Making Legendary Leaders
Insights to help you become the Legend you are destined to be and to live the Legendary Life you deserve! Each week you will learn the strategies you need to help you confidently take action in your business and move you one step closer to the life you deserve, your Legendary Life.
Season 2 is now live! Weekly episodes every Wednesday at 9 am ET. Listen below or go to our YouTube channel and watch there.
Given that we are talking financials this month, it wouldn’t be a financials discussion if we didn’t talk about leads. How many active leads do you have right now?
First, what is a lead? A lead is a potential customer; someone who is interested in buying your product or service. Whether you call them leads or potential customers, you must work on all things “leads” each day. From, “Where do I find more leads?” To “How do I follow up on my leads?” To “How do I keep losing leads and not converting them?” You are constantly having a conversation in your mind and with your team about leads. Why? Because leads turn into customers and customers generate your financial revenue.
Here is the key question we must talk through on this episode: “If I want to hit my financial target, how do I tie leads to revenue?”
If you read anything from Tony Robbins like I do, he says that only 5-15% of leads are “sales ready” at a given time. In other words, of all the leads you are working, talking to, checking in on, etc., only about 10% will convert in a given day.
We can spend a significant amount of time talking about how to distinguish your leads and determine which phase they are currently in, but for today’s episode, let’s simply focus on the quantity of conversion. We must have conversion to generate sales so let’s talk about how many active leads you need to be “working” in a given period to hit your revenue targets.
f we go with the average of 10%, how many leads will you need to be working with and convert each day to hit your financial target? If your goal is 10 new clients a week, you must have 100 new leads that week to work with. Not only that, you must have a process to follow up with all 100 of those active leads within that week in order to generate the 10 conversions. Let’s take this one step further, not only must you follow up, you must do so in a way that encourages your potential customer to take action.
In other words, simply sending a text that says “Are you ready?” probably isn’t going to get the conversion you want. The follow up method you use is critical to hitting a 10% average. Otherwise, your average may go down to 5%, or even 1%.
Here is what I want you thinking about today:
1. Do you have a process to generate the number of leads you need to be working with on a weekly basis? If not, this could be a very clear reason why you aren’t hitting your financial targets. Either your target is too large for your current lead generation methods, OR, you need to invest more into lead gen. The decision is yours.
2. Do you have a method of follow up that continues to build the relationship with that potential customer and encourages them to take the proper action? You could have leads but you may not be converting them effectively.
What is your lead gen strategy and how many leads do you need if you know the conversion is about 10% at a given time?
Solve that to move your business one step closer to you revenue targets.
In any business, there are months of extreme success and months of struggle. So how do you close a fiscal month with a bang?
When you are in the early startup phase, there are usually more months of struggle than success. Simply because you are trying to figure out how to generate consistent success in your new business. While we all know to expect tough months, knowing it and living through it are two different situations.
What I typically see happening to newer business owners is that they start off doing the right thing. They set targets. Then, they miss those targets one month. “That’s ok, we will hit them this month!” Then they miss them again. After 3 or more months of missing targets, they want to avoid that pain of “failure” so what do they do? It’s usually one of 3 things:
1. They stop creating targets, thinking, “If I don’t have targets I can’t miss anything and therefore I can’t fail.”
2. They have targets but they stop tracking how they are doing once they realize they are going to miss that month. Again, “if I don’t face reality I didn’t really fail.”
3. Or, they are tracking through the month, they realize they are going to miss, so they simply give up altogether and say “maybe next month.”
All 3 pathways are not paths I want you to go down. You can overcome this. You simply need a strategy. So how do you close a month or a quarter when you are missing target? You must create “go to” wins that will help you deliver to your targets.
You need to create what I call your Bang List. That is a list of go to products, services, or add-ons that are always a money maker and allow you to close your month with a “bang.”
Once you create that list of items, write down how much revenue each one of those items on the list will generate.
And here’s the deal, when you review your performance the 2nd and 3rd weeks of the month, if your financial revenue isn’t on target, activate your Bang List. Decide which actions you will take, how many you must sell off of that list, and get to work.
Now, instead of feeling the pain you are working towards actually preventing it! You have a plan. No pain means you are creating positive momentum, which means will keep creating your targets, you will keep reviewing your performance, and you should be able to deliver to your monthly targets because you have a plan!
Go create your Bang List and let’s get to work!
Welcome to July! This month’s focus is all about financials and hitting financial targets. Why? Because we are halfway through the year and we need to do that gut check. How are you performing halfway through FY21?
If you know me either because we work together, because you are in my private facebook group, or because you have been following these podcasts since 2020, then you know how much I push you to perform a realistic evaluation of your business performance. Why? Because financials are what make you an actual business!
So here’s the gut check moment. How did you perform? If you’re not sure how to determine your targets ask yourself this: what were your targets for Q1 and Q2, such that added together you have targets for your business for ½ of the year?
Look at your financial targets, customer service KPIs, team member specific KPIs, product growth, market penetration, average basket increase, repeat customer growth, etc. You can have, and probably do have, a ton of KPIs. What are you assessing?
When I work one on one with clients, I typically find that they are in one of 3 groups when it comes to targets:
- They don’t have any targets established
- They have some targets established to say they have some but they aren’t the business measures that really tell you anything about your business nor do they move you forward and help you grow.
- They have the right KPIs, the right targets, and they are actively and intentionally striving to move the business forward.
If you got into your car one morning, would you just start driving around aimlessly? Usually not. Usually you get into the car because you have a destination. You are trying to get somewhere. Now, maybe you take a few wrong turns or there’s road construction that causes a reroute or a delay, but you still have a clear destination.
Your KPIs and your financial targets are your destination for your business. You must have a destination.
So, do you have a destination, or a target set? Are they the right ones? Last but not least, the challenge for today is: are you checking in on your performance regularly to ensure you are going to arrive at your destination?
You are your own GPS here. You have defined the target. You have created the path you are going to follow. But you have to check in to ensure you haven’t gotten off course.
So check in! How are you doing? Are you going in the right direction? Do you need to recalculate your route?
You have ½ of the year left. Plenty of time to arrive at your overall destination. You simply must be intentional about it. Go schedule your review time, review the actual results, and intentionally drive your business forward.
This is the final episode as we wrap up the month of June and our mini-series on sales calls. We have already talked about naming the salesperson inside of you. Today let’s dive into idea of stepping into your sales persona. How exactly do you do it?
When I was in pharmacy school I would listen to the same type of music driving to school each morning. I would get myself hyped up and ready to go, taking myself to this place of an unstoppable mindset. By the time I arrived, I was so pumped and ready for the day that I learned a tremendous amount with what felt like very little effort. What I didn’t consciously understand at the time is that I was getting myself into what Tony Robbins calls “state.” Nothing was going to stop me from getting into the classroom and soaking up that knowledge. Just like nothing stops me now when I get into state.
That’s where you need to be. You must get yourself into state, the state of being your sales persona. How do you do that? The easiest way is to first, change your physiology. Move your body, drink some water, dance around, stretch, take a 10-minute walk, sing a song. You decide what the activity is, the point is that it is an actual activity that makes your body move and makes you feel good.
The next thing you need to do is set your focus. What are you focused on? If you are focused on your dog getting out of the backyard fence are you going to close the sale? No. Your focus needs to be on all the things we have talked about in the previous episodes: serving, listening, etc.
Realize this, some people focus on “getting the sale” and unfortunately that’s the type of sales individuals we probably aren’t fans of. If you focus on “serving and making someone’s life better, because you KNOW you can and you must,” then that’s what you will make happen.
Last but not least, words matter. If you are moving your body, focused on serving and you are saying to yourself, “Well, I might help someone and close this today” you’re not going to close it. If you say, “Maybe I will show up as my best self.” You’re not going to show up as your best self. Why? Because the words you use are your mind’s reality, which means you must use empowering words. “I am here to serve! I am here to listen and support! I am going to improve this person’s life.” WORDS matter! Tell you yourself who you are and what you will do and your mind has no choice but to make that reality.
Today, practice getting into state and turning into the salesperson you have created within yourself! Step into your sales persona and start serving, listening, and converting those potential customers to customers!
We are keeping with the sales theme today and we going to talk about listening! You must use your listening skills if you want to have a successful sales call.
Have you ever been at a car dealership or in a store and the sales person kept trying to sell you what she likes or thinks you need? Or maybe your mom or you grandmother asked what you wanted on your dinner plate from the family buffet and then she simply disregarded everything you said and gave you what she thought was best?
How did that make you feel? Not great, right? You do not want to be that person to your customer. Just like you don’t want a soft sell, you also don’t want a pushy, aggressive, a “I know what you need better than you do,” type of business leader.
The sales person inside of you must listen to the potential customer. You can’t understand their pain points, their needs or their wants, and what makes them tick if you aren’t listening. When we don’t listen, we can’t serve. It’s that simple.
Listening is critical to your sales calls. How do you do that? How do you listen?
You ask a question and you sit quietly! It’s really that simple. Listen. Take notes. Write down the words they use so you can use those same words back to them. Listening will allow you to connect but you must be willing to do it.
How do you know if you’re listening properly? Do a practice sales call with a friend. They will quickly tell you if you are listening or not–because they will tell you if they felt HEARD. That’s your goal, to ensure your customer feels heard.
How are you going to show up on your sales calls? What do you need to change, improve on, or keep doing to be an active listener?