Finding & Retaining Customers

How to Get the Sale

Presented by:

Tim Hardman

Commercialization Executive

Business Development Cycle

Technology & IP Protection

Client Engagement

Client Retention

Operational Readiness

Technology & IP Protection

“We must beware of needless

innovation, especially when

guided by logic”

Author: Winston Churchill

Technology & IP Protection

Challenge the logic and level of continued innovation vs. selling your current product. Does new innovation accelerate the sales process?

Validate the use of available government R & D funding...does the funding fit your sales model?

Ensure that your technology is fully characterized to meet the market requirement.

Patents or trade secrets must be in place to protect your technology to allow for open technical dialogue with your clients.

Client Engagement

Time and financial resources must be considered when asking the following question :

Who in the organization has the proven sales track record to commercialize our products or services?

If the answer is no one...or “I developed the product so I am the best person to sell it”, consider recruiting seasoned help!

Client Engagement

Many early stage companies lack the financial resources to hire a sales professional. If this is your current position, consider the follow approach:

Prepare a sales & marketing plan to enable you to focus on growing your business (details to follow).

Gov. Funding available to offset some costs: Export Market Access Program, Going Global, etc.

As an entrepreneur, your time is required in all aspects of developing your business...within your plan, indentify how much time each day, week & month you can devote to sales development and hold yourself accountable!

Client Engagement Plan Check List

People

Clearly indentify who will be accountable for

the sales process.

Commit to bid/proposal resources & process to

ensure quotes are prepared professionally,

timely and profitably!

Indentify staff members or business partners

who can play a supporting role in the process;

R & D, operations, product development.

Client Engagement Plan Check List

Product/Service

Identify the specific attributes of your product or service.

Establish how your product improves your client's product performance.

How is your product an improvement over a competitors product? How/why?

Does your product allow your client to reach new markets?

Demonstrate how your product offers value for money vs. a competitor...Value Proposition.

Can your product reduce cost at an operating level within your client's mfg. process?

Client Engagement Plan Check List

Pricing Strategies

Complete a pricing model that includes both

fixed and variable expenses. Understand your

breakeven point!

Price your product taking into consideration

your value proposition and/or competition.

Once your price point is established, validate,

validate, validate...

Too high or too low?

Client Engagement Plan Check List

Distribution

Indentify where your sales will come from, website, walk-ins, phone, email or fax.

Determine your shipping and handling expenses and determine if included in your prices or an extra charge to your client.

Establish a return policy if applicable.

Indentify any operational requirements such as: Client packaging requirements

Labelling or product identification

Kitting (point of use)

Bar coding

Documentation

Traceability

Client Engagement Plan Check List

Marketing/Promotion

Brand your product or service by creating logos and/or reg. trade names.

Highlight your product’s performance through a 3rd party “White Paper”.

Characterize your products performance to a specific use, application or industry.

Create product data sheets & material cards to outline your product’s properties and attributes.

Client Engagement Plan Check List

Marketing/Promotion (con’t)

Active website, provide a data sharing portal in exchange for client qualification information & measurement.

Promotional tools such as industry & associations directories and publications.

Company and product promotional brochures.

Create your own “reverse trade show” by attending your targeted industry trade show to make direct client contact.

Resist the urge to book a booth!

Client Meeting StrategiesWhen you meet with your prospects for the first time, it is

important to take the following steps:

Plan out in advance what your objectives are for the meeting.

Prepare an elevator speech for you, your company and product.

Organize your presentation to provide persuasive illustrations of

how your product creates value for your client.

Ask question that will help the client realize a requirement or

desire to utilize your product.

Be ready to respond to negative comments about your

product…anticipate these comments and be ready with a positive

response pointing out the attributes already established.

Be sure to establish next steps with the clients to ensure ongoing

engagement. Offer to complete a quote, technical briefing, etc.

In most cases, take another person with you to the meeting to

observe client reactions, company and personal agendas, etc.

Client Engagement Process

“ Always be closing...That

doesn’t always mean you’re

closing the deal, but it does

mean that you need to be

always closing on the next step

in the process”

Author: Shane Gibson

Client Retention Strategies

Consider co-development and/or co-funding of a new product, service or certification to meet your client’s future requirements.

Jointly engage a university, laboratory or gov. agency to further develop or characterize your product.

Government funding programs can help off-set the cost of many joint projects.

Precondition your client’s customer in the application of your product in new product development...create interest, acceptance and if necessary gain product approval.

Operational Readiness

Sales Ops

Sales Ops

Operational Readiness

Improper operational readiness is a leading cause of early stage company failure.

Preparation to fulfill client orders must start prior to your sales effort.

Qualified staff, quality systems, lean practices, employee safety, etc. must be in place to ensure your operation is scalable.

Prepare for on-site client collaboration, process & quality audits.

Happy Hunting!