Welcome to the Future
I met with a young man yesterday over coffee and a bagel. He is a terrific young man and an emerging Entrepreneur with a great start-up business. His product is a search engine like platform that integrates, optimizes and leverages all current and future online technologies, including social media. I sat there and watched the next level of technology arrive and I was just amazed and somewhat dumbfounded by what I was looking at.
Technology Laggard
I sat there like a big stupid. I didn’t totally understand how the product worked, but what I did immediately understand was that there is a technology train heading down the track that left me behind a few stops ago. How could that happen? I have been on the leading edge of technology over a forty year career. I received a “Technology Pacesetter” award (top 100 in America) four years in a row in the mid-2000’s. What happened? I have a website, a Blackberry and a blog. I’m LinkedIn. Isn’t that enough? Apparently technology is moving faster than I am. I suspect that technology is moving faster than most of us understand.
What does it mean?
Looking back objectively, there is no doubt that technology has revolutionized business, sales and my day-to-day life over time. In the 1980’s I invested in a bag phone for my car and paid $1.00 a minute for my mobile telephone. Having that phone actually paid off in many ways. Now I have unlimited text and can search the Internet from my smart phone. Fortunes have been and are being made in technology. Smart people are still staying up nights working out the next thing that will change how we live.
Can we still sell?
Of course we will still sell stuff. The technology world will never replace a smile, eye contact, a handshake and a relevant conversation.
My Advice
Do not ignore emerging technology and the value it delivers. All of our lives are better off because the great entrepreneurs, visionaries and risk takers who made it happen.
Best Wishes
Good luck my young friend. You are what America is about. I’m going to keep my eye on you and will attempt to catch up.
Saturday, July 23, 2011
Wednesday, May 25, 2011
Business Development - Your Database
My First Database Management System
Years ago, my customer and prospect database was a very large loose leaf binder or two that had plastic sheet protectors. Each sheet held ten slots for business cards, front and back. These binders were my prospect and customer database. The business cards were my link to business. I could find the prospect and call them on the phone. Their cards had their address, so I was able to write or type an envelope and send them something. It seems like a very inefficient way to catalog prospects and customers, but it worked. It was very labor intensive.
Manual Automation?
In the early 1970’s I had a 3” x 5” card system. Each customer or prospect had their very own dedicated card. The card holder (a metal box) organized the cards by alphabet, day of the month and month of the year. I moved the cards around, based on my activity with the lead. If I had an appointment on the 20th of the month, I slid their card behind the 20th tab. If they said call them in September the card was filed behind the September tab. Every morning I had the cards for the day and knew what to do. This primitive system was called a “tickler file”. It worked just fine.s
Changes
Things have changed in the customer and prospect data base world. Now, everything is electronic. Spreadsheets, text files and databases containing vital demographic information have become the mainstream. Now, you can buy or search for prospective customers on the Internet. There are list provider services that you can use to download everything you need to know about prospective customers.
CRM Gets it Done For Me
I use a popular CRM software system to host and manage my customer and prospect database. You have a lot of options for a home for your database. These days, software can automate a lot of the tasks that were formerly tediously and time consuming.
All said, you need to clearly know who your prospective customers are. Who are they and why will they give you money. If you know, you can find them and build and maintain a data base.
An Important Tool
Your customer and prospect database is a most important business development tool. It is just about as important as your time. If you don’t have a robust and targeted database, you are wasting your time.
Years ago, my customer and prospect database was a very large loose leaf binder or two that had plastic sheet protectors. Each sheet held ten slots for business cards, front and back. These binders were my prospect and customer database. The business cards were my link to business. I could find the prospect and call them on the phone. Their cards had their address, so I was able to write or type an envelope and send them something. It seems like a very inefficient way to catalog prospects and customers, but it worked. It was very labor intensive.
Manual Automation?
In the early 1970’s I had a 3” x 5” card system. Each customer or prospect had their very own dedicated card. The card holder (a metal box) organized the cards by alphabet, day of the month and month of the year. I moved the cards around, based on my activity with the lead. If I had an appointment on the 20th of the month, I slid their card behind the 20th tab. If they said call them in September the card was filed behind the September tab. Every morning I had the cards for the day and knew what to do. This primitive system was called a “tickler file”. It worked just fine.s
Changes
Things have changed in the customer and prospect data base world. Now, everything is electronic. Spreadsheets, text files and databases containing vital demographic information have become the mainstream. Now, you can buy or search for prospective customers on the Internet. There are list provider services that you can use to download everything you need to know about prospective customers.
CRM Gets it Done For Me
I use a popular CRM software system to host and manage my customer and prospect database. You have a lot of options for a home for your database. These days, software can automate a lot of the tasks that were formerly tediously and time consuming.
All said, you need to clearly know who your prospective customers are. Who are they and why will they give you money. If you know, you can find them and build and maintain a data base.
An Important Tool
Your customer and prospect database is a most important business development tool. It is just about as important as your time. If you don’t have a robust and targeted database, you are wasting your time.
Thursday, May 19, 2011
Business Development - Trade Shows
Trade Shows are a great venue for opportunity and business development.
Over the years I have found that participating in trade shows is a very effective business development strategy.
The simple proposition is that a lot of prospective customers, vendors, alliances or people of interest are assembled in one location at a point in time. To an Entrepreneur or Salesperson (same thing), having access to this type of group is a gift that they (we) know what to do with. Think, “kid in candy store”.
There are trade groups, user groups and events for virtually every industry or specialty. Some of the regional events are put on by local chapters of organizations to serve their memberships. state organizations typically host annual meetings, as do their national affiliates.
Your opportunities to participate in these meetings are many and varied. Your industry group might be so important to the viability of your business that you become a member. If you serve the members of the organization, you can participate in the shows as a vendor. As a vendor you can pay to attend, sponsor something or display your goods or services at a display booth. If you are a subject matter expert of interest, you may even have a chance to make a presentation to an audience of potential customers. It will give you a leg up on your competition.
At first glance, you might think that these shows are cost prohibitive, but the reality is that they are one of the best investments in business development. What other ways are there for you to meet and talk to dozens, hundreds or even thousands of prospects in one or two days at one location? There aren’t many.
When I sold medical supplies and equipment, the Hospital Purchasing Show was mandatory. When I sold billing software systems to physicians, the Michigan State Medical Society annual event was the place to be seen by thousands of doctors. For a couple of thousand dollars rental for display space I had access to thousands of doctors. Using simple math the investment is just a dollar or so per prospect. It just made (makes) sense.
Your investment in trade shows is scalable. Small shows cost less than big shows. It’s that simple. There is an industry event for every budget. If you are a distributor, many suppliers/vendors have co-operative marketing programs and display materials to help offset the cost to attend.
If you need to find relevant meetings, ask around to your peers or customers. Look up industry organizations and events on the Internet. They will be delighted for your participation.
Getting the most out of a trade event is up to you. Trade shows put you in front of target clients, but your results are directly tied to how you perform. This means that you are in control of your message, materials, delivery and in your overall professionalism. Bring your “A” game and win new customers and grow your business.
Over the years I have found that participating in trade shows is a very effective business development strategy.
The simple proposition is that a lot of prospective customers, vendors, alliances or people of interest are assembled in one location at a point in time. To an Entrepreneur or Salesperson (same thing), having access to this type of group is a gift that they (we) know what to do with. Think, “kid in candy store”.
There are trade groups, user groups and events for virtually every industry or specialty. Some of the regional events are put on by local chapters of organizations to serve their memberships. state organizations typically host annual meetings, as do their national affiliates.
Your opportunities to participate in these meetings are many and varied. Your industry group might be so important to the viability of your business that you become a member. If you serve the members of the organization, you can participate in the shows as a vendor. As a vendor you can pay to attend, sponsor something or display your goods or services at a display booth. If you are a subject matter expert of interest, you may even have a chance to make a presentation to an audience of potential customers. It will give you a leg up on your competition.
At first glance, you might think that these shows are cost prohibitive, but the reality is that they are one of the best investments in business development. What other ways are there for you to meet and talk to dozens, hundreds or even thousands of prospects in one or two days at one location? There aren’t many.
When I sold medical supplies and equipment, the Hospital Purchasing Show was mandatory. When I sold billing software systems to physicians, the Michigan State Medical Society annual event was the place to be seen by thousands of doctors. For a couple of thousand dollars rental for display space I had access to thousands of doctors. Using simple math the investment is just a dollar or so per prospect. It just made (makes) sense.
Your investment in trade shows is scalable. Small shows cost less than big shows. It’s that simple. There is an industry event for every budget. If you are a distributor, many suppliers/vendors have co-operative marketing programs and display materials to help offset the cost to attend.
If you need to find relevant meetings, ask around to your peers or customers. Look up industry organizations and events on the Internet. They will be delighted for your participation.
Getting the most out of a trade event is up to you. Trade shows put you in front of target clients, but your results are directly tied to how you perform. This means that you are in control of your message, materials, delivery and in your overall professionalism. Bring your “A” game and win new customers and grow your business.
Monday, January 31, 2011
Do it in Dog Years
At a recent event at a local business incubator, my host told me that his marching orders from higher up are to get things done in “Dog Years”.
After my initial amusement, using dog years as a metaphor resonated with me.
A dog year is defined as seven human years. A ten year old dog is thought to have lived the equivalent of about seventy human years. A dog has to get a lot done in one human year to keep up. As silly as this analogy is, there is a lesson to be learned by all of us about how we spend our time.
For the sake of moving this forward, I will assume that you, the reader, are ambitious and have personal and business goals that require a sense of urgency. Unfortunately, there are a lot of our peers who don’t have fire in their belly to succeed. They won’t pay the price. It’s just too high.
There is nothing wrong with people who are content to just get by. If making an effort, doing more, working harder, taking risks is not in the cards for a person that’s OK.
That said…some of us want more. Some of us have dedicated ourselves to doing everything in our power to succeed. We go all out all of the time and might not even be aware of it because it has become second nature. Being focused, disciplined and relentless is a way of life that is a common denominator of winners.
The good news is that becoming a winner is easily within the grasp of all of us. A great start to positive change and ramping up to relentlessness is to establish and maintain a sense of urgency. You can do it. Just remember to “Do it in Dog Years”.
After my initial amusement, using dog years as a metaphor resonated with me.
A dog year is defined as seven human years. A ten year old dog is thought to have lived the equivalent of about seventy human years. A dog has to get a lot done in one human year to keep up. As silly as this analogy is, there is a lesson to be learned by all of us about how we spend our time.
For the sake of moving this forward, I will assume that you, the reader, are ambitious and have personal and business goals that require a sense of urgency. Unfortunately, there are a lot of our peers who don’t have fire in their belly to succeed. They won’t pay the price. It’s just too high.
There is nothing wrong with people who are content to just get by. If making an effort, doing more, working harder, taking risks is not in the cards for a person that’s OK.
That said…some of us want more. Some of us have dedicated ourselves to doing everything in our power to succeed. We go all out all of the time and might not even be aware of it because it has become second nature. Being focused, disciplined and relentless is a way of life that is a common denominator of winners.
The good news is that becoming a winner is easily within the grasp of all of us. A great start to positive change and ramping up to relentlessness is to establish and maintain a sense of urgency. You can do it. Just remember to “Do it in Dog Years”.
Monday, December 13, 2010
Success Isn't Free
Success Has a Price
Why are some people successful while most struggle? Are they lucky? Are they just at the right place at the right time? Is it because they are highly educated? Or, is it because they just learn how to perform better and are faithful to their practices?
Ben Feldman was arguably the best salesman ever. He was a High School dropout. Scratch higher education as a key requirement to success. That said, most successful people are subject matter experts. Product and industry knowledge are essential to succeed.
No matter how it looks, successful people are neither lucky nor just at the right place at the right time. Winners make their own luck. They are at the right place at the right time because of careful planning and execution. No surprises for peak performers. They knew the results going in.
This is a good time to take a step back and invest some time and thought into your business, your career and your life. What I do is go to a quiet place and reflect on what happened and decide what I need to do in the future. Not a complicated exercise. It’s not perfect, but without a serious personal assessment, how can you improve your outcomes?
I offer seven tips to tune up your business, your career and your life. There are more, but these seven are a good start.
Become a Peak Performer in 2011
Seven tips to tune-up your business, career and life in 2011
1. Renew your vows
2. Confirm your destination
3. Analyze results
4. Create a plan, welcome change
5. Optimize your time
6. Measure outcomes, make adjustments
7. Work relentlessly
Renew Your Vows
Why are some people successful while most struggle? Are they lucky? Are they just at the right place at the right time? Is it because they are highly educated? Or, is it because they just learn how to perform better and are faithful to their practices?
Ben Feldman was arguably the best salesman ever. He was a High School dropout. Scratch higher education as a key requirement to success. That said, most successful people are subject matter experts. Product and industry knowledge are essential to succeed.
No matter how it looks, successful people are neither lucky nor just at the right place at the right time. Winners make their own luck. They are at the right place at the right time because of careful planning and execution. No surprises for peak performers. They knew the results going in.
This is a good time to take a step back and invest some time and thought into your business, your career and your life. What I do is go to a quiet place and reflect on what happened and decide what I need to do in the future. Not a complicated exercise. It’s not perfect, but without a serious personal assessment, how can you improve your outcomes?
I offer seven tips to tune up your business, your career and your life. There are more, but these seven are a good start.
Become a Peak Performer in 2011
Seven tips to tune-up your business, career and life in 2011
1. Renew your vows
2. Confirm your destination
3. Analyze results
4. Create a plan, welcome change
5. Optimize your time
6. Measure outcomes, make adjustments
7. Work relentlessly
Renew Your Vows
You were sincere and focused when you started on your journey. If you are like most people you have not reached your goals. That’s normal. Things, life seem to get in the way of the best laid plans. The good news is that you have made progress. The future is still ahead. Put yesterday behind, clean the slate, renew your commitments and focus like a laser beam on your tomorrows.
Confirm Your Destination
Are your goals defined well enough that you will know success when you get there? Is the desired outcome clear? Is it happiness? Is it personal freedom? Is it financial freedom? Or, is it all of the above and more? What is your end game? Is it written? If not, write it down. Keep it handy. Look at it often. Never lose track of your destination. If you do you will be unable to get there.
Analyze Results
How have things been going lately? What happened as a result of your efforts in the last twelve month? Can you identify things that worked? What didn’t work? Where did you succeed and where did you fail? Going forward, it is important to look back and draw conclusions. This exercise will result in the obvious. Continue to do what works, just do them better. Stop what doesn’t work.
Create a Plan…Welcome Change
Create a plan for success in 2011. Build on past successes. Review emerging strategies, tactics and tools to get ahead and stay ahead of your competition. Everything changes all of the time. If you don’t welcome change you will have no hope to grow or to even maintain your current status. Put it in writing. Read it often. Make changes when necessary. Your plan is a living document. Your plan is your blueprint for your success. It is your road map to the future.
Optimize Your Time
Is time optimization hard to do? Not really. If you do not prioritize your tasks and manage your time, you will have no chance to be a peak performer. Time is a valuable asset, possible the most valuable asset you have. Squandered time is lost forever. It can’t be recovered. How do you spend your time? Do you put aside important things to do menial, easy stuff? If so, you are impairing your ability to perform. Keep a diary for a few days. You will quickly see where you can improve your time management.
Measure Outcomes, Make Adjustments
Don’t wait until the end of the year to figure out the shortcomings of your efforts. Be accountable to yourself. Know your milestones. Review them often. If you miss a goal, figure out why not and fix it. It might be a simple as calling a lost customer and asking “why?” The answer might be as simple as doing more. If you optimized your time you can use the time saved for more activities. If things are going wrong figure it out and adjust.
Work Relentlessly
More than anything you can do to become a peak performer in 2011 is to work relentlessly toward your goals. This is by far the most essential tip I can offer. The truth is as simple as “more sales calls equal more sales”. If you do your best at all times you will notch a lot of victories and eclipse your competition. Those that have gone before us are a testimony to this truth.
2011’s Peak Performers
I would say good luck, but there is no luck involved. You make your own luck. You will be in the right place at the right time because you planned it.
Tuesday, November 23, 2010
The Best Salesman Ever
I recently came across an old issue of Selling Magazine (June 1994). The featured story was about Ben Feldman, arguably the greatest salesman that ever lived. The article was titled “The Best Salesman Ever”. Ben died in 1993, but left behind an incredible legacy. He sold over $1.6 billion dollars of life insurance in his career. He represented New York Life. His annual sales were greater than the sales of many life insurance companies. After he learned his products and the essentials of the sales profession he ramped up a fabulous career and made over $1 million per year. Not bad for a son of Russian immigrants from rural Ohio.
All Things are Essentially Equal
The beauty of the sales profession is that Ben Feldman or anyone else has the same opportunity to rise to the top. There is nothing standing in the way of success that can’t be learned, mastered and conquered. Everyone’s sales career starts out about the same, little revenue with unlimited potential. Where it ends up is totally the responsibility of each individual salesperson. Ben Feldman got in the game, learned how to play and was driven to win, posting results unheard of in his industry. He was referred to as the “Babe Ruth” of insurance sales.
Get Your Game On
Another year is coming to an end. How did you do? My challenge to you is to reflect on your performance and figure out what worked and what didn’t. Make a list. Improve what worked and eliminate what did not work. Do some things different. Ask around, seek out top performers. Get motivated, get moving and dedicate yourself to making 2011 your best ever year in sales and income. Ben Feldman did it and so can you.
All Things are Essentially Equal
The beauty of the sales profession is that Ben Feldman or anyone else has the same opportunity to rise to the top. There is nothing standing in the way of success that can’t be learned, mastered and conquered. Everyone’s sales career starts out about the same, little revenue with unlimited potential. Where it ends up is totally the responsibility of each individual salesperson. Ben Feldman got in the game, learned how to play and was driven to win, posting results unheard of in his industry. He was referred to as the “Babe Ruth” of insurance sales.
Get Your Game On
Another year is coming to an end. How did you do? My challenge to you is to reflect on your performance and figure out what worked and what didn’t. Make a list. Improve what worked and eliminate what did not work. Do some things different. Ask around, seek out top performers. Get motivated, get moving and dedicate yourself to making 2011 your best ever year in sales and income. Ben Feldman did it and so can you.
Friday, October 29, 2010
Buying and Selling on Price
The lowest price is not always the best deal. I suggest it is rarely a good deal for buyers or sellers.
A Good Deal?
When all things are equal, buying on price is a good decision. The problem I have with price shopping is determining if the playing field is level. Are all things equal? Is the lowest price item an apple for apple comparable product to the higher priced product? I guess if you are buying a brand named product in a box with a model number the low price wins. In that case, I have concern about the vendor who makes the least money on the sale. Will they be around to stand behind my purchase?
If I am selling on price, particularly if I am the lowest price, I am probably not making enough money to justify making the sale. I might be able to get away with it once in a while, but in the long run, consistently being the lowest bidder is a threat to my company and my livelihood.
My Experiences
I have had to deal with pricing pressures over my career.
Start with the premise that a sale or purchase is made up by a blend of three factors, price, quality and service. If one of the factors moves, it causes the others to change. If I can’t get my price, how can I maintain top quality and responsive services? They cost money. This is just reality. If I give low prices and lousy service the customer will quit. Likewise if the quality is low, the low price doesn’t matter to the customer.
When I was much younger and dumber, I sold prepared culture media to local hospitals. These biological agar dishes were fragile, sterile and had a shelf life of a few weeks. If a shipment were broken, contaminated or out of date, I actually reminded the complaining Microbiologists that they got a great price (the consolation). In other words, they got what they paid for. Needless to say, I quickly stopped using that line.
When I sold computer systems to doctors, many would howl about the price. I held my ground, noting that someone had a Mercedes Benz (insert your favorite luxury car name) in the parking lot. “I think it’s you!” The message was clear. “If you want quality you have to pay for it and you obviously appreciate quality.”
Recently, when I sold computer consulting and programming services, I ran into the same objection. My hourly fee was $150 per hour. They would object.
“My last consultant only charged $85 per hour.”
“Where is he and why am I here?”
The answer was simple; the discount consultant took more hours to work on projects and didn’t deliver satisfactory results. $85 per hour was a bad deal for the customer.
Value is the Key
Real selling and buying is a blend of value. The seller needs to make money to provide value and the buyer is almost always disappointed at some level after the discounted sale. The best transactions are always based on a fair exchange of value.
A Good Deal?
When all things are equal, buying on price is a good decision. The problem I have with price shopping is determining if the playing field is level. Are all things equal? Is the lowest price item an apple for apple comparable product to the higher priced product? I guess if you are buying a brand named product in a box with a model number the low price wins. In that case, I have concern about the vendor who makes the least money on the sale. Will they be around to stand behind my purchase?
If I am selling on price, particularly if I am the lowest price, I am probably not making enough money to justify making the sale. I might be able to get away with it once in a while, but in the long run, consistently being the lowest bidder is a threat to my company and my livelihood.
My Experiences
I have had to deal with pricing pressures over my career.
Start with the premise that a sale or purchase is made up by a blend of three factors, price, quality and service. If one of the factors moves, it causes the others to change. If I can’t get my price, how can I maintain top quality and responsive services? They cost money. This is just reality. If I give low prices and lousy service the customer will quit. Likewise if the quality is low, the low price doesn’t matter to the customer.
When I was much younger and dumber, I sold prepared culture media to local hospitals. These biological agar dishes were fragile, sterile and had a shelf life of a few weeks. If a shipment were broken, contaminated or out of date, I actually reminded the complaining Microbiologists that they got a great price (the consolation). In other words, they got what they paid for. Needless to say, I quickly stopped using that line.
When I sold computer systems to doctors, many would howl about the price. I held my ground, noting that someone had a Mercedes Benz (insert your favorite luxury car name) in the parking lot. “I think it’s you!” The message was clear. “If you want quality you have to pay for it and you obviously appreciate quality.”
Recently, when I sold computer consulting and programming services, I ran into the same objection. My hourly fee was $150 per hour. They would object.
“My last consultant only charged $85 per hour.”
“Where is he and why am I here?”
The answer was simple; the discount consultant took more hours to work on projects and didn’t deliver satisfactory results. $85 per hour was a bad deal for the customer.
Value is the Key
Real selling and buying is a blend of value. The seller needs to make money to provide value and the buyer is almost always disappointed at some level after the discounted sale. The best transactions are always based on a fair exchange of value.
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