Selling your business can seem like a daunting task for people who have no experience with sales in the first place. Yet, it is a necessary step to make so there is no going out of it. What people fail to know is that selling your business is not just about the act of reaching out; it’s also about listening. Strategy coach Caitlin Doemner guides you to be the best at sales by taking it head on. She gives six elements to successfully convert sales while giving some great insights about being a coach in the industry.
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How To Successfully Convert Sales with Caitlin Doemner
I am very excited to have a special guest with me who I believe can help you in your business. I have with me Caitlin Doemner. After studying at Oxford University and getting her MBA from Biola University, she launched Virtual Coaching Sales back in March of 2013. Within two weeks, they had sold over $250,000 for their client. By December of 2015, they closed over $3 million in new business for their clients. They also generated $1 million for themselves in their first 33 months of business. I know how few businesses do a million and how few businesses that are female-operated do a million.
Caitlin is the author of the Unseen Sales Machine: How to Automate & Scale Your High-End Product Sales and Sell with Heart: How to Grow Your Business with Love and Authenticity. The vision of her company, Virtual Coaching Sales, is to empower entrepreneurs to become CEOs by scaling them out of their own sales process so they make more money doing less selling. Caitlin and her husband, Michael, live in the foothills outside of LA. They’ve got four kids, eleven chickens and four turkeys. Welcome, Caitlin. I’m so happy to have you.
Thank you so much for having me, Terri. It’s such a pleasure to be with you.
What kind of sales was your client doing? All of a sudden, you had $250,000 in two weeks.
She’s still my client now. You might know her name, Margaret M. Lynch. She is a tapping expert and the author of Tapping Into Wealth. She helps people unblock their money mindset and step into their power, financially, and personally. It’s in the coaching industry. That was the niche where we started. We worked with Ali Brown, Christine Caine, Fabienne Fredrickson. We’re starting this project for Stephanie Nickolich. We’ve been blessed to work with some amazing female coaches in the industry and we’ve been supporting them in their sales.
There are coaches out there marketing themselves, trying to sell themselves, and usually doing strategy sessions. What’s the secret sauce that you bring?
When I started Virtual Coaching Sales, we said it was in March of 2013, but I would say six months before that. It started when my coach asked me to sell for him. He’s like, “I love what you’re doing. Why don’t you sell for me?” I said, “No, Glenn, you don’t understand. I don’t know how to sell. I have never sold anything in my life.” I was from an academic background, I got my MBA. That was my whole world and I hated selling.
My business partner at that time was this coach and sales consultant. Together, we came up with this two-part model. My former business partner, Nate Moore, he was like, “You don’t need to sell. Just get people on the phone, build a relationship with them, find out what their problems are and then we can create a solution for them.” I was like, “I know how to do that. I’d love doing that.” I would schedule an appointment for him and then he would close these $50,000 deals, it works really well. The thing I wish somebody had told me at that time is all of that work that I was doing was selling. It took me a long time to recognize that selling is not some secret formula or a memorized script. It’s simply listening really well to what people need and want. Then coming up with a solution that’s profitable for you and fits within their value equation, that was the heart of it.
This two-part model, setting an appointment and closing the deal on the second call with a second individual, it broke the sales process into two very easy-to-do pieces so that nobody felt they had to take them from a cold lead to a closed deal. That’s very grueling for a single person. The other thing that it does is that it provides a level of credibility for the closer and for the coach that we’re doing this for. Suddenly, we have three degrees where if the first person can’t get through, the second person can, and the third person can. It provides a level of consistency and reliability to the sales process that a lot of starting entrepreneurs lack. It was more like, “This was a great prospect and they happened to need what I wanted, so I happened to close the deal,” but there’s no system in place to make sure that leads are qualified, engaged, educated, and then invited into the program day in and day out.Selling is not some secret formula or a memorized script. It’s simply listening well to what people need and want. Click To Tweet
I own a coach training school and I have trained 5,000 coaches so I know that this is something they need. It resonates with one of my books, Sell Without Selling: Lessons from the Jungle for Sales Success and it’s all about selling as, what I now call, a Heartrepreneur, which is being authentic and acting with heart. Your book Sell with Heart just couldn’t match any better. Let’s say if someone’s reading this, they’re a coach, a consultant and they’re sitting here going, “I’d like to have $250,000 in a couple of weeks. I’d like to have $3 million or $1 million.” What’s the first action that you need to take?
The biggest thing that they need to do is understand who they’re serving and what that person wants. I find that too many entrepreneurs love something, “I love coaching people. I want to be a life coach and help people unlock their potential.” They make up the system, “I’m going to create an eight-week system or a six-month program or a year-long program,” and they create it in a vacuum. They assume that people are going to magically come to them and buy it and then they are stuck, and they are screwing their thumbs wondering why people aren’t showing up. I tell my clients when they’re starting out, “You have to listen to the market. You have to build in response to what the market is telling you that they want and need,” so we encourage them to start with a sales survey.
Most people assume that they don’t want to sell through their friends and family. That’s the biggest mistake that multilevel marketers and network marketers make is they sell to their friends and family instead of selling through their friends and family. I would encourage each one of them to buy a copy of the book The Referral of a Lifetime by Tim Templeton. It changed my whole idea about marketing. Make a list of 250 people you who know, like, and trust. Then tell them what you’re doing, who you want to serve, and why this is so important. Send it out of the paper email and start getting on the phone with them and saying, “I would love to ask you some questions about this industry. If I can serve you, great and If not, maybe there’s someone you can refer me to,” because what you need to do is start hearing what people want. Then, you can get those people on the phone with you and say, “This is what I do. Tell me a little bit about your experience with it. What do you like? What do you not like?” Then, you ask something specifically. If I’m a life coach, “What do you want in your life? What would you pay to get in your life?” What are their goals?
When you’re new to selling sometimes it can seem a little bit scary, but there are six elements to every single sales conversation and they’re three pairings. The first one is goal and motivation. The goal is what they want, and the motivation is why they want it. You have to know what is motivating someone to move forward, so if they say, “I want to make $250,000,” that’s the goal, but you have to talk them into, “Why is $250,000 important to you? What would that allow you to do?” “It would allow me to bring my husband home from work.” “It would allow us to get that dream home that we’ve been looking forward to.” “It allows us to go on family vacation,” all those things are where the motivation is.
The second one is challenges and pains. Challenges is what’s keeping them from attaining those goals and the pain is how it’s showing up for them. Why is this a problem? “I can’t reach $250,000 because,” and then you figure out, “I can’t get enough leads” or “I don’t know how to close the deal” or “I don’t have any systems in place to do all these things for me.” “The pain is keeping me from that $250,000.” It’s costing me $250,000 every year to not solve this problem.
The third pairing, steps five and six are the desired solution and their budget. You can easily go into, “Tell me what would you love to have as a solution to this problem? If I could help you do X, Y, or Z, would that fit in?” You get them to tell you what they want and they’re looking for. The thing with focus here is in the sales survey process, when you’re talking to people, always try and get them to give you an end result. “At the end of our time together, what would you like to achieve? What would you say you’ve been successful in?” Get them to fill in that blank because you don’t want them to say, “I want 250 one-on-one hours with you.” Nobody thinks that way. That’s a problem that a lot of coaches assume, “I’m going to have an hourly rate.”
You build them a package that gets somebody to the desired end solution and then you charge them for that end result. You don’t charge them for the process and they say, “I want to make $250,000,” and you’re like, “I’m going to give you a program that’s going to get you to $250,000.” You can then go into the last piece, which is their budget, so you can say, “Tell me what are you thinking in terms of getting to this amount? How much would it be worth if we could make you $250,000 next year?” It’s harder when you are a life coach, a spiritual healer or something to quantify the value of what you provide, and I hear that a lot, “I don’t know what I’m worth,” but I would say the opposite is also true. When I’m telling people about the money that I can make for them, I say, “I can make you a million dollars next year.” I have to take that back into what does that mean for them in the same way that a life coach would do the opposite.The biggest mistake that multilevel marketers and network marketer make is they sell to their friends and family instead of selling through their friends and family. Click To Tweet
They’re like, “I’m going to make you happier, healthier, and more productive. You’re going to have a better relationship with your husband and children,” and you have to remind them that’s the only reason we ever have money. Money is only a placeholder for value. You have to connect that value back to what is this worth to you when you can understand that. If you say, “I can make you $250,000,” you’re like, “What about 10%? Would 10% be worth it for you? If you gave me a dime, I could give you a dollar, would you that be a good deal for you? “Yes,” and you’re like, “Perfect.” I now know that I can charge $25,000 if I can get somebody $250,000. My biggest recommendation is survey your market, understand the end result that people want, and then create a value proposition that’s a no-brainer for them to move forward with you.
I recommend this to everyone reading this. Caitlin, you’ve brought so much value. I’m going to walk away with a much better understanding of how to use the sales survey because I’ve used them, but not in this way. Definitely speaking about the end-result and creating the value proposition. I love what you said, money is the placeholder for the value that you bring. I love that you also talked about creating the package that gets them to where they want to go. Everyone needs to have this as a takeaway, charge for the end result, not the process. Thank you. This has been incredibly valuable. How can the listeners get in touch with you if they want to follow up?
We offer free copies of our book on our website, www.VirtualCoachingSales.com and you’re welcome to download them. You can also get them on Amazon for $20, but you might as well get the free PDF. Send my team a note, we have Info@VirtualCoachingSales.com. You can also reach out to me personally at Caitlin@VirtualCoachingSales.com. I will admit I’m not always the best at checking my email, but I’ve got a team though that can support you and get you in touch with me or with one of my team leaders. We would love to talk about how we can help you scale your business, whether it’s coaching or another industry.
This has been one of the most valuable conversations. I appreciate you being here. I’m going to have to ask you to come back again because I know there’s more juicy stuff I can get. Bye for now, Caitlin.
- Virtual Coaching Sales
- Unseen Sales Machine: How to Automate & Scale Your High-End Product Sales
- Sell with Heart: How to Grow Your Business with Love and Authenticity
- Margaret M. Lynch
- Tapping Into Wealth
- Sell Without Selling: Lessons from the Jungle for Sales Success
- The Referral of a Lifetime
About Caitlin Doemner
After studying philosophy and literature at Oxford University and Biola University, Caitlin went on to complete her Master’s in Business Administration in 2010. As co-founder of Virtual Coaching Sales, she led their team to close over $250,000 for their first client in less than two weeks, gaining the attention of industry leaders. Virtual Coaching Sales has since generated millions of dollars in new revenue for their clients.