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Archive for July 2017

WIIFM: What’s in it for me?

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“Data is not information, information is not knowledge, knowledge is not understanding, understanding is not wisdom.” ~~Clifford Stoll

This week we consider some fundamental communications skill in sales. That is, understanding and stating the difference between features and benefits. Features are simply facts. They neither engage nor inspire. They do not impel action or transfer an emotional connection. Features are a list of what that never considers why or, as the title notes, “What is in it for me?” Your prospect wonders, “Why should I care?”

Dr. Ivan Misner includes a good example of this in the 29% Solution, by listing the features of a car.

“V-6 engine, dual exhaust, front-wheel drive, sunroof…heated seats, heated glass.”

As you can see, this is a list of features you may or may not entirely understand or appreciate.

What are some of the benefits of these features?

  • The V-6 engine helps you pull out into traffic quickly. It may impress your friends.
  • Dual exhaust improves fuel efficiency, provides more power when starting out, and adds a “throaty” sound to the engine (which may also impress your friends.)
  • Front-wheel drive provides more legroom, since the driveshaft tunnel is not needed.
  • The sunroof provides the open road feel of a convertible while retaining the added structural security of a hard-body sedan.
  • Heated seats provide a warmer environment on chilly mornings and better comfort on long road trips.
  • Heated glass allows the convenience of clearing the windows in winter without manually scraping them clean.

These benefits put the prospect “in the driver’s seat.” Some of those benefits appealed to you while others did not. The professional is aware of the benefits and can align them to the prospect. If the person you are talking to is most interested in fuel efficiency then you can recommend a good automotive choice and highlight the features that support fuel efficiency. In fact, the same vehicle may appeal to two very different buyers as long as the emphasis is on the areas of interest to them.

How does this apply to networking? Since we are meeting other business owners and sales representatives many networkers do not consider the benefits and only list features. Feature lists are certainly more precise and, when shared with a colleague, can be very effective. Network administrators, for instance, can share industrial terms with each other and successfully impress with their technical grasp and currency of knowledge. However, all that jargon leaves the rest of us out. In fact, it disenfranchises us from any ability to refer them or connect them to someone they could help since we are so clueless in that arena.

If instead they spoke in terms of response speed, data security, recovery time, and reliability we could recommend them to others with confidence.

My litmus test is to imagine sharing what I do, what my product or service does, and how this can help you by imagining I am explaining it to a twelve year old. I don’t want to wear out your attention span or go over your head.

Your action this week is to highlight the benefits you provide. Consider some of your favorite customers and remember what problems you solved for them. A simple (and highly effective) shortcut is to ask them. You have been meaning to call and say hello anyway. Here’s a good excuse.

Find out the main reason they chose to spend money with you? They sought a benefit, not a feature.

The second action is to list all the features of your product or service and identify as many benefits as possible for each one. I highly recommend that you complete this portion before proceeding to next week’s blog entry.

 

© 2017 by Stephen Hand of Triangle BNI.
All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of Stephen Hand of Triangle BNI.

 

Written by bniguy

July 23, 2017 at 8:49 am

Seek and you will find yourself

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“There are only 3 colors, 10 digits, and 7 notes; it’s what we do with them that’s important.” ~~ Jim Rohn

Over the next few weeks we will consider communication. Naturally, one of the best communication skills you can consider is the importance of listening. Since we covered that in detail in week 7 (Take Inventory) I am just going to recommend you review it again before continuing.

Asking interesting questions is a simple short cut to effective communication. There are a number of reasons tied to listening as well as a number that help you get your message across. Human beings exhibit reciprocity. This is a powerful social force requiring that we balance the scales. When you pass someone in the hallway try this experiment to see reciprocity in action. Nod to the first person. Odds are they will nod back. Say “hello” to the next and you will probably receive a “hello” back. To the next use a more unusual phrase such as “top of the morning.” The other person may be a little surprised by the greeting but will most likely use the same phrase back to you.

The best interviewers ask questions, listen to the responses, and ask follow-on questions that get deeper to the matter at hand.

How can you use this in networking situations?

There are three main benefits of asking questions:

  • This breaks the ice. Especially if you start out with questions about the environment. “I notice you are driving a new Volvo. How do you like it?” Even the shyest person could deal with this kind of non-threatening question. You are opening in an area of their interest.
  • These questions can be an excellent sort. Networking is a give-and-take arena and some people are only takers. Those that fail to reciprocate reveal themselves and you can move along early to invest in more productive introductions.
  • Once the first two bullet points are met you can simply ask the questions you want to answer. For example after they describe their market pause a moment. In most cases they will ask you about yours.

You can ask questions about their business, questions about them, and/or questions about things in general. Open-ended questions are better than multiple choice or yes/no queries as they elicit elaboration.

Business questions include:

  • Who is your target market?
  • What sets you apart from your competition?
  • What is your most popular product (or service?)
  • What is new in your business?

Personal questions include:

  • Why did you choose to go into your profession?
  • What do you like best about what you do?
  • What is your biggest challenge?

General questions include:

  • What do you do?
  • How long have you been in business?
  • Where are you located? Why there? If you could choose a perfect location, what would it be?
  • How do you generate most of your business?

Bob Burg, author of Endless Referrals has an excellent question he recommends you practice until the pacing is smooth. Ask the other person, “How can I know if the person I am talking to is a good prospect for you?” Be prepared with your own response, as well.

Your action this week is twofold. First, go back to week seven and review the traits of master networkers. This will prepare you for the process of taking your networking to a new level. Second, consider some answers you would like to share and craft questions you would like to answer. Go to your next networking event and try these questions out. Be prepared to listen carefully and help those you meet.

 

© 2017 by Stephen Hand of Triangle BNI.
All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of Stephen Hand of Triangle BNI.

 

Written by bniguy

July 16, 2017 at 12:11 pm

The host with the most

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“The more credit you give away, the more will come back to you. The more you help others, the more they will want to help you.” ~~Brian Tracy

Last week we considered the benefits of sponsoring events. This week we look at the other side of that coin and consider hosting events.

I am not referring to simple get-togethers—although they are also important—but talking about events tied to a purpose or reason.

These fall into two large categories—singular events and regular events. Singular events happen once and are usually tied to a specific situation. These may be grand openings, award ceremonies, and so on. Although you may hold annual (or more frequent) award ceremonies this particular one is special and should be treated as such. There is usually a theme and purpose.

Regular events are usually more casual social networking designed around a recurring pattern. The theme is usually tied to food and drink or specific entertainment.

Consider a grand opening. This is a wonderful time to showcase a new location or new product line or some similar watershed event. Usually these are invitation only and align with the business. An example might be a new music shop. It is great to include musicians and this enhances the celebratory party-like atmosphere. Another example may be a clothing store which could showcase new fashions on the runway, too.

In these events, consider some of the benefits to the host. Start with the event itself and consider the purpose and how it aligns with your business goals. Who will be invited and how will that happen? Knowing that, who in my network would benefit from meeting these people? How can this event maximize those introductions? What kind of expenses can you anticipate? Who in my network is looking for a way to help me? What can I offer my sponsors?

Thoughtful preparation is the key to a successful event and some business people are very adept at making this event memorable and productive. Consider some of the people who would benefit from meeting the guests. They might be financial planners, estate planning attorneys, or bankers. A caterer may also benefit and welcome the chance to showcase their ability. A promotional items professional may engage a photographer in order to further their relationship. The possibilities are varied.

If you are hosting an event engage sponsors for signage, invitations, and so on. Commit to review the guest list with your sponsors and make personal introductions to the appropriate parties.

There is a lot of work involved in these singular events and attention to detail helps make them memorable.

One way to leverage the same effort is to host regular events. They can simply be based around a common interest—such as cheering for a team—or as simple as a midweek wine-tasting. Golf outings are an excellent venue. By carving out a regular recurring event you can build relationships and provide a forum for connecting people in a friendly way. In fact, this is an excellent way to deepen the roots of those significant relationships.

Your action this week is to consider some creative ways you can introduce your network to one another and celebrate an event by hosting a purposeful gathering.

 

© 2017 by Stephen Hand of Triangle BNI.
All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of Stephen Hand of Triangle BNI.

Written by bniguy

July 9, 2017 at 4:13 am

Posted in events, HowTo, planning

Team up

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“If you support the community, they will support you.” ~~Jerry Greenfield

Promotion is a key component in expanding a company’s or organization’s reach. Sponsorship of local events is an accessible method to consider.

Let’s look at the bigger model. If you look at any NASCAR vehicle (or driver’s uniform, for that matter,) you can see that every inch sports a sponsor’s logo. An attorney I know started his business by sponsoring a local race team. Certainly, his objectives were to have the car go around the track and never get a dent. The driver was more interested in winning the race anyway possible. The lawyer knew, though, that some of these people would get speeding tickets on the way home and wanted them to call him immediately.

In fact, the sports world exemplifies big business sponsorship to the point that Super Bowl ads have become more important in many circles than the game itself.

This applies well at the local level, too. There are a number of benefits to consider in sponsoring events:

  • Promotion of your brand. This is enhanced when you line up your business with the proper demographic.

  • An opportunity to showcase your products and services.

  • A chance to meet and greet potential prospects and strategic alliances.

  • An occasion to deepen an alliance partner relationship.

  • A way to make a difference in your community.

On the other hand you must evaluate each sponsorship situation carefully. There are more opportunities than you could possibly support and more are being created all the time. Not every one of them is a fit. Here are some questions to consider first:

  • What is the target market for this event?

  • Do I get direct access to this audience?

  • How does this align with my networking goals?

  • What kind of exposure do I get for my investment?

  • Does it make sense to be there?

  • Can I get this exposure without this type of investment?

  • How does this enhance my credibility with the person I am helping?

  • Are there any competitors as other sponsors?

  • Are there any other alliance partners as sponsors?

  • Why should I do it?

  • Why should I not do this?

 

Action for this week is to consider those in your network that are holding events—a conference, an open house, a fund-raiser—that can use your support. In order to strengthen your relationship offer as much help as your business can provide and realize it may not all be financial.

 

© 2017 by Stephen Hand of Triangle BNI.
All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of Stephen Hand of Triangle BNI.

 

Written by bniguy

July 2, 2017 at 6:55 am