Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're exploring the five critical keys to achieving lasting success in business. We’ll get into understanding the business aspects, identifying your role within your enterprise, mastering financial insights, and seeking guidance from mentors or coaches. You’ll also find out why success often hinges on continuous learning, staying humble, and being open to expert advice. Read on to learn the keys to a successful and thriving business!
One of the predominant culprits behind business failures is a lack of proficiency in the "business side" of the venture.
While you may be an expert in your craft, whether it's plumbing, culinary arts, or any other specialty, this expertise doesn't automatically translate into knowing how to operate a thriving business.
We must recognize the significance of acknowledging what we don't know and proactively seek support from mentors, coaches, or seasoned professionals who can illuminate the intricacies of running a successful business.
The bottom line here is: If you can’t do something well, either learn how to do it or hire someone who can!
If you find your business's growth falling short of expectations or profitability lagging, it's essential to understand that you might be the root cause.
If your business isn’t doing as well as you hoped, you are probably not making the right decisions about how to grow and scale. If you've never built or scaled a business successfully before, you haven't been able to learn your personal filter.
How do you fix this? Once again, bring in a coach or mentor who can help you learn how to make the right decisions, and who can make decisions for you until that happens.
Understanding your role and strengths within your business is a pivotal step toward success in business.
Many entrepreneurs mistakenly believe they can wear all the hats, from CEO to specialist, within their organization.
You must conduct an honest self-assessment and identify where you need to recruit talent to bridge gaps in your skillset. Your ego should not hinder the formation of a team with complementary skills and expertise.
Additionally, trying to do everything if your business means your success is entirely reliant on you. If you run out of bandwidth, so will your business.
The mastery of financials, particularly profit and loss statements (P&Ls), is paramount.
It's astonishing how many business owners, from fledgling startups to substantial enterprises, overlook this critical aspect. Your P&L is akin to a crystal ball that can foretell your business's future.
Regularly collect and analyze your financial data to make informed decisions and prevent serious financial mishaps. This key is egregiously overlooked. How can you expect to achieve success in business in the future without knowing the numbers you’re doing right now?
If you’re an entrepreneur, and especially if you’re a first-time entrepreneur, you must accept that you don’t know everything. But guess what? You don’t have to!
Seeking the advice of seasoned professionals can provide valuable insights and perspectives, contributing to better decision-making and success in business. Coaches or mentors can offer priceless insights and wisdom, enabling you to envision the bigger picture and make decisions that lead to triumph.
In conclusion, these five keys to success in business serve as an indispensable guide for both novices and seasoned entrepreneurs. Mastery of the "business side" of your enterprise, development of your personal filter, self-awareness of your role, vigilant financial management, and openness to coaching are all integral parts of attaining prosperity while circumventing the pitfalls that prevent business success. Take these lessons to heart and carve your path toward a prosperous business journey!
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we’re tackling a topic that often dominates our thoughts and ambitions, whether personally or in the context of running a business: money. For most of us, the reasons we venture into the world of entrepreneurship revolve around money. We want to secure our financial future, live a comfortable life, and enjoy the luxuries that come with it. Read on to discover the five stages of personal wealth, explore vital money rules, and examine how to ensure you always come out on top with your finances.
Embarking on the path to personal wealth is a journey filled with distinct phases, each with its own set of goals and challenges, from the initial struggle to cover basic expenses to the later stages of securing your own future, giving back to society, and planning for your heirs. Which stage are you currently in?
1. Pay the Bills Phase: This is where the journey begins. Your primary focus is to make enough money to meet your basic needs. You're starting a business or working hard to sustain one, and your objective is to ensure that you can cover your expenses. At this point, other luxuries are a goal for the future, not a current reality.
2. Accumulation Phase: Once you've successfully navigated the "pay the bills" phase, you enter the accumulation phase. At this stage, your income starts to grow, and you might be tempted to accumulate material possessions and indulge in some luxuries. This phase can be a thrilling ride, but it's important not to go overboard and put yourself back into stage 1.
3. Savings Phase: As your wealth continues to grow, it's wise to enter the savings phase. This is the phase where you’re building a financial safety net. You’re also building up your resources of passive income to allow you to earn more but work less. Your financial focus here is having enough passive income to maintain your current lifestyle if your primary income source disappears.
4. Charity Phase: Once you've secured your own financial future and your passive income is set in place, it's time to think about giving back to the world. The charity phase is all about using your excess income to make a positive impact, supporting causes you care about, and contributing to society.
5. Inheritance Phase: This last stage involves considering what you'll leave behind for your loved ones. Whether it's a comfortable nest egg, valuable assets, or a legacy, planning for your heirs is a crucial part of financial success.
Now that you understand the five stages of your personal wealth, let’s get into the rules when it comes to wealth in business. These three rules are essential to handling finances for your business:
Money, in both personal and business contexts, is a complex yet vital part of our lives. By understanding the five stages of personal wealth, you can make well-informed decisions about your finances. Embracing the money rules for business success, such as keeping cash reserves, preserving leverage, and paying yourself, will lead to a more secure and prosperous future. Protect yourself, build your financial safety net, and never become a financial statistic. Your financial well-being and the success of your business are closely intertwined. Remember these principles, and you'll be better equipped to master money in all aspects of your life.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're breaking down the barriers to business growth and learning how to overcome the common challenges entrepreneurs face in their journey towards a booming, successful business. We’ll focus on delegation, overcoming fear, and gaining clarity to unlock your business's growth potential. We’ll also explore the three phases of stagnation in business and find out why working with a tactical coach can pave the way for transformative growth.
Is your business growing the way you want it to? Many entrepreneurs start their businesses with high hopes, but they often find themselves facing stagnation along the way. This stagnation, as we'll discover, is a problem with three distinct phases.
In phase one, we meet entrepreneurs who initially wear all the hats in their companies. They invest time and effort into their business, often working longer hours as they succeed.
However, this path eventually leads to burnout and growth plateaus. The owner only has so much energy and time to give to the business, and if the business is reliant on them, it becomes stalled.
The root of this issue? Lack of delegation. The entrepreneur who cannot effectively delegate tasks will eventually limit their business's growth. Consider how your business would run without you. If the answer is, “It wouldn’t” then you’ve got a problem.
Failing to delegate effectively is often due to building the business incorrectly from the start, so you may have to take another look at the way your business runs in order to break free from this phase. Learn to embrace the concept of scaling your business by adding tasks to others' plates, not just your own.
Phase two introduces the element of fear.
This phase occurs when entrepreneurs understand the need to delegate but are hesitant to hire or train new team members. This fear stems from concerns that new team members won't execute tasks as perfectly or as quickly as the entrepreneur would.
Moreover, there may be fears of loss of income if personal profit consumption is too high.
It is pivotal for these entrepreneurs to understand that effective delegation may temporarily reduce profit (hiring and training new members isn’t cheap) but this step is essential for long-term growth. The speed at which your business recovers from this profit hit depends on how well you’ve implemented your delegation strategy.
Phase three, the final stage of business stagnation, is characterized by a lack of clarity, especially in the long term plan for your business. Entrepreneurs in this phase know they need to delegate and they’ve gotten over their fear of delegating, but they still don’t know how to delegate.
Business owners with unclear long-term visions and undefined steps to achieve their goals are often paralyzed by fear. This fear is born from the unknown—uncertainty about why specific actions are necessary, how they should be executed, and what the consequences will be.
The solution to Phase 3 is different for every business owner, but the method to find the solution is one that works every time: reverse engineering.
Fear of delegation and lack of clarity both lead to stagnation. To map out how to overcome these obstacles, entrepreneurs must embark on the journey of reverse engineering.
Just like using a GPS to navigate a road trip, entrepreneurs need a clear plan to bridge the gap between their current state and their desired destination.Implementing this approach might initially slow down your business, but it's the key to substantial and sustainable growth.
But what if you don’t know how to create a roadmap out of business stagnation? The answer is simple: find someone who does.
Tactical coaches, unlike relational or technical coaches, specialize in operations, sales structure, and actionable steps to advance your business. Their expertise lies in driving your business forward based on universally applicable operational principles. They know the exact steps to break through business stagnation and get you back on track.
If you’ve never worked with a tactical coach and you’re experiencing business stagnation, now is the time to start.
Don’t think you need coaching? Tim Cook is the CEO of Apple, one of the world's largest companies, and he still recognizes the need for guidance. Tim Cook benefits from both a board of directors and one-on-one coaches that use their expertise to grow the company exponentially year-over-year.
The lesson here is clear: if you're an entrepreneur looking to unlock your business's growth potential, it's time to consider seeking mentorship or coaching from an expert who’s been there and done that.
Breaking through business stagnation requires entrepreneurs to address the three phases of the problem: lack of delegation, fear of delegation, and lack of clarity. In addition, working with a tactical coach can provide invaluable guidance to facilitate growth. By adopting a reverse engineering approach and learning from leaders like Tim Cook, entrepreneurs can build a resilient business that thrives and flourishes.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In the fast-paced world of entrepreneurship and business, goal-setting is the compass that guides us towards success, but there are a lot of misconceptions on how it should be done. In this blog based on the The Dropout Multi-Millionaire Podcast, we're taking a fresh perspective on setting goals in business, one that's practical, effective, and will help you achieve remarkable growth without the unnecessary stress. Read on to find out the 5 essential guidelines to setting goals.
It’s great to seek guidance when you’re trying to set the right goals for your business, but unfortunately the most common advice you’ll get will miss the mark.These common phrases about goal-setting sound good on paper, but not so much in practice. Let’s find out why:
Common Phrase #1: If your goals don't scare you, they aren't really goals.
Common Phrase #2: If you can conceive your goals, they are too small
Now let’s get down to the real business of goal-setting for success. Remember that success is a progression of thoughts, ideas, and execution, and it doesn't happen overnight. Here's how to set goals that drive success:
1. Begin with Realistic Timeframes
2. Find the Right Vehicle
3. Create a Detailed P&L
4. Back It Up and Cut Back
5. Set Short-Term Obtainable Goals
This progression of short-term goals is like building blocks. It keeps you motivated, ensures consistent wins, and prevents the feeling of constant failure. Going from 1 to 2 is easier than making a giant leap from 1 to 10. These short-term goals allow you to see progress, build confidence, and ultimately achieve the long-term success you desire.
By setting achievable, realistic, and motivational goals, you're on the path to reaching new heights in your business. Start with a clear plan, stay consistent, and watch your business flourish, one goal at a time.
In the fast-paced world of business, goal-setting is often misunderstood. Setting overzealous goals that leave you in fear of failure isn't the answer; it's about crafting motivating, realistic, and achievable goals. The path to success is a progression of thoughts, ideas, and actions, taking one step at a time. Start with practical timeframes, assess your vehicle for success, create a detailed roadmap, break your ultimate goal into smaller milestones, and set short-term, attainable targets. This progression leads to constant motivation, and before you know it, you'll reach the pinnacle of success, one goal at a time.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're venturing into the complexities of sales management. We'll shift our focus from the core mechanics of sales to the strategic and motivational aspects of managing a team of sales professionals. You’ll learn how to unlock your sales team's full potential, enhance their close ratios, and create a work environment that fosters growth and prosperity for both your salespeople and your organization.
While it's common knowledge that money, rewards, and incentives are significant motivators for salespeople, it's essential to recognize that motivation runs deeper than monetary gains.
Let’s delve into the complex relationship between a salesperson’s performance, their financial rewards, their individual self-worth, and their personal aspirations. That’s how we figure out our sales team's drivers, which are often mislabeled.
It’s true that some salespeople are just lazy, but more often than not, the perception of "laziness" is actually a product of their self-worth and their perceived basic needs.
Picture this:
A team member is absolutely crushing it for two to three weeks. They hit their sales goal early and then all of a sudden, they back off. They take some vacation time, they slack off, they come in late, and they stop pushing themselves.
Have you experienced this scenario with your sales team before? Have you ever wondered why?
Let’s break it down:
If you’re a salesperson and you’re making $200,000 a year, with a lifestyle built around that amount, you’d be pretty happy with that. You also know that you need to be making at least $16,600 a month in order to keep that lifestyle up. So on January 1, you start cranking out sales to reach that goal and by January 20, you have hit your $16,600 goal. Now you have the opportunity to take off the next 10 days of the month to kick back and take it easy because you’ve already made the money you need to make. You already have what you need, so there’s no motivation to push for more.
This becomes the sales manager’s challenge: how do we motivate salespeople to max out their potential?
In order to find out how to best coach the members of your sales team, you need to find out which level of performance they fall under. Here they are on a 1-10 scale:
As sales managers, our goal isn't just to have salespeople meet their basic financial needs; it's to encourage them to surpass these needs and strive for excellence.
Those team members that are in the below 5 range may still be happy with the money they make if it fits their self-image and their basic needs, but unfortunately their personal goal is not in alignment with your corporate goal.
For sales professionals falling below 5 in their performance level, there's immense potential for improvement. This category actually holds the biggest opportunity to fix your organization.
There is one prerequisite for this to work: They must be coachable.
If they are coachable and if we can get them to want more, we can make amazing transformations in their production, their personal income and overall productivity for the company. In fact, we can even go so far as saying we will change their life.
On the other hand, if they're not coachable and they're not willing to listen and improve, it’s probably time for them to go.
The highest-performing salespeople, the 'nines and tens,' serve as benchmarks for the rest of the team. Their remarkable success serves as an inspiration and motivates others to reach for new heights.
The achievements of your top performers can create a culture of continuous improvement which elevates the entire team's performance, but there must always be a balance.
Within every sales team, there's a group of middle performers who consistently meet their basic needs but possess the capacity to excel further. They actually make up around 70% of most sales teams, which is a huge source of untapped potential.
As a manager, you have to find the best way to motivate this group and nurture their potential to join the ranks of your top performers.
Incentive programs are powerful tools for stimulating sales teams. However, setting them up correctly is crucial. A good sales manager will build an incentives program that follows at least these basic guidelines:
Following these three basic guidelines will set you up with an incentive program that will increase in production from the status quo, motivate everyone on the team to strive for more, and take effect quickly and efficiently.
Effective goal setting goes hand-in-hand with a good incentive program.
As a sales manager, you must be willing to sit down with each individual on their team to discuss their goals. Keep it reasonable, but encourage them to push past their initial comfort zone.
Then, take it one step further and memorialize those goals. Write them down. Consistently refer back to them as the sales period continues. Then bring in the incentives when the goals are met.
To keep track of progress and identify areas for improvement, you’ll need to be familiar with the concept of a core metrics chart. This tool provides a comprehensive overview of each team member's performance and helps sales managers manage their teams more effectively.
First, decide on the core metrics for your sales team that will allow you to keep track of their goal progress. Pop them into a spreadsheet and consistently fill in the metrics as the weeks and months go by. You can use this chart to guide performance discussions and highlight underperforming areas that require attention.
Incorporating these strategies into your sales management approach is a transformative journey, but it does require an unwavering consistency. Missing even a single week of implementing these practices can set you back significantly.
With consistency, you'll witness remarkable results that uplift your sales team and drive overall success.
In the role of sales manager, your primary goal is clear: to make your sales team better. In this blog, we unveiled a range of strategies, from motivation to coaching and goal setting, to achieve this goal. By paying attention to the unique needs and motivations of your sales team members, you can create an environment that fosters continuous improvement and ensures both personal and company objectives are met. While establishing effective sales management systems may require time and effort, the results they yield are well worth the investment.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're providing the guidelines to overcoming objections in sales. While objections can often feel like insurmountable barriers, we’ll equip you with the essential strategies and techniques to not only identify objections but also to shatter them and propel your sales pitch to new heights. Read on to learn the art of conquering objections and become a master in sales persuasion.
This is a very common scenario: at a sales training program, a renowned trainer pulls a participant from the audience and challenges them to overcome objections for a sales pitch on the spot.
Sounds like a great way to sharpen sales skills, right? Not quite.
This approach is fundamentally flawed, as it places the salesperson at an unfair disadvantage. The selected participant has no opportunity to present their product or address objections properly, creating a less-than-ideal learning experience.
The core issue with the previous approach is its timing.
Addressing objections should not occur at the end of a sales pitch. By that point, you have probably already lost your prospective customer’s interest, engagement, and trust.
Instead, take a more proactive approach: identifying and addressing objections earlier in the sales process- before you even start your pitch!
Most products and services encounter a finite set of objections consistently.
Think about your own sales experiences—do you often hear the same four or five objections?
These objections can be identified, categorized, and addressed systematically by building a script or process into your pitch.
The cornerstone of overcoming objections is understanding the primary objection: the fear and mistrust everyone feels toward salespeople. It's not about your personal likability or character, but rather a common fear of being sold.
People don’t want to be sold something they don’t want, something that’s a higher price than they could find elsewhere. They are ready for you to lie to them, omit details about your product, and work your sales magic to get them to do something they don’t really want to do.
This fear of the unknown and potential deception is a significant barrier in your sales process.
To become a master closer and a champion at overcoming objections, you must address the trust issue and create a connection with your clients. We refer to this as the "Big 5" of trust building.
People like to buy from:
Now that you know what makes people want to buy from you, how do you build out a script that executes the Big 5?
For a more detailed description of the psychology of sales and overcoming objections, check out Brian’s best-selling book, NO... The Psychology of Sales and Negotiations
To tackle the primary objection, what we call the “wall of mistrust”, a well-crafted script is invaluable.
The script must clarify the sales process, set clear expectations, and assure potential clients that they won't be pressured into a decision.
Once a client agrees to proceed, it's imperative to deliver on the promises outlined in your script.
By asking questions, making recommendations, discussing pricing, and allowing the client to decide, you build trust and maintain credibility consistently throughout the sales process.
In this article, we've explored a unique perspective on overcoming objections in sales. By addressing objections early, focusing on trust building, and using a well-crafted script, you can significantly enhance your success as a sales professional. Trust, likability, and addressing objections at the right time are the cornerstones of effective salesmanship. Focus on building out a sales pitch that tackles all of these topics, and watch your success rate skyrocket!
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we dive deep into the world of entrepreneurship, where success often hinges on acknowledging some fundamental but hard-hitting truths. Read on to explore the realities that every entrepreneur and business leader must face head-on to unlock their true potential.
In the world of entrepreneurship, it's common to hear people claim ownership of a brilliant business idea and demand compensation for it, but it's crucial to recognize that business ideas, on their own, hold little value.
The ability to create actionable plans and execute them is the key to transforming ideas into profitable ventures.
To be successful in entrepreneurship, you must master the skill of shaping your ideas into a viable product. In the competitive and ever-evolving landscape of business, it’s the execution that distinguishes successful ventures from mere daydreams.
Guess what? The only person responsible for the failure of your business is you.
It’s not the economy’s fault.
It’s not your competition’s fault.
The fault is all your own.
The sooner you recognize this truth, the sooner you can learn how to make the right adjustments to avoid your past mistakes and lead your business into a successful future.
The good news is, a lot of your mistakes most likely come from a lack of experience in entrepreneurship, and all you need is the proper guidance to keep you on the right track. Consider hiring a business coach who has been there, done that.
Why do the rich get richer?
Because they know how to make money.
And why do the poor get poorer?
Because they don’t.
The bottom line is: if you’re not making enough money, it’s because you don’t know how.
If you’re not happy with where you are in business, you’re going to have to change who you are and get into the mindset of a rich person who knows how to get richer.
Lucky for you, you don’t have to make this change on your own. Find a mentor, work with a coach, join a mastermind or an accelerator. The resources are plentiful and yours for the taking.
There is an abundance of online business personas insisting they can invest your money and beat the market.
But if investment powerhouses like Goldman Sachs and Citibank can’t beat it consistently, they can’t either.
If the guy on your Instagram feed really did have a crypto platform that earned 1% a day, he would be a multi-trillionaire taking it easy with an early retirement. He certainly wouldn’t be running a get-rich-quick scheme on the internet.
Remember- your greatest opportunity to create wealth rests on your ability to run a successful business, not on your ability to pick stocks. Entrepreneurship is not a get-rich-quick method.
By accepting and embracing these truths of entrepreneurship, you can unlock your true potential and chart a course towards lasting achievement in your business. Let the insights shared here serve as a reminder that while the entrepreneurial path may be challenging, it is also profoundly rewarding for those who embrace its realities.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we'll get into the art of analyzing prospect responses and bringing a new meaning to sales success. You'll learn why there's value in a "no," and how to reclassify a successful pitch with getting an answer rather than just a "yes."
Many sales professionals aim to make a sale or secure a "yes" from their prospects. However, this approach can often lead to disappointment.
Why? Because in reality, most sales presentations end in a "no."
So, what's the solution?
Change your objective. Instead of chasing a sale, focus on getting an answer.
What's considered a win in a sales pitch? Getting one of three responses: a "yes," a "no," or a clear direction. Here's how they translate to success:
Too many people in sales cling to unproductive leads, because they perceive them to be potential sales in the future. However, this is often a misconception driven by several factors:
For sales managers, it's vital to educate your team on identifying real opportunities and eliminating those that are unlikely to convert.
Let’s say you didn’t get a “yes” the first time around but you didn’t get a “no” either. To separate the future "yes"s from the future "no"s, make sure you can establish a clear direction.
This involves setting a specific timeframe for follow-up or assigning a task that leads to the next interaction. Make your follow-up plans crystal clear, ensuring that they're specific and result-oriented.
While a “no” is a clear sign to move on to a new prospect, your close ratios still need to remain in your desired range.
If you start speeding up the process and blowing through leads and your close ratio goes from 15 down to 10, that’s an indicator that you’re missing some opportunities and something isn’t right with your process.
Go back and take another look at your sales process to figure out what you’re doing wrong.
The key here is: move quickly through your leads, but don’t sacrifice your close ratio to do so.
In the dynamic world of sales, your sales success isn't solely determined by securing a "yes." A "no" or a clear direction can be just as valuable. By understanding the significance of each response, you can streamline your efforts, enhance your close ratio, and ultimately, boost your earnings. Remember, your new definition of a “win” is just getting an answer. So, go out there, talk to your prospects, get some answers, and master the art of sales success.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we explore the fascinating topic of sales psychology. We'll address questions that are likely on your mind as an entrepreneur: How can you boost your earnings? Increase your sales figures? Disarm objections to your sales pitch? Enhance your closing rates? You’ll learn that it’s all about focusing on the mental aspect of sales and that cheesy sales lines and high-pressure tactics just won’t cut it.
Pushy sales tactics often lead to regret and strained relationships. Your aim is to create a win-win scenario, not to pressure you into a decision you'll later regret.
Rather, you should work to understand a prospect’s needs and align your offerings with them. If it's a fit, great! If not, it's perfectly fine to move on and avoid wasting their time– and yours.
So, how do you fully understand what your prospect needs?
It's remarkably simple, yet incredibly effective.
The real secret lies in asking questions. And not just any questions – it's about asking the right kinds of questions.
The right questions uncover what the customer truly needs and desires, and that's where the magic happens.
Before you know which questions are the right ones to ask your prospect, there is one you should be asking yourself:
What objections can I expect to hear?
You see, in the sales process, your primary goal is to overcome objections. We all know how crucial this is, but here's the twist – there are some objections you can overcome before a prospect even has to raise them.
We're willing to bet that no matter what you're selling, you encounter the same objections repeatedly. By identifying and documenting these common objections, you can build your scripts around them.
When paired with the right set of questions, this approach brings objections to the forefront and allows you to resolve them before they hinder the sales process.
Now let’s look at those questions you should be asking your prospect. This technique involves gaining an understanding of their “why”s and “when”s:
Fully understanding why someone is looking to buy and when they can make it happen is a huge step in addressing their potential objections.
But wait–, there is also an often-overlooked first objection you must overcome – the initial distrust towards salespeople.
Your sales strategy should center on building trust from the get-go and addressing the first objection. If you can establish trust right at the beginning, you’ll set the stage for a smoother sales process.
To disarm the initial objection towards your status as a salesperson, you’ll need to give your script some serious consideration.
Focus on debunking these common fears of salespeople:
All these issues and all the rest are handled by building proper scripting and questions, and when executed correctly, you’ll be able to disarm a significant portion of client objections before they even surface, leading to a faster and more successful close.
This approach to the psychology of sales offers a breath of fresh air in an oversaturated market of cheesy sales pitches and high-pressure tactics. By focusing on genuine connections, asking the right questions, and proactive objection handling, you can unlock the potential of sales psychology, enhance your sales skills, and watch your success soar.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
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