Engaging the marketplace

Engaging the Marketplace: The Most Critical Component of Your Sales ForceTuesday, September 24, 2013Jonathan Dick - jondickconsulting@verizon.netLarry McMahon - lmcmahon@alliant.comNick Peters - nickp@cashionco.com

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1Engaging the marketplace

2Jonathan Dick has been a consultant and strategist for Fortune 500 and private companies for the past 26 years. His practice specializes in working with corporate identity issues and their corresponding applications for revenue growth and business development as they relate to generational or business transition issues, and change management. His clients have included AT&T, Johnson & Johnson, Wyeth-Ayerst, The New England, Eli Lilly, Aerotek, Acuity Brands, Lanier Worldwide, Mass Mutual and many privately-held companies. To date he has worked with approximately 800 companies.Nick Peters has been working with The Cashion Companies in Little Rock, Arkansas, since 1988. He has been an agent for the last 19 years with a book that consists of 100% commercial construction. His practice has consistently been in the top 20% in the industry. He became Sales Manager in 2011 and is growing a team of next generation agents. Nick has his CIC and is a member of NASBP Region 6 Steering Committee. Larry McMahon is Executive Vice President and Surety Manager for Alliant Insurance Services, Inc. which he joined in 2000. In addition to managing large surety placements nationally he works closely with Alliant Construction Unit and Alliant Public Entity Group to provide expert advice on surety. After graduation from Siena College he joined St Paul/Seaboard Surety Company and in 1994 was appointed branch manager in Los Angeles. The 1998 merger of St. Paul/Seaboard and USF&G saw him named Regional Underwriting Director in New York. Mr. McMahon is the current NASBP President. He also serves on the following NASBP Committees: Commercial Surety, Ethics, Finance, Government Relations, Industry Relations, Region 2 Steering, and Small & Emerging Business. He participated in the development of the curriculum for and teaches at the NASBP Sales Workshop for Bond Producers and the new Angell Curtin Advanced Level III. He has been a faculty member of NASBP William J. Angell Surety School since 2000.

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Biographies

3Engaging: definitionTo captivate, tending to draw favorable attention or interestSynonymsalluring, appealing, attractive, bewitching, captivating, charismatic, charming, elfin, enchanting, fascinating, entrancing, fetching, glamorous (also glamourous), luring, magnetic, seductiveRelated Wordsabsorbing, arresting, engrossing, enthralling, galvanic, gripping, hypnotic, hypnotizing, mesmerizing, riveting, spellbinding; enticing, tantalizing, tempting; exciting, haunting, interesting, intriguing, titillating; beckoning, inviting, winning; darling, delightful, pleasant, pleasing4Learning 3 skillsProspecting: script

Interviewing: survey

Recommendations: best practices + products + timeframes5Learning 3 Knowledge AreasProducts

Market: life cycles of contractors: issues & answers

Competitors: strengths & weaknesses documented6Whole to Part MethodologyLook at the whole business, not just part

What does the owner want to achieve?

How can you help him achieve it?

Q. Is there anything more important to an owner than what he or she wants to achieve?

7Understand what the owner wants to achieveIn order to help a business owner reach their goals, we must understand what it is they are trying to achieve.

We must understand where they are at in their life cycle, and understand where they need help.

We must test their true motivation to move forward by assessing their willingness to adopt best practices.8Engagement: The Missing ComponentIf you cannot engage the marketplace you cannot create Partnerships with Clients!9Engaging the Market:Two Producers ApproachesNick Peterson: Bio, Practice areas, Practice size, Company Position

Larry McMahon: Bio, Practice areas, Practice size, Company Position10What they say to engage prospective clients: Nick PetersMake a big claim: we help owners reach their goals and solve daily challenges

Validate the claim with evidence: we do that by addressing their daily challenges, based on where they are at in their life cycle and what they want to achieve.

Give Success Stories: Here is who we have done that for, the issues they faced, and how we helped them.

Is Your claim big enough and your validation evidence enough to captivate an owner?11Understand what you can address to help them reach their goals: Nick PetersA Contractors Life Cycles: Issues and Answers

A Best Practices Business Approach

Q: Would you want to be selling against a Producer who is using this approach?

12Case Studies: How you recently used this approach: Nick PetersExample One: New Prospect

Example Two: Existing Client (For renewal or to add value.)

Example Three: Long-term prospect who has been with incumbent agent for over 10 years.13What they say to engage prospective clients: Larry McMahonDelivering Solutions

What does this mean for you?

What are examples of solutions for a new prospect, or a long-term prospect?14Understanding the solutions an owner appreciatesThe Top 4:

1 Knowledge of Best Practices2 Grapevine Knowledge3 Bonding Market Knowledge4 Personal Knowledge15Case Studies: How you recently used this approach: Larry McMahonExample One: Practice SolutionExample Two: Grapevine SolutionExample Three: Leverage SolutionExample Four: Personal Solution16If you are not helping an owner reach their goals, you are not engaging them.Identify what an owner is trying to achieve

Deliver tangible non-product related solutions.

When you deliver solutions, you get the bonding as a bonus.

Who would you buy from, the person helping you achieve what you hope to achieve, or the person selling you products?

17To learn more about how you can begin engaging the marketplace:

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