Happy Money!

Happy Friday!

A few years ago, I had just finished a great round of golf (there is no such thing as a bad round!) and I put my clubs in the back of my 6 month old 2009 Corvette...my dream car.

A few jealous gazes made me walk off with a little extra swagger and then I heard the sound I will never forget..

Beep...Beep...Beep.  It is the sound that says the keys are...STILL IN THE CAR. 

I realized they were still in the golf bag.  I ran back and tried to push the trunk button, but missed it on the first & second try.  Then the dreaded single...Beep. 

It was locked and my keys were in it!  My heart sank.

 

I was 200 miles from home and couldn't get Natalie to come that far with the extra key.  I then remembered that I had On-Star and they could remotely unlock the door.

The only problem?  I had let the free trial expire.  "What a waste of money" I remember saying to the sales person as I signed the last document on a $60,000 sports car (please don't hate!).  I placed the call and threw myself at the mercy of the nice account rep on the phone.  She gave me a courtesy unlock...from space.

 

Two days later, I got a survey and a solicitation to buy 1 year of On-Star at 30% off regular pricing...what do you think I did?  Remembering the recent experience, I bought a one-year subscription!  At that moment, I was relieved.

 

Emotions and money...hard to separate the two.

We determined a few days ago, that Money Energy is what it takes to make it.  Money Emotion is what is required to spend it. It is not always logical and is based on 4 core emotions; Sad Money, Mad Money, Scared Money and Happy Money.

 

Stick with me...it just might make sense (fingers crossed!).

 

Let me categorize my emotions around my 2009 Corvette purchase;

 

Extended warranty - Mad money.  Why should I have to buy insurance on something that is supposed to be "perfect"?  I HATED writing that extra $2,000 check...mad now thinking about it!

 

On-Star Renewal - Sad Money.   After my experience with the keys, I felt like I needed it, but it still felt like a "waste" of $200.  The last four years after purchasing it, guess how many times I have needed it?...ZERO!  Still makes me sad thinking about it!

 

New Corvette - Happy Money!  In 2009, the country was the height of the financial meltdown.  GM was talking of closing dealerships and stopping production on most cars.  The Corvette was my dream car - I had one on my vision board for the last 10 years.  This was the moment...now or never.  I walked in the dealership after speaking by phone to the sales person and in less than 30 minutes, drove out with my purchase.

 

Still makes me smile just thinking about it.

 

Yes, I know.  No rhyme or reason...no logic.  Angry over a $2,000 purchase, sad over a $200 one...and ecstatic over dropping $60,000.  I learned a valuable lesson about myself and Money Emotion through this process.  So when I saw the 2014 Stingray and immediately fell in love, the choice was easy...

 

I bought one...

 

With NO warranty or On-Star...

 

Hey, at least this time I was "smart enough" to be sure all the money was... 

 

Happy Money!

  

Until tomorrow, I wish you Money, Power, Success!

 

Next Time: Money Conversion!

Money Emotion!

Brother...can you spare a dime?

 

Back during the years of the depression, a dime might actually buy something...a cup of coffee perhaps.  People where holding onto their dimes...it must have been a tough time.

 

Today, it might be brother can you spare $4.85...Inflation...and Starbucks!

 

The depression created an money crisis in America and ...the most recent 2008 global meltdown did, too.  Can you remember how you felt during those times of tumultuous stock market swings, threats of massive unemployment, and "too big to fail" bailouts?

 

There is a saying about tough economic times;

 

"Recession is when your neighbor loses his job...depression is when you lose yours".

Ronald Reagan

 

Emotions were at an all time high (or low)...

 

Money Emotions.

 

Money emotions are behind every dollar that you spend...and the dollars you want your clients to spend. 

 

You many not even be conscious of your money emotions, but they are there.  The more you understand about what "triggers" a money spending mindset, the better you will be in the profession of sales.

 

I work in an industry where the most popular product is "zero premium"...(we aren't allowed to say "free").  For many of you around the world reading this, that is hard to fathom, but for those that sell this product...you understand.

 

The sales person has great confidence, swagger even, during the demonstratation of this "zero premium" product.  It truly solves many uncovered needs and even provides "bells and whistles".  The client begins to hear all the features and benefits and with arms akimbo (been waiting to use that word!) ask...

 

"How much is this"?

 

The sales person proudly states,

 

"Zero premium".

 

By way of enrollment statistics, 30% of the populations says, "sign me up"! 

 

The other 70% need and want something else.  The challenge...

 

The agent doesn't know how to sell the other products...largely because they DO require a monthly plan premium...a car note in most cases!  They have walked in the home with a one track mind...and their mind was on...

 

Zero.

 

What about you?  Do you sell the least expensive product your company offers because it is a safe "fall back" position?  Do you feel strange asking for the higher amounts?

 

In some respects, that is likely money emotion working in reverse.  You "engraft" your emotions unto your clients...

 

"No one in their right mind would pay $$$ for this..."

You begin to rationalize why no one will buy it and as a result, you don't offer it, or you don't offer it with the kind of conviction it takes to compel your prospective client to buy.

 

Certainly, you have to believe in what you are selling, but you also have to believe there are people out there who need and want what you are selling.   

 

The key to getting the right sale is helping them (and you!) feel the best...

 

Money Emotion!

 

Until tomorrow, I wish you Money, Power, Success!

 

Next Time: Happy Money!

Money Energy!

Losing weight is a simple equation...calories in...calories out.

 

Money is a lot like calories...money in (income/revenue)...money out (expenses/desires)

 

A calorie (kcal) is a measurement of heat...energy.  If during a workout it takes 1 hour to burn 700 calories and it takes 3500 calories to burn off one pound of fat - we  know we have to workout 5 hours.

 

With each workout, we make note of the exertion, pain, sweat and effort to reach that 700 calorie burning target.  That is the "price we have to pay" for success.  We step on the scale day one...no change. Day 2-4...no change.

  

Day 5 brings the reward of one pound of fat lost!  We "celebrate" on Saturday with a double Heath Blizzard from Dairy Queen.

  

Sunday morning, the scale shows us the penalty - exactly the 1 pound we just lost - which we now correlate with 5 pulse pounding hours in the gym.  The emotions of regret, anger, and then the "vow" not to waste precious kcals...

 

The kcals coming in...and going out.

  

Many of us treat money the same way?  Yes, your prospective clients!

  

Most of us correlate the energy it takes to earn money to time, rate per hour, and the "pain" of the exertion in earning it. You may be doing this subliminally and not consciously...but you are doing it!

 

When we are young and foolish, we squander, mismanage, and lock ourselves into financed lifestyles. Like Wimpy from Popeye, "we are sadly paying the next 52 Tuesdays for that hamburger today" - siphoning off tomorrow's earnings for today's pleasures.

 

This creates the "once bitten and twice shy" mental money blueprint.  We vow to become more prudent with our financial dealings. We vow to avoid the financial "Heath Blizzards" that wreck havoc on our financial health.

 

As a result your product is "under the gun".  Getting the check is tougher as your client decides whether what you are selling is a good financial move...one they wont regret later - leading to buyers remorse (you know what that is...right?)

 

If it is a simple sale or a low price point, the money energy required is lower...they buy without much mental debate...on impulse. 

 

If it is a major/complex sale and the money energy is their life's savings...

 

You get the picture!

 

How do you convince someone to invest in something that has taken their entire life's essence to earn?

 

You have to replace the "pain" of how money was earned with the an overriding money emotion. You have to get them to see past their...

  

Money Energy!

  

Until tomorrow, I wish you Money, Power, Success!

 

Next Time: Money Emotion!

Check Please!

I am a middle child....sandwiched between two girls...it doesn't get any harder than that.  Who besides me was going to cut the grass or ride a bike 3 miles to the grocery store for bread and milk?  

 

That was an era you didn't get paid for chores and errands..."yes ma'am" was auto response for just about every question.

 

Maybe it was my indentured servitude, or my good nature, but my momma had a soft spot for me...and my older sister Donna would try to take advantage of that fact to get what she wanted.

 

"Go ask momma if we can have some ice cream."

 

"Ain't.  Why don't you ask her?" I retorted.

 

"Ok, but if I ask her...you ain't gettin any!"

 

You would think a high IQ, precocious 6 year old wouldn't fall for that standard reverse phycology routine, but my sister is brilliant in her own right...and older.

 

It worked...I asked...

 

Sara Clay didn't play.  You might get ice cream or you might get "I scream"... she had a bad habit of shooting The Messenger if she didn't like The Message!

 

I have watched sales people operate in much the same way as my sister.  The very thing they want and need...they are afraid to ask for - the check!

 

In sales, we have to become masters at not only asking for the check - but successfully getting people to part with it. That is no small feat - even when they see the value and they need what we offer they may clutch their wallets and purses with two hands.

 

I have not heard money psychology taught or trained in sales but many people instinctually know what drives that most critical moment of truth in the transaction...others flounder.

 

Why do many sales people have a reluctance to ask for the check?

 

The answer will be different for each sales person, but is critical to answer if success is to be obtained.

 

Money is a peculiar topic...right?

 

Everyone wants the "secret" of how to make more, but no one wants to talk about how much they earn - or how they spend it.  Deep down we would rather not reveal details that might show our inadequacy on the subject.  As a youngster, I remember asking my uncle how much a new car cost -

 

"Child, that ain't something you ask!" (yes, that is the 4th "ain't" in this Daily Crumb...forgive me!)

 

I was later to learn that you don't ask people their incomes or how much something cost. Somehow, the vital topic of money became "taboo".  What ideas about money do you bring in from your childhood?

 

Don't ask for it?

 

Don't talk about it?

 

Avoid the topic at all costs?

 

Many of our social mores about money are influencing how you engage you clients.  Building rapport - check.  Demonstrating value - check.  Handling Objections - check.  Asking for the check...?

 

The next few Daily Crumbs will help you get to the root cause of what may be holding you back and will help you be triumphant in that moment of truth when you have to say...

 

Check Please!

  

Until tomorrow, I wish you Money, Power, Success!

 

Next Time: Money Energy!

The Messenger!

Happy Monday!

 

A few years ago, two friends and I went to the Atlanta Falcons - Baltimore Ravens football game.  It was a great game and Atlanta pulled it out right at the end.  I have to admit, I am not a big football fan but took great pride in razzing my friend from Maryland about the last second victory.

 

On the long walk back to the car, the rowdy Atlanta home crowd began yelling at my friend from Baltimore; 

 

"Take that jersey off...take that jersey off". 

 

He was wearing a Baltimore Raven jersey...Ray Lewis no less.  It looked like we would have to fight.  Have I ever said I am a lover not a fighter.  Even if I was willing to fight, the first 2 voices turned to 10...then turned to what seemed to be 100's...literally.

 

Yes...he took it off.  Thankfully he had a t-shirt on underneath (that would not have been pretty!).

 

Lesson learned. 

 

When people have something in common, they will band together - cooperate -  they will buy what we are selling.  Each of us has a unique audience that will respond to us, naturally.

 

New to sales?  Don't worry.

 

Even if The Message (the product) is new and awkward, there are people right now, who will respond to you as The Messenger.

 

People new to sales always ask, "Shouldn't I mold my delivery to meet the client personality and preference?"

 

You can, and many sales people do, but if you are acting "out of character" then you might sound

disingenuous - the kiss of death to many a sale.  You have met that sales person before...right?

 

Does that mean you can only sell to a particular group of people?  

 

Make no mistake, you have to begin with a wide net of outreach for The Message you deliver. You have to treat each opportunity as one you can close, but even for those who are naturally drawn to you as The Messenger, you will still have to fight through a level or two of apprehension, rejection and objections to get to a 'yes'.

 

We are in sales, and that part of process is normal...even if you are selling to your best friend.

 

If you analyze why you close sales...and why you lose them, you would likely find there is a common denominator that you "clicked" with most of the people that you close.  You may not have been able to get a basic relationship created with those you don't close.

 

The old sales adage is generally true - People will more likely buy from someone they are comfortable with...someone they like.

 

That is not necessarily a disqualifier of people who appear different based on obvious things such as gender, race, ethnicity, religion and other differences.  The concept of The Messenger is more geared toward a personality bias and natural affinity based on relating (building rapport) more than it is based on outward appearances.

 

If people connect with The Message and you as The Messenger a couple of things happen;

 

It makes the sales process easier. You don't have to act out of character and as long as the product meets their major needs you will probably get a sale.  

 

You get referrals.  Those referrals are usually like-minded people who immediately receive you as The Messenger. Rapport and an affinity are transferred to you by the referring client. The Message (the product) is all that is left to discuss.  

 

That is why referrals are the "holy grail" of sales! 

 

You will have to cast a wide net in your Effort Phase until you build the proper intensity of The Message as a state of being. When you become fluid and natural in delivery, then you can afford to focus on specific groups who would work with you as The Messenger, preferentially - it's called niche marketing.

 

To get there, first focus on perfecting The Message.  Gain all the insight into what your product does and how it can help. Integrate your personal mission into the equation until it becomes first nature...a part of you - your being.

 

Then begin to extend your efforts to people you can immediately relate to as The Messenger.

 

Join clubs, civic and religious organizations and causes that you are passionate about. Become known in these circles as a 'go to' resource to people of like passions.

 

Over time you will find more of your business will come from referrals and people will spread the word about you as...

 

The Messenger.

  

Until tomorrow, I wish you Money, Power, Success!

 

Next Time: Check Please