What does Ben Horowitz and I have in common? We both love hip-hop and have a blog. So in Ben’s Blog style, I’m adding a lyrical quote to my blog.
Here’s the rules: chop it, bag it, stash it, stack it.
Get in, get out – that’s an O.G.’s classic. Song: 1-900-Hustler Artist: Jay-Z
PAC(w)K It Up!
We sat at the edge of our chairs, legs locked and core engaged as if we were at the bottom movement of a squat. Our eyes were focused at center of the room, listening eagerly to one of the many messages that would change our professional and personal lives at the University of Notre Dame. Our professor addressed our EMBA class in South Bend, Indiana. On this day, his class would transcend beyond the needs of driving revenue performance, shareholder value, and blossom into a resource we could use in all aspects of our lives, both professional and personal. It was on that day, that all 60 of us learned how to create and maintain relationships with a purpose. PAC(w)K is an acronym for Providing Actionable Communication with Knowledge. Obviously with this being a sales blog, I will explain the concept with a sales slant, but you can take these same steps and use it beyond sales as it truly extends to all aspects of business and personal lives.
What is PAC(w)K?
Providing Actionable Communication with Knowledge (PAC(w)K) is a concept you can use to create, establish, maintain, strengthen, and nurture any relationship you have with another professional or person in your life. Think about that prospect you have in your current pipeline. You conducted a demo, or given a proposal to them and suddenly what you thought was a slam dunk deal forecasted for the month is now in jeopardy because the prospect/customer has gone radio silent on you. They are no longer returning your calls, and not answering your emails. You are thinking, “What’s up? I thought this was going to happen.” You start recalling your conversation with the prospect because you are questioning what could you have done better. Why are they not responding to your communication? Chances are you probably did execute the first appointment, demo, and proposal meeting well. But, did you connect with them on a professional or personal level to truly understand the needs and wants of their business as well as what motivates them? During these moments of silence, reps go crazy trying to figure out how to get the attention of prospects. They send emails with lowered pricing or extra add-ons in an attempt to sweeten the deal. They also continue to call, drop in, and leave messages with product specific information hoping the prospect looks up and responds. PAC(w)K assists in decreasing the radio silence. PAC(w)K helps you know what your prospects care about professionally and personally. PAC(w)K gives you an advantage because it gives you an overall better relationship with your customers. Having a better relationship with your customers will create more selling opportunities than you can ever imagine.
First rule of PAC(w)K is to have genuine interest in the relationship you desire to cultivate and nurture. This is important because you cannot PAC(w)K everyone. There is a limit to the people you can PAC(w)K.
Second rule of PAC(w)K is to think about the 10 – 20 relationships you want to create, establish, maintain and nurture. These are the people that you will communicate or PAC(w)K as frequently and naturally as the relationship grows. Think about those key decision makers in the key targets accounts you are trying to win.
Third rule of PAC(w)K is to recall the conversation you had with them and what needs, concerns, or interest revealed. Think beyond the sale. Go passed your product and your interest to get to what is the driving force behind their need. Apply the same thought to them as a professional. Use your tools, social media, and the internet to learn more about them. There is tons of information out there. Use it, learn from it, and apply it to your strategy when you communicate with them.
Fourth rule of PAC(w)K is to take what you learned from the third rule and support it with substantial information. This is where you want to use resources like Pulse from LinkedIn (personal favorite) , Flipboard app, news and magazine resources, and thought provoking messages like TedTalks, and Kahn’s Academy. Remember the first rule of PAC(w)K is to have genuine interest so be open to all forms of information. It can be a comic strip or a funny youtube video. Let the relationship you are developing establish the boundaries of the information you are using. As the relationship grows so will the boundaries because you are consistently learning more about your customer’s interests.
Fifth rule of PAC(w)K is to never forget the first rule. It is not about your interests. It’s about the interests and needs of the other person.
How often do you PAC(w)K? Is it once a week, monthly, or quarterly? The truly depends on the relationship and natural flow of information. I have some people I PAC(w)K weekly because our relationship has evolved to that level of communication and others I PAC(w)K quarterly. Sales professionals, I think you will need to read the situation first and then start applying the PAC(w)K rules to enhance your communication to the prospect.
Applying the PAC(w)K
PAC(w)K is the easiest thing to do. You can do it with a phone call, text, an email, a letter and more. You can use LinkedIn, facebook, and other social media as well. Variety is best used when dripping. I opt for using the phone or email so I can ensure that my message is specific to the person. Social media like linkedIn and facebook are powerful because you can share articles and TedTalks. Kim Nicol, who is building a meditation business, targeted to professionals in the legal industry around mindfulness uses social media to PAC(w)K her clients. She shares articles and her blog to reach and stay connected to her clients.
Can you have two PAC(w)K list?
I have a professional PAC(w)K list and a personal one. I have ten people on each list. These are the people and relationships that I deemed valuable and ones I’m working to maintain.
Now you know the rules and how to apply it…what are you waiting on. Create your list and PAC(w)K it up!
1. Check out the 6th Annual AA-ISP Leadership Summit happening in Chicago, April 6th – 8th. You will learn from the best experts in sales at this meeting.
2. Looking to take your financial intelligence to another level? My dear friend, Jackie Koski wrote a book, titled Money Letters 2 My Daughter. It is an excellent book that will educate you about money. It is also the perfect book for anyone graduating from high school or college.
Start by setting up close appointments on Monday. Who doesn’t walk around proudly with a huge smile when they start the week off with a signed contract? It just feels good! It takes the pressure off, and gives you momentum.
Secondly, set proper expectations up front and get the customer’s buy in. Be specific and spell out when you will meet and what the purpose of the meeting will be. This puts you in a position of power and it is up to you to make sure the meeting is not on one of those 53 Fridays – keep in mind we want to avoid those days if we can. Remember, you have 80% of the work week (M – TH) that you can use to schedule a close meeting. If your service or solution involves training of any sort, provide your customer with an implementation plan with set dates and times. Doing this helps you move the sale along the funnel, and keeps your customer engaged in the sales process. In addition, it is a great strategy to show customers that you will aid them in their transition from previous solution to the new solution and that helps you find new issues that will create new opportunities for your business – it’s a continuous cycle with endless commission awaiting you.
Lastly, make a rule that you will not conduct closing appointments on Friday, unless it is absolutely necessary. This does not mean that you take every Friday off. It means that you take control of two things. The first is take control of your calendar and remain discipline to your weekly objectives. To be specific, your calendar is not always open. Plan your activity and work your closing meetings into that schedule with the agreed consensus of your customer. Don’t be foolish, if the customer can only meet you on a certain date and time, and you can make it work, then make it work. What I am stressing is managing your activity in a manner that yields the best results for your time and business. Said differently, as you are closing a deal, you will need to replace it with 2 – 3 opportunities so you must continue to move deals along and grow your funnel. It is not a one for one ratio where you close one deal and you add one new opportunity. Most opportunities to close ratios are several opportunities to one closed contract.
Here’s to getting out of the gate fast in Q2 and no longer observing every Friday as National Contract Signing Day.
Next post coming up… state capitals and sales metrics…huh? You’ll get the connection in seven days.
Happy selling my friends.