Critical vendor networking
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Critical Vendor ™ Networking. Defining & Developing Target Markets. x. What can you do with 211 °F water?. x. What can you do with 212 °F water?. Presentation Outline…. The Best of the Reps and the Rest of the Reps Seven Steps to Success Know Your Niche Master Your Market

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Critical Vendor ™ Networking

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Critical vendor networking

Critical Vendor™ Networking

Defining & Developing Target Markets


Critical vendor networking

x

What can you do with 211°F water?


Critical vendor networking

x

What can you do with 212°Fwater?


Presentation outline

Presentation Outline…

  • The Best of the Reps and the Rest of the Reps

  • Seven Steps to Success

    • Know Your Niche

    • Master Your Market

    • Reap Your Rewards

  • Critical Vendor Networking

    • Short – Term Gains

    • Long – Term Gains

  • The One Degree of Difference Difference


The best vs the rest

The Rest of the Reps

Have huge networks – Often hundreds of contacts

Spend endless hours at networking events

Sell to anyone & everyone

Focus on their own business

Accumulate random contacts –no network structure

Go to many long, usually fruitless meetings

Take a year or more to get referrals

Offer money or other incentives for referrals

Make “one-off” sales

The Best of the Reps

Have small networks of 5 to 7 contacts per target market

Avoid networking events

Have well-defined markets

Focus on their clients’ businesses

Build well-structured networks

Go to 2 or 3 brief meetings a month – and get multiple referrals

Begin getting referrals in weeks, not months

NEVER pay for referrals

Enjoy continuous referral streams

The best vs. the rest…


Seven steps to success

Seven Steps to Success…

1 Tell them what GOOD you do.

Short-TermResults

2 Describe who you do it for.

3 Discover where your prospects hang out.

4 Find their burning issues.

5 Find out who is helping with these issues.

Long-TermResults

6 Meet these critical vendors.

7 Give business away!


A note on examples

A note on examples…

For each of the Seven Steps to Success discussed in this presentation, three examples are given.

The first two are from PEO’s clients.

The third example is from a large PEO.


Step 1

Step 1…

Tire Shop Owner

Replaced tires sold by previous owner a year ago at no cost to customer.

Not what do you do, but what GOODdo you do?

Mortgage Broker

Refinanced recently bankrupt client and saved him $250 a month.

PEO

Saves CPA with only 1 employee more than $500 a month.


Step 2

Tire Shop

Step 2…

Owners of 3 to 5 year-old, high-performance, specialty sports cars.

Who do you do it for?

Mortgage Broker

Low-income, inner-city home buyers with high credit card debt.

PEO

High-end remodeling contractors with 10 to 20 employees, businesses founded after 1995, located in northern California.


Targeting your market

Rep’s Criteria:

Who I’ve sold to

Who I’d like to sell to

Areas of special interest

Areas of special knowledge

Who gives me referrals

Who do I give referrals

Commissions

Company’s Criteria:

Total monthly payroll

Average salary/employee

Number of employees

Risk Level

Size of target market

Life-Stage (growing, mature, shrinking)

Number of locations

Targeting your market…


Step 3

Tire Shop Target u Owners of high-performance sports cars

Step 3…

Auto ShowsRace TracksOwners’ Clubs

Where do they hang out?

Mortgage Broker’s Target u Low-income, inner-city families with high credit card debt.

ChurchesSports clubs

PEO Target u High-End Remodeling Contractors

NARITrade AssociationsTrade Schools


Steps 1 3 short term results

Steps 1 – 3Short-Term Results…

1 Tell them what GOOD you do.

2 Describe who you’ve done it for.

3 Discover where your prospects hang out.

Surrounded by

Prospects!


Steps 4 7 long term results

Steps 4 - 7Long-Term Results…

4 Discover their burning issues.

5 Find out who is helping with these issues.

6 Meet these critical vendors.

7 Refer business to critical vendors!


212 reps

x

212° Reps…

  • Know their target market’s burning issues

  • Do not believe satisfied clients are a great source of new business

  • Get 10 to 20 times more referred business


Step 4

Going to Professional/Trade Associations

Step 4…

Meeting AgendasSpeaker TopicsWorkshops & Seminars

What are their burning issues?

Asking Clients & “Premium” Prospects

GoalsChallenges

Reading Professional/Trade Publications

Tables of ContentsFeature ArticlesAdvertising


Step 5

Tire Shop Target u Owners of high-performance sports cars

Step 5…

Auto Security ExpertsMechanics(Rare) Parts Dealers

Who are their Critical Vendors?

Mortgage Broker’s Target u Low-income, inner-city families with high credit card debt.

PriestsKids’ Sport Coaches

PEO Target u High-End Remodeling Contractors

ArchitectsMaterials Suppliers


A critical vendors network is

.

A Critical Vendors Network is…

…a small, but powerful team of businesspersons all selling non-competing products or services to the same target market


Critical vendor networks

Residential

Realtor

Critical Vendor™ Networks…

Mortgage

Broker

CPA

Property

Insurance

Agent

Pest

Inspector

Staging

Professional

General

Contractor

Title

Company


Critical vendor networks1

Small Business Bookkeeping

Services

Critical Vendor™ Networks…

X

Acupuncturist

Accountant

Insurance

Agent

X

X

Printer

Delivery

Service

Payroll

Services

Banker


Critical vendor networks2

Employee

Benefits

Company

Critical Vendor™ Networks…

Commercial

Insurance Agent

Small Business

Attorney

Payroll

Services

Company

401K

Advisor

Temporary

Employment

Agency

Business

Broker

CPA


Step 6

Step 6…

Meet Your Critical Vendors!

Put the Freeze on Cold-Calling


Law of reciprocity

“You give, you get. You no give, you no get!”

Harvey Mackay “Dig Your Well Before You’re Thirsty”

x

Law of Reciprocity...


Step 7

Step 7…

Refer Business to your Critical Vendor Team!


Seven steps to success1

Seven Steps to Success…

1 Tell them what GOOD you do.

Short-TermResults

2 Describe who you do it for.

3 Discover where your prospects hang out.

4 Find their burning issues.

5 Find out who is helping with these issues.

Long-TermResults

6 Meet these critical vendors.

7 Give business away!


1 of difference

$4,000

x

1° of difference…

  • Pick your market

  • Discover the issues

  • Hang out with your prospects, not your competitors

  • Know your market’s Critical Vendors

$50,000+


The long term

x

The Long-Term…

Puts you at the hub of 57 Growing Businesses!


Network structure

x

Network Structure


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