Driven to Business with Eddie Mayfield

The New Testament book of James says “Count it all joy when you encounter various trials.”  It goes on to say that the testing of your faith produces endurance.

I’ll confess that I’m not always joyful in the midst of trials and tribulations, whether business or personal,  but I have learned the value of them.

The picture is my son Trey and me after hiking out the Bright Angel trail from the Colorado River in the Grand Canyon.  A joyful, although for me, trying hike.  But well worth the reward once accomplished.

Einstein flunked out of school, failed his college entrance exam, and was told he lacked the mental abilities to be a physicist.  Thomas Edison was considered “slow” by his teachers,  and failed thousands of times before coming up with the electric light bulb.

Harlan Sanders, of KFC fame, had a failed restaurant and was rejected over one thousand times when trying to get a franchise going.  He eventually did succeed, and built a successful restaurant chain.

The annals of business are replete with such stories, in fact, it’s more the norm than you might think.  Bill Gates had a failed company that was trying to sell compiled  traffic data before founding Microsoft.

The trick is to learn from your failures.

In my career, I learned much more from my failures than I ever did from success.  It’s just how we’re wired.

John Maxwell wrote “Failing Forward” and he lists seven principles for learning from failure.

1. Reject Rejection:  Do not allow your self worth to be determined by external events.  Believe in yourself.
2. Don’t Point Fingers:  Blaming others for your failures is a sure fire way to fail backwards and learn nothing from the experience.   If I am the problem, then I am the solution.
3. See Failure as Temporary:  You can either wallow in failure, or you can see it in perspective as a temporary setback.
4. Set Realistic Expectations:  Unrealistic goals doom people to failure.
5. Focus on Strengths:  It’s very tempting to concentrate on your weaknesses.  But, it’s much better to focus and build on your strengths.
6. Vary your approaches to achievement: Bill Gates, Steve Jobs, Harlan Sanders, and a number of other successful people did not achieve great success in their first ventures.  Don’t put yourself in too small a box.
7. Bounce Back:  When dealing with failures, successful people have short memories.   It’s fine to rehash and learn from failure, but it’s not fine to dwell on it.  Look forward.

Eddie

We all enjoy buying, but we do not want to be sold.  I was recently in a music store looking at some guitar accessories.  The salesperson walked over and said  “may I help you?”  And I said, (just like you do)..  “no thanks..  just looking.”

That’s despite the fact that I went in there to buy a guitar accessory.   Why did I say that?  Because, just like you, I don’t like being sold anything.

In Mark Twain’s Huckleberry Finn  after the townspeople figure out they’ve been conned by Huck and Jim’s  unwanted and scoundrel raft partners, they begin yelling “sold, we’ve been sold!”  That’s the same connotation we give to to being “sold” today.  And no one likes it.

But, every successful business needs to “sell” their products and services, right?

Peter Bourke wrote “Unselling: Sell Less and Win More” It’s a great book that I had our people read.  Peter, along with most other successful sales people and sales trainers contend that the first thing you should attempt with a prospect is NOT to sell him anything, but instead to offer him value.  In short, make it about him, and not about you.

Often,  even with the best of intentions, we fail at this simply because we don’t know what the prospect or customer really values.  It’s very easy to assume we do; and it’s a deadly mistake.

In the early days of our business, I was very proud of my own technical prowess in our field.  At the risk of sounding arrogant, I was very proficient in the electronic motor drive world, and enjoyed a national reputation  as a result.  And, it was unquestionably an advantage.

However, I was often distressed when a competitor I felt was technically inferior would steal a customer or land an account I was chasing.  “How could that prospect give the business to them, when I’m so much better?”

Over time, I came to understand that what I valued most, was not necessarily valued by prospects.  They expected a certain level of expertise, in fact, it was sort of the ticket to the game.  When I repaired equipment and it worked they were happy, but they also expected it.  When my competitor repaired it, and it worked, they were also happy.  Arguing technical nuances was not interesting to the customer, even though it was paramount with me.

We must learn what the customer values before we can be of value. Bourke makes the very valid point that there are times when what the prospect values or wants is not in his best interest, and we can offer the value of educating him.   But regardless, the starting point in that discussion is to learn what’s important to him now. Then by acting on what you learn, you can become a resource instead of salesperson.

How do you discover what’s important?  Well, start by listening.  Learning what a customer or prospect values is impossible with your mouth open.  Customers care about their business, not about yours.  The more you learn to care about their business, the better relationship you can build with them.

Jeffrey Gitomer says if you lose a job for an existing customer to a competitor, it simply means that competitor has a better relationship with that customer than you do. That’s a hard pill to swallow for many of us, but like most medicine, it does us good.

Here’s a few thoughts for you to consider:

1. Why do people buy from you?  Don’t hurry through this, take the time to analyze.
2. Why do they buy from your competition?
3. What’s your specific market advantage?  This is something  very important to your customers, that you excel at.
4. How many more people would buy from you IF ONLY they knew you existed?

How strongly do you believe in your product or service?  At our electronic motor drive company EMA Inc. we say that “No One, Anywhere, is Better at Drives than we are.”  I firmly believe that, and I often ask our team member if they do. When we make mistakes, we will start by saying, “we must fix this in order to remain better at drives than anyone else.”  It’s part of our culture.

This isn’t something you can just say and then leave alone, it means that every day we have to inject energy and passion into what we do, and be certain that we are in fact as good as we say.

But here’s what it does for you in sales…   It gives you a belief that cannot be penetrated about the value you can bring to a prospect.  We firmly believe that in our niche market, prospects get more value in doing business with us than with anyone else in our field.

And that makes selling and doing business a lot more rewarding.  As Peter Bourke says..   sell less and win more.

Eddie Mayfield

Assuming you’re ever on a death bed (as Jerry Seinfeld quipped, “why would you ever buy one of those?”) taking stock of your life, the criteria by which you measure success will be relationships.  Relationships with God, family, and friends.  And, probably nothing else.

The older I get, the more convinced I am that nothing trumps relationships, and that’s true both in your personal and business life.

Here’s a few thoughts about that:

1. Relationships require investment.   
2. Relationships require humility.
3. Relationships are one on one; Facebook is not a relationship. 

Author Malcomb Gladwell in his book “Tipping Point” says that our electronically interconnected world has had the effect of renewing the desire for personal touch.  Gladwell says that we are re-entering (I’m not convinced we ever left) the age of “word of mouth.”

Think of this in your own life.  All of us are inundated with marketing messages every day in various forms.  We’ve developed filters, almost an immunity to them.  But, if someone whom we know well and trust tells us about a restaurant or a movie, we give that recommendation instant credibility.  That’s the power of a relationship. It does, trump all other marketing.

Jeffery Gitomer, author and business coach wrote “The Little Black Book of Connections” some years ago.  I’ve read it several times, and have even given copies to friends.  In addition to his book, Gitomer has written numerous blogs on the subject.

Here’s a few highlights from him:

1. Make the focus of the relationship the other person, not you.  No one wants to be used.
2. Don’t worry as much about customer satisfaction, as about customer loyalty.  This is huge.  Loyalty requires a relationship.
3. If you lose a job to a current customer to a competitor on price, it means the competitor has a better relationship than you do.
4. If you think you will make a sale because you have the best product, price, or service- you’re kidding yourself.  50% of sales are made on the basis of friendship. 

So, how do you start to build relationships?  Slowly.   Harvey Deutschendorf suggests:

1. Learn to be a great listener.  Everyone wants to be heard and understood.  We naturally bond with people that really hear us, and we want to spend time with them.
2. Ask the right questions.  Be sure you understand them by digging deeper.  One way is to say, “if I understand you correctly, you said… ”  When others sense that you’re sincerely trying to understand them, then tend to open up.  This deepens the relationship.
3. Pay attention to the whole person.  We tend to remember and appreciate people who ask us if everything is OK, even if we haven’t told them anything is wrong.   It tells us that they are paying attention to us.
4. Remember things that are important to them. People will tell us what they value, if we just listen.
5. Manage your emotions.   People who tend to have mood swings have a hard time building deep relationships.  Erratic shifts in mood tend to push people away.  If this is a problem for you, work on it.
6. Share your story, but only when the time is right.   We all know people that begin sharing intimate details of their lives before we’re ready to hear it.  Pace yourself, and wait till the right time.   IF you have an experience that relates to the other person’s experience, it’s usually good to share it.  But, here’s a caution; don’t upstage their experience with yours.
7. Be genuine and fun.  People enjoy being around positive people who are comfortable in their own skin.

Finally, go places and do things.   Don’t give a customer a ticket to a ball game, take them to a game, and if possible, take their family.

Gitomer suggests an I-Max movie for the whole family.  And do NOT bring up business there, unless they do.

Don’t have time for all this relationship building stuff?  Then maybe you’d better find a mundane job where it doesn’t matter.  Because in every significant job, it does.

Eddie Mayfield

You will not go far in your career without learning negotiating skills. Daniel Pink wrote “To Sell is Human” and in there he defines selling as moving a person from one position to another. Deepak Malhotra in his book “Negotiating the Impossible” defines negotiation as the process by which two or more parties who perceive a difference in interests or perspective attempt to reach an agreement.

I read an interesting Bloomberg blog recently by Jim Camp titled “Business Schools Teach Negotiating Tactics that Don’t Work.” 

He states that most of these tactics make the mistake of assuming any agreement is better than no agreement.  We’ve said at EMA for years that there are worse things than failing to land a project, and that’s getting a project you shouldn’t have.

Camp makes a great point that no one should come to the negotiating table with preconditions, assumptions, or expectations for gaining agreement.  The smart negotiator recognizes that he doesn’t know what he doesn’t know.

I heard a Montgomery Ward executive speak many years ago about his experience as a young manager trainee.  The store sold a wood heater to an elderly couple, the stove malfunctioned and caused damage to their home.

The senior management assumed the worst, thinking the couple wanted an exorbitant amount of money or settlement.  They sent the young trainee out there, and he asked the question no one else had bothered to ask: “what would you like us to do?”

He was surprised to hear them say, that they just wanted their carpet replaced in the room with the stove.  This reiterates Camp’s point.

How do you learn what you don’t know?  Very simple, you ask questions.

This isn’t to say that you don’t prepare for negotiations, but your research is to help the negotiator ask the right questions, not to instill assumptions.

The best questions are open ended what, how, and why questions.

Deepak Malhotra suggests that you negotiate process before substance.  Many of us have had the frustration of a long negotiation only to have the other person say, “well, I have to get my boss’ approval.’ We thought he WAS the boss.  It’s imperative that you understand and negotiate the process before getting to that position.

Selling to the wrong person is a time honored sales mistake, and it should be avoided.  You should clarify and reach agreement on the path to a decision.

Peter Bourke in his book “Un-Selling: Sell less and win more” suggests that you clearly understand the time factor.  Many negotiators and sales people will ask “when do you plan to make a decision on this project,” and then just accept what is said.  Bourke suggests asking a followup question, “what bad things will happen if you don’t make a decision by that date?”

If the answer is, in essence, “nothing,” then that’s not a real deadline.

Negotiation:  You’d better get skilled at it.

Eddie

I once heard Atlanta pastor Andy Stanley say, that “if you have the only hotdog stand in town, your hotdogs don’t have to be that good.”  Most of us don’t have that option.

Business Coach Sue Miley wrote a blog recently on leveraging your points of difference. Sue rightly insists that if don’t leverage what makes your company unique, then you are the same as everyone else.

She gives 5 questions to help determine your point of difference.

1. Who Buys from you? Go a little deeper than women or men and determine as best you can exactly “who” buys from you.
2. Why does your customer buy from you?
3. Why do they buy from you and not from your competitor?  This is where you begin to list qualities that are unique to your business and important to your customers.
4. Are your unique qualities sustainable? I especially like this question.  In the industrial business that I’m in, some might say that we’re the only person in the SE stocking a particular part. But, what if a competitor begins stocking it? Is that still a unique quality?
5. Are your unique qualities real? “We offer great customer service” is not a real point of difference.  What does that even mean?  ” We will have an A/C technician at your house within 2 hours-” is.

The more you can target, focus, and refine your market, the more successful you will be.  And by being certain that the value proposition you present contains real points of difference the easier it becomes to target.

I used to do a lot of trade shows.  There was always a tension between getting numbers of people to visit your booth, and getting qualified people to visit.  At these male dominated shows, you could ensure heavy booth traffic by having an attractive female on display, OR by raffling away sports tickets.

But I came to the conclusion early in my career, that smaller was bigger.  We didn’t just want people tramping through the booth, we wanted people that were interested in our products and services, and had the ability to buy them.

Remember, your target customer doesn’t have to be an existing customer, in fact, they may not even be aware you exist.

But if you’ll spend the time determining what your points of difference are, what target market that appeals to , and then relentlessly focusing on it.  You’ll find success.

One final thought..   these are moving targets.  Especially where technology is concerned, what was a viable business a few years ago, may not be now.  Know your business!

Eddie