Learn the 5 elements of value with Bob Burg.
by Mike J. Agugliaro
In this week’s episode of The CEO Warrior Podcast, Mike Agugliaro interviews Bob Burg, who is the author of Go-Giver. During this episode, Mike and Bob discuss The 5 Laws of Success, selling, the 5 Elements of Value, buyer’s remorse, and the benefits of referred customers.
Main Questions Asked:
- Talk about the 5 Laws of Success.
- How do you know when you have exceeded the value?
- Is buyer’s remorse where the perceived value has worn off quickly?
- How do you increase referrals, and what are the best practices?
- Why is influence sometimes seen as a dirty word?
- How do you train employees and teams on influence?
- What are the roadblocks with authenticity?
Key Lessons Learned:
Shifting Focus From ‘Getting’ to ‘Giving’
- Giving is constantly and consistently providing value to others.
- No one will do business with you because you need the money, have a quota to meet, or even if you believe you have the best service.
- People will do business with you because they feel they are better off by doing so.
- By discovering the customer’s wants and needs, you will be in a position for the sale and relationship to take place.
The 5 Laws of Success
- Your true worth is determined by how much more you give in value than you take in payment.
- There is a difference between price and value.
- Price is a finite dollar amount.
- Value is the relative worth or desirability of a thing to the end user. This is subjective.
- Value is always in the eyes of the beholder.
- Money is the echo of value.
- People exchange their money for that which they feel is of greater value. Otherwise, they wouldn’t do it.
- Value only starts with the sale.
- To understand value, you also need to understand what selling is and isn’t.
- Most people think of selling as something you do ‘to’ someone, not something you do ‘for’ someone.
- This can be defined by what the other person wants, needs, and desires, and helping them to get it.
- What someone wants, needs, or desires comes down to value.
- Every decision someone makes is based on what they believe will bring them closer to happiness.
- Tie the benefits of your service into what will make the customer happy.
- The sales system is the process of predictably, achieving a goal based on a logical and specific set of how to principals.
- When you sell on price, you are a commodity.
- When you sell on value, you are a resource.
5 Elements of Value
iii) Attention to empathy
- When you communicate the above in every single touch point, you have taken price out of the equation and developed a personal walking ambassador.
- This is where the perceived value has worn off quickly.
- This is also the result of being sold emotionally and not brought back to a logical understanding.
- How many lives will you impact?
- Your income is determined by how many people you serve and how well you serve them.
- The more people whose lives you touch with the exceptional value, the more money you will be rewarded.
Benefits of Referred Prospects
- These customers bring with them many benefits.
- You are working on borrowed influence and trust, where price is less of an issue.
- It is easier to complete the transaction or close the sale, as you are tapping into vicarious experience.
- Referred prospects are already of the mindset that you do business through referrals.
- It’s not about us; it’s about them.
- Your influence is determined by how abundantly you place other people’s interests first.
- The golden rule of sales is that, if all things are equal, people will do business with and refer business to those they know like and trust.
- Make your win about the other person’s win.
- People often confuse influence with manipulation.
- Influence is the ability to move a person to a desired action within the context of a specific goal.
- When you persuade, it is positive, and you are doing it for the benefit of the person other than yourself.
- When you manipulate, you are doing it only with your own interest in mind.
- The most valuable gift you have to offer is yourself.
- When people don’t show up authentically, it is more often the result of them not having the self-confidence to do so and not having a genuine understanding of the value they bring to others.
- We all have market value. This is the combination of strengths, talents, and characteristics that allow you to bring value to the marketplace in such a way you will be compensated for that.
- Adopt others’ wisdom, but don’t adopt their personality.
- The key to affective giving is to stay open to receiving.
- In a market-based economy, you are only able to receive to the degree that you give value to others.
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Links to Resources Mentioned
Click to Tweet
What does it take to develop a personal walking ambassador? Find out w/ @bobburg @CEOwarrior https://ceowarrior.com
What are the The 5 laws of success? Find out w/ @bobburg @CEOwarrior https://ceowarrior.com
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