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TSE 1189: Pulling Profits Out of a Hat

TSE 1189 Pulling Profits Out of a Hat

Pulling profits out of a hat is something that salespeople are raving about. But how do you go about it? 

Brad Sugar has been in the teaching business for 26 years and now has coaching offices in over 80 countries. He’s also a published author with 17 books in his name. He appreciates being able to help others grow their business and keeps expanding his business to be able to help more people improve their sales. 

One of his recent books is Pulling Profits Out of a Hat: Adding Zeros to Your Company Isn’t Magic 1st Edition. This book teaches companies how to get multiple growths instead of percentage growth. As salespeople, challenge yourself to multiply your growth. If your company grew by 15% last year, make it an aim to grow it 15 times more this year. 

The starting point is to believe that your business can multiply and have the right attitude in getting it there. 

Pulling profits out of a hat

Every business person is a business owner. Whatever your role is, whether it be a salesperson or a sales leader, you have your own section of the business.  

Set your goals and be specific about them. What are the goals you want to achieve two times, five times, and so on? There are five core disciples mentioned in the book – strategy, business development, people, execution, and mission. You need to start with the strategy. 

Strategy

Strategy can be broken down into four main points: 

  • Leverage
  • Scalability
  • Opportunity
  • Marketability

We define leverage as doing the work once and getting paid for a long-term basis. Bill Gates, for example, understood leverage. He made software once and he sold it forever. These days, Microsoft doesn’t sell software anymore. They make you pay for it every single month. Steve Jobs understood leverage after he got fired from Apple. He bought Pixar and found ways to sell a movie repeatedly in various formats. They sell their products and they set their businesses up in a way that customers buy it over and over again all the while making a lesser effort in selling it.

Salespeople find this challenging because they’re not wired to do this. They are trained to do sales one at a time as opposed to the marketers who do multiple sales at a time. The selling one at a time mentality kills the business. A salesperson should remember all his strategies, from the short-term to the medium-term, and the long-term. Don’t go directly to the long-term strategy where you build your reputation with social media and create content. Start from the short term goal of picking up the phone and making a call.  

Scalability 

Brad defines scalability as the next sale should cost less and is easier to sell. Salespeople need to keep building, to look at what the product or services they’re selling, and how they’re selling it. Work the scales into your program and go backward. Think of ways of how you can continually make money month after month. 

Set goals that are based on the market and the opportunity size and not based on your own needs, desires, and previous results. #SalesSuccess

Marketability 

Look for products and services that are easier to sell and check their marketability. Zappos has a good market. It sells shoes and many people want shoes. They want shoes now, they want shoes next month, and they want new shoes just to look good. The market is rich and they have a product that’s easy to sell. 

Sales, marketing, and customer service all have to go hand-in-hand. This is easy if you don’t want to grow your business but if you want to grow your business exponentially, you need to have a great sales system, a great marketing system, and a great customer service system. 

Break down the marketing to the most granular loads and work backward from there because that’s how you get good results. You don’t leave the basic steps of doing the call even when you’ve already made it to the building connection phase. 

Continue getting at least 20 connects a day or whatever number you’re supposed to reach as a sales rep. There is no limit on how many you must do but there is a limit on how little you must do. 

Testimonials and rankings are two of the most important things in marketing today. Find ways to make people give you testimonials and ask them to rank you.

Value 

Another thing that would help you be better in pulling profits out of a hat is to add value. Keep learning because you can only ever own as much as you’ve learned to make. It’s also important to make sure that your sale is made before you turn up. 

In real estate for example, when somebody calls asking for an appraisal, do not just send them an e-mail. Make it more personal and let them know why you’re the company for the job. Send them a box filled with the magazine where testimonials of your customers are found. Deliver it to them as fast as you can. When the prospect gets the box, they’ll think you’re a genius and they’ll want to work with you because you aren’t just an email. You are as visible as the testimonials in the magazines show. This is how you make the sale before even showing up. 

“Pulling Profits Out of a Hat” episode resources

Always continue learning and never wish life were easier. instead, wish that you were better. If you get better at sales, then life gets easier. If you get better at marketing, and marketing gets easier. Connect with Brad in his social media accounts. He is in LinkedIn, Twitter, and Facebook. You can also visit his website Brad Sugars and ActionCoach.

You can also ask Donald any of your sales concerns via LinkedIn, Instagram, Twitter, and Facebook

This episode is brought to you in-part by TSE Certified Sales Training Program. It’s a helpful guide for sales reps and sales leaders to improve their pitches and presentations. It has 12 Modules and you can get the first two modules for free! 

If you like this episode, don’t be shy and give us a thumbs up and rating on Apple Podcast, Google Podcast, Stitcher, and Spotify. We produce podcasts weekly so make sure to subscribe! Share this with your friends and teach them how to subscribe as well. 

If you’re a sales rep looking to hone your craft and learn from the top 1% of sellers, make plans to attend the Sales Success Summit in Austin, Tx, October 14-15. Scheduled on a Monday and Tuesday to limit the impact to the sales week, the Sales Success Summit connects sellers with top-level performers who have appeared on the podcast. Visit Top1Summit.com to learn more and register! 

You can also check out Audible as well and explore this huge online library with thousands of books. Register now to get a free book and a 30-day free trial. 

Audio provided by Free SFX and Bensound.  

 

Sales From The Street, Vicki Antonio, Donald C. Kelly

TSE 1169: Sales From The Street – “Think Like A Large Company CEO”

Sales From The Street, Vicki Antonio, Donald C. Kelly 

 

 

Vicki Antonio is a business consultant and a life coach who helps small business owners think like a large company CEO. This is a result of her journey of knowing what her purpose in life is. She started working when she was 13 years old and she found herself having a pattern of working with startups. Her experience made her realize that startups have a pattern of growing pains. 

She used that when she got into real estate because she wanted to be that mom who goes to PTA meetings and football games for her kids. The knowledge gave her a deeper understanding of the entrepreneurial spirit and business acumen as a whole. 

With the fallout of the market, she learned some hard lessons. She then went into upper management in real estate and after that, she became a business developer for a global real estate franchise. Vicki oversaw about 30 of their shops and her role was to get them developed, get them brand-compliant, and partner with brokers and owners to keep the business profitable. She was a coach for the company’s business needs, whatever those needs might be, on a day-to-day basis. 

Blind spots

Most business owners scale their businesses to a certain place and then they’d have a business blindspot. Very few people see the blindspot and see the capacity that they can get to at the beginning. 

It’s similar to taking a vacation where you know where you’re going but you can’t see it from the place that you start. The closer you get to it, however, the clearer it gets. If you’re not familiar with the geographical location of the area, then you might have some detours that cause apprehensions. It may cause you to stop and get lost a little bit. 

This is where Vicki comes in. She is the guide and she helps the companies see their direction in a clearer perspective. 

Top problems 

Fear is the first problem that small businesses face. Sometimes, they become fearful and they build only up to where they know, and then they get stagnant. The fear comes in because they’ve got to relinquish what they know. 

It’s very much like taking your child to daycare for the first time. There’s apprehension and doubt about whether they can take care of your kid. The same is true for your business because you have an emotional attachment to it. You develop apprehension about handing it over. But it is important to allow someone else to come in, and then to trust that they will do their job. Trust and fear come hand-in-hand. 

The fear of somebody else taking the business to the next level or the fear of engaging with another system are reasons why small businesses fail to progress. 

Clarity

Clarity is also difficult for business owners, especially the entrepreneurs who are self-employed salespeople. These people do a lot to get to a certain place. There’s a lot of things that go into play to get them to the end. Often, they don’t have clarity about what those things are because they either don’t have enough components to see the end or they have too many components that they no longer see the end. When you’re in that slump, you need an analysis of the things you do to see the cause of the stagnation. 

Tiger Woods and Michael Jordan had coaches to give them the bird’s eye view, the area where they themselves could not see. The coaches help them and critique them. They also help them analyze what they are doing and how they can change it to make their play better. The same is true in sales. 

Salespeople are good at what they do but there are still things that they just can’t see. Sometimes, salespeople get in their own way and do things because it felt right for years. Like Woods, even when his form is okay, his coach can be there with him and tell him things like, ‘

If you just turn the club a little bit then you’d see a better performance.’

As salespeople, you need a coach to analyze your system and your tools to make sure that you’re using them correctly. It is equally important that you trust their input and that the information you’re getting is helpful. 

It is important for salespeople and business owners to trust the process. 

Fear 

Fear is false evidence appearing real. A lot of times, we think too much because we don’t have clarity about the direction that we take. We are also concerned about whether we’re doing things the proper way. This makes us fear the unknown, so we stay where we are instead of moving.  

It’s not saying that you’re doing something wrong. It’s more like you’ve known how difficult the climb has been and you want to take things to the next level, or to the next pinnacle. Overcoming fear differs from one person to another because everybody’s risk factor is different. For the risk-takers, there’s a great reward but there’s a big gap there. It’s different for people who are not risk-takers because they calculate their risk to the point of comfortability and the rest is pain. 

Trust 

Your business is like your baby and you’ve put all your effort into it and invested much into it. You have the responsibility of making sure that it’s sustainable, it’s growing, it’s healthy, and it’s cared for. 

Then somebody comes in and says to do the same things you’ve promised but it’s difficult to trust that person. 

This fear can be overcome using a trust list. It’s helpful to create a list of people who have the same core values that you have and people who have track records of having done it already. There’s a good possibility that you can rest for a bit when you work with these people, do business with them, party with them, or engage with them. 

The pattern of sales is changing now where relationships are being developed in the sales process. In the past, it has been a case of meeting a stranger, doing the transaction, and then never seeing them again. This time it’s different. 

As a salesperson, you build a relationship with them and vet them to know who they are and you also see their track records. 

Proof of credibility 

When you think like a large company CEO, establishing proof of credibility is also important. When you’re mentioned in the local newspaper or on a TV interview or magazine, third-party validation builds credibility. Donald Miller’s book, Building a StoryBrand: Clarify Your Message So Customers Will Listen talked extensively about this. 

Client testimonials and LinkedIn also build credibility.  You can use the platform to give recommendations and also get recommendations from clients. People who will check in on your page will see you and the things you’ve done getting that quick validation. 

You have to do your homework and leave your footprints, especially now that everybody is using platforms like Instagram, Facebook, and Twitter for marketing. They have great graphic artists and do amazing things. Sometimes, high profile companies do not excel in that area but they’re doing great in testimonials. 

Social media is usually the first place that people go and not having great track records in that platform will rob you of opportunities. Social media, LinkedIn, and testimonial platforms are things that you can improve on. 

Addressing clarity 

Clarity is two-fold. Be clear about who you’re working with and what they’ve attained. Second, know who you are as a business. The second aspect is about knowing your niche, your market, your strong suits, and the things you can highlight about yourself. 

Once you know yourself, then you’ll know how to work with others and how to bring somebody to engage to work with you. 

It’s like the trip mentioned earlier, If you hop in a car without mapping out your destination, you won’t know the streets to take and you’ll end up lost. Startups are like that, too. Many startups think that they can be all things to all people but in truth, that’s not possible. 

Vicki started out in real estate with a global and luxurious company. The properties can be worth millions. She has seen salespeople who wanted to get into that price point but because of the lack of experience, they hesitated. They had to first learn that in order to get to the high price point, they first need to stop taking the lower sales. 

It’s important to let go of the old mindset and get into a new mindset by being clear about where you want to be and then knitting yourself to that thing.

Jack of all trades

Becoming a jack of all trades is good because salespeople and see opportunities but sometimes doing that means turning down an opportunity to do something. For example, if somebody wants their house painted and you’re a salesperson in real estate, if you decide to paint the house, you’re wasting an opportunity of making calls doing things that will potentially help you land your next $25,000 client. 

You are impeding your progress because you can only spend money and time once.

Your time has more value than the actual money you’re making. 

The scripture says that you can do all those with Christ and that’s true but you can’t do it all at the same time. 

Seasons

You’re going to go through seasons, through phases, and through stages. If you learn the season and the stage that you’re in, then you understand the capacity for that time frame. 

You need to understand the season that you’re in, the same way that you’re not going to sport a bathing suit when you’re headed to someplace cold. You’re not going to wear an overcoat when you’re headed to the beach. 

This is the thing about clarity. It’s when you understand that you’re headed to the beach and you’re not going to feel offended or feel like you’re missing out on something when somebody steps in your elevator wearing an overcoat. You know that you are going in a different direction and it’s okay. 

If at some point you want to change your direction or change course, then it’s okay. The most important thing is that you understand very clearly where you’re going when you’re making the change so that you don’t impede good opportunities in the season that you’re in. 

Trust the process

It is important to trust the process. Trust is huge because this is the area where you have to have some faith. There will be blindspots in the trust factor but if you’ve made your part then it will be easier. It’s best to prepare, carve out of clarity, train, and sharpen your tools and learn how to use them. 

You’ve got to trust that when you take the leap, you’re gonna land in the right place. 

Remember this: trust that when you take the leap, you’re gonna land in the right place. 

“Think Like A Large Company CEO” episode resources

Stay in touch with Vicki to learn more about her services by calling her at 561-774-1333. You can also visit her website at victoriousu.com and victorious’s lifestyle strategies. She’s also on Facebook, so check her out there, too. 

If you’re a sales rep looking to hone your craft and learn from the top 1% of sellers, make plans to attend the Sales Success Summit in Austin, Tx, October 14-15. Scheduled on a Monday and Tuesday to limit the impact to the sales week, the Sales Success Summit connects sellers with top-level performers who have appeared on the podcast. Visit Top1Summit.com to learn more and register! 

This episode is brought to you in part by Audible. Check out Audible as well and explore this huge online library with thousands of books. Register now to get a free book and a 30-day free trial. 

This episode is brought to you in part by TSE Certified Training Sales Program, a course to guide sales reps and sales leaders to become better at pitches and presentations. It has 12 courses to help you find the right customers, ask the right questions, and close great deals. You can get the first two modules for free! 

I hope you liked this episode. If you’ve learned a thing or two then do give a rating and review on Apple Podcast, Google Podcast, Stitcher, and Spotify

Audio provided by Free SFX and Bensound

TSE 1138: How To Close A Deal With A Prospect Who Goes With Your Competitor

If I’m working with a prospect who unexpectedly decides to hire a different company, it might sound impossible, but it’s possible to close a deal with a prospect who goes with your competitor. 

David Adley is an outbound sales manager at Bonfire, a digital platform for selling custom apparel. Bonfire works with nonprofits, influencers, and anyone who wants an easy solution to selling an awesome shirt online. 

Sales journey

David started selling knives door-to-door during college and he discovered he had a passion for it. When you’re succeeding, you’re having fun. 

He worked as a sales rep for a music company, and because he was a music major in college, he assumed it would be the perfect marriage of two things he loved. He was playing in a band at the time, and he had to make a decision about his priorities, so he picked music over sales. 

For almost four years he gigged with a band before taking the job at Bonfire as a customer success rep. He was basically making ends meet while doing the rock star thing.

David grew into his role. Because the CEO knew he had sold knives in college, he invited David to take a shot at growing the sales team. He took the leap, and that’s where his journey began.

Fund-raising

Bonfire operates in cause-based fundraising as well as the influencer space. Early in David’s career, he worked with a big client named Crusoe the Celebrity Dachshund. He’s a big deal in the animal influencer game and he has hilarious content. 

He’s also the big fish in David’s story, which is about learning empathy, timing, and persistence, three things that sellers need if they are looking to up their game. The company was still small then and he didn’t want to mess up the opportunity. 

He asked the CEO for help, and together they conducted discovery together. The CEO, Brian Marks, shared wisdom with him, and they discovered that Crusoe wasn’t actually a great fit for the platform at the time. They weren’t equipped to give him everything he needed to have a successful apparel campaign. 

The company was geared to fund-raising at the time and wasn’t really built for influencers. 

Surprise advice

Brian advised David to provide pro bono graphic design work to Crusoe and then told David to recommend that Crusoe sell his designs on a competitor’s platform. Typically custom graphics take about three days, but they turned this one around same-day because it was such a great opportunity even though they couldn’t work with him.

David said he couldn’t imagine sending a potential VIP seller to a competitor, but this is where he really started to learn persistence. After they sent Crusoe away, it was still his responsibility to keep Bonfire top-of-mind for him. He did that by actively checking in during opportune moments, like when he won an award for best animal content creator. 

David congratulated them and checked in with his manager frequently. 

Great rapport

They developed a great rapport despite the fact that they never sold anything on Bonfire’s site to this point. Eventually, when Bonfire relaunched its site with more accommodating features for influencer clientele, the timing was perfect. 

Crusoe’s manager got back to them during a periodic check-in and was anxious to give the company a shot. The new website was officially about three days old at this point, so David was still a little nervous about bandwidth at this point. 

Eventually, the account was the highest-selling campaign on the site up to that point, and it pushed the company to its brink in those early days. He calls it a thrilling experience for everyone involved. 

Nurture the relationship

Almost two years passed between the time when David sent Crusoe to his competitors and then welcomed him to Bonfire as a customer. He did it by nurturing the relationship and staying in contact with his managers. He let them know about the changes at the company, and eventually, it made sense for them to work with Bonfire. 

Crusoe never forgot how the company hooked him up in the early days. As a young rep, David had been so focused on closing that he couldn’t fathom making this kind of decision. The CEO, on the other hand, was looking out for Crusoe’s best interests, and he did what a good sales rep should do: he empathized.

He wasn’t so hungry for a deal that he tried to close something that wasn’t a good fit. He put himself in the client’s shoes and did what was right for the client. Then the client paid it forward. He never forgot the solid favor the company did. 

It was a long, remarkable lesson that resulted in a relationship that still exists today. 

Building value

When sellers build value, loyalty results as a natural by-product. Very often we get shortsighted because, in the sales space, we tend to focus on what we need right now. We don’t allow ourselves to think about the future. The result is that we often think only of ourselves. Many new reps especially get so quota-driven that we lose sight of our customer’s needs.

David said he’s thankful he was able to learn the lesson early in his career because it allows him to detach himself from deals and to teach his reps to do the same. 

Bonfire measures success as a campaign that sells more than 200 apparel items. The Crusoe campaign sold more than 3,000 items, which is about 15 times more than the typical revenue. 

Scaling sales

David’s realization that you can’t simply scale a team by taking your own personal success and applying it to everyone was his biggest challenge as a sales leader. He isn’t data-driven by nature but operates more by the seat of his pants. He uses a throw-it-at-the-wall-and-see-what-sticks approach. Then he repeats what succeeds. And while that worked for him in a young startup environment where there wasn’t a blueprint, it doesn’t work to scale. 

He had to develop a data-driven approach because not everyone can sell like he can. He had to overcome the notion that everyone should do what worked for him. The truth, as he discovered, is that there are lots of awesome personalities and skill sets that can sell effectively. Diving into the data to discover why those personalities could sell effectively was huge.  

Tracking data

They started by establishing a baseline metric for success. Once you’ve determined what your team is doing every day, you can hone those skills to arrive at the place where you’re closing more deals or launching more campaigns. 

David once operated according to a gut-feel to determine how many messages to send out, but they couldn’t rely on that. They needed to establish a number of new outreach messages a day. In this case, it was 25 new outreach messages a day, with the intention to convert 35 percent of those into demos. If 10 percent of those convert to launch campaigns, a BDR can launch three a week and be set up for long-term success. 

The key was drilling down those numbers to figure out what needed to happen at each stage of the pipeline. Telling new reps what they need to do in order to be successful makes a big difference. If they hit those benchmarks, they can feel really good about their trajectory. 

David said he wouldn’t have learned the lessons about empathy, timing, and persistence if he hadn’t been willing to ask for help. Many new reps want to put their heads down and prove themselves. He said that the best reps ask tons of questions and aren’t afraid to fail. Success occurs when you put yourself out there, ask for help, and then apply the lessons you learn effectively. 

How To Close A Deal With A Prospect Who Goes With Your Competitor” episode resources

You can connect with David via email at David@bonfire.com. You can also connect with him on LinkedIn and check out Bonfire.com. Find his music at Griff’s Room Band. You can also connect with his mom, who is a professional storyteller, at Characters By Kim.  

Connect with me at donald@thesalesevangelist.com.

Try the first module of the TSE Certified Sales Training Program for free.

This episode is brought to you by the TSE Certified Sales Training Program. I developed this training course because I struggled early on as a seller. Once I had the chance to go through my own training, I noticed a hockey-stick improvement in my performance.

TSE Certified Sales Training Program can help you out of your slump. If you gave a lot of great presentations and did a lot of hard work, only to watch your prospects choose to work with your competitors, we can help you fix that. 

Tools for sellers

This episode is also brought to you in part by mailtag.io, a Chrome browser extension for Gmail that allows you to track and schedule your emails. It’s super easy, it’s helpful, and I recommend that you try it out. You’ll receive real-time alerts anyone opens an email or clicks a link.

Mailtag.io allows you to see around the corners. You can see when people open your email, or when they click on the link you sent. Mailtag.io will give you half-off your subscription for life when you use the Promo Code Donald at check out.

I hope you enjoyed the show today as much as I did. If so, please consider leaving us a rating on Apple Podcast, Google Podcast, Stitcher, or wherever you consume this content and share it with someone else who might benefit from our message. It helps others find our message and improves our visibility.

If you haven’t already done so, subscribe to the podcast so you won’t miss a single episode. Share it with your friends who would benefit from learning more.

Audio provided by Free SFX and Bensound.

 

Lauren Cohen, Small Business

TSE 1104: What Are The Secret Scale UP Success Strategies?

Lauren Cohen, Small BusinessThe same secret scale up success strategies that help entrepreneurs grow their businesses to the next level will benefit individual sellers who recognize their territories as their own business.

Lauren Cohen works with foreign investors to find the right business opportunities, make the right investments, and get and keep their visas. She discovered along the way that many of these people didn’t pay a lot of attention to their business structures and that the same was true of American business people.

7 Steps Scale Up Success Strategy

Lauren characterizes her role as creating a GPS for your business, but you have to have a destination. You can’t tell your GPS that you don’t know where you’re going.

These 7 areas of a business’ foundation can result in disaster if they are overlooked.

  1. Funding in capitalization. Without the right capital, or if you’re under-funded or under-capitalized, it doesn’t matter how great your business idea is, you’re going to fall apart.
  2.  Business planning. If you don’t have a business plan and an exit strategy, you don’t begin with the end in mind.
  3. Branding and marketing. Building your brand is part of your foundation but it doesn’t exist independent of all these other elements, and marketing is part of branding.
  4. Legal and compliance. Without a legal structure in place, which so many business owners don’t have, you’re risking your family and everything you have.
  5. Financial and taxes. Everyone knows what that is all about.
  6. Operations and systems. Without systems, you can’t repeat your success.
  7. Insurance and licensing. If you don’t have insurance and someone sues you, you’ve got nothing to protect you. Without the right licenses, you can be shut down.

Know your area

You cannot be an expert in every area, so Lauren’s number one tip is to stay in your lane. You don’t know what you don’t know. Figure out where your gaps are and then allow someone who is an expert to oversee the process.

She suggests a 3-step process to assess your company.

  • Assess
  • Diagnose
  • Deliver

Diagnose the issues and then fill the gaps you identified in the process.

Exit strategy

Lauren related the story of a client who wanted to exit her business within five years so she needed an exit strategy. She needed a strategy to get from where she is to where she needs to be.

She wants to sell to one of four parties but she doesn’t want to sell at a discount on her dollar. Rather, she wants to sell at the highest possible dollar amount. In order to do that, she needs to increase the profits.

That’s where the various elements of branding, compliance, taxes, operations, and all these other components become important because they will help the business owner get more value at the time of exit.

Funding and capitalization

It sounds crazy, but if you ask someone to invest $100,000 in your business, they are going to laugh at you. If, on the other hand, you ask for $5 million, they’ll suddenly believe that you’re serious. The problem is that there’s no ROI for $100K.

The cost of obtaining the money is so high that it’s not even worth it for them to pursue it.

Financial and taxes

This one is easy. If the IRS is after you because you haven’t paid your taxes, get them filed. You may pay penalties but at least you’ll be up-to-date.

Legal and compliance

Legal and compliance include your corporate record books, which everyone should have. Some companies don’t even have the corporate entity which is a whole other story.

Make sure you have a corporate record book that’s affiliated or associated with that entity. Hold a meeting each year and record the minutes in that record book.

Reflect all the changes to shareholders and bank accounts in your records.

She estimates that 70 percent of businesses don’t keep their record books up to date. If you try to sell your business or you end up in litigation, you’ll need that book.

Building and scaling

It’s vitally important to have all of these considerations in mind as you’re building and scaling your business. If you find a potential strategic partner who wants to help you build your business but he discovers that you don’t have all your contracts in place, the deal will fall apart.

If you have the wrong documents, you’re potentially setting yourself up for liability.

Don’t try to do this alone. Consult with a professional. Everybody avoids hiring a lawyer or a professional for fear of getting the bill at the end. But it’s better to get the bill now than to get a larger bill later.

“Scale UP Success Strategies” episode resources

Grab a copy of Lauren’s book Finding Your Silver Lining In the Business Immigration.

You can take a copy of her quiz at showmethemoneyquiz.com. It’s quick, free, and fun and it will give you access to schedule a call with her. You can also find her on Facebook @scaleupcheckup or on LinkedIn @scaleupcheckup. You can also reach her directly at (866) 724-0085 or info@scaleupcheckup.com.

Connect with me at donald@thesalesevangelist.com.

Try the first module of the TSE Certified Sales Training Program for free.

This episode is brought to you by the TSE Certified Sales Training Program. I developed this training course because I struggled early on as a seller. Once I had the chance to go through my own training, I noticed a hockey-stick improvement in my performance.

TSE Certified Sales Training Program can help you out of your slump.

If you gave a lot of great presentations and did a lot of hard work, only to watch your prospects choose to work with your competitors, we can help you fix that. The new semester of TSE Certified Sales Training Program begins in April and it would be an absolute honor to have you join us.

Tools for sellers

This episode is also brought to you in part by mailtag.io, a Chrome browser extension for Gmail that allows you to track and schedule your emails. It’s super easy, it’s helpful, and I recommend that you try it out. You’ll receive real-time alerts anyone opens an email or clicks a link.

Mailtag.io allows you to see around the corners. You can see when people open your email, or when they click on the link you sent. Mailtag.io will give you half-off your subscription for life when you use the Promo Code: Donald at check out.

I hope you enjoyed the show today as much as I did. If so, please consider leaving us a rating on Apple Podcast, Google Podcast, Stitcher, or wherever you consume this content and share it with someone else who might benefit from our message. It helps others find our message and improves our visibility.

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Carl Allen, Buy Your Competition, Sales Growth, Sales Leader

TSE 909: Sales From The Street:”Buy Your Competition”


Carl Allen, Buy Your Competition, Sales Growth, Sales Leader
There’s a difference between having a lifestyle business and having a business that’s truly scaling and growing. In order to grow, you have to have customers. The secret is to buy your competition.

On today’s episode of Sales From the Street, Carl Allen talks about how to massively grow your sales by acquiring another business. He’ll explain why he believes the key to overcoming your challenges might be to buy your competition.

If you’re new to the podcast, our Sales From the Street episodes feature stories of people who have faced challenges and overcome them.

Carl decided he was tired of working for other people and he wanted to do his own thing. He only had one skill set, which was to buy and sell businesses, so he decided to do it using other people’s money.

Selling businesses

Carl has been selling businesses for more than 25 years.

When he got the call during an overseas trip saying that his pregnant wife was in the hospital, he had to jump on a plane to get back home. In the moments after his son was born, he realized that he needed to do something else.

Carl decided that, instead of doing it in a corporate setting, he wanted to buy and sell his own small businesses. He knew that his tools and experience could be applied to small businesses.

He found that lots of people were asking him to coach and mentor them and teach them how to buy and sell businesses, so he built a global system to teach entrepreneurs how to do it.

Carl teaches entrepreneurs who work for other people as well as those who want to own their own businesses. He teaches them to find deals, negotiate them, and to do it all without investing their own money.

He also teaches small business owners how to double their sales by buying competing businesses or complementary businesses.

1 + 1 = 3

It’s getting harder and harder to organically grow sales because of the tremendous amount of competition.

Carl advises small business owners to stop chasing customers and trying to sell them more stuff. Instead, consider buying a competitor or someone in your supply chain that has some synergy and that can double or triple your sales.

The first business Carl bought was generating about $2 million a year, and his competitor was doing $2 million a year as well. They had a conversation, and Carl acquired the business, literally doubling his sales overnight. Organically, the same growth would have likely taken about 10 years.

Sometimes, instead of buying a competitor, you can buy a business in a complementary sector and cross-sell.

Carl, for example, owns a software company, and he’s about to acquire an IT company to sit alongside it. He’ll sell software to the IT services customers, and sell IT services to his software customers.

When the businesses combine, there will be opportunities for cost consolidation and synergy between the two.

He calls it the 1 + 1 = 3 model. In the end, he’ll have software revenues, services revenues, and the two together.

Acquisition myth

When Carl started in 2008, Facebook wasn’t prevalent and people weren’t marketing on LinkedIn. Growing his business would have included local advertising, trade show events, and good old-fashioned cold calling, referrals, and networking.

There’s a huge myth about acquisition and it’s this: if a business is worth a $1 million, you must have $1 million to acquire it.

The truth is that you can buy a small business without spending your own money. The big private equity guys on Wall Street do it all the time. Carl applies those same principles and tactics.

If you’ve never bought a business before, there’s clearly a learning process, which is why Carl built his academy.

He teaches:

  • How to do dealer regeneration
  • How to find deals that fit your requirements
  • How to have effective meetings
  • How to negotiate and structure a deal
  • How to raise financing
  • How to get the deal transacted

In his dealings, 99 out of 100 business owners don’t know how the process works.

He built his academy to empower business owners to scale their businesses differently.

Psychology of the deal

When you decide that you’re interested in acquiring a business, the best way to start is by approaching your competitors with a cleverly written letter which builds rapport, trust, and credibility.

Most likely, someone in my network will know you or will know someone who knows you, and I’ll get to you that way.

The key is in the psychology. You’re looking for the distressed owner whose business is stable. You need a seller with a strong motivation to come out of the business.

They might be ready to retire, or they might be bored, or they might be sick, or they might have run out of ideas. In fact, the biggest pocket of opportunity in North America right now is retiring baby boomers.

The Wall Street Journal published last year that 10,000 baby boomers retire every day, and 19 of those own a small business. Previously, one of their children might have taken over the business, but those tendencies have changed massively.

Their kids want to go to college now, and they don’t want to take over the family business.

These boomers don’t have an exit strategy.

Only 1 in 13 small business that tried to sell actually do.

If you have good business history, and good employees, and good customers, then you don’t want to close the business.

You’ve got to understand why the business owner wants to sell. Ultimately, it’s the best way to understand the pain they are feeling right now.

You’ve also got to find out how they do their marketing. Very often, we find that they aren’t even marketing. They are relying on word-of-mouth.

That means when I do employ marketing, we’re going to see growth.

Leveraged buyout model

We’re solving that problem with the leveraged buyout model.

You might ask yourself why a business owner would allow you to buy the business without spending your own money. In many cases, it’s their only option. They either sell to you, or they turn out the lights, close the doors, walk away, and let everyone down.

Instead, a safe, trusted pair of hands take the business to the next level and give it a new lease on life.

The first step for anyone interested in this model is to check out Carl’s 90-minute training webinar. He has a proprietary 10-step model that he has honed over 25 years, and he has created a sort of masterclass training for people who are interested in the model.

If you’re an entrepreneur and your dream is to start a business, don’t. Don’t start a brand new business, because 99 percent of them fail. Instead, buy an existing business that’s already doing what you’re looking to do, and use the company’s own resources in cash to acquire it.

If you’re an existing business owner and you’re struggling to grow your business organically and your marketing isn’t working effectively, scale your business by acquiring a complementary business.

Buying businesses solves everyone’s problems, and it’s a buyer’s market.

“Buy Your Competition” episode resources

Connect with Carl at Facebook.com/ninjaacquisitions, and find his evergreen, automated training, at www.ninjaacquisitions.com/free. It’s a webinar-style training with lots of tools and downloads users can access.

Today’s episode is brought to you by Maximizer CRM, a personalized CRM that gives you the confidence to improve your business and increase profits. It’s powerful and intuitive.

Get rid of the boring CRMs and customize to your team’s selling abilities. Click on the link to get a free demo of what Maximizer CRM can do for you.

Check out the Video Jungle podcast, which teaches you how to utilize video to stand out from your competition. Plan, create and share your way to better content and strategy. You are a brand, and video can help you set yourself apart.

Leave us a review wherever you consume this content, and share it with someone else who might benefit from our message. It helps others find our message and improves our visibility. If you haven’t already done so, subscribe to the podcast so you won’t miss a single episode.

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Nigel Green, Donald Kelly, The Sales Evangelist, Sales Leaders, Scaling Sales Growth

TSE 573: How To Quickly Scale Your Sales Team

Nigel Green, Donald Kelly, The Sales Evangelist, Sales Leaders, Scaling Sales GrowthGetting a sales team from the ground to the top takes a little bit of work. Today’s guest is sales architect, Nigel Green, and he shares his insights into what you can do to scale your sales team to the next level.

Nigel worked his way up the sales ladder until he became a leader and learned how to build teams quickly by grasping on to the motivations of the reps. By 2016, he became the CEO of StoryBrand where they help companies clarify their message, which is a very important element in sales.

Nigel has been a student of sales for the past ten years and he helps companies that want to go fast and to figure out a recipe to getting where they want to go in a short span of time.

Here are the highlights of my conversation with Nigel:

How to get started with scaling: Understand what you’re doing well.

Formalize some feedback. Before you scale, you want to systematically get information from your customers on what’s right with the offering, what’s wrong with the offering, what’s missing that they have to go somewhere else, and what’s confusing. Ask these to your happiest customers who are the 20% that make up 80% of your business.

3 Ways to Grow Your Business:

  1. Get more customers.

Take what’s write about your offering and find out who else in the market place needs it. Fix what’s wrong and amplify what’s right about your offering.

  1. Raise your price.

When was the last time you adjusted the price on your offering? For most companies, it would be in a while because they feel like the price is the ultimate decision-making piece for customers. Raise more price and add more value. Think of ways that you can add additional features or services that amplify the perceived value.

  1. Sell a new offering to your existing customers.

Give them another reason to buy from you. This is where you look at what’s missing or what’s confusing about your offering. Customers will love to tell you all the ways you’re not solving the problem. Be honest and open to hearing it so you can come up with additional offerings that allow you to offer them something completely different, be it a service model or coaching, anyway that you can add a subscription for some type of recurring revenue to your product or service. Or if you’re a subscription revenue where you have a repeat revenue, what’s a one-time thing and a real quick win you can do to generate additional revenue?

How to Get Your Team to Implement These Strategies:

  1. Getting new customers
  • Specialized roles

If the business strategy is to get more customers, the compensation plan of the rep has to incentivize new revenue. Nigel recommends breaking down the team into their specialized roles to have someone dedicate their energy to closing new business and have compensations plans that support both of them.

  • Understanding the ideal buyer journey

Think about how exactly you want the customer to experience your brand or offering. The challenge with reps is they tell you how they want to do it but it may not be what’s best for the customer. Instead, think about how to get your customers from unaware to aware about the offering, the interest, the evaluation process, how they transact with us and how they buy and after they buy, how to maintain relationships. Map out this ideal customer journey and then figure out who inside the organization needs to own every single step.

It’s okay for one person to own multiple phases of the buying cycle but if you can take a customer from unaware to post-purchase and know who’s exactly responsible for that experience, you’re off to a good start.

  1. Making Your Team Understand the Price
  • Align the compensation plans with the business goals.

Where companies go wrong is that reps are making price concessions and offering rebates that deteriorate earnings that lead to less than desirable results.

  • Create commission tiers.

Put some metrics where if they discount their price, you will also discount their commission. And if they can raise the price, reward them for that by giving them higher commission percentage. Creating these tiers and giving flexibility to the rep to adjust the price based on what the customer needs, this is a strategy for improving your margins.

  1. New offering

This is the hardest strategy to implement and scale because while the market might need your offering if you don’t think through its deployment, it could be a distraction to your sales team.

Make sure you launch your product correctly. You have to train your reps and make sure that if they have enough to worry about with their products, hire a specialty force to sell this new offering so as not to distract your core reps from the core products.

Be careful in doing this. There is a lot of research on how to create specialization within your sales force particularly around the new product offering.

Nigel’s Major Takeaway:

The most underutilized tactic in selling is listening. Particularly in complex sales with multiple decision makers, listening becomes paramount. It’s not being quiet and creating space to let you plan what you’re going to say next. Focus less on what you’re going to say and more on what the customer is telling us.

Nigel has put together a content and worksheet that you can add to your sales training program. Check out www.findevergreen.com/listen and go through the worksheet to figure out where you need to do some work on your own listening.

Episode Resources:

Check out www.findevergreen.com/listen and go through the worksheet to figure out where you need to do some work on your own listening.

Summit on Content Marketing on May 22-June 02, 2017

The Sales Manager’s Guide to Greatness: 10 Essential Strategies for Leading Your Team to the Top by Kevin F. Davis

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