2024 Top Guest Replay - Why Sales is a Wealth-building Tool with Ro Shah

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In the latest episode of "Keep What You Earn," Shannon revisits a top 2024 guest appearance by sales coach Ro Shah. The conversation dives into the crucial role of sales as a wealth-building tool for financial professionals. Ro, an experienced sales coach with a background in engineering and sales systems, shares her insights on enhancing sales strategies for sustainable business growth.

Shannon opens by addressing the challenges many finance professionals face in selling their services and establishing value. Ro emphasizes that women in finance often undervalue their skills, leading to lower charges and thin profit margins. This undervaluation can foster resentment and hinder business growth. Ro stresses the importance of understanding one’s worth and aligning pricing with the value provided rather than the time and effort invested.

Overcoming imposter syndrome is a recurring theme. Both Shannon and Ro encourage women to move beyond traditional hourly billing to focus on value-based outcomes, ensuring fair compensation and enhancing client satisfaction. Ro underscores the significance of proactive sales techniques and long-term client relationships. She advises against seeking solace from peers in similar struggling situations and instead urges guidance from successful mentors.

The episode also highlights the limitations of relying solely on referrals for business growth. Shannon argues that while referrals are valuable, they can provide a false sense of security and may not be scalable to achieve seven-figure revenues. Ro adds that independent lead generation is crucial for cultivating a successful entrepreneurial venture. She compares sales from referrals to cold leads, emphasizing the different skills required for each.

Ro's journey from starting her first business at 18 to coaching financial professionals underscores the transformative power of mentorship. She critiques the societal norm that downplays mentorship’s value in business growth, emphasizing that a DIY approach can delay success. Ro encourages entrepreneurs to seek mentorship actively and draw inspiration from successful women in finance.

Identifying and targeting the right clients is central to Ro’s sales philosophy. She and Shannon discuss the importance of being present on the right social media platforms. Ro points out that many entrepreneurs struggle because they fail to connect with their ideal clients. She recommends spending 95% of time on lead generation and 5% on content creation to maintain a strong sales process.

Both Ro and Shannon stress the advantage of personal experiences or connections within one’s niche. Shannon shares her own success story in sales, highlighting how relating personal stories to potential clients fosters trust and understanding. This authentic approach significantly enhances an entrepreneur’s ability to connect with clients.

As the episode concludes, it’s clear that developing sales skills is vital for sustained business growth. Ro asserts that sales is both an art and a science, necessitating continuous learning and adaptation. Shannon reflects on the transition from high-paying corporate roles to entrepreneurship and the tendency to undervalue services initially.

This episode provides a wealth of information for financial professionals seeking to elevate their sales strategies and build sustainable businesses. Listeners are encouraged to engage with Ro on Instagram, tagged as the Ro Shaw, and share their takeaways on social media.

What you'll hear in this episode:

04:39 Women in finance lack essential sales skills.
07:30 Focus on long-term value, not immediate results.
09:57 Women in finance undercharge; collaboration encourages value.
14:34 Entrepreneurs face unmet expectations, burnout from startups.
17:08 Focus on authentic lead generation and niche connection.
21:16 Clients: Beginners, expansion-focused, national exposure seekers.
26:17 Diversify lead sources; don't solely rely on referrals.
27:34 Train clients on desired, aligned referrals effectively.

If you like this episode, check out:

Takeaways from Steps for Success with Junior Achievement 

What's the Best Way to Pour Money Into Your Business? 

Introducing Money to Kids: Where Do You Start?

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.