Know-How Exchange : Other

I made the mistake with my first client of spilling most of what I knew (of course we learn more over the years) and I made money, but not as much as I should have.

I would have asked more about what they'd done. How it was working. Why THEY thought it wasn't. What they felt like their competition was doing better.

Check out their competition. A lot of companies have never really thought about what makes them different.

Michael

Dear Fobba,

In your initial meeting, it might be wise to say very little in terms of what you'll give them. Ask question, but to begin with give very little.

Here's why.

A few years ago, an associate of mine was approached by a company with a name you'd recognize. They were launching a "thing" and they needed top notch advice.

My associate was flattered to be approached and naturally, she wanted to make a good impression. So she gave a great deal of information for free. Did lots and lots of grunt work and handed over pure gold and the keys to the kingdom.

The dance went on for a few months. The company wanted to know what she'd recommend for this, what for that, and so on.

The company concerned was spending several million dollars on this new "thing" and they wanted to pick people's brains but without paying for it. Eventually, the "thing" went public to rave reviews and to huge applause.

And what recognition do my associate receive?

None. Not even a thank you note.

So, don't give away the farm. OK?

It might be worth considering some of the following questions:

1. What are your long term expectations from this campaign or working relationship?
2. Which benefits will you offer potential leads in exchange for their contact information.
3. Why should a client buy from you and not a company with a track record in financial services?
4. What do you offer that no other comparable company offers?
5. What proof can you offer clients that you'll be in business in two years time, or five years, or ten years?
6. What portion of your profits from an initial campaign do you expect to spend on marketing other products?
7. What are your plans for long term relationship building with your clients?
8. Given the economy, what social proof (testimonials etc.) do you offer clients?
9. Would you be comfortable selling your products to your parents or other family members?

From the answers to these questions (or your own variations of them) you'll gain a more detailed picture of who you're dealing with and their intentions toward their customers and clients.

In my experience, the way a company treats its customers says a great deal about the way they'll treat you as a professional vendor.

Feel free to pick and choose from my suggestions, or ignore them altogether, as is your pleasure. But again, don't give away too much.

I hope this helps. Good luck with your meeting.

Gary Bloomer
Wilmington, DE, USA

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My suggestion would be to use the meeting to understand what your prospective client's biggest issues are, what's frustrating them most, what keeps them up at night, etc. What have they tried before? What worked and what didn't? How do they measure success? What does success look like for them?

You don't need to give them any nuggets of wisdom at this meeting. You can offer a case study, if you have one. Those are great, because they demonstrate how you've solved problems like theirs in the past. Just be sure they understand that there are no one-size-fits-all solutions. What worked for one client may not be right for another. Your job is to match the solution to their needs. The case study just demonstrates how you were able to do that for another client.

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