There is nothing in business that’s more difficult than acquiring a new client. Why? Because by definition, you’re ‘stealing’ them from a competitor.
You’re ostensibly saying to them, “I know you’ve worked with my competitor for the past five years – and they’ve done a good job for you – but forget about them. And take a chance with us!”
Not much of a sales pitch, is it? But that’s the reality of the situation. Asking a potential client to walk away from a vendor they know, like and trust requires them to take a leap of faith with you. It fills them with fear! Real fear… that if they take a chance and try you – and you screw up or are not as good as their existing supplier – then they’ll be in big trouble. So, what’s a vendor to do?
The only way to mitigate a buyer’s fear is to ‘prove’ to them that you can do what you say you can do. And for that, you need ‘proof sources.’ And those proof sources come from your existing clients:
Testimonials. If you say how awesome your firm is, that’s bragging. But if a client says it about you, then it’s true. And that’s a testimonial. The best time to ask for one is at the close of a successful project or even in the follow-up project survey.
The key is to make sure that the testimonial you publish is ‘attributed.’ Without the name and company of the person giving the testimonial, it loses a lot of its credibility.
References. Occasionally, you may be asked by a potential client to talk to 2 or 3 of your current clients… to see what you’re like to work with. [BTW, getting to this stage is a very positive sign!]
To do this, before connecting the prospect with your clients, get permission from your clients first. And give them a little detail – who will be calling and what the potential project is about. Afterward, send a ‘thank you’ note – at the very least – or better yet, a gift. This is behavior you want to reward and encourage.
Referrals. Referrals are great! If a current client refers you (and makes an introduction) to a potential buyer, you start out with a high-level of credibility!
But there’s a problem with referrals… there are never enough of them. We love it when they come along, but there are never enough of them to consistently rely on. So, what do you do? Ask for them! Ask your current clients if they can introduce you to other buyers in the industry and even inside of their own company (e.g. other departments and other brands).
And don’t forget to look at the LinkedIn profiles of your connections. Near the top of their profile is the tag ‘500+ connections’ and it’s usually a live link to everyone they are connected to. You can browse through those and ask your connection for specific referrals (e.g. “John, I see you’re connected to Mary Smith at P&G. Can you introduce me to her?”)
Case studies. The #1 thing (based on feedback I received from some Fortune 500 research buyers) you should implement to prove that you can do what you say you can do is to create ‘case studies.’ I define a case study as a clinical review of a successful project… and buyers really do like them. And unlike testimonials, they don’t have to specifically name the client. It’s better if they do, but as long as there’s a good detail about the client’s problem/your recommendations/the outcome, they’ll be very effective.
Your website. While there are a lot of elements on your website that can ease the fear of a prospective buyer (e.g. good content, profiles of your team, etc.), nothing is more impactful than a long list of your clients… by name or logo.
As an example, if I was a potential client that worked for a bourbon brand and, on your website, you listed 10 or 15 other spirits brands… that tells me all I need to know. It tells me you have a lot of experience in my sector, that you understand a lot of the challenges we face, and that my competitors (whom I respect) chose to do something with you that’s similar to what I need. That’s good stuff.
Bottom Line
Be sensitive to the concern that a prospective client may be afraid to do business with a new vendor. And when you see it, acknowledge it. Then share some proof sources to set their mind at ease. You’ll be glad you did.
Good luck and good selling.