Valuetainment - Episode 294： How To Handle Rejection As An Entrepreneur

00:00:00.000 I'm Patrick Bedeby, host of iTunes, and today we're going to talk about how to handle rejection

00:00:20.900 as an entrepreneur.

00:00:22.100 Number one, look, everything I talk to you right now about rejection has to do with perspective.

00:00:27.080 Everything is perspective.

00:00:28.400 Some people have a hard time dealing with rejection, yet at the same time, they do it all the time.

00:00:35.460 Look, you reject people on a daily basis.

00:00:38.440 Every day, you're rejecting people.

00:00:40.500 Matter of fact, today, odds are you have already rejected 30 people today.

00:00:45.040 Well, what do you mean, Pat?

00:00:46.240 If you unfollow somebody, that's a rejection.

00:00:49.440 If you unfriend somebody, that's a rejection.

00:00:52.100 If you block somebody, if you press and call to somebody, if somebody sends you a text

00:00:57.720 and you know you got the text, you read the text, they see you read the text, you don't

00:01:02.120 respond to it, in the email you move to junk, that's all a form of rejection.

00:01:06.200 So, when people start kind of looking at it and say, well, I'm so afraid of rejection, what

00:01:10.840 if people reject me?

00:01:12.080 Well, how about you stop rejecting people?

00:01:13.540 Are you planning on doing that anytime soon?

00:01:14.900 The answer is what?

00:01:15.500 Of course no.

00:01:16.340 Because you don't like some people.

00:01:17.580 You don't want to do business, but you don't want to be connected with some people.

00:01:19.640 There's nothing wrong with that.

00:01:21.160 So, when you think about it from that perspective, it becomes okay for others to reject you because

00:01:26.020 you do it 30 to 100 times every single day.

00:01:28.100 That's point number one.

00:01:28.800 Number two, two types of rejection.

00:01:30.840 One could hurt your feelings, and I understand that.

00:01:34.120 The other one that hurts your feelings, I don't understand that.

00:01:36.880 Let me explain.

00:01:38.100 If your loved one rejects you, I get it.

00:01:40.960 It could be painful.

00:01:42.080 If your kid rejects you, and your mother rejects you, your father, your husband, your wife,

00:01:47.680 if they reject you, of course it ought to hurt a little bit because it's people you love.

00:01:52.900 But if somebody you're trying to do business with who doesn't know you, who doesn't really

00:01:57.120 care for you, who doesn't love you, who doesn't know how you are as a human being, and they

00:02:01.260 don't yet see you being able to feel a need for them, yet is the key word, why are you

00:02:06.580 so worried if they reject you?

00:02:07.920 Why are your feelings hurt?

00:02:08.980 They're not your family.

00:02:10.000 They're not your friends.

00:02:10.880 You're somebody that's just a stranger they met, right?

00:02:13.320 Now, the more that relationship gets deeper, they then feel more committed to wanting

00:02:18.320 to do business with you.

00:02:19.280 But if they do reject you, you have to have perspective and say, this wasn't my mom, wasn't

00:02:24.040 my dad, wasn't my sister, wasn't my kids, wasn't, this is, I've never, I'm probably

00:02:27.620 not going to meet this person again.

00:02:28.800 Why am I upset about it?

00:02:30.020 Boom.

00:02:30.500 Move on.

00:02:30.920 In that split second, if you tell your mindset that thing, you're out of it.

00:02:34.620 Number three, lifespan of feelings.

00:02:36.260 Look, let me explain it to you this way.

00:02:37.500 There's not a single person that doesn't like being rejected.

00:02:39.540 Not one person.

00:02:40.260 Not Trump.

00:02:40.920 Not Obama.

00:02:41.540 Nobody likes being rejected.

00:02:43.620 Not LeBron, not Kevin Hart.

00:02:45.180 Nobody likes being rejected.

00:02:47.180 Not a single soul.

00:02:48.620 But the difference between the high achievers and the rest is their lifespan of how long

00:02:55.520 they dwell on that rejection.

00:02:57.100 The average person who gets rejected, they think about it for days.

00:03:01.080 They keep telling everybody about it.

00:03:02.600 My mom, my dad, my ex.

00:03:04.540 I can't believe they said no.

00:03:06.680 I can't believe she said no.

00:03:08.260 Now, and eventually the goal for you is to go from three days to one day to six hours

00:03:13.440 to, you know, one hour to ten minutes to three seconds.

00:03:17.260 I'm hurt.

00:03:17.960 I can't believe it, man.

00:03:18.800 Who the hell did I do?

00:03:19.820 Next call.

00:03:20.540 Boom.

00:03:21.240 So your goal is to constantly shorten the lifespan of the feeling you get from being rejected.

00:03:26.660 It is never going to go to zero seconds because when that happens, you're a robot.

00:03:31.300 And you ain't going to be a robot anytime soon.

00:03:33.020 We have feelings.

00:03:34.160 But you want to bring it and make it as short as you can as possible so you can move on

00:03:37.960 to the next task.

00:03:38.700 Number four.

00:03:39.520 Anticipation.

00:03:39.960 I got this from Tom Hopkins.

00:03:41.380 I think 20 years ago I got this from Tom Hopkins.

00:03:43.540 It's four reasons why people buy and four reasons why people don't buy.

00:03:47.500 I added an additional bonus site here as well.

00:03:50.080 But it's to anticipate.

00:03:51.280 So when you know this, why people buy, and you notice why people don't buy, you know how

00:03:56.700 to tailor your presentation or the way you speak to the client.

00:03:59.820 So you're already addressing it before things come up.

00:04:02.640 So here's four reasons why people buy.

00:04:04.960 Status, peace of mind, security, need.

00:04:07.900 I also put scarcity.

00:04:09.720 People like to buy things that are scarce.

00:04:11.540 I went to a store the other day to look at a Patek Filippi watch, right?

00:04:14.340 The guy starts explaining to me the history of Patek Filippi watch.

00:04:17.200 It takes a thousand people to build one watch.

00:04:19.600 Let me say this one more time.

00:04:20.780 It takes a thousand people to build one Patek Filippi watch.

00:04:24.720 Some of you guys are going to say, Pat, that's insane.

00:04:26.420 Go look it up.

00:04:27.360 A thousand.

00:04:28.060 Now that's the reason why it costs a couple hundred thousand dollars to buy their watch.

00:04:30.760 Upwards of one of their watches sold for 25 million bucks.

00:04:33.900 He started telling me the scarcity of owning this watch.

00:04:38.280 The status of owning this watch.

00:04:40.700 This is not a peace of mind sale.

00:04:42.660 This is a status and a scarcity sale.

00:04:44.880 This is not a security sale.

00:04:46.700 The way he sold security is these things always keep their value and they go higher.

00:04:51.240 That was their security.

00:04:52.180 But I don't need it.

00:04:53.620 And it's not peace of mind.

00:04:54.720 It was security, status, and scarcity the way he sold it.

00:04:58.240 So now whatever your product is, you've got to look at your product and say, why would

00:05:02.060 somebody buy my product?

00:05:03.260 Is it a neat sale?

00:05:04.180 Is it a security sale?

00:05:05.180 Is it a peace of mind sale?

00:05:06.880 Is it a status sale?

00:05:07.660 Is it a scarcity sale?

00:05:08.900 You may not be selling properly.

00:05:10.980 That's why you're getting rejected so often.

00:05:12.820 Because you're approaching with neat and your product is not a neat.

00:05:16.120 You may be approaching with scarcity.

00:05:17.480 Your product is not scarce.

00:05:18.660 It's everywhere.

00:05:19.540 You've got to change that adjustment so you don't get rejected that often.

00:05:22.720 Four reasons why people don't buy.

00:05:24.180 Fear, they're afraid.

00:05:26.480 Number two, indecision.

00:05:27.960 They don't like to make decisions.

00:05:29.340 You don't like to make decisions.

00:05:30.640 Number three, procrastinate.

00:05:32.540 I'll do it later.

00:05:33.540 I'll do it later.

00:05:34.320 I'll do it later.

00:05:35.620 Or last but not least, they will never ask.

00:05:37.740 Right?

00:05:37.980 So how do you address this?

00:05:39.380 You say, look, John, Mary, the clients that I deal with, they take their investments

00:05:45.160 very seriously.

00:05:46.040 And because of that, they want to make sure they make the right decisions because they want

00:05:50.140 to be around the right community.

00:05:51.280 Say your product has to do with real estate, courier, and so they want to be around the

00:05:55.140 right community.

00:05:55.980 They want to have a peace of mind that if they buy this property, long term, at least they're

00:05:59.480 getting something tangible.

00:06:00.960 So when you buy real estate, you have something tangible.

00:06:02.960 It's secure.

00:06:03.900 Because if you're planning on living in this house, like you said, for 20 years, you don't

00:06:06.760 really have much to worry about.

00:06:07.820 Here's how real estate's done the last 20 years.

00:06:09.400 And last but not least, a need.

00:06:11.260 Need to live in a place to raise your kids with the school program that we have in this

00:06:14.820 area.

00:06:15.120 It's a great school.

00:06:16.140 And you're going through this.

00:06:17.380 You're addressing it in your presentation or you're going through this and you address

00:06:20.600 why some people don't make decisions.

00:06:22.620 Then the rejection level goes lower because you're getting better at sales.

00:06:26.880 Again, I can go deeper in this, but I'm just giving you a glimpse of this year.

00:06:29.960 We have a sales course coming out very soon.

00:06:32.080 That's going to be three hours of me teaching A through.

00:06:34.260 You have a stack of notes.

00:06:35.720 I'll be teaching a sales course, online sales course that you can go out there and buy.

00:06:38.640 It'll teach everything that I look at when I'm developing a salesperson, but it's not

00:06:43.420 out yet, but it'll come out soon.

00:06:44.640 Stay tuned for it.

00:06:45.200 Number five.

00:06:45.760 Let's talk about number five.

00:06:46.720 Test your approach.

00:06:48.040 Change your approach.

00:06:49.260 Push the envelope.

00:06:50.060 What do I mean by test your approach?

00:06:51.220 You know, I remember when I was coming up and I was selling, I was testing so many different

00:06:55.840 approaches.

00:06:56.280 I'm like, let me try this one out.

00:06:57.380 Oh, wow, it didn't work.

00:06:58.480 Let me try this one out.

00:06:59.380 Wow, they let me come meet with them.

00:07:01.160 They didn't buy, but at least I went into their house and they were willing to listen to me,

00:07:05.800 but I didn't do well because I wasn't good here, but at least I got in.

00:07:10.080 So, man, I'm getting better at getting into the house and getting my foot in the door.

00:07:14.620 This is pretty exciting because that's one skill to get a foot in the door, right?

00:07:18.020 But I started testing.

00:07:19.220 I mean, there were so many, one of the ones I would do is the following.

00:07:22.120 I would say, listen, John, can I ask a serious question for you?

00:07:25.320 Yes.

00:07:25.960 How would you like to be five years younger?

00:07:28.140 And they would say, I'm sorry, what do you mean?

00:07:30.080 How would you like to be five years younger?

00:07:32.320 I want you to go back five years ago.

00:07:34.120 How would you like to be that age today?

00:07:36.400 And they would start laughing.

00:07:37.360 Come on, Patrick.

00:07:37.880 Where are you going with this?

00:07:39.080 No, John, I'm being serious with you.

00:07:40.060 How would you like to be five years younger?

00:07:41.860 I'd love to be five years younger.

00:07:43.280 What's your point?

00:07:44.440 Here's my point, John.

00:07:45.520 In the next five years, you are going to do business with me because I'm not going to

00:07:49.840 stop following up because I know my product is good.

00:07:52.120 I'm just trying to save you five years by doing business today and not waiting five years

00:07:57.180 because that'll make you five years younger.

00:07:58.820 Ha, ha, ha, ha, ha.

00:08:00.900 Break the ice.

00:08:02.100 Boom.

00:08:02.860 Take the order.

00:08:03.860 Happened so many times.

00:08:05.600 But I had so many different approaches that I tested or there's probably a couple hundred

00:08:09.920 approaches that we tested.

00:08:11.380 And then when it worked, I taught it to my sales team.

00:08:13.380 When it worked, I taught it to our sales organization and it kept going over and over

00:08:16.880 and over again.

00:08:17.420 But keep testing your approach.

00:08:19.120 Don't be afraid to test a little bit.

00:08:20.640 Don't be afraid to test around and say, wow, this worked.

00:08:22.660 Now, this definitely didn't work.

00:08:24.040 Cross this one.

00:08:24.760 I don't bring it up again.

00:08:25.580 But you got to keep testing your approach.

00:08:27.500 And eventually, this goes lower.

00:08:28.660 Number six, follow-up kink.

00:08:30.620 Listen, this, to me, hands down, I saw so many people in sales that I would compete with.

00:08:37.860 They would say, some will, some won, so what next?

00:08:41.240 And that may be a good philosophy for motivational speakers to sell.

00:08:45.580 You know, if somebody doesn't want to buy, move on.

00:08:48.980 They'll lose your game.

00:08:50.740 Next customer.

00:08:51.600 Sounds maybe good to trying to get rookie people to feel good about being rejected.

00:08:55.980 But maybe you got rejected because you're actually not good.

00:09:00.080 Maybe you got rejected because your approach isn't good.

00:09:02.840 Maybe you got rejected because you're not paying attention to detail.

00:09:05.120 So what happens?

00:09:05.760 So you want me to keep telling you you're doing a great job and keep failing because your approach

00:09:08.980 sucks?

00:09:09.780 And not addressing the actual issue?

00:09:12.240 Here's the problem.

00:09:13.280 For me, coming up, I took that philosophy for the first two, three years of sales.

00:09:19.200 Some will, some won, so what next?

00:09:21.180 You know what it is.

00:09:21.780 They don't want it.

00:09:22.500 Let's move on.

00:09:23.200 That's not the case.

00:09:24.580 That's not the case.

00:09:25.400 I gave you two stats earlier.

00:09:27.540 47% and 92%.

00:09:29.140 Check this out.

00:09:30.520 92% of salespeople quit before the fifth magical contact they make on follow-up.

00:09:38.300 Let me say this one more time.

00:09:39.820 92% of salespeople follow up once.

00:09:43.080 Not right now, Johnny.

00:09:44.420 No problem.

00:09:44.960 Follow up twice.

00:09:46.540 Not right now, Johnny.

00:09:47.700 Follow up three times.

00:09:49.080 Not interested.

00:09:50.080 Follow up four times.

00:09:51.540 Not right now.

00:09:52.320 The fifth time, they're going to say yes, but you stop following up.

00:09:55.440 92% stop right there.

00:09:57.080 The fifth one, yes, but you stop following up.

00:10:00.040 Now watch this.

00:10:01.560 Follow up has to do with nurturing a relationship, right?

00:10:05.500 If you want to go and have a one-night stand sale, that's fine, but it's not going to

00:10:09.300 lead to leads.

00:10:09.900 But if you want to have a nurturing relationship to make the sale bigger, that's the follow-up

00:10:15.880 aspect.

00:10:16.500 That's the relationship aspect.

00:10:17.940 That's taking notes.

00:10:19.400 That's when you call them from a phone number.

00:10:21.140 You save their number in store and put their date of birth, anniversary, favorite sports

00:10:25.360 team, so you remember stuff about them because you're nurturing the relationship.

00:10:30.020 Let me give you the other stat.

00:10:32.380 A person who nurtures a sales relationship versus one who doesn't nurture a relationship.

00:10:36.780 The one that doesn't nurture the relationship and goes deeper makes a 47% bigger sale than

00:10:44.800 the one that doesn't nurture.

00:10:45.880 Let me say it again.

00:10:47.300 I sell for $14,400, but your sale is only $10,000 because I nurtured the relationship.

00:10:53.180 My sale is $140,000 commission.

00:10:55.620 Your sale is $100,000 commission because I took that additional step to nurture the relationship.

00:11:00.200 And because somebody follows up the fifth time, 92% don't.

00:11:04.200 You're in a whole different league, so you look at this.

00:11:06.600 Can you imagine if somebody says, oh, someone, someone, so what next?

00:11:09.160 But they don't explain this part.

00:11:10.920 You just cost them tens of millions of dollars of possible commission.

00:11:14.600 So to you watching this, remember, 47%, 92%.

00:11:18.600 If you want to go deeper in the follow-up kink, I did a video a couple years ago called

00:11:23.000 Customer Experience versus Customer Service, something like that.

00:11:26.360 Let's put a link up here so they know what it looks like.

00:11:28.220 The link will be below.

00:11:29.560 You can click on this as well to go watch it.

00:11:31.140 That'll give you a little bit more deeper on what's the difference between customer service

00:11:33.960 and customer experience.

00:11:35.400 Number seven, role-play your approach with your mentor.

00:11:37.380 Here's what I mean.

00:11:38.040 You go on a sales call.

00:11:39.360 Doesn't go good.

00:11:40.720 Instead of going in your car, harping on what took place, and on that 30-minute drive to

00:11:44.820 your next appointment, actually call your sales manager.

00:11:47.240 Call your sales mentor.

00:11:48.200 Call your sales, whoever it is that you can call that you're reporting to and say, here's

00:11:52.100 what happened.

00:11:52.500 I didn't make the sale.

00:11:53.280 Why?

00:11:55.140 This is what they asked.

00:11:56.540 This is what I said.

00:11:57.940 What should I have said?

00:11:59.040 Can we role-play?

00:11:59.800 Yes, I'm the customer, sales manager.

00:12:02.340 You play the role of me.

00:12:03.800 Great.

00:12:04.740 You say what the customer said.

00:12:06.160 He says whatever back.

00:12:07.460 Then you say what the customer said.

00:12:08.660 He says whatever.

00:12:09.220 He says rebuttal.

00:12:10.080 Go back and go, oh my gosh, that's great.

00:12:11.960 I didn't say it.

00:12:12.940 Then you record it.

00:12:14.080 Then you give the other part.

00:12:15.720 Customer said this.

00:12:16.680 They said this.

00:12:17.200 Customer said this.

00:12:17.800 You say, oh my goodness, that's so amazing.

00:12:20.500 And then you explain whatever areas that you felt was a leak.

00:12:23.180 They may say, no, that's not fine.

00:12:24.340 That's totally fine.

00:12:24.960 Don't worry about that part.

00:12:26.240 Make these couple adjustments.

00:12:27.300 Next time, this goes lower because you got better.

00:12:31.100 Number eight, master the FAQs and trust them.

00:12:33.300 Very simple.

00:12:33.900 Master the FAQs, trust them.

00:12:36.060 And I had a girl next door came up to me. 1.00

00:12:37.920 She would always come and say, hey, I watch your content.

00:12:40.600 I'm in pharmaceutical sales.

00:12:41.660 And I asked her to go to her sales manager to get the top 20 FAQs.

00:12:46.320 She says, nobody has a top 20 FAQ.

00:12:48.380 I said, what do you mean here?

00:12:49.680 She said, Pat, we don't have an FAQ list.

00:12:51.640 How is it possible for a sales company to not have top 10 objections and how to overcome

00:12:59.180 it?

00:12:59.420 How is that even possible?

00:13:00.860 Half the time is sales leaders and sales managers running a team don't have a duplicatable model

00:13:06.860 on how to overcome every single objection that comes up, which is typically about 20 of them.

00:13:12.460 And once you know the FAQs, you increase the ratio of closing.

00:13:15.820 They don't feel worried about being rejected because they're going to close and they're going

00:13:18.920 to make money.

00:13:19.500 So go master the FAQs and trust them.

00:13:21.880 And if no one has it in the office yet, go ask everybody.

00:13:24.080 Go ask everybody.

00:13:24.740 What's the common objection?

00:13:25.660 What's the common objection?

00:13:26.480 What's the common objection?

00:13:27.680 And how do you overcome it?

00:13:28.680 Make your own list and start learning that.

00:13:30.600 Number nine, immediate positive distraction.

00:13:32.920 Anytime some rejection would happen, you've got to figure out a way to distract yourself immediately.

00:13:36.600 Whatever way you can figure out a way to distract yourself.

00:13:38.320 If it's getting up, walking around, make the call back.

00:13:42.020 If it's changing the music, putting something like a rocky music that fires you up.

00:13:46.980 But you've got to figure out a way to create an immediate positive distraction so you're

00:13:51.040 not getting too much into it so you can make that next call, next appointment.

00:13:54.140 Number ten, last but not least, make it past fight or flight.

00:13:57.580 Let me explain what I mean by fight or flight.

00:13:59.220 So, say you don't know me and I don't know you, okay?

00:14:03.940 You, I approach you to sell you.

00:14:07.360 Your immediate reaction not knowing who I am is one of two things.

00:14:11.400 This is the protection.

00:14:12.380 Our brain is wired in a way for it to guard and protect us.

00:14:15.960 The first immediate reaction is the following, I don't know who this is, I'm either fighting

00:14:21.340 you, hey, what are you talking about?

00:14:23.140 No, I'm not interested.

00:14:24.240 Fight.

00:14:25.140 Or I'm flight.

00:14:26.240 Thank you.

00:14:26.980 Gone.

00:14:27.800 Okay?

00:14:28.460 That's immediate.

00:14:30.180 Your goal is to try to keep me through flight or fight.

00:14:35.100 If you can keep me past fight or flight, then what comes in place is your ability to sell

00:14:41.300 me.

00:14:42.140 So, the way you get past fight or flight is to make me feel comfortable knowing I'm in

00:14:46.220 a safe place dealing with you.

00:14:48.240 Maybe likability, maybe commonality, maybe an area of interest that you have in me.

00:14:52.920 Maybe you did a little bit of research for me.

00:14:54.520 Maybe you understand me.

00:14:56.260 Then my guard comes down.

00:14:57.680 Then I'll actually say the truth, which is, what do you have to offer?

00:15:01.440 Right?

00:15:02.160 Versus, no, not interested.

00:15:03.540 Hey, what are you doing?

00:15:04.160 I told you I'm not interested.

00:15:05.740 Thank you.

00:15:06.320 I walk away.

00:15:07.420 If you can make it past fight or flight, you actually now become in a territory where you're

00:15:12.320 going to be judged based on your ability to be able to sell.

00:15:14.640 And I'd much rather make it there and get to the point of knowing if I can sell or not.

00:15:18.480 But it's so amazing how many salespeople are great at selling, but they don't know

00:15:23.060 how to get past fight or flight.

00:15:24.380 If you get past fight or flight, the rest of it's going to be typically a lot easier

00:15:27.840 than having to get through the first part.

00:15:29.360 Thanks, everybody, for listening.

00:15:30.580 And by the way, if you haven't already subscribed to Valuetainment on iTunes, please do so.

00:15:35.320 Give us a five-star.

00:15:36.700 Write a review if you haven't already.

00:15:38.220 And if you have any questions for me that you may have, you can always find me on Snapchat,

00:15:42.280 Instagram, Facebook, or YouTube.

00:15:44.240 Just search my name, Patrick David.

00:15:45.780 And I actually do respond back when you snap me or send me a message on Instagram.

00:15:51.140 With that being said, have a great day today.

00:15:52.880 Take care, everybody.

00:15:53.580 Bye-bye.

Valuetainment - May 02, 2019

Episode 294： How To Handle Rejection As An Entrepreneur

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