My visit with a banker turned a boring trip into a sales success story.
A few weeks ago, I stopped in the bank to make an administrative change to one of my accounts. Since I bank at a local institution, I can actually speak with the branch manager. While he was helping me with this change I asked him a question:
“Who can I connect you with to help you achieve your business goals this month?”
The manager was a little taken aback by the question, but, he answered it.
“I’d love to meet a busy Real Estate attorney. They need a trust account to hold money for closings and they also know lots of people who need loans to buy houses. Those are great clients for our bank.”
I’m sure the banker did not expect what happened next.
I set lunch appointments with three different real estate attorneys for the banker. The attorneys were clients and friends of mine and, while there is no guarantee they will work with the bank, I delivered value to four people.
This morning I received a phone call from the banker. He offered me an opportunity to speak at a national association meeting – he is on the planning committee.
I didn’t pitch myself. I didn’t ask for anything. I offered value.
Things don’t usually happen this quickly. It often takes years for someone to provide reciprocal value. Sometimes they will not have the opportunity to ever do so. But there are some steps you can take to give yourself the best opportunity.
Step one: Offer value to initiate the relationship. The example in this article demonstrates this step.
Step two: Deliver. You cannot simply offer to help and then go away. You must actually deliver the value. If I didn’t set at least one meeting, my conversation would have been meaningless.
Step three: Stay in touch. The banker and all three of the real estate attorneys are on my weekly email newsletter list. I communicate with them regularly. They know I keep the ‘top-of-mind.” This regular communication is an important reminder of our relationship and my desire to be helpful.
The key to success in relationship-based selling is putting the relationship ahead of the transaction. Make sure you show your prospective client you want to enable their success. The solutions you offer (the things you sell) are valuable but the relationship with the client is even more valuable.
Transactions have a finite value, but relationship value is limitless.
For more sales success strategy, be sure and order a copy of The 60 Second Sale.
I’m starting a new feature called the Sales PreventionTeam.
Each time I see someone doing something ridiculous, stupid or actively working to harm a client relationship, I’m going to highlight it. You may remember me calling out a jerk who works for American Airlines back in November 2016. That was the beginning of me highlighting stupidity. Since my new book The 60 Second Sale: The Ultimate System for Building Lifelong Client Relationships in the Blink of an Eye is due out in July, 2018, I’m on a mission to highlight both great sales practices and bad practices.
Today’s Sales Prevention story arrived in my mailbox. I received a pen in the mail. This pen was a gift/sample for me to review as a promotional item. It comes from National Pen Company.
The pen itself is pretty good. The quality is fine and if I was looking for a promotional product, I would consider it.
But this isn’t about the pen.
It’s about what Peter Kelly, the company’s CEO does with the pen.
Accompanying the pen in the package was an order form and a note from Mr. Kelly.
The note from Mr. Kelly reads:
“The prices shown on the order form are introductory prices applicable only towards your first order! Customers love the product so much that when they come back to re-order more they get upset because the non-promotional price is higher. Unfortunately, this is a special deal and we can’t offer this super low price again.
So don’t be disappointed, stock up now with this one time special promotional discount.”
Mr. Kelly is telling us that he will screw people who want to re-order and charge them more money. That means, his best clients, clients with higher lifetime value, clients who want to order again, PAY MORE MONEY.
What does this also tell you?
Maybe it tells you that National Pen’s service sucks so much, they know you will only order from them once and they want to get you to spend as much as possible on this one order.
Either way, Mr. Kelly and National Pen Company are saying they want me to order lots of pens now and if I come back, I will pay more because they give better pricing to strangers than they give to people with whom they have a relationship.
Please join me in welcoming Mr. Kelly and National Pen to the Sales Prevention Team.
I’m in the middle of a long sales cycle and I needed a break so I cleaned out my garage yesterday.
That may seem like an awful chore to you but to me it is a metaphor for organizing my thoughts.
I love my garage. I’ve made it into a do-it-yourself workshop in which I do everything from change batteries in my kids’ toys to prepare for the 120 MPH winds of hurricane Irma.
Last fall I installed a refrigerator in the garage so I could grab a cold beer while working or give my son a bottle of water after a catch out in the yard.
During the past three weeks the garage had become an absolute wreck. I had consciously neglected it because I was chained to my desk putting the finishing touches on my new book titled: The 60 Second Sale: The Ultimate System for Building Lifelong Relationships in the Blink of an Eye.
Lots of things went by the wayside as I finished the book. I stopped exercising and I ate a lot, so I’ve gained about 15 pounds. My daily workouts with my son also stopped, so his baseball and martial arts skills are rusty. I also neglected sending out my weekly email, for the first time in about nine years. All because I was focused on this one, special project.
The book writing process is identical to a long sales cycle. As the person leading the sales effort, you are the only one who sees the value at the outset but you have to sell that vision to everyone else. This means you have to clearly articulate the vision. You have to demonstrate the outcome your client will receive. Then you have to go out and win over the constituents, one-by-one, until they take up the fight for your vision to become real.
That’s how a long sales cycle works.
While the outcome is critical (you want to close the deal and I finished the book), just as important is what you will learn about yourself in the process.
Here are three areas of self-awareness I noticed during the writing of the 60 Second Sale:
Through discipline and focus, all things are possible. I completed a 60,000 word book in less than a month but I did the bulk of the writing over a two week period. I had a schedule and I stuck to it. I wrote, on average, six hours per day and that was enough time to get the book done – even with writing and rewriting some of the more challenging parts.
You can certainly do this with a sales process. Do your research and then focus on contacting the correct people for appointments, prepare presentations and schedule al the meetings.
Suspend your need to do everything and focus on the one thing that matters most in the moment. You know what you should be doing. If you have to put off five or six other tasks while focusing on the main thing, give yourself permission to do so. You’ll be able to “catch-up” when after you close the deal.
After you close the deal, reward yourself. When I turned in the manuscript, I took a few days off to relax. I didn’t jump right into the next big project. Of course, I got a haircut and cleaned the garage and did everything else I had neglected, but I didn’t jump back into writing until today – a fill week after I finished the book. Why? Because I needed a break.
The same thing is true when you close a huge deal. Celebrate. Enjoy the moment. relax for a couple of days. Then when you get back to it, you’ll be refreshed and ready to go.
As I mentioned at the outset, I’m in the middle of this sales cycle because writing the book was just the beginning. Now I need to start selling the book. I’m refreshed and ready to tackle the next phase of this sales cycle and I’m glad I was able to break it up effectively. You should approach your new big sales deal in the same way.
What would you do with an extra $100,000?
If you don’t know the answer, you’ll never have an extra $100,000.
So much of sales is mindset, that thinking about what you would do with additional money will help you focus on making that money.
How many times have you been in a situation where you needed additional money to pay the rent, mortgage or a big bill? What happened when you focused on that amount of money?
Most sales professionals will say, “I closed a deal for that exact amount.”
Why didn’t you close that deal previously?
You didn’t want it bad enough and you didn’t focus on it enough.
This video explains.
Here is the transcript:
What would you do with an extra $100,000? What would you do with it? Would you invest it? Would you take a trip around the world? Would you pay down some debt? What would you do with an extra $100,000? This is a question I ask all my clients when we begin working together. The way they answer it is very telling. If they don’t know right away off the top of their head what they would do with $100,000, I know they’re not ready to make $100,000. Think about that for a minute. If you’re not prepared, if you don’t have a plan for what you will do with the extra money you’re going to make, then you’re not ready to make that money.
You want evidence of that? Think about when you’re short. If you’re in sales or you’re an entrepreneur, you’re a business leader, and you’re short for making payroll or you’re short for paying your bills, what do you do? You go out and you sell and what happens? You make enough money to cover your bills. Most of the time you make just enough money to pay the bills that you want. When I led sales teams, and I’ve led dozens of sales teams, whether they’re 10 people, two people, or 200 people, one of the things I would encourage the people in sales to do, especially my top producers, is I would encourage them to go out, buy the most expensive car they could afford or buy the most expensive car they even couldn’t afford. It doesn’t matter what the monthly payment is. Go buy it. Buy a huge house in an expensive neighborhood.
You know why I would tell my top producers, my best sales people, to do that? Because that’s how they would motivate themselves to sell. Their instinct is to sell to survive. If you have something specific you want to do with that $100,000, you will make that $100,000. That will fuel you, it will motivate you. But why stop there? Why not let yourself think, “What would I do with an extra $500,000? What would I do with an extra $1 million?” You want to fly on private jets? Start making an extra $1 million a year. You can fly on private jets at that point no problem. You want to own two homes? Make an extra $2 million a year. You want to pay off the home you have now in cash at the end of this year? Go find an account that will give you the money you need to do that. It’s that easy. But you have to believe that you’re going to make that money. You have to believe that you’re that person. That’s why, when you’re short, you’re $1,000 short to paying your bills this month, you’ll go out and you’ll sell $1,000 worth of stuff, $1,000 in money to you worth of stuff to pay your bills. The reason you can do that is because you believe you can. That’s the difference. The $50,000, $100,000 number, it’s a stretch right now, but after watching this video you’ll probably be able to convince yourself, “Hey, I can do that. I can make that extra $100,000 because I’m going to use it to buy a car and take my family on a nice vacation and pay off some of my bills.” You’re going to believe that you can do that and you will do that after watching this video.
But the same thing is true of $1 million. If you said to yourself, “I want to buy a new house in cash. I need to go find someone who’s going to give me $1 million for the value I can provide,” if you said that, it would become so. It may take a year. it may take 18 months. it may take two years. But once you set that point in your mind and you believe that that’s possible, it is possible.
The key is to know what you want to do with that money and then to really, truly convince yourself that you can make that money, it can be there. How do you convince yourself that you can make that money? If someone else who does what you do is making that money, you can make that money too. What one person can do, another can do. It’s that simple. Nobody is head and shoulders above you in the intelligence department. They’re just using a different game plan and they’re working harder. What you need to do is you need to figure out what their game plan is, copy that game plan, and work twice as hard as them. Once you do that, anything is possible. So, believe you can make the money, have a plan for how you’re going to use the money, and then get to work.
Don’t forget to subscribe to my YouTube Channel to get the videos before anyone else.
Each Friday I bring you five big sales ideas to help you sell more, make more money, and make your life a little easier.
Here are this week’s Five for Friday:
Item One: Can Your Grandma Describe What You Do?
Referrals can come from anywhere. Everybody you know must be able to describe what you do. Each person in your natural network is a potential salesperson for you and your business. Train the people who know you, like you and trust you, to refer you.
This video will help you pick up all the FREE MONEY hidden right in your natural network.
Item Two: Don’t Wear Sweatpants on a Plane
I had some free time this week. I got sick while traveling so I had some downtime to think. There were five things, in particular that were aggravating me. One of them was the phenomena that has become pervasive among people who seem to have given up on life. That is: Wearing sweatpants on a plane.
A game of five-on-five basketball is never going to breakout in the aisle of your JetBlue flight to Long Beach. Take pride in your personal appearance. You know who could be seated next to you? Your next multi-million-dollar client. He doesn’t hand over big contracts to losers who don’t have enough commonsense to put on a pair of pants before leaving the house.
If you want to hear the four other things I was thinking about while convalescing, be sure and checkout this video:
Item Three: Punch Buddha in the Face
You’ve got bad Karma because you’re negative. At least part of the time. The way you phrase your goals, your requests of your employees and your family members, and your sales pitch, is having an impact on how people react.
If you want to make more things happen in your life, including closing more deals, you need to change the way you speak and, more importantly, change the way you think.
Check out this article and walk the path of enlightenment:
Item Four: Options Equal Opportunity
I’m not talking about the sophisticated financial instruments Wall Street Traders use to hedge their financial position. I’m talking about you helping your client decide to work with you.
You’ve got to stop backing them into a corner. That’s what you’re doing when you offer a “YES” or “NO” as the only option in a sales pitch.
Give your client three ways to say “YES” and they will feel much better about a decision to work with you. Oh, yeah, they won’t want to say no because they will be in control of the buying experience.
The details are in this video:
Item Five: The 60 Second Sale: The Ultimate System for Building Lifelong Client Relationships in the Blink of an Eye
I revealed the cover for my new book. I did it on social media.
You can find it on my Instagram profile: TheDaveLorenzo on Instagram
If you’re not on social media you’re really missing out on great information, gossip and lots of ways to waste your day. (That’s a joke – sort-of).
Social media has become the new “Town Square” where people gather to share their thoughts, gossip and strengthen their interpersonal relationships. As much as you may hate the political fights that develop, these websites are now as necessary as having a conversation with your neighbor over the backyard fence on a Saturday afternoon.
Checkout the cover and share your thoughts with me on Instagram.
You can also gain access to my videos days (and sometimes weeks) before I post them by subscribing to my YouTube Channel.
And don’t forget Facebook. After I submit the final copy of my manuscript to my publisher I’m going to be doing a lot of live video on my Facebook Business Page.
Click on the links for each of those social media sites. I post unique content on each one and you don’t want to miss out on your next big idea.
Have a great weekend!
You sell more when you offer your buyer options.
Offering a “yes’ or “no” is forcing the buyer into a corner.
Nobody responds well to that.
Find a way to give your buyer choices and you raise the probability of closing the deal.
This video provides you with more detail.
Here is the transcript of this video:
Want to close more deals?
Offer people options.
When you offer someone only a yes or no option, you got a 50% chance of getting a no. That’s something I can’t live with. When people come to me for a deal, I always offer them choices of three options. Let’s phrase it like a good, a better, and a best. No matter what you have to sell, people will be more inclined to work with you if you give them three choices and they can choose what they want to say yes to. People love to buy but they hate to feel pressured. They hate to feel stuck in a corner. That’s what a yes or no deal gives them. It gives them all kinds of pressure and they think, if I do this I may get stuck. But when they have choices, when you give them options, they feel like they’re in control, because they really are. They have the opportunity to select from three things instead of just a binary choice of yes or no.
How do you do this?
Typically what you’ll do is you’ll have one option that exactly meets their needs. That’s the good option. Then you’ll have a second option which meets their needs and exceeds their expectations. Maybe it gives them just a little bit more comfort, gives them just a little bit more pleasure, gives them just a little bit more status. Then you’ll have the third option. That third option is the absolute best you have to offer. It is the highest status they can achieve in working with you. It is the option that is going to set them apart from everyone else.
Think of it like a line of cars. You have the basic transportation. Then you have the luxury transportation. Then you have the ultra luxury, which only the top 1 or 2% drive. That type of selection will generate enormous revenue for you when people select the top tier. About 10% of the time people will select the top tier, but people will be hesitant to select the tier that just meets their needs, option number one, the tier that just meets their needs. The reason they’ll be hesitant to do that is because of fear of missing out.
You can put it to work for you right now.
You want to close more deals?
By now your New Year’s resolution has fallen by the wayside and we can get down to business.
It’s okay that you’ve abandoned the stupid ideas that you were going to stop watching reality TV shows, give up sweets and alcohol, and stop screaming at your kids.
Why are they stupid? Because they are framed in the negative. They force you to focus on things you don’t like about yourself. Every time you think: “I’m going to stop screaming at the kids.” Your mind focuses on “scream at the kids.” The “STOP” part gets lost in the clutter of your thoughts.
So now that you’ve abandoned the negative affirmation, we can focus on some positive things.
In the examples I outlined above you can replace:
“Stop watching reality TV shows” with “Start reading business books on Tuesday and Thursday evening from 8-9PM.”
“Give up sweets and alcohol” with “Snack on carrots and hummus once a week” and “Drink cranberry juice on Friday nights.” This leaves you room to still have some sweets and drink alcohol on Saturday night.
“Stop screaming at the kids” with “Praise the kids for something I love about them at least twice each day.” Let’s face it, you’re not going to stop screaming at the kids. Ever. They’re kids. They will do crazy stuff that will make you furious. But you can praise them and build up their self-esteem twice as often as you lose your cool.
Start with a realistic goal and change your behavior incrementally with a focus on positive action you will take.
Speaking of self-esteem:
I’m in the business of helping people become more successful. My job is to bring out the best in you. I do that by pointing out specific things you can do to attract more clients (that’s what many people are looking for when they come to me). I also help people build their self-confidence. Nobody comes to me looking for that service but it is what you need the most.
Society beats the crap out of you, day-in and day-out. As a business leader you get the complaints but you don’t get much recognition. They tell you they pay you and that’s all the recognition you need. We all know that’s not true. And we know people who pay the least – or people who pay nothing – are the most vocal about complaining.
I help you block out those fools. It’s difficult to ignore them but you must.
In fact you must ignore everything that keeps you from achieving your goals.
Everybody is an expert at what YOU should be doing but they can’t figure out their own life.
Here’s the bottom line:
Your success is completely, 100% dependent on what’s happening between your ears. Whether you believe you are a $1 million business originator or a $50,000 practitioner who never catches a break – you’re right.
No sales strategy is going to change that.
You’ve got to decide to get up off the couch and do the work necessary to achieve your goals.
The first step is asking for help and investing in an expert who can provide you with guidance and hold you accountable.
The next step is actually calling that expert (a gym membership is only great if you go to the gym).
The third step is doing the work.
No matter what step you are on, there is no shame in starting over.
That’s what life is all about.
Buddhism teaches us the first noble truth is that all life is suffering, pain, and misery. When I first heard that I wanted to punch Buddha in the face. But upon further investigation, I discovered Buddha’s teaching was about relieving personal suffering though a focus on helping others (among other things). When you focus on helping the world around you, you strengthen yourself.
I’m here to help you focus on that path. When you ask me for help, I will help you help others – and make great money doing it. The financial gains come as a byproduct of you helping people and feeling good about yourself.
2018 is going to be over before you know it.
Let’s take the first step together.
Reach out for help.
There are lots of options at DaveLorenzo.com
What does wearing sweatpants on a plane say about you?
Wondering what I think about this?
Here are my thoughts about this and a few other things today.
Here is a transcript of the video:
In case you’re wondering what I’m thinking, I figured I’d share my thoughts with you.
You need to upgrade your experience. Life is too short to suffer just for the fact that you want to save a couple of bucks. Upgrade your experience. I am on the road, I’m traveling, and I paid for a better seat on the plane. You know what? I was more rested, I was well fed, and I was in a better mood when I got here. How I felt about myself improved because I paid for a better experience on a plane. I’m in a hotel room, and you can’t see it, I can’t show it to you because if I point the camera at it, the reflection from the window, it’ll just be all blurry. But I paid for a better room overlooking the harbor because I want to wake up in the morning and look at the better view. I’m worth it; so are you. Demonstrate your value to yourself by paying for an upgraded experience.
Go to the doctor. When you’re sick, go to the doctor. I have had some kind of a cough or whatever on and off for a month. I was toughing it out. You know what? I’ve got good health insurance. I pay a fortune for it but I’ve got good health insurance, so I finally went to the doctor. It turns out I had some kind of a sinus infection. I got an antibiotic. In four days, knocked it right one of my system. I’m back to being 100%. When you’re sick, go to the doctor. That’s what you have health insurance for. I know it sucks, I know it costs money, but take advantage of the benefit of having a doctor, having first world medical care.
Say no when you need to. Say no when you need to. Don’t allow yourself to become overscheduled. Don’t allow other people to dictate your priorities. Say no what you need to. People pay me for access to me. Right now I’m up against a deadline to publish a book. I’ve got two weeks to get the manuscript in. When you’re writing a book, there’s always more you can do. You never feel like you’re going to be finished. I can use every minute that I have these next two weeks to do the book. But clients have demands and clients want pieces of me. Clients want my time, and they’re paying for access to me. But if someone wants too much, I got to say no. You have to do the same thing. Say no what you need to. Don’t allow yourself to become overscheduled. Clients understand if you set the proper expectations. Say no what you need to.
Final point today: Don’t wear sweatpants on the plane. If you wear sweatpants on a plane, everyone, everyone will assume that you’ve given up on life. Sweatpants on a plane says you don’t care. You may be the richest person on planet earth. You may not give a crap about your appearance. But when you wear sweatpants on a plane, you’re going to be treated like a homeless person. Dress like you want to impress at all times. When you get on a plane, especially if you’re sitting in first class, you don’t know who you’re going to be sitting next to. You could be sitting next to someone you could do a million dollar deal with. I got a job because of a guy I sat next to on a plane one time. Don’t wear sweatpants on a plane. You look like a loser.
The people in your natural network must be able to sell you.
That means your grandma must be able to explain what you do.
Actually, it goes beyond that.
Granny must be able to:
- Tell others what you do.
- Discuss the value you provide.
- Make a connection to you (If someone she knows has a problem you can solve).
Watch this video:
For even more detail, read the transcript:
If your grandma can’t describe what you do, you’re failing at your most important job.
Let’s say your grandmother was playing Canasta with four of her friends, and one of her friends turns to your grandmother and says, “Granny, let me ask you. What does that little Johnny do? He’s such a smart boy. He’s so nice. He’s so handsome. What does he do for a living?”
Would your grandmother be able to explain what you do?
If the answer is anything short of absolutely, my grandmother could take down that lead and pass it to me as a referral, if it’s anything other than that, if your grandmother couldn’t make that referral to you, couldn’t make a connection to that other granny to you, because you may be able to help her with something, if she can’t describe what you do, talk about the value you provide, and ask if that person is interested in meeting with you, if your grandmother can’t do that, you’re not doing your job.
If your grandma cannot explain what you do, you need to make a change. Obviously you can’t change your grandmother but you can change what she (and everyone else) know about you and your business.
That’s the first job you have. You have to be able to describe to your natural network exactly what it is you do, and your natural network, those are the people around you every day. Those are the people around you every day. Your friends, your family, the people who are closest to you, they have to be able to describe what you do, the value you provide, and they have to be able to make a connection for people to you when those people ask that question.
So, whenever anybody says, “Hey, what does Dave Lorenzo do?” whether they say it to my wife, they say it to my kids, my kids know to say, “My daddy helps people make more money and get home on time every night. Does your daddy get home on time every night?” If the kid says no, my kids say, “My daddy needs to meet your daddy,” and they call me or they come to me. They text me now, they have iPads and they text me, and they say, “Daddy, little Susie, her daddy needs to get home on time every night. You need to talk to him.”
The next time I see Susie’s dad, I say, “Hey, I got a funny text from my kid. He says that you don’t get home on time for dinner every night. Your daughter’s complaining about that,” and the guy says, “Ah, ha, ha, ha, ha,” and I said, “It came up because that’s what my kids tell people I do.” Lo and behold, we’re having a sales conversation.
Bottom line, if the people closest to you, your natural network, can’t describe what you do, you’re not doing your job. Job one is to make sure everybody who knows you can describe what you do, can make a connection to you if necessary, and can talk about the value you provide.
Don’t forget to subscribe to my YouTube channel. You’ll see the videos the instant they are published.
This is your Five for Friday weekly email with all kinds of good stuff. As a reminder, each week I send you five things you need to know to grow your business.
This week we have a theme of “Take control of sales and you grow your business.”
It seems so simple but it requires focus. Read these articles and watch the videos and then take massive action.
One: Tell Your Own Story
Stealing is wrong. This is especially true if you are stealing content from me. If you are speaking to a group or writing an article, you need to tell original stories that are specific to you. In this video, I share three reasons why this is so important.
Click here for the video titled Tell Your Own Story
Two: Don’t Go Dumb
Never dumb down your vocabulary or ideas when you are selling. It is your job to elevate the conversation. If you are looking to attract smart, engaged clients, you need to be smart and engaging.
Click here for the video and article titled: Never Dumb It Down
Three: Sell With Your Passion
You must be passionate about your business and the solutions you provide to your clients. If you’re not passionate, you should find something else to do. This article makes the case convincingly.
Click here for: Sell With Your Passion
Four: How to Overcome Fear and Sell More
Why are you resisting taking action to get what you want? What is holding you back? It is usually one of two things and both of them are FEAR. In this brief video, we review the two major fears that are holding you back. We also discuss how you can overcome them.
Watch this video: Overcome Fear and Sell More
Five: You Choose Your Clients
Most business leaders don’t realize they have all the tools necessary to select their clients. You have the opportunity to choose which clients you want to work with. This video will help you do exactly that.
Watch this video now: You Choose Your Clients
These are five powerful articles (and four great videos). Make sure you go through each one and take action to make a great living and live a great life®.
Don’t forget to subscribe to my channel on YouTube. You’ll get exclusive content and you’ll see the videos before anyone else.