Summary:
The 'best practices action system' is a unique and comprehensive framework that unlocks our potential for improved operational functions, marketing effectiveness, successful sales, personal development, and personal and business relationships. It is a structured approach that involves specific components such as [particular components or steps of the system]. For instance, it includes strategies for effective communication, relationship-building, and sales techniques. With its unique benefits and potential for success, this system instills profound confidence and capability in small business owners, sales professionals, and support staff, reassuring them of its value and making it a valuable tool for all.
The techniques discussed below are not just for those directly in sales but for all who spend a percentage of their time in self-promotion or on behalf of a company. These universally applicable methods make them relevant to every business owner, service provider, and employee. This emphasis on inclusivity ensures that everyone feels catered to and part of the discussion, fostering a sense of belonging and engagement.
Developing and nurturing long-term relationships and expanding business opportunities are not just steps but stepping stones to personal and higher achievement, both individually and for the business enterprise. They are a byproduct and a key factor in one's financial success.
The current passing strategy of getting business or sales from social media will fade with time. The idea is that tiny fragments of soundbites or sensationalism directed at strangers will eventually crumble. At that point, people will be forced to revisit the foundation of relationship-building as the primary strategy for success.
Salespeople and businesspeople often question why they are not getting the desired results. Sensationalized gimmickry is at the forefront but will fade. It's not a matter of if but when there will be a resurgence of back-to-basics, relationship-driven sales techniques. Being prepared for this shift is crucial for future success.
It's frustrating to feel like we are beating our heads against a wall or racing down a dead-end street the harder we try.
Article:
The real estate sales and lending business as it is today:
The real estate business's downward trajectory has witnessed successful salespersons disintegrate, with higher interest rates, fewer qualified borrowers, and fewer sales. When business opportunities deteriorate, what do frustrated salespeople do? They may be tempted to perpetuate a losing strategy, which includes working from home, focusing on distracting activities, only taking inbound messages, selectively returning calls, and engaging in what today is called quitting.
This is where a best-practices action system specifically designed for real estate and lending sales can make a significant difference; the challenges are unique. The market is volatile, and success often depends on factors beyond our control. This is why it's crucial to have a system that can help us navigate and maximize opportunities. Emphasizing the need for adaptability in the face of changing market dynamics will make the audience feel prepared and confident.
Quiet quitting is a term used to describe a situation where a person does not outright quit their job but regularly shuffles their daily activities to avoid stressful confrontations, outbound calls, and sales rejections. Instead of focusing on business-related tasks, some people may spend their time on social media, take extended breaks, or commiserate with others about work-related issues. For instance, they might call or text friends and family rather than clients. This behavior, known as quiet quitting, is prevalent in today's labor force. The 'best practices action system' can help address this issue by providing a structured approach to work, emphasizing the importance of productive activities, and promoting a results-driven mindset.
Quitting, also known as the Great Resignation and the Great Reshuffle, is an economic trend in which employees are unsatisfied with their jobs but find a way to avoid action by essentially living off their employers' payrolls by not providing a profitable performance. Most employers will not continue to pay salaries for long. No results, sorry Charlie, no pay, no job! Then what?
Going the extra mile or any mile consists of obtaining a tidy paycheck for both the employer and the employee.
How about a very inexpensive gadget, a mouse jiggler, that artificially simulates keyboard activity and mouse movement, creating the impression of computer work? Some who work remotely have attempted to outsmart their management while engaging in fake work activity. These individuals, called 'parasitic quiet quitters,' exploit their employers by engaging in fraudulent activities to avoid real work.
Management may use productivity monitoring software as a surveillance mechanism to ensure compliance with company work requirements, so the parasitic quiet quitter alternatively engages in fraud.
A minor tune-up or a major overhaul may be necessary:
Each failure is an opportunity for growth and change. The key to reinventing oneself is returning to basics, reevaluating learned processes, and shifting focus towards effective action habits. Identifying and replacing activities, systems, and values that no longer bring results is essential in this process of continuous evolution.
In a constantly moving world, embracing discoveries, technologies, and techniques can revolutionize our interactions with businesses, colleagues, potential clients, friends, and customers. These could include new communication tools like video conferencing, innovative marketing strategies like influencer marketing, or advanced data analytics methods like predictive software packages.
The prospect of a transformative wave could be just around the corner, waiting to be unleashed by our pursuit of a new paradigm shift and adoption of a fresh, results-driven mindset.
As Albert Einstein famously stated, Insanity is doing the same thing repeatedly and expecting different results. This profound quote reminds us to modify our strategies and action habits to produce different outcomes. The path to success and growth lies in our willingness to embrace change and seek innovative approaches. Stressing the importance of this mindset will inspire and open the audience's minds, fostering a sense of creativity and progress.
Most for-profit, not-for-profit, and religious organizations need organizational efficiencies and create cash flow to pay operating costs and profits. The CPA, doctor, dentist, pastry baker, retailer, fast food operator, auto parts store, realtor, loan agent, real estate agent, or auto repair shop can use these techniques. How about the church preacher who learned methods of spreading the word but is also responsible for growing the numbers of the faithful congregation? More is needed if the contributions from a limited number of faithful cannot pay the bills. The architects and drafting technicians sitting in their offices, coordinating property development entitlements, and preparing plans may find these techniques apply to them.
A minor tune-up or a major overhaul may be necessary:
Each time I experience failure (many), I go back to the basics, ground zero, reconstruct my learned processes, and re-focus on changing my action habits from what is not working to those that will work. One must identify patterns, values, and activities that no longer get results and change them.
Reinventing oneself is a constantly recurring process.
Discoveries, technologies, and techniques may allow for entirely new ways of thinking about how to interact with businesses, associates, prospects, friends, and customers. Seeking out and engaging in a new paradigm shift may be very helpful. A brand-new round of results orientation may be close by. Pursuing a 'new paradigm shift' and adopting a fresh, results-driven mindset can revolutionize our interactions and lead to growth and success.
Government enterprises can focus on things other than results and organizational efficiencies. Their primary objectives are to expend assets (consume resources such as money, time, and energy), maintain power, and grow. They are most interested in planning for next year's increased allocation of tax money.
There is pressure to grow in one's profession and business, develop a positive cash flow, and succeed in any enterprise.
There are many educational programs. Combine the knowledge gained here with further education and learning. We need more training about organizational efficiencies, government involvement, marketing, networking, sales techniques, mechanics of the sales process, and personal development. Some methods are to improve skills, and some are motivational; we need both.
The sales and promotion process:
For-profit businesses and organizations usually include some form of sales and promotion component. I use salesperson and organizational support staff interchangeably.
I'd like you to focus on the benefits. Some folks learn that successful sales result from a presentation (verbalizing) in a pre-arranged word script or learned words and closing sequence. Sales trainers will suggest that certain words are best to make the initial presentation, overcome objections, ask for the order, and close the transaction. Some closers may use pressure tactics, ask questions, handle objections, and close transactions hard. Yes, sequences of preplanned words are essential to promote or convince prospects that your products, goods, or services have benefits to them that are worth purchasing.
The salesperson's or organizational staff member's first and most important job is to develop a thorough understanding of the products, goods, or services. The salesperson should be capable of presenting and handling questions and objections about function, usability, quality, durability, and pricing. The salesperson must explain benefits, desirability, technical aspects, and emotional appeal. The salesperson must habitually ask for the order to complete the transaction.
Many folks in organizations such as churches and professional services prefer a softer approach.
In the sales process, learn to ask questions and listen. Direct the questions to what benefits the customer. Become genuinely interested and involved. If you are interested, the person will want to spend more time talking with you. I witnessed many salespeople begin the solicitation by saying hi. I do this or that, or my company offers something to total strangers. There are no gestures when discussing the customer or their wants and needs. How about getting to know your prospects and giving something of value? How about adding value to help the customer's business? Sharing your knowledge and wisdom will go much further to having someone remember you and want to develop a future relationship with you.
I subscribe to a different sales and marketing philosophy.
You locate a buyer rather than create a buyer.
If we have a large group of active prospects or a lead base and constantly work to keep our presence in their thoughts, they will likely consider us if they need related goods or services. Also, all people in organizations, including sales staff, must focus on continuously developing business friendships and like-and-trust relationships.
Few natural-born, predestined, successful salespeople exist. The same goes for successful business owners and operators. Success in sales or operating a successful business is a learned proposition. Some salespeople may start earlier than others, even in childhood, by gaining self-confidence and developing the required characteristics to be successful. Various levels of confidence are achieved at different stages of our personal development.
80/20 Rule:
The 80/20 concept applies to almost all sales and organizational endeavors.
The 80/20 rule also applies to one's active lead base quality. Twenty percent of one's active prospects and ongoing relationships will result in 80 percent of your new business transactions. A salesperson must focus on the top 20 percent and convert the remaining 80 percent into the upper 20 percent.
This may be a real shuffle because salespeople are so anxious to convert the 80% that they spend most of their time there. At the same time, eliminate unproductive leads that appear to waste time.
The top 20% of salespeople account for 80% of the total sales volume, while the bottom 80% account for 20%. The top 20% earn 80% of the available income, while the remaining 80% receive a meager portion of the remaining 20% of available compensation.
The top 20% of a manufacturing company's employees are responsible for 80% of the production or output, and the remaining 20% are responsible for the remaining 80%.
Marketing Strategies:
Marketing strategies include face-to-face communications, direct calling, mass and individual emailing, posting on social media sites like LinkedIn, postal mailing, group networking, online presentations, Zoom calls, attending industry-related trade organizations, and texting. Direct calling is beneficial for repeat follow-up calls to maintain an ongoing relationship. If you have any unanswered calls, please leave a message; a follow-up email as a reminder is appropriate. The named person at least hears our voice and receives a friendly reminder email.
The above activities involve strategies to convert prospects into active relationships, including establishing business relationships and friendships. Actives talk with you and let you know that they are interested in your product, goods, or services. Of course, actives can and should develop into business friends. Yes, friends do business with friends!
Many business relationships and friendships make life easier. These relationships and friendships transcend personal happiness, good mental health, self-actualization, and potential monetary gain. However, if financial gain is the only focus, the strategy will appear phony, superficial, and ineffective.
Developing an extensive network of active leads and personal relationships takes daily focused time and effort. Merely locating and purchasing a list has no value. A list is only the beginning. I need initial introductions and follow-ups, which I think will develop into success over time. An outsourcing vendor can verify whether the addresses and email addresses are correct. Active daily management of the list is essential to convert people from cold or warm into active. Could you import the list into customer relations software (CRM)?
Here is a suggested action that you could take for someone who regularly or habitually does not respond to your request to communicate: send an email that states, Fred, I have tried to contact you a few times without success. Would you prefer that I do not bother you? If Fred wants to continue the relationship, he will respond. Fred may respond politely and say no or not respond. If Fred does not answer, you may demote him to cold and keep him in your database email marketing system. Cold leads get no personal follow-up other than marketing with a mass email distribution. If Fred is disrespectful or belligerent, delete his record entirely. Subject him to the big Delete in the sky.
A daily action habit is spending a significant portion of your day calling, emailing, or texting. However, I call my friends more frequently than every 60 or 90 days, and repeated calls can be bothersome. Could you restart the process every 60 to 90 days?
People change jobs, and companies go out of business, showing disinterest or disrespect, habitually failing to return phone calls, emails, and texts, retiring, changing names, changing email addresses, changing business locations, etc. The information contained in your prospect list requires constant updates and expansion. The active prospects in your network are the only ones you may reliably count on in determining the size of your network or lead base. Also, even with a sizeable active lead base, you may lose 20% to 30% of them annually for all stated reasons. Warm leads should become active.
Replacing doubtful leads in your network with active leads is necessary. You may drop the prospect from the active list and discontinue active follow-up over a reasonable time, such as 24 months of consistent follow-up. The other option is to email them occasionally with your standard email blast. Over time, they may again become active leads.
The quality of a prospect list may disintegrate overnight. In 2006, my company primarily used direct mail. We mailed about 1,000,000 letter-form solicitations each month. Then, by September 2007, the market crashed, and the lead-based list quality disintegrated overnight. Thousands of institutional and private money lenders, real estate agents, loan agents, investors, and builders/developers left the industry. The quality of my lead list immediately went up in smoke. Poof!
Prepare for that event! You will need to reconstruct a new list starting from day one. If the quality of your lead base crashes, consolidate the list down to your activities. Email or call to verify that they are still there.
A poor strategy is repeatedly following up with the same prospects, even when they display disinterest or non-responsiveness. The quality of all lists is fluid and constantly changing.
All the above is a recurring process throughout one's career. As the process becomes well-lubricated through practice and experience, you will expect increasing momentum in business until you have so much business that you need to stop marketing temporarily. Could you allocate the new incoming business and then get back on track?
Daily Action Habits:
Remember the funny phrase: Size Matters. What size is your universe of active possibilities? Are there 10s, 100s, or 1,000s of prospects that you can follow up on personally? You have a current network size of cold, warm, hot, or active leads. Each person in your company has a separate group of clients/prospects. If you add the size of your network to the size of all the networks of each party you market, you can establish a total or universe of contacts.
Do you and each person you follow up with have their own large enough network and a consistent daily action habit to develop a sustainable and financially successful career?
Here are three different examples of developing sizable networks:
You have 10 active leads in your universe. Another person you follow up with consistently has 10 active leads in their separate network. If you communicated with your ten each month or each quarter, and they communicated with their leads, then the total universe of active possibilities would be 20.
You have medium-size networks, such as 250, but must engage in a consistent daily follow-up activity habit. If you don't engage, you may become your own barrier. It will be necessary for you to change your action pattern. Calling, emailing, and communicating consistently with at least 10-20 active prospects is a good start. 20 is not a magic number, but if you call and they enjoy talking with you, that may be all you can handle. Otherwise, you may reach 20 to 30 actives and follow up with a polite thank-you email. Repeat every 60 to 90 days.
You have 250 or more active leads in your network that you follow up with each month or quarter with a good action habit. The person you follow up with also has 250 or more potential leads that they follow up consistently with a good action habit: 250 + 250 = 500 universes of possibilities.
Within your network of associates, say 250, each has its own 250 within their network; your network of possibilities is 250 X 250 or 62,500.
Then, there are referral buyers and prospects that automatically come with your successful follow-up system.
Let's assume that your CPA or financial planner has 1,000 clients. The clients need a service provider in your field. Whose name pops up? Yours, if you have effectively contacted the CPA and financial planners.
These examples remind you that if you want to become successful, associate and follow up with other correspondingly successful people, each with an extensive network. Imagine having 1,000 or 10,000 people receptive to your calls, showing you respect, enjoying the conversation, and having a vast network.
Leveraging your time and effectiveness:
There will be a natural point when help (one or more assistants) will be required to keep up the pace, close all the transactions, and provide quality service because you will be overloaded. Hiring a professional assistant, who may be an employee or an independent contractor, will significantly leverage your time and effectiveness.
The salesperson should identify tasks only he can do, such as face-to-face communication with the client. Others may write up an offer and present it to a seller and seller's agent.
An effective salesperson should always delegate tasks to an assistant or junior partner when possible. Benchmarking the tasks to be completed (in writing) will ensure performance and accountability.
A government license requirement may prohibit an assistant from performing certain functions and limit your delegation decision. However, in some states, such as California, real estate licensing law provides for performing specific support tasks under the unlicensed assistant law. Each state has its own.
The effective delegator will free up time to close more transactions, spend more time with family, and enjoy time in their mental hobby shop away from work's encumbrances. Would you happen to remember this concept?
You locate a buyer; you do not create a buyer.