The 5 Absolute Best Tips On Why All Employees Must Be Salespeople (#119)

[00:00:00] Jeffrey Feldberg: Welcome to the Sell My Business Podcast. I'm your host Jeffrey Feldberg.

This podcast is brought to you by Deep Wealth and the 90-day Deep Wealth Experience.

Your liquidity event is the largest and most important financial transaction of your life.

But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave anywhere from 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

I should know. I said no to a seven-figure offer and yes, to mastering the art and science of a liquidity event. Two years later, I said yes to a different buyer with a nine-figure offer.

Are you thinking about an exit or liquidity event?

If you believe that you either don't have the time or you'll prepare closer to your liquidity event, think again.

Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event.

After all, how can you master something you've never done before?

Let the 90-day Deep Wealth Experience and our nine-step roadmap of preparation help you capture the maximum value for your liquidity event.

At the end of this episode, take a moment to hear from business owners, just like you, who went through the Deep Wealth Experience.

 Welcome to the Deep Wealth Sell My Business Podcast. And in this episode, we're going to do a deep dive. It's going to be a solo episode on the five absolute best tips on why all employees must be salespeople.

Before getting into that, it's been a number of episodes until we've had another solo one. And the reason for that is we've been busy behind the scenes. We launch an entirely new podcast website, and if you haven't checked it out, I would encourage you to go and do so. Just go to podcast.deepwealth.com. I'll put that link in the show notes.

All kinds of new features on there. We've also done an entirely new guests intake form so we can get you the very best and greatest of all the guests that are coming on. And we even added an area where you can ask questions. You can record your question in audio format, we'll get those questions and we can make entire episodes around that and start answering those questions. So when you have a moment, please check out podcast.deepwealth.Com and you'll take a look at the entirely new site.

So that said, let's go back into what for many business owners tends to be a controversial topic. Because when I said the five absolute best tips on why all employees must be salespeople, I know that some of you are thinking, well, wait a minute. Not everyone can be a salesperson. That's why we have dedicated salespeople. You have to be born to be a salesperson. Right? Well, let's talk about that.

And actually, that's the first topic. There are three sales myths that you must stop believing today so that you can prosper tomorrow. And when we talk about these myths and when you come away from this episode, what I'm hoping you're going to understand is that sales isn't quote, unquote selling. And I'll talk about this in the episode, the best salespeople I've ever known don't sell. And if they're not selling, you may be saying, well, what the heck are they doing? Well, they're educating and what I'm talking about here, this is very near and dear to the mindset of cockroach startups. In a cockroach startup, and that's what most successful businesses are. In fact, the Titans of business today many of them started as a cockroach startups. And in a cockroach startup. This is where you're bootstrapping and you're really having resilience and you're doing all kinds of things that you typically don't see when you have venture-backed or private equity-backed companies.

But in these incredibly successful companies, it's built into the culture that everyone sells. And I'll talk more about that. But first, let's visit three myths that may have you believing that you're only in sales because you're born in sales. And that's myth number one, great salespeople are born not made. And this myth goes along the lines of something like this.

You're either born a salesperson or you're not, if you're not born a salesperson, forget about it. Game over. Don't even try to become a salesperson. Go do something else. And that's simply not the case. I want you to think about this for a moment. Imagine you just saw a movie that you really liked, or you went to a restaurant that has you now a raving fan.

What happened after you saw that great movie or that restaurant? Chances are you spoke to the people around you. Your friends, your colleagues, your family members, and you told them about this amazing movie that you saw or this incredible restaurant that you just went to.

And in the process of doing that, you're educating them as to the why. Why was the movie so good? Why was this restaurant so incredible? And you shared your personal experience. Now chances are not everybody, but a good number of the people that you spoke to you've got them curious. And they're going to take a look at that movie, or they're going to go visit that restaurant.

Let me ask you something. Were you quote-unquote selling? No, you weren't, you were sharing your experience. You were educating, you were letting people know why something really has you happy. Or you're a better person for it.

So, when you think about it, when you were sharing your experience, you were educating. And directly or indirectly, actually a little bit of both. You're now encouraging people to check this out for themselves. So let's take off myth number one, great. Salespeople are not born. In fact, I'm going to say all of us are salespeople.

Yes, we all have different styles. We talk in different ways. We tell stories in different ways, but all of us are salespeople. And the key in quote-unquote selling is educating. When you educate people as to the why. Why do you feel the way that you did? How you're made to feel that way? What happened? All of those things come together in a terrific story and remember people love stories.

Myth number two. You can hire a sales team to take care of your revenue. Why is this a myth, particularly when you're starting a business?

You likely don't have the funds to hire a sales team. But more than that. If you've never sold your product or offering on your own, how in the world do you expect other people to sell? Yes, you can bring somebody on board and they can go out there and attempt to do it. Maybe they'll even be successful, but chances are it's going to take a longer, cost you more money and they're not going to be effective.

You are really not going to talk about this in the next section. You are quote-unquote, the world's best salesperson as the founder. Because when you're out there doing it for yourself before you bring anybody else on board.

You're getting market feedback. You're hearing what's working, what's not working. You're making adjustments along the way. You're changing the narrative. You're even changing your offering. And because of that, you now streamline the approach of how to do it. And I'm going to hold on that thought. I'm going to put a pause on it.

Because we'll come back to that in a later section. So the second myth is again, you can hire a sales team to take care of revenue. That's the absolute, last thing that you want to do. You want to go out there first? Do it for yourself before you'll bring on anybody else.

The third myth is that selling is only about new clients. And let's think about this. one of the fatal mistakes that most businesses make is they chase after the clients they don't have they chase after the prospects. Yeah. We got some clients on board, but that's yesterday's news. Today's news is something else. That's more exciting. Let's go after these new clients and you put the time, the effort, and the money into getting in new clients.

Study after study after study continually shows that it's 15 to 25 times more expensive bringing on new clients than working with your existing clients. And when you think about it, it's not just about new clients.

When you're talking to a prospective employee. You're quote-unquote, selling that new employee as to why he or she should leave an existing job and come to your business. When you're speaking with a new supplier. You're having to convince that supplier, educate that supplier, and why that supplier should work with you.

So when you take a step aside and you think about it, the ability to sell the ability to craft a narrative and to educate it's for all of your stakeholders, if you happen to have a board of advisors, Well, you're going to need to quote-unquote, sell that new board member why he or she should become a board member in the first place. So selling isn't only about new clients. Selling is everything that you do with every person that you interact with it's really all about selling.

So three myths that you should stop believing today so that you can prosper tomorrow again. Great salespeople, they aren't born. We're all great salespeople. Please get away from the notion that you need to hire a sales team to take care of revenue, particularly when you're starting. The third myth is that selling is only about new clients. Absolutely not. Again, those three myths let's put them aside. Let's deal with fact not fiction.

And so now that we got those three myths out of the way let's talk about the second strategy when it comes to the five absolute best tips. on why all employees must be salespeople. And the second strategy is why you must be a salesperson. Even if you're a founder. Let me ask you a little bit of a rhetorical question and the question is this. In your company, who's the most passionate?

And I suspect you said, it's you, and if you said that you're right. And if you didn't say that, think again, you are the most passionate. Again, you founded the company, you found a painful problem that you were passionate to solve. You solved it so well that you created raving fans from your clients.

They're only too happy to pay you to take that pain away. So you started the business. You're the most passionate about the business. Believe it or not, then you better believe it. You are one of the best salespeople your company will ever have. Why you want to be a salesperson, even if you're in an established company, when you're out there selling you're receiving invaluable market feedback and Intel of what people like and what they don't like.

When I look back to my own experiences when I'm out there and when I'm selling and I'm speaking to prospects. The feedback that I get has led to market disruptions, it's led to improvements in the overall offering. And it's completely changed the way that we do things as a company.

Now, this is not to say that your other team members aren't going to pick up on this and do it. But the fact of the matter is, and this is a fact. You're more sensitive to what you're hearing people say, after all, your business is your baby, and you care about this. This is your vision. And when you receive that invaluable market feedback and Intel, you're going to be making changes and you're ensuring that nothing gets missed.

And the third reason of why you're the most effective salesperson and why you must be a salesperson in your own company is that you're understanding the nuances of your overall sales process. Hey, what worked yesterday doesn't work today when it comes to marketing. When we've been doing marketing campaigns the typical lead sources or marketing campaigns that continually got results well, they worked one day, but they stopped working the next day. So the marketplace is always changing.

When you're out there. When you're speaking with your stakeholders with prospective clients. You're hearing what's on their mind today. And you're going to make adjustments to how you sell what you do, what the process is like. And when you're doing that, you're saving your business time. You're saving your team members' effort, and ultimately it goes a long way to increasing your revenues and your profits. So your takeaway from this is you must be a salesperson, even if you're a founder and you're really the most effective salesperson that your business can have.

Strategy number three on the five absolute best tips on why all employees must be salespeople is the power of education for your team. Here's another thought experiment for you. A little bit of a rhetorical question as well. If you're to take all of your team members, I'm talking the front-of-the-line employees all the way up to the CEO, the president.

If you ask them what your business does and why your business does what it does are you going to get the same response? Is it going to be identical for everyone? I suspect if you're honest about it, the answer is no. And that's okay. It's okay if the answer is no today because we can prepare so that the answer is yes, tomorrow that you'll get the same response.

So the power of education for your team. Number one, you want to ensure that everyone understands the why about your business. Why does your business do whatever it's doing? When employees understand the why a few important things happen, and this is number two.

 When all your team members understand the why behind your business this is where the magic happens. Firstly, your team members, your employees, they become excited. They understand why they're doing what they're doing. It's important for themselves, for your company, for the stakeholders.

They now have a purpose. They now have a North Star instead of the same blank, different day. There's a reason behind the madness of what's going on of what they're doing. So when everyone understands the why, it gives them a new sense of purpose, a new sense of direction, and that's where the results start to happen.

So once everyone understands the why the second step that you want to do when it comes to educating your team is you want to create a powerful and compelling narrative for all of your employees. Let's face it as people we are natural storytellers. You will remember a story over facts and figures. If that story is an interesting one and built into it are these facts and figures you'll remember it all. Or even a song. You remember the lyrics to some of your favorite songs, even though, maybe you haven't heard that song for years or decades. Because we remember powerful narratives, powerful stories. It stays with us. And whether you realize it or not, you've been telling a narrative, you created a narrative when you started your company.

When you're interviewing future employees, when you're speaking to prospective clients, You already created that narrative. Well, now we're more deliberate about this. We're taking a look at what, what is this narrative? And you're getting that narrative out to everyone in the company. And that narrative must be compelling. It must have the hope of a better tomorrow. There must be a big picture of why you're doing what you're doing.

As an example for Deep Wealth, with the Deep Wealth Experience, the 90-day roadmap with the nine steps of preparation, our narrative, our big picture is to change the social fabric of society one liquidity event at a time.

And for us, what that means when we have business owners that go through the Deep Wealth Experience. When it's time for their liquidity event, they're not going to be a statistic. They're not going to be the 90% of liquidity events that fail. They're not going to be the business owners that leave 50% to over 100% of the deal value in the buyer's pocket and not even realize it, it's going to be the opposite.

When you go through the Deep Wealth Experience, you'll have a successful liquidity event and I'll be blunt. You'll become richer because of that. And because you have all this excess capital, once you've taken care of yourself, your family, and your loved ones financially, you can't spend it all. Why not take an allocation of your wealth and either create a foundation?

Or choose a charity, choose a social cause where you can make a difference. And this is how we can change the social fabric of society one liquidity event at a time. Now, I don't know about you, but for me, that is compelling. That's what gets me out of bed every day to do what we do here at Deep Wealth. That's the kind of narrative that you need for your employees, that they can tell their friends, their family members, and business associates, why they're at your company, what your company does and why they're doing what they're doing.

And the third takeaway point on this is that people become more engaged when they understand the why particularly when that why is built into the story.

So let's now go onto the fourth strategy of the five absolute best tips on why all employees must be salespeople.

Since we know that all employees must be salespeople please provide the following three tools. The first tool is an elevator pitch. We already created the narrative and narrative is a story. From that narrative, we create an elevator pitch. That's 30 seconds. And let's face it when you're not in the business when you're in a social environment, maybe you're at a party.

Maybe you're just with some friends, some colleagues, maybe you're in a place where there are all kinds of strangers. When you're meeting someone for the first time or relatively new to that person, it's a natural point of the conversation to ask the question, hey, tell me what you do?

When you have that elevator pitch and you've made it easy for your employees, that they're all on the same page it's the same elevator pitch for everyone. Once again, that's where the magic starts to happen. Everybody knows somebody, you have that six degrees of separation. And when you start sharing with everyone, that elevator pitch, you never know where that's going to lead.

It can lead to future employees. It can lead to new clients. Who knows where it's going to go, but have that elevator pitch, because the second step is once all employees have that elevator pitch, they can now ask for referrals. They just met somebody new. They tell the elevator pitch, they share that narrative, and the other person is interested. Oh, wow. Jeffrey. That sounds like you work at a terrific company.

And I'm saying. Yeah, I think so. I think we're the best thing since sliced bread. Hey, by the way, do you know anybody that can benefit from what we're doing? That's how things happen. Remember, people would rather do business with friends than with strangers. So, what do you think happens now? You get that referral. Let's say Sally says Jeffrey, you know what, I know the perfect person for Deep Wealth and the 90-day experience. Let me make that introduction.

When Sally speaks to her friend I'm no longer coming in as a stranger. I'm coming in as a trusted source. Sally's recommending that I speak to her friend and her friend is going to give me the time of day because it's Sally who's recommending me.

And the third thing that you're doing in addition to the elevator pitch. In addition to training your employees to ask for referrals. You're having them tune in to the world's favorite radio station. And we talk a lot about this in the 90-day Deep Wealth Experience. Do you remember the world's favorite radio station?

I'll give you a hint. It's WII.FM. The What's In It For Me radio station. Everyone loves WII.FM because that radio station talks all about themselves. Who doesn't like to talk about themselves? That's people's favorite pastime. So when you train your employees that it's not about the employees, it's about the person that they're speaking to, and in every engagement, in every interaction, email, phone call meeting you always want to tune in what's in it for the other person.

That includes what problem that other person is facing, perhaps how you can help that person solve that problem. Or if you can't help that person solve the problem, perhaps, you know, somebody who can.

When you give that tool to your team, they have an incredibly powerful tool to not only pay it forward and to be a resource and to help people. It's a terrific way of building those professional relationships. Again, everybody knows somebody it's six degrees of separation.

And this leads nicely into the fifth strategy of the five absolute best tips on why all employees must be salespeople.

And that fifth strategy is this: the importance of celebrating your way to success. So let's talk about this. You know, there's an old saying what gets measured is what gets done. You may have done everything perfectly. You've educated your team. You've dispelled the myths you yourself are a salesperson. You have a terrific narrative. You have an elevator pitch. You asking for referrals. They're tuning into WII.FM. But if you're not celebrating success, you're not rewarding what they're doing.

So, how did you celebrate success? What does that look like? Number one for starters, do you want to give public recognition? When there's a success. So let's suppose that Bill got a referral from someone that he was speaking to. He handed that over and that referral became a client. Well, you're going to want to recognize Bill. You can recognize Bill. If you're having a company-wide meeting, whether in person or virtual, perhaps you're going to have an email that you send to the entire company. Hey, we just welcomed this new client and I wanted to give a shout out to Bill who got this referral he handed it over to our team and we brought this client on board. Bill thank you so much for making that happen.

The second thing that you want to do is you want to offer some kind of reward. And that reward, it could be financial. Perhaps it's a gift certificate. What some companies have done is they've given a percentage of revenue for the first 12 months of that client, as an example perhaps it's 10% of revenue for the first 12 months of that new client. But this is where you're tuning into WII.FM for your employees, because your employees are different. Maybe Bill prefers a financial reward. But perhaps Sally prefers to have some time off. So you give Sally some paid time off. Tune into WII.FM for your team.

And when a referral comes in, that turns into business. When you have a win. No matter how big or small you're going to reward that you're going to figure out what makes the most sense for that person.

And the third thing that you're doing when you're giving the public recognition. When you're giving some type of reward, whether it's a financial reward or time off or whatever it is that moves the dial for your employee.

You're building into your culture the ability to celebrate wins, no matter how big or how small. I've said this before, and it's worth repeating. Your competition with all of its capital can copy just about everything that you do. Your competition with its capital can copy the same technology that you're using.

And yes, your competition can even try and hire away some of your key talent. But what your competition cannot do with this capital, is they cannot copy your culture. It's your culture that will keep your employees from being hired away. It's your culture that will turn prospects into paying customers. It's your culture that really becomes a differentiator for you.

And when you go through the 90-day Deep Wealth Experience, you'll learn that your culture in fact, is both an X-Factor and a Rembrandt that increases enterprise value. So you're embedding celebration into your culture and you're also introducing the F word. The fun word. Hey, who doesn't like to have fun?

So whatever you do ensure that you embed celebration into your culture. So those are the five absolute best tips on why all employees must be salespeople. And let's just do a quick recap. Strategy number one. Three sales myths that you must stop believing today so that you can prosper tomorrow.

And the three myths are that great salespeople are born, not made. That you can hire a sales team to take care of revenue. And that selling is only about new clients. All of that is fiction. It is not fact. Let's make it so that, you know, the actual truth which we discussed about in those three myths, we can take off the table.

Strategy. Number two is why you must be a salesperson, even if you're a founder. And there, we talked about how you're always going to be the most passionate person in the company. That when you're out there selling, you're receiving invaluable market feedback and Intel, and you're understanding the nuances of the sales process.

You know, one thing that I didn't mention earlier and I'll quickly mention it now, when you understand the sales process, you're also protecting yourself from the wrong kind of salesperson. Now, I don't know about you but when I've hired salespeople in the past, some of the salespeople, the best sales job that they've ever done was in the interview.

So in other words, they sold themselves on the job, but once they were hired, it was all downhill. When you understand the nuances of selling. You can pick out what I call those order takers, the people who really aren't great at selling. And in fact, have no business being in sales. You can pick those people out, the order takers from the order makers, the order makers are the ones who are out there and they're the rainmakers, they're prospecting.

They're finding all the opportunities and they're bringing those opportunities into actual clients. So when you understand the sales process, you understand what it takes because you've done it yourself. It gives you the ability to hire the right kind of salesperson. And who's going to move the dial for you.

Strategy number three the power of education for your team.

And here we spoke about why is important that everyone from frontline employees up to the CEO, why they know why your business does what it does. And once they know that you then create a powerful and compelling narrative for all the employees, so that no matter who you ask, you're going to hear the same story, the same narrative.

And then what you're doing is you're ensuring that everyone is more engaged because they know why they're doing what they're doing. They have that narrative. That becomes a North Star and invigorates them to do the absolute best that they can.

Strategy number four, all employees must be salespeople so please provide the following three tools.

An elevator pitch. Having your employees ask for referrals. So you've trained them how to ask for referrals. And the ability of knowing how to tune into the world's favorite radio station WI.FM.

Strategy number five is the importance of celebrating your way to success.

And here we spoke about giving public recognition.

When someone on the team gets a referral. And that referral once it's handed over to the appropriate person in your company becomes a client. That public recognition could be in a company-wide meeting. It could be in an email, but you're getting it out there that you're celebrating what this one team member has done.

Part of that celebration also includes some kind of reward. It could be a financial award. It could be paid time off When you know, what moves the dial for your employee. When you tune into your employees' WII.FM You'll figure out what that is. And now you're going to be having employees look for opportunities to get referrals. They're looking for opportunities to become successful in the company.

And as a quick aside, this ties into what scientists called the reticular activation of a brain. As a quick example, suppose you bought a red sweater. You hear a lot about this when you read the studies, you buy a red sweater today. When you're doing your business, you're going around town. You're meeting with people. Everybody has a red sweater. Well, the truth of the matter is they didn't all get that red sweater today because you got a red sweater.

Those red sweaters were always out there, but because your brain was aware of it, you made the decision to get that red sweater. It's now looking out to identify that in the environment. So we take that back to celebrate success.

When employees know when your team members know that you celebrate success, they're on the lookout to find even the smallest successful thing that's just happened to celebrate that because you've made it fun and you've put some rewards around that and you're tapping into the recognition side. So make sure that you embed celebration into your culture.

And really when you take a step back, when you do those five things, the entire company is now moving on the same page. You're asking for referrals. Your team is having fun. You're generating new business. Everyone is happy. That translates back to your customers. When your employees are happy, your customers are happy. They give you more business. They stay with you longer. Your employees become happier and you get a terrific, positive feedback loop.

So this is a cockroach startup mindset. Embrace it adopted adopt it, it. It doesn't matter whether you've just started or you've been in business for decades. When you follow these five strategies, you begin to move the dial on your success. You reinvigorate everyone while you're at it and it makes all the difference.

So there you have it. Those are the five absolute best tips on why all employees must be salespeople.

And as we wrap up this episode, once again, a heartfelt thank you for taking time out of your day to spend it here with us on the Deep Wealth, Sell My Business Podcast. You could have done anything with your time. And time is your currency. We can't create more time. The fact that you've spent it here with us today is really appreciated. A heartfelt thank you for that. And as always, as we wrap up this episode, please stay healthy and safe.

[00:30:22] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me.

[00:30:25] Lyn M.: This course is one of the best investments you will ever make because you will get an ROI of a hundred times that. Anybody who doesn't go through it will lose millions.

[00:30:35] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity

[00:30:40] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.

[00:30:46] Lyn M.: Compared to when we first began, today I feel better prepared, but in some respects, may be less prepared, not because of the course, but because the course brought to light so many things that I thought we were on top of that we need to fix.

[00:31:02] Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day. So it's an investment that will yield results today. I thought I will reap the benefit of this program in three to five years down the road. But as soon as I stepped forward into the program, my mind changed immediately.

[00:31:24] Sharon S.: There was so much value in the experience that the time I invested paid back so much for the energy that was expended.

[00:31:35] Lyn M.: The Deep Wealth Experience compared to other programs is the top. What we learned is very practical. Sometimes you learn stuff that it's great to learn, but you never use it. The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.

[00:31:48] Kam H.: I've done an executive MBA. I've worked for billion-dollar companies before. I've worked for smaller companies before I started my business. I've been running my business successfully now for getting close to a decade. We're on a growth trajectory. Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even.

[00:32:06] Sharon S.: Hands down the best program in which I've ever participated. And we've done a lot of different things over the years. We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books. This was so different. I haven't had an experience that's anything close to this in all the years that we've been at this.

It's five-star, A-plus.

[00:32:33] Kam H.: I would highly recommend it to any super busy business owner out there.

Deep Wealth is an accurate name for it. This program leads to deeper wealth and happier wealth, not just deeper wealth. I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever.

[00:32:52] Jeffrey Feldberg: Are you leaving millions on the table?

Please visit www.deepwealth.com/success to learn more.

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As we close out this episode, a heartfelt thank you for your time. And as always, please stay healthy and safe. 

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Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count. 

But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

Our founders said "no" to a 7-figure offer and "yes" to a 9-figure offer less than two years later. 

Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event. 

After all, how can you master something you've never done before? 

Are you leaving millions on the table? 

Learn how the 90-day Deep Wealth Experience and our 9-step roadmap helps you capture the maximum value for your liquidity event.  

Click here to book your free exploratory strategy session.

Enjoy the interview!