Sunday, July 20, 2008
Go-Giver Law of Compensation
In my last post about the book, The Go-Giver, I mentioned I was going to implement the 5 laws of Stratospheric Success over the next 5 days beginning with the Law of Value. Well, I started Friday and skipped Saturday and Sunday, so I'm revising my commitment to the next 5 "business" days. Tomorrow I'm going to focus on the Law of Compensation:
Your income is determined by how many people you serve and how well you serve them.
I have an opportunity to meet with a real estate team tomorrow morning about Mortgage Pledge and then spend the rest of the day with my family at an EO Nebraska family event. I'll let you know how my commitment to serve works in a future post. But now, I'll share with you my experience regarding Law 1 on Friday.
On Friday I had 3 business meetings and I set out to implement the Law of Value. I have to be honest I struggled thinking how I could give more in value in these different meetings. 1 was a meeting with co-workers on a Real Estate project. 1 was a meeting with prospects on a Mortgage Pledge opportunity, and 1 was a meeting with a banker that I needed money from. How do I give more in value in each of these different meetings where I'm a co-worker, sales person, and prospective borrower???
Well, I'm not sure I succeeded 100% in giving something of more value to each party, but by preparing myself for each meeting with this outcome in mind, I found myself looking for ways to give value, rather than focusing on more selfish outcomes. It reminded me of an old sales lesson I learned called "the Ben Duffy" approach. You can find more details in this article, Win Win Selling, along with other great sales tools I learned years ago that still work.
Ben Duffy was a salesperson that was trying to land a big Tobacco account (yes cigarettes). Well, rather than focus on putting together his sales pitch and presentation to Wow the prospects, he sat and listed all of the questions that he would have if he were the prospect. He then took the time to answer each one honestly and completely. The next day before the meeting, he shared his list of questions and answers with the prospect and ended up winning a multi-million dollar account against much larger, more seasoned, advertising agencies. In the end, the prospects told him it was his approach of putting himself in their position and leading with his list of questions and answers that set him apart. In my opinion, Ben Duffy's empathy, is an example of the Law of Value.
Let me know what you think!