7 Stages of Business Dating

Gareth Morgan compares finding new business customers to finding a life partner in this thought provoking article.

You probably would not ask someone you met on a first date to marry you. Do you expect prospective customers to commit to working with you or buying from you after just one meeting?

The key to success is that prospects need to know like and trust you before they do business with you and it is a continuous process that just like finding your life partner goes through various stages. When you have found your prospects you must develop and nuture your relationship with them. Persistence, endurance and some imagination are needed to woo prospects into customers.

Stage 1: Looking for a business you are attracted to?

What sort of customers do you want and how will you go about finding them?

You need to establish a well - researched list of prospects that meet your criteria and target your activity.

Find out who you need to deal with and check that they have the money, authority and need for your products and services.

Research the prospect via the Internet, the trade press. Learn as much as you can about their business.

Stage 2: Getting them to notice you

Use warm up activities to get noticed. Send copies of newsletters or newspaper stories. Attend local business events or speak at industry events. Invite prospects to trade shows or events you organise. Look for a mutual acquaintance that can introduce you.

Stage 3: Inviting for the first meet

Initiate contact by letter or telephone and be ready to answer these questions:

• Why should they see you?
• Customers will buy from me because?
• What do you have that may be of interest to the prospect?
• What is it about your product or service that makes it a better choice for the prospect?
  
  

Stage 4: The first date or first meeting

The key point to remember here is that this meeting is about building a rapport with the prospect. People buy from people they like, trust and are confident with. At this stage it does not really matter how knowledgeable you are about your products or how good your designs are. The prospect takes as a given that you have the technical expertise. Think about like this, if you give your accounts to 3 different accountants they should all come up with the same results, so your choice is dictated not by their technical ability but by deciding which one can I work with.

First impressions count

• Be on time and prepared
• Be upbeat and personable
• Be enthusiastic
• Be well turned out and dressed appropriately

At this meeting be a great listener, establish your credentials and look for common ground. A great way to establish common ground is to look around for personal items you can ask about, football team, golf picture, family picture etc and ask them to tell you about it.

Before the meeting finishes agree what will happen next. Sometimes just like dating this could be the end of the process. If the prospect does not want to have a further meeting ask permission to stay in touch with things like your newsletter.

Stage 5: Next dates

Now is the time to get to know the prospect better and to get to understand what they want from the relationship and what motivates them

Questions like what do you expect from a supplier? What benefit [result] will you be looking for? What one thing could we offer to persuade you to change suppliers?

Now is the time to:

• Show the customer you understand their business
• Explain the benefits you offer
• Elaborate on product features and benefits
• Demonstrate your knowledge of competitor’s offerings
• Anticipate negative points and objections
• Confirm your credentials with references case studies etc

A note of caution do not turn the customer off by:

• Pressurising
• Not getting to the point promptly
• Being too abrupt and interrupting
• Talking too much and not listening
• Asking too few questions
• Lack of preparation and or a lack of confidence
  
  

Stage 6: The proposal

Make sure your proposal concentrates on the prospect. Concentrate on the prospect and what is in it for them not your business. Start by demonstrating that you understand their problem use their words and phrases. Explain the benefits they will receive and the results they can expect. Establish your credibility to undertake the project or provide the services or products ands explain your approach.

Hopefully you will be able to close and get the business.

Sometimes the customer will say no. The question is what sort of no is it?

• No, I am not ready to buy today, I need to go away and compare
• No, you have not convinced me. I need to think about this.
• No, Perhaps we can’t afford this.

You need to probe to understand the reasons and follow up. It may not be a no but a maybe. Follow up with a call to ask if they have had any more thoughts or questions you can answer.

Stage 7: Everlasting business

You have done the first part and won the business. Now is the time to build for a long-term relationship.

The vast majority of customers that businesses lose is because of indifference towards them by the business. Create a customer retention process that could include, customer surveys, or report cards, follow up phone calls after you have provided a service, what can you do to show customers you are willing to go out of your way to help them feel more satisfied? Do you know who your top 10 customers are and take them out to dinner to thank them? Do you have a complaints system?

Keep working at your relationship with your customers there is no – off switch.

Speed Dating or Networking

I like to think of networking business equivalent of speed dating. It can cut through some of the early stages. You have the opportunity to meet a large group of people and to decide which ones you want to meet up with again or stay in contact with. After attending a networking event, sort the business cards you have collected into 3 groups. Group 1 those you want to meet up with, Group 2 those you want to keep in contact with, Group 3 those you have no interest in. Keep a record on the back of the card as to where and when you met. Decide how you are going to follow up with your groups. Do you want a meeting or phone conversation?

About GAP Management

GAP Management helps business owners and managers to focus their sales and marketing efforts to be more effective and to find win and keep customers, to grow their businesses and be successful whether they market in person, in print or on the web.

For personal help with marketing and sales to grow your business contact us on 01226 290288 or email Gareth@gapmanagement.co.uk