Why 200 Cold Calls Felt Like Luck — Transcript

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1. 0:00Dacian Floria
2. 0:03All right, let's see what Dacian's up
3. 0:04to.
4. 0:0580% margins. Hmm,
5. 0:07wonder what this business is.
6. 0:09Dacian, what is LIMS plus?
7. 0:12>> Well, it's an environmental testing
8. 0:15platform for environmental testing labs.
9. 0:18Thank you, man, and thank you, man, and
10. 0:19thank you for doing this as a gift.
11. 0:21>> You bet, man.
12. 0:23>> [clears throat]
13. 0:24>> Come on.
14. 0:25Um, okay. So, 200 Well, thank you for
15. 0:27donating books, which I super
16. 0:28appreciate. All right, you got 5
17. 0:29minutes, so let's rock and roll. So, you
18. 0:31have a a testing platform, got it. Uh,
19. 0:34you're running 80% margins, which is
20. 0:36super super impressive. What's the issue
21. 0:38right now? What are you trying to get
22. 0:39to?
23. 0:41>> I try to make money.
24. 0:43The only problem or the biggest problem
25. 0:45I have right now is that I have this
26. 0:46software platform.
27. 0:48>> Yeah.
28. 0:48>> I'm targeting big to big labs, like
29. 0:50they're enterprise.
30. 0:51>> Uh-huh.
31. 0:52>> They have like usually two to three
32. 0:54people or maybe more that I have to talk
33. 0:56with to get a deal done.
34. 0:57>> Yeah, that's normal.
35. 0:58>> Usually the deal size
36. 1:00the deal size is starts at 50K up front
37. 1:03and then it can go to like 100K.
38. 1:05>> Yeah.
39. 1:05>> And I go into an annual recurring
40. 1:08revenue of 50K usually for this type of
41. 1:10clients.
42. 1:11>> Cool.
43. 1:12Okay.
44. 1:12>> The problem I have is that I don't have
45. 1:14anybody in the pipeline and I don't know
46. 1:16how to get them in.
47. 1:17>> [laughter]
48. 1:17>> Yeah, you're like, I've got this great
49. 1:19business, there's no one no one's buying
50. 1:20it. So, is it 250K a month or 250K a
51. 1:22year right now that you're at?
52. 1:25>> A year.
53. 1:25>> A year, okay, got it. So, you really not
54. 1:27getting them any clients if that's your
55. 1:28price point. Okay, understood. So, what
56. 1:30did you do to get these What did you do
57. 1:32to get these first clients?
58. 1:34>> So, first client was luck via cold call.
59. 1:37>> Okay.
60. 1:38>> And
61. 1:39the second client was same cold call and
62. 1:41the third one was trade show.
63. 1:44So, I have three customers right now.
64. 1:45>> Okay, all right, okay. So, you've got
65. 1:47cold call, trade show, and what was the
66. 1:50other one?
67. 1:52>> Cold call as well.
68. 1:53>> Okay, so how many cold calls did it take
69. 1:55to get you the the the one deal?
70. 1:58>> Well,
71. 1:59it was a while ago, probably around 100,
72. 2:02but it was luck.
73. 2:03>> I mean, dude, that's how it works.
74. 2:06You did I mean, you're like, I did 100
75. 2:07and then one of them bought, it's luck.
76. 2:09It's like, no, you did 100.
77. 2:11Like it's like if you called one and one
78. 2:13of them bought, that would be luck. If
79. 2:15you called 100 and one of them bought,
80. 2:16that's just a process.
81. 2:21So, let me let me ask you this way. So,
82. 2:23I I've said this before, but it's super
83. 2:25common for sub a million, which is that
84. 2:27what feels like volatility is actually a
85. 2:29symptom of insufficient volume. I mean,
86. 2:31you're not doing enough, which is what
87. 2:33makes it feel erratic.
88. 2:35And so, it's like you did 100 and you
89. 2:36got one, and then you did other cold
90. 2:37calls and you got the other, right?
91. 2:40>> Yeah.
92. 2:41>> Okay. So, how many cold calls did it
93. 2:42take you to get the second one?
94. 2:45>> Probably around the same.
95. 2:47>> Okay, so that sounds lucky, though. The
96. 2:49second one sounds lucky. The first 100
97. 2:51and you got one, you know, that is You
98. 2:53know what I'm saying here? You made 200
99. 2:54calls and you got two customers.
100. 2:57>> Mhm.
101. 2:59>> So, the question then becomes what stops
102. 3:01us from doing 10,000 calls?
103. 3:07>> Well, one would be that
104. 3:09>> You need leads.
105. 3:10>> I'm not that good at cold I need
106. 3:12>> Well, dude, you got one.
107. 3:15Dude, what 1% conversion on cold calls,
108. 3:17by the way, fine.
109. 3:19Totally fine.
110. 3:21On a 50K, 100K price point, totally
111. 3:24fine. Do you think about it like this?
112. 3:26You're making $500 a dial.
113. 3:32>> Yeah.
114. 3:33>> Yeah.
115. 3:35That's That's pretty good for a dial. I
116. 3:37don't know about you, but if I want to
117. 3:38go out to dinner tonight, I'll be like,
118. 3:39okay, I'll make one dial. There we go, I
119. 3:40covered my dinner.
120. 3:43>> [laughter]
121. 3:43>> Right?
122. 3:44>> interesting way to think about it.
123. 3:45>> Of course, you have to think of it
124. 3:46because you've gotten your head about
125. 3:47this. Like if every time you make 100
126. 3:48calls, you get a you get a deal, then
127. 3:51it's like how what how how do I need to
128. 3:52game this for you so that you just make
129. 3:53100 100 calls every day?
130. 3:58>> Mhm.
131. 3:58>> That Okay, so what you have We have 60
132. 4:00seconds. So, what's the thing that's
133. 4:01holding you back from just saying like
134. 4:02yes, that makes sense?
135. 4:05>> Well, that makes sense, but I don't know
136. 4:07how to get myself leads.
137. 4:09>> Okay. If Right, then that's the leads
138. 4:10list. Yeah.
139. 4:13>> The second problem is how do I position
140. 4:15myself with what attraction offers can I
141. 4:18create
142. 4:19so it makes sense for these guys?
143. 4:21>> Well, for a bigger for a bigger company,
144. 4:23a waved
145. 4:25fee structure, which is the third fee
146. 4:28structure that I talk about inside of
147. 4:30the continuity section for money models,
148. 4:32which is you have a big upfront nut
149. 4:34where you say, "Hey, it's $50,000 for me
150. 4:36to do this whole integration, and then
151. 4:38it's $5,000 a month month-to-month,
152. 4:41right?" It's like or
153. 4:42>> Mhm.
154. 4:43>> if you want to commit,
155. 4:45I'll waive the $50,000, but you got to
156. 4:47commit to the whole year.
157. 4:51>> Yeah, but they they anyway would do that
158. 4:53because all their data is in our system.
159. 4:55>> Right. Well, the thing is is but you're
160. 4:57but you're just No, no, dude, I I get
161. 4:58it. The
162. 5:00the way that a money model works from a
163. 5:01positioning perspective is that you
164. 5:03don't like whenever you give someone a
165. 5:05choice, it doesn't mean that you're
166. 5:06saying you actually give them the
167. 5:07choice. You give the illusion of choice
168. 5:09that then obviously selects or waits for
169. 5:11one of the selections.
170. 5:14>> Mhm.
171. 5:15>> So, you'll basically the question that
172. 5:16you had is, "How do I get more of these
173. 5:18people to sign up? How do I make it more
174. 5:19compelling for them?" Well, if they
175. 5:20think that they're getting something
176. 5:22that costs $50,000 to set up for free,
177. 5:25they're far more likely to do it than
178. 5:26just saying, "Why would I do that
179. 5:27anyways?" It's like, "Yeah, no shit."
180. 5:28But, the problem is that they don't know
181. 5:29that.
182. 5:31>> Mhm.
183. 5:32>> You know what I'm saying?
184. 5:34>> Yeah, makes sense.
185. 5:35>> Okay. So, I'll give you Let me
186. 5:36>> this into an ad or something?
187. 5:39>> No, I think I actually don't No, that's
188. 5:41This is more for the mechanics of of how
189. 5:42you actually close when you when you get
190. 5:44into the into the into the thing with
191. 5:46them.
192. 5:46Um but let's solve the original issue
193. 5:48really quickly. We are over, so I'm
194. 5:50going to just make this as fast as I
195. 5:51can. They got to get the next person,
196. 5:52okay? So, number one is I would say
197. 5:54list brokers, you can do that. Number
198. 5:56two is you can scrape using software.
199. 5:59Uh, number three is that you can go to
200. 6:02people who own groups or communities
201. 6:04that and there always are some. You just
202. 6:06look just just look there's some on
203. 6:07school, there's some on LinkedIn,
204. 6:08there's Reddit, whatever, right? There's
205. 6:09different communities for these people.
206. 6:11And then you want to pay the group owner
207. 6:12to basically make an ad inside of the
208. 6:14group.
209. 6:15Those are three different you can look
210. 6:16at right now to go get leads.
211. 6:19>> Okay.
212. 6:20>> Cool. Also, highly recommend flying out
213. 6:22there and saying, "Hey, it's you know,
214. 6:24you find out that they're in California,
215. 6:26you know, like in Los Angeles. You say,
216. 6:28"Hey, it's so crazy. I'm actually in LA
217. 6:30this week. I figured there might be I'm
218. 6:31happy to happy to swing by while I'm in
219. 6:33town." And if they say yes, then you
220. 6:34just fly there.
221. 6:37>> [laughter]
222. 6:38>> Okay? That's how that works.
223. 6:39>> Good one, yeah.
224. 6:40>> Yeah. Rock and roll, man. Appreciate
225. 6:42you.
226. 6:44>> Appreciate you, too.
227. 6:44>> Thank you for donating a book station.
228. 6:46Oh, thank you. I appreciate it. All
229. 6:47right, bye. If you were the best
230. 6:49salesperson in your company, then your
231. 6:51company will be always capped by you.
232. 6:54This is what the two-day workshop is
233. 6:56for. Now, I'm going to be clear before I
234. 6:57get into what it is. This is for
235. 6:59million-dollar plus businesses that are
236. 7:01trying to scale their sales team where
237. 7:03you are still probably vast majority of
238. 7:05the match. Either you're literally
239. 7:06taking calls or you are a big percentage
240. 7:08of the revenue or you have to be
241. 7:09constantly on the sales team in order to
242. 7:11get this to work. If you're in any of
243. 7:13those settings, then this is absolutely
244. 7:14for you. And so, if you are tired of
245. 7:16your sales relying on you and want a
246. 7:18sales system that scales beyond you,
247. 7:20then apply. That's the deal. And so, if
248. 7:22it is a fit, we look forward to seeing
249. 7:23you out here and it's a great time.
250. 7:24We're talking about sales stuff. Like
251. 7:25how could you have a better time? But
252. 7:26don't take my word for it. Here's what
253. 7:27other people are saying about our
254. 7:28workshops. They're
255. 7:30premo and uh yeah, can't wait to see you
256. 7:32out there.