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Sales Nugget 1: Ask Everyone for $1Million

October 27, 2008 | Tom Suddes

Since we’re all in SALES (and we need to get over it), I’m going to share with you a SALES NUGGET every day this week.

These five nuggets come from Frank Sullivan, who was my first mentor and perhaps the best life insurance salesman in the world. A Trustee at Notre Dame and a very good friend, Frank wrote a book in 1970 called THE CRITICAL PATH TO SALES SUCCESS. I’m going to share some wonderful nuggets and gems from Frank’s book and his life.

• Ask Everyone for $1M.

• The 5 Steps on the Critical Path to Sales Success.

• The Importance of Personal Goals.

• Dream Week

• Selling Yourself

Sales Nugget 1: Ask Everyone for $1Million

Re: Frank, “It’s easier to sell a $1 Million life insurance policy to a QUALIFIED PROSPECT than it is to sell a $10,000 policy to a relative with no money.”
- Frank Sullivan

One of the things I learned from Frank Sullivan very, very, very early in my development career was that it’s just as easy to sell $1 MILLION life insurance policy to a QUALIFIED PROSPECT… than it is to sell a $10,000 policy to a relative (with no money!)

That didn’t seem like much at the time. Over the years, it’s been HUGE!

There were a number of great tips and ideas Frank gave around this “lesson”:

• Create a PROFILE of what your $1 Million prospect looks like.

• You’ll never make a $1 Million “sale” unless you “ASK” for $1 Million!!!

• You must RATE all of your prospects so you can see who’s at the “top”. (See our MASTER PROSPECT LIST.)

Some years later, while still at Notre Dame, a good friend and one of the most persevering (read “stubborn in a good way”) people I’ve ever had the pleasure of working with was Tom Pilot. Tom took Frank’s “Million Dollar” philosophy to its highest level.

He simply ASKED (almost) EVERYONE for $1 MILLION. It’s amazing how many people said yes!!!

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The Irrational Investor

October 24, 2008 | Nick Fellers

In my experience, maybe 1 out of 40 prospects will be completely irrational. He or she will ask off-the-wall questions – to which ‘coming out of left field’ would be an understatement. The prospect may even appear to be apathetic toward making a difference (at all/ever)… or maybe on a power trip. This is The Irrational Investor.

Many people spend A LOT of time (years?) prepping for The Irrational Investor. That prospect keeps you in your office planning, prepping, scheming, waiting always until tomorrow.

• “What if they just aren’t into saving lives?” (are you kidding me?)

• “What if they want to see our financials from seven years ago?” (they’re making run a fool’s errand)
• “What if? What if? What if?”

Stop focusing on the irrational investor.

Like an exotic animal, the Irrational Investor DOES exist. However, you cannot and should not be focusing on 1 out of 40. You need to focus on the other 39 — RATIONALE investors – the prospects (individuals/corporations/foundations) that want to save lives, change lives and impact lives… the prospects that want to have real conversations… with YOU.

Think about it:

• You’ll never have enough info: Seriously, even if you came back with the 3rd quarter financials from seven years ago you would then be asked for something else crazy. You’ll never have enough for an irrational investor so don’t even try.
• Opportunity cost: Assuming you are doing something to change the world then how many families are missing out on your programs? Students missing out on an education? Or, advances toward a cure? Why does the irrational investor get to hold everything up?
• Laugh it off: On the VERY RARE occasion that you do come across an Irrational Investor just laugh it off. Make your presentation, get a good story from the visit and then keep follow-up really simple…
• “We become what we think about”: What a miserable life it is to think about The Irrational Investor. So don’t.

This concept is freeing for many training camp attendees. If the Irrational Investor is holding you up, let me offer an assurance (again): just about everyone you meet with be and act like a real person. They don’t bite. They want to have an impact. They’ll love the logic of your presentation and help if they’re qualified (… if you ask).

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Find And Visit With Your Best Prospects

August 12, 2008 | Tom Suddes

Here is an example of the kind of ideas we’re discussing during this week’s teleseminar series: Campaign Week 2008.

THE SIMPLE IDEA:

1. Create an IDEAL PROFILE of the ‘perfect’ qualified prospect/perspective investor for your Cause, Case, Organization, Vision, and Campaign…
2. MATCH your stakeholders, constituency, suspects/prospect pool to the IDEAL PROFILE to determine the 3 best fits (matches)…
3. GO VISIT with these 3 prospects immediately, tomorrow, within 3 hours after you’ve created the MATCH.

THE VALUE:

• It doesn’t make any difference where you are in a Campaign. Planning. Just starting. In the middle. Stagnant. At the end.

  CREATING and MATCHING and VISITING with your 3 most IDEAL PROSPECTS will have an IMPACT beyond anything you can imagine.

• This is about the best 3 matches/fits. It’s not visiting with 3,000 or 300 or even 30 prospects.

• You can AUTHENTICALLY look these current or potential ‘CHAMPIONS’ in the eye and say any or all of the following:

  • “When we created an IDEAL PROFILE of people that we felt would be a PERFECT FIT vis a vis our Purpose, our Priorities and our Plan… you were at the top of the list.”
    

  • “In all of our work and preparation for this effort (Funding Initiative), it became so obvious, at least to us, that you were one of a ‘HANDFUL OF PEOPLE’ who could literally TRANSFORM this organization.”
    

  • “If we can’t PRESENT THIS OPPORTUNITY and get someone like you ENGAGED… [who is perfectly ALIGNED with our Mission , Vision, Purpose, Priorities and Plan] then I don’t know who else we should be meeting with.”
    

ACTION: If you trust us enough to believe that this can literally transform your entire organization, then you should, again:

1. Create your IDEAL PROFILE .

   If you need help, there’s much more on the “How-To ” in our Online Learning Center), you can download the three pages about the IDEAL PROFILE for free.

2. MATCH this Profile to come up with 3 perfect ‘FITS’.

   Quick Tip: Sharing the Ideal Profile with your Board and key volunteer leaders and asking them “Who fits?” is 1,319,000 more productive than asking your Board for a ‘LIST OF NAMES’. As Nick always says, “How’s that working for you?”

3. Schedule the VISIT immediately. PRESENT THE OPPORTUNITY . Be AUTHENTIC.

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Follow-Up Is 90% Of The Effort

April 1, 2007 | Nick Fellers

Like predisposition, follow-up requires a specific strategy. Too often wonderful presentations/asks/sales calls are wasted because there is no follow-up.

A typical scenario includes someone making a great presentation and then ‘hoping’ a gift comes as a result of the ask. Or, sometimes there is only a phone call that some weeks later in which the substance of the dialogue is one question: ” We were wondering if you had a chance to make a decision?”

Just remember one thing: “Hope is not a strategy!” - Rick Page

And for you: Hope is definitely not a follow-up strategy.

Huge problem: We consider our work finished when we get to the point of making the request. We feel like we’ve shared everything we can and now it must be in the prospect’s hands. That notion is wrong. In fact, follow-up is 90% of the effort!

Some misc. reminders to help you:

• Remember, this is not some one-off transaction. It’s all about a true relationship. Follow-up is not really about a strict yes or no - it’s about advancing the relationship, opportunity or plan WITH the prospect.
• It’s either win/win or lose/lose! You’re presenting an opportunity to save lives, change lives or impact lives. Stop being so bashful.
• Follow-up is about taking the opportunity to continue the excitement generated on the visit. You’re literally trying to continue the momentum. This could mean:
  • An immediate follow-up letter.
  • An immediate follow-up phone call from champion or volunteer.
  • An immediate follow-up phone call from you.
• Don’t dodge the issue! The worst follow-up is when you step politely around the pending request (hoping the prospect brings it up or announces to you a commitment). Using your own style you need continue to work with prospect to advance the ball - be direct, sincere and authentic and remember…
  “Hope is not a strategy.”

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Never Make A Cold Call

March 23, 2007 | Nick Fellers

This little nugget is about predisposition–the goal of which is to set the stage for your visit, call or presentation. Predisposition is an important component of the sales process and it’s done in advance of your visit.

So often I hear about visits where so much work was done to get the visit, there was a lot of strategy around the ask, number, etc. but for some reason or another something just didn’t feel right and so an ‘ask’ was never made. Many times this is because there was zero predisposition beforehand.

To help you understand predisposition, think of it as the sum of actions that will make the visit as far removed from a cold call as possible. This could apply in many ways:

• Predisposition to your cause, case or project: If this person has no real idea about a particular problem, then your solution is not going to be as exciting. Or, perhaps it’s a long time relationship that doesn’t know about a wonderful project or campaign initiative. Get this person excited about the project.The best predisposition in the world would be to have the prospect see how/where/when you deliver your impact!
• Predisposition to the ASK: If an ask is coming out of left field then you did not do a good job of predisposing to the ask BEFORE the visit. If you go a great job predisposing to the ask then numbers are VERY EASY to talk about.
• Predisposition to the presentation team: The prospect might have a great relationship with a board member and even to the organization but not to you as an executive director or development person. Use your champion to set the stage to predispose for the personal relationship so that you don’t get the cold shoulder.
• Predisposition in any other way that prevents your visit from being ‘cold’…

This is a concept. What’s important is that you get the concept and apply it to each presentation strategy so that you’re not met with cold or clueless receptions.

Action: Look at any visits you have setup for the next three weeks. Force yourself to come up with a predisposition strategy for each visit. Perhaps it’s as simple as a support phone call from a champion or sending over some materials via e-mail–in advance of the visit.

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No More Peer-to-Peer Solicitations

January 17, 2007 | Tom Suddes

I know you have been taught (brainwashed???) to believe that Major Gift “ASKS” are best if done “peer-to-peer”.

Don’t send someone else out to HUNT ANTELOPE!!!

Read these ten reasons … and see if it helps change the way you THINK!!

TEN REASONS WHY PROFESSIONAL STAFF ACHIEVE BETTER RESULTS

1. DESIRE Volunteers: How many of your volunteers really, reeeally, REEEALLY like to ask people for money? If they don’t, they most likely lack 3 key ingredients for sales success — passion, presentation skills and persistence.

   Staff: It’s your mission and responsibility to Present the Opportunity … to Qualified Prospects. Therefore, you should have the passion to present and to be persistent. Plus, Presenting the Opportunity is fun and satisfying if you know what you’re doing.

2. DEALING WITH OBJECTIONS Volunteers: Most fold after the first “no”, stumbling block, question or challenge.

   Staff: Professionals realize any objection is not personal, that true selling begins after you hear a “no”, and that dialogue is better than debate!

3. ENTHUSIASM Volunteers: They are enthusiastic about your institution or program … but certainly not about asking their friends for money.

   Staff: Your attitude is directly proportionate to your sense of impact on your institution, and your value to it. Your enthusiasm builds as you ask and receive.

4. TIMEVolunteers: They have none. They have many other priorities and obligations that come before their volunteer duties.

   Staff: Major Gifts / Sales solicitation should be your number-one priority.

5. ACCOUNTABILITY/FOLLOW-UPVolunteers: There isn’t any “I saw so-and-so at a party … and I think they probably could do something.”

   Staff: Professionals do a Memo for the Record on every call. They send a great follow-up letter summarizing the request. They make a phone call on a specific date to determine the level of commitment and finalize details with the investor.

6. TRAININGVolunteers: Most volunteers did not take Major Gift Solicitation 101. Many don’t understand “sales.” Few have the time to become properly knowledgeable about your For Impact Organization/Institution and the investment opportunities available.

   Staff: Professional staffs should be well trained. Whether they read, listen to tapes, or attend training camps and seminars … great development professionals are knowledgeable about their field and their institution … and are constantly learning more.

7. PREPARATION Volunteers: ‘Asking their secretary for directions on their way out the door’ is their idea of preparing for the call.

   Staff: Professionals prepare by reviewing the Strategy Checklist … and completing a Presentation Checklist (who, what, when, where, why, how) for every call, properly researching the prospect relative to the level of request.

8. THE CALL ITSELF Volunteers: “So, how’s your family? Your golf game? ‘Hem, haw’ … I got your (3×5) card… ‘they’ want money … just do what you can.” Volunteers rarely request a specific amount for a specific project.

   Staff: Great development professionals know the six essential requirements for Major Gift solicitation. They ask questions … listen intensely … respond to the investor’s feelings … react with flexibility, creativity and speed … deal with challenges.

9. TRADING DOLLARS Volunteers: Volunteers know that whatever they ask of one of their peers this week will be asked of them for that prospect’s favorite cause next week!!!. This “chit” system, or “trading dollars,” does not allow for aggressively MAXIMIZING relationships and commitments!

   Staff: Professionals can be objective, equitable and professionally aggressive in helping the prospective investor feel great about maximizing their commitment.

10. SKILL Volunteers: Most are amateurs (at development/fundraising).

    Staff: You’re professionals. As one of the all-time great solicitors, J. Barry McGannon (former Chancellor of St. Louis University) asks, “Would IBM, or any major business, entrust its biggest customers to an amateur?” Of course not. IBM wants more quality control than that, and so should we! Now, more than ever, development is a sophisticated, challenging and competitive profession that requires total commitment.

Special Note: This is not meant to be a “Bash the Volunteer” list. Rather, it’s an attempt to help you RETHINK/REINVENT the role of your volunteer leaders.

They are your best resource!

Use them as part of TEAM SELLING! As PREDISPOSITION! At a MEMORABLE EXPERIENCE.

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Board Seat Not Necessary

January 5, 2007 | Nick Fellers

A quick learning point that comes from a lot of the sales training and coaching around maximizing relationships.

Re: Prospect Strategy - Joining the board is not a pre-requisite for maximizing a relationship.

You should complete a customized prospect strategy (including goals) for each of your top prospects. When I bring this up in a workshop I’m commonly asked, “Should we first try to see if he/she would like to be on our board?”

That’s not a goal OR a strategy that I’m satisfied with. To me, trying to get someone on the board is a tactic that usually has nothing to do with the real goal which is to maximize the relationship at any given time.

Remember, getting someone ‘on THE board’ should not be the goal. My real issue is that I think it represents the wrong way of thinking. Instead, frame your strategy around getting the prospect ON BOARD with your cause / case.

I believe that if you’re with a qualified prospect the dialogue will not be about a board seat … it will be about HOW to deliver the impact.

For more clarity:

• My point is not about whether or not someone should join the board but rather that you don’t need to be ‘on the board’ to be ‘on board’.
• I’ve heard far too many stories about strategies that have involved ‘trying to get someone on the board’ as a first step in a relationship. Some of you have spent years trying to get prospects on your board. And then …
• We think getting them on the board somehow makes them on board.

Think about how this idea applies to your organization. By way of a challenge I want to encourage some of you to re-frame your strategies. Where as you could spend years trying to get someone on your board, I believe some of your best prospects are already on board–with your cause … so go visit, share your story, and present an opportunity to help).

Note from the field: As one great community leader / champion recently put it, “I’m on enough boards already. I’ll help in anyway I can but I’m busy and quite frankly, most boards make me bored.”

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The Perfect Predisposition

December 1, 2006 | Tom Suddes

Short. Sweet. Powerful. Here’s an IDEA that you can use immediately to significantly increase the level of investment from your top prospects. This idea is particularly relevant if you are in a ‘CAMPAIGN’ or trying to involve/engage your top prospects at the leadership gift level.

The absolute best PREDISPOSITION … is to bring your BEST PROSPECTS …
to WHERE YOU DELIVER YOUR SERVICE!!!

This seems so natural and ‘commonsensical’. (That could be a new word.) Yet, to so many people we train and work with … this is a big revelation.

Don’t tell me you can’t get people to come and visit you. I didn’t say it was easy. I said it will significantly increase the magnitude of the commitment! If they’re really and truly a great PROSPECT … then they need to SEE and FEEL and TOUCH what you do.

In essence, it’s simply saying that the ‘HOME COURT ADVANTAGE’ is very powerful.

To me, it’s saying that bringing your prospects/potential investors TO YOU … where you can control the environment, the flow, the tour/agenda … is one hundred times better than their office or home, and 1,000 times better than a restaurant.

IF … “A PICTURE is worth a THOUSAND WORDS.”

THEN … “A LIVE MEMORABLE EXPERIENCE is worth a MILLION words.”

P.S. Just finished a great book by Phil Dusenberry, former chairman of huge marketing and advertising agency, BBDO. His title and his message were:

ONE GREAT INSIGHT IS WORTH ONE THOUSAND GOOD IDEAS.

This particular INSIGHT of bringing people to you/perfect predisposition/live memorable experiences IS worth one thousand good ideas …
IF YOU ACT ON IT!

NOTES FROM THE FIELD:

Nick was up coaching with a terrific FOR IMPACT ORGANIZATION yesterday in northeast Ohio. He brought in a Board member and her husband to SEE what went on, FEEL the IMPACT and MEET the PEOPLE they SERVE. They were WOWED!

Twenty-four hours later the couple called with a LEADERSHIP COMMITMENT to help FUND THE VISION. It would not have happened with a visit at home or office.

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Get More Aggressive

July 9, 2006 | Tom Suddes

Here’s a big lesson/coaching tip from recent experiences: GET MORE AGGRESSIVE!

• ALWAYS ASSUME THE BEST …
  • Timing is perfect.
  • They just inherited a large fortune.
  • Their business is booming.

  *They love your CAUSE and CASE!!!

• DON’T MAKE THE DECISION FOR YOUR PROSPECTIVE INVESTOR … especially before you even get there!!!
  • “They’re burnt out.”
  • “They’ve got 3 kids in college.”
  • “They’re still paying on a pledge.”
  • “I’m not sure they can do $10,000 or $100,000, etc.”

  *It’s not important whether YOU are sure. It’s not your money. Give them a chance to say ‘YES’!

• Get (a few of) them to fall off their chair … in shock at the magnitude of YOUR PRESENTATION.If you have not caused someone lately to be SHOCKED at the SIZE of your OPPORTUNITY … you’re not THINKING BIG ENOUGH.

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