287 - What Is A CBA?

0:00I work hard to make these podcasts actionable so you can actually learn something and then put it into action and improve your results. So let's do that. This past week, over the last two weeks actually, I had in one of my group coaching a person who was making six to seven hundred calls per week. I had another person who was making a hundred calls a week, cold calls these were. So when the first person said, which he had been doing for a while, that he was doing six to seven hundred calls a week. Somebody in that group said, boy, that's fantastic. And I said, I don't know if that's fantastic.

0:42What are your results? How often are you talking to the owner? And he said, one, two, three percent, something like that. Not so fantastic. So the person who was doing 100 calls a week, I said, how many times do you get through? And he said, I get through 25 to 30 30%, actually 20 to 25 % of the time I get through to the owner. Okay, quite a difference. One, two, three percent, 20, 25%. So the first person who heard six to seven, oh, that's fantastic, right? The second person said, well, he's doing the right thing, so, you know, it'll work out. Well, I don't know if that's true. You know, again, let me ask a question.

1:27So I asked a question, And the question was this, to the person who got through 20-25 % of the time to the owner, how often do you know the owner's name? He said, I always know the owner's name. Okay. For you, 600 or 700 calls a week. How many times do you know it? I don't know it. I just asked for the owner. Son of a gun. Big difference between knowing who you want to reach and just generically asking for the owner. So the following week, I had told this person the previous week to just do 100 calls, but know the owners, and then let's see how you do. So on this week's call, he said he did 241.

2:12I said, did you know the owners? He said, yes, I did. And so what were the results? How many times did you talk to the owner? 37 % of the time. Actually better than the 20 % to 25%. The only change that was made was he knew the owner's name. That was it. And think about that from going to 1%, 2%, 3 % to 37 % of the time. So far more than 400 % improvement in that scenario. And that brings up a point, and that is how valuable was that one piece of advice in group coaching to that mentee. I hope it turned out to be very, I know he's talking to more people, but whenever you do something, whatever it is, whether it's a course, a seminar, reading a book, attending some sort of event, do a CBA.

3:13What's a CBA? It's a cost-benefit analysis, And in that, think about, okay, how much am I going to spend, and what's the benefit I'm going to receive from that? And if that equation doesn't work, don't do it. Now, I have mentees that have done more than 40 deals, 25 deals, 8 deals. Those come to mind off the top of my head. And if I were to ask them, what was the cost-benefit analysis of your mentoring, there's no question in my mind that they would have gotten far more than 10 times the value they invested. And so think about that. What is it that you're spending? What's the benefit you're getting?

3:55I'm not going to tell you you're going to be eight deals, 25 deals, 40 plus deals. I don't know you. I'm just telling you the people I have mentored have done that. And so it answers the question, is it possible for that? But take a look at the cost-benefit analysis. When my marketing director and I, John, did the sales summit, we spent a lot of time to talk about what's the value people will get and how do we assure that they're going to get 10 times the value that they spend. And we did a good job on that based on the feedback. You will get an email from me if you were on my emailing list today that we're going to take down the link to the pricing on the recordings.

4:44So if you are interested in that, go find that link today and act on it because that will be taken down. But it was seven hours and 10 minutes of recordings from that. Obviously, the live event is passed, but the recordings are not. So you can learn from them. There were role plays, etc., etc. If you are not on my list, email list, email me if you want the special link to bruce at brucewhipple.com. If, again, you're not on the list, go over to brucewhipple.com, grab the free course on conversation starters. If you want to go there directly, just brucewhipple.com forward slash free course, and that'll take you there as well.

5:30But certainly, think about a cost benefit analysis. Think about the examples where people have retained information and learned lessons where they've gotten far more than that benefit, and I hope that that fits into your category. Ultimately, learn what to do, surround yourself with people who can help you, and then take action. If you want to know the secret sauce, taking action is pretty close to the top of that the list. Mindset and motivation are also high on that list. Okay, carry on, push forward, and continue to work this process, understanding that some of the things you will do won't work.

6:11But if you surround yourself with the right people and learn the lessons like the one I explained in the beginning of this, with knowing the person's name you want to talk to, you can improve those results.