There is a wonderful clarity to street markets. Amid the hustle and bustle, the brown paper bags and the downtrodden vegetables, the crockery seconds and the dodgy CDs, you can see commerce being transacted in its most naked form.
You could call it ‘Business Unplugged’; no PowerPoint presentations, no glossy brochures, no excuses of ‘couldn’t get past the secretary’ – street traders have had to perfect the sales cycle and compress it into a real-time transaction.
The man who sold me my most recent set of ‘brush-free paint applicators’ (I am a sucker for this stuff) has been in my thoughts a lot this week. In the past seven days, four different people have said they were worried about the lack of sales awareness in their businesses.
‘It’s not our sales people; it’s everyone else.” They mean the finance director raising investment, who can’t sell; the professional services consultant in front of customers every day, who can’t sell; the engineering director creating technology, who can’t sell.
Selling is Life
At least, they think they can’t sell, or they think it’s someone else’s responsibility. Well, if you are one of these people, I have some good news and some bad news. The good is that you can sell; the bad is that you must. Because, whatever your function or discipline, selling is life.
This post is a non-sales introduction to the sales cycle – the principle steps that ALL sales go through, some in minutes, some in months. Whether you’re launching a complex software product or selling an idea to an investor, follow them. Even if you don’t win – and you won’t every time – the steps will help you identify what you need to change.
And the reason I think we all have so much to learn from street vendors is that their business is pure theatre, and a sale is a 5-act drama:
Act 1 – The Hook
(aka ‘the bar stool test’ or ‘the elevator speech’. Timeframe: minutes) For street vendors, the Hook is their advertising. They know they have to break through your indifference and, in a few moments, open a crack of interest in your mind.
Think that your business is more complex, more sophisticated, than selling tea towels or camcorders (last year’s model)? ‘Probably is – but you still need to grab the attention of your customers. And not just any attention; it must be relevant attention. In those first few moments, you set the stage for everything that’s to follow. You have to be relevant, timely and specific to your business.
You have to make it quick, memorable and utterly compelling. Test it, and keep testing it, to see what combination of words gets heads nodding and pupils dilating. Get a positive response now, and you’re half way to the sale
Act 2 – The Pitch
(aka ‘the presentation’ or ‘the lunch’. Timeframe: hours) The pitch is when you begin to set out your stall, describing the problem you solve, the way you solve it and the benefits you deliver. Think about that for a moment. That’s three slides. Everything else is just padding.
Beware of a major pitfall here. Make sure that the problems you outline are not too generic.
I learned this the hard way. A few years ago I pitched to the editor of a major publication. My first slide began with a list of MAJOR INDUSTRY ISSUES.
“Hold it right there. Let me guess. Your next slide says X, the one after says Y, and the one after that says Z.” Er, yes. How did you know? “Because every vendor in the space says exactly the same thing.”
The answer? To frame the problem in terms unique to your solution. Don’t lose sight of the fact that the purpose of the pitch is to take the customer further down the path towards your solution, not a solution. One of the mantras of professional selling is ABC – always be closing. You should be thinking about how to get to the close when you’re on your first slide.
Act 3 – The Paper
(aka ‘the business plan’ or ‘the proposal’. Timeframe: days) Yes – street vendors do go through this step. “Look darlin’; this is pukka. It’ll cost you FORTY FIVE paaahnds in Selfridges.” He’s not asking for money yet – just putting a stake in the ground to set expectations.
In B2B this isn’t the final proposal, but it is when you document how you’ll fulfil the expectations you set in the pitch. Outline your processes, numbers, activities, list prices, and all variables. Move in from the generic to the specific, marrying the two sides of the equation: the parameters of the customer’s pain, and value you expect for resolving his/her problem.
When there are a lot of opportunities coming your way, it’s tempting to cut and paste from other proposals. Don’t do it. Customers have in-built antennae that spot generic text at a hundred paces. At each paragraph, keep asking yourself: Does this reinforce my Hook and Pitch? Does this take the customer further down my path? Does this offer greater value than anyone else?
Act 4 – The Proof
(aka ‘due diligence’, ‘free trial’, ‘product evaluation’, ‘2nd opinion’. Timeframe: weeks)
There is only one purpose to this stage of the cycle. Make the customer comfortable. De-risk the risk. Every purchase is a gamble – your product may not work, your business may not survive, the tea towel pattern might run in the wash. You have to prove that you can deliver what you’ve promised in the first three acts.
Show proof, don’t tell. Show, show and show again. B2B buying is a team event; you’ll have to show multiple actors. Have it ready and lined up before you take your Hook to market. You’d be amazed by how many businesses aren’t ready to show Proof when it’s asked for. Do you have your happy customers lined up? Your live product demo? Endorsements from third-parties? Evaluation copy and licence ready to be signed?
Act 5 – The Deal
(aka ‘term sheet’, ‘order’ or ‘contract’. Timeframe: months) There aren’t many variables when you’re buying tea towels. It’s different in B2B, so it takes longer. But street basics still apply; you have to ASK FOR THE ORDER. And as you’ve come this far in the drama, it’s time to haggle how not if.
* * *
Professional sales people hone their craft over many years. They are the leading lights of the 5-act drama, and deserve their ovations when they bring in a full house.
Your stage may not be so visible. You may be playing a ‘supporting’ role. But for the good of your career and the success of your ‘company’, take a couple of hours to watch the sales workshop at a street theatre near you.
Popularity: 10% [?]
So, you’ve built a very successful business. You’ve put heart and soul into it, burnt the midnight oil, taken risks, made sacrifices, reached your goals. You are now richer that Croesus and more famous than the Queen.
Next step? The business biography.
You interview some ‘co-writers’, select one you like, set to work and within a few months your draft is off to the printers. The promotional tour is arranged, the Richard & Judy session diarised, the launch party on your yacht is in hand. Then the publisher calls:
“What are we going to put on the front cover?”
Well obviously, it’s going to be a picture of you; after all, you are your brand. But you doing what? Sitting behind your desk; shaking on a deal; walking the golf course?
No; it’s going to be a portrait, direct into the camera. You’re going to connect with the reader. You’re a straight talking exec, so you’re going to look them straight in the eye.
All well and good. But the big question is still unanswered: what are you going to do with your hands?
Can’t decide? Then here’s the Business Bio Arms Guide. Body language speaks volumes: chose carefully.
The Defensive Cross is the most popular option (see above, and many others in the genre), even though it makes you look like you may have something to hide – which, given the frank advice you’re offering, is somewhat counter-productive. Facial expression is important here. Too smiley, and it’ll look like you’re giving yourself a hug because you’re so wonderful. Too serious, and you’ll look like a nightclub bouncer (but hey – you ‘mean business’). .
The Lean Iococca is only a safe choice at the end of your tenure. Hands linked at the back of your head, body angled back in your seat, shirt under-arms displayed for the world to see – this is a great pose if you’re running a dry cleaning business, but otherwise you’ll seem incredibly smug. Especially if the business that you personally saved is now dependent on multi-billion dollar government bail outs.
The Engaging Clasp. Don’t lean back, lean forward. Rest your forearms on your knees, and interlock your fingers. The readers will be interested in you because you are be interested in them. You are the warmer, softer, more human side of business. It doesn’t all have to be swearing and fighting. This is not a polemic; it’s the beginning of a dialogue.
The Cool Cut really only works if you’re in the fashion business. Look like you’ve spent too much time worrying about your appearance and you’ll look like you’ve spent too much time, well, worrying about your appearance. But that’s OK if you have fashion in your portfolio. Careful about that one-hand-in-the-pocket, though: for every person who sees you as nonchalant and debonair, there’ll be someone else thinking that you’re counting your change.
Shoulder the Blame. Only to be undertaken when all the skeletons are already out of the cupboard and it’s time to clean house. More a confessional than a self-celebration, it only works for those who can handle a little humility and are willing to be stand-up, admit mistakes, learn and move on. A paradox, this one. The least appealing look, but you probably have the most to teach.
The Supporting Hand(y). Not to be attempted if you do not have the time to listen to Thought for the Day, never mind to write one. Probably not suited to those still in the thick of things, or with anything left to prove. Can make you look like you’re listening to a conch shell, but that’s okay because it implies deep seated, at-one-with-the-world, wisdom. For the eminence gris only.
The Trump. Don’t even think about it.
Popularity: 11% [?]
Second Thoughts