Should you be treating your prospects? This is a question we often get asked. We work with a number of companies who run pretty lean sales and marketing budgets and some ask about bringing prospects or clients to entertainment events like a hockey game, theatre, dinner and so forth. Historically, whether right or wrong, people have assumed selling often means a lot of business lunches, dinners, golf, hockey tickets and so forth – sales people would work to get face-to-face time with their prospects and try to butter them up for the sale. We don’t buy it and don’t recommend this sort of tactic as its success is unproven and it eats up a lot of time and money. Think of the sales calls that could be made during a six hour round of golf? 20 calls per-hour, five meetings, three proposals, one win? That is revenue for the company and commission in the salesperson’s pocket that is being missed.
Business Value
In today’s world, I would say times have changed not only from an economic standpoint with most firms marketing and sales budgets running pretty thin, but from a cultural standpoint too. Most prospects and clients we have worked with over the years don’t expect to be treated to games or food on a regular basis by any means. Today’s sales revolves around the business value, you as a salesperson and your product or service can provide to your client or prospect.
Reduce Expenses
Every person in the business world has someone they are accountable too – the purchasing person to his manager, the CEO to the companies stakeholders and clients. Business value has to take the forefront of any discussion with a client and will lead to a business decision by a prospect or client. Today’s market climate does not reward people who work with people they “like” but work with people who work with and for them. Who can make a difference and drive real value – comes back to the core of what every company needs to do – help drive revenue, reduce expenses or create efficiencies.
Instilling Trust
At the end of the day, everyone wants to make a difference, not only for personal satisfaction but also for professional gain. If your prospect or client chooses you and your solution and you make them look good, it’s a win – win for everyone. This is where trust is built – it is on the delivery of a promise of service and results. It wouldn’t matter how many football games you brought your client too if at the end of the day, your solution failed to pass the performance test and made your client look bad.
Don’t get me wrong, there is definitely a time and a place for bringing clients to entertainment/promotional events – I am a huge believer in work hard, play hard – and I know there is value in getting to know the individual outside of work as it allows you to build a deeper relationship with them that can lead to additional sales opportunities. My recommendation is to simply celebrate with a hockey game or another event after they sign on as a new client or if an existing deal is increased or extended. After all the hard work treat yourself and your client to some fun!
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