In this episode of Creating Confidence, Heather Monahan and Cal Fussman explore how sales professionals can adapt their strategies for virtual environments. They share their experiences transitioning from in-person to digital operations, covering topics like pricing structures for virtual services, negotiation tactics, and ways to leverage podcasts and virtual events as tools for building trust and creating business opportunities.
The discussion delves into practical approaches for building confidence in virtual selling, including the effective use of testimonials and the importance of maintaining strong pricing positions. Monahan and Fussman address common concerns about technology adoption and discuss strategies for converting podcast audiences into business opportunities through mentoring programs and workshops, while emphasizing the value of strategic partnerships in the virtual landscape.
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As businesses shift to virtual operations, professionals Heather Monahan and Cal Fussman share their experiences adapting sales strategies to the digital landscape. They discuss leveraging podcasts and virtual events as powerful tools for building trust and creating business opportunities. Both emphasize the efficiency of virtual communications, highlighting benefits like time savings and broader global reach.
Monahan stresses the importance of leading with certainty when pricing services, noting that keynote speaking fees can range from $5,000 to $500,000. Fussman shares his experience transitioning from in-person rates of $15,000-$20,000 to virtual engagements. Both experts emphasize starting negotiations with higher prices and focusing on value rather than client budgets. Monahan suggests asking clients about their budget constraints and creating customized solutions that maintain professional worth while meeting client needs.
The speakers emphasize the importance of leveraging existing expertise and testimonials to build confidence in virtual selling. Monahan advises professionals to regularly update testimonials, particularly on LinkedIn, and reframe selling as genuinely helping clients. Fussman discusses overcoming initial technology fears, while Monahan emphasizes the importance of eliminating weak language and confidently tackling technical challenges.
Both speakers discuss maximizing podcast reach and influence through virtual products and services. Monahan suggests converting podcast audiences into business opportunities through mentoring programs and workshops. They emphasize the value of partnerships, with Monahan sharing how collaborating with experts, like a Harvard professor, can create new virtual programs. Fussman highlights the importance of generating leads and making sales calls in the virtual landscape.
1-Page Summary
As the pandemic shifts the way businesses operate, sales strategies must adapt to a predominantly virtual environment. Professionals like Heather Monahan and Cal Fussman showcase how they pivot to maintain and grow their audience and customer base.
Heather Monahan identifies podcasts as massive opportunities for connection and trust. She sees monetizing these platforms as a quick way to convert into business opportunities. Virtual summits have also become a way to engage with company employees when traditional speaking rates may be lower due to economic circumstances.
Cal Fussman adds that despite technological glitches, the transition to virtual events is essential. He emphasizes the efficiency of virtual communications over traditional in-person meetings, highlighting time-saving measures and wider global reach as key advantages.
With the disruption of typical business practices due to the pandemic, there has been a shift to online events. The crisis led to new initiatives like mentoring programs, online coaching seminars, and masterclasses, which now constitute a multi-billion dollar industry. Monahan discusses diving into seminars and the virtual world to evolve her business and generate revenue through workshops and seminars.
For processing credit card payments virtually, two options are suggested by Heather Monahan. The first is using PayPal, which allows easy setup, direct invoicing, and seamless transfers to bank accounts at no extra cost. The second is using a Shopify account to create a landing page where offerings are displayed, process transactions, and provide valuable data analytics.
Adapting Sales Strategies For a Virtual Environment
Professionals like Heather Monahan and Cal Fussman share insights on how to price, negotiate, and pitch services to clients while ensuring they don't undervalue their offerings.
Heather stresses the importance of leading with certainty so potential clients recognize the necessity of the services being offered. This approach discourages clients from feeling uncertain and looking elsewhere for services. Heather mentions market research is crucial, providing the range of $5,000 to $500,000 for keynote speeches, which helps professionals like Cal Fussman set reasonable prices by understanding the broad market range. For example, Cal knew his rates for speaking engagements were around $15,000 or $20,000 but felt uncertain about pricing for virtual engagements, where he heard rates were about $2,000 to $3,000.
While there is no specific guidance given on researching industry pricing benchmarks, Heather's mention of a keynote speech range indicates that having solid market data is essential for setting appropriate rates. Heather also underscores the significance of not undervaluing services, as demonstrated when her mentoring program, priced too low, sold out immediately.
Heather and Cal discuss the importance of emphasizing one's unique value and expertise rather than focusing on the client's budget. Cal recounts how he learned to assert the value of his experiences with world leaders in his pitch, helping clients see the relevance of his services to their challenges.
When negotiating, starting with a higher price point allows for flexibility. For instance, Cal speaks of a time when a client expected to pay more than he had quoted, suggesting he might not have valued his services adequately, a sentiment Heather agrees with. Monahan reinforces this by advising to start negotiations high since it's always possible to negotiate down, a lesson she learned after initially setting her prices too low.
Heather recommends asking clients for their budget when they indicate a price point is more than they anticipated. She recounts an instance where she used knowledge of a previ ...
Pricing, Negotiating, and Pitching Services Effectively
Heather Monahan and Cal Fussman discuss strategies for mindset and confidence building, focusing on leveraging existing expertise and overcoming mental blocks related to virtual selling.
Heather Monahan advises Cal Fussman to read his testimonials and reviews, emphasizing the importance of remembering the value he has delivered to others. Reflecting on client impact can bolster confidence and remind professionals of their expertise.
Monahan plans to ask for testimonials after events and highlights the significance of regularly updating testimonials and reviews, notably on LinkedIn. This not only boosts a professional's visibility but can also help convert viewers into customers by showcasing one’s capabilities through success stories.
Monahan talks about moving through fear since being fired, instructing techniques to overcome mental blocks around virtual selling. She urges Fussman to reframe his selling mindset to focus on genuinely helping and supporting clients, which can instill confidence and certainty in the ability to deliver value. Further, Fussman acknowledges the need to assertively offer his help to those struggling with brand storytelling, and Monahan suggests focusing on how to increase clients' revenue as a means of sincere service.
Fussman talks about his initial technophobia, detailing challenges like setting up email. Monahan acknowledges the universal need for people to rely on consistent support, such as regular podcast episodes. She also stresses the importance of de ...
Mindset and Confidence Building
Cal Fussman’s 'Big Questions' podcast and Heather Monahan’s influence exemplify successfully leveraging networking and audience to maximize reach and influence.
Monahan and Fussman illustrate the potential of podcasts as platforms to extend professional reach and create new business opportunities.
Monahan invites her listeners to check out Fussman's podcast, underscoring the power of leveraging network and promotion. Fussman himself has become comfortable enough to offer instruction in podcasting, identifying an opportunity for speaking and coaching. Moreover, through virtual events, participants can be asked for business connections to target for a customized class or experience, therefore, leveraging the event to pitch further speaking and coaching opportunities.
The speakers discuss adapting to revenue drops by launching mentoring programs or workshops, illustrating monetization of skills through virtual services. Monahan suggests that the podcast audience can be converted into business opportunities due to pre-existing trust relationships. Fussman also sees individual one-on-one help as a potential avenue for monetization, and Monahan encourages him to solve a problem for his audience to elicit emotions and convert listeners into clients.
Strategies to augment reach by connecting with external networks and creating partnerships are discussed, showcasing how these relationships can provide valuable collaborative opportunities.
The speaker’s co-creation of a workshop with a Harvard professor serves as a prime example of utilizing partnerships to offer new virtual programs. They suggest using existing business connections to create ...
Leveraging Existing Networks and Audience
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