(This is part of my series on Rainmaking Problems. I hope you will leave a comment with your thoughts on a solution to this problem.)
Lest you think this case seem irrelevant to you, it is but an extreme version of situations many of us face when selling to a committee with some of the members attending by phone. By studying extremes we often learn things less apparent in milder versions.
A turnaround management firm we have worked with sells its services to committees of creditors. The firm is often asked on one-or-two-week's notice to present to such a committee that will pick an adviser from three to five firms after all have made their pitch. Each firm is assigned a slot running anywhere from twenty to forty-five minutes. Most are at the shorter end of the range.
Perhaps ten to twelve members of the committee attend the meetings. They usually include a member of the workout department from the troubled company's bank, representatives from major vendors and others. Each creditor usually has an attorney with him.
Now comes the hard part: The meetings are held by conference call with each creditor and the turnaround managers participating from their separate offices. The attorneys may also be attending from their offices or from the offices of their clients. Just imagine, a twenty minute presentation to anywhere from ten to twenty people, all attending by phone from separate locations!
I advised that in this environment the chances of winning go way up if you are well networked with the creditors and their attorneys before you even get the invitation. As true as that is, it doesn't say anything about how you should manage the meeting, itself.
Any thoughts? How can the client shine in this difficult situation?
(Got a problem selling professional services? Feel free to email me your problem and it may become a future "Rainmaking Problem.")
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