Post Birth Plans

When the baby is born, I plan to switch insurance companies because I am paying way too much. I think I will go with a high deductible HSA. This option has me paying everything up to $5000 per year and everything after that is covered 100%. Sounds like a lot, you might say. But, It’s about $450 less per month and if I put that $450 in the bank, I’ll have $5400 in savings at the end of the year.

Then, if I have to, I’ll use the $5000 and have $400 left over. Or, if I don’t use the $5400, it Rolls Over to next year! Eventually the money can be moved to an IRA or any other number of investment vehicles.

Other Insurance

I subscribe to the Dave Ramsey philosophy that it is irresponsible to go without life insurance and disability insurance if you have a family or any other financial obligations. They depend on you financially and it’s your job to make sure they’re taken care of no matter what the situation is. You can get no exam life insurance up to $500K for as little as $30 a month.

If you spend a little time shopping around and comparing, you’ll be able to save a good bit of money on any insurance you get from car, home, life, disability, and all the others.

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How to Make Sure You Hate It

I would say that there is one way to guarantee that you will hate every minute of your cold calling career…Focus on your fear and procrastinate your preparation. Do this, and I promise you will abhor every cold call you make. These two things go hand in hand because as you procrastinate, your lack of preparation leads to fear of objections, rejections, and failure, which makes it harder to take the necessary steps to prepare next time. It’s a vicious cycle, that without a constant, conscious effort, is inevitable.

On the flip side, if you are very well prepared and keep your fear in check, you will be well on your way to success. It’s my belief that no matter how bad you are (to a point) you can be successful in sales if you put in the work and go through the numbers. Of course, it helps to be a people person, outgoing, energetic, friendly, smart, knowledgeable, and have all the “closing techniques” in your bag, but those are traits you learn, not something you’re born with.

Your Best Bet for Cold Calling Success

I would bet that if you gave yourself 1 full week to focus on the 3 basics I am about to give you, you’ll see a drastic improvement in your cold calling stats.

1. Prepare, Prepare, Prepare.

Know your products front and back - Know the market you’re selling in - Know your competitors! - Know your prospect (a little homework will do wonders. If you know you’ve got an Atlanta boy on the phone, a little Mike Vick joke would do just fine)

Do this and you don’t have to worry about them asking the tough questions or drilling you like a CIA interrogator. You’ll be ready for it all.

2. Plan Your Purpose.

Pick up the phone with a stated purpose. Are you trying to make the sale on the first call? Are you trying to spend 30 minutes doing a demo with an “information gatherer” (someone who can ONLY say “NO”)? Or are you trying to book a face to face with the decision maker?

Don’t stray from your plan because someone is willing to listen to your Spiel.

3. Don’t Take It Personal!

I will allow you to take it personal if you can honestly tell me that you have NEVER been rude to a salesman on the phone. OK, I didn’t think so…Everyone does it and every salesman hears it.

“We don’t need it” - click

“No Budget” - click

“He doesn’t take calls” - click

click

Most people you call think they are the most busy, the most stressed, and the most important person in the world. If you realize that and give them some room to make mistakes (we’re all human), your cold calling life will be much easier!

Related Readings

Quality Begets Quantity - And How Not To Make A Cold Call
How to Turn Your Connections Into Friends, Partners, and Customers for life
Donald Trump On Focus (video)
An Entrepreneur’s Secret To Stress Management

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Everyone gets on the internet, and if you’re not, you’re wasting valuable time. With everything from paying bills to buying stocks, and ordering pizza to checking the weather, you can save lots of time if you have a broadband connection. Plus, we all know how annoying it is to sit down at the computer and wait and wait and wait and wait for the little blue bar to go crawling across the screen just to see some sort of error message that makes you have to start all over again.

BT Total Broadband is the UK’s most complete broadband and includes:

1. Free wireless BT Home Hub
2. Up to 8Mb download speeds
3. Wireless broadband out & about
4. UK Evening & Weekend calls included
5. 24/7 Support

When it comes to price, you have a couple options. Depending on which tier you decide upon, you get wireless, fast, and reliable broadband service, starting at less than the cost of a cheap dinner. Either way, your order comes with a free hub if you order before February 29th. That’s not all they have, either. With BT, you can get Phone service, mobile phone service, and TV as well!

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I wrote a few months ago in Quantity Begets Quality - And a New Direction for TheYoungCapitalist that,

What I’ve discovered is that as my quantity goes down, the quality of my best work goes down with it. When I write ONLY when I know I’m creating great work, I find myself less creative and less motivated overall when it comes to new post, new idea, and new work.

I think this translates well into the world of sales. I find that the more cold calls I make, the better my best ones get. Make sense?

If I only call what looks to be the “best” prospects, I end up being less successful than when I get a big huge list and get cracking. In sales, my saying holds true that “Quantity Begets Quality.” Sales is a numbers game. Granted, there are things you can do to increase your percentage of successes, but 25% of 20 is still less than 10% of 100 calls. The more you put in your funnel at the top, the more comes out at the bottom, regardless of how much you’re losing along the way.

How NOT To Make a Cold Call

1. “Could I take 10 or 15 minutes from you?” - No, I’m right in the middle of something

2. “I’m calling to see if maybe you might be interested in…” - No, I’m in a meeting

3. “Can I talk to the President?” - He’s not available. Side Note: He’s Never Available.

The problem with these questions is that they make it very easy for the person on the other end of the phone to say “No.” The alternative is to ask question that either make people want to say “yes” or have to say “yes.”

1. “I was hoping you could help me?” - Ok, what can I do for you?

2. “I have some info on (new product) that I would like to pass along. Who would make decisions on (said products)?” - You can send it to VPMarketing@prospectcompany.com

3. “I just got off the phone with (friend/coworker/colleague’s name) who said I may be able help you as I helped him.”

So Begins My Series on Cold Calling

You can Subcribe Here to stay up to date. I’ll be writing on “Making Cold Calling Fun,” “Warming Up The Cold Call,” “Getting to The Decision Maker,” and many others.

Related Reading

Networking Beats Cold Calls Every Time
Building Discipline Into Your Life
TYC Sales School: Your 3 Goals
How to Ensure a Lifetime of Employability
How Do You Warm Up a Cold Call?

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I know that I’m always looking for good books to read and I really like to get a few recommendations before I pour 10 or 15 hours into something that may or may not turn out to be a huge waste of my time. That being said, I’d like to offer some recommendations in the form of my current reading list.

1. The Sales Bible by Jeffrey Gitomer

Gitomer, a former salesman who is now a consultant and journalist, shares his tips on how to be a successful salesperson. He provides motivational advice and practical techniques for initiating, maintaining, and closing a sales presentation. Written in a breezy manner with short, easy-to-remember suggestions, this book should prove popular with persons just getting started in this field or those needing an inspirational pep talk. I, for one, think this is one of the most practical books on sales that I have ever read.

2. How Full Is Your Bucket? by Tom Rath & Donald O. Clifton

I read this one in a single sitting during a recent business trip in which I had about 2 hours to kill. It happened to be -3 degrees, so I decided to hunker down in Borders. Once I started reading, I couldn’t put it down. It’s not a terribly long book, but it’s filled with the positive idea of give-and-take that will lead to a better marriage, better relationships both professionally and privately, and easier life, and more satisfaction for everyone involved. I say it is very worth your time to pick this one up.

3. Eiger Dreams: Ventures Among Men and Mountains by Jon Krakauer

Written by Jon Krakauer of “Into Thin Air” fame writes of the harrowing events of some 15 of the worlds best mountain climbers as they take on the worlds tallest peaks. Not once in this book will you be bored or hoping to get a chapter over with. Halfway through you will acquire a new appreciation for your fingers, toes, and the fact that you still have a nose, because many of the main characters lose theirs. This is the ultimate for the Armchair Adventurer, because you feel like you’re right there with them. Luckily, you’re not.

The Benefits of Reading

I have always heard that where you will be in 5 years is based upon the books you read and people you associate with, so grab these books enhance your life!

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Those of you who have been around reading for a while know how I feel about self-discipline and it’s effect on every area of your life from financial success to relational wellbeing. When it comes right down to it, I believe that all unhappiness is a direct reflection of a personal lack of self-discipline. Say, for instance, you’re struggling financially. Many people will blame such a problem on the (non-existent) “bad economy,” their employer, family, debt, or any other number of things they feel are outside their control. The fact of the matter is that a lack of self-discipline has lead to financial crisis. No matter how much (or how little) money you make, you can be in a great financial state or a poor one. It all depends on discipline

If you have read The Millionaire Next Door by Thomas J. Stanley and William D. Danko (who, by the way, has started speaking at get rich quick seminars) , you’ll know that the average millionaire in this country isn’t making $500,000 a year. They make, on average, slightly above average income but they know how money works and they have the self-discipline to save and invest wisely. They aren’t out buying brand new cars for $80,000 a pop. They aren’t the people who live in the million dollar houses.

How Discipline Translates to Happiness

There are many things that people claim “won’t buy happiness,” like cars, houses, boats, games, clothes, food, six-pack abs, enormous chest muscles, etc., but I disagree with that on the grounds that such things will buy more happiness. They won’t make an unhappy person happy, but they will bring a happy person more happiness. So I suggest that the more disciplined you are, the happier you will be.

More discipline means less stress.

More discipline means less sickness.

More discipline means less conflict.

More discipline means less waste.

More discipline means less debt.

More discipline means more savings, more free time, better health, longer life, healthier relationship and a better family life, not to mention personal fulfillment from living up to your potential. If you ask me, that’s a good definition of happiness.

Related Link

The Young Capitalist Sales School: Building Discipline into Your Life
Save More vs. Earn More: A Dollar Saved is Two Dollars Earned
Secrets of Self-Made Millionaires. Shhh…

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Be a Consultant -

People are naturally skeptical of sales people…especially if you’ve got the outgoing (in your face) personality, even if it’s genuine. In order to get around this, I’ve done my best to take on the role of a consultant more than a sales guy. One of the products I rep is called RFTrack.NET. It is an RFID(Radio Frequency Identification) software geared for asset inventory and monitoring for medium to large businesses. Many of the people I speak to have a limited understanding of RFID so I make it a point to give them 30 minutes of my time in a training or teaching scenario to bring them up to speed on the state of RFID. This is designed to give them the tools and knowledge they need to make an informed decision about an asset tracking solution for their company whether they go with my product or not.  So I give them industry standard information and let them know the benefits and drawbacks of an RFID solution.

A lot of the inbound leads I get are from people that report directly to the CFO, CIO, CTO or other C-level executive, and with this in mind I let them know that I am ready, willing, and able to help them with whatever they need to bring to their boss. Generally this relationship is such that CIO makes the ultimate decision, but it is very heavily based on the input of the researcher. By offering your services to help the researcher look good to their boss, you have added value to your services.

Never Sell on Price -

Once you’ve made somebody look good in front of their boss, you’re officially a partner…no longer the sales guy. From here it is much easier to a) make the sale, and b) upsell with other products, services, and/or consulting. If you find yourself losing sales and they tell you it’s because the other guy gave them a better price, you’ve done something wrong even if you’re selling a commodity that they can get from 6-8 other people. Ultimately, people buy because of their perceived value, even if they say they are buying on price.

Value comes in many forms. It could be a piece of research your company has done to show that there is a market for your product. It could be learning their language (how they talk about products, services, markets, demand, value, and their boss) and using it when you communicate with them. It could be any number of complicated things or something as simple as developing a friendship with them. When it comes right down to it, a laugh can be worth a $1000. Or more if the deal is big enough.

Closing Statement -

To quote Jeffrey Gitomer once again, “All things being equal, people want to do business with their friends. All things being not so equal, people STILL want to do business with their friends.”

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On the up side, you can very easily put your photos on your blog website as well as videos and podcasts, not that it is terribly difficult to do with WP or Blogger, but this would be good for the internet illiterate.

www.Thoughts.com is doing something very cool to attract new members. Starting in July 2007, each month they will be giving away one free 6 month Netflix membership to an existing member that has referred their friend to become an active member of the thoughts.com community. On top of this, they are giving away an annual trip, and this year it is to Las Vegas, Nevada. I just went to Las Vegas for the first time last week. Now, I was there for a trade show, but it was a blast, none the less. So, it’s worth a shot!

Can you imagine how much easier it would be to get a sale, or at least an appointment, with someone that knows you by name as compared to that busy guy who’s meeting you just interrupted? Not to bust on cold calls because sometimes that’s the ONLY way you’ll get in touch with someone, but if you can get around the “cold” part, the call is much easier.

You’ve heard the saying, “It’s not WHAT you know, but WHO you know that counts.”

I say, “It’s not who YOU KNOW, it’s WHO KNOWS YOU that counts.”

There are a million ways to get known, but these 3 are the most effective.

1. Networking Events

One problem with a networking event is that everyone is there to sell something and they’re not necessarily looking to buy anything. You can use this to your advantage by being genuinely interested in what it is they are trying to sell and who they are as a person. When you are done speaking with someone at a networking event, the rule of thumb is the more you know about their products, their family, and their life, the better. The reasoning behind this thought process is that people love to talk about themselves, and the more you know about them, the more you let them talk. They will remember you as a great conversationalist.

2. Business Events

The difference with this and a networking event is that everyone at this function will have something to do with your business. This could be a trade show, trade association lunch, or the like. The goal here is to either garner a piece of information before the event with which you can provide value to those you come in contact with or search out people of whom you can ask for wisdom and advice or ask about experiences and expertise. Again, people love to talk about themselves or their knowledge and they love to get a piece of info that will help them in their endeavors. “what are your thoughts on…,” “How has…affected your line of work?” and “Have you had any experience with…” are the best kind of questions for this situation.

3. The Golf Course, Social Events, or Restaurants

The key here is to keep it light. I wouldn’t say avoid business talk, but I would encourage you to try to take a different approach. Just try to make a friend, even if it’s only for a few minutes. Be yourself, and if you feel like to need to be someone else in order to make connections, maybe you should change yourself.

If you’re really trying to make a connection, offer your business card and this can open up the door for a business conversation. Generally you will be offered a business card back. You’ll find that the high-level people tend not to have cards on hand. That’s okay. Always give a card, even when engaged in friendly and social conversation, and even if you know you won’t get one in return.

Friendly Business

The bottom line is that no matter what the situation or circumstance, people want to do business with their friends. If someone sees you as a friend and a valuable relationship, they are more likely to do business with you, regardless of price (to a point).

When making connections, nothing beats humor. If you’re not humorous, you can learn to be and I’ll cover that next time.

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This is a new section of TYC, where I’ll be highlighting the accomplishments of business owners around the world whose business ideas are making more than money. This idea was sparked by a number of things, including the Catalyst Conference, where I heard Patrick Lencioni speak, Jarkko Laine’s post on making money by helping African entrepreneurs, and Blake Mycoskie of TOMS Shoes.

The plan will be to conduct interviews with some of the entrepreneurs who are a bit more socially conscious than their counterparts at Enron, and try to get a feel for the trends among business owners when it comes to giving back and see if we can’t spark a bit of enthusiasm for doing good!

Today’s Spotlight - TOMS Shoes

Blake Mycoskie, Designer and Chief Show Giver, at TOMS Shoes says,

Inspired by a traditional Argentine shoe and challenged by the continent’s poverty and health issues, I created TOMS with a singular mission: To make life more comfortable. TOMS accomplishes this through its unique shoe and my commitment to match every pair purchased with a donated pair to a child in need…no complicated formulas, it’s simple…you buy a pair of TOMS and I give a pair to a child on your behalf.

If you ask me, this is a company and a cause worth supporting with both time and money. So I suggest you write a post about these guys and go to the site and buy a pair. They have some very cool designs that I would buy and wear even without the great cause behind them! Here’s a video of their first Shoe Drop in October ‘06