Becoming a Better Opportunity Advisor - Kuesel...

Becoming a Better Opportunity Advisor

Keiter

August 2015

Presented by Art Kuesel

Art Kuesel, President

EXPERIENCE

Sales Executive 3 years inside $60M CPA firm 5 years inside $25M CPA firm 6 years at PDI/Koltin Consulting 2.5 years at Kuesel Consulting

EXPERTISE

Leadership and Sales Coaching Sales/Marketing Training

EXPERTISE (Cont.)

Keynotes, Presentations, Workshops on Growth

Growth Plan Development/Implementation

Managing Partner Coaching Sales & Marketing Recruiting

STREET CRED→ Top 100 Most Influential Person in

Public Accounting: 2014→ In-house and external experience→ Clients include scores of T250 Firms

including a third of the T100→ Frequent writer and blogger for

Accounting Today→ Accomplished speaker and

presenter on growth trends2

Today’s Workshop

1. Opening Remarks

2. Clues & Triggers and Top Wedge Services @ Keiter

3. Client Development Opportunities you may be Missing

4. Understanding Buyer Behavior

5. Mastering Consultative Selling

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Opening Remarks

Clues, Triggers and Wedge Services @ Keiter

Defining Clues and Triggers

An opportunity advisor watches for clues and triggers!

Clue: Something a client says

that indicates there is a need for an

additional service

Trigger: An event that happens

with a client that triggers the need

for an additional service

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Recognizing Clues/Triggers

Four Steps:

1. KNOW OUR SERVICES

2. Be Actively Engaged in the Relationship. Have your Antenna Up!

3. Engage in Conversation

4. ACT & Suggest Next Steps

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Common Clues You May Hear

Clues…

I wish…

I’m having trouble…

This is a top challenge…

Our competition is…

I’m concerned about…

Are you seeing this with your other clients?

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Triggers You May Encounter

Triggers

Recent sale, merger, or divestiture

New facility, building, land, physical expansion, etc.

New division, product or service line, niche, focus

Owner retiring, succession to new generation

Expansion into new markets

Rapid growth/decline in number of employees

Significant changes in cash flow, payables, receivables, profit

Addition or subtraction of a key competitor10

What to do when you hear a clue or recognize a trigger

Engage in the Conversation

How is that affecting you?

How does that make you feel?

What are the biggest challenges that come along with that?

What do you see as the opportunities that surround that situation?

What are you doing about it?

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What to do when you hear a clue or recognize a trigger

ACT

1) I believe we’ve helped other clients with similar challenges, can I introduce you to XYZ?

-or-

2) I believe we can help you, but I’m not the expert on it. Can I get back to you later today or tomorrow with more information?

-or-

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Detour Approach

1. KNOW OUR SERVICES

2. Be Actively Engaged in the Relationship. Have your Antenna Up!

3. Engage

4. Bring the information back to the office and talk with the relationship partner about what you heard.

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…HAVE a strong relationship!

…KNOW the services we offer!

…KNOW what’s important to your clients!

…ENGAGE when appropriate!

…DO something with the information!

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PS. This Only Works if you…

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Uncovering Opportunities @ Keiter

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Let’s review top wedge services here at the firm and discuss their clues and triggers.

Clues/Triggers

Clue/Trigger Keiter Service

Business Valuation

16

Clues/Triggers


SALT & International Tax

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Clues/Triggers


Succession & Exit Planning

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Clues/Triggers


Cost Segregation

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Clues & Triggers (Common Example)

Clue/Trigger Keiter Service Offering

1. CFO is looking to hire a controller2. Controller quit3. CFO quit

2020

Clues & Triggers (Common Example)

Clue/Trigger Keiter Service Offering

1. Controller complains about reporting capabilities from current financial software and that current systems don’t talk to each other

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Clues & Triggers [Group Discussion]

What other services @ Keiter are growing and what are their clues and triggers?

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Did you recently hear a clue, or observe a trigger that would indicate an opportunity?

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Action Plan Development [A]

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Client Development Opportunities you may be Missing

Relationship Breadth: Firm A

Partner

25

Firm A Client

Generation 1 Owner

Relationship Breadth: Firm B

Partner

Manager

IT Consultant

Accounting Services

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Firm A Client

Generation 1 Owner

CFO

Generation 2 Owner

Office Manager

Relationship Breadth: Firm A

Partner

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Firm A Client

Generation

Relationship Breadth: Firm B

Partner

Manager

IT Consultant

Accounting Services

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Firm A Client

Generation 1 Owner

CFO

Generation 2 Owner

Office Manager

Benefits of Relationship Breadth

Relationship Breadth:

Insulates against unfortunate accidents

Creates a stronger web between us and our clients

Increases cross-selling opportunities

Fuels more referrals

Drives greater long-term retention

What else?

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Breadth & The Client Circle of Influence

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Common COI relationships we should seek connections with include:

Banker/Financier

VCs

Attorney – Corporate, Trust/Estate, Employment

Boards of Directors

Committees – Tax, audit, internal audit

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Consultants/Professional Advisors

P&C Insurance

Real Estate Broker

Bonding Agency

Key Vendors, Top Clients

TPA

Who else?

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Asking for introductions to these people

1. Can you help me with something?

2. I’d like to serve you better… In order to do this, I need to have stronger relationships with your <insert types of contact here>. This could enable <insert advantage here>. Plus, if you know and trust them, I am sure they would be someone that I could benefit from a relationship with.

3. How have you done this?

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Relationship DEPTH: Would you fire your friend?

Q: In general, the stronger the relationships we have with our clients, the (easier/harder) it is to leave us.

It’s much easier to fire your accountant, than it is to fire your friend!

Benefits of Client Friendships:

Fuels more referrals

Drives greater long-term retention

Increases trust

Insulates you against mistakes

Accelerates your trusted advisor status

Anything else?

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Keiter is

AMAZING!

Top Ways to Thrill your Clients

1. Taking client to lunch, coffee, drink, etc.

2. Seize opportunities that arise from client life situation (marriage, anniversary, birthday, birth of child)

3. Do things without charge that add value

4. Meet on nights, early am, weekends, whatever is necessary to accommodate their schedule

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5. Remind them about due dates

6. Be proactive with ideas that can help save the client money, create greater efficiency, reduce risk, reduce liability, etc. and quantify the value of those ideas

7. Know what is important to them professionally (know their strategic objectives, plans, goals, etc.)

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8. Know what is important to them personally! (family, friends, vacations, passions)

9. Know and have relationships with their circle of influence (banker/financer, attorney, professional advisors)

10.Be hyper responsive, acknowledge questions and inquiries quickly

11.Deliver on-time every time

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12.Send them notes/emails with articles, newsletters, and other items that show that you are invested

13.Make the client feel important in front of his/her family or friends (tickets to special events)

14.Take responsibility for what goes wrong and fix it

15. Under promise and over deliver

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Q&A Breadth, Depth, COI, Thrillers

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Do you need to do any of these:

Create greater breadth?Create greater depth?Meet your client COI?Do more thrillers?

Who and where? When will you get it done by?

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Action Plan Development [B]

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Understanding Buyer Behavior

What Motivates Large and Medium Buyers

How Buyers Search for a Firm What Buyers want to Avoid What Tips the Scale for the

Winner

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Understanding Buyer Behavior Today

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What Motivates Large Buyers Today?

Source: CFO Magazine

What Motivates Mid-Sized Buyers Today?

5

Source: Hinge Research

Place client logo here

PRESENTATION TITLE MAY GO HERE

How S/M Buyers Search for New Firm

46


What S/M Buyers Most Want to Avoid…

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What Tips the Scale to Unseat an Incumbent?

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What Winners Do Differently

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Further Information

Inside the Buyer’s Brain: Hinge Research Institute

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Mastering the Consultative Sales Process

Discussion

Bought something recently? How did it make you feel?

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Discussion

Bought something recently? How did it make you feel?

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Discussion

Get sold something recently? How did it make you feel?

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Discussion

Get sold something recently? How did it make you feel?

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Selling vs. Buying

The difference between buying something and being sold something is huge!

• People LOVE to buy!• People HATE to be sold to!

So, remember that this is ultimately about them buying something from you that will solve a problem.

5858

There are 426,915 books with “sales” in the title

Remember that a consultative sale has dozens of variables!

This six-step sales process can help to break down the process into bite-sized pieces that can be attacked individually

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Many Paths to Success

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Assumptions for Today

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Identification of a Potential Need

Exploring the need in greater detail by asking good questions

Suggesting one or more solutions based upon the discovery process

Refine solutions based upon continued discussion

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The Core of the Consultative Sale>

The Professional Services Sales Process in Six Steps

Step #1: Building a relationship and developing trust (Good luck getting to #2 without trust)

Step #2: Identifying that an Opportunity Exists (Your antenna was UP!)

Step #3: Discovery (Identify true wants/needs)

Step #4: Formulate the Value Proposition (how does your unique solution address all wants and needs)

Step #5: Proposal or Engagement Letter (It has legs)

Step #6: Do loop to win

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Process Steps

People rarely buy professional services from someone they don’t know, trust, like, or respect

(This is what CPA firm sales executives do for a living)

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Step #1: Developing a Relationship and Building Trust

Building Blocks of Trust in our World

1. Clients need to like you!

• Find commonalities, exhibit care and concern, demonstrate active engagement in the relationship

• Show loyalty – acknowledge contributions of others

• Be genuine – (it’s easy to tell)

• Right wrongs – “service recoveries”

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2. Clients need to respect you!

Having broad or deep knowledge in subject matter

Talk straight – be honest and call things what they are

Be transparent – be open and authentic and err on the side of disclosure

Introduce others of value to them –be a connector

Be a great communicator

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3. Clients need to have repetitive and positive experiences with you!

Clients need to feel that you have their best interest in mind at all times – frequency matters

Clients need severalconsecutive experiences with positive results

Under promise and over deliver again and again

Look long term in your scope

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You heard a clue or recognized a trigger You engaged someone with some thought

leadership (education is selling!) A referral source referred you A discussion uncovered a need

Step 2: Identifying that an Opportunity Exists

Step 3: Discovery [Table Exercise]

1. You’ve been invited to a meeting with the president of a $40M closely held manufacturer based in Mechanicsville, Mechanicsville Manufacturing.

2. The president’s sought you out because he knows of the Manufacturer e-Newsletter but you’ve never personally met with him.

3. He’s budgeted one hour for your meeting, and has another appointment immediately after yours

Part 1 >>>What will you prepare/research in advance of this meeting?

Part 2 >>>What questions will you ask in this meeting?

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Formulate your value proposition by wrapping their service needs, with how you will also meet what they want out of the relationship, possibly even minimizing their fears.

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Step 4: Formulate your Value Proposition

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What Motivates Large Buyers Today?

What Motivates Mid-Sized Buyers Today?

5

Let’s Create a Value Proposition Now [Table Exercise]

The president has told us: 1. Frustrated that Cherry Bekaert hasn’t been

proactive – in particular his accounting software2. Nickel-and-dimed by CB for every little thing3. He’s concerned about changing firms for the upset

it will cause his finance staff4. His deliverables were often late5. He rarely sees the partner on his account

> In your table, formulate value proposition(s) based upon these complaints, which we would use to lead our proposal/pursuit

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Step 5: Proposal or engagement letter

Custom cover letter - discuss your solution and how it will solve their problem - lean heavily on your value proposition

REMEMBER that proposals don’t sell. Only people can sell. Meet with the prospect to deliver your proposal.

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I. Cover LetterII. Your Needs/Our SolutionsIII. Special Touch #1 (Value Proposition crafted to

address wants, needs, fears and other “pain” items)IV. Special Touch #2 (Value Proposition crafted to

address wants, needs, fears and other “pain” items)V. Industry Experience/Client ProfileVI. Process/ApproachVII. Service TeamVIII.ReferencesIX. FeesX. Conclusion (ASK FOR THE BUSINESS)XI. Appendix

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Step 5: Proposal or Engagement Letter Contents

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Step 5: Orals Presentation

Let’s say that our proposal has gotten to the final round and the client is inviting us (and one other finalist) to present to the buying team!

1. What should you always know before you arrive?

2. How many people should you have?3. Should the presentation be “rehearsed” ?4. What is this presentation really all about?5. What should you always know when you

leave?6. What should you always do before you

leave?77

Step 6: Do-loop to win

a) Use something you learned in the orals presentation to create yet another value proposition and follow-up (do-loop)

b) Note and respect the buyers timeline and process

c) Follow-up diligently

b) Adjust follow-up accordingly as needed depending on what transpires

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What Buyers Most Want to Avoid…

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What Tips the Scale to Unseat an Incumbent?

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Q&A for The Consultative Sales Process

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Do you have an opportunity in early stages? How will you change your approach?

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Action Plan Development [C]

We must WORK our Plan to Succeed!

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Thank you!

For tools, resources, and a monthly

blog subscription on marketing,

sales, and growth topics go here:

www.kueselconsulting.com/Keiter

Or contact Art:

[email protected]

312.208.8774

Becoming a Better Opportunity Advisor - Kuesel...

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