Oct. 5, 2021

341: Applying the Laws of Physics to Sales (feat. Jeremy Todd)

341: Applying the Laws of Physics to Sales (feat. Jeremy Todd)

What can we learn from Isaac Newton when it comes to sales?

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What can we learn from Isaac Newton when it comes to sales? It comes down to the laws of physics, and today, Jeremy Todd explains how the two go hand in hand when making the sale!


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Unknown Speaker  
Show Good morning, Happy Tuesday, welcome in the The Brian Nichols Show. I'm your host on today's sell short. My name is Jeremy Todd, thanks for joining me this morning, I want to take the opportunity to talk about one of the most important things in sales, and that is the field of physics. Now, what on earth can physics have to do or teach us about sales? Well, it all goes back to a gentleman by the name of Isaac Newton. And he had these laws of motion. And that's how their laws it's how physical things interact with one another. But the one that we want to talk about today is something called inertia. And you probably remember this all the way back in grade school about an object in motion will remain in motion and an object at rest will remain at rest, unless they are acted upon by an outside force. So what that means is that if there is a ball, and it's sitting there, it's not going to just move on its own. And if a ball is moving, something is going to need, it's going to continue to move. Unless it's acted on by an outside force. Same with the ball that stationary. If it's not acted upon by an outside force, it's not going to move. That is probably ringing some bells in some people's heads bout. Oh man, that sounds like 3040 50% of my pipeline. They I just can't seem to get them to move. So let's talk a little bit about why potential prospects Don't move. And how, what are some things that we can do to sort of get the ball rolling and overcome that inertia. So inertia with our prospects? Looks a lot like Well, we've already got one and we'll think about it next quarter. You know, it's basically they've come up with the objections of I don't need it. We're not in a hurry, there's no urgency. They're fine with the status quo. So if your customer is fine with the status quo, there are some things that you've obviously missed in the value building and problem discovery phase of your sales approach. So if they are stuck in this status quo, almost no urgency moment. This is when you need to really focus on three areas. Number one, there are well, this would be one and two, there are two things that cause people to move. And that is pain and the pursuit of pleasure. So when I say pain, these are the things that What does your product or service solve? about their business about their life? What problems do you solve in their daily existence that they absolutely hate having to deal with? See, it's not always a trade off of return on investment dollars wise, a lot of times the sales people, especially newer ones, will get stuck in this concept of, well, can it pay for itself? Can my solution pay for itself for this customer. And it's okay to have a more expensive product that just makes your customers life easier. People will pay a premium to not have to deal with their pain points throughout the day. And so when you if you haven't found those areas of pain, that you can focus on that are value builders. So these are things like time, efficiency, peace of mind. These are all things that can be pain points that people will pay to get out of their life, even if there's no real, tangible dollar and cents return on investment.

Unknown Speaker  
The second part, are the pleasures. So these are things that make their job more fun, better efficient. They may not necessarily solve a pain point, but they can, they're these can be kind of like the grease in the gears is the way to think about it. So if you can improve, let's say their efficiency by 10 20%. Or you can make your product is more beautifully crafted, easier designed. See, one of the things my current workplace focuses on heavily, is that they've invested a lot of money into the architecture and beauty of the buildings. And that is a differentiator, because when people walk in, it just makes them feel good. So what about your product makes people feel good. Because remember, buying is emotional. and overcoming the status quo is about helping them in pain and feel good. The last one is about creating urgency. Every business is going to you are going to have to win over somebody in accounting. Somebody who says yes, this is a good investment. It's okay to spend the money on this. And so how When's the last time you calculate an opportunity costs for your customer? Is that part of your slide deck when you present? Okay, look it when I'm break it down into dollars and cents? What does it look like if you stay with your current status quo? And how much money is that going to cost you if we wait six months, because if you can tangibly show a customer, this is gonna cost you a couple 100 a couple 1000 10s of 1000s 100,000 million dollars to sit on this for three more months. Well, that's a little bit of a spark that will cause somebody to move that can overcome the inertia of status quo. And so those are your three things that you can put in your toolbox and you want to focus on if you've got those dead prospects. Number one, what are their pain points if you don't know that, go find Go figure it out, go spend some time with them, and show how you can remove that pain and frustration from their life. Number two, what do you do that makes their life better, more enjoyable. So, think of your design elements, think of your efficiencies. Think of all the things that will bring them pleasure about what they do when they do business with you, your service department, you personally, you know, cookies, whatever it may be relationship. And then lastly, make sure you are calculating the opportunity costs of how much is going to cost them, or how much they are potentially going to miss out on by doing business with you over the next three months, the next six months, so that you can get them to stop sitting on it until next quarter, and create some urgency around the buying decisions. Thanks so much for tuning in with me this morning. I've been your host Jeremy Todd, let's go make it a great Tuesday.

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Transcribed by https://otter.ai

Jeremy ToddProfile Photo

Jeremy Todd

Born and raised in Alabama and a salesperson from an early age Jeremy brings his Libertarian view of the world with a persuasive southern twist. He has led multiple sales teams to record breaking success in his career and is currently a gubernatorial campagin manager and candidate for LNC Rep at Large