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Financial literacy, generational wealth, credit - money in all types of ways. Bruce Milam Jr. talks all things finance for the Las Vegas valley.
Unknown Speaker 0:00
This is a kunv Studios original program. The content of this program does not reflect the views or opinions of 91.5 jazz and more the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education.
Unknown Speaker 0:16
Hey, welcome to financialism, and I'm your host, Bruce Milam, Jr, where we talk about financial literacy, generational wealth, investing and entrepreneurship. We cover everything from credit, business credit, oh, just money in all type of ways. You definitely want to tune into this. Let's go what's going on. What's going on. This is Mr. Bruce Milam Jr, and this is financialism. Hey, what's up, guys? I want to talk to you today about entrepreneurship and specifically sales. Now this sales I'm talking about is business to business, all right. Now, you know sales is a high value skill. If you can sell, you can make money in anything that you do, all right? And sales is always happening, whether it's getting a job, whether it's business. So just the technique of sales is so important and so valuable. So today we go talk about selling your service or product to different businesses, business to business, and as we call it, B to B. All right, so my saying for the day is, energy is only transferred. It is never destroyed. All right, so we're gonna get to that part now after I break this down to you, you're going to know real specifically how to sell your service or product to a business. All right now, 40 2040, rule in production, there's a 4020, and 40 rule. And what's that? Bruce, listen, there's 40% pre production, 20% production and 40% post production. All my producers and anybody that's doing anything with production knew about that concept. But how does this relate to sales? I'm gonna tell you. 40%
Unknown Speaker 2:14
is the beginning, before you even go out to sell. The 20% is actually the sale, and 40% is actually post sales, which you do to service the business. Now, let's break it down. So important number one in this business selling B to B is mentality. All mentality is key. Okay, so mentality, you got to psych yourself up. You got to be self motivated. Self motivation is the key to selling. Now the first step is mentality and psyching yourself up, and what you're going to have to do first is visualization and affirmation. Now they said, Bruce, I didn't come here for the visualization affirmation class today. This is not the secret, but it's important, because confidence is the key to selling. And people understand when you're confident in your product and your service, and there's things you have to do to create this confidence in yourself. Now you got to visualize yourself having a wonderful day selling your product or service to that person, right and to the community, and whatever you're doing. You got to visualize this, visualize having a successful sale, and tell yourself, hey, I'm awesome. There's things I know about my product. The reason I'm selling this is because I'm skilled at and I am excellent in sales. You got to tell yourself these things. You got to hype yourself up, because there's another side on your shoulder that we might be telling you that may give you doubt and give you worry. And you want to know if are you ready to go out and do this? So trust me, you know, affirmation and visualization is so important to selling all right, and business to business is definitely important, because you got to go out here and talk to different entrepreneurs and business owners of people who in business. So you need to have that confidence going out. So speaking positive thoughts into yourself, visualizing yourself having a good day in sales and a productive day is very important. Okay. Now another part is preparation. Okay. Now, preparation is also a part of this visualization and affirmation. You know that's preparing. You know that your your all your presentations, your gifts, your samples, your tools, your business cards and everything that you need to do to have a successful business day, right? But I also, I skipped a little sip a step, okay? Of this, of this preparation, and this is make psyching yourself up as far as mentality and looking good and feeling good. So once you visualize, and then you have this affirmation and you have these thoughts. Now it's time to get yourself together. So before you get your product together, you got to get yourself together. Because when you feel like a million bucks, you can go out there and get a million bucks, and when you feel good, you smell good, you look good, that confidence come in you so and everybody has their different style. You don't necessarily have to have on the suit. It's about how you look in your swag and how you feel good. For the day when you leave out whatever they may whatever that may be. It's about you know, knowing that your your your look is is good, and you're you're like, you're smelling good, and you have all these things that make you confident for your day that you have to do this. It's very important to sales. And you may think that it's totally separated, but it's all a part of the mentality. Part this 40% okay, post this pre production aspect of it. Okay, so this. Remember preparation, getting your mind together, visualization, affirmations, um, smelling good, looking good, feeling good, and dressing good. Remember, that's all about you and your market. Sometimes you don't have to fake it and say, I gotta put on this suit, or I gotta look like this, whatever your market may be and be you, because people recognize when you're not being yourself, when you're yourself. People love it. You know you're good at who you are. Nobody can beat you being you. Okay, so remember that nobody can beat you being you. So be the best you you can be. And that's very important, because that confidence will come out. So don't, you know, don't have to fake it in sales. It's very real to be authentic and be yourself. Okay, now, now let's get a little bit deeper into this. Now preparation. Let's get back to that. So now you you got your mind together. You know, you're looking good, you're smelling good. Now you have to make sure that you got all your items and your tools ready for your customer. And this is about, you know, meeting a customer, even if it's online, but, you know, really seeing someone in person, and you're selling yourself this product you have in this meeting. You know you want to have your stats together. You know you want to have some samples or some examples, right? You know, together. People love gifts. People love, you know, samples and seeing what you do. They love data. You know, remember, you don't have to talk about the competition. You don't have to downplay what the competition is doing. You need to know that so you can know what they what there are, so which way, what makes you better? But you don't have to, you know, put salt, as we call it, putting salt in other people's game. You don't have to do that, you know, just be the best you be, and talk about, you know, the services you provide, and what you specialize in, and how you're going to bridge that gap for the customer, for their bottom line, which is important. Okay, so let's get back into that preparation. So how about your stuff together? You know, don't be ruffling through your papers. And you got a business card with a written out name on it. They got a stain on it. And you're looking for your cars. You're looking for your your ideas, and your briefcase still in the car. Make sure you take the time out. This is the 40% to have every thing together. Okay, so that's going to be helping you with that confidence as you go out and you begin to sell. Okay, so your mind is positive. You got all your tools. And so when it's time for you to walk into that meeting, oh my goodness, man, that 40% you are ready to rock and roll. Okay? And the key is to, you know, make sure that you have been investigating your product. You know you you know you did a lot of details, because customers would like to ask you questions, and don't let a customer know about more of your product than you you know, or you know, you know. Make sure you specialize in what you do. Take that time to learn. Don't just don't get something and try to go sell it. Do some research. You know, we have too much information out here these days. We have too much Google and being and too much AI is too much information for, you know, not to specialize in what you doing. So when a customer asks you a question, you can have some information about it. You know. You know something you know. So don't just be selling everything that you'll know nothing about. It's important. You can mess up a deal like that if you don't do your proper research and knowing your product. All right. And remember, you don't have to talk about your competition, but know your competition all right. Now let's get back to that saying for the day, energy is only transferred that's never destroyed when you go out here and then you have a negative mind for the day that that energy is going to be transferred. If you have doubt, if you have doubt in yourself, your person you selling to, can have some doubt in you also. So remember, energy is important. Create that energy of success, of positivity when you go out here, you know, right? And now it's time to meet this customer. You're all good. That 40% is good. Now let's get to that 20% the actual sale. And it's all about going back into being yourself inauthentic. Care about your customer and what they are and who they are and what their needs are, right? You problem solvers make money. Okay? The people who make money in sales are the people who understand the problem, and they come in here to solve that problem. And that's the key. You understand their problem. You there to solve the problem. And it's not just about a transactional deal, which means it's not about who got the lowest price, okay? People buy from people who they like, right? Not just about who got the best deal. So people buy into brands. They buy into, you know, a person who made them feel good. And remember this tip, this is another saying, right? People would never. People can forget you. All right, about what you said, but they won't forget how you made them feel. Okay, that's really key, right? People can, you know, you can tell somebody a whole bunch of stuff they may forget, but how you made them feel, people will remember that. All right. So that's why it's really key to have good energy and to be, you know, have some humility about yourself and be humble and understand your customer what they're going through. And you know, it's very important so people buy from people who they like, not just about who got the best price all the time. Okay, so remember that why it's important to be yourself and understanding your customer and what those problems are and what they have going on. All right, we get, we getting deep. Here. You listening to financialism. And this is Bruce Milam junior, and listen, we talking about sales and selling B to B. And these are all excerpts and some information from my book that's coming psychology of the sale. All right, so we just doing a quick breakdown of all this that's going down today. Now we are, we are meeting with the customer, and it is time to close a deal and sell for sale. You roll up. Listen, you got your car clean. You clean. You're smelling good, teeth white, you're confident. You know, everything is going on. And you remember, this is not about I save you some money. No, not, not. It's not about the lowest price. So remember that, you know, be humble, acknowledge a customer, be present. And let's talk about samples, okay, and gifts. If you got a product, if you have a product or a service. I my first business that I own, the smell good company, which we still do in business today. Most of the first 100 stores that I dealt with from Long Beach and Compton, la Hollywood, Englewood, Barstow, Victorville, Las Vegas, all these stores I all started off with gifts and samples because they never heard of me before. I'm a new product. I'm a new brand. And sometimes you have to give something to be able to let people know what you do. You all you know. So remember, that's a part of the cost of doing business. That's an investment. It's not something you're just giving away free. It's not going to take from your overhead. This is a part of the investment. Samples is key, and being able to show some and if it's a service. You're a photographer, you know, if you're a producer, if you know whatever you do, if you do hair, you know, it's always about, Hey, how can I show this customer, you know, what I can do, even if it's a something where it's high end, you like, Hey, I can't give that away for free. Bruce, now, okay, listen, these, this, my product, or my service, is very expensive, but what about that first time giving somebody a big discount to bringing them in, say, for instance, your hairstylist and somebody you know, you charge 100 or $200 due to hearing you say, I'm gonna give you 50% off on this first this first time this customer may bring you a cuss first of all, that customer may be with you for like, the next 10 to 20 years. Okay, right? And they also might bring their family, their cousins, their friends. You may gain so much from that, 50% off of that first time bringing the customer in. And so that's very important. Samples I gave every store that I was dealing with a sample, and sometimes I would give them a free product. So I've got stores just by giving them stuff for free and say, Hey, I'm gonna give you this product. Here you go. I don't want no money. No, no, no, don't give me no money. Just have it. Here you go. And put this display up for you in your store of my products, and they say, Okay, if it sells, hey, give me a call back. I'll come check on it later on, right? I'm confident that my product sells. Okay, so I'm very confident that I have a product that's, that's, that's going to go in there and that's going to sell to my to the customer. So, you know, it's proven. I've proven myself already. They just don't know that it sells. So I can go in there and say, Hey, let me give this product away for free to these stores. This is some valuable information. These are gems right here. I'm telling you, I've got so much business and even little samples. So I'm gonna tell you another trick. So you know now this is a some other little trick. So I've given away stuff to the stores for free, then also gave away samples to customers in the store, even outside the store going in. So by time they go into the store, they smelling this product, they smelling these incense and these oils and all these products, aromatherapy. And Cust, the owner of this business is looking like, Oh, you are you like that? They seeing how the customer is loving it and enjoying the product. And you know, that was a way to let them know and see for they self that, hey, customers is loving it now. They made some money off of it. They made money. Didn't have to spend any money. What do you think happened? By time I came back and all my product is going and it's been selling, we in business. Okay? I have some of those same stores for 10 years, you know, 15 years off of that one sample. And remember, sometimes don't know it don't have to be a big order. When you're dealing with customers. You're dealing with people don't always. Go for the big gusto. You know, work people out of deal. You know, give people, you know, a small package. You know, if you have something where, you know, you charge, you know, five hours. You a photographer, you sell shirts. And you know you've got, you got a printing company, and you know, you usually just run 100 you know, work with this small entrepreneur and tell them, hey, listen, just, just print a five. I will print five to 10 for you. I give you the same price on your first one. I print 10. Next thing you know, they want to bring their whole business to you. They got other people, other entrepreneurs, you know. So samples and gifts is very important. And sometimes, you know, owners can get spoiled. So you have to, you do have to stand, stand your ground sometime, with business owners, and you know, some, because they always, sometimes you spoil them. Those don't spoil them too much, you know, but I always still like to give my, my business owner, some gifts and discounts and things like that, and help them out, because people can't get spoiled and expected. All right, I want to tell you another funny story about looking, you know, and feeling good and looking good, and versus going to do some business with somebody, and just feeling like, you know, just regular. You didn't really, do, you know, put too much effort into it. I went to this one business one day, and I was just, you know, just looking really, just looking regular. I just had a little jogging suit on, just something I was, you know, just running. I'm just doing, you know, making a delivery to the store my products. And when I go there, you know, they even asked me for a discount, you know, because, I guess, you know, even like, Hey, man, give me a discount. You know, I'm looking like, I may, I may willing to give a discount. Sometimes you can look a little desperate, you know, right? I'm just making some runs and errands. I'm not doing too much. But then another day, you know, I was, you know, I have was, you know, doing some other business that day. And so I put on, uh, you know, my nice shoes and my nice two piece outfit I had on, and my hair was cut, and when I went that day, he didn't even act same store, never asked for a discount. And he actually, he didn't even worry about the invoice that I had. He was just like, hey, man, you look nice. Where you going today? What's going on with you? What's happening today? Oh no, that's just out here, just doing some work. And, uh, okay. Oh, that's awesome, man, you look good. Look Good. Hey, hey, excuse me. Yeah, go ahead and pay that invoice for him. Yeah. But back to you, Bruce, man, what do you what's going on? So, you know, sometimes that image, when you go in there, too, you know, you can, you know, easily, it adds value to your sale. So remember, um, I didn't mention that, but you know, that image will add some value when you go in there, because it's messed up. But people still do judge a book boss cover, you know. So a part of sales, remember? But you don't have to fake it. Just be yourself, though, feel good, but, um, yeah, so samples and, um, gifts, man, that was a gym, right there, guys, I hope you guys wrote that down. And remember, don't, don't feel like, especially when it's a first customer, feel like you're losing money. Is an investment. Some of the same people I gave samples. Should we do in business now, 20 years later, that's a fact. Okay, all right, remember great closers, they have humility, okay? You got to care and connect. You know, if you, if you Rick, talk to a person, don't just make it all transactional. You know, everything is about, hey, this is the deal. Have good deal. You know, hey, how you doing customer? You know, where you from, you looking at somebody may, you know, if you, if you travel, you know different cultures, you might understand where they come from, or you may venture where they from, and you know them. You may see something. You may have the same birthday, and you may, Hey, man, so it, you know, Hey, how's it going? Man, you may use You seem really cool. Man's your birthday? Oh, you might be March. We our birthdays might be the same birthday, you know, like right now, I I talk to a lot of business owners, because I'm in FinTech, you know, I do business loans, you know, for a company. And so I talk to a lot of business owners who want to get loans. The interest is pretty high, you know, but it's for people who need the money, and they need it quick, and between 5000 up to 200,000 or whatever. So, you know, but, but, but, so when I'm talking to these customers, and we're talking and, you know, they, they, we, you know, I open it up with a good conversation. You know, it's not about, hey, this is what I got. What do you do? Don't be a robot. Okay, be a human. You know, it's okay. Sometimes you may be some people can be intimidated about dealing with business owners who, you know, own different businesses. They may be really successful, they may be millionaires. And you know, you looking at them and you coming in just they know that they're humans too, and they do business and they understand. And you know, you value their time. Just come prepared and come with the business. And, you know, stand on your square, as we say, then you'll be okay. But you know, getting, getting back to, you know, talking to these customers and going in nice and having everything organized is really key. And once again, you guys are listening to fighting naturalism, all right, and it's time to close out this customer, all right. So to close out listen, you never broke down all your data. You know, talked about yourself and understand who the customer is. You know you got, you know, you know your prices, as far as the product and your prices. And you go back and forth. And you know you negotiate. Remember, the thing you hold in your back pocket is little discounts and deals to. So sometimes you don't have to come all the way in with that in the beginning. You can save that, you know, for the end piece when you need to close it out. Oh, hey, this what I'll do for you. So explain your product, explain your product, and who you are, introduce yourself, your specialties, and the people you've helped, and you know, your success rate and all that data. And then you're going to hold in your back pocket, you know, as far as your discounts and deals and gifts you want to do, or you might come in with a gift, but the discounts and deals, as far as the service of product, you can save that for the end and always be willing to close you can, and you remember, just by doing some business with a person and almost giving it away for free up front, the first time you're in business, even if you they give a huge discount. Once you make your first dollar, you're in business. So, you know, even with that customer, so that's be a returning customer, all right. So listen, you know, negotiate it. You closed out this customer. This customer is happy. They got gifts, they got samples, they got a discount. Customers love discounts. Okay? They got this package. Now you close them out. You give me information, you wrap it up. You wrapped up your deal. You got your paperwork. Make make sure that you have multiple ways of getting paid. People want to make it easy to get paid. Don't make it hard whatever way. They got PayPal. They want to write a check. They want to do a money order. You got a business account, you know, you got every way possible to make it easy for a customer to pay you cash out, but make sure I'm in business funding. Make sure when you get paid that all that money goes to your business bank account. You need to show that up, and you need to spend money from your business bank account when you use it for tax purposes. And make sure everything that you if it's coming through zeal, wherever it's coming from, then it funnels back to that business bank account. Don't co mingle. Okay, so remember, make it easy for the customer. They paid you, they wrapped it up, or you gave a sample. You're going to come back later. Now that's the 20% you at 60%
Unknown Speaker 21:50
this last part is the 40% to make it 100% 40, 2040, the last 40% is called the post sale service. Customer service, okay, you can't talk about having good customer service. You have to do it. You have to show them. So when you when you make sure that you call and check up on a customer, stop into a store or to a business and see how they're doing, send them an email and let them know. Hey, how is everything working? Is there anything that you can do to assist them? Is there anything that you need to change out or reorganize, restructure So customer service, and service and a customer is the absolute key in business. Man, you don't know about that last 40% so remember, customer service, it's all about, you know when I go to, let's talk about customer service real briefly. You know, when we go to restaurants like Chick fil A, and I go through that drive through, they got some of the best customer service. Don't they feel good when you go through somewhere and they say, and they greet you nice, and it just makes you feel good. You know, you're just ready to give them some extra money. You don't need. They don't even want a tip, but they just, this is how they're they're trained. And I go to other places and I get bad customer service. I'm ready to talk to the manager. I'm ready to go and Yelp. I want to, only want to go there anymore. So customer service is so key, guys, we're going to have a whole another conversation about that. But remember servicing the customer going to involve some good customer service, right? So services, checking up, making sure they have what they need. They need more, more things. Sometimes you might call a customer. They might even wasn't ready to buy something, but just because you called them, yeah, I'll take another dozen. Oh, yeah, I'm ready for another photo shoot. I need to do. Need some more shirts. I got an idea. I'm ready to get something produced. Yeah, I do, man, thank you for giving me a call. Thank you for coming by. So remember servicing the customers, how you continue to make more money. And there's also some upselling. Also, that's going to be another conversation for later on. Upselling is another good way to add more money to that invoice you have. But let a customer see what you have. The offer that you're that you're they're successful. You did good business, you serviced them, and they can trust you, and you care about them. You're doing good business, and then you can upsell. You know, hey, I got some other products. I got some other things I can do for you. They know you're gonna take care of them. That's the key. So upselling can come once, you know, they they've been taken care of. That's the key. So the last 40% is service and customer service and then rinse, repeat. All right, rinse and repeat, baby. All right. Wake up. Hustle. Wake up. That's it. That's it. Okay, continue. That's what we do here. Listen. You're listening to financialism. The more you know, the more you grow. It's been great talking to you guys today about selling business to business, B to B, as we call it, and this is the way you're going to be able to elevate yourself, whatever business, whatever service or product you have, selling is the key, all right. And these are some gems I gave you. I want you to be successful. Platforms and email financialism at gmail, all that. Okay? Fight hump. Bruce@financialism.com all that just financialism. I Z M and I'm out of here. Hey, I love you guys. I appreciate it. One Love Hey, thank you for listening to financialism. I'm your host. Bruce Milam Jr, it's been an absolute pleasure taking you to the next level, and I want you always to remember, the more you know, the more you grow. You can always reach me on all platforms, financialism, all right, that's what the I, Z, M at the end. Don't forget website, financialism.com, and all platforms. And if you want to reach out to me directly on my socials, you can go to B, Milam Jr. That's M, I, L, A, M, J, R, on Facebook and Instagram and also downtown Bruce out there telling you all the hot spots about where to go to in Las Vegas and all that. Love you guys. Thank you so much for your support. And once again, this is financialism. You.
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