Lane Campbell is an entrepreneur
that came on the Digital Agency Marketing podcast recently.
He is one of the most connected people I know,
master networker and in this video
I wanna run through a few of the lessons
that he gave on the podcast.
He's a multi-entrepreneur,
so he started and sold multiple businesses,
including an agency
and here are the three things
that I learned from the conversation.
The first point was the 95:5 formula.
- [Lane] Dealing with B2B
there's basically a 95 and 5 formula
that comes into play.
It comes down to this,
I'm gonna use the analogy of a headache,
so if I woke up in the morning
and I had a headache I'm probably not gonna take any Tylenol or Advil
because it's just a headache, right?
I'm gonna go about my day,
I'm just gonna kind of ignore it.
That's sort of an analogy that really holds true
when you're selling B2B
because 95% of the reason when a company's experiencing
a minor problem in their organization,
like a regular headache-sized problem,
they're gonna base their buying decision
on if they trust the solution.
Only five per cent is on the value proposition.
And trust is really hard to build, it takes time.
You don't go try a new Advil or try a new Tylenol.
You know the trust is there
and you know the brand,
you know at least the chemical make up, right?
So, even if you're buying the off brand,
you still know it's Tylenol, you still know it's Advil.
It's the same thing.
Another analogy which would be more like
a migraine headache.
This is when a company
has basically stopped being able to function properly
or they have a big problem in some capacity,
and it's like a migraine headache, right?
If I woke up in the morning with a migraine headache,
I have to get back into bed,
I have to shut the blinds,
I have to turn off the lights,
you know, I'm gonna change my behavior.
If I go Google Yahoo Answers how do I cure a headache?
And it said I could swallow toothpaste, you know,
I try it, why not?
And in reality, that's a lot of the time
when a company has an opportunity
to sell into a company based on value
because it's all about the value,
it's 95% value, only 5% trust,
so that's why I call it the 95 and 5 formula
because when I'm basically doing outbound selling
in the companies that are not requesting information
from me, most companies position value,
and that's I've found
to be one of the worst things you can do.
You need to build trust,
you need to build a sense of mutuality with your market,
and then you can position yourself with value
but they already sort of know,
like and trust you by the time they're buying,
unless it's a migraine problem,
and when it's a migraine-sized problem
that's when they're coming to you,
and those are your inbound sales opportunities,
and so that's why inbound you can pitch value.
You know, it does help to back it up
with oh, we have 10,000 or whatever the case may be
but really they're looking for the solution,
so you're pitching your value prop.
- Number two was how to leverage
established trust relationships.
- [Lane] I try to leverage established trust relationships
because one partnership can generate you
hundreds of thousands of new customers.
Partnerships can take a little bit of time to establish
and there's no real single, clear-cut way.
You know, you're selling a partner on your business
but in the same amount of time
it takes you to sell one partner,
you're gonna sell one customer
because you're building trust.
When you're able to do that
and you're able to leverage a relationship like that,
you know, things should change for you very quickly,
and I've built most of my businesses,
which were mostly service businesses,
on partnerships and affiliates
and you know, referrals,
and when people are out there using different programs
to increase their referrals and increase their affiliates,
reality is you gotta understand your partner's needs.
You're not selling them based on their customer
at that point,
you gotta sell them based on what they need.
So, oftentimes like I'll talk to you,
a startup and I'll say,
what do the partners, the distributors
of what you do actually need more often?
Can you just bake it into what you're doing
so that they don't have to search elsewhere for it,
and then they'll help you distribute your product
because you've helped them with their business, right?
They'll feel a sense of mutuality with you.
Like oh, we're in this together.
- And number three is you are the last mile.
- [Lane] In the telecom world
we have a term we call the last mile.
There's a carrier that owns the last mile
of cable that goes to a building.
In the service business,
you are the last mile, okay?
So, if you are actually providing service
and you're meeting with customers
to put in something, to do something,
be their service provider,
you are the last mile,
and a lot of companies need you for distribution.
So, never be afraid of pushing back
and trying to get what you need out of the relationship.
That said, if you have a product
and you need to get it out there,
you really have to understand your last mile, right?
You're not gonna get in the door
of say lawyers unless you find a company
that already services lawyers.
You're not gonna get in the door
of providing a service to lobbyists
unless you have a company that already provides
a product or service to lobbyists, right?
So, that's your challenge as an entrepreneur.
You know, there's no blueprint for doing this right.
There's no one-size-fits-all
but look at your market, follow the money backwards.
Who are they paying?
How much are they paying?
What can you do for them?
You know, something as stupid and simple.
- For the full interview,
check out the Digital Agency Marketing podcast.
It'll be linked down in the description.
Really good episode with Lane Campbell.
If you like this type of video,
feel free to like it to encourage
this type of content on YouTube.
Subscribe for more B2B sales training,
and if you need marketing support
for your digital agency,
check out experiment27.com.
Thanks.
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