Propel - Mentoring Entrepreneurs

I'm about the enter my second year as a mentor on the Propel Programme for entrepreneurs.   I think this is one of the most comprehensive and effective entrepreneurial programmes in Ireland.  Through a combination of mentoring and workshops, it offers a great support - financial, business and practical, as well as training and access to further funding.  Best of all, it equips you with the skills to meet the challenges that all entrepreneurs face.

Because it is not just a standalone mentoring programme, it rigorously takes the participants through masterclasses in all aspects of developing their business and researching target markets.  This means that as mentors we know we are working with seriously committed people.

Many of the participants on the programme come from a technology or product background, and it is essential that they develop sales skills to launch their business. Creating a culture where sales and communication are at the forefront of business development, as well as helping form networks and create introductions is what I do to help Propel participants. 

You cannot underestimate the importance of a good mentor in your career.  One of my earliest mentors was a shrewd Belgian lady who was vice-president of sales at one of the first international companies I worked at.  She was an excellent communicator and networker (an international shopaholic and just a little bit crazy) who believed that a great product was only a small element to a successful business - marketing it and selling it effectively were even more important.  She and her husband subsequently sold their software company for over £50m and now live in a large Chateau in the South of France.  Nice!

Being a Propeller is fast becoming a real mark of distinction for local export focused entrepreneurs (and it is not easy to get on the programme).  I'm delighted to be associated with it again.

Geraldine Fusciardi

www.strategy-structure-sales.com  

Seven Deadly Sales Sins

So you’ve made some sales and exported some products.  Your company is growing but perhaps not as fast as you would like.  And it’s hard work to close those deals and build new markets.  Why is it so hard? 

Blame the economy, the competition, too much regulation.    The sales team’s not working hard enough.  The sales culture in the export markets is slow.  The new version would help, if only it was finished …….   But could it be because your sales team (or you) are committing some deadly sins?  Let’s see.

Are your team wasting time calling non-decision makers?  Certainly, there are gate-keepers to be managed and, in the public sector, grade 5 managers play an important influencing role but do you really qualify who your team are spending their time with and why?   They may be making their meeting or activity quotas but if they’re talking to the wrong people then so what?

Are your salespeople struggling with closing?  Perhaps, but the chances are their problem is not closing.  Their problem is wasting time trying to close deals that they should never have qualified into in the first place.   Check your qualification process (and it is a process, not a one-off activity at the start of a sales cycle).

So, you’ve made a couple of great sales but finding it difficult to make more.  Is your sales process consistent?  Have you thoroughly analysed why you made those wins and why you’ve lost others?  If you don’t try and document your process, you are doomed to re-invent the wheel each time.  What a waste of effort.

What’s the fastest way to get rid of a salesperson?  Ask for a proposal.   And it is so easy to fall into this trap.  It makes us feel busy, engaged, building a pipeline.  Equally, there is a good chance we have been thrown a bone to stop us pestering someone, make up the numbers, give them reasons to turn us down.  Again, this can be avoided through good qualification and dealing with decision-makers only.

And there are more sins.  Do you have measurable sales goals & objectives?   Are you getting sufficient customer referrals?  Do you think that software (contact management, CRM) is the answer?  If you want to know more, talk to me.

Happy Selling.

Geraldine Fusciardi

www.strategy-structure-sales.com

Swamped

Recently I’ve been doing some Market Research -  trying to talk to busy executives about how they set their targets and track their performance.  It has been an interesting experience.  Not least because many of the people who met with me, I would rate as among the busiest (and successful) people in Northern Ireland.   Yet they had time to talk to me about how they meet their targets and still have time to actually meet their targets.    
 And it was good when people came back to me promptly and said that they couldn’t meet (for whatever reason).  I was then able to plan my time and focus accordingly.  It was the people that never committed either way that were the most frustrating.  And every salesperson knows what I am talking about.  The prospects that never say yes and never say no.  Aren’t they the most frustrating? 

And then I discovered that I had become one of them.  I had spoken briefly (and with some interest) to a sales guy from a company that sold performance software - and then ignored his messages because I was so busy!  However, he reengaged me with some humour that I thought I would share with you.  

I suspect you must be up to your armpits in alligators because it has been impossible to get through to you. When the alligators take a break, could you please give me a call? …  In the meantime, I'd sure appreciate it if you could provide me with an update. Just check one of the items below and email me back. I appreciate your time, thanks a lot!

1. You're right, I'm swamped. Call me on or after __________ so we can talk.

2. Don't quit trying. I admire persistence!

3. Don't call me. I'll call you.

4. I'm not interested at this time.

5. Don't have an answer for you yet. Call me after __________.

And I replied within the hour and told him exactly where I was in the swamp and I know he appreciated it (and I felt better for having treated him with respect).   

You need to get this information from your leads as soon as possible otherwise you end up wasting a lot of time.  It’s all part of a good qualification process.  And humour does work.

Happy Selling.

Geraldine Fusciardi

Olympic Selling Strategies

Olympics fever is here and my seven-year old daughter has decided she would like to be an Olympic gymnast.  As I started to explain the intense effort over multiple years, long hours of training, highly-regimented diet (i.e. no sweets) they have to endure, she listened politely, told me that she would do an extra hour of gymnastics on Saturdays and then ran off to happily draw a picture of herself and a gold medal.

Many companies take a similar attitude towards growing their export sales.  They dream of glory, put a little extra effort into sales (attend a conference or exhibition, send some mailshots, go on a trade mission, sign up a couple of partners) and then draw up beautiful spread-sheets showing all the extra sales they expect to reap.   If only it was that easy.

Winning consistently at sales requires similar dedication to winning at sports.  

First, you need to understand and research your chosen export markets before you set your targets.  Do I have the talent and when/where - given the competition and my capabilities - can I maximise my opportunity for winning (“the goal”)? 

Then, you need to create a strategy for achieving your goals (“the game plan”), structure your organisation to win those sales (“the training”) and, finally, you need to execute to win (“the medals”).  And this execution needs to be consistent and persistent – you don’t win with an odd bit of effort here and there.   

As my young daughter will no doubt find out over time, a little bit of extra gymnastics effort is never going to yield Olympic glory.   Don’t make the same mistake with your sales plans – either expanding here or abroad – or you’ll just waste your time (and money).

Geraldine Fusciardi

www.strategy-structure-sales.com

Chinese Patience

For the last few months, it seems that every other conversation I have is about exporting to China: 

Where do you start? Depends upon your product.  

Do I need local partners?  Yes.

Is it expensive? Can be – some of the larger cities have very high costs of living (especially if you want to live to western standards).

What about Intellectual Property rights?  Improving. 

……..

And the Silk Route is thriving - China is currently the world’s largest exporter and set to become the world’s largest importer in a few years according to Minister of Commerce Chen Deming.  Any technology company planning to become a major exporter must include China in their plans.

 InvestNI are organising another Trade Mission to China later this year that is generating a lot of interest.  And although the Republic has stolen a march on everyone by having Vice-President (and soon to be President) Xi Jinping visit last month with a view to increasing international trade (already sitting at €4.5bn pa between Ireland and China), the current visit underway by Liu Yandong, a member of the Chinese Politburo and considered to the most powerful woman in China, is very positive for Northern Ireland.

I was recently at the Sir Bernard Crossland Lecture in Riddle Hall about “Building Business in Belfast, Bangalore and Bejiing”.  Based on this lecture and my own personal knowledge here are my top tips for conquering China:

1. Best to pitch your brand as an innovative one; Chinese entrepreneurs still regard the West as the bedrock of innovation. 
2. Select your launch location carefully. The regions with the best developed high-tech environments, and where you should first consider setting up an office or finding an experienced, well-connected local partner, are Beijing, Shenzhen, Shanghai and Shaanxi.  
3. Build Relationships slowly and seriously – focus on family, education, culture. 
4. Choose colours for your collateral/presentations carefully.  e.g. Green is a colour we associate with the environment, with spring, with Irishness but in China green is associated with exorcism or infidelity.  Red, Blue, Yellow or Black are pretty good in China (although, probably best not to use them all at the same time!).
5. While English is the recognised business language, do have a Chinese translation on the back of your business card.  Do hire interpreters during on-site intense negotiations.
6. Learn about Chinese business protocol  – punctuality, respect for age, dining etiquette, use of titles, giving gifts, conservative dress code.

And my top tip is Be Patient.  The Chinese live in the world’s oldest, continuous civilisation (c4000 years), their macro-economy operates to 5-year economic plans (the 12^th in modern history is just starting) and they resent the impatience of westerners to conclude business quickly.  They will use your impatience to their negotiating advantage, so take it slowly! 

My associate Norbert Sagnard has just added a new associate in Shanghai – Eurasia Consultis – who are now our local hi-tech commercialisation experts, ready to help your business set up locally with the right foundations.

Geraldine Fusciardi

www.strategy-structure-sales.com

Ideas for selling Northern Ireland

Now, understand that I don’t mean to sell all six counties – I mean, who would buy them?  Only the Russians, the Arabs and the Chinese have any money these days and there’s not enough bling, natural resources (apart from beauty) or even, sadly, big industry to interest any of them in our little part of the world.    No, what I mean, is selling our products and services with a specific focus on our knowledge industry.    I was recently at IdeaFest at the NISP where about 80 of us were exploring ideas to make NI a start-up powerhouse for science and tech entrepreneurs.  Check out http://www.nisp.co.uk/?p=1913 for an overview.

Here are just some of the sales ideas that we discussed:

1.       The brightest and best need to be attracted into the knowledge economy as both entrepreneurs and professional sales people – we need to change the cultural middle-class focus from valuing doctors/dentists/lawyers above all others and get them to value careers in the job-creating knowledge sector.

2.       Put the market back into research on a regular global basis.  Research should not just be product-led.  We need to actively encourage ideas/innovation in market areas that have true global growth potential and the only way we will know which areas is through regular Market Research (at a macro level).  

3.       Everyone needs to sell but not everyone can sell.  Let’s admit this.  Too often entrepreneurs attend a 3-5 day sales course and then everyone assumes (including themselves) they can now sell.  Would you employ someone to code for you on the basis of a one-week training course?

4.       Establish a Sales Academy to properly embed sales psychology, tools and processes and raise the status of professional sales people. 

5.       Marketing and Sales needs to be more tightly linked in how companies operate and how they are supported – too often I see companies thinking and acting as if these are two entirely different activities (and the grants process only encourages such thinking).

6.       Clustering/Incubation needs to be supported at multiple locations across NI.  While Belfast should be the major hub, we need to encourage and support ideas throughout the north.

Finally, professional marketing and sales support should be on-going for high-growth companies – a combination of hands-on support, mentoring and structuring of their sales activity appropriately.   Once we have identified the high-growth companies then let’s ensure they are supported to achieve their potential.  Now, I would say that, wouldn’t I?  But let’s not forget that key measures of success for companies (and our economy) are sales and jobs, and the first drives the later!  

Geraldine Fusciardi

www.strategy-structure-sales.com

Export Business, Risky Business

Prospects are nervous these days.  Nervous about the economy, nervous about their jobs, nervous about anything new, nervous about failure, nervous about you.   They may like your product, they may even like you, they may understand the value of your solution but it’s still a risk to them (especially if you are a small company trying to do business with a large organisation).   And as decision-time grows closer for your prospects their minds turn away from solution/product “fit” and move onto price and risk, especially risk. 

   

 How many customers do you have?  What experience do you have in my industry? What does your balance sheet look like?  Tell me about your roadmap.  How many experienced implementation/support staff do you have?  How much value will this new solution really bring me? 

And this risk is only magnified if you are exporting:

How will you support me locally?  Do you have the same respect for timelines as we do?  Will your product roadmap suit my market/ culture/customers?  How easy is it to do business with you?

Ideally, you will address these questions as early as possible in the sales process but be ready at this decision point to minimise the risk of doing business with you and re-emphasise some of your earlier answers.  How can you enable your prospects to make a small risk-free decision for you?

Put them in touch with other customers in their industry sector or locally in their country/region.  Allow them to implement and pay for your product in stages.  Do a trial.  Organise a financing package.   Arrange support for them in their language.

In an export situation, consider getting a local partner (country or region) to deliver support.  This has a big impact on your prospect’s perception of risk and shows that you are committed to their country.   However, at a minimum, ensure you have the right language skills across the right time zones to provide support.     Provide credible proof statements on your commitment to delivery dates and service levels – working against you, Ireland is perceived as having more of a casual attitude towards timekeeping than some of our European neighbours. 

Re-emphasise the value your solution brings to their company and be sure to present this from the perspective of multiple departments (as your sales cycle nears a conclusion many departmental directors may be influencing the final decision particularly in countries where a consensual decision is critical e.g. Denmark or Sweden). 

Finally, be pleased that they are asking you these questions.  If you are not being asked the “risk questions” then they are not seriously considering doing business with you.

Geraldine Fusciardi

http://www.strategy-structure-sales.com/