The Coach's Corner

Archive for March, 2017

Shocking Information About Millennials

March 20th, 2017 // Tom Doescher //

Tom Doescher - Doescher Advisors

By the year 2020, millennials will represent 50 percent of the workforce. Millennials are probably one of the hottest subjects talked about by business owners and executives today.

I found this 15-minute Simon Sinek video to be incredibly insightful (he’s the author of Start with Why). As a result of watching the video, I have a completely new attitude. If you don’t have 15 minutes to watch the video, here are Simon’s four main points:

  1. Parenting: In Simon’s words, there have been too many “failed parenting strategies.” Since they were children, millennials have been told they’re special and can have anything they want (i.e., everyone gets a trophy or medal just for participating). The actual effect of these types of strategies? Low self-esteem, a shattered self-image, and depression.
  2. Technology: Interacting with Facebook, Twitter, texts, etc. releases a chemical called dopamine, which makes us feel good — similar to the feeling we experience when we drink alcohol.
  3. Impatience: Millennials grew up getting everything they wanted instantly (Amazon, Netflix, etc.), so they have no patience or appreciation for delayed gratification. The result has been an increase in suicide rates among young people. They don’t know how to deal with disappointment.
  4. Environment: Unfortunately, many workplaces are more focused on the financial results than the people. Simon says, “It sucks to be you, but leaders have to pick up the slack and build millennials’ confidence.”

Hopefully, this shocking list will cause you to listen and give you pause before jumping to conclusions about the younger generation.

Editorial comment: I find this to be an exciting opportunity for enlightened business owners. If you and your leaders engage millennials using Simon’s advice, your company will soar past your competitors.

Let’s Stop Arguing About What to Call It

March 6th, 2017 // Tom Doescher //

Tom Doescher - Doescher Advisors

How about if we call “it” obtaining a new client (customer)? As you know, Uncle Dan very generously shared his wisdom with us in the “Sandbox Hunter’s Game Plan” blog series, summarized in the January 19, 2016 Food for ThoughtIn this blog, I would like to focus on obtaining new clients for professional services. I believe most of the comments would apply to any service or product, but for purposes of clarity, let’s focus on “professional services,” which I will allow you to define.

If you Google sales, marketing, and/or business development, you’ll discover all kinds of definitions the authors of various articles and books are passionate about. The reason I’m commenting is because of the ambiguity that exists in many companies. I would suggest there are three major functions necessary to secure a new client (customer):

  1. Finding (This isn’t my own term; I got this word from a guy in my networking group) — Finding is the process of identifying a prospective client. You might use an outside resource/service, have someone internally perform this function, your Hunter may be responsible, or possibly it’s the result of a combination of tactics. Question: Is how you obtain qualified leads and who is responsible for finding leads clear to both you and your team? Do you have enough leads? If no, why not?
  2. Relationship — Often, this is the hardest part, but the goal is to get a new client. This may take a period of a few weeks or a few years. I’m aware of situations where this period lasted for more than 20 years (sorry, I have to tell the truth). Again, I think Uncle Dan gave us great advice and tips. This is where the great Hunters excel. They introduce the prospective client to their colleagues, especially those who can offer industry insights and what is called “thought leadership” (simply stated, they say, “If I owned this company, I would do this or that to profitably grow the business.”). I strongly believe that personalized contacts are more important today than they’ve ever been. I’m not talking about mass emails, webinars, podcasts, et cetera. I’m talking about face-to-face, voice-to-voice, and handwritten notes. Question: Do you have people who can truly develop new relationships and transform them into clients? (By the way, I have met people who know a lot of prominent executives, but can’t convert them into clients. How many new clients do you have this year? Last year?)
  3. Closing — This is getting the ball over the goal line, or ringing the bell — whatever you want to call it. Again, Hunters are best in class at closing, and Uncle Dan provided some thoughts on this function, too. Question: What is your close rate? Could it be higher? How? Do you really have the right people involved in the close?

The Advisor’s Corner

Tom DoescherYou’ll find stories from the trenches, business lessons, and pertinent questions to help you find inspiration, professional growth, and leadership savvy.

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