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Do a demo with them at the, show them how it works, actually put it in their hand and at the end of it, if it’s a small enough product… Just ask them, Have you seen enough to make a decision?
The teen we to the profession show for each week we talk about tips, tricks and methods for growing an amazing small business pipeline. I’m your host, Dr. Conroe on and on this podcast, you can expect segments on communication, perceived value opportunity in closing, thank you everyone who’s been supporting my 100 episodes in 100 days goal going into 2020.Enjoy the shirt. I AA.
Today’s up, so it’s all about prospecting online, and I thought it would be a really cool chance to sit down and talk about a little little about what we do as a business, but also what we’re doing with some of our customers that we’ve seen to be super successful over the past 60 or 12 months or so.
And when I say prospecting online, a lot of people jump right away to Lead Generation as a service, something like Facebook ads, Instagram ads, YouTube ads, things like that, and although that’s through, those are ways that you could potentially generate leads, those are very consumer-focused, ly generation strategies, and most businesses that we work with, and most businesses that this podcast is geared towards, or in the business to business space, meaning they have a professional service or a product that they’re selling, most of which is in the healthcare space, and in the upcoming podcast sessions that we have, there’s gonna be some opportunity where we interview some of these people who have different healthcare product companies, and one of the things that we always sit down and talk about is how do you grow a pipeline, how do you market your business and how do you get more sales when you have a business-to-business service or product, so this is something that’s not necessarily sold the consumers, it could be sold to consumers, but at the end of the day, the primary focus is selling to clinicians. Most of the companies we work with, or sanchi, Proctors, physical therapists, podiatrist, other pain management specialists.
And so because of that, we really focus a lot around how can we make that buying experience easier for the doctor, but also make the selling experience easier for the sales team.
And when I look at this, you kinda have to first understand what kind of product you have before you decide what type of prospecting and marketing you can do, if you were not spending 5% of gross revenue on marketing, you are missing out. And depending on your product, if it’s a touch it, feel it, use it kind of product, you are gonna have to do trade shows or some face-to-face demos, if it’s not a touch, I feel a product or it’s a service you might get away with online demo, zooms, webinars, things like that. Phone calls alone.
But if you have one of those tangible products, you’re an inventor, you’re an entrepreneur, you create a product that’s great, but you need people to touch and feel… To understand why they should buy it, you’re gonna have two different methods that are gonna be super important for doing that method number one is trade shows, you’re gonna have to go there, you should book 60 year minimum, probably 12 year, if you can do it, but it’s a lot of them go Thursday, Friday, Saturday, sometimes Sunday, sometimes are in the mid of the Week, so it’s a lot of travel that needs to be done, a lot of cost that’s incurred, and what I like to look at is how can we make that more cost effective for you as a business, instead of just sitting there and saying, Yeah, well, we have to do 12 because we decide to follow his number, so if you’re gonna do trade shows, focus on a couple of things, minimize your cost and get one or two people at every trade show, and make sure that your touch it, feel it, use it product, it’s something that you actually get people to touch, feel and use, do a demo with them at the… Show them how it works, actually put it in their hand, and at the end of it, if it’s a small enough product… Just ask them, Have you seen enough to make a decision? And if they say no, then you need to figure out what it is that you need to do in the sales process to make sure that those people are ready to buy it, because if they’re not ready to buy a… Standing in front of you, the inventor, the entrepreneur, the sales team, the expert in your product, if they’re not willing to buy it there, then they are never gonna buy it online from, but there is a zero percent chance of that happening unless there’s some serious marketing behind what you’re doing, and you have a great organization that’s gonna do that for you, some content marketing or direct response marketing that doesn’t involve somebody talking directly to them or touching the product, then not might work, but if you’re gonna do trade shows, you gotta make sure they touch it, feel, use it and close them on the spot, if you’re gonna go there more, I guess the more New Age route, that’s gonna be looking at four different platforms, Facebook, LinkedIn, utilizing existing contacts in your CRM and probably email. Now, if we look at those and let’s break them down into different categories, Facebook is a consumer platform… Yes, are there business owners on there, absolutely are those people who are making decisions sitting there waiting to do a direct response to add and interact with your ad, your video, your picture, your deal, you’re off, or whatever it is, and buy it right there.
If you switch over to LinkedIn, that’s a business-to-business network where individuals are sitting there looking to do business with other individuals or at least grow their network, if you flip over to email, email is great because it is… It’s a software pitch, but at the same time, you have to keep in mind that why emails are not open very often, and even if they are open, they’re not necessarily reply to, which is one of the hardest things to get, because if you send out 10, 000 emails and you’re only getting a response rate of 1%, you gotta send out a lot of emails to make that make sense.
The last option is your CRM, your CRM is gonna be whatever tool you’re using a zoo, a Salesforce, HubSpot, something like that, and those systems are gonna have phone numbers, emails and addresses as long as you put it together properly over time, and that’s gonna give you three contact points high, you can other call them, it’s actually gonna be before you’re gonna call them or text them as your first two, you can email them, we have their address, so you can really mail them or you can just go in person.
Now, males expensive, going in person is expensive, so you really left with the other options, call text or email, emails aren’t open very well, usually 5%, five, eight, 10% at most for cold email for open rate, with a less than 1% response rate.
And that’s just a response that doesn’t mean a deal done, that’s just somebody actually playing back and say, hey, thank you signed this email and interest in what you’re doing, right.
So email is kind of on its own, not great, if you go to text message, you’re gonna have 90% open rate on those text messages and probably about a 50 to 60% response rate for most of the data that’s out there right now.
That’s great. However, some people take a little bit personally when you actually reach out to them and you are text them about a business opportunity when they didn’t necessarily want that, the other option left with is the phone call, the phone call is great because you can actually handle objections you can work through with them, but you have to be often have sort of an approach where you’re creating value up front and then maybe asking for the sale afterwards, but you gotta make sure they have a problem when you’re sending out an email or text message or just using your CRM do sends a message back forth that’s a little bit softer and the prospect feels that they can walk away, but when you’re on the phone with them, they don’t really have a place to go. So you gotta make sure that you’re doing deals or you’re not doing deals, create the value, find their problem, solve their problem, then give them an offer, do those four things are gonna be totally fine, so those are your four AC and just to read at Facebook, which is consumer marketing, you got LinkedIn, which is all business-to-business, you got email, which has a low acceptance rate or open rate or reply rate, but it’s kind of been the industry standard for 10 to 15 years, then you have your CRMS that are gonna combine all that data together, you might have their Facebook link in there, their LinkedIn link in there, their email, their phone number, their address, and maybe even a fax number, if anybody still uses facts.
So the point that we’re making here is that if you’re gonna go out of your way to be a prospect machine and you don’t have a touch, it feels at kind of product, you should stick to something that’s online because it’s way more cost effective. The last trade show we went to, I looked at some of the advertising price, and we came across this magazine and we had the rep come around and actually talked to us and I said, Well, well, what is the single insertion cost or insertion being one page advertising it could be three quarters of a page, maybe a little bit less with text that’s wrapped around it as part of just standard copy rating or content writing, that three-quarter page I had was 7000 per single insertion.
That would be one insertion for one month in a magazine that’s distributed to a specific market, now, some of you might say, Oh, that’s great, because I’m getting that exact audience that I want, but here’s a thing.
For 7000 a month, you can do a lot of different things with your advertising, your marketing, you’re training, your sales process, your demos and everything in between, that’s gonna help you grow that top line revenue, which ultimately is gonna grow that bottom one, so be careful about spending money on things that one, you can track, two do not have a scalability factor in three are difficult to demonstrate ROI because of the lack of track ability, not everything you do have to be calculate ROI, ROI. You don’t have to sit there and say, I spent 100 and I got 5000 back, because that’s just not realistic.
But what is really not realistic is by putting an out inside a newspaper or magazine and really just shock an approach and just hoping when that rolls around for renewal next month or next year, how are you gonna make a decision to use it again?
You’re just gonna do it on a gut feeling, right, you’re gonna use that intuition and saying, I think this work well, so we’re gonna do it, but instead, maybe you should be a little more data-driven and focused on, Well, what did it look like before?
And what it look like after and are those differences and result because of the advertising you did, if that print… If that was a trade show, if that was a business card or a banner or whatever it is, if you have no real metrics around it specific to your campaign, it’s gonna be very difficult for you to make those decisions, so you go to Apply tree vent or chiropractic event or a physical therapy event, you spend the 5000, you spend the 100 on travel there, back via plane, you spend the 50 in food or whatever it is. Especially if you weren’t a DIN, a couple of people that are there.
You come out of that event with some exposure, some branding and some ideas of what people are looking for, but you really don’t have a clear idea of where you need to go next, and that’s why I always recommend you spend a portion of your budget online, there’s Google ads that are Facebook ads, their Instagram ads, they’re LinkedIn ads, there’s email, there’s content marketing, they’re just other social media exposure, there’s affiliate programs, all kinds of different opportunities that you have to sell your product, push your product, push your idea, your concept, or personal brand, whatever it is, but if you don’t know the right spot to do it, you’re just as bad as the trade show, so don’t go out there and pound it a bunch of content and thinking, Oh, I got a business-to business product, I’m selling to healthcare were Byers. I’m gonna stand up on Facebook, because all you’re doing is you’re taking a business to business sale and putting it on a business-to-consumer platform, so when people come back to us in and end up working with us in the future, I usually ask them, What did you do before this, and they say, Well, I did print.
Okay, well, we know that’s hard to track and very expensive ’cause you can’t do it once, then they did trade shows that they didn’t really have a great experience with because they didn’t do what I talked about in one of the other podcasts, which is prospecting before that trade show, and when they went online with everything, they didn’t really spend the time to get the right audience. So if you have a business to business product and you’re doing exclusively Facebook and Instagram ads, you are probably gonna lose, and in my opinion, you should look at things that are gonna help you win as a business, don’t just do stuff because other people are doing it, you gotta look at your product, your price point, who your market is, what the sub-market is, who’s making the purchasing decisions, what’s the sales cycle length and all of that, to be able to make a decision. Now, networking is a totally different thing to the marketing, I strongly believe in networking, and if you wanna spend six travel points per year to go out to six different events to kinda meet people who might be able to help in your business… That totally makes sense.
But going to a trade show that’s consumer-focused, when you don’t have a consumer product, that doesn’t make a lot of sense, and you see that with some of these local shows, more so than the national regional shows where people have a product and they say, Oh yeah, this is gonna be great because I normally sell it to a doctor who re-sells it to a patient. But I’m just gonna go right to the patient.
Well, the problem is not all those patients are coming to that local event or local trade… Should I buy something from you? So you might think it’s a great idea because your margins are gonna go through the roof, but your sales lines are gonna go right down, so I recommend, if you have any type of business to-business product, stick to who you’re gonna sell to, pick one audience maybe two audiences, if there’s some synergies, there are some cases where two or more might actually work, but get something focus so that you can sell to the audience that makes sense, don’t go around different way and try to sell to 50 different groups and try and skip the middle man, just to make more margin.
The next thing is numbers, when you’re looking at these events, there’s the numerical value of what you’re doing in terms of finances, how much did you spend in how much you you get back, and then there’s how much exposure did you get… Those are online, that’s called impressions, if you get it a billboard, they’re gonna talk about how many view points or impressions did you get if you’re at a trade show, they’re gonna talk about how much foot traffic there is, now none of those metrics actually matter, they’re just the only thing that’s really trapped, so what you should be looking at is if those are the things that you can track… Calculate out for yourself what it is that you need to do, right?
If it’s gonna take 1% close rate, you need to talk to 100 people to get one deal, so that means when you go to a show, you can calculate backwards what you need to do to make sense.
If you spend 5000 to go to that trade show and you have a 5000 product in a 1% closure, well, you better make sure you talk to 100 people because mathematically that means you should get one deal done which would cover the cost of your trade show.
If you talk to 50 people and all the cards are on the table and the percentage is line up, you’re actually gonna have a negative ROI or a loss now on the same hand, kind of what I was talking about before is that isn’t the only thing that mattered, because there are a lot of times that in my personal experience and other people we work with, we go to a show, maybe have close to even ROI, maybe low post may be a little negative, but three, six, nine months later, that’s starting to reap the benefits ’cause someone said, Oh, I saw this, or my friend showed me this, or I, I saw you at this show, or your advertised here, or whatever it is, and then you’re getting the flip side, I… So don’t count on it one to one like, Hey, I went to the trade Joie, spend five grand, I gotta make five grand now in a… Think about in your head and kinda play the game on one percent close, right. Maybe is what you guys do.
So if that’s the case, you need to talk to 100 people every time. You spend that money to get the money back.
If you have a product that is small and inexpensive, you wanna make sure you have at least five to 10 times cost a good sold many… If you make it for 10, you’re selling it for 100.And the reason I say that is because when you go to these trade shows, you gotta discount your price, you don’t have to, but you’ll see that most boots to be competitive need to be able to reduce your price, and if you wanna have integrity in your brand, outside of those events, you’re gonna have to have a retail pricing that’s not gonna be able to change on line, so if you have a service… Maybe it’s 500 a month, 100 month, 10000 month, whatever it is.
But if you have a product that’s 75, you go to the trade or you can have a sale for 49 and that’s totally fine, there’s nothing wrong with that, but just keep in mind that when you’re doing all your margin calculations in your prospecting and showing people your product, when you look at revenues, you’re gonna make a last margin every time you go to one of these shows, so you gotta make up for it in volume.
To go back to the email concept, if you do email alone, I think you’re gonna find that’s gonna be very hard to get the exposure that you’re looking for, mean that if you have your average sales guy and you wanna put 30 appointments, 30 to 40 appointments on the calendar each week, which would be one per hour basically for the whole week, which nobody does, or most people don’t do, but let’s say you wanted to do that, most emails get an eight to 10% open, right?
When you look at national average across kind of all industries, and I apply rate and of that usually get a 01% attendance rate for appointment in a lot of cases, just straight cold email, go out to your CRM, download 100 contacts or download a 1000 contacts and blast everybody.
That’s what it’s gonna be. You’re gonna send a 1000 emails, maybe 100 of those people open it up, maybe 10 of those people reply, and then somewhere between, let’s say, one and two people are gonna actually do business with you… Right, which a 01%. Well, the problem with that is that you gotta send it a lot of emails, and doesn’t matter how big your database is and how clean your database is, it’s very unlikely that you’re gonna be able to run your business off sending just emails along.
So then the next thing people do is to, We gotta meet in person, we gotta go do the sales process, well, your chance of closing someone in person, it’s not necessarily higher than on the phone or on Zoom or whatever method you’re using. It’s just false economy that people are looking at and saying, Well, if I’m in front of them, I got a better chance.
Now, in some cases, that’s true. Maybe you sell a surgical product or very expensive product that requires a technical demo or maybe a non-technical demo, and you have to go there, but in the case of most products, you can actually be more profitable by not flying and driving around.
And the way you do that is you set up standards around your product or service that people understand how you can help them without meeting in person, there are plenty of instances where I’ve had great clients that I’ve worked with, that one I’ve never met ever before, other than on the phone or on a computer, and two clients that just are very comfortable with listening to what we have to say in executing it, and we give them that blueprint, so I would say that email is gonna be okay, but just make sure that you don’t force a fall up in a way that doesn’t make sense, you don’t need to always get on a plane or get on a train or a flight, go drive there, whatever it is, you don’t have to do all those steps just because… Just because you think it’s gonna close the deal better… Just kinda switch gears one more time here, we could talk about content writing, when you’re writing these emails, these messages, Facebook content writing, maybe copy-writing in some of your ads, Google AdWords, whatever it is that you’re doing, you have to kind of flip the hat on yourself and put yourself in the shoes of your prospect, a lot of people write content and say, I’m recording this podcast just as an example, with a YETI blue microphone, and if I was trying to sell this microphone, I would need to put myself in the shoes of somebody who wanted to buy it?
So instead of sitting here and saying, Yeah, it’s a great microphone, it’s really strong, it’s got great audio quality has got a headphone port, it’s USB, there’s no batteries, you don’t have to plug them to all all that.
Now, you’re all talking about features that you as the sales person recognized, but you have to sit there and put yourself into the position of the person who’s using it, what would somebody use this microphone for? Well, the number one thing is podcasting, so you would need to sit down and put yourself into there shouldn’t say, Listen, you wanna start a small business podcast, you don’t have a lot of money to spend on 5000 an audio recording. The blue Yeti microphone is a great opportunity for you to get into the podcasting space for less than 100, and that’s why somebody should get into it, as opposed to saying, Yeah, well, it’s got four modes and it’s got pre-game and post-game, and it’s got a audio jack and in comes on a mount, but you can get a kit, you can get a flexible arms, so that’s gonna hold it with Ace. Nobody cares about that stuff, they wanna look at and say, Listen, I have a small business, I wanna do some marketing the way I’m doing that marketing with a blue Yeti podcast or blue at podcasting microphone.
And so you’re gonna sit there and sell the benefit to the individuals to make sure that that makes sense for them, so be really careful about son features and benefits, especially when you’re doing your content writing, so when you’re running an ad, don’t talk about features.
When you’re sending out an email, don’t talk about features, figure out what the problem is, position yourself as the solution, right? You can say something like, We are the specialists in podcasting.
Well, how are you the specialist in podcasting? Well, we create a microphone that’s very low cost, very high quality, with a few core features that are easy to use for somebody who wants to get into podcasting today, as opposed to saying something like, We got all these knobs and buttons and Miles and this and that, that isn’t solving the prospect’s problem, the prospect has the problem, they have a small business, they wanna do podcasting and they don’t know where to start, the blue Yeti makes it super simple. Because all you gotta do. It should take it out of the box. You plug one end into the microphone, one end in your computer, hit record, plug your head ones, and if you want to so you can hear yourself and just go for it, there’s really enough hang-outs to it, that is the perfect example of content writing or content explanation about your product that you need to be doing so that your audience can understand and see themselves in your content, right. The same goes with a trade show backdrop, you need to put yourself in the shoes of your prospect, what is it that they want, right?
Do they wanna buy your widget over here because it’s gonna help get new patients in the door, or maybe it’s gonna save their back, or maybe it’s going to be financially beneficial to them, or maybe they can delegate a service to a staff member, or maybe they can… Help grow their business, ’cause they’re automating some part of it, you have to look at the benefit, not about the future, and that’s like an old adage in sales, and that you always wanna be selling benefits, not features, but at the end of the day… I spent a lot of time at trade shows and meeting people and doing zoom sections and all this, and I keep hearing over and over, and here’s the future. Here’s the future. Here’s the feature. We sell X and it has this feature. So it seems that even though people know that that’s not the right thing to do by default, they seem to do that, so that’s kind of just a little piece of… Where I think it should be focused.
Now, the last piece is looking at calculating value, and the reason that I say calculate values because if you go to these trade shows, we talked a little bit about the ROI da, but what I like to do is look at the day-to-day metrics to meet your goals, so let’s say you’re trying to make 10, 000 a month, just just as had an easy goal there or something, that’s round numbers, and you know that every deal you do is 5000, so you need to do two a month.
Well, the question is, what actions do you need to do to close two deals a month… Well, no, or to close two deals in a month, you probably have to do 10 demos.
Well, how do you get 10 nos? You gotta go backwards again, say, Well, in order to get 10 demos, I need to get 50 preliminary appointment set, and in order to get 50 primary appointment that, I need to send 100-000 emails. Well, that’s not practical.
So yes, you can still do some of the emailing, yes, you do still some of the messaging and some of the advertising, all that, but you have to be realistic with what your financial goal is and what actions need to be taken in order to get there in your business, and if you’re not willing to do that math and figure it out, you’re never gonna understand how much it cost you per email, pre-phone called protects message, per carrier pigeon or whatever it is you’re gonna send them to be able to get this deal across the table, right?
So you can look at it and say that if you get a 1% close rate on every email you send, which you very unlikely will get that kind of rape lets that you did, and that closes worth 5000 every time you send a 100 emails. That’s worth 5000.And then all you do is you do economies of scale, you just start building that up, they have 100 emails, get your 5000, a 1000 emails are gonna get you 10 X that, so you just keep multiplying down the system to get to where you wanna be, but then realize that there are some other components other than just volume, there is quality, there is content writing, there is imagery, there is split testing and making sure that you have a great product overall, there’s making sure that you have new products, new opportunities, reselling opportunities, upselling opportunities, cross-selling opportunities, those things, if you get creative in your business and create a web, you should be able to take that 1% conversion and make a 5%… That 5% make a 10%. And the reason that that’s important is because at the end of the day, there’s gonna be a limit on how much you can do every day, so you gotta get better at something instead of just doing more of something, so I hope that kind of outlines a bunch of things that we’ve seen to be successful and individuals that we’ve worked with that have had a really good time with prospecting, I think you gotta look at how can you get a better percentage ratio from everything you’re doing, if that’s Facebook, LinkedIn, email, CRM, phone calls, whatever it is get that percentage up by having greater value up front, slow down, listen to your prospect, put yourself in their shoes, have great content writing, and then look at the actual math and figure it out that you know where to spend your money going into 2020.Thanks again for listening to podcast, have a great weekend. Another
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