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2019-05-29 (1)
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Meeting Blindness - Growth Engine - The SuccessHub

By Mike Midgley Posted 11 October, 2018 In GrowthEngine Blog - Episode 84 - Meeting Blindness

Meeting Blindness - Introduction

In this Growth Engine daily video.

I want to talk about the blindness of the meetings. 

What I mean about the blindness of meetings is I've recently attended some, what I would call, sales related meetings with a client. 

I was sitting in the boardroom a few weeks ago with a client, and they were speaking about, we've been offered this opportunity to work with this large global player. 

I'm not sure how real the opportunity is. 

However they're saying this, and they're saying that. 

We've had our time wasted before, and we don't want to do that here. 

We're busy enough. 

Do we think we should progress it?

Watch The ‘Meeting Blindness' Video

Meeting Blindness - What Is The Best Way To Approach A New Opportunity?

So, I ask the team what they thought the best approach was, and they said well, let's set up a meeting. 

I said okay. 

So what is that meeting going to cover? 

Do you know what is our goal? 

I call them because we're the SuccessHub, we call them success goals. 

When our team go into a meeting, we've done our research. 

We've checked it out, and we also know what we want to cover by agenda, documented in advance to the other participants. 

But also internally, what are our success goals? 

First, you come out of that meeting and say was that a success. 

We need to be able to put checkboxes in all the areas that we see as successful. 

Naturally, that helps us gear our agenda around that. 

So we work with the client to sort of pick out three to four success goals. 

Yesterday, we actually attended those meetings in the South of England with two specific companies.

What originally started out as a sort of not a flippant discussion, it was more of a pipeline discussion inside the business in the boardroom. 

Yesterday turned out that not only is that global provider.

I wouldn't use the word desperate to deal with us because that would be you know it wouldn't be accurate. 

But they're exceptionally keen to deal with us as our specialist service. 

This is not us as the SuccessHub or my coaching company, this is my client who works in logistics. 

Their appreciation for our expertise is so great.

There were three things that when we came out of the meeting, I spoke with my client and said how did you feel it went. 

He said I think it went okay. 

Meeting Blindness - Have You Hit Your Success Goals?

We hit the success goals. 

I asked him to pick out what were the three things that they actually said to us that really shone out. 

Respect to the client, they got them all. 

They were really on top of it. 

This is what they were saying. 

  1. They look to start partnerships, not just trading relationships. 

  2. They look to give priority and solid agreements. 

  3. They look to trial these arrangements from 90 days on smaller sets of data or pieces of business if you want to call it that, and then they build up on that. 

If we do a job over 90 days, then they would increase it. 

Now, our particular logistics client has got a certain amount of capacity. 

For the sake of confidentiality, I won't disclose that here. 

But they've got a certain amount of capacity of how many drivers they have, how many vehicles they have, how many routes that they can plan each day. 

Just the subset of test data and trial account probably equates to something in the region of 50% of our current business. 

If that were to scale up to double, double, and double again, it could actually double our entire current business just off this one account. 

So what I'm asking you to do here is look at your business. 

Look at these opportunities.

Sit down with your sales team. 

 

 

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Meeting Blindness - Are You The One Asking Questions?

If you are the head of sales, sit down with your individual team members and start to ask questions about these opportunities. 

Really what I'm asking you to think about is what is their biggest opportunity?

Here's the killer part, I want to use the word Impact and Leverage or the words Impact and Leverage. 

To be really honest with you, the impact that you can have on another person's business is significantly worth more than what you charge them. 

If in this case with the logistics, we can connect their business with another business and open up new opportunities in sales channels, that's leverage. 

That's business for nothing. 

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They're all, that, our client to client is already supplying the service by connecting our business with them. 

They certainly open a new channel. 

That new channel could be worth hundreds, if not millions of pounds to them. 

So it doesn't really matter what you charge them. 

Of course, not the price that you've charged or the price of the cost of the services. 

Look at the value of the impact that it actually makes to the end customer you're working with.

A quick example if you're trying to sort of bring these sort of general sort of discussion into something focused and tangible.

If you can leverage an additional £100,000  for a client, doesn't really matter if you charge them £10,000 to do it, £20,000 because there's still £80,000 or £90,000 up on the arrangement. 

Doesn't matter if that takes you an hour to do that service or a week. 

Too many people get focused on well I'm trading time for hours, and my hourly rate is X. 

I'm doing 10 hours. 

Well if that hourly rate hypothetically is £100 per hour and it's 10 hours, that's £1,000. 

But what if you actually make that client 100K, is it unreasonable to charge 5K for that service and really make that impact to your bottom line? 

I don't believe it is. 

If you can deliver value at 5X or 10X more than you're charging, it's a new opportunity, are all leverage and all profit. 

So start to identify opportunities. 

Start to ask the right questions.

Get your success goals in before you begin. 

Come out and evaluate it. 

If you are asked to put a proposal in, look at the value that you're going to create in the margin. 

You're going to make them more than what you state the charges are. 

That's not only how you're going to scale your clients' businesses, but it's how you're going to scale your own businesses.

'Agree to meetings conditionally to a specific agenda being agreed in advance and know your success outcomes, it allows you to focus on the key aspects and justify the investment of time' - Mike Midgley

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About The Author
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Mike Midgley

Mike Midgley is an experienced entrepreneur and executive board professional with venture capital experience and a proven track record in high growth business strategies. Throughout his career, Mike has achieved successful six and seven-figure exits plus he has raised over £1.6m in Venture capital and franchised his businesses over 68 times. As a podcast Host, Keynote Speaker, Angel Investor, Executive Coach and Non-Executive Director, he provides a motivational ‘hands-on’ driven approach that is supported by an extensive skill set across the fundamental disciplines of business. Outside of his executive services, Mike still plays an active role as the a Growth Engine Architect within The SuccessHub's HubSpot Inbound Certified Partner Agency channel that supports High growth SME's and Mid Corporate / Enterprise clients. Mike is passionate about giving back to the community, he is an active Business Mentor for Doncaster Councils 100 Mentor Program, plus he contributes to the SuccessHub Community Program and Charitable work where he raises money for his favourite charity the NSPCC.