Build Executive Credibility By Leveraging Your Personal Capital

By Dave Stein, Author of How Winners Sell

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Personal Capital is often required to gain access to executives. It is always required to maintain that access.

Executives don’t like to buy from sales people. The way the executive sees it, the sales person is after one thing, and one thing only—to make a sale. They don’t feel comfortable that that rep understands the problems or challenges at hand, that the rep will be around tomorrow, once the deal is signed, or even that the rep is telling the truth to begin with. High-level executives want to buy from people who have a longer-term, broader view and who are determined and capable to make the buyer successful from a business and personal basis.

Personal Capital is developed by sales professionals over years and, when leveraged effectively, can provide them with irrefutable proof that they are someone from whom the executive should buy.

Here are some key elements of Personal Capital:

1. What is Personal Capital? It is the value above and beyond what your company and your products/services provide to customers, clients and prospects. Personal Capital, in addition to other value, consists of people you know, knowledge you have, skills you have, experience you’ve gained, insights you have developed, and personal traits you exhibit—all of which will make you valuable as a business resource to executives to whom you are interested in selling your products and services.

2. How much Person Capital do you have? You have probably met and observed “rainmakers.” They are highly skilled, professional salespeople (although their business cards may have titles like partner or business development executive) who manage to generate demand leading to business in what often appears to be seamless, effortless way. These top selling pros have tons of Personal Capital and they know how to use it.

  • Is there a CEO you know who would willingly introduce you to the CEO of your target company and vouch for you as well? That’s Personal Capital.


  • Do you have five customers who have successfully accomplished what your prospect is planning to do this year and are willing to talk to your prospect about their experiences as a favor to you? Having those customers are a resource is Personal Capital.


  • Do you have a combination of credibility and leadership capabilities that will compel not only your team, but your customer’s team to line up behind you to move forward together toward a win-win relationship? Again, Personal Capital.


  • Do you have vast experience in and knowledge of the industry into which you are selling? Could you engage any executive from a prospect’s company in a business conversation resulting in them perceiving you as a peer? That’s Personal Capital.


  • Are you a unique source of information for your prospect’s executive? Are you in the position to filter vast amounts of data and feed them what is relevant and can contribute to their success based upon their unique circumstances? That’s Personal Capital.


    • 3. How do you use it? The dividend from that Personal Capital is that your customers’ senior executives will buy more from you, sooner, with less price resistance. Yes, even in today’s tough selling environment. The reason is that some companies are still buying. Granted, not as many, and those who are buying are not spending as much, but they are buying. Effectively bartering your Personal Capital with lower-level people will provide you with access to those executives who can buy. And if they can’t buy now, you will be in a position to be on the inside once they do.

    Personal Capital, like financial capital, is best used proactively—early on—not late in the game, when you are losing. Target key accounts in the niche into which you sell, invest the time to get in there early, before an apparent need arises, and leverage your Personal Capital to gain and maintain access to the key executives who will eventually be critical to any buying decision.

    Personal Capital is barter. That means you are supposed to invest it for a return. That return is ongoing executive access.

    4. How do you get more Personal Capital? Here is where you have to get out of your comfort zone.

    You’ll need to read more business-oriented periodicals and books. Learn how business challenges are assessed, strategies are devised and issues are resolved. Learn how leaders think and act.

  • Read (or better, speak with) industry and security analysts who cover your customers’ markets. Understand the trends, drivers, winning strategies, losing strategies, where your customer fits in and where they want to be. Become an expert on your customer’s competitor.


  • Attend association, investor and industry events. Get involved so you meet more people. Volunteer. Write articles. Speak at conferences. Go to the social events.


  • Immerse yourself in your prospect’s world. Understand their customers, suppliers, competitors, and business plan. Formulate opinions, questions and unsolicited proposals, which will contribute to them achieving their shorter- and longer-term goals and objectives.


  • Learn more about your own company’s products and services and how, specifically, they solve customer problems—especially your customer’s problems. Be sure you know how to position your offering against those of your competitors, highlighting your strengths, not the competition’s weaknesses.


    • 5. What are the risks associated with having Personal Capital? A large component of Personal Capital is industry/niche related. For you to effectively develop and leverage Personal Capital you will have to select a market to pursue. If you pick the wrong market, (i.e. your solution doesn’t work, your company won’t support your efforts, a competitor owns 90% market share) you could be wasting your time.

    Become politically astute. Once you have Personal Capital you will be perceived as an asset to some and a liability to others. If are not adept at this critical sales skill, it’s time to take the plunge.

    Dave Stein is the author of the Amazon business best-seller, How Winners Sell. Before he founded his sales consultancy, The Stein Advantage, Inc., in 1997, Dave was employed by several leading-edge software companies in a diversity of roles: programmer, systems engineer, sales representative, sales manager, director of worldwide sales development, VP of sales, VP of marketing, VP of international operations, VP of client services, and VP of strategic alliances. Dave Stein can be reached at: dave@thesteinadvantage.com

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