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 can be broken down into four main points:
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.
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
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.
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.
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