[LAB} Live Highlights: 7 Ways to Gain Leverage in Your Business

Uncategorized Apr 11, 2018

Nearly 150 limo operators collided in Nashville, TN for Limo University’s largest live event ever, {LAB} Live. Over the course of two days, CEO and Founder Bill Faeth interviewed leaders in the event planning, hotel, sales, and ground transportation industries.

The goal was simple.

Give attendees the opportunity to speak with clients like the type they hope to acquire and learn the ways they can create leverage within their business. Here’s a few of our top takeaways from {LAB} Live 2018:

  1. Understand your buyer and your client.

The fireside chat speakers and Limo University team can’t stress enough the importance of knowing your buyers and your clients on a deep, detailed level. It’s not enough to know their job titles, gender, and locations.

You must understand the people you are trying to service or are currently servicing from a psychological, social, and behavioral standpoint.

As John Boyens mentioned in his fireside chat with Bill, there are a few different types of buyers.

  • Ego-based: This type of buyer will be insanely brand conscious - using pronouns like “me” and “I” consistently. To get your pitch through to a buyer like this, ask them questions about themselves.
  • Price sensitive: The price sensitive buyer will be just that… price sensitive. Cost justify your service with demonstrated value.
  • Risk averse: The third type of buyer hates change, so use risk against them. What’s the worst that could happen if they continue using their current provider? Ask wild “what if” questions to overcome this type of buyer’s objections.
  • Loyalty: Someone who purchases a product or service based on loyalty values deep, personal relationships. They’ll associate with a lesser company if the relationship with a particular individual is strong enough. Entertain this buyer.
  • Convenience: A buyer who prioritizes convenience is driven by instant gratification. Make sure your sales process is seamless and efficient.  
  • Value: The last type of buyer is an early adopter. He or she is someone who wants the best possible solution at a fair price. Your sales pitch should adequately define what is in it for them to utilize your services.

Learn more about John Boyens' sales and sales leadership methodology →

Pick up on the cues your buyers send your way, determine which type of buyer they are, and tailor your pitch, your client management, and relationship growth mechanisms to their distinct needs.

  1. Create consistent, compelling brand messaging.

John Bearden’s story exemplifies this tactic best. When he embarked on the tall task of plugging the $60 million hemorrhage GMAC was experiencing at the time of his leadership, he didn’t just cust unnecessary costs. The company completely repositioned their brand messaging to better reflect the audience that presented a market opportunity for it.

Once you truly “get” your buyers, you do the research and produce strategic brand messaging to resonate with the most profitable sector of your market.

Armed with the precise needs your potential clients have, you are able to really get creative and use the toolbox of resources at your disposal to develop offers that attract people based on value versus price. Like Kanye Harris prioritizes wielding ancillary benefits like seat upgrades and eliminating baggage fees, you must find the places your business can make life easier for your clients.   

As Kanye said, there are times when you’ll need to get creative and find a value proposition. One won’t always jump right out at you.

  1. Foster multiple touch points within an organization or company.

To acquire new clients, you’ll end up connecting with them 6-8 times before they accept the sale. Even after obtaining a client, you must have more than one relationship within the organization. Single-point failures occur when you have a good relationship with one person who leaves or quits the company.  

  1. Weave a web of influence.

Alliances are key to achieving success in this industry. For Bill and Kanye’s partnership, it was necessary for Delta to differentiation in their market. So, the alliance between the two made sense.

Expand your affiliate network at every chance you get. Collaborate with local organizations, restaurants, shops, and more to diversify your service offerings.  

  1. Know when to say “no” and when to say “yes.”

Oftentimes, business owners don’t invest enough time finding the right person and the right buyer.

According to John Boyens, when the need of the buyer and the vision of the company align you make your biggest and most valuable sales.

N + V = $

The first step to figuring out who you should be investing time in throughout the sales process, profile your best and worst clients. You’ll want to pursue the best clients and remain alert for signs that you may be dealing with a bad client so you can say “no” and cut ties as soon as possible.

  1. Follow through in good times and in bad.

The sale doesn’t end after your clients sign the dotted line. You must develop client management processes that account for both positive and negative experiences.

Kanye Harris expressed his belief that addressing issues by reaching a resolution quickly is important to retaining your very best clients and displaying your unique value.

Dee Patel and Angela Layton agreed that perfection is impossible and that ground transportation vendors will make mistakes. But, it’s in the recovery stage that you separate yourself from a run-of-the-mill limo operation.

Stand out by leveraging your resources and tackling client needs in a creative way to remediate the issue.

  1. Adopt a disciplined approach to business management.

Create a list of companies - big or small - that function in manners you admire. Emulate the workflows and processes you see these companies implementing because it is possible to make similar moves.

To be successful, a business needs 3 types of capital: financial, human, and intellectual. John Bearden left us with a lot to chew on, but the highlights are as follows.

  • If you aren’t receiving regular financial reports and analyzing the data, you’ll never grow. You have to benchmark your goals so you can effectively adapt to situations and make the most of opportunities as they arise.
  • Make sure your people know the tasks that are expected of them and that you are developing a vision and culture that attracts high quality talent.
  • Set realistic goals with detailed plans and milestones/deadlines.

These are just a few of the highlights from {LAB} Live. The Limo University team is beyond grateful to all who sponsored, attended, and participated in {LAB} Live in its first year. We hope to see you next year!