How to Run a Successful First Meeting with a Prospect Pt. 2

Now that you have properly set the tone for the first meeting by building rapport, setting expectations with an upfront agreement, and providing a brief overview of your company, it's time to dive into the core of the conversation. This meeting is crucial for uncovering the prospect’s needs and pain points while setting the stage for future discussions. Here’s a step-by-step guide to running an effective first meeting.

1. Identify Other Decision-Makers Early

Before proceeding, ask if there are any other individuals who need to be involved in the decision-making process. This prevents the prospect from later using the absence of key stakeholders as a stall tactic. It also ensures that when it comes time to make a decision, all necessary parties are already informed and involved.

2. Understand What’s Important to the Prospect

To guide the conversation effectively, start by asking questions such as:

• What questions do you have for me?

• What is most important to you when choosing a vendor?

  
  

If the prospect identifies something like next-day delivery as a priority, stop and discuss it immediately. Ask follow-up questions such as:

• Are you currently receiving next-day delivery?

• Would it be beneficial if you had a next-day delivery?

• Can you provide examples of when a missed next-day delivery negatively impacted your work process?

  
  

3. Dig into the Prospect’s Buying Process

If the prospect mentions using multiple vendors, explore the reasons:

• Why do you use multiple vendors?

• Are your main suppliers priced higher than others?

• Do they not provide all the items you need?

  
  

Be naturally curious in these meetings. The goal is to uncover PAIN points, which are inefficiencies, costs, or frustrations in the prospect’s buying process. These can be categorized into:

• Soft dollar costs: Time, inefficiencies, and managing multiple vendors.

• Hard dollar costs: The actual price of the products.

  
  

4. Make the Prospect Feel Their PAIN

People are more likely to change when they feel the impact of their problems. If a prospect states, “I don’t have a dedicated account manager,” don’t rush past this. Instead, pause and ask deeper questions:

• How does not having an account manager affect your ordering process?

• Has this led to any mistakes or inefficiencies?

• If we provided a dedicated account manager, how would that improve your process?

  
  

5. Hold Back on Providing Solutions Too Soon

While it may be tempting to immediately offer solutions, refrain from giving away too much information in the first meeting. Offer just enough to maintain their interest and get their buy-in. Some concerns may be minor and can be addressed quickly, like online ordering:

• If a prospect says, We already use online ordering,” simply respond, “Great, we offer that too,” and move on.

  
  

6. Set Clear Next Steps

Once you have uncovered pain points, set clear next steps to keep momentum. If pricing is a concern, ask for current supplier invoices and explain their importance:

• Yes, this will allow me to show you pricing and cost savings, but it also lets me see exactly what you’re buying—item numbers, descriptions, quantities, and prices. That way, I can provide an apples-to-apples comparison.

With this information, schedule a follow-up meeting to present solutions and pricing. In that meeting, reinforce the PAIN points identified in the first meeting and show how your solutions address them.

7. Conduct a Trial Close

Before wrapping up the meeting, summarize the key points and gauge their commitment with a trial close:

• You mentioned that next-day delivery, having one point of contact, and cost savings are essential to you. Would you switch to us if we can provide all that and save you double-digit costs?

Using “double digits” rather than a specific percentage gives you negotiation flexibility. For example, if you later present a 13% savings but initially mentioned 20%, the prospect may hesitate to switch. Keeping it broad allows room for adjustments.

8. Assess Their Readiness to Move Forward

If the prospect responds, “I need to think about it,” they may not be fully on board. In this case, revisit what’s most important to them and address any lingering concerns. However, if they have no interest in switching, that’s okay too. This process is designed to determine genuine opportunities.

By following this structured approach, you will have a clear understanding of the prospect’s needs, establish a strong foundation for future discussions, and position yourself as a trusted advisor. In the next meeting, you will present pricing and solutions tailored to the PAIN points uncovered in this first meeting.