In today’s data-driven business world, it remains somewhat simplistic that organizations still rely on human interaction and formed relationships to grow and expand their revenue streams. Seventy to eighty percent of sales are won through the relationship process, developed over time through business development cultivation by those skilled in networking and sales.
To succeed in sales, you need a network to sell to. This was one aspect of a presentation called “Winning Work: A Comprehensive Business Development Approach to Winning More Work,” delivered at a recent event hosted by the CCIM Institute. The panel consisted of Tom Ennis Sr., Principal of Pivot Professional Services, Pivot Executive Director Dale Haupt, and Ioana Good, Co-Founder of Find A Rainmaker and Founder of Promova. Tom, Dale, and Ioana shared their thoughts with a group of commercial real estate professionals on the future of business development and how companies are making data-driven decisions to find the right people for revenue generation. Only 46% of companies have had a process in place for formal business development. Sales success depends on more significant time and monetary investment in this development process while simultaneously stressing the importance of the B2B approach.
Let’s unpack this a little.
To succeed in the business-to-business marketplace, the ongoing and continuous efforts to meet and create sales/revenue links are paramount to gaining momentum and growth for any organization.
One must meet clients where they are, which defines a more sophisticated workday that goes beyond the normal 9:00 – 5:00. To drive results, one must be flexible and engaged in what factors incentivize clients to make a purchase.
The best approach to understanding client needs, successes, and challenges is to communicate wisely and often. By becoming active listeners, we will be able to uncover and surface a client’s buying requirements and better serve their needs.
We can talk at a pace of 210 words per minute and process a conversation at 500 words per minute. Become an acute listener. It takes 7-10 direct or indirect touches before someone will remember you and trust you enough to facilitate a sale. Stay at your best and remember the process of Prospecting, Presenting, and Closing!
Having a thriving network of fellow professionals has also been shown to be beneficial for our physical health too. A major part of relationship-building is listening. Listening helps build relationships and “Winning” in sales is much more about forming relationships than landing an account.
The panel stressed the key that networking is not about selling; it’s about connecting with others. This starts by listening to and asking the right questions. What has the prospect tried before (ask!), and how did that work out? What goals are they seeking from a potential deal, and what’s their budget (ask!). Dig a little deeper to determine what is happening within their organization and how this person fits into the organizational structure. Repeat key points so they know you are, in fact, listening. By demonstrating an interest in this person and their company, as well as their well-being as an individual and a fellow professional, you’re showing courtesy and common humanity. Also, by listening intently, you are showing you are different from those relying on the hard sell when what is truly needed is a friendly ear.
A common pitfall of sales is to want to close, well, yesterday. This is part of the reason no one likes door-to-door sellers. They are interested only in transferring money from your pocket to theirs without getting to know you first. Long-term investing in human capital may not mean a financial windfall today, but it will pay off in the long run as your new colleague—and potential friend—learns to trust you.
The presentation touched on an important point —your company must identify those team members adept at networking and closing deals. Find A Rainmaker (FAR) identifies your organization’s Media Moguls, Constant Closers, Notable Networkers, Amazing Analysts, and Creative Collaborators, ensuring that those who are skilled at relationships (Notable Networkers) and those who excel at sealing the deal (Constant Closers) are up-front and public-facing, helping your organization to win more work. There are also people who should receive appropriate coaching and training to further nurture their skills and behavioral traits.
We thank CCIM for hosting us, and we look forward to returning.
To schedule a FAR demonstration, get in touch today at demo@findarainmaker.com.