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@BowTiedSalesGuy

Shortcut to Finding the Prospects Pain

Context: On a Discovery call, you only have about ~25 minutes of the prospect's full
attention, so your goal should be getting to the Pain as quickly as possible. In order to
do this you will be doing a few things:

1) Stacking Cold Reads to get the specific surface level details (Facts) from
Prospects
2) Framing Other Decision Makers Pain to lead your Prospect to their own
(similar) Pain

FYI: Cold Reads are “informed guesses” you make based on your research and
experience.

Let's say you sell sales enablement.

Here’s how the conversation would look like:

*Run through the intro as normal*

Chad: Hey John, how’s it going?

Prospect: Good, how about you?

Chad: Yeah doing great. Super busy here but can’t complain. Hey I see you’re based
out of NYC?

Prospect: I am. And you?

Chad: Yeah same

Bla bla
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*Set the bridge + Cold Read*

Remember to do your research on Linkedin, Crunchbase, Builtwith, Google, etc
BEFORE the call in order to be as accurate as you can when delivering the Cold Read.
Chad notes in italics.

Chad: So it’s good to connect, John.

[COLD READ] Before we get started I’d like to confirm a few things. So I see you guys
just raised a Series A round about 7 months ago (use crunchbase to get this info) which
means you’re probably focused on scaling up your go to market efforts. Your product is
mature and in order to scale you need to recruit more sales and marketing people.

You’ve currently got about 11 AE’s, 4 SDR’s, and 5 marketing people (use Linkedin to
get this info)

Am I in the ballpark so far? (wait for agreement or for corrections)

Prospect: Yes! That’s correct

Chad: Cool. Ah I forgot about your tech stack. Can you confirm what go to market tech
stack you’re using?

Prospect: [tool 1], [tool 2], and [tool 3]

*Second Bridge + Frame the Pain*

Chad: Got it. [Frame the Pain] So, typically when I speak with VP’s like yourself at fast
growing companies they tell me their biggest concerns are centered around hitting
revenue targets, pipeline management, and ramping up sales reps faster. Which, if any,
resonates the most with you?
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Prospect: Definitely hitting revenue targets

Chad: Let me guess, the VC’s are on your guys back? (said in a funny “ive seen it a
million times” tone + injecting Status)

Prospect: Haha that too but we need to make sure we’re consistently hitting our targets.

*Begin the Q&A this time starting with understanding their Processes*

Chad: Yeah. Can you walk me through your current process for reaching those revenue
targets? (a Process based question!)

Prospect: Yes at the moment we have 2 main flows. First one is outbound. We’ve got 5
of our reps focused solely on outbound sales. They use [tool 4] and [tool 2] to find
contact info and then they’ll upload it to begin running outbound campaigns.

And then the Second flow is inbound. That’s a bit more tricky as we have sales and
marketing following up with the leads.

Chad: When you say “tricky” can you be more specific?

Prospect: Well you know when you have to coordinate between multiple people
reaching out to the same lead or else it can cause issues

Chad: Like what kind of issues?

Prospect: Like burning an inbound lead from sending too many messages at once
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*Begin the Pain Sequence to verify if this is a legitimate pain*

Chad: Can you give me a specific example of when that happened?

Prospect: Yeah just last week we got an inbound lead from [Fortune 500 company] and
they got emails from our Inbound SDR AND our marketing emails.

Chad: Oh no. And then what happened?

Prospect: They got pissed and asked us not to contact them again

Chad: How often does that happen?

Prospect: Couple times a month

Chad: And how long has that been going on?

Prospect: Since I joined so about 5 months now

Chad: So when you say a couple times a month is it fair to say closer to 5 times a
month?

Prospect: Moreless

Chad: I see. And what's the average cost per inbound lead?

Prospect: about $400 per lead

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Chad: Hmm. Can I ask a very blunt question?

Prospect: Yes

Chad: What’s the average LTV per customer?

Prospect: Not sure we need to double check

Chad: If you did know, what would be your best estimate?

Prospect: Anywhere from $20,000~$50,000

Chad: Got you. So if 10 leads come in, how many are you guys closing?

Prospect: At least 2 of them

Chad: Ok not bad. so at least 20% of your inbound leads turn to a minimum LTV of say
$20,000 right?

Prospect: sounds about right

Chad: Yeah so John, at the moment you guys are losing 5 leads a month due to a lack
of synchronization between your sales & marketing teams.

This comes out to $2,000/month because each inbound lead is valued at $400.
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@BowTiedSalesGuy

But you guys also have a 20% closing rate, so that means out of the 5 burned leads a
month you’re also losing one deal per month valued at minimum $20,000 in potential
LTV

To sum it up, you guys are losing at least $22,000/month.

And if it’s been going on since you joined that figure is closer to $110,000.

And look im not trying to add salt to the injury here but if it doesn’t get addressed you
guys are losing minimum $264,000 every year.

Do you agree with these figures?

Prospect: Yeah that’s a big problem

Chad: Can I ask an uncomfortable question? And you don’t have to answer it if you
don’t want to

Prospect: Go ahead

Chad: How does that feel?

Prospect: Terrible, honestly that’s why we contacted you guys. We need to do

something about it.

Chad: Alright I’ve got some ideas but if I were to fix this problem for you what would you
have me do?

Prospect: Help us synchronize our workflows and communication across the sales and
marketing teams
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*move to Money and Decision questioning*

Chad: Got it. So let’s talk commercials and what it’s gonna cost to sort all this out.

Companies of your size typically invest anywhere from $50,000 to $100,000 with us. Is
that going to be an issue?

Prospect: It’s expensive but should be fine

Chad: Are you sure?

Prospect: Yes

Chad: Ok. and other than yourself John who else needs to be involved from your side?

Prospect: I’ll be making the final decision. However I want some of the SDR’s and
Marketing to see this as well.

Chad: Cool, so let’s set up the demo with everyone then.

*Book the demo*