CAN's 1st Lolcat

It is official, Drew Davies and Drew Gourley at Oxide Design have turned CAN into a Lolcat.  This is quite out of the ordinary for an enterprise predictive analytics company, and we are unsure what this means for our brand and customer loyalty.  So, our analysts are working hard to answer this new set of business questions, all because of a Lolcat.

 

How much data do I need for Predictive Analytics

Leads vs. Referrals — Knowing the Difference.

If you can effectively develop relationships your sales efforts will go from good to great. However, it is important to understand the difference between leads vs. referrals. Most people who get leads from business relationships, think they are referrals and that they have succeeded. This is not true. There is a difference between a lead and a referral. Understanding this difference will change the way you call, email, or text leads, and a large difference in how you get the business from that person. Let’s look at the difference. (more…)

Starting Contemporary Analysis

Contemporary Analysis

Contemporary Analysis was founded on the premise that there is always a better way. In fact, we exist to help you find better ways to work smart. We do this using a methodology called predictive analytics.
Predictive analytics involves collecting data about your business and customers, and then applying theory and math to build simple systems to help you work more effectively and efficiently.
Our systems are tailored to fit your company no matter how big or small or what industry you are in. We have built simple systems for fast-growing technology companies, Fortune 500 companies as well as small companies in a variety of industries including community colleges, insurance companies, software companies and engineering firms.
This video is the story of how I was first introduced to entrepreneurship and predictive analytics, and my journey from running a landscaping company to being the CEO of Contemporary Analysis.  I decided to make this my first video post.  I tell this story often, because it helps to illustrate CAN‘s mission of making the benefits of predictive analytics accessible to both landscaping and Fortune 500 companies.

Why Networking is Important

In order to network effectively, it is important to be aware of why networking is important. Understanding why networking is important will keep you motivated and focused. As a networker, I know that it is difficult to stay motivated when you have to drive half way across town for another meeting, especially if you already know most the people in the room. Once you get there, it is even harder to stay focused on the work of networking instead of catching up with your friends. It has been my experience that salespeople either need to spend time finding people ready to buy, or spend time finding people who are around people who are ready to buy my product.  The second part is networking.  Unfortunately, most people do not use networking effectively.  My hope is that these 5 points in this post will remind you of the purpose of networking and help you stay motivated and focused on growing your sales through your network.
First, the purpose of networking is to form business relationships.   A mentor of mine once told me that for someone to buy something from you they have to 1) need it, 2) have the money to spend, and 3) like the salesperson.  The relationships you build during networking will do more to help with sales than anything else in your control.   Also, these new relationships that, even if they dont buy from you, will know what you sell, continue to help you hone how you tell people what you sell and help you run into the correct type of consumer.
Second, you will never sell anything at an event. The purpose of networking is to build relationships, not to make a sale during the event. If you sell at an event you will never form the relationship you need. This is the #1 mistake that good networkers see at every event. It essential that you understand this principal of networking, are okay with this, and are not discouraged. Building relationships takes time. Networking is not a short-term solutions to you having no sales. Networking is a long-term fix that will make sure you never have no sales again.
Third, networking is work. You are not there to play or catch up with friends, you are there to make connections that eventually lead to a sale. It’s tempting to let your network become your social circle. Everyone has this problem and it becomes bigger the better you are at networking. Now, that being said, some connections do become close friends. However, if you go into each meeting with the idea that you are working, you will leave with what you came for, and that is people to start a relationship with.  However, since relationships do not build overnight, the value of them can be the hardest thing for most managers to understand, especially if they have no sales experience. They want results, but results in sales often requires taking the time to build relationships.
Fourth, networking helps define your personal brand. Today’s sales environment is very competitive. Unless your company is truly unique, most people in the room know someone else in your industry and even then, they will most likely know someone else at your company. To be successful you must have people talking about you in regular conversation when you are not there. This requires an effective personal brand so that people remember you and how you are different.  Your brand should be associated with your company’s brand, but ultimately be your own. There are numerous ways to be memberable.  I know a business coach that only wears Hawaiian shirts, life insurance salespeople that have a separate but associated logos to their companies, and a plumber that only wears tuxedos. This is physical separation, and works very well.   I also found that an effective way to differentiate yourself is by who your know, and the strength of those relationships. I personally used this type of differentiation and built my own networking group, different from others, with my own namesake called “Nateworking”.  Nateworking has allowed me to reach out and talk with people about life, instead of the purpose of sales calls and to connect my network with themselves.  People now remember Nateworking as a place they made a good connection and now talk about, and look forward to events I am having in the future.  It’s a way for me to stay top of mind for what I do even if they currently don’t need what I do currently.
Fifth, networking saves you time. Most importantly, by developing and training your network to know what events indicate that someone is ready to buy, your network can intercept people when they are ready to buy and let you know who they are. This helps you save time by not having to spend time selling to people who are just shopping, or prospecting, and focus on using your network to find people ready to buy for you.
I hope you found my post refreshing and useful. Please share it with others, because we all need frequent reminders of why networking is important and what we need to do make the most of our investment. Until my next post on networking, pick an event, go to said event, find a group of people who are talking close to the food, swallow fear, stick out hand. It is not sneaky, it is not coy, but will work every time. Remember, everyone else is there to meet new people too. You are a new person, go meet them.

Why I Support Startup Weekend

Why I Sponsor Startup Weekend

On September 16th, CAN will be sponsoring our 4th Startup Weekend, SWOmaha.

Startup Weekends are about building startups, however one of the primary reasons we choose to sponsor Startup Weekends is because they build communities.  They allow creatives, developers and businesspeople to move beyond simple friendship & networking and work together under pressure to develop a business and a working prototype.  It doesn’t matter what they build, or if they continue with their startup once the weekend is finished, but that they had an opportunity to work together and learn from each other.

Experimentation: Startup Weekend gives aspiring entrepreneurs the freedom to build something really innovative.  Innovation is the application of technology to create value.  When you reduce the cost of a technology, the barriers to entry are lowered, and people tend to find new applications, encouraging further innovation.  Startup Weekend builds on this principal to encourage people to experiment, by reducing the cost of programming, design and business development for 54 hours.  While it is unlikely that you will be able to build your dream product over a weekend, you should be able to know if your idea has merit.

Raw Material:  It’s possible to start a great company without political support or money, but without a talented, experienced and driven pool of businesspeople, developers and creatives, it’s impossible.  Startup Weekend flourishes by mimicking the constraints of a startup; the lack of money, time and resources provides a breeding ground for the talent essential to creating a great company.  Even if you choose not to continue with your startup after the weekend ends, Startup Weekend will provide you with an opportunity to be exposed and hone your skills under a bit of the pressure of a full time startup.

Humility: Startup Weekend keeps me as the CEO of a successful startup humble.  It reminds that if I get complacent with my success, that there is a new generation of entrepreneurs eager for their chance to compete.  Each time I attend a Startup Weekend I am reminded of a quote by Andy Grove , the former CEO of Intel, that “Success breeds complacency, complacency breeds failure, only the paranoid survive”.  Meeting the entrepreneurs of tomorrow helps keep me grounded and paranoid.
Community: Entrepreneurship can be very lonely.  As an entrepreneur, you are trying to accomplish the impossible under less than ideal situations. (Related Post) Besides other entrepreneurs, no one, not family or employees, will understand why you are risking everything and working 12+ hours a day.  At Startup Weekend, you are surrounded by people that are just as crazy as you, and it is really nice to know that you are not alone.

Effective Sales Process: Be a Billboard in a Crowd, a Therapist 1 on 1

This post is part of a series of interviews with experts in business intelligence, sales management, marketing, customer retention, management and strategic planning.  Everyday, the CAN team interacts with clients, mentors, and friends who are leaders in their fields, and we started this series to share their expertise.

One of my mentors and friends in sales, Vanessa Shoemaker, recently reminded me that salespeople need to be a billboard in a crowd, and a therapist 1 on 1. She reminded me of how easy it is for salespeople to get focused on being either a billboard or a therapist, instead of both.  Billboards piqué people’s interest to learn more. Being a billboard is essential to stand out in a crowd and to get meetings with new prospects. Therapists learn about people and their needs and wants, then prescribe the right solution. Being a therapist is essential to understanding your prospects enough to build trust and recommend solutions that are going to provide them the most value. (Related Post on Qualifying) A billboard says the right things, a therapists asks the right questions. (more…)

A Tour of Contemporary Analysis HQ

Since we started January 2008, Contemporary Analysis has moved headquarters 8 times.  We have spent time in employee’s kitchens, parent’s basements, a forgotten university cubicle, a hip technology incubator, and a low rent apartment.  In April 2011, after 3 nomadic years, Contemporary Analysis moved into our first real office at 1209 Harney St., Suite 200, Omaha, NE 68102.  The building was built in 1880 by an iron and hardware wholesaler, and now is very contemporary.  We love that our building is just like us; blue collar roots with a contemporary future.
Contemporary Analysis (CAN)

Screen-shot-2011-08-07-at-12.52.46-PM



spaces-092
Screen-shot-2011-08-06-at-1.16.39-PM
spaces-237-1024x775
spaces-280


Don't Just Count, Measure

The United States faces a shortage of 140,000 to 190,000 people with deep analytical skills and 1.5 million managers and analysts to analyze data and make decisions based on their findings. — Big Data: The next frontier for innovation, competition, and productivity

Measurement can be defined as a quantitatively expressed reduction of uncertainty based on one or more observations, while counting is to determine the exact number or amount of something.  Executives have become obsessed with counting; they track everything from inventory, hours worked vs. hours billed, number of Facebook fans, website visitors and much more.  It is easy to like counting, because it is familiar and exact. However, it is time to move beyond counting, and start measuring. (more…)

Contemporary Analysis: Focusing New Salespeople

New salespeople often struggle to focus on the right opportunities, and this often keeps them from meeting their quotas or closing unprofitable deals. However, new salespeople should not be faulted for their lack of focus, because generating an ever increasing number of opportunities is an essential responsibility of a salesperson. It is up to sales managers to focus their teams on the right deals. At CAN we use the following techniques to focus our inexperienced salespeople so they start closing the right deals as quickly as possible.

Focus on a Lead Product

Most companies have multiple products, and effective salespeople always lead with one product. They know that when meeting new people that they do not have time or the customer’s focus to explain each product. Without a lead product it is easy for inexperienced salespeople to come across as confused or under trained. We recommend having each new recruit select a lead product that they are most interested in or most experienced with. This will reduce training time, simplify introductions and increase confidence.

Client Profiles

Once salespeople have a lead product that they can use when meeting new prospects, the next step is to develop a profile that they can use to qualify prospective clients. For your profile to be effective it needs to reflect reality and then used to approve only deals that fit the profile. The simplest way to make sure that you client profile reflects reality is to describe your last 5 closed deals that were profitable, loyal and active.

Justify Opportunities

It is important to force salespeople to be realistic about the quality of the opportunities in their pipeline. Each sales person at CAN has to explain a prospects need, willingness and resources before an opportunity is added to the sales pipeline. Also, every 2 weeks the CAN sales team gets together to review current, lost and closed opportunities.  Our discussion focuses primarily on what actions each person needs to take to make sure they meet their quota, what sources and tools people are using to find opportunities, and how opportunities are changing based on changes in season or economics. At the conclusion of each meeting, the goal is to make sure that each salesperson has a plan for the next 2 weeks that will help them make sure they meet their quota.

Align Incentives

Your incentive structure is essential to focusing your team because salespeople respond well to incentives. The best method I have found to design a sales incentive plan has been to describe my desired client experience from first encounter to close, and design my incentive structure accordingly. For example I would increase base salary if I wanted a more consultative sale instead of a commodity style sale.

Utilize Milestones

It is important to review relationships with your people, and one of the most interesting tools that I have used is to setup specific terms with milestones. Each term at CAN is 1 month, but that should vary depending on the natural metronome of your organization. The purpose of the terms is to have evaluate whether or not the relationship should continue. It is important that this be a two way process. You want to judge whether your salesperson is worth the continued investment, and also whether your salesperson could produce more value somewhere else in or outside the organization.

Simple Science vs. Complex Science

Science is the systematic study of a phenomenon that includes observation and experimentation to explain and understand why things happen.  We can use science to explain almost everything in our universe from the effects of gravity to the impact on sales of your latest marketing campaign.  However, it is important to understand that there are two types of sciences, simple and complex, and that the answers they produce are different. (more…)

Featured Posts – Click the Brain
Archives
CAN Jewels