In the last few episodes I’ve been discussing building an ISO. Generating growth in your business may not always be exciting. Perhaps only a few of...
Choosing the Right Sales Model for Your ISO
Are you ready to take the next step toward building your own ISO? Don’t try to skip the foundation in your building. Choosing the right business model can be really tricky. I believe there are many sales people wanting to get to the next level but don’t know how. This episode has core advice […]
Are you ready to take the next step toward building your own ISO? Don’t try to skip the foundation in your building. Choosing the right business model can be really tricky. I believe there are many sales people wanting to get to the next level but don’t know how. This episode has core advice from someone who has learned by experience. The first business model is one which you MUST not skip. Perfect this first step and be closer to starting your own ISO.
The first sales model is to create a system where you are personally responsible for twenty sales a month. If you want to become an ISO, you definitely must make at least fifteen to twenty sales a month consistently for two or three months. To make twenty sales a month all by yourself is certainly possible, but the idea is to build a team of people around you. Your team will help you with everything right through installation.
The first person you probably should hire is your telemarketer/scheduler. This person will spend three or four hours a day on the phone. He/she will schedule appointments for the next day and call people back as needed. Here is the process:
- The assistant schedules an appointment.
- You keep the appointment but fail to make contact with the right person.
- You update your shared CRM system.
- The assistant calls the person and says, “Hey, sorry James came by when you weren’t there. Could he swing by tomorrow around four?”
Your assistant is constantly scheduling appointments and planning follow-ups. You are making sales. There are two very important benefits to this arrangement.
#1. To give you some capacity. You will have a person and procedure in place which can be used for the next members of your team. The same processes can be duplicated when you hire sub reps. You know exactly what needs to be done. You can say to your sub rep, “Hey, I’m going to have you do the same thing I do, and I make fifteen sales a month. Do exactly the same thing, and you’ll make fifteen sales a month, also (or maybe ten since the new hire isn’t as good as you yet.)” You’ll have the right model in place to do that.
#2. To give you leverage with your processor. Someone who is making five or six sales a month may say to the processor, “I’m going to recruit this big team. I need capitol, a better deal, and a better split.” The processor won’t take that person seriously. I’ve been doing this a long time. The people who are successful at starting a team are those successful at doing it themselves. They can duplicate themselves.
The definition of an ISO is “an independent SALES organization.” You may get by with not doing some things. But if you are gong to start a sales organization, you MUST know how to sell! That should go without saying.
Build with your assistant. That’s how you can get in the field more and make your time more efficient. Before I hired anyone else, I became very proficient with this process:
- When I walked out of the business, I pulled out my phone. I had an app on the phone into which I would tell Angela what just happened in that business.
- An email would automatically send that audio file to Angela.
- She would update the CRM, do data entry, schedule a follow-up if needed, and do anything else necessary involving that visit.
All I did each day was look at my schedule and go to the specified appointments. After those appointments, I would begin prospecting street-to-street. I might record this message to Angela after a visit: “I just walked into XYZ Company. They are at 501 Plank Road. I talked to Bill. He said I needed to talk to Susan, the owner. She is going to be in next Thursday at 4:00 p.m.” I was done until that Thursday – boom – there was the appointment on my schedule with all my notes. You want to get to that point in your business.
When you reach that point of consistency and repetitive process, the time has come to hire a second person. You need someone to handle the other end of the process. Your next team member will handle everything after the prospect says “yes.” I don’t advise you to delegate all paperwork. (I had paper applications. You may do it electronically now, which is great. I was selling full time a while back!) I would complete the paperwork, then hand it to my assistant. The assistant would do the data entry, fax documents, and reach out to the merchants. I had someone do the installation for me and answer any further questions. I had already moved on to selling the next person.
Have both ends of the process covered to make twenty to thirty deals a month. You can get to fifteen a month with just you and a part time secretary/telemarketer. Then cover the other end of the process, and you can get twenty or thirty a month. So, once you have those two things covered, the first sales model is complete.
The next episode will go on from there to recruiting reps. Don’t miss it! You’re well on the way to building your own ISO.
Read the previous article here: http://bit.ly/2D1G37L Do You Have a Job or a Business?
Read the next article here: http://bit.ly/2D6NAyV Recruiting 1099 Sales Reps – The Key to Attracting Independent Contractor Sales Reps