Hartford Business Journal

24 Hartford Business Journal • October 15, 2018 • www.HartfordBusiness.com Opinion & Commentary EDITOR'S TAKE Private investment in state assets? CT should explore it C onnecticut residents and business people who fly out of New York got welcome news recently with the announcement that JFK Airport will undergo a planned $13 billion renovation. The proposed makeover will transform one of the nation's busiest and most crowded airports into a modern 21st-century travel hub, with two new termi- nals that will increase JFK's capacity by at least 15 million passengers a year. That will likely create added competition for Windsor Locks' Bradley International Airport, which competes for travelers in southern Connecticut. However, that's not the most important takeaway from the JFK renovation plan. The biggest headline, in my mind, is that the project will be primarily funded by private investment. In fact, $12 billion of the $13 billion price tag will be picked up by the private sector, including airlines, developers and other investment groups. During this election cycle, we've heard all three major Connecticut gubernatorial candidates mention the need for more private investment in the state, including on projects or assets traditionally financed by the public. In fact, "public-private partnership" has become one of the buzzwords on the cam- paign trail as candidates espouse the need for better private-sector engagement on projects ranging from renovating the XL Center to rebuilding our roads and bridges. Of course, this isn't a new concept, but Connecticut's short- and long-term fiscal challenges are making it harder to finance major investments in key public assets that are wearing down or in need of modernization. Even still, there is a healthy dose of skepticism in the Land of Steady Habits about private invest- ment, for fear investors will demand to high of a return or that state unions will lose control over their stranglehold of state government. To be clear, I'm not advocating selling off all of Connecticut's assets to the highest bidder. Indeed, state and local governments must carefully vet entities wanting to invest in public amenities to ensure residents don't end up getting hosed in the long run. What I am saying is that state government must consider engaging private- sector investors in a much more meaningful way, to see if there are viable alter- natives to racking up more debt on the state's beleaguered credit card. We saw one recent example, when the General Assembly required the Capital Region Development Authority to go out to bid for a potential buyer of Hart- ford's XL Center, which is in need to tens of millions of dollars in renovations. The response wasn't overwhelming — Chicago private-equity firm Oak Street Real Estate Capital was the lone bidder — but it's crucial for the state to explore all potential financing options before asking taxpayers to pick up the tab on a money-losing building that is seeing fewer events year after year in an increas- ingly competitive market. Meantime, several candidates have talked about the need for more private investment at Bradley Airport. Earlier this year, Bradley's overseers — the quasi-public Connecticut Airport Authority — unveiled an ambitious $1.4 billion master plan that would prepare the state's largest airfield for millions of addi- tional passengers over the next two decades. Plans include opening a new termi- nal, but financing remains a big question. Yes, JFK is a much bigger and more attractive investment option — it serves about 60 million passengers a year vs. Bradley's 6 million — but why shouldn't Bradley, which is considered one of this region's most important assets, be able to attract private investment of its own? I don't have the answer but we ought to find out. Private-sector investment in state assets won't solve all of our problems, but it could be part of the solution. EXPERTS CORNER How to get prospects to find you By John Graham "I am looking to further my prospecting techniques," the salesperson wrote in his email. "It seems I need to increase my ratios by the end of the quarter." The story isn't new. Twenty years ago, salespeople were expected to get in front of pros- pects. Today, those doors are sealed shut. Voicemail and email messages are ignored. If all that isn't enough, few customers are willing to stick their neck out and make referrals. All of which makes prospect- ing frustrating and, unfortunately, bordering on useless. No wonder salespeople across the board plead for leads and, hoping to get lucky, keep their fingers crossed. If you're look- ing for an easy, quick way to find prospects, forget it. No matter what anyone may say, it doesn't exist. Nevertheless, hope springs eternal, which is why there are 17.3 million hits in .25 seconds when you Google "prospecting in sales." Getting negligible results from searching for prospects takes a lot of effort — wasted effort. Salespeople are often told, "It takes 10 calls to get one appointment." They are also told that out of 10 appointments they can expect to make one sale. That means it will take 100 actual appointments to make 10 sales. Whether you do a little better or worse, the message is clear: Finding prospects who are interested and ready to buy is so inefficient it doesn't work. The prospecting possibility It should come as no surprise why there's so much resistance to get- ting out and finding new customers. Even if we know who and where the prospects are, the obstacles to access thwart our efforts. It's time to step back and take a careful look at how selling and pros- pecting differ. When you think about it, they require two different types of skills: Prospecting is all about get- ting the fish on the line and selling is getting it in the boat. In other words, successful prospect- ing depends on getting customers to find you. Specifically, those who want to do business with you. If you're thinking this takes work, you're right. It does. But if you're investing time and energy and not getting the results you want, that's a lot of work, too. The task is helping prospects find you, getting them to recognize that it's in their best interest to seek you out and learn more so they can make informed decisions. This is how savvy restaurants, businesses, insur- ance advisors, and real estate agents, for example, attract customers they want. They use carefully crafted messaging, ratings and recommen- dations, testimonials and blog posts on social media, advertising, pro- motional campaigns, and, of course, word-of-mouth to attract prospects. Instead of trying to get through a prospect's door, the job of sales- people is shaping the way prospects think about them. Here are the four basic principles that attract prospects and bring prospects closer to you: 1. Never stop building your pros- pect and customer cultivation data- base and keep it up to date. It's your pot of gold at the end of the rainbow so never neglect it. 2. Develop a prospect mindset. Here's why: Less than 24 percent of prospects open sales emails, according to TOPCO Associates. So, if you want to engage them, it's essential to let them know you understand their issues. They don't care about what you sell; frankly, they tune it out. Always stay focused on what prospects want or need. 3. Share your competence. To do this, salespeople must answer one critical question that's on every pros- pect's mind: "Why should I believe you?" or to put it another way, "Why should I give you my money?" Selling is all about sharing what you know. To become customers, prospects must believe that your knowledge and experience will benefit them. 4. Cultivate prospects constantly. No salesperson is wise enough to know when a prospect is ready to buy. If you're not top-of-mind, the chances are a competitor will get the sale. Pros- pects need reminding why they should do business with you. By staying in touch regularly with helpful informa- tion (not sales pitches) by email and social media, blogs, and presentations, you're there when they have questions and are ready to buy. John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. Greg Bordonaro Editor John Graham

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