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).
]]>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 follow-up but 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?" ]]>
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.”
NOTHING HAPPENS UNLESS YOU'RE OUT SELLING... YOUR VISION. YOUR IMPACT. YOUR MESSAGE. YOUR IDEAS. YOUR RETURN ON INVESTMENT. Etc., etc., etc.
All of these organizations, and all of you, are deeply committed to your CAUSE and your ORGANIZATION.
Yet, none of you have been 'TRAINED IN SALES'!
(You're not alone. Even the Nation's business schools provide no SALES TRAINING. Yet, in this 'FOR PROFIT WORLD,' SALES drives [almost] every company. Without it, all products and services remain 'on the shelf.')
I've spent my whole adult life in SALES, much of it selling 'INTANGIBLES' (large gifts/commitments for great causes and cases). ]]>
“God gives every bird food.
He just doesn’t throw it into the nest!”
At the moment we’re working with an Abbey in Northern California. Beatitude House in Youngstown. The International Baccalaureate Association in Geneva, Switzerland. Father Joe’s Villages in San Diego. American Numismatics Association. Junior Achievement. And many others.
We were with the American Lung Association’s National Development Conference last Thursday and 50 Christian Brothers’ schools on Friday. In two weeks I’m speaking with CEOs and Development Teams from all the YMCA’s in North America.
One part of our MESSAGE is always the same:
NOTHING HAPPENS UNLESS YOU’RE OUT SELLING…YOUR VISION. YOUR IMPACT. YOUR MESSAGE. YOUR IDEAS. YOUR RETURN ON INVESTMENT. Etc., etc., etc.
All of these organizations, and all of you, are deeply committed to your CAUSE and your ORGANIZATION.
Yet, none of you have been ‘TRAINED IN SALES’!
(You’re not alone. Even the Nation’s business schools provide no SALES TRAINING. Yet, in this ‘FOR PROFIT WORLD,’ SALES drives [almost] every company. Without it, all products and services remain ‘on the shelf.’)
I’ve spent my whole adult life in SALES, much of it selling ‘INTANGIBLES’ (large gifts/commitments for great causes and cases).
Nick and I are out ‘PRACTICING’ our craft/art every day.
Here are three really big things that may help you on your next VISIT/’SALES CALL’.
- DISCOVERY
- SHARE THE STORY –> PRESENT THE OPPORTUNITY
- AUTHENTICITY
ACTION:
- Write this on a little card.
- Look at this every time you go to visit/meet with a Qualified Prospect or Potential Investor.
THE SHORTHAND.
- DISCOVERY. Where’s the best place to find out ANYTHING you want to know about your INVESTOR/PROSPECT???FROM THEM!Remember: SELLING IS NOT TELLING!
ASK QUESTIONS. More importantly, LISTEN TO ANSWERS!
Here are three great questions to help you with your DISCOVERY.
- WHY are you engaged/involved with us?
- Which of these three things (buckets) is most important to you?
- Can you help us Fund this Vision?
- SHARE THE STORY –> PRESENT THE OPPORTUNITY. SHARE THE STORY is exactly that. SHARE. THE. STORY.Everybody in the organization can share THEIR ‘story’.
You must also be able to capture the ‘STORY’ of your organization… your cause… your vision.
Then, PRESENT THE OPPORTUNITY This is NOT about ASKING PEOPLE FOR MONEY!!!
- It’s about PRESENTING THE OPPORTUNITY for them to make an IMPACT!
- To move from SUCCESS TO SIGNIFICANCE!
- To SAVE LIVES. To CHANGE LIVES. To CHANGE THE WORLD!
Special Note: Ask your Board Members or Volunteer Leaders whether they’d rather go out and ‘ASK THEIR FRIENDS FOR MONEY’ …or
SHARE THE STORY –> PRESENT THE OPPORTUNITY. - AUTHENTICITYFirst, this is about being YOURSELF! If you just started with the organization, say so; and, then explain why you made that decision. If you spent 10 or 15 years working with your organization, explain WHY you devoted that kind of commitment to this cause.Additionally, AUTHENTICITY is about total candor. Sometimes even BRUTUAL HONESTY. (“You’re one of our top investors. You helped us build this plan and we know you want to see it succeed. Can you take the LEAD?”) Nick had a great line last week that was about as AUTHENTIC as you can get. “I have one goal with you today: to have your jaw drop at the unbelievable impact that this organization is having on children. That’s it.”
CLOSE: For those of you out VISITING and PRESENTING… I hope you can use these simple but powerful reminders.
For the rest of you…
- Get out of the office. (GO PRESENT OPPORTUNITIES.)
- Stop doing research. (DO DISCOVERY… ON THE VISIT.)
- Stop doing proposals and grant writing. (GO SHARE THE STORY AND PRESENT THE OPPORTUNITY.)
One of the issues/challenges that came up was around the FOLLOW-UP LETTER … and then the FOLLOW-UP PHONE CALL or VISIT.
What follows is a relatively SIMPLE way to look at this 3 STEP PROCESS.
I hope it helps.
P.S. It won’t help at all if you’re not actually making the VISIT/ PRESENTATION in the first place! JUST ASK!
COMMENSURATE COMMITMENTS
THE BIG 3
IN THE COMMITMENT PROCESS …
EACH OF THESE HAS EQUAL WEIGHT (IMPORTANCE)!!!
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PRESENT
THE OPPORTUNITY |
FOLLOW-UP
(Letter) |
FOLLOW-UP
(Phone/Visit) |
Pretty self-explanatory. Get the ‘DOLLARS IN THE BUCKET’ (an AREA OF INTEREST and an AMOUNT). Use the PRESENTATION FLOW around:
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This is the place to SUMMARIZE … CONFIRM THE OPPORTUNITY PRESENTED … and CONFIRM PHONE/VISIT FOLLOW-UP DATE.
This is a wonderful place to cover:
The key here is to be both AUTHENTIC and PERSONAL (custom). |
Going through all the work and challenges of getting the visit and making the visit … and NOT doing this PHONE/VISIT FOLLOW-UP is not only WRONG, it is DISRESPECTFUL and a DISSERVICE to the person you’ve visited!
The (obvious) GOALS:
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The beauty of this model is that by FOLLOWING-UP … IN WRITING … with a DATE for the phone/visit FOLLOW-UP makes it really hard NOT to do the follow-up!!
P.S. Take it from someone who has made over 6,000 presentations: The LONGER you WAIT before you send the FOLLOW-UP LETTER … the weaker the response (yours and theirs)!!! ‘Git ‘er done!’
]]>To me, the funding plan is the HOW behind the big picture dollar goal and the big picture dollar goal is what you need to deliver on your vision. So, in essence, this is HOW you will deliver on your vision. Is that important? You bet!
I’ve found that most organizations don’t have a funding plan.
Three simple action steps here:
- Determine the dollar amount you need for both operations and projects. What is the lump sum? Do the math! 80% of organizations can’t answer this question.
- How many investments would you need – and at what amounts to achieve this goal?
- When? (One year? Three years? Five years?)
The funding plan does a few things as it relates to your case:
- It makes it believable
- It shows a potential investor how she/he would fit into the funding vision.
- It also illustrates that you’re not just picking a number out of the air – there is logic.
Extra bonus: There are times when you can actually ask the potential investor, “Where do you see yourself in this plan?” Then, you let them select a dollar level.
]]>‘IN PLAY’ to actually getting the AREA OF INTEREST and DOLLAR AMOUNT ON THE TABLE.
He called it ‘DOLLARS IN THE BUCKET’.
[Getting the AREA OF INTEREST is the BUCKET; the DOLLARS reflect a realistic investment amount.]
Then, it was pretty easy for us to move from:
‘DOLLARS IN THE BUCKET’ … to … ‘DOLLARS IN THE BANK’
Here’s my SIMPLE 1, 2, 3 for moving prospects at the top of your MASTER PROSPECT LIST to a COMMITMENT … AT THIS GIVEN MOMENT!
- ‘IN PLAY’
- Take ACTION!
- PRE-DISPOSE!!
- Get VISIT Scheduled!
- Do DISCOVERY (maybe even on the VISIT)
- ‘PRESENT THE OPPORTUNITY’
- Get $$$ in the BUCKET!
- Get a ‘NUMBER on the TABLE’ … in a SPECIFIC AREA of INTEREST
- No ‘FUZZINESS’ about WHY you are with them!!!
- Create SENSE OF URGENCY
- ‘COMMITTED’
- Get the COMMITMENT!
- $$$ in the BANK!
- Put it in WRITING! (You to them; them to you.)
As always, JUST ASK!!!
You can download some other visuals to help you with this concept this download includes:
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