Learning from the Buy Side

by Charles Bernard

On Wednesday I led a session in our Sales Improvement Forum series called Referrals:  the Holy Grail of Sales.  We had our usual group of business owners, senior company executives, and salespeople.  However, amid all the “sellers,” we also had a senior member from a major banking institution – someone qualified to represent the “buy side” of the referral relationship.

I was introduced to her a short while ago through mutual contacts and invited her to attend this session to observe firsthand the format of the event.  Our hope was that she would be comfortable recommending me as a speaker for other organizations that she belongs to, including the Financial Women’s Association.

At the first break, she volunteered to share some of her notes regarding the techniques we were discussing, but from the buyer’s perspective.  In her position, she is constantly “pitched” and has experience in what works and what doesn’t to get her attention, even if the person has been referred in.

Knowing that this conversation was likely to be interesting, I substituted part of the agenda with an open question and answer discussion, facilitated by her.  Among the many questions asked were, “What gets your attention on an email?” “What’s the best way to introduce myself?” and “How do I distinguish my company?”

Here are some of her pearls of wisdom:

“Gotta have a compelling subject line.”  Especially via email, it is important to capture the prospect’s attention immediately.

“Must be able to not only identify a business problem that you know I have, but be able to highlight the solution succinctly and early in the discussion.”  Knowing what’s wrong is only half of the equation; you must be able to clearly demonstrate how you are uniquely qualified to offer a solution.

“If you represent a not for profit, find out the ones that our firm supports.  A good way to do that is to see what type of not for profit events we sponsor.”

“The best way to get me to call back is to tell me that it’s OK to say ‘no’ to you without hurting your feelings.”  Making things personal will only make the person more reluctant to call you back, often leaving you waiting for a call that will never come.

Even though this wasn’t what I had originally planned, our trip to the “buy side” of a referral seemed to add a great deal of value for our forum attendees.  What do you think?

You can see pictures from the workshop on our Facebook page, and check out our events page for future sales improvement workshops.