Dear Friends,
Do you have equity in your business?
Do you have equity as a salesperson?
EQUITY (def): the interest of the owner in a corporation or business. The excess of value over the indebtedness.
We all pretty much know what Equity is.
You know when you have it.
You know when you don't.
For example, in real estate or in your home, it's the margin or excess over your loan that you would receive after selling your property.
As Equity goes up we feel better.
As Equity goes down we feel worse.
Equity is a fairly used word these days in our financial climate, and I would like you to look at the word in a different light.
I'd like you to see it as "your Equity in sales."
Do you have EQUITY in your business, in your career, in your job, in your industry?
I know you have value but do you have Equity? We attempt to build Equity in all of our assets but do we build Equity in our careers?
You may not like this but here goes. Most salespeople fail miserably at building Equity in their careers. This is most often revealed in more difficult times, like now.
Most salespeople are "tenants" in their business. They rent the next lead. They hope and wait for someone to call. They place an ad and wait. When that doesn't work they try a new place to rent a lead, make the phone ring. Hope and fear prevails.
Constantly repeating, place ad, market, wait, repeat. They often don't leverage the perception of the thousands of people who know them, like them and would refer them if they had only kept in touch with everyone who had crossed their path by letting them know what they do and how they continue to help others.
You guessed it!
Constant contact
Database marketing
Relationship marketing
Sphere of influence
Advocacy groups
Networking groups
Referral communities
Any name you call it, it is the basis of Real Equity. The changeless core of your business yet most salespeople are too busy looking somewhere else for their business.
It's your Equity.
I love the quote "Standing on a whale, fishing for minnows."
How many of you know hundreds, maybe thousands of people in all walks of your life from school to the gym, from your children's friends parents to your pediatricians' receptionist.
Do they really know what you do and how you help others?
You don't have to sell them anything.
Just inform them.
They may, and often will, refer you to their sphere of influence.
If you give them permission to do so.
If you know 500 people (you probably do) and they know 200 that is 100,000.
That's right 100,000 people who could know what you do and use your services because of a recommendation by their friends. That's Equity!
Talk to your 500!
Warning!
Don't try to sell them.
I repeat, do not "sell" them.
Just inform them.
That builds Equity!
Are you a tenant in your own career?
Let me explain it this way in real estate terms you can relate to.
Bill rents a house at 10 Main Street for $2,000 a month. Bob buys 12 Main Street for a $2,000 a month mortgage payment. They live side by side. Bob owns. Bill rents. Same type of house. Rent or own. Same street, school and services.
Same out of pocket expense.
In the first month both furnaces in their homes need to be replaced. Bob has to pay for his out of his pocket. Bill calls the landlord. Bill appears to be better off, initially. Time passes.
Bob builds Equity, Bill doesn't.
15 years later Bob and Bill lose their job. Bob has his house paid off. Bill is SOL.
Are you Bob or Bill?
Ask yourself this question - are you Bob or Bill?
Who do you want to be?
If you want to be Bill do not read next weeks tip.
If you want to be Bob think about the info in this tip.
You are already standing on your "whale." The abundance of your relationships is all around you.
Think different. Think Equity in your relationships.
On Your Team
Jeffrey Stanton ITI, CNE, WOW
Your Trusted Advisor For Life
347-466-3047
One of the fastest ways to build a successful referral based business is by training. Now, with me, I like to invest significant time immersing myself in training, while some people prefer to take it in bite-size chunks. Whatever your preference is, now is the best time to contact me.
If you have found this tip useful, please share it with any friends, family, colleagues and associates who you think will be interested. Feel free to print it (with credit and subscription information) and continue to enjoy the tips. I am always grateful for any comments, criticisms or other feedback that you may have. Please send them to feedback@jeffreysjournal.com
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