Lessons Learned

I was a guest lecturer this week at Miami Dade College. The class was filled with 20+ students that at some point would like to own their own businesses. I’ve lectured to many classes over the years and I must say, this was the most engaged class I have ever had the privilege to be in front of.

They asked some very good questions that I thought might be useful to others.

How do you fill your pipeline of sales prospects?

This is one of the most important aspects of any going concern. No matter how successful your business may seem (or your sales for someone else) it’s important to always be looking for new business. Situations change and a key client could leave at any point.

Before we develop our pipeline “hitlist” we make sure we are all in sync as to the type of businesses we are looking for. We are not looking for small businesses. We are looking for companies that have 250 – 1000 employees as our core clients. Then we also want a few clients that have 5000+ employees. If they have a larger employee base then they are more likely to have the budget to utilize a wider range of the products and services we offer.

Once that is determined, we research to determine which organizations they may be involved with. As I’ve mentioned before, we are very involved with the Greater Miami Chamber of Commerce. Each month one of my key account managers attends the Trustee luncheon and comes away with at least 4-5 qualified leads.

Networking is Important for our Business Development

Networking is a big part of our business development plan. However, for it to be successful you need to be in the organizations where your “hitlist” is present. We are members of the Greater Miami Convention & Visitors Bureau because we have several hospitality accounts.

And, we are also members of The Beacon Council, the economic development agency for Miami Dade County. A great resource for meeting the new businesses coming to our region.

I am also a Nationally Certified Woman Owned Enterprise. And I participate regularly in local and national events. They are very active in hosting events with businesses that want to expand their supplier diversity spend.

Being Pleasantly Persistent

Earlier this year I went to an event that was having “big” business round table discussions. And I was fortunate to meet an individual in charge of supplier diversity for a very large international business. After the event, I followed up immediately and received no response. But I wasn’t going to give up. Every 7-10 days I sent a note. After about 40 days he responded that he’d been very busy but would be in touch. I didn’t know if it was just a polite “stop bothering me” or if he would be in touch later.

Well, he was true to his word. He got in touch. I of course wanted to meet and wow him with our capabilities. They had other plans. They scheduled a thirty-minute telephone interview. Not long after that we received a quote request. In hindsight I know now it was a test. They were very methodical in learning who we were and our capabilities. I asked how I should stay in touch. And they told me, don’t. We will be in touch when we have a need. I was very disappointed.

Never Give Up

Well, about a month later we were invited to attend this company’s supplier diversity day event. Turns out only 22 businesses were invited from a wide variety of professions. The event lasted six hours and we had the opportunity to meet with key buyers from this very large corporation.

And just a few days later we got a call for a project. Now, I don’t know if we will get the, but I do know we are now on their radar.

So, if you are looking to always grow your business you need to have a pipeline and the resources to fill it. You never know who might be interested in in expanding their vendor roster.

Where do you Find Resources?

Another good question the students asked was how do you find the resources to fulfill your client needs?

Now, in the promotional products arena we are fortunate to have key associations that help us with that very important aspect of our business. I explained that most industries have associations that can help. Plus, explained for many they didn’t need to wait until they were in business to join (granted, some require you be in business, but not all).

After being in business for so many years I didn’t feel the need to go to our big industry show each year. As a matter of fact, I hadn’t been to an industry show in probably 10 years. I thought having the supplier reps come to see was enough.

Making New Connections Helps Your Business

I was wrong. I went to the PPAI show last year and made new connections and reconnected with others. If you are going to stay on top of trends and be relevant to your clients then being an active participant in your industry is key.

And their final question surprised me was about work/life balance. I admit I struggle personally with life balance. I come from a workaholic family, so I grew up thinking that’s how it works. Having my own business, even with a great team, requires a lot of my time and energy.

I am in a mastermind group with other owners and we all struggle with the needs of our business outweighing the needs of our own wellbeing. I told them that they needed to find their own balance. What are they comfortable doing on a daily basis? And of course, what the consequences of that may be.

What are you Willing to Do for your Business, for Yourself?

If you are only going to work a typical 9-5 day, then that may limit some clients from working with you. We have one client that is based in Spain. So, their workday starts well before a Miami workday. But my account manager on the account is well aware of that fact and has no problem speaking with them at 6 or 7 am. But several days a week she leaves by 5:30pm to go and work-out.

I have made the commitment to go to yoga twice a week. There is a great free class in the park not far from where I live. It starts at 6pm. So, I need to leave by 5:15pm to get ready and walk to it. Initially it was very hard to stop my day and go. But I love it. I forgot how much I enjoyed yoga. And this is a real treat because it is outside overlooking the bay. What a great way to unwind from the day.

It’s a small first step I’m making to improve my own life-balance and I applauded them for thinking about it before they even start their businesses.

Speaking with students that are just embarking on their work life journeys always invigorates me. And this time was no different.

Danette Gossett is the founder of Gossett Marketing, co-founder of Promotions Rescource LLC and co-author of the best-selling book “Transform” with Brian Tracy. Danette utilizes her more than 30 years of advertising agency and corporate marketing experience to develop effective promotional campaigns and products for her clients. Visit GossettMktg.com or SalesPromo.org and follow us on twitter @MarketngTidbits.