You have this issue that has to be solved, but it's very rare that the company's issue of staying in business is actually tied tightly to individual reps needing to make the number. Where that came from was as a way of assessing performance within the territory that had been granted is actually a way to buy the territory. That is if I make my number this year, or exceed my number, then I get the territory for next year and I get a bigger number. Why do I get a bigger number? It's assumed it's easier to grow a territory.
So it was actually a purchasing mechanism where this independent business person called Sales Rep. purchases the territory in addition to enough compensation for their own business to stay alive. And they do it through performance by making the number. So there's an agreement that these territories are worth selling to you if you bring this much revenue. Some of it has to come from this product and some from this product. Companies put all these cool features in the comp plan, but none of those features actually have to do with solving real customer problems, the assumption is the product solves the problem. Buyer Beware, but Buyer Beware doesn't work very well in the B2B world where the buyer is
It's one of the reasons Chris thinks a CEO should sell. Tune in to hear the rest of this as well as the continuing saga of The Dog, The Fence and The Bone Problem from our last episode. Chris also covers the math regarding the end of the commute economy for knowledge workers and how we can pour money into the economy and have happier lives.
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The problem in sales is that the desire for the transaction puts most salespeople already behind the eightball. When he was growing up, Chris' family put up a chain-link fence originally for the goats, but a few years later it helped with the dogs and inspired an experiment.
Chris opened the gate 30-40 feet away from where he put a dog bone over the fence. His dog tried to go over, under, and through the fence, but couldn't get to the bone. But it also didn't back up enough to see the open gate. This is what most salespeople do.
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In this episode, Corey and Chris continue their conversation with a high Beta Market Dominance Practitioner MaxSold CEO, Sushee Perumal. aka "the skinny kid from India," MaxSold CEO, Sushee Perumal starting with why he felt he could successfully start an airline and his escape route when that failed. We open with Chris tying together his tapping of the bells analogy and plunging into Sushee's story which ultimately leads to MaxSold's growing success through a path of science, rather than simply tossing out millions of marketing dollars hoping it will work.
Chris reminds us, and Sushee agreed strongly that sometimes we have to wait before we can celebrate a win, funding, goals achieved.
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Chris and Corey's guest, Sushee Perumal, CEO of MaxSold tell us to take cautious steps when the tank is full of funding. Some of the highlights in this episode include:
Driving the concept of MaxSold's tagline, "From the sponge under the sink to the Ferrari in the driveway, we sell everything in two weeks." concept is the fact that live auctions were not and are not meeting the market needs. Sushee is the perfect example of Market Dominance, as well as a very likable person to know and work with. Hear this first of a two-part interview about the shortest path to market dominance.
From owning an airline because he wanted to cut his teeth in entrepreneurship, to dominating the market in relocation and downsizing services. Chris noted, "This is the end of the commute economy." This is because the relocation option we have completely turned this upside down in the recent months of COVID-19 - work from home forever.
Sushee explains how he chose to maximize the opportunity by minimizing the risk. Just because you have magic technology, doesn't mean you can execute new business.
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In this episode Corey asks Chris, "The other leaders that you've observed from being an investor or executive or being you know board member CEO, do you want to surround the issue and debate for the sake of maximizing all the different off-ramps that you could take or is it genuinely from a science level scientific level that you have your flag?"
This leads to Chris talking about the three stages of your business or career, he says, "I'd like to think of myself as the guy who insists that we go science first. And if you're going to go science first. That means you have to be ready to do experiments and experiments are very well understood. We know how to do experiments been doing a lot of science for a long time. That means you've got to be math first because doing experiments that don't have a shot mathematically is ridiculous and you shouldn't do that.
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Businesses are not evolutionary endpoints. Businesses can be endlessly inventive. Why is it that putting a bookstore on the internet would lead to the world's richest man? If price isn't your differentiator, you'll work really hard to find one and fail. A business plan tells you if it's worth doing. Will this have been worth doing?
What's the smallest thing I can do in the shortest amount of time that will give me evidence to confirm or disconfirm my core thesis? Root in your own experience, not in somebody else's business book. Your experiences are your core differentiator. That's what you're bringing to the party.
The person screwed on price wins on convenience or timing.
I want a startup because all the cool kids have a startup. Really? Every new business is a start-up.
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Most sales professionals are familiar with the journey of a cold call.
It starts with fear. From fear we move to trust. From trust we move to curiosity. From curiosity we move to commitment, and from commitment to action.
In this episode, Corey and Chris remind us that there is only one discovery call or meeting. And a true discovery call or meeting doesn't have a destination in mind. Welcome to this episode of Market Dominance Guys, "Sales Professionals - stop worrying about the deal."
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This is the continuation of the conversation with Donny Crawford about sales follow up, overcoming rejection, and likening sales to Google search results. Thank people for the conversation no matter how it went. This helps keep your emotions in check and allows you to move forward to the next call, even if you were rejected in the previous one. Get some very applicable and practical techniques in this episode of Market Dominance Guys - The Power of the Anti Curse to Overcome Rejection.
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This is a continuation of the conversation we started the last episode with Mandy Farmer, CEO, Accent Inns. Chris asks Mandy the question of what's next after you have firmly decided that fun is the core of building a great business, and nothing will push me off this. How do you attract and retain the right people who hold these same values? Corey likened the tone of the company to something like the people who make Cards Against Humanity. Even their company contact info on the game sets the tone for their irreverence. They are the same all the way through from the product they make to the people who support it and lead the company. There is a box of awesomeness that is given to each new hire at Accent Inns. They know in a short period of time who is embracing their values and who is faking it. She does the fakers a favor and cuts them loose quickly, out of kindness to them and to her team. She says, "Fire fast, hire slow." Learn more about her success ideas in this episode of Market Dominance Guys, "How to retain the people who want to save men's souls."
If you missed the first part of this interview, please listen here >
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Corey Frank and Chris Beall just had the fun privilege of recording a Market Dominance Guys podcast with Mandy Farmer, CEO of Accent Inns on the most important value in her business (and ours also, it turns out) - fun. This is part one of this interview with Mandy. Take a break and enjoy some lightness, as well as considering a new approach to help secure employee retention while growing your bottom line and see why she and her team are thriving in the hospitality industry while her competition is going through massive layoffs.
As soon as the border opens up and we can cross the border, our team will take the ferry north to have fun learning more about the crucial role of fun in business - the best way, by direct experience! Thanks, Mandy, for being our second guest ever, and for sharing the business power of fun with us today. And thanks, Ryan Reisert for introducing me to Natalie Corbett yesterday.
I'm so glad we took the opportunity to have these conversations. Conversations Matter. Fun conversations matter even more! Join us for this episode of Market Dominance Guys.
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