“We are in an age of unprecedented change, it’s a ‘revolutionary’ time to be alive! The question we need to be asking ourselves is - ‘Am I leading that change?’ I believe we all have a choice to step up into personal, professional and social leadership. We have a choice to become agents for change, amplifiers, thought leaders to upgrade our thinking and lead our very own revolutions.”

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Entries in sell your thoughts (3)

Tuesday
Sep132011

The evolution of sales

Extract from Matt's soon to be released new book; Sell Your Thoughts - How to become a million dollar expert... co-authored with Scott Stein and Peter Cook.

Sales 101 was basically about selling techniques. It becomes a numbers game. See enough people and get good enough at the techniques and people will buy what you have to sell. The principle behind 101 is some will, some won’t, so what, get on with it!

Selling 201 was basically about relationship selling. Get to know me enough and build enough shared experience with me and it's likely I will do business with you. The principle behind 201 is that people do business with people they like.

Selling 301 was basically about diagnostic selling. Ask enough questions and understand enough about peoples buying criteria and you can create a proposition that gets you the business. The principle behind diagnostic selling is understand me, show me you get it and we will do business.

For Thought Leaders selling their thoughts, each type of sales approach works and will help you do more business. HOWEVER...

In each of these first three sales approaches you are in effect convincing the client to do business with you. We reckon that when you are the thing being sold this gets weird. It kind of gets personal. It’s also not the way a brain surgeon sells. What you need to do is switch from convincing others and rather stand in your conviction around what you know and why others should care.

As such, we think you need to move onto the next evolution of sales…

Sales 401 is all about authority selling. You know something and others might just have a need that you have already nailed a solution for. It’s about you disclosing your expertise first and asserting a level of knowledge on how to fix key issues people may be experiencing rather than assessing their level of need and creating a proposal (diagnostic selling). The principle behind authority selling is “I know what's going on and can help you with that.”

In the book Thought Leaders we dedicated a chapter to this idea of building conviction around what you know as opposed to needing to convince others that they should buy what you have. We called it “Clicking” and in essence it's about linking known problems that your target market express often and the intellectual property you know can help them.

Problem bridging is the big idea and I’ll go into that one in more detail next week.

Tuesday
Jul122011

Leveraged and Transactional Modes

Extract from Matt's soon to be released new book; Sell Your Thoughts - How to become a million dollar expert...

Each of the six modes of the Million Dollar Expert (speaker, author, facilitator, coach, mentor, trainer) has both transactional and leveraged versions. In your early days as a MDE (Million Dollar Expert) focus on the transactional versions. Getting to blue belt and onto black through some traditional day rate work is key (Take a look at the MDE ladder here for a refresher). Once you have established yourself and built a solid revenue foundation you can then start to explore leveraged versions of each mode.
This may feel a little trying to drive fast with a handbrake on. You may look at the leveraged options listed next and be seduced into exploring them as options for you and your practice.
Leverage is the focus at Red Belt, so the appropriate time to implement the leveraged examples is when you reach Red Belt - when you are making $50k a month or more. Like writing a book (a positioning activity which comes in at Blue Belt) at White Belt can hurt your practice (you’ll write an ordinary book, and won’t have the resources to organise proper promotion and distribution) so too focusing on leverage too soon will result in the wheels coming off your practice. You might experience a few months of wasted effort (if you’re lucky). If you are not lucky, you can seriously under perform on your revenue targets in the early stages of your practice and set yourself back years.


Mode: Speaker

Transactional Example

$5,000 a speech as a corporate speaker on the professional conference circuit.

Transactional Revenue

$5,000 per speech

Leveraged Example

Speaking at networking events with a $5,000 success system in boxes at the back of the room and averaging 20 sales per speech to audiences of 150 people.

Leveraged Revenue

$100,000 per speech

Mode: Author

Transactional Example

$30 book that you sell back of room and through your website

Transactional Revenue

Sell 10,000 at $30 equals $30,000 for the life of the book. Assuming you self publish and don’t factor in cost of production.

Leveraged Example

Build a membership site and sell $990 annual membership

Leveraged Revenue

Assuming 100 people are engaged per year you could make $100,00 per year on the site

Mode: Trainer

Transactional Example

Sell yourself as a trainer for $4000 a day

Transactional Revenue

$4000 per training day

Leveraged Example

License your IP into an organisation by first training internal trainers in your IP then running a per head license agreement every time they run the program

Leveraged Revenue

Upfront investment $5000 per trainer and 6 trained ($30,000 on off) then a $500 per person run through the program and lets say 250 run through the program over its lifecycle. A further $125,000 in practice revenue

Mode: Mentor

Transactional Example

Sell mentoring packages of 10 private sessions at $500 each.

Transactional Revenue

$5,000 per person you mentor per year.

Leveraged Example

Run quarterly group mentoring sessions at say $12,000 per year. Mix some one on one and the 4 major group days.

Leveraged Revenue

Assuming 30 people enroll each year you have a $360,000 cluster to add to your practice revenue.

Mode: Facilitator

Transactional Example

Sell your facilitation at a day rate of $4,000 per day and get 3 days a year through a company

Transactional Revenue

$12,000 per client

Leveraged Example

Run residential retreats with a $2,500 per head costs per weekend and get 55 people to attend

Leveraged Revenue

$137,500 per retreat

Mode: Coach

Transactional Example

Sell coaching packages to individuals in organisations

Transactional Revenue

$10,000 per 8-12 sessions sold.

Leveraged Example

Certify coaches in the use of your methodology

Leveraged Revenue

Upfront investment per coach $10,000 and a further $5000 per year license fee for the commercial use of your ideas. Lets say 12 people a year do this. $180,000 per year.

Next week, I’ll explain the key capabilities for each of the MDE modes.

M@

Tuesday
Jun212011

New years eve every quarter

With six months to go in this calendar year, have you started your new year planning?

One of the things MDE (Million Dollar Expert) practitioners do well is plan their rolling 12 months. As every quarter rolls out they focus on what they will make happen over the next few months.

Ask yourself:

  • What worked last quarter that I want more of?
  • What did not work that I want to stop?
  • What can be changed to make it more effective?

It’s like a non-stop continuous improvement program.

Focus on leap-frogging through the white to black belt journey, one profitable project at a time.
M@

P.S. Matt has worked with one of the great Thought Leaders Mentors, Peter Cook, to upgrade the Sell Your Thoughts white paper to version 2.0.

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