10,000 T-Shirts and 2,000 Polo Shirts. How much is that going to cost? And how fast can you deliver it?" We walked out of there with a signed contract, and a week later we had an advance payment.
In the Polish currency of the day, that was a two billion złoty order! Not bad for a cold call. And best of all, the client was completely satisfied with our work, and went on to become one of our key accounts for years to come.
Those were the days. Wouldn't it be nice if you could just stroll into potential buyers' offices and walk away with signed purchase orders. But alas, the times have changed. Today, in Poland - like the rest of the world - sales success depends on a much more methodical approach to selling. It is referred to as 'The Sales Cycle'.
Whether you are selling life insurance, real estate, or media advertising, there are a number of steps that you should go through in order to get the sale and ensure future cooperation. Many of the problems that occur in the selling process happen because of failure to take all the steps in the cycle. Not every company has the same sales cycle, so we recommend that if you don't have one documented for your company, you make it a priority. Setting it down in writing will serve as a useful training tool for new sales reps. Experienced reps will also benefit by being able to talk with managers about where they are in the selling process with each client.
Step 1) Organization and planning
Before you jump right into the selling process, you need to step back and look at the big picture. Make sure you have all the tools necessary to navigate yourself from start to finish. If you find yourself responding to situations as they come up, you will undoubtedly be rushing around putting out fires, and that will show.
Step 2) Prospecting and lead generation
Identify the companies you want to do business with. There are many different methods of prospecting such as sending out information brochures, cold calling and attending trade shows. There are also advanced stages of prospecting when clients are 'red hot' and are looking to buy. In this case, your steps are moving quicker than expected, so be ready for a work-out.
Step 3) Relationship building
Clients don't buy on price alone. You have to build trust and show credibility. The best way to do this is with references and testimonials. Your competition always say they can offer the same thing as you; the client doesn't know if this is true or not so, instead of asking them to take your word for it, show them what your clients think of you. It also doesn't hurt to have some business lunches or dinners, and to get them out of the workplace and that 'you vs. them' environment. Once they know you are on their side, they will relax much more and offer you much more information.
Step 4) Information gathering
Get as much information about the client and contacts as you can. Start a file where you keep information about their company and industry. Information is part of your arsenal; the more you can talk to your client about business issues and not just price, the more he will see you as an equal.
Step 5) Assess the client's needs
Before you can recommend a product or service, you need to decide what it is they are after. Here's a great example from our favorite movie King Pin:
Roy Munson: "How about a gross of fluorescent condoms for the novelty machine in the men's room? I mean, those are fun even when you're alone. We're talkin' the hula hoop of the nineties."
Bowling Club Manager: "Look, I've told you. We don't need nuthin'. We don't even have a novelty machine in the men's room anymore."
Like Roy, too many sales reps propose a solution before they know the problem. Stop preaching - and start asking questions.
We'll finish the second half of the sales cycle two issues from now. Next time, we're going to discuss what the sales force can do about customer loyalty, and particularly how loyalty programs can help in building loyalty. If you have any thoughts or examples of your own company's loyalty program, please share them with us and we'll try to include them in the article. Just write to us at saleseye@lynka.com.pl.
Matt Lynch is the national sales director of LYNKA Promotional Products. John Lynch is president of LYNKA.
After a successful negotiation and signed contract with Rothman's of Pall Mall, we hit the elevators, and since we were already in the building and were past the 'No Soliciting' sign, we decided to stop and visit a few companies on our way out of the building.
Generally, we would just have a quick chat with the secretary and get some contact names to call for next time, but this was our lucky day. On our first visit, to PIONEER Investment Fund, we introduced ourselves to the secretary and inquired about who would be the best person to contact about promotional product sales. She immediately contacted the decision maker, and told him he had guests in the lobby.
Out came this smiling jolly fellow, who greeted us and asked us to come into his office. He was so impressed that someone had actually cold called his office - he didn't even know what we were selling yet - that he invited in some of his staff to listen to what we had to offer.
Although not completely prepared for a formal presentation, we decided to wing it and started showing him what business we were in. Within five minutes he exclaimed, "this is great, this is exactly what we were looking for! We can use all of this as presents for our investors and clients. We'll take 25,000 hats, 10,000 T-Shirts and 2,000 Polo Shirts. How much is that going to cost? And how fast can you deliver it?" We walked out of there with a signed contract, and a week later we had an advance payment.
In the Polish currency of the day, that was a two billion złoty order! Not bad for a cold call. And best of all, the client was completely satisfied with our work, and went on to become one of our key accounts for years to come.
Those were the days. Wouldn't it be nice if you could just stroll into potential buyers' offices and walk away with signed purchase orders. But alas, the times have changed. Today, in Poland - like the rest of the world - sales success depends on a much more methodical approach to selling. It is referred to as 'The Sales Cycle'.
Whether you are selling life insurance, real estate, or media advertising, there are a number of steps that you should go through in order to get the sale and ensure future cooperation. Many of the problems that occur in the selling process happen because of failure to take all the steps in the cycle. Not every company has the same sales cycle, so we recommend that if you don't have one documented for your company, you make it a priority. Setting it down in writing will serve as a useful training tool for new sales reps. Experienced reps will also benefit by being able to talk with managers about where they are in the selling process with each client.
Step 1) Organization and planning
Before you jump right into the selling process, you need to step back and look at the big picture. Make sure you have all the tools necessary to navigate yourself from start to finish. If you find yourself responding to situations as they come up, you will undoubtedly be rushing around putting out fires, and that will show.
Step 2) Prospecting and lead generation
Identify the companies you want to do business with. There are many different methods of prospecting such as sending out information brochures, cold calling and attending trade shows. There are also advanced stages of prospecting when clients are 'red hot' and are looking to buy. In this case, your steps are moving quicker than expected, so be ready for a work-out.
Step 3) Relationship building
Clients don't buy on price alone. You have to build trust and show credibility. The best way to do this is with references and testimonials. Your competition always say they can offer the same thing as you; the client doesn't know if this is true or not so, instead of asking them to take your word for it, show them what your clients think of you. It also doesn't hurt to have some business lunches or dinners, and to get them out of the workplace and that 'you vs. them' environment. Once they know you are on their side, they will relax much more and offer you much more information.
Step 4) Information gathering
Get as much information about the client and contacts as you can. Start a file where you keep information about their company and industry. Information is part of your arsenal; the more you can talk to your client about business issues and not just price, the more he will see you as an equal.
Step 5) Assess the client's needs
Before you can recommend a product or service, you need to decide what it is they are after. Here's a great example from our favorite movie King Pin:
Roy Munson: "How about a gross of fluorescent condoms for the novelty machine in the men's room? I mean, those are fun even when you're alone. We're talkin' the hula hoop of the nineties."
Bowling Club Manager: "Look, I've told you. We don't need nuthin'. We don't even have a novelty machine in the men's room anymore."
Like Roy, too many sales reps propose a solution before they know the problem. Stop preaching - and start asking questions.
We'll finish the second half of the sales cycle two issues from now. Next time, we're going to discuss what the sales force can do about customer loyalty, and particularly how loyalty programs can help in building loyalty. If you have any thoughts or examples of your own company's loyalty program, please share them with us and we'll try to include them in the article. Just write to us at saleseye@lynka.com.pl.
Matt Lynch is the national sales director of LYNKA Promotional Products. John Lynch is president of LYNKA.
