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Mike J. Agugliaro

Learn the 5 elements of value with Bob Burg.

by Mike J. Agugliaro

 

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Summary:

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

1. Value

  • 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.

Selling

  • 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.

Price

  • When you sell on price, you are a commodity.
  • When you sell on value, you are a resource.

5 Elements of Value

i) Excellence
ii) Consistency
iii) Attention to empathy
iv) Appreciation

  • When you communicate the above in every single touch point, you have taken price out of the equation and developed a personal walking ambassador.

Buyer’s Remorse

  • 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.

2. Compensation

  • 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.

3. Influence

  • 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.

4. Authenticity

  • 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.

5. Receptivity

  • 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.

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!

Links to Resources Mentioned

Go-Giver (book)

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

 

P.S. – Seize SUCCESS today! Subscribe to HomeServiceMAX to see how the pros do it.

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P.S.S. – Dustin feels his $2 Million can be a $10 Million business!

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