Dan Martell - December 02, 2019


How To Qualify Your Target Prospects

Hosted by
Dan Martell
Mentioned
Scott Sambucci
How to Conduct a 1 on 1 Meeting With Your Direct Reports Tobi Lütke The Creator of Shopify

Episode Stats


Length

8 minutes

Words per minute

194.91

Word count

1,692

Sentence count

101

Harmful content

Hate speech

2

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, Dan Martell walks you through the 4 Ps of selling and explains why you need to know them in order to make the most of your prospects. 1. Problem awareness 2. Persuasion 3. Problem problem 4. Problem solving

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Hey there.
00:00:00.500 Dan Martell here, serial entrepreneur, investor,
00:00:02.160 and creator of SAS Academy.
00:00:03.840 In this video, I'm going to share with you
00:00:05.580 the four Ps of selling, how to easily
00:00:08.640 qualify your target list of prospects
00:00:11.120 so you don't spend a ton of time talking
00:00:12.960 to the wrong people or doing outbound campaigns
00:00:15.520 to the wrong people.
00:00:16.200 And be sure to stay at the end where
00:00:17.520 I'm going to share with you how to get access to my Rocket Demo
00:00:20.240 Builder.
00:00:20.840 It's a framework that's going to help you close twice as fast
00:00:23.840 in half the time.
00:00:25.280 But let's get into the four Ps.
00:00:30.000 So if you've ever done any outbound account-based marketing,
00:00:45.280 ABM, or outbound calls, or whatever,
00:00:47.400 you've got a lead list and you're trying to figure out
00:00:49.900 how to rank order the people you should be spending time with,
00:00:53.120 I'm going to walk you through how I think about it.
00:00:55.200 And a big inspiration came from my buddy Scott Sambucci
00:00:58.420 at SalesQualia.
00:00:59.580 He's an incredible sales coach.
00:01:01.800 And he actually came in and did a framework
00:01:03.960 with my SaaS Academy clients called the ABM Planner.
00:01:06.860 And during that training, some really powerful stuff.
00:01:10.200 He talked about all the different ways
00:01:11.940 that you should be doing outbound,
00:01:13.560 the different touch points, the right language to use,
00:01:16.380 what messages in each different format that works the best.
00:01:19.080 One of the things he said was that there were four Ps, 0.80
00:01:21.720 these four Ps that you need to understand
00:01:24.720 for selling properly.
00:01:25.900 And if you don't, it could literally
00:01:27.660 costs you the whole ability to make a sales channel work,
00:01:31.280 so that you might not be able to make outbound
00:01:33.220 if you don't understand this.
00:01:34.580 Or just decide to give up on something
00:01:36.380 that could have been incredible, but you didn't understand this,
00:01:39.780 so you gave up too quick.
00:01:41.380 So I'm going to walk you through that.
00:01:42.800 But what I've discovered in my own life
00:01:44.880 is when I've gotten better at qualifying, OK,
00:01:48.100 so lead gen, inbound, outbound, partnerships,
00:01:50.420 those are really kind of the three different channels,
00:01:54.040 I've been able to increase my sales velocity.
00:01:57.420 Sales velocity is the number of deals
00:01:59.220 times the size of the opportunities
00:02:00.660 times the percent win rate divided
00:02:02.420 by the average time to close.
00:02:04.560 So if we do a better job at qualifying our target
00:02:07.940 accounts or prospects, then we're
00:02:09.680 going to be able to increase the quality, the speed,
00:02:13.560 and the size of our deals through our pipeline.
00:02:16.920 And to do that, we need to use the four Ps.
00:02:19.920 Here they are.
00:02:20.760 Number one, problem.
00:02:22.680 So the question you want to ask yourself
00:02:24.180 is does this person know they have a problem?
00:02:29.180 And this is when I really was like, hey,
00:02:31.420 Scott knows his stuff.
00:02:32.580 Because then he said, because the last thing you want to do
00:02:34.680 is a double sale.
00:02:36.100 And many of you out there are doing this.
00:02:38.400 You're getting on a call with somebody
00:02:40.360 or you have a prospect.
00:02:41.360 You're like, OK, I sell email automation software.
00:02:44.320 So anybody that does any emailing should use my solution.
00:02:47.320 That's not true.
00:02:48.420 If they're not problem aware, if they don't know
00:02:50.920 that they have an email problem, maybe they've never
00:02:52.700 considered email automation.
00:02:54.060 Maybe they don't even understand how it works.
00:02:55.820 Maybe they don't feel like they have a problem to resolve.
00:02:58.860 If you don't, then you're doing the double sale.
00:03:00.680 Number one, you've got to sell them on the problem.
00:03:04.060 Hey, you have this problem.
00:03:05.300 Here's why you have this problem.
00:03:06.480 You probably don't know you have this problem,
00:03:07.900 but here, let me tell you about it.
00:03:08.680 So that's one.
00:03:09.400 And two, here's how the problem looks, right?
00:03:13.920 And here's how the solution can be solved.
00:03:15.560 So you don't want to do a double sale.
00:03:17.820 You want to do a sale for the solution.
00:03:19.700 You don't want to do a sale for the problem.
00:03:21.440 So do they have the problem?
00:03:22.840 That's the first P.
00:03:24.060 Number two is perception.
00:03:26.440 And the perception is, how big is the problem
00:03:29.400 from their perspective?
00:03:31.340 Do they feel this is a big enough problem?
00:03:34.840 Because what happens often in selling
00:03:37.360 is there can be two camps of people.
00:03:39.940 Some people feel like your solution is a vitamin,
00:03:42.620 and another camp in the world or another group or target market
00:03:45.960 in the world could feel like your solution is a painkiller.
00:03:49.620 So those are two different, vitamin, painkiller.
00:03:53.020 You will have a crazy amount of success
00:03:55.960 if you sell to the painkiller people.
00:03:58.900 And you will flounder and be frustrated
00:04:01.360 and maybe go out of business if you
00:04:02.800 continue to sell to the vitamin people because these people
00:04:05.680 think of it as a nice to have.
00:04:07.640 That's like insurance.
00:04:08.920 It's like, I should have insurance for this.
00:04:11.180 Maybe I don't need it.
00:04:12.040 I don't know if I need it because they don't know
00:04:14.020 until they have a problem.
00:04:15.100 But then there might be a whole group of people that
00:04:17.140 have had issues in the past that have already had claims.
00:04:20.920 And those people know for a fact, I need insurance.
00:04:23.260 Maybe they didn't have insurance when they had the situation.
00:04:26.680 These are the people that are painkiller people,
00:04:28.820 and these are the people that are vitamins.
00:04:31.380 And to me, that is the P in perception,
00:04:34.880 is do they understand how big of a problem this is?
00:04:38.500 If they don't, then it's low on their priority list.
00:04:40.420 It's going to make it really hard to move them forward.
00:04:42.720 Number three is perspective.
00:04:45.620 How do they perceive the solution should be built?
00:04:48.700 Because it's really tough if you're
00:04:51.780 trying to engage somebody that has a problem,
00:04:55.540 they know it's a problem, but their mindset is, well,
00:04:58.100 we should solve it this way.
00:04:59.200 And you're like, I understand why you say that.
00:05:01.100 Maybe you have other friends or other peers in the industry
00:05:05.540 that solved it that way.
00:05:06.540 But here's why this solution should
00:05:09.480 be solved in this format, which obviously
00:05:11.420 aligns with your product.
00:05:13.080 If they don't have that perspective,
00:05:15.180 then it's going to be really tough.
00:05:16.600 So what I'm saying is on all these factors,
00:05:18.360 Just grade them.
00:05:19.200 Do you think that they believe that this is something
00:05:22.040 they want to be solved this way?
00:05:23.820 And do they have a problem?
00:05:25.740 And do they understand how big of a problem it is?
00:05:27.420 And if you do A, B, and C, that would be better than nothing.
00:05:30.040 But most people don't.
00:05:30.900 They just get a list and they just attack it.
00:05:33.460 To me, the four Ps is a really powerful way
00:05:35.340 of just qualifying those target accounts
00:05:38.480 to make sure that those things potentially could be true
00:05:41.040 or high probability of those being true.
00:05:43.800 Perspective is, do they want to solve the problem the way
00:05:47.240 your solution solves it.
00:05:48.740 If the answer is yes, that's an A. If they don't know,
00:05:51.560 that's a C. Does that make sense?
00:05:53.540 Cool.
00:05:54.200 Number four, proximity.
00:05:56.660 So this one's interesting is because if you think about it,
00:05:59.420 the pain that they're trying to solve is the heat source,
00:06:02.180 like a burner on your stove.
00:06:04.920 How close are they to that heat source?
00:06:08.480 How close are they to the fire?
00:06:10.480 If they're far removed, and this is interesting,
00:06:13.080 when you're doing enterprise outbound sales,
00:06:15.140 You might have what I call a complex sales process
00:06:17.780 where you have multiple people involved in the process.
00:06:21.000 You might have an economic buyer.
00:06:22.280 You might have a technical buyer.
00:06:23.400 You might have the champion or the coach
00:06:25.280 within the organization, the user that's
00:06:26.800 going to essentially push this forward.
00:06:28.380 And each one of them could be at different proximities
00:06:32.360 to the pain.
00:06:34.640 And understanding that proximity is
00:06:36.980 going to help you change the language, change the content,
00:06:39.800 change the process in which you engage them into a solution
00:06:45.800 selling situation.
00:06:47.400 If you don't understand that proximity,
00:06:49.560 then you might start talking about something way too low
00:06:52.520 level, expecting them to understand it,
00:06:54.540 and they're just not going to tell you.
00:06:56.300 And they're going to walk away, and they're
00:06:57.920 going to be really kind to you.
00:06:59.520 And then you're going to be like, why didn't anything move
00:07:01.460 forward?
00:07:02.120 It's because they weren't close enough.
00:07:03.500 So sometimes you actually have to help the person
00:07:06.200 move from far proximity to close proximity
00:07:09.320 to the problem by giving them the ammunition,
00:07:12.620 giving them the questions to go ask the rest of their team,
00:07:14.780 or maybe asking them so that they can reframe their reality
00:07:19.020 in regards to the pain and how close they are
00:07:21.420 to that proximity.
00:07:22.720 That, to me, is a very powerful concept
00:07:26.120 that most people don't consider, especially
00:07:28.160 when doing outbound targeted messages, account-based
00:07:31.160 marketing, to really make sure that when you
00:07:34.080 go after an account, an organization,
00:07:36.380 and you understand the different buyers in that process,
00:07:39.260 that you tailor your message according to their proximity.
00:07:42.440 So quick recap, the four P's of selling.
00:07:45.080 Number one, problem.
00:07:46.640 Do they know they have one?
00:07:48.080 Number two, perception.
00:07:49.640 Do they know how big the problem is?
00:07:51.620 Number three, perspective.
00:07:53.640 Do they understand how they want to solve it?
00:07:55.820 And number four, proximity.
00:07:57.560 Do they feel the heat?
00:07:59.600 As I mentioned at the beginning of this episode,
00:08:01.640 I want to share with you an exclusive resource called
00:08:03.500 the Rocket Demo Builder.
00:08:05.380 It's going to show you my nine box framework
00:08:08.240 for walking through the sales process
00:08:10.680 to do a demo that gets people buying twice as fast
00:08:13.880 in half the time.
00:08:15.500 I even talk about how to deal with objections.
00:08:17.780 And make sure that you do BAMFAM. 0.84
00:08:20.060 I talk about BAMFAM in the download.
00:08:22.220 So click the link below to download your copy of my Rocket
00:08:24.800 Demo Builder to get those results.
00:08:26.600 If you like this video, lightly tap the like button,
00:08:29.540 subscribe to my channel.
00:08:30.540 And if there's anybody that you care about that you
00:08:32.240 feel this video could support or help,
00:08:34.040 feel free to share with them directly.
00:08:36.320 As for usual, I want to challenge you to live a bigger life and a bigger business,
00:08:40.060 and I'll see you next Monday.