SENDING SIGNALS: The Ugly Truth About Those Small-Ticket, "Bargain-Hunter" Clients...

Sending Signals with Douglas Castle

Greetings, Noble Readers:

Fact: You'll do more work and incur more liability for a $100.00 transaction or client relationship than you will for a $10,000.00 transaction or client relationship. Here are several of the reasons, several of the strategies to deploy and several new ways to view "selling" your expert services to any client.

1. Clients who are bargain-hunting feel that they are doing you a good turn by "favoring" you with their "important business". They are possessed of an inherent feeling of entitlement at the outset of the relationship.

2. The poorer the client, the pettier the issues. Since their budgets are so severely constrained, they will demand more of you; they will be obsessive about getting their "money's worth".

3. Clients believe (sometimes subconsciously) that you "get what you pay for." Therefore, the less they pay, the less they respect you. No matter what is said, they will perceive you as desperate for courting and accepting their business.

4. The less a client pays, the more you are viewed as a "substitutable utility," or a "tradeable commodity," and the less you are viewed as a professional, an expert or as a success in your field.

5. Quoting Groucho Marx, "I wouldn't belong to any club that would have me as a member." Clients inherently resent consultants and service providers who would reduce their professional stature and dignity to accommodate an undesirable or inherently recalcitrant client.

6. A client who is able to obtain a rate concession from you with any degree of ease (and without a substantial quid pro quo) will continue to follow this precedent with further negotiations and concessions demanded of you.

7. Quote your own rates and remain firm. It is important to set a precedent of inflexibility in all matters which could bear some reflection on your self-worth. Make it a point to cite that your services are not inexpensive.

8. Always hesitate before accepting a prospect as a client, citing your unwillingness to take on an assignment that does not suit you, or to engage with a client with whom you don't know if you'll have adequate time. Be a bit of a snob -- a prima donna. Establish that a) your time is very valuable, and b) that you do not have much time to spare.

9. Make your prospective client "sell" himself or herself to "you." A client should feel as if he or she has won a grand prize when you've agreed to take on a proffered engagement.

10. Never invest a great deal of time in promoting yourself to a client. The longer you spend, the less valuable his or her perception of you, and the less regard for your time.

11. If a client puts you in the interrogation chair, immediately turn the situation around and ask a sensitive or humiliating question of him or her. Do not ever justify yourself or spend excessive time citing your experience or qualifications. I have found that the best way to deal with a client who tries to put you in the "hot seat," is to be quite cold and say, "I would think it most appropriate if you would conduct your own due diligence with respect to my work. When you've satisfied yourself as to my credentials, please telephone me then." If you are truly masterful, you might even say, "there are any number of firms/consultants who, I am certain, would make themselves available for your engagement -- in fact, maybe one of those firms/consultants would be more accommodating to your budget and needs." [This is actually quite insulting if it is said with a slight Thurston Howell III lockjaw accompanied by body language signalling aloofness -- you may wish to modify or tone down this approach. I just happen to enjoy it "as is"]

12) As a general rule, a prospective client who does not feel that he or she has had to win your confidence, attention and interest will always be difficult to work with. [I've ended a sentence with a preposition, just to impress you with the fact that I don't have to impress you...]. Let your client feel that he or she has found and retained the very best.

Starting a Client relationship is always business first, with familiarity and friendship much further down on your list of priorities. To purposefully misquote an old aphorism, "Too much familiarity breeds disrespect."

Stop throwing pitches and start catching clients. Don't sell -- educate, tantalize and aim very high.

Don't be enslaved by a whining galley of ungrateful, low-paying clients. They will ultimately destroy your reputation, and far worse...they will damage your precious self-esteem. No one has that right. Remember that.

Faithfully,

Douglas Castle

http://aboutdouglascastle.blogspot.com/
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TERMS: pricing, fee structure, presentation, self-esteem, negotiations, perception, professionalism, education versus sales, over-selling, credibility, arrogance, indignity, respect, power, posturing, THE NATIONAL NETWORKER, blogs by Douglas Castle, familiarity, budgeting time, choosing clients, picking your battles, winning, negotiation, compromise, the value of your time, setting precedents...

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SENDING SIGNALS: The Ugly Truth About Those Small-Ticket, "Bargain-Hunter" Clients...

DEALING WITH GIANTS: Preparing for the First Meeting

Dealing with Giants with Claudine Halpern

CONGRATULATIONS; you’ve scored a first meeting with the Big Boys, What Now?

Remember what your mother said about first impressions, well she was right, you have about two milliseconds until everything that you and your company represent registers with your Big Boy prospect.

In this article we will talk about the how to make that great first impression, and accomplish the first step toward turning the Big Boy into the Big Profitable Customer.

Emotions and Intellect

Always remember that we are human beings reliant on all our senses for information. Intellectualizing emotions does not mean that they go away, we heed our emotional impulses whether we admit it or not. Let’s keep all aspects in mind while we talk through the problem.

Be Prepared

The Boy Scout’s motto of Be Prepared should be you mantra, I can’t emphasize planning enough. This article is about preparing for the first meeting, next month’s article will be about How to Own the Big Boy meeting, TAKING CONTROL and KEEPING CONTROL.

Who’s coming to the Meeting

I worked with a small company whose founder/CEO was insistent on going to every meeting that was held, as you might imagine this overkill did not go over very well. The CEO was a larger that life figure who had some really strong opinions about everything and was totally in love with his product, we want that in a CEO, but not for exploratory meetings.

Know who’s coming to the meeting, if the Big Boys have three mid-level people coming to vet your firm’s capacity, don’t bring ten people, overkill shows desperation.

On the contrary if the room will be filled with twenty Big Boy participants, you don’t need 20 people to match one to one.

You need to have the knowledge and clout in the room so that you are matched in experience, business knowledge, and capability.

So how do you get people to a meeting, representing your firm, if they don’t exist? Many emerging and startup companies do not have the staff to bring to meetings with the Big Boys. Beg, borrow, steal or hire the right people for the meeting. I have clients who call on me specifically to manage Big Boy meetings and communications; they understand the need and value of a strong first impression.

Dressing for Success is not Outdated

The first thing that a person registers is how you look. That doesn’t mean that you need to be a candidate for America’s Top Model. Dress for impressing, but don’t overdo it. Many firms will tell you that they are business casual. That runs the gamut from sport coat and ties to beat up jeans and tee shirts.

My personal opinion is in New York and on the East Coast, you can’t go wrong with being professionally dressed in a suit and tie. It shows respect for the client and understanding of the holistic local business environment.

In Europe it is critical to be formally dressed for business meetings, in Asia it depends on whether the firm is domestic or international. Domestic firms take cues from the local culture; international firms take their cues from the country of the firms’ origin.

On the west coast and California there is a different norm, but there are still expectations. Most important for men, well-fitted, neat, high quality, classical styles that you are comfortable in. Women have more leeway but I am a proponent of very classic styling for the first impression, keep away from bright colors, overdone jewelry and makeup.

It’s most important be comfortable, the last thing that you need is to be uncomfortable in your clothing while the prospect is trying to make you uncomfortable.

When I manage prospect meetings for emerging and startup companies with new Big Boy prospects, I ask everyone to show me what they will wear. This sometimes causes a bit of internal friction the first time around. I am never questioned on the Dress for Success mantra after that.

Setting Roles; Rehearsing for the Big Show

Write the Agenda, Control the meeting

Determine what you want the Big Boys to think, know and talk about after you leave, then TAKE CONTROL. Write a detailed agenda, chances are that the Big Boys will be really happy to have you do this.

A good agenda includes the following items:

o Question that you are answering- subject

o Who is presenting

o How long it will take

o Timeslots for questions and answers

o Bathroom Breaks

o Meeting Goals

o Timeslot for enumerating Next Steps

Vet the agenda with the Big Boys to make sure they understand what you will talk about.

Formal or Informal Presentation

How many times have you been invited to a meeting, seen the presentation before the meeting, and decided that you have enough information and don’t need to attend. Don’t publish what you will say before you say it. Give just enough information to interest the Big Boys, Hollywood has it right on this, a small teaser trailer is all that you need, use the agenda as tool to accomplish this.

NEVER READ FROM A POWER POINT; I WILL WALK OUT…nuff said

Less is More; Keep it Open Ended

Wouldn’t it be great if the Big Boys ask every question that you want them to? You can make that happen, you can bring the Big Boys exactly to the place you want them be, YOU ARE IN CONTROL. If you do it right the Big Boys will ask the exact questions that you want them to ask, and you will have the killer answer prepared.

Rehearse, Rehearse, Rehearse, Rehearse and Rehearse Again

Go through your presentation four or five times with stand-ins for the Big Boys, anticipate the questions, script the answers, then do it again and again until you are so sick of it you can do it in your sleep, then you’re ready.

Assign all of the people that you bring to the meeting something to say, otherwise why do you need them. Make sure everyone talks; it shows that you have the knowledgeable staff and depth to support the Big Boys.

Create hand signals for things like cut, or please shut up, and hope you don’t need them.

Be Relaxed; or at Least Look Relaxed

This seems like a no brainer but believe me, it’s really important, if you are traveling to your meeting, make sure that you have alternative arrangements to get you there, make sure that you get a good nights sleep, go to the gym, or do whatever it takes to be relaxed and on top of your game.

NOW YOU’R READY, GOOD LUCK

Watch for my next article; Owning the Sales Process with the Big Boys- TAKING and KEEPING CONTROL of the First Meeting

Claudine Y. Halpern, President, The YCH Group, Inc.

Claudine Halpern is a chameleon, she has worked in many different situations during her more than twenty five years in business; as a management consultant, Claudine advised many of the major brokerage, insurance, and financial houses, completing more than fifteen major corporate initiatives during the past ten years. As a crisis manager for major corporations, Claudine successfully brought in projects and products that other firms would not touch. As a specialist in business and management consultancy, Claudine consults to emerging businesses across the spectrum.

email chalpern@theychgroup.com

http://ychmagicclaudinehalpern.blogspot.com/

http://www.linkedin.com/in/claudinehalpern

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DEALING WITH GIANTS: Preparing for the First Meeting