Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / The Hardcore Cold Truth: Why You Hear 'No' A Lot!

Transcript

The Hardcore Cold Truth: Why You Hear 'No' A Lot! · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:01
  Today on the podcast, we're going to be talking about some
• 0:05
  random ideas about hearing no in sales and in business.
• 0:10
  So again, we're going to be looking at the idea that when it
• 0:13
  comes to sales, when it comes to business, you're going to be
• 0:16
  hearing no a lot. Now let me give you the
• 0:20
  background to the podcast. Oh, by the way, I'm making
• 0:23
  today's recording out and about. So you will hear some noise in
• 0:26
  the background. I'm in the parking lot.
• 0:27
  So expect to hear cars, you know, pulling out, pulling in
• 0:31
  then. Oh yeah.
• 0:34
  And then my name is Tavishima Ayedi.
• 0:36
  I'm the host of the podcast. If you'd love to connect with
• 0:38
  me, you can call, send me a text message or a WhatsApp message on
• 0:41
  08064662140. And if you like talking about
• 0:48
  all these sorts of things, then subscribe to the podcast
• 0:51
  because, you know, 2-3 times a week, that is what we do over
• 0:54
  here, talking about how to get customers, how to win sales, how
• 0:58
  to get people to come back, how to build relationship with
• 1:00
  customers, you know, those sorts of things.
• 1:03
  So like I said today on the podcast, what we're focusing on
• 1:06
  is this idea about hearing know in business.
• 1:10
  And this is the background to the context.
• 1:14
  I watched a video, I mean, somebody sent me a video on
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  LinkedIn and basically was just, you know, the usual kind of
• 1:20
  conferences that you tech Bros and tech sisters organise where
• 1:23
  you guys get together, talk to yourselves about sales and
• 1:26
  marketing. I've always been fascinated by
• 1:28
  these sorts of gatherings because you'll find out that
• 1:32
  people who organize these things, yes, they've been
• 1:34
  successful in, you know, building one or two startups.
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  And because of that, they come with some not so polished ideas
• 1:42
  when it comes to sales and marketing.
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  But of course, everybody takes what they say as gospel truth
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  because, well, you know, this guy has built a successful
• 1:49
  Unicorn, this guy has done this, this guy has done that.
• 1:52
  So therefore, everything that he says about sales and marketing
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  must be true, right? So today I'm going to use a
• 2:01
  series of conversations in one of these.
• 2:07
  I'm not going to say exactly which conference it was because
• 2:09
  I don't want to call the people out, but yeah, I'm good.
• 2:13
  I'm just going to go through the guy's speech.
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  I'm not even going to identify the guy because, you know, his
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  identity is not important. The the event in question, the
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  identity of the event in question is not important.
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  What's important is that, you know, these are ideas that
• 2:29
  people talk about a lot when tech Bros and tech sisters get
• 2:34
  together. So let's start delving into it
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  and see how many of these things make sense or how many of these
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  things check out or how many of these things are false when it
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  comes to a sales and business development perspective.
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  Oh, sorry, one moment my attention is needed.
• 2:52
  Let me just sort this out and then I'll get back to today's
• 2:55
  recording. OK, I'm back.
• 3:00
  Sorry about the brake in transmission because when I
• 3:04
  started the recording, I was in the parking lot and I was
• 3:06
  waiting for someone and I didn't know he was going to come that
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  soon. So he came sooner than I
• 3:10
  thought. So which is why I had to stop
• 3:11
  the recording. So the good news is I'm no
• 3:14
  longer in a parking lot. So the the interruptions should
• 3:19
  be the noise in the background should be significantly reduced.
• 3:23
  But still you will hear some noise in the background because
• 3:25
  I'm in a private residence just recording that.
• 3:27
  Let me finish up this recording real quick and then I can pay
• 3:31
  attention to my other payrolls for the day.
• 3:35
  So like I said, we're going to be looking at conversations with
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  the tech bro, a YouTube recording for a tech event
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  somewhere in Lagos that held earlier this year.
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  We're a respected tech bro in Nigeria.
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  Said a couple of things about sales and someone sent me the
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  video and that's the reason. Went around a commentary on some
• 3:58
  of the things that he said. Now, he started off by saying
• 4:03
  that you're going to hear no a lot when it comes to sales and
• 4:07
  in business. In fact, he said it clearly.
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  He said in your sales life, you will hear no, a lot more times
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  that you will hear yes. And he decided that as I was
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  going to start the event to tell his tech brothers and his tech
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  sisters the truth, the hardcore cold truth that you hear no a
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  lot more times than you hear yes.
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  And it's a necessary thing to say when you're talking to tech
• 4:32
  Bros and tech sisters because you guys are a very optimistic
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  bunch. And he's good, you know, because
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  you need optimism. You know, when you're starting
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  off, you know, you, you know, you don't enter the hustle as
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  you need optimism to get you going.
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  You need the ginger. But you have to temper the
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  optimism with a dose of realism and with a dose of reality.
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  And the truth of the matter is you will hear no a lot more
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  times and you say then you will hear yes.
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  So the tech bro was absolutely correct.
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  Now the reason why tech bro on stage and people like me are
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  saying this thing, it's not a we're trying to kill your spirit
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  or we're not trying to dampen your vibe.
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  It's just that if you come in with very high hopes,
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  unrealistic expectations, by the time you hear no one or two
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  times, you know people will use no and boss Basu, you know,
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  you're not stuffing as if like I be, there's a problem with me or
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  my dear socks or I'm just not cut out for this.
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  And then next thing you go back and start looking for a job.
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  So having the right level of expectations absolutely
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  important when you're starting your business game, starting
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  your sales game, for those of you who are in the tech space,
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  you have a new app, you have a new whatever your fintech idea,
• 5:53
  you need to have the the right level of expectations.
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  So is it true that you're going to hear no more times that you
• 5:59
  will hear? Yes, Yeah, that's true.
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  It's absolutely true. But like I said, the reason why
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  it's not because you suck because people take these things
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  personal. Well, like one of my clients
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  said, she said peas Now that was back when I was in the wedding
• 6:16
  space. You know, we have different
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  accents from different part of the country.
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  And that was the beauty of her being a wedding photographer
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  because you're photographing brides from different parts of
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  Niger. And then that's how the bride
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  said, oh, I'm ready for my peas now.
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  I was like a peas now. Now peas now then you think
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  click that she was saying personal.
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  So she was ready for her personal portrait.
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  And anyway, The thing is me and her bride, we ended up fighting.
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  And so since then my wife has been calling that bride pace now
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  she's been calling her pace now saying that that's my
• 6:49
  girlfriend, that the reason why we're fighting is because we're
• 6:51
  feeling each other. Because me, I was thinking she's
• 6:53
  a fine babe and she's just thinking I'm a correct guy.
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  It's just that me I don't marry and she's so she has found
• 6:58
  somebody that she wants to marry.
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  So my wife was saying that was some sexual tension.
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  That's the reason why we're fighting like that.
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  So it's a joke in my house. Well, any small thing I would
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  say, why you taking the pace now?
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  So where was I? So some of you guys, you take
• 7:14
  the pace now, you take it personal when you sat here, you
• 7:17
  know, but it's not necessarily the case.
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  The reason why you're going to hear no a lot is because of some
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  simple dynamics. If you listen to Brian Tracy,
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  some of his early stuff, you know, like early, early
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  material, like 1980s kind of early, I think the audio
• 7:36
  material on the psychology of selling now Brian Tracy says it
• 7:39
  there that not everybody wants what you have.
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  Not everybody needs what you have and not everybody can
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  afford what you have. So because of that, you should
• 7:48
  expect that lots of people are going to say no.
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  Let me repeat, not everybody wants what you have.
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  So I expect them to say no, they don't want it.
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  Some people maybe they kind of want it, but it's not really a
• 8:01
  need no be priority at the moment.
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  So expect them to say no. And then some people they wanted
• 8:08
  to and The thing is priority, like they need it now, now, now,
• 8:11
  now, but Cobo they not get as in Shishi, they're broke, as in no
• 8:16
  money at all. They can't wrangle the budget.
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  So except if you want to, you know, milk of human kindness.
• 8:23
  And so I take a dash you or you discount to to the point where
• 8:28
  you feel like somebody's taking advantage of you.
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  Except if you want to explore all those routes, expect the
• 8:34
  person to say no. Now other sales trainers in the
• 8:43
  field like Brian Tracy, who else?
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  Brian Tracy, Victor Antonio, you know, they talk about urgency.
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  Urgency is the idea that before somebody buys, they need to be
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  in that space where there's an urgent thing that is compelling
• 9:00
  them, you know, to buy. So back to the example that I
• 9:04
  gave about a few episodes ago when I talk about the purple
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  Tesla, Tesla Cybertruck, you know, in Abuja.
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  So let's just assume that I'm flush with cash.
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  And by the way, I'm not. So if any of you want to give me
• 9:18
  money, you know, I'm open. That's why I give my phone
• 9:20
  number at the beginning and at the end of every episode because
• 9:22
  I want you guys to call and give me some money.
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  But let's just assume that I'll flush with cash and I have that
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  430 M 430 million naira clean ready to buy that purple Tesla
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  cyber truck. So when I'm cruising down in my
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  electric vehicle, only one in town one day see that purple
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  Tesla, they will know that that tavish might be that.
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  So assume I have that cash ready.
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  I want this car. Yeah.
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  OK. Can I say there's a need?
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  Because I don't think anybody needs a 430 million naira car is
• 9:59
  not as if he's in need per SE, but I can afford it.
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  In fact, I have 500 M with me. Excuse me, I have 500 M with me.
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  Cash. That means I will buy the car
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  and I'll still keep 70 million change in my pocket.
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  But then if there's no sense of urgency about it, let's say the
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  reason why I want to buy the car is because maybe we're doing
• 10:18
  high school reunion, secondary school reunion because I went to
• 10:23
  Christ the King College, Guangalada in Abuja.
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  That's why I did my GSS. That's junior secondary school
• 10:28
  for those of you who are not Nigerians listening.
• 10:30
  Then I did my senior secondary school in Greg's Saint Greg
• 10:34
  Bridge College, Southwest Eco. Shout out to all Gregorians
• 10:37
  listening to this podcast. So you know, now when you're
• 10:41
  young boys, you understand now like we're all used to form, how
• 10:45
  will I put it, the gas to form levels.
• 10:48
  Now you understand, we're coming from different backgrounds, you
• 10:51
  know, some of us good to form upper class, some of us good to
• 10:54
  form middle class. And then there's some people
• 10:56
  that you can't form nothing like you're from a poor background,
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  you're from a poor background. You can't you can't form
• 11:03
  anything. So we used to try and situate
• 11:05
  ourselves like that, you know, and it's normal.
• 11:09
  So as the trends are changing, you know, all of us trying to
• 11:11
  flex. So when CK was raining, that's
• 11:14
  Calvin Klein. You know, we'll try and dress up
• 11:17
  head to toe CK Calvin Klein shirt covering Klein belt
• 11:22
  covering Klein jeans covering Klein.
• 11:24
  So yes, you're a correct guy. And then trends change and the
• 11:29
  time that it was Tommy Hilfiger, you're not trying to show up in
• 11:32
  your your Tommy Hilfiger complete.
• 11:36
  You should call the hue finger back in those days your Tommy
• 11:39
  Hilfiger complete. I can't remember if Tommy
• 11:41
  Hilfiger used to make belts but used to make perfume there then.
• 11:44
  So you will spray your Tommy Hilfiger perfume.
• 11:47
  You show up fresh to death as a correct guy.
• 11:51
  So you know those are the stupid games that we used to play back
• 11:54
  in those days. Now to form levels and I can see
• 11:57
  that the thing hasn't stopped. In fact I feel sorry for
• 12:00
  secondary school boys now because man, the game has gone
• 12:03
  nuclear. You see secondary schoolboy
• 12:06
  carrying Samsung Fold phone that is 2.5 million man.
• 12:12
  The level of flexing, the level of dunking on people that they
• 12:16
  do nowadays is on another level. I'm happy I didn't go to
• 12:19
  secondary school during this period because man, I would have
• 12:21
  cried. You show up with your Nokia, me
• 12:26
  or your classmate, the flex on V4, it's not easy.
• 12:33
  Anyway, where was I? I lost my train of thought.
• 12:38
  So like I said, now. So that's how we used to flex in
• 12:40
  those days. Now, of course, normally now
• 12:42
  those some people who are on top of the food chain, like back
• 12:45
  when I was in CKC, that's my junior secondary school.
• 12:48
  All those Abuja children, Minister of Extended Affairs,
• 12:51
  those are the people that used to travel.
• 12:52
  Anyhow, it's our wish you could. You didn't hear?
• 12:55
  No, I didn't hear what happened. And they posted their family to
• 12:58
  Washington DC, OK. They after a while, you see you
• 13:03
  put in town again. Yeah, we're just passing through
• 13:05
  as I am passing through how what happened And we've been
• 13:07
  reassigned to Israel small time which could be the guys in Italy
• 13:12
  just traveling up and down traveling anyhow.
• 13:14
  So now those Ministry of External Affairs kids, those
• 13:17
  guys you know do on top of the food chain.
• 13:20
  So maybe now you have been living with that beef in your
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  mind that this Ministry of External Affairs children I will
• 13:28
  show them, I will show them there.
• 13:30
  Now eventually you are in that situation where you have excess
• 13:34
  cash, surplus cash. Now you will call meeting for
• 13:40
  you know, you know how you do it now 2008 set 1995 set this set
• 13:44
  that set you will now call meeting and you want to pull up
• 13:47
  and kill everybody. You just show up in that purple
• 13:51
  Tesla cyber truck so that when they see you don't know that
• 13:55
  this guy don't make up. This guy is 1 in town.
• 14:00
  This guy is the king after God. Now this guy nobody else.
• 14:05
  So I know it sounds silly what I'm saying, but for some people,
• 14:09
  that's just a sense of urgency that they need.
• 14:13
  This meeting is coming up or this contract is coming up.
• 14:16
  This situation is coming up. If I pull up, I guess to pull
• 14:20
  up, correct? So for some people, that's just
• 14:23
  the sense of urgency that they need any answers to sell us not
• 14:28
  to judge with sense of urgency is realistic or not, but
• 14:31
  basically somebody can want something needed, can afford it.
• 14:35
  I can have 500 million naira cash sitting under my bed right
• 14:39
  now, but if there's no sense of urgency to buy that Tesla
• 14:41
  Cybertruck, there's no sense of urgency, I'm not going to buy
• 14:44
  it. And in that case, if you're
• 14:46
  selling that, that, that kind of car, expect me to say no.
• 14:52
  So excuse me. So you can see that people are
• 14:55
  going to say no for a whole bunch of reasons, then plenty.
• 14:59
  So sitting down, feeling sad, trying to figure out, is it me?
• 15:04
  It's not worth the hassle. There's sometimes when people
• 15:07
  say no because it's your problem and that's because you're
• 15:10
  targeting was off targeting in the sense of are you approaching
• 15:13
  people who are your ICPICP meaning ideal customer profile.
• 15:17
  You know your ideal audience. Are you talking to the right
• 15:22
  people? Sometimes you're approaching the
• 15:24
  wrong person. You're approaching people who
• 15:26
  might never want, might never need, can never afford, even if
• 15:30
  you sell them and their whole family will never be able to
• 15:32
  afford, not even talk of urgency.
• 15:36
  So yes, sometimes the problem is yours because you're talking to
• 15:39
  the right people. Or sometimes your targeting is
• 15:40
  that you're in the wrong environment or in the wrong
• 15:43
  context. And I've given an example about
• 15:45
  how in my wedding photography days, there's one parish in
• 15:48
  Abuja that I was using my own reasoning that this is a big
• 15:53
  parish. Now, if I go here, I'll be
• 15:55
  talking to brides where they have good, good money, people
• 15:58
  that will be talking, you know, 400,500 thousand, not 150.
• 16:05
  But as I showed up in that parish, the things that I saw
• 16:09
  when I tried to market my, excuse me, market myself as a
• 16:13
  young wedding photographer, people were pricing me 150 Ki
• 16:17
  say big parish like this. I realized that I was in the
• 16:22
  wrong neighborhood after three, three or four Fridays, 'cause I
• 16:28
  used to go and do my marketing on Fridays.
• 16:30
  After three or four Fridays, I gave myself sense and I said,
• 16:33
  look, I can't stay in this parish and find something sweet.
• 16:37
  I have to locate myself in another environment where I can
• 16:41
  start hearing good money. So in essence, sometimes there's
• 16:46
  some people are saying, no, it's your fault, you're talking to
• 16:48
  the wrong people or you put yourself in the wrong context.
• 16:53
  In that case, the solution is simple.
• 16:55
  Just like me, I removed myself from that parish and I went to
• 16:58
  other parishes where I studying figures.
• 17:02
  That makes sense, where if you tell somebody 300, they will
• 17:05
  shake, They'll say how about 2:50 or you tell somebody 400,
• 17:09
  they'll say, well, that sounds just about right.
• 17:12
  Then I was like, hey, I have found my space, let me remain
• 17:14
  here. Oh, by the way, I don't do
• 17:17
  wedding photography anymore, so I don't know how much people
• 17:19
  charge nowadays. So please, wedding
• 17:22
  photographers, you know, no vex. If the numbers I'm calling are
• 17:25
  small by today's standards, understand that I'm no longer in
• 17:28
  the field. So where was I?
• 17:33
  OK, I lost my train of thought. So sometimes, yeah, it might be
• 17:37
  your fault because your targeting has been off, you've
• 17:39
  been talking to people who are not your ICP or you have been in
• 17:42
  the wrong environment. Now, another reason why people
• 17:47
  say no is because how I put it, OK, there's this thing that is
• 17:52
  called market validation. That's what Gary Vaynerchuk
• 17:55
  calls it. And then you tech Bros and
• 17:57
  Texas, as you guys like, call it product market fit.
• 18:01
  Now the idea behind market validation or product market fit
• 18:04
  is this. You have a product or service,
• 18:06
  you have a brand new app, your, you know, fintech idea, whatever
• 18:09
  that you're trying to bring to the market because you believe
• 18:12
  that you have discovered a problem that is significant.
• 18:16
  So now one is normal down is normal.
• 18:20
  Like if you did not cover a problem, like why are you even
• 18:22
  in the market? So you can cover a problem.
• 18:24
  But The thing is, there are some problems that some people don't,
• 18:28
  people think are not worth paying for.
• 18:34
  OK, Some. Can I give OK my sharpener?
• 18:36
  I'm looking at my son's sharpener right now.
• 18:39
  While he's one of the sharpeners that I gave him.
• 18:41
  It's a, it's this kind of sharpener that is mostly used by
• 18:44
  architects. I can't remember the name of the
• 18:46
  brand, but I think it's real fancy.
• 18:48
  It's really sturdy. And then it fits into a
• 18:51
  container and then you use your hand and then turn it, you know,
• 18:55
  and then it sharpens the pencil and then all the dirt is
• 19:00
  collected in the bottom of the container.
• 19:02
  So yeah, in Nigeria, you know, parents would just buy ordinary
• 19:05
  sharpener. Some people who have fancy will
• 19:09
  buy that kind of sharpener. But you know, this automatic
• 19:12
  sharpener, the one that is battery powered, you just put
• 19:15
  the pencil inside, then anything will now do.
• 19:20
  And then the thing will sharpen the pencil by itself.
• 19:22
  You know, half a second, just do your pencil, don't sharpen.
• 19:27
  Have you noticed that nobody in Nigeria is buying a sharpener?
• 19:30
  None. Even the parents of the kids,
• 19:35
  the parents make gay money, even they do not buy that one because
• 19:39
  in this part of the world, my son needs a sharpener, my
• 19:43
  daughter needs a sharpener. Yes, that's a problem, but it's
• 19:48
  not that significant a problem. So which one?
• 19:51
  You're now giving me automated pencil sharpener.
• 19:56
  So it's a problem over here. Children's pencils need
• 19:58
  sharpening. But in this part of the world,
• 20:01
  people don't think it's that big a deal.
• 20:02
  Like it's not that deep. No be sharpener.
• 20:06
  In fact, in some households they've given up on sharpeners.
• 20:08
  It's razor that they use. Like me.
• 20:12
  I got tired of the sharpeners packing up, so I just went and
• 20:14
  bought a pen knife and I told him, look, you need this thing
• 20:16
  sharpened. Give it to me.
• 20:18
  I just use my trusty pen knife. Sharpen all your pencils and
• 20:22
  here you are. You're done for the whole week.
• 20:24
  I've sharpened all your pencils. Go.
• 20:26
  And prosper. So if there's a problem in the
• 20:31
  market and you explore the problem, but it now looks as if
• 20:39
  there's no market validation, there's no product market fit as
• 20:43
  in there's a problem, there's a demand for the problem to be
• 20:47
  solved, but the problem is not that much, is not that big of a
• 20:51
  deal. People know who drop back, they
• 20:53
  won't drop money to solve that problem because it's a problem,
• 20:56
  but it's not that big a deal. Then expect people to say no
• 20:59
  because unfortunately for you, it's a problem.
• 21:04
  But people are not willing to pay money for that.
• 21:07
  So expect people to say no. You have not been able to
• 21:11
  establish product market fit. You have found a problem, you
• 21:15
  have brought a solution and you have seen that there is some
• 21:18
  demand and the demand is significant, but they're not
• 21:22
  willing to pay the price That is enough for you to stay in
• 21:26
  business. You have not achieved market
• 21:28
  validation of your idea. You have not achieved product
• 21:31
  market fit. The market doesn't think this is
• 21:33
  a problem worth paying for. In that sense, expect people to
• 21:36
  say no. But like you can see people are
• 21:40
  going to say no for lots and lots and lots of reasons.
• 21:45
  So the main point here is don't take it personal.
• 21:49
  Was my life. We say don't take it pays now,
• 21:52
  don't take keep pace now at all. It has very little to do with
• 21:57
  you, very little. So usually the problems are
• 22:01
  around your targeting. Are you talking to the right
• 22:03
  people? Are you in the right place or
• 22:06
  your value proposition? Is the value proposition
• 22:10
  significant enough or not for people to engage and to buy?
• 22:16
  So the tech bro is absolutely correct.
• 22:18
  I've said it on the podcast before, one of the listeners
• 22:22
  when she reached out, you know, she laughed about it.
• 22:24
  But I'll say it again because it's true, because, you know, in
• 22:26
  Nigeria, we have a premium here on being academically on point.
• 22:31
  So back in the day, and I think even now self, I still see that
• 22:35
  kind of thing, you know, the rush to carry first, make sure
• 22:38
  you have the perfect CGPA, make sure you have the perfect test
• 22:42
  scores and everything. But unfortunately, school is not
• 22:45
  real life, especially for those of us in Niger, you know where
• 22:51
  they expect excellence. In our schools, we expect
• 22:56
  excellence. So school is not real life.
• 23:01
  You can get 100% in your test scores, every single subject,
• 23:05
  100 percent, 100%. But in business, no, you can't
• 23:09
  get 100%. In business, it is not possible.
• 23:14
  But because 100% in business is not possible, it doesn't mean if
• 23:17
  you get worried, it doesn't mean you can't succeed.
• 23:19
  You can't succeed because you actually just need to make
• 23:22
  traction with one idea, one or two ideas over the course of
• 23:26
  your life. You can make traction in one or
• 23:28
  two things. You'll be fine.
• 23:31
  You need to score 100% on every single thing.
• 23:34
  Take for instance Steve Jobs, three companies associated with
• 23:40
  three companies, Apple and Next and then Pixar Animation.
• 23:44
  So Apple, well, that company was successful.
• 23:48
  Pixar, yeah, Pixar became successful.
• 23:51
  But Next, arguably some people say Next was a flop.
• 23:55
  So the guy tried three ideas, 2 clicked, and I say that that's
• 23:57
  OK. He didn't need 100%.
• 24:00
  Two out of three is what's that? Is that 6?
• 24:03
  Is that 66 percent, 66%? And he was doing OK.
• 24:08
  He didn't get 100%. Now with it.
• 24:11
  Now we have tried lots of stuff. One of them that didn't work was
• 24:15
  juice, because I remember then I was doing my NYC back then.
• 24:19
  I was in Kano, Yeah, when the juice came out, I think was, I
• 24:24
  can't remember the name of the juice and the guy tried.
• 24:27
  You see that parties, you see that weddings, you know, But
• 24:31
  man, the thing just didn't move. So it failed.
• 24:33
  But a couple of things I worked out.
• 24:35
  The cement thing seems to be working out very well for
• 24:38
  Dangote. I think the time when he used to
• 24:40
  be a transporter like in the transportation business, I think
• 24:44
  that one didn't work out too well.
• 24:47
  Let's see what else. The refinery.
• 24:50
  The refinery seems to be working out well.
• 24:52
  And then he wants to open up a port.
• 24:54
  We'll see how the port works out or not.
• 24:57
  But basically, you know, Dank is not 100%.
• 25:00
  There's some things that failed Warren Buffett.
• 25:03
  Warren Buffett says you'll need a few home runs to win the game.
• 25:07
  You don't have to score big every time.
• 25:09
  Also a few home runs. And depending on who you ask,
• 25:13
  some people who say that he's only successful where Buffett
• 25:15
  was only successful in about 40%.
• 25:17
  I'll be 50% of the stuff that he invested in Bush are.
• 25:21
  That 40 or 50% is what is responsible for him earning
• 25:26
  billions and billions and billions.
• 25:29
  Crazy one. Buffett didn't get 100%.
• 25:31
  He didn't, not in business. And then in your business
• 25:36
  journey, you're going to hear something about the 8020
• 25:39
  principle or Paretos law. I prefer to, there's some people
• 25:43
  who say the law of unequal returns.
• 25:45
  That's what I prefer to use because some people who say 8020
• 25:48
  is not really 8020. They were going to show that in
• 25:51
  some industries more like 7030. And I'm like, look, the, the,
• 25:54
  the ratio is not the point. Whether it's 6040 or 8020 or
• 25:58
  7030 is not the point. The point is this, that most of
• 26:03
  your returns that you get in business will come from a very
• 26:07
  small core of activities. And that's what the 8020
• 26:09
  principle is about, that 80% of your money, 80% of your profits
• 26:13
  are going to come from 20% of your customers.
• 26:18
  So you don't even have to score 100% in customers if you're able
• 26:23
  to just select the right core of customers, the right group of
• 26:27
  customers and do a good job with seven, with 20% of them, that
• 26:31
  20% will be responsible for 80% of the profits that you make.
• 26:35
  And Please remember, don't go around argue with anybody that
• 26:39
  is not 8020. Yes, there are some places where
• 26:43
  I think the person that came up with this thing, Pareto himself,
• 26:46
  I think when he was doing his research, I think for Italy, for
• 26:50
  landed property, I think was more like 6040 or something.
• 26:53
  Now 40% of your returns will come from, sorry, 60% of your
• 26:57
  returns will come from 40% of the land you own or something
• 27:00
  like that. So it's not about the ratio,
• 27:04
  it's not about 802060407030. The idea is the big impact, the
• 27:10
  big money, the life changing money that you will make.
• 27:12
  It will come from a small core of customers or a small group of
• 27:18
  a small idea or small, you know whatever.
• 27:24
  So summary you will hear no most of the time, but don't let that
• 27:29
  know where you down. We are only looking for is few
• 27:33
  small yeses. I repeat, we are only looking
• 27:38
  for a few small yeses. When you hear the no, we should
• 27:43
  try and do some introspection to try and figure out what was
• 27:47
  wrong, what didn't work so that we can improve upon our
• 27:51
  conversions. The idea is when you start out
• 27:55
  and you try and toast 10 people to buy your product or your
• 27:58
  service, maybe only one person will buy.
• 28:00
  Don't let the nine who didn't buy weigh you down.
• 28:04
  What can you learn from that experience of selling with the
• 28:07
  one? Then what can you also learn
• 28:11
  from the experience of losing out on the 9:00 so that you can
• 28:13
  improve your conversions so that next week if you talk to 10
• 28:16
  people, maybe 2 will buy overtime, 3 will buy overtime, 4
• 28:22
  will buy. As your conversions improve,
• 28:26
  your lot in business will also improve.
• 28:30
  But know that there's no 100% when it comes to business.
• 28:35
  When it comes to sales or business, there's no 100%.
• 28:37
  Some of you will now point me to was his get Amazon.
• 28:41
  See Amazon, That's an outlier. The man started one business and
• 28:45
  he scored 100% on one business. And yes, but that's an outlier.
• 28:49
  That is the reason why when it comes to this thing, he's the
• 28:52
  only name you can call. Who else again, scored 100% who
• 28:55
  else? So please, those of you who talk
• 28:59
  about Amazon, what's his name again?
• 29:05
  What's his name? The founder of Amazon, he would
• 29:08
  talk about, OK, give this thing a recipes.
• 29:11
  That is not that is not usual. That is an outlier.
• 29:15
  That is a, you know, flashing the pan.
• 29:18
  It's not, I'm not saying he was lucky.
• 29:21
  I'm just saying that that is not how typically we expect things
• 29:25
  to be. It's like back when we were
• 29:28
  growing up in the 80s. Back then you disorder.
• 29:33
  You are tall to say this girl will play basketball, but you
• 29:36
  know, no, be sure it's not all of us who are tall that ended up
• 29:39
  being good basketballers. So yes, there is that one boy
• 29:45
  that you know in your school who was tall and turned out to be a
• 29:49
  magician with the basketball. But you know, that's just an
• 29:52
  outlier. It's not the usual.
• 29:56
  So excuse me. OK, 30 minutes.
• 29:58
  Let me just wrap it up. So that's it.
• 30:00
  On this first set of conversations, the tech bro was
• 30:03
  correct. So if you attend any event and
• 30:06
  the tech bro stands on stage or a tech sister stands on stage
• 30:10
  and they tell you that expected here.
• 30:12
  No, most of the times, most of the time they're absolutely
• 30:15
  correct. So that's it.
• 30:16
  And that's all for today. Thank you very much for
• 30:18
  listening. Remember, if you'd love to
• 30:20
  connect, you can call, send me a text message or WhatsApp message
• 30:23
  on 08064662140. Thank you very much for your
• 30:30
  time and attention. I'll catch you guys some other
• 30:31
  time.