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WHAT I DID Age 16 I began collecting delinquent paper bills for The Tennessean newspaper I made minimum wage of $1.60 hour plus 10% of what I collected I told all of my friends about it and they tried it, but immediately quit I had $1,000 collection days and earned over $100 WHAT I LEARNED Do things that are hard and it pays way more How to ask for money Knock on strangers doors Ask for someone’s help Direct mail works
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Roy Matlock Jr. SanDestin 2012
Growing Up-My Story My father was self
made and self taught My parents were very
conservative financially We had kitchen table
conversations that included business, sales and Business Week magazine
I was shown that hard work paid off and I was taught to read and learn
My First Opportunity Age 16 to 18WHAT I DID Age 16 I began collecting
delinquent paper bills for The Tennessean newspaper
I made minimum wage of $1.60 hour plus 10% of what I collected
I told all of my friends about it and they tried it, but immediately quit
I had $1,000 collection days and earned over $100
WHAT I LEARNED
Do things that are hard and it pays way more
How to ask for money Knock on strangers
doors Ask for someone’s
help Direct mail works
2nd Opportunity
HARDWARE STORE
Minimum wage $1.60 hour
Worked 2 hours and quit
WHAT I LEARNED
If there isn’t an incentive I’m not doing it
3rd Opportunity
CUTCO CUTLERY Straight commission Sold to all of my friends and
relatives and when I ran out of friends, I didn’t sell anything
I met my first mentor Jim White
Read my first sales book Became the number 1
college sales rep in 1979 in the US
Had over 200 college students that worked for me
WHAT I LEARNED
Find a mentor Competition drives
people and business People loved to be
recognized I learned the power of
overrides
4th Opportunity 1983 to PresentPRIMERICA Commission only Everybody quits Looked like I was 16
asking for money Met people that earned
6 and 7 figures My mindset was if they
could do it, then so could I
Today I have over 48,000 customers and 400 reps
WHAT I LEARNED Credibility and Trust fuel my
business People buy you, not your
products Saving money isn’t optional
if you want to stay in business
If you want people to perform then you have to lead by example
Marketing and self promotion isn’t optional if you want to be successful
The “Money Game” 1993-2002
RADIO
In 1993 I started “The Money Game” with Dave Ramsey in Nashville
I was on the air 3 hours daily answering financial questions and eventually nationally syndicated the show
WHAT I LEARNED Don’t be afraid to
invest time and money on things that leverage your core business.
Make educating your potential customer the primary sales attraction
Take every opportunity to be a go-to expert for speaking engagements
Results Of Hard Work and LearningAGE 30-39
Total Income $6,029,657.10 Average Yearly $602,965.00
AGE 40-49
Total Income $6,657,233.76 Average Yearly $665,723
The Mindset
Your Attitude
Your Activity
50-40-10
The Attitude
Always be Positive Success consciousness, which attracts only the
circumstances which make for success. Sound health, both physical and mental Financial independence A labor of love in which to express yourself Peace of mind Applied faith, which makes fear impossible Enduring Friendships Longevity and a well-balanced life Immunity from self-limitation The wisdom to understand yourself and others
If you neglect taking possession of your mind and directing it toward a worthwhile goal you are doomed to:
Penalties of a Negative Attitude Poverty and misery your entire life Mental and Physical ailments of all kinds Self-limitations which trap mediocrity Fear and all its destructive consequences Hatred of the means by which you support yourself Many enemies and few friends Every brand of worry known to humanity Being a victim of every negative influence you
encounter Subjection to the will of others A wasted life which does nothing to better the
human condition
The Activity
Best Effort Daily
1 .exertion of physical or mental power: It will take great effort to achieve victory.2. an earnest or strenuous attempt: an effort to keep to the schedule.3. something done by exertion or hard work: I thought it would be easy, but it was an effort.4. an achievement 5. the amount of exertion expended for a specified purpose: the war effort.
Effort Synonyms Struggle, striving. Effort, application, endeavor,
exertion implies actions directed or force expended toward a definite end. Effort is an expenditure of energy to accomplish some objective: He made an effort to control himself. Application is continuous effort plus careful attention: constant application to duties. Endeavor means a continued and sustained series of efforts to achieve some, often worthy and difficult, end: a constant endeavor to be useful. Exertion is the vigorous and often strenuous expenditure of energy, frequently without an end: out of breath from exertion.
50-40-10 Rule
50-40-10
In any industry……… You beat 50% of all people by a
willingness to work hard You beat 40% of all people by being
a good person that can be trusted Your now in the top 10% in your
industry and you are in a dog fight with successful people and your winning
Life is good
Getting Started
THE GAME PLAN
The Goal The Plan The Schedule
THE FOCUS POINTS - 3 M’S
Marketing-Sales Managing-
Operations Money- Finance
Close More Front end -Get more results from your current
effort and set higher numbers of appointments
Presentations-Improve percentage of prospect appointments that actually convert to customers- thus improve profitability
Back end- Have an effective follow up system that keeps prospects engaged until they are ready to act , repeat and refer
Growth
More potential customers in the system
Improving the conversion ratios Increasing the dollar value per
customer in the system
Incremental Improvement Across all areas
NUMBERS
100 incoming inquiries
Closing ratio 25%
Average Transaction size $1,000
RESULTS
25 transactions
$25,000 Revenue
Leverage Incrementally
NUMBERS
100 incoming inquiries
Closing ratio 25%
Average Transaction size $1,000
INCREMENTAL INCREASE Increase the number
of calls by 50%
Increase the closing ratio to 50%
Increase the average transaction size by 50%
Incremental Improvement Across all areas
NUMBERS
Annual incoming inquiries increased 50%
Closing ratio 50% vs. 25%
Average transaction size $1,500 vs. $1,000
RESULTS
150 Incoming
75 transactions
Result $25,000 vs. $112,500
Front end
1. Focus on referrals2. Focus on what is actually paying off3. Develop Traffic from new sources4. Train on appointment setting5. Remarket to all past prospects6. Analyze your image
Increase Closing- Training
1. Price and Value2. Present different price points based
on financial prequalification3. Develop questionnaire that idiot
proofs the conversion process4. Have a written system to overcome
objections. Imagine if…Just suppose5. Have a compelling reason to act now
Increase Transaction Size1. Partner with like minded referral
sources2. Treat people fair but not equal3. Better Follow up4. Increase frequency of purchases
Follow Up Mindset
Question…….If a prospect doesn’t do business with me does that mean they will never spend any money in the financial services industry for the rest of there life? Answer NO
So how long will you follow up and how much money will you be willing to invest to receive a $5,000 to $10,000 payoff somewhere out in the future?
Closing Process
Front •Lead Capture•Appointment Setting and Objections
Presentation •Presentation and Fact Finding Questionnaire•Develop Proposal •Overcoming Objections and Close
Backend •Prospect and Client Re-Contact•New Referrals
Marketing Crash Course
HOW DO I GET IT STARTED?
Marketing Crash Course
GOAL
PLAN
SCHEDULE
Goal
GOAL- this is the end result of what you want to accomplish which is only measured by the income you generate. Example: How much revenue do you want to produce
Plan PLAN- This is the detail of HOW you will
accomplish your goal. This includes how many customers and volume needed to accomplish you GOAL. Inside of this plan includes the written detail of how you develop the lead generation, appointment setting and closing plan. Example: Who will I market to and why. How will I set the appointments….call , email, text etc. How will I propose solutions, close and how do I handle standard objections
Schedule SCHEDULE-This where you plan your time and set
deadlines to accomplish the plan and thus hit your goal. This is the final key and probably the most important part of reaching your goal. This is what gets you going in the morning. Your schedule should be geared around spending 80% of your time on STRATEGIC work which is work that repeated daily will insure your accomplishment of your goal. Always ask “If I continue doing exactly what I did in the last hour or last day will I reach my goal?”. If not CHANGE what your doing because you are spinning your wheels doing time wasters and interrupters. Allow 20% of your time is TACTICAL work which allows you to maintain your strategic focus. Example: paperwork, organizing etc.
Manage 3 Things
TimeMoney People
Sell The Plan not the Product
ACCUMULATION MINDSETProtect ManageAccumulate
ACCUMULATION PLAN
Protect Income- Term life Manage cash flow and
reduce debt- Budgets Accumulate Wealth- Retirement plans- College plans
Sell The Plan not the Product
PRESERVATION MINDSETProtect ProtectProtect
PRESERVATION PLAN Protect Income- Term Life pension
protection- Variable Annuities LWG Protect Assets
- Long Term Care Insurance Protect against
inflation- Balanced Funds
The Final Question………
What Speed are You
SPEED
Rapidity of movement or action:
Response Times
RESPONSE TIMES
Direct Mail Phone calls Fax Email Text Social Media
Crank up the Speed
NEW GROWTH Talk aggressive and act aggressive
and be fearless prospecting for sales and direct recruits
Teach and Do drop by’s and work the weekends
Developing your list and your teams list and utilize all internet connectors. Learn and understand the power and use of Facebook, LinkedIn and Twitter
Train on rates and how to fill out the paperwork
Train on the IBR Get your team securities licensed
and sell PAC’s with ICA brochure Have a seminar and print tickets Have regular phone blitz
MAXIMIZING EXISTING BUSINESS Accountability-Every time you see a
team member ask what specifically they are doing and what are the results. Get weekly results and goals for the following week and month and manage activity
Consistently -Develop and re-contact your existing recruit and client base and get all of their business
Check all reports on POL and stop by or call based on any activity
Do add on life business and add on PAC business
Utilize text and email to set up appointments and utilize phone appointments and gotomeeting
IBR and end of term are great re contact opprotunities
You can get this presentation at www.kipridleyinternational.com