Who’ll Start the Rain?
Rainmakers outperform everyone else in the sales jungle.
Here’s how to grow your own superstars.
Fast Focus
- Rainmakers work harder and smarter than average producers.
- You can learn the skills of a rainmaker, but practicing them isn’t easy.
- Rainmakers don’t leave without asking for the sale.
Riddle: How does the biggest fish in the pond make the water level rise?
No, the answer is not that old scientific fact of displacement. That would be too easy.
She does it by making it rain.
Rainmakers—those big fish who also reel in the whopper customers as though they were on the other end of the fishing line—will understand the analogy. We’re swimming through this pond we call a marketplace, and only the biggest of us ever makes a splash. The rest are simply battling the current and trying to get enough food.
Before this analogy grows algae on its gills, let me get to the point: If you want to prosper in this tough market (or any market), you have to be one of the people out there making a splash.
I don’t really care whether it’s a soft or hard market. It doesn’t matter to the best people in our industry, and that’s whom I want to learn from because the most successful people have strategies to prosper in any market. In short, they know how to make it rain.
In this article, I want to talk about the traits and attitudes of our industry’s rainmakers, and I have a long list of tips from a very good book.
WHAT’S A RAINMAKER?
My definition of a rainmaker is someone who is beyond the successful producer level. The rainmaker is at the pinnacle of a successful sales culture. Although I keep studying sales culture strategies and instilling them in my clients, I am constantly amazed at how many firms are still not focused on this important approach. A strong sales culture will enable successful producers, but what does it take to be more than just an above-average producer or a top-quartile performer? What is the DNA of a rainmaker?
A rainmaker is the best of the best, like the “Top Gun” pilots in the U.S. Navy. By virtue of the title, only a few of the very best can ever earn the name and get to soar through the sky like gods.
Rainmakers outsmart all competitors, succeed in both hard and soft markets and, in the end, make more money than anyone else. In my life I have met several rainmakers and have learned what they do differently from everyone else.
WHAT DOES IT TAKE?
It’s easy to be a good producer. By “good” I mean hitting your quotas, making decent money and making your boss proud of you. With a level of dedication and hard work, it is not hard to achieve these things. But becoming a rainmaker? That is hard.
I often hear a salesperson make some derogatory remark to play down the rainmaker’s ability, like saying the rainmaker doesn’t have great technical skills. I laugh when I hear these things. Rainmaking is a skill. Just like the skill of making a good presentation, the skill of being a rainmaker is gained through study, training and practice. The rainmaker is the ultimate professional—and someone who outworks his or her peers on all of those skills.
Typically, rainmakers bring in the big clients, which means the big revenues, new customers, higher pricing and other factors that differentiate them from most new business. But in the end, the simple definition is a rainmaker is not due to big clients. They simply sell more—and by more I mean more revenue than the average or even top-quartile salesperson. Hard or soft market does not matter; price does not matter. Other factors like industry, economic situation, internal issues—these, too, do not matter. Rainmakers consistently sell more, and—let’s cut to the chase—they make more money for the agency and more money for themselves.
Rainmakers are not shy about what they make, and they certainly have egos, but as I have learned, justifiably so. They work harder and know they are smarter than the average producer. Rainmakers are stars.
We can all agree that deep down inside we’re a little jealous of those we call rainmakers. But let’s talk about how you can gain those skills and mold yourself like the enviable rainmaker. For those who desire to be known as a rainmaker, I highly recommend Secrets of Great Rainmakers: The Keys to Success and Wealth by Jeffrey Fox (Hyperion, 2006).
HOW TO MAKE IT RAIN
Here are some ideas from Fox’s book to set you on the path to making yourself a rainmaker.
The Decision Maker. The rainmaker knows early on that cold-calling is not the road to success. Rather, the key is the relationship with the decision maker. Rainmakers don’t spend much time with people who aren’t the buyers but focus on the people who have the ability to say YES!
Competition. The average producer worries about the competition. However, rainmakers believe they have no competition. Other agencies may be able to offer lower prices, different bells and whistles and a whole host of things. If you focus on the competitor’s offering, you will never win. Comparing yourself to the competitor or trying to beat down the competition is a no-win situation. Rainmakers realize that the only real competition is that your potential prospect does not yet know who you are and why they should buy from you. You can’t control what your competitors do, but as soon as you realize that you control your ability to make a sale or not, selling becomes much easier.
Your office. Most of us love our big, beautiful office, with the large windows and great view of the city or mountains. But rainmakers realize you do not make money sitting in your office. In a sense, the office is your competitor. Top producers will tell you that being in the office means fewer sales and fewer sales means less money. Unless you are a telemarketer, you can’t sell much sitting at your desk or just being on the phone. To be a rainmaker, you must be in the market, be in front of the customers and be sure the customer is the decision maker.
Meeting the prospect. A rainmaker knows that when you get your first meeting with a prospect, the meeting is taking place because the prospect has a problem and believes that maybe you can solve it. Beneath the “How are you?” and “Tell me about your firm or product,” what they really want to say is “I need help and I hope you will help me.” I know this from consulting. I travel 50 weeks a year and deal only with key decision makers, yet I know they did not ask me to fly across the country to learn more about my services. They have a need. The first buy signal is agreeing to a meeting. The rainmaker takes this first signal and turns it into a sale.
Contact. Selling is a contact sport. Rainmakers are in front of prospects all the time: face to face, conferences, seminars or by whatever means it takes to talk to and touch their prospects. Compare this to the average producer, whose means of contact are letters, e-mail and phone calls. Since rainmakers hate to lose, their goal is to close as often as possible. They believe in the three C’s: contact, connect and close.
The appointment. Opening the door and getting the first appointment is always the hardest. Rainmakers are meticulous in planning that first meeting. They research prospects and plan out the meeting before it begins. If a letter or phone call is necessary to start prospecting, they know what to say and how to say it in a manner that is so compelling that the decision maker has no alternative but to make an appointment.
The first hello. Most people believe you should start your first meeting building a bond with the prospect, talking about family, sports, common acquaintances, etc. But the rainmaker starts off by confirming the time he has with the decision maker and any constraints around the meeting. Once your timeframe is confirmed, you now can control the meeting. If you only have 30 minutes, why waste it on talking about your favorite ski or golf resort? Save the feel-good conversations until after you have gotten your buy signal.
Ask it. This one is simple. Ask for the sale. Statistics confirm that the majority of salespeople never ask for the sale. Average producers don’t ask because they are afraid of rejection, don’t know how to ask or are afraid their product or service is not good enough. Rainmakers ask for the sale or at least ask for the commitment for the next step in the sale. They understand that they were given the buy and “help me” signal by getting the meeting. In reality, most prospects expect and want you to ask for the sale.
See it. The average producer has a great presentation. It is all about them and their product or service. But the rainmaker makes it about the customer. If time permits, ask for the tour if it is not offered. Make the prospect know you care about them. Remember, “see it, touch it” is all part of the sales process.
The big pond. Do you ever walk the floors of a trade show or exhibit hall? It can be a lonely place when you do not know someone. Yet the rainmaker fishes in the big pond, where many prospects are swimming. This is not easy, but the rewards are bountiful. The more nibbles, the more bites. For me, the big pond is The Council’s fall Insurance Leadership Forum. It’s not an event that you can just show up at, but it is one where careful planning leads to many nibbles. Fish in the big pond, and you will find more nibbles and bigger fish. Bigger fish equals bigger revenue.
Referrals. Rainmakers understand that referrals generate the most new sales. It is the validation of the buyer that leads to the referral. The closure rate from a referral prospect is much greater than from a non-referral. Rainmakers are not afraid to ask for the referral because they know a happy customer wants to help you. All the advertising in the world will never be as effective as word-of-mouth advertising that comes from a referral.
Questions. A good producer always asks questions. However, two questions a rainmaker always asks are: (1) “In addition to yourself, who else is involved in the decision process?” and (2) “What concerns do you have about moving ahead?” These two questions help lay out the roadmap to a successful sale. Questions 3 and 4: “Why do you ask?” and “How important is that to you?” Average producers do not ask these questions, but rainmakers do.
Listening. Rainmakers let the prospect talk. Some would argue that the prospect should talk as much as 80% of the time. Whatever the percentage, understand that listening is more important than talking. Listening allows you to understand exactly what the problem or need is, even if not directly spoken by the prospect. Silence sells. Don’t be the teller, be the seller.
Price. We all know not to sell on price. However, an average salesperson will cut price at the slightest suggestion from a prospect. This means the salesperson doesn’t believe in the price. Rainmakers believe in their price and believe that a good customer will pay for value. Prospects who do not believe in your value proposition will not become good customers and are not worth the effort.
Goals. Sales goals equal accountability. If you don’t have goals, how do you know if you were successful? Rainmakers always have goals. The goals are tangible, such as new revenue. They understand the difference between selling activities and goals. Average salespeople confuse activities with goals and believe they are successful if they “do the right thing,” which we all know is different than generating $250,000 in new business.
Quoting. While it can’t always be avoided, the rainmaker understands that delivering an RFP or a quote is the same as competing on price. Rainmakers do not sell on price. If circumstances require a quote, add something that clearly cannot be ignored—the intangible that possibly can override price. Average salespeople love the fax machine— they just worry whether there is enough paper in the supply cabinet. But check the success rate of this approach.
Presentations. One-on-one selling is not done through PowerPoint presentations. Rainmakers know this and rarely give presentations, as they don’t sell. If a presentation is required, keep it short. People sell, not paper with pretty pictures.
Branding. As much as products are branded, decision makers generally buy the person first versus the brand. Rainmakers brand themselves. Rainmakers are known for their expertise and their skills, but, more importantly, there is something special about them. It is their personality, presence, passion, persistence, perseverance—those special traits that make them better than the rest.
And you know, rainmakers know this about themselves.
Robert Lieblein is a contributing writer and managing partner of Hales & Co. |
