Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Landing Your Dream Clients: ICP for Young Lawyers

Transcript

Landing Your Dream Clients: ICP for Young Lawyers · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

0:01
Hello and welcome to the show. Today is an out and about
0:04
episode. So I expect to hear noises in
0:05
the background, especially generator noise.
0:08
And that's because the I think it's called the TCN transmission
0:14
company Nigeria or something like that.
0:16
They're doing lots of work in Abuja, they're relocating cables
0:19
and things like that. So because of that, the power
0:22
situation in Abuja has been absolutely crap.
0:26
You know, they'll take light for maybe like obviously like 12
0:31
hours, 1214 hours of the day so that they can do that work.
0:35
And so yeah, so I'm serious load chatting going on.
0:39
So people are just running generators like crazy.
0:42
So if you're one of those people who has solar panels right now
0:44
in Abuja, you're definitely enjoying your life because
0:48
you're not going through what everybody else is going through.
0:51
So there was a time when in the Apple axis where I live.
0:55
So Apple, Gary Key, Guddu, Durumi, Galadimo at that whole
1:00
site. So I think earlier on in the
1:03
year in January, it was was our turn to go through all our
1:07
madness. And now that they're done with
1:10
us, I think now they've moved to Central area and somehow the
1:13
thing has spilled over back to us as well.
1:15
So I'm in the Central district right now.
1:17
So basically every single building that is around me right
1:21
now, they're just blasting generator.
1:23
So that's part of the job doing business in Nigeria anyway.
1:28
So today's episode is not about the joy of doing business in
1:30
Nigeria. We're continuing from what we
1:32
started yesterday on effective prospecting.
1:37
So that is what we're going. The whole narrative is going to
1:39
be on effective prospecting, although we're going to be using
1:45
one particular person as a case study.
1:47
Now she's made-up, she's not real.
1:48
I can't remember what we called her yesterday, but let's call
1:50
her Adenike Haruna today. So we're going to be using
1:53
Adenica Haruna. We're going to be using her as
1:56
an example so that you guys can figure out how to do prospecting
1:59
in your businesses because a whole bunch of you who reach out
2:01
to me, Some of the problem is that look, you haven't even
2:03
started prospecting in the 1st place.
2:05
So it's nice if you even have a big business problem per SE.
2:08
The problem is just that you haven't even started
2:10
prospecting. You haven't even started chasing
2:12
customers up and down. So you don't even have a problem
2:16
yet. So it is when you start chasing
2:18
customers and then there's a problem.
2:20
It's like you're chasing, you're chasing them, you're toasting
2:22
them, but you know, they're not angry, they're OK We're not OK.
2:25
Maybe now there's a problem that I can help you solve so we can
2:29
see whether your sales scripts, you know, is correct, you know,
2:34
or whether your framework has been set up to give you the best
2:39
chance of, of a success. So you're hearing it here for
2:44
free, live and direct this morning that a lot of you, we
2:49
don't even know if you have a business problem yet.
2:50
Because The thing is you come up with this business idea.
2:53
The thing sounds all right, but truth of the matter is you
2:56
haven't even started prospecting.
2:57
You told one or two people, then you just kept quiet and you
3:00
know, you went to church, you told another one or two people,
3:02
then you just calm down. Then maybe you mentioned it to
3:05
Mumsy and your auntie and your Popsy and then you just calm
3:08
down. And you know, like four months
3:10
has passed and in the last four months, to be honest, you've
3:13
only told maybe like 10 or 15 people that you're in business.
3:17
That's, that's not a, that's not a recipe for success at all.
3:22
You haven't started, you haven't told enough people, you haven't
3:24
started putting the word out. So in for people like that, we
3:29
don't know whether you have a business problem or not.
3:32
So it is when you start telling people, I can't tell you how
3:34
many people you need to talk to per day, but it's when you start
3:37
telling people, you know, you're picking up the phone, you're
3:38
calling people, 2233 people every day, maybe visiting one or
3:42
two people in the office every day.
3:43
Maybe you've been doing that for like a month and 1/2, you know
3:46
you haven't seen anything serious.
3:48
OK, No, no, whether there's a problem or not.
3:51
So the focus for today, yesterday's episode and the
3:56
other episodes going forward, we're going to figure out how to
3:58
do effective prospecting. Now the focus of that is that
4:01
we're going to learn a couple of things.
4:03
We're going to learn, first of all, how do we identify our
4:05
customers? Identify our customers is very,
4:08
very important. I keep telling people this whole
4:10
thing about ICP, but you know, they don't believe me.
4:12
But The thing is this, if you know who your customers are, the
4:15
moment you sight them or the moment you hear them, you know
4:18
at hand, this is my person. And then you know how to
4:21
continue from there. So that's the reason why we need
4:24
to have to identify our customers.
4:26
We also need to learn how to qualify our customers.
4:28
Qualify in the business context just means having appropriate
4:32
business conversations with them to try and figure out who this
4:35
person is. If you can help them, what's the
4:37
nature of their problem? Can your service help?
4:39
Because in this case, Identity Haruna, she's a lawyer, so she
4:43
has to be able to figure out who is this person, what's the
4:45
situation? You know, can my lawyering
4:47
skills help this person? You know, we need to figure out
4:50
all that before we even start talking about pricing and
4:52
proposal and then everything else.
4:54
Then we're also going to learn how to prioritize leads because
4:58
it is not every single person that we're toasting or that
5:01
we're talking to or that is toasting us that deserves the
5:04
same level of attention. We all know that from
5:06
relationship. Relationship matters, you know,
5:10
so for boys, you're hanging out with two or three babies.
5:13
There's one baby, you know, that is marriage material There's
5:15
another one that you know that you guys are just enjoying
5:17
yourselves and then there's another one that you know, you
5:21
say, God forbid, but shall let me just use one hand and and
5:24
then the same thing with ladies. There are some guys that are
5:27
hanging around you. There's one boy that you know,
5:29
OK, his marriage material, but OK, maybe he doesn't have money.
5:32
Then there's this girl over here who has money.
5:35
But and anyway, Shar, let's just be following ourselves.
5:40
And then maybe there's a third guy somewhere.
5:41
So just as in relationships, also in business, like I keep
5:44
saying over here on the show, so just as you stack rank people in
5:49
relationships, OK, this one is a serious person.
5:51
This one we're heading for marriage.
5:53
This one we're enjoying ourselves.
5:54
This one is I don't even know what it is that we're doing over
5:57
here. And then you prioritize
5:59
attention. It's also the same thing in
6:01
business. Some people in business don't
6:03
come and meet you. They're just walk up us like,
6:06
OK, this one is just inquiry. He doesn't have anything he's
6:09
doing today and shall let me answer the inquiry.
6:11
Let the person boss on through and there's somebody that is
6:14
very, very serious, but you can tell that this person is an Osho
6:16
free like this person wants to squeeze every single last ounce
6:19
of profit from you. Then there's also somebody who
6:22
is very, very serious and then this person is flush with cash.
6:25
That's the person that you're going to prioritize and pay
6:30
attention to. No, no, no, no, no, because you
6:32
know this one has the best time prospects.
6:34
So not all customers, not all prospects, not all clients are
6:39
created equally. I'm not saying that we should do
6:41
favouritism. I'm just saying something.
6:44
I'm just saying I looked at this.
6:46
This is basic common sense. If there's somebody here right
6:49
now, looks like the person has bar, the person is ready to do
6:51
business, the person is ready to transact with you and you have
6:54
the skill set to solve this problem.
6:56
And there is another person who is on Osho Free who is just
6:59
disturbing you in your inbox. You just have the person in the
7:01
inbox, you know, 1 moment I'll be right back.
7:04
And then you face the person that is here and have a serious
7:05
conversation. So we're also going to learn how
7:07
to prioritise leads because not all the leads are the same.
7:11
The people that are red hot, let's portray them very well.
7:15
The people that are stone cold, we put them in relationship
7:18
building. What are they calling it?
7:21
Relationship building, relationship building framework,
7:25
SHA, you know all those people that you know, they're on your
7:28
e-mail list or they're on your WhatsApp group, they send
7:30
messages to once in a while and maybe you call them every 2-3
7:33
months or whatever, Sha, But there's a way of dealing with
7:35
everybody. So the case study that we're
7:38
using today, I can't remember the name we used yesterday,
7:40
today, let's just call her Adenike Haruna.
7:43
But the other details are still going to be the same.
7:46
I remember we said that the lady is 10 years post call so that
7:51
Michelle has gone to law school. She finished her law school, so
7:55
she went to university and then finished law school.
7:57
And then since she finished law school, she has done 10 years
8:01
practice in Lagos. And because of the experience
8:06
that she had in the law firm in Lagos, they helped work on some
8:10
big clients who are putting together some products,
8:12
investment products that ended up being floated on the Nigerian
8:18
Stock Exchange. You know, she feels like I have
8:20
the expertise now, like I went for masters, I studied
8:24
securities law, I've finished first class.
8:27
I've been doing this thing for 10 years.
8:29
My boss is not paying me anything.
8:31
He pays me crap. Let me just go out and start
8:33
this thing on my own. I like me too.
8:35
I have the skills now I can make it.
8:38
So because of that, she wants to set up her own legal consulting
8:41
practice. And then what she's going to be
8:42
selling is securities compliance.
8:45
Now, for those of you who are new to the show securities
8:47
compliance, it sounds big, but this is just what it means.
8:50
A security just means a share in a company or a share in an
8:53
investment product. So those of you who bought
8:56
shares in Zenith Bank, you know, obviously you guys have
9:01
securities because you want a share in Zenith Bank.
9:04
If somebody comes together and he's trying to put together, you
9:06
know, some kind company and he wants money from big, big people
9:09
like me. If I start my own company and I
9:11
say I want Dan with it to drop, you know 1 billion in it, I want
9:15
Illumini to drop 1 billion in it.
9:17
I want, let's see who's another billionaire again, I want this
9:23
guy glue. I didn't want I didn't have to
9:26
drop like 1 billion because, you know, these are high net worth
9:29
individuals. So these are the kind of
9:31
transactions that people in the sect, Securities and Exchange
9:34
company Commission, people in the financial services sector.
9:38
You know, these are the sort of things that people want to look
9:40
at to make sure like who is this guy, the established man that
9:43
he's who is he? Where is he coming from this
9:45
fund that he's floating? What does the fund say?
9:48
This money that he has collected from billionaires so far he has
9:50
collected 6 billion, you know, so how far, you know, people
9:53
have to look to make sure that people don't just come in
9:56
sharply, you know, wine and dine.
10:00
Some people just dies. Some people collect money and
10:02
then just disappear like that. So all of that is what
10:04
securities compliance is about. Essentially, they're trying to
10:08
make sure that when people invest in a particular company
10:10
or when people invest in a particular idea, invest in a
10:13
particular product, people in securities and compliance, they
10:15
just want to make sure that everything is OK.
10:18
They want to make sure that the investors, ordinary people who
10:22
drop money, that they're OK. They also want to make sure that
10:28
even if it's not just other investors like you and me, even
10:30
if it's big, big people, you know, I didn't look at them,
10:32
they want to make sure that I didn't look at them is OK.
10:34
They also want to make sure that the products that being invested
10:37
in is legal. Because remember the example
10:40
that I gave yesterday was this whole thing of wonder banks that
10:42
used to rain maybe like 5-7 years ago where they will tell
10:46
you that come and drop money with us.
10:48
If you drop 50K now, in two weeks we'll give you 150 K.
10:51
Now people are going and dropping because we're cashing
10:54
out during our lives. There's a Ponzi scheme.
10:56
They'll collect your 50K, they'll collect other people's
10:59
50K. Then in week 1 payments, they'll
11:02
put you on top of the queue and give you 150 K.
11:04
Give another person 150K, give another person 150K.
11:07
Then they'll be like, ah, this is true.
11:09
I dropped 50K January 1st and then January 15th I collected
11:13
150. And then more people will rush.
11:15
And then they do that until the money is big, then they pay out
11:18
to a few people. And then overnight they just
11:21
disappear with everybody's money.
11:23
Before you know it, you know, maybe like 100 million has
11:27
disappeared. Those people are now rich.
11:28
And then they run off to, I don't know, Kotanu or
11:31
Switzerland or whatever and enjoy all the money.
11:33
So that's essentially what securities compliance is about.
11:36
And identity, identity, her owner, she feels like she has
11:38
the expertise and she wants to set up her legal consulting
11:41
practice. So the main question that we're
11:45
going to tackle or that we started tackling yesterday is
11:47
prospecting. How is Identique Haruna going to
11:49
get customers? How is she going to get clients?
11:51
So that's what we looked at in the previous episode.
11:54
And the first thing that I said was, first of all, Identique she
11:57
better make sure that subject matter expertise is on point.
12:00
She needs to make sure that she's the expert now for two
12:03
reasons #1 confidence in the market.
12:05
If you're not an expert, I mean, you heard all the things I'm
12:07
saying now, especially when you're new, you're fresh, a baby
12:11
lawyer, OK, 10 years is not baby lawyer, but you're still kind of
12:15
fresh. You know, some people will say
12:17
that 10 years you never mature, you know this Niger.
12:21
So that kind of thing. When you set up your shop, print
12:26
your business cards, you know, get your your law office, you
12:31
know, you get receptionist everything, start welcoming
12:34
people to your office. When people come and see you,
12:37
people from the market, they need to need to feel some kind
12:40
of confidence. You know, that's where subject
12:43
matter expertise comes in. When people sit down and talk
12:46
with identity care, they need to be able to know, they need to be
12:49
able to hear, they need to be able to see that she's competent
12:53
and that she's credible. And then the second thing is
12:56
confidence in herself. If she doesn't have the
12:59
requisite training, if she doesn't have the experience,
13:02
then it's also going to affect how people perceive her because
13:05
she will perceive herself poorly.
13:06
And when she sits down at the desk and then Malam Haruna or
13:14
whatever. OK, no.
13:15
Haruna has one name. Let's see.
13:17
Malam Ishaka starts asking her one or two questions.
13:20
You know, she should start shaking.
13:21
Before you know it, she's stammering.
13:23
And the girl will leave the minions leave me there and say,
13:25
oh, I'll get back to you. I'll get back to you.
13:27
And he will say, no, no, that lawyer.
13:28
No, no, baby lawyer. There's nothing there.
13:31
Let's not look for somebody else.
13:33
You know, let's not look for an expert.
13:35
She's not an expert. So subject matter expertise,
13:38
confidence in the market and then confidence in herself so
13:41
that when she's sitting now people, she'll be able to feel
13:43
like I'm a confirmed bad guy or I'm a confirmed bad, bad babe.
13:48
So hire me, pay me my money because I'm the real deal.
13:51
I'm the real person. So that's why we have to start
13:54
off this journey with subject matter expertise because it
13:58
definitely has an ability on how it is that we sell.
14:02
So today prospecting, so excuse me, still recovering, you know
14:08
how much time in Abuja and all that and let's see.
14:13
So today prospecting now. So the first step of
14:15
prospecting, we need to figure out who are we even chasing in
14:18
the 1st place Because prospecting just means you are
14:21
looking for people who might be interested in your product or
14:25
service or who might need have, might have a need for a product
14:28
or a service. So essentially boils down to who
14:31
are we chasing in the first place?
14:33
That's why this whole thing of ICP comes up.
14:35
ICP just means ideal customer profile.
14:37
Some people say customer avatar, some people say ideal audience,
14:42
some people say the best clients to work with, some people call
14:46
them any number of things. But no matter the term that you
14:49
hear on different podcasts, you know it's all the same.
14:52
We're just trying to figure out who should we start chasing in
14:54
the 1st place. And I said it yesterday, the
14:56
reason why this is a central question that we have to begin
14:58
with is because if you don't answer this question, we spend a
15:01
lot of time and money chasing people who will never close
15:06
deals. Back when I was selling
15:09
insurance with Lead Way, it is something that our line manager
15:13
said. Our line manager went out with a
15:15
couple of people and then when she go back to the office, she
15:18
told everybody that look, I was out with them, just the name is
15:20
Kunle. I was out with Kunle and I
15:23
turned into our office to go and talk with somebody.
15:25
By the time I came out, I saw that Kunle was talking with the
15:27
security guard and explaining the product, and then she asked
15:30
Nakuli, that security guard, how much do you think he makes?
15:35
Do you think he's going to have a pension plan?
15:37
How on earth do you ever think that security guard is going to
15:39
be part of our client? If you like, next time we go
15:42
out, continue talking to security guards.
15:45
That's how she left it. Now, I am not saying that
15:49
security guards are bad people and I'm not saying that security
15:53
guards are not worthy of our respect.
15:55
We're all created in the image and likeness of God, so every
15:57
human being deserves our respect and we have to be cordial to
16:00
everyone. But we're just recognising the
16:03
fact that if you sell insurance products and you're trying to
16:06
sell retirement packages and stuff like that, talking to
16:09
security guards probably is not where you need to be spending
16:12
your time. Because it might be an
16:13
interesting idea, but some people don't have health
16:18
packages, retirement packages, pension plans, you know, all
16:21
these sorts of things. So spending time talking to
16:24
Nigerian security guards, maybe not the best use of your time.
16:27
Now, if you're in the UK on the other hand, or if you're in
16:29
America on the other hand, you know, it's a different thing.
16:31
Yes, the guy is a security guard, but then he works for a
16:33
company. The company has pension plan and
16:35
blah, blah, blah, no what not, Yes, So the fellow is not highly
16:38
paid, but yes, talking to security guard in the UK or in
16:41
the USA because you're trying to sell a pension plan, OK, maybe
16:44
it just means your Commission won't be high, but you see what
16:47
it is I'm talking about. If you don't answer that
16:49
question, you end up talking to everybody, even people that
16:53
might not end up buying from you, like in this case, only
16:56
talking to security guards, even though what you sell is
16:59
insurance products and you're looking for people who can pay
17:02
big premiums so you can get big commissions.
17:04
So ask yourself or else you'll find yourself going out and
17:08
talking to security guards because security guards want to
17:11
have a conversation with you now.
17:14
So for Adenica, now 10 years, Lagos Legal consulting,
17:20
securities compliance, she's ready now who should she be
17:23
talking to? Now this is my guess and I am
17:26
just guessing because I am a layman.
17:29
So yes, my first degree was in law but to be honest, I only
17:33
practiced for two years and I was donkey years ago and then
17:36
I've been out of the field. So I'm not even sure what's up
17:38
these days. But my only guess is that if
17:41
Adenica is ready as one set up her legal consulting practice,
17:45
my guess is that the people she should be approaching, my guess
17:49
is she should be approaching companies.
17:51
That is just my guess. By the way, if you are a lawyer
17:54
listening to this right now and you currently are in securities
17:57
compliance, you know, just like how AKTS used to Fact Check me
18:02
in the comments section or eventually he reached out to me.
18:05
That's, I can't remember his real name, Shabba.
18:08
He reached out to me as a Yoruba dude.
18:10
We started chatting on LinkedIn. So if you're a lawyer who is in
18:13
securities compliance and you're listening to this episode,
18:15
please Fact Check me. Or if you think there's
18:18
something that can be done better, you know, let me know.
18:20
So just like we Akts, I'll take your suggestions and I'll put it
18:23
up here so that we all get richer because that's also the
18:27
beauty of sales, isn't this Sales is not the kind of thing
18:29
that, you know, one person knows everything.
18:31
So like me, I know the strategy and I know the framework.
18:33
It doesn't mean I have all the answers.
18:35
So, you know, sometimes your guess might be better than mine.
18:38
So my only guess is that I didn't care.
18:40
Haruna, she should be ready to start approaching companies and
18:43
these are the kind of companies that I think should be
18:45
approaching. Remember, this is just me
18:47
guessing. If you are a lawyer in this
18:49
space, hit me up, let me know what you think.
18:53
Better suggestions, more promising suggestions or stuff
18:56
that we could have done better. So I think you'd be approaching
18:59
fintech companies because Nigeria, fintech companies in
19:02
all of them are coming up with all kinds of digital assets, you
19:06
know, ways of saving money, ways of transferring money, ways of
19:09
doing these, ways of doing that. So fintech companies, they need
19:12
to know now when it comes to CSE corporate affairs, have I, have
19:18
I abided by all the rules when it comes to CBN?
19:23
Is CBN supposed to give me one kind license?
19:25
Is CBN supposed to cover me in this way or is CBN supposed to
19:29
regulate me like this? Have I paid attention to that?
19:32
When it comes to Securities and Exchange Commission, the
19:35
products that I'm trying to sell, is it covered by
19:39
Securities and Exchange Commission?
19:40
Do I have to go and meet them? Do I need to go for license?
19:43
Do I need to pay for any fee? You know, all these sorts of
19:46
things or Ministry of Finance, the Ministry of Finance issue
19:49
any regulations that people like me need to comply with.
19:51
So all these fintech boys and girls that are going to go and
19:54
raise big, big money, You know, every time you're listening to
19:58
podcasts or you're on YouTube, you now hear that social company
20:01
just reads $10 million seed round and they now do the
20:05
mathematics. Carry your calculator.
20:07
I say, OK, 10 million multiplied by what's the exchange rate, I
20:10
say, ah, that this is sweet money.
20:13
So you're a security lawyer. These are people when I need to
20:17
go and start chasing because they just got raised 10 million,
20:20
so I need to advise them appropriately.
20:22
So fintech companies, of course, you know, startups, because
20:28
apart from the products that these people are trying to
20:30
release, the ordinary people like you and me can buy, you
20:32
know, like all pay them, all pay Pompeii, you know, all these
20:35
people. Those are fintech companies.
20:37
So we know ordinary people. You are me listening to this
20:39
show, you know, we're the ones who are using the product,
20:42
transacting on the product and stuff like that.
20:44
Now all these people, you know, all pay them and all these
20:47
fintech people at the start up stage, you know, they had to
20:50
raise equity investment. So equity investment just means
20:53
you're collecting money from people and then those people are
20:55
going to have a share in the company.
20:57
So in the beginning, maybe they would approach Mumsy and Popsy
20:59
like, oh, Mummy, I have this really good idea, blah, blah,
21:02
blah. I'm going to need a couple, you
21:05
know, 1000 lbs or $1000 so that you know, so you collect maybe
21:11
like $50,000 from Mummy, $100,000 from Daddy, and then
21:16
some of Daddy's rich friends before, you know, I think that's
21:21
one you will now call Series A OK, No, that was the one you
21:24
call friends and family. Abby, any of those of you who
21:26
are in this whole game raising fundraising and stuff like that,
21:29
please reach out and yeah, educate us on the subject.
21:33
In fact, I would even like for you to even make an audio
21:35
yourself so I can even put over here on the podcast so that
21:38
other people who are trying to come up with a startup and who
21:41
want to be educated on these sorts of things, raising funds
21:43
so they can be educated because some of those types listen to
21:46
this podcast. So what was I?
21:51
And so you collect some money from friends and family.
21:53
They now do A round, you do B round, you do all of that.
21:55
All that is equities investment where you're collecting money
21:57
from people. You need a securities compliance
22:03
legal lawyer type person to tell you, are you raising money the
22:06
right way? What is the legal way for
22:08
raising money in Nigeria? What is the illegal way?
22:11
What is the proper way? What should you be paying
22:13
attention to? You know, blah, blah, blah,
22:14
stuff like that. And then when you're ready to do
22:17
IPO, IPO is when the company is ready to sell it's shares.
22:21
Like is it OPI and Pompeii? Are they private companies?
22:25
Are they, are they public companies?
22:28
I'm not even sure. But OK, basically public company
22:33
is just a company that sells shares on the stock market.
22:36
Let me just use that as a simple definition.
22:38
So like now NB Nigerian Breweries, for those of you who
22:41
like to drink star stout and all those kinds of things.
22:44
So that company, that's a public company because they have shares
22:47
in the Stock Exchange. So even if you don't like
22:49
alcohol, but you think alcohol is a good business, you can now
22:51
go and buy shares in Nigerian Breweries PLC because they're
22:54
publicly, they're public company, public listed, publicly
22:58
traded. So when you're about to do your
23:01
IPO. So like back in the days, let's
23:03
say in the beginning, Nigerian Breweries was a small company
23:07
and then they were ready to now raise money and then list, they
23:10
have to call people like identity care Harona to be sure.
23:12
And OK, one, am I supposed to comply with securities wise?
23:16
One, am I supposed to comply with, you know, this and this
23:17
and that and that. So identity care I think you
23:20
should be talking to. Then again, she's not a real
23:24
personal. We're just using her as a proxy.
23:26
So identity care or any other lawyer listening to this podcast
23:29
who wants to start up practice as a legal consultant of some
23:33
sorts, You're trying to console people on securities and
23:35
compliance. This is I think you should be
23:37
looking at fintechs and startups next.
23:40
You should be approaching investment banks because
23:44
investment banks have products for accredited investors.
23:47
Accredited investors are just people who are OK, let me not
23:53
use the technical definition. The technical definition will
23:55
bore you. But when you say accredited
23:57
investors, you just mean confirm the big boys and confirm big
24:00
girls. It just means that this person
24:03
has a high net worth like the person that is dropping the
24:05
money, like you will drop the definition.
24:10
There's a strict legal definition, but I've been out of
24:12
the field so I can't remember. So let's just say an accredited
24:15
investor in Nigeria is somebody who has a net worth of this is
24:19
me just guessing or so lawyers, please don't, don't be angry or
24:22
it's just a guess. I'm trying to illustrate
24:23
something. So maybe you might say an
24:25
accredited investor can be somebody who is worth maybe like
24:28
500 million naira or something. So me, if I reach that level, or
24:33
rather when I reach that level and I have 500 M just chilling
24:35
in my account, people will start thinking of me as accredited
24:38
investor. That's because I can drop back
24:40
and I can afford to lose. You know, if you two or three,
24:44
maybe 10 or 20 million and you know, nothing will happen as in
24:48
I'll be stressed out but I won't die.
24:51
So accredited investors, the reason why there's a difference
24:56
between accredited investors and what's the other one?
25:00
Retail investors, Retail, yes, accredited and then retail.
25:03
Retail is just everybody else, OK, Like the security guard that
25:07
Kunle was talking to now, so the Kunle, if he takes his money and
25:10
he buys Nigerian brewery stock, we'll call him a retail
25:12
investor. So the difference between the
25:15
security guard that Kunle was talking to who buys small shares
25:19
in Nigerian breweries, and the difference between somebody like
25:22
me who has 500 M, who can now drop maybe 20 M as C round
25:26
difference is this. The level of education is
25:29
different, the level of sophistication is different, and
25:32
then our level of risk is different.
25:35
The guy security guard who buys companies in Nigerian breweries,
25:38
if Nigerian breweries goes under or disappears or there's fraud
25:43
or something like that, and the guy loses his life savings, I
25:45
mean, he would die because like, where else is he going to run
25:48
to? The small change he had, He put
25:50
it in Nigerian Breweries. Everything is gone.
25:52
He's gone he's in trouble. But for me, big boy, I'm not a
25:56
big boy yet. So please don't reach out to me
25:57
and ask me for money. I'm just saying when the time
25:59
comes and I have 500 M clean just sitting in my account just
26:04
you know doing nothing as per I've paid school fees, I've paid
26:10
house rent, we've gone for holiday, I've loaded credit,
26:13
I've bought Internet, I've done everything and then by the time
26:17
I'm done with everything. I start 500 M cool sitting in my
26:19
account. So when I'm at that level now,
26:22
my level of my risk profile is different.
26:25
Even if somebody runs away with 20 million of my money, you
26:30
know, I'll be angry and I'll go to police and the FCC.
26:32
But The thing is, I won't die, you know?
26:34
So that's the reason why we people are split.
26:39
We split them up into those categories.
26:42
So I was like, so identical run. I should also be looking at
26:44
investment banks because investment banks have products
26:49
that they're selling to accredited investors.
26:51
So investment banks will come up with some kind product, like
26:57
maybe a product for Nigerians living in diaspora or something
27:00
or Nigerians who have just returned or something, you know,
27:02
some investment products. Gosh, I can't think of anything.
27:07
I'm not in that space, but I do not have products like that.
27:10
And because of that, they just look at their database and it's
27:12
OK of our customers. Now how many of our customers
27:15
just have 500 M sitting in their bank account clean, not doing
27:18
anything. Then the sales people can now
27:20
call up those people and then start telling that, oh, we have
27:24
this product, we have that product.
27:25
So those are accredited investors.
27:28
So people like dedicate Haruna, they have to let the investment
27:31
banks know, are you reaching out to people the right way?
27:33
Are you raising money the right way?
27:35
Is this the kind of product that is even legal to sell in
27:37
Nigeria? Should you be approaching people
27:39
like this, you know, blah, blah, blah.
27:40
And then even for products for retail investors.
27:43
So if I have a company, let's say I make OK, let me go back
27:47
with Ryan John Breweries. So let's say I set up my own
27:50
company called Palmy Breweries. And what we do is we sell palm
27:52
wine and Palmy Breweries is doing very, very well after we
27:56
were like 15 years and there's now time to go to stock market
27:59
to now raise money so that ordinary Nigerians can can
28:03
invest. These people like identical
28:05
owner who now tell me that oh, Mr. ID for companies like yours,
28:09
if we want to sell shares to the general public, we have to go to
28:15
CBN and do this. We have to go to SEC and do
28:17
this. We have to go to Minister of
28:19
Finance and do this. We have to go here, we have to
28:21
go here, we have to go there. There's people like her that
28:23
will advise me. So yeah, I didn't care.
28:28
You also be talking to investment banks.
28:29
So she also should be talking to brokerage firms.
28:32
So all these people that do brokerage like stock brokers,
28:36
You want to buy shares in Zenith Bank because you hear that
28:40
Zenith Bank was was A50 naira per share yesterday and The
28:45
thing is now at 100 naira per share and then you want to go
28:48
and buy it quickly. By the way, if you're trying to
28:49
do that, you're being an idiot. You're not supposed to buy when
28:53
The thing is expensive. You're supposed to buy when The
28:54
thing is cheap. So you're actually supposed to
28:56
wait for the price to drop first to a certain level where you
28:59
think the thing won't drop again.
29:00
You know, buy when it's cheap and then wait for the price to
29:02
rise. That's how it works.
29:04
So this one that the price is going up, all of you are rushing
29:07
like you guys are doing it backwards.
29:08
You're supposed to buy when it's cheap and then sell when it's
29:11
expensive and not that old. The price is becoming expensive,
29:14
the price is becoming expensive and all of you will now be
29:16
rushing. So stop doing it backwards.
29:19
So I didn't care. Also should be reaching out to
29:21
brokerage firms, people who sell stock brokers.
29:27
So excuse me, I had crypto, crypto people, crypto brokerages
29:32
and yet I will not have crypto brokerages in Nigeria.
29:35
I don't know how true that is or not.
29:38
Here are the platforms that you buy and sell crypto.
29:41
I'm not in that space. I haven't looked at it.
29:44
If you're in that space, hit me up.
29:46
I beg. Let's, let's have a chat.
29:48
Let me find out what's going on in that industry so that I can
29:50
also come back here and let people know what's up so we can
29:53
all be better educated. So yeah, she'll be talking to
29:56
brokerages. Then she also, I didn't care,
29:58
should also be talking to asset management firms.
30:00
You know, people like Stambig, Stambig, IBTC, Stambig, them,
30:04
all those companies, those people who are pension managers,
30:07
you know, they're managing, managing your pensions for those
30:10
of you who are employees or you know, they're also private
30:14
wealth managers, you know, stuff like that.
30:16
So if you're a lawyer listening to the show and you think my
30:20
ideas are crap and you have better ideas, hit me up.
30:23
Let me know. I'll share it over here on the
30:24
podcast. But for now, I'm just thinking
30:27
Sharp. I didn't care.
30:28
She's ready, She's ready to get into the industry.
30:30
Who should she be talking to? Prospecting.
30:33
Who are the ICP? Ideal customer profile, ideal
30:38
customer base, ideal audience. My own guess.
30:40
She should be looking out for companies.
30:42
All these fintech boys and girls who are raising mad money,
30:45
startups, people looking for equity investments, people about
30:48
to float their company on the Nigerian Stock Exchange,
30:51
investment banks that have products for accredited
30:53
investors and also pushing out products for retail investors.
30:57
She should also be talking to brokerage firms, whether it's
30:59
stocks or crypto and then asset management companies.
31:03
That's my own guess. That's my guess.
31:05
But if you have a better idea and you're a lawyer listening to
31:07
the podcast, please reach out to me.
31:09
Contact details are 08064662140. The country code is +234.
31:16
For those of you who are not Nigeria, and that's my WhatsApp
31:18
number as well, then reach out to me on LinkedIn, the name to
31:22
look for establishing my IED on YouTube as well.
31:26
So let me know then, OK, 30 minutes.
31:29
Let me bring this into a close. The people that are daily care
31:32
should be talking to in the company.
31:33
This is my own opinion. I think she should be trying to
31:35
reach out to the CEOCEO is just the chief executive officer.
31:41
The CFO is the chief financial officer.
31:46
Let me not try and define that one because before I give you
31:49
guys the wrong definition and it was CFO is chief financial
31:52
officer, then general counsel. The general counsel is the, let
31:59
me just say, general counsel is orga lawyer, let me put it that
32:01
way. General counsel is the orga
32:02
lawyer of the company or the Madam lawyer of the company,
32:07
Legal secretary, unless what else?
32:09
Compliance officer, excuse me, because some of these companies
32:12
have internal compliance officers.
32:13
So once in a while you call a consultant, but they definitely
32:16
have somebody on salary that they pay to make sure that
32:20
everything is above board, everything is correct.
32:23
Then the head of legal department.
32:25
So those are the kind of people that I think identity care
32:27
should be, should be talking to. So identity care Haruna or
32:33
anybody who is in nothing experience, you've been working
32:36
10 years in Lagos, you think now is the time because your boss
32:40
treats you like crap and he pays you rubbish for all the hard
32:43
work you put in. Your boss is only paying you
32:46
100K every month and you think if I break out on my own anyhow
32:49
anyhow I should be able to do at least 100K every month.
32:52
These are the people that you should be looking at.
32:54
You sit down at your dining room table you see with your
32:57
boyfriend or no, no, no, your boyfriend, your husband because
33:01
remember from the other episode that we did the Wonder Woman
33:04
episode, we should not be having this kind of conversation with
33:06
your boyfriend. So remove boyfriend from the
33:08
picture. So if your husband yeah, sit
33:10
down your husband pencil and paper and you guys start writing
33:13
it down. Why people should be running
33:15
after what companies do we know what different type people that
33:19
we know where the startup people that we know which investment
33:22
banks or husband you anybody that works in this investment
33:25
bank, that investment bank, What are the brokerage firms around
33:29
us? What are the asset management
33:31
companies? Oh, by the way, that my
33:33
classmate, yes, it's true. She even works in Stanbic IBTC.
33:36
That's true. I should call her up self.
33:37
So can we have a meeting? Get a piece of paper, start
33:40
writing these things down. Don't run it through your head.
33:43
You run it through your head, you'll forget.
33:44
Get a piece of paper, write these things down.
33:46
If you're a computer person, no problem.
33:48
Pull up your computer, start typing these things down.
33:51
So sit down with your hobby or sit down with yourself.
33:55
Say your prayers, yes of a nice chill drink as you're doing this
33:59
exercise, maybe go and talk to your mentee or discuss to your
34:04
parents. But you know, either we shall
34:05
pencil and paper. Say your prayers.
34:07
Open a nice cool drink. Not too much noise.
34:11
If the children are playing too much, send the children, let
34:13
them go and play outside. You know, just sit down.
34:15
Start writing this thing down. That is going to make up the
34:20
beginning of our prospecting plan.
34:24
Now, you remember at the top of the episode I said that some of
34:27
you who reach out to me, you don't have a business problem
34:29
because The thing is, you haven't even started
34:31
prospecting. In fact, I'll say half of you
34:33
listening to this podcast now, you haven't even gone through
34:35
this exercise that I have. I've just listed out.
34:38
You haven't asked yourself the hard questions, sat down and
34:43
drawn up a physical concrete list that we can see.
34:46
Like somebody reached out to me on LinkedIn yesterday and he had
34:50
a couple of proposals and I was OK, we're cool.
34:52
So like, what was your prospecting list?
34:54
He didn't know what the prospecting list was.
34:56
I had no problem. I kind of explained it to him
35:00
and I told him I look, we can't even begin to work together
35:04
because like you have the product and you are expecting me
35:08
to figure out the hard work of who it is.
35:10
That is your ideal audience and you know, stuff like that.
35:13
And I just want to look this, it's not going to work.
35:16
You can't just drop the list of products with me and say go out
35:20
and sell. You know?
35:21
That's not how it works. Like, how am I even going to be
35:23
effective under those circumstances?
35:25
You should be able to tell me who the ideal audience is so we
35:27
know who it is that we're even chasing.
35:30
And if you have a list of companies that you want us to go
35:33
after, then that's fine. We cannot sit down and start
35:35
working something out there. Oh, OK, this is your product,
35:38
OK? This is how it works.
35:39
OK. These are the people you want to
35:40
sell to. OK, Let me see that list.
35:42
OK, 10 people on the list. Then we can now start sitting
35:47
down and coming up with stuff that.
35:48
OK, look, you know what, we can plan it like this.
35:51
You know, my own card will be this, your own card will be
35:53
that, and we can now start working things out.
35:57
So sit down, pen and paper, your phone, your computer, whatever,
36:02
start going through these things and this is the beginning of
36:05
effective prospecting. So we'll continue tomorrow with
36:09
identical hero now, now that we have listed out the company she
36:12
should be going after and the kind of people that you should
36:15
be going after will continue the story from here tomorrow.
36:18
And so excuse me, even though all of this sounds very high for
36:25
Luton, you know, maybe what you do is, excuse me, you are a
36:30
distributor for Nigerian breweries, You're distributor
36:34
for Nigerian breweries. All you know is that every
36:36
single month you get 5000 crates of star from NBC and you try and
36:44
sell all those crates in less than a month.
36:46
So that's your business. So if that's your business and
36:50
you're now hearing securities and compliance and investment
36:53
banks and everything, it sounds kind of far fetched.
36:57
But don't worry, don't let the terms and the titles and
37:00
everything bamboozle you. Just try and pay attention to
37:03
the principles to the frameworks that we are discussing over
37:08
here. That is what we should be doing.
37:09
And so even though we've had lots of impressive sounding and
37:12
big sounding terms here, the most important thing is that you
37:15
should be doing the same for your business.
37:16
If you're a Nigerian breweries distributor, business has been
37:21
going OK. You want the business to
37:22
improve. We need to figure out who is
37:24
your ICP. We need to sit down, we need to
37:26
come up with a prospecting list and we need to know who it is
37:28
that we're running after. If we start doing that, then
37:31
that's the beginning of growing our businesses and improving our
37:35
revenues. So thank you very much for your
37:37
time and attention. I'll catch you guys in the next
37:39
episode. And remember, you can reach out
37:41
to me. The number is 08064662140.
37:46
Country code is +234. For those of you who are not
37:48
Nigerian, that's my WhatsApp number as well.
37:51
I'm on LinkedIn. The name is Tavi Shima Aide can
37:54
find me on YouTube as well. So all these things are going to
37:57
be up on YouTube. So I'll catch you guys tomorrow.