As a Thought Leader we live and breath original thinking and the high level expression of ideas. We are used to providing solutions to problems others haven't even brought to consciousness yet, and we speak the language of innovation.
One of the issues I come across again and again when talking to Thought Leaders in private practice is the stumbling block of making a Sale for Profit as opposed to a Sale for Validation when pitching for business.
What do I mean by this?
Well let me frame this by observing that many speakers, trainers, coaches or facilitators in private practice have come out of the corporate world or have been very successful within an SME. Within this environment they may not have needed to sell anything in an overt way. Of course we can assume they were able to sell their worth to the organisation they worked for. They may also have sold something at some time, but most likely on behalf of someone else, namely their employer, and much earlier in their career.
Once in private practice we find ourselves spending a lot of time developing unique IP, creating a value proposition for our target market, turning that into a product offering, and investing in continuous professional development to keep our edge. All of this is essential if we wish to be a Thought Leader of substance and impact the market place.
However, one of the most difficult things is what comes next: - asking for the sale and taking the money, when what you are fundamentally selling is you.
Private practice is about time billing after all, and the value proposition is around high quality expertise usually billed by the hour. Our survival depends upon generating paid business and collecting payment, but it is the bit most of us like the least.
What happens instead? What I see happening is lots of activity that establishes networks, lots of activity that positions expertise, lots of activity getting the branding just right.
Lots of activity that will send you broke if you don't ask for paid business, and keep asking.
That's not to say that any of the above steps aren't important, they are essential. But, and this is a big but, I watch people do all of this and do it extremely well, only then to fail at the step that will keep them in business and build their business to higher profitability.
I call this type of behaviour 'Sales activity for the purpose of validation.' All the steps in the sales process have been completed, and often completed to a very high level of competency, but the final and most important step is avoided, brushed over or handled with distaste. That step is asking for the money. We don't do it because we are afraid of rejection, we are terrified of the 'No.'
As Thought Leaders I believe we need to transact on our IP, on our talent and ideas. We need to get paid for all the energy we put into becoming an expert and developing an offering that solves a problem. We need to be commercially savy, and commercially focused, because once we are in private practice there is no-one else to pay our bills except our clients. That means we are going to have to get quite a few no's on the way to a yes.
Getting a 'no' is okay, it is better than not asking. And the more you ask for the business the better you get at it.
So here's a test I've used with sales teams all over Australasia. Every time you engage in any activity ask yourself the following set of questions:
1.Is this activity taking me toward or away from a sale?
2. Does this action trigger a payment?
3. If not, what is the next thing I need to do to ensure I get paid for doing this?
4. Have I got the value proposition right - in other words is my price point appropriate to the product? Did I make a profit?
In this way you can make sure that you are not just engaging in activity that is unpaid and gets you liked or recognised. Validation is great, but you can't bank it, and you can't eat it.
'Selling for Profit' ensures you get to keep doing what you love. Being commercially savvy means you don't get worn out doing it.
Elisabetta Faenza, MIR, Dip Clin Hyp.,TLM
