You Only Need One Sales Channel to Get Rich — Transcript

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1. 0:00We sell junk removal and demolition to
2. 0:01commercial property managers. Uh we
3. 0:03currently do 1 million a year. Uh would
4. 0:05love to be at uh 10 million a year.
5. 0:08What's currently stopping us is knowing
6. 0:10uh which sales uh channel to focus on. I
7. 0:13know it's important that we pick one,
8. 0:14capitalize on it, and I'm wondering how
9. 0:17much time, energy, or volume do I spend
10. 0:19on one while I determine if that's going
11. 0:21to be our channel or not, and know
12. 0:23whether to leave that one or focus on
13. 0:25that one.
14. 0:25>> Yeah, so I'll give you two answers to
15. 0:27that question. So, before I answer it,
16. 0:29I'm going to do the first thing though.
17. 0:31Really the second thing first.
18. 0:33Um so, why what do you do currently
19. 0:35right now to get customers?
20. 0:37>> Uh right now it's been mostly referrals.
21. 0:40>> Okay. So, you can't do more referrals
22. 0:42because there's nothing for you to do
23. 0:43besides do a good job. Okay. That's
24. 0:45fine. Um if referrals is the way you're
25. 0:47getting business, what ways have you
26. 0:49begun or you haven't started doing sales
27. 0:50channels yet?
28. 0:51>> Uh so, I uh we've started to lay the
29. 0:54framework for doing uh email uh cold
30. 0:56outreach as well uh simultaneously with
31. 0:59LinkedIn outreach. And then also uh
32. 1:02converting some of our social media
33. 1:03efforts into a bit of outreach as well
34. 1:05with people who are engaging.
35. 1:06>> Mhm.
36. 1:06>> Uh so, those are some of the things that
37. 1:08we're
38. 1:08>> Like ManyChat and then DM and then all
39. 1:09that.
40. 1:09>> Yeah, yeah. Uh more more manual for now
41. 1:11while we get the uh the flow going. And
42. 1:13then also um I'm in a networking BNI, so
43. 1:15that's
44. 1:16>> Yeah.
45. 1:17I would prefer you stick with one of
46. 1:19them and just do more in that thing.
47. 1:22And so, if the question is how do I So,
48. 1:24the original question was how do I know
49. 1:26which one to pick and how long to stick
50. 1:27with it?
51. 1:28So, I think I will reject the premise,
52. 1:31which is that
53. 1:33one of them is going to work. Like you
54. 1:36will make one of them work.
55. 1:37And so, you could make any of them work.
56. 1:40And so, I would take the hypothetical
57. 1:42extreme of
58. 1:43is there a business that acquires other
59. 1:45businesses' customers
60. 1:47in each of those different channels in
61. 1:49your market?
62. 1:51>> Uh I'm I'm not sure.
63. 1:53>> I'll bet there is.
64. 1:55Uh there are are some junk removal
65. 1:56people who do it via social media and
66. 1:58they take it that way. Some people
67. 2:00probably do it via LinkedIn. Some people
68. 2:01do uh, cold outreach. All three of those
69. 2:03are super repeatable channels that
70. 2:05anyone could run.
71. 2:07So, all of them can work. My
72. 2:10recommendation to you would be the one
73. 2:11that you have the highest overlap with
74. 2:13existing skill set.
75. 2:15Between you and team.
76. 2:17So, if you and or your team have more
77. 2:19knowledge around social media stuff,
78. 2:21then I'd be like, just double down on
79. 2:22social media. If it's I have uh, you
80. 2:24know, we're better at kind of the
81. 2:25outbound motion, then I would say go do
82. 2:27the outbound motion
83. 2:29via via email. If it's like, well, we
84. 2:31want to do both of these things, it's
85. 2:32like, well, why don't we just send more
86. 2:33emails?
87. 2:34You know what I mean?
88. 2:35>> Got it. I guess if you had to just say
89. 2:37one, like let's irrelevant to what the
90. 2:39team has
91. 2:40>> Which one do you have the best skill set
92. 2:41uh, in?
93. 2:46>> To be honest, I just don't have the
94. 2:47skill set and I guess networking is
95. 2:48number one. Like in when I'm in person
96. 2:50with people, I'm doing the best.
97. 2:52>> Okay.
98. 2:53So,
99. 2:54So, hear me out then.
100. 2:56Wild idea.
101. 2:58So, you do networking stuff and so if I
102. 3:01said, I want you to spend 4 hours a day
103. 3:02to find every local community-based
104. 3:05related event with 20 people or less or
105. 3:0750 people or less in it that have people
106. 3:09who are similar to your avatar. Would
107. 3:11you be able to do that?
108. 3:12>> Yes.
109. 3:13>> Okay. So, why can't we do more of that?
110. 3:16>> We can do more of that.
111. 3:17>> Okay. So, how many of those events do
112. 3:19you currently go to? And I'm guessing
113. 3:20you get customers from when you go
114. 3:21there, right?
115. 3:22>> Uh, yeah, they they compound over time.
116. 3:24Uh, we go to uh, currently a few a week
117. 3:26and then we're meeting one-on-one with a
118. 3:27lot of people we meet.
119. 3:28>> Afterwards, right. So, I would say, all
120. 3:31right, well, then what would it take for
121. 3:33us to go to like several a day?
122. 3:35That would be my first kind of like
123. 3:37risk-adjusted move.
124. 3:38Because the other things you haven't
125. 3:39done yet at all. So, it's like, how do I
126. 3:41go from one to three just like this
127. 3:43year?
128. 3:44I would do that.
129. 3:46Cuz then it'll free up more cash flow
130. 3:48because the the issue that you have
131. 3:49right now, especially like in the in the
132. 3:51in the swamp that you're in right now.
133. 3:53Um
134. 3:54you
135. 3:55basically until three-ish million
136. 3:56dollars a year, which is why it's so
137. 3:57painful, everyone here has to learn
138. 3:59everything.
139. 4:00You've got to learn it all because no
140. 4:02one who's really good
141. 4:03you can afford to pay.
142. 4:04>> Mhm.
143. 4:05>> It's just the math.
144. 4:07That's why it's so tough, right? So it's
145. 4:08like let's say you have a two million
146. 4:09dollar business and you run 20% margins.
147. 4:12Um
148. 4:13or let's give you better margins. Let's
149. 4:14Let's give you Let's give you 30%
150. 4:16margins, right? So you got $600,000 a
151. 4:17year. Now some percentage you're going
152. 4:19to keep in the business, you're going to
153. 4:19reinvest, whatever. So it's like you
154. 4:20might have 400 350-ish of like
155. 4:24net free cash or whatever you want to
156. 4:25call it. You probably don't live for
157. 4:27free. So now we got to eat that out. So
158. 4:29it's like okay, there's $200,000 left
159. 4:30maybe.
160. 4:32You can bet 100% of your profit on one
161. 4:34person
162. 4:35who can come help you do this or you
163. 4:37just have to basically work double time.
164. 4:38Both of those are fine. It's just
165. 4:40different preferences around risk. Um
166. 4:43and if you've never gone above that,
167. 4:45then pattern recognition of what that
168. 4:46first hire looks like is tough. The
169. 4:49reason that Who here is on their second
170. 4:51business or beyond? Can you get hands?
171. 4:54Okay, most of you.
172. 4:55Um
173. 4:56so of the people who raised their hands,
174. 4:58who here's second business grew faster
175. 4:59than their first business?
176. 5:01Almost everyone.
177. 5:03And the reason for that is because your
178. 5:04pattern recognition is better, right?
179. 5:06Like you The first time you ever hired
180. 5:07your first sales person, you're like I
181. 5:08don't know what these people look like.
182. 5:09And then you hire five of them and
183. 5:10finally you're like ah, this one's one.
184. 5:12And then from that point going forward
185. 5:13you're like okay, this is what a good
186. 5:14sales person looks like.
187. 5:15As you scale a business, you have to do
188. 5:17that across every department across
189. 5:19every level. So first you learn what an
190. 5:21SDR looks like and then you learn what a
191. 5:22sales person looks like and then you
192. 5:23learn what a sales manager looks like
193. 5:24and then you learn what a and what a
194. 5:26closer looks like and what a closer
195. 5:27manager looks like and then a director
196. 5:28of sales and a VP of sales. Like you
197. 5:30have to learn what each of these are and
198. 5:31at every level you just fail a bunch of
199. 5:33times until you get it right and you're
200. 5:34like ah, that's what it is. And so
201. 5:35fundamentally like the the further along
202. 5:37a business you'll get, the more
203. 5:39you will feel like you are assembling
204. 5:40businesses than you are really building
205. 5:42them.
206. 5:42>> Mhm.
207. 5:44>> And so
208. 5:45to ladder to your question.
209. 5:47Um
210. 5:47I would just do way more of the thing
211. 5:49you're currently doing
212. 5:50as my path of at least getting to one to
213. 5:52three. It's probably super profitable
214. 5:53for you as well.
215. 5:55And then I would invest
216. 5:57more of those resources into
217. 5:59um, learning one of the other channels.
218. 6:02>> Got it.
219. 6:03All right. Thank you.
220. 6:03>> Cool. You bet.
221. 6:04>> If you are a business owner and you are
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