Category Archives: Business

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How to Turn Failure into Motivation

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This is a guest post written by Major Mike Arnett.  Not only is Mike a world-class Army doctor, he was also my college roommate and easily one of the best friends I’ve ever had.

A few weeks ago, I had dinner with my old friend, Bo Barron.  Bo was on the way to the airport in Nashville.   He was flying to Connecticut where he would be speaking on the use of technology in the commercial real estate industry.  Bo is my only friend from college who has served in the military, and there is a bond between those who have worn the uniform of our country – even between Jarheads and G.I.s.  It was an ideal way to spend Veteran’s Day evening: eating great deep-dish pizza, drinking a great beer, and telling war stories with a great friend.

Major Mike Arnett and Bo Barron. Taken by Mike’s 6-year-old son.

In reference to his upcoming speaking engagement, Bo told me of his passion for speaking to groups.  He then asked me if I remembered a Beta Club speech competition in 1993.  I honestly have no recollection of that district round.  Quite conversely, Bo has an extremely vivid memory of the event.  He clearly remembers me beating him in the districts to deprive him of a trip to Louisville.  This was two years before we would become friends and roommates at Murray State University.

Bo responded to this defeat by committing to his public speaking skills, seeking out opportunities for speaking engagements, and building his confidence in front of a group.  Now, he travels from his corner of Western Kentucky to New England (among others) for corporate speaking engagements.

I have a very similar experience with an 8th grade football teammate, David Campbell*.  David was scrawny even by middle school standards.  Considered that I topped out at 5’7″, it takes a diminutive form for me to use the label “short.” During the football banquet that year, I was surprised to hear that the academic award for highest GPA went to David.  It turns out that my good grades were still short of his 4.0 GPA.  I knew that I would never be the offensive star, but I figured that I could study harder than David and get that award in 9th grade.

That is exactly what I did.  With a 10×14 wooden plaque supporting a plastic football player as my only motivation for academic excellence, I made a 4.0 and received that academic award.  Holding that award was extremely gratifying, and I took much pride in achieving my goal. Spring semester of my freshman year, I continued taking the same classes and it was not particularly difficult to maintain the same study habits so I kept making As.

During my sophomore season, David did not try out for the team but there were some smart upper class-men, and I really wanted another award.  So, I committed myself to winning the academic award again.  I studied on the J.V. bus during away games.  I used the time in between school and practice to complete small sections of homework.  It went as planned.  I received another 4.0 for the fall semester and another plastic football player.

At the end of our sophomore year, the school released the class standings.  I was surprised to see that I was tied for class valedictorian.  The potential of a much greater accolade motivated me for the next two years.  The study habits and decision-making patterns that I developed out of pursuit of an award with a plastic football player resulted in a full academic scholarship to college.

You will experience failures in your personal and professional lives.  It should not be the failed goal that defines the experience but the way that we respond to the failure.  Consider reflecting on these questions:

  1. Why did I not achieve my goal?
  2. What do I need to change or improve?
  3. What do I need to give up in order to spend my time more productively and succeed?
  4. How can I get better?  Be as specific as possible.

To this day, I consider my disappointing 8th grade football banquet as one of the pivotal moments of my life and David Campbell has my eternal gratitude for his unintentional influence on my academic career.  Likewise, I am glad that Bo Barron holds no grudges.

So what failures in your life have led to pivotal moments?  What failures have you wasted?  We would love to hear from you!

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A Review of Platform: Get Noticed in a Noisy World by Michael Hyatt

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This is the book that started it for me.  This past May, Michael Hyatt published his New York Times bestseller Platform:  Get Noticed in a Noisy World.  The blog you are reading now was built on what I learned in this book.

In January 2010, I sat in on a webinar where a man laid out a social media strategy.  Until that day, I thought that Twitter was ridiculous.  I believed that the ROI on a social media strategy equated to wasted time.  I listened to this man spend an hour describing the benefits of having a social media strategy.  That hour changed things for me.

As I write this post, I have 2,677 followers on Twitter.  I have 1,502 business connections on LinkedIn.  I have 2,698 ‘friends’ on Facebook.  I don’t share this to boast.  I simply want you to know what is possible.  I am certainly not a celebrity.  What I have done is execute a plan, and it has worked.

When I read Platform in July of this year, it had the same effect on me as did the webinar on social media.  I finally understood the importance of blogging in conjunction with these other social media tools.

So what is a platform?  It is something that you stand on to be noticed above the crowd.  It provides visibility.  It allows for the amplification of a message.  It facilitates a connection between the messenger and the audience.  I don’t care if you have a product or service to sell or a cause to promote, you need a platform.  If this describes you – and it does – this book is for you.

The social media revolution makes this even more important.  Consider these statistics:

  • 14% of people trust traditional advertising (that is an incredible figure!)
  • 18% of TV ads generate a positive Return on Investment (ROI)
  • 90% of people skip ads if they have a DVR/TiVo
  • 78% of people trust recommendations from connections via social media
  • 70% of people trust recommendations from strangers via social media (wow!)

Michael Hyatt has been blogging for over 8 years and has built a truly world-class platform.  He shares with the reader what he has learned in that time from his success and failures.  The book is laid out in 60 short chapters that cover the following 5 steps to build an effective platform.

  1. Start With Wow – He uses a quote in the book that says great marketing simply makes a bad product fail faster.  The idea is you must have great content.  Wow your audience!
  2. Prepare to Launch – This is the preparation for launching your platform.  He covers everything from thinking bigger, to defining your goals, to setting up your tools.
  3. Build Your Home Base – This is the section of his book where he really dives into blogging.  How to blog.  How to write posts faster. How to avoid common mistakes.  This section has been invaluable to me as I launched my blog in September.
  4. Expand Your Reach – This section is all about how to build your audience.  It is full of sage advice and helpful tips that I use on a regular basis.
  5. Engage Your Tribe – Social media is a phone conversation – not a mega-phone.  The entire idea is to build and then engage your audience.  In this section, Hyatt shares with you all he has learned in building a platform that has over 300,000 unique visitors to his blog every month.

This is now a reference book for me.  It is highlighted and underlined.  I have notes written in it everywhere.  It is also the one book that I’ve loaned out and actually made sure I got back.  What I love most about it is the 3-5 page chapters.  Whatever I have a question about, I can grab this off the shelf and quickly find the answer.

This book needs to be on your shelf as well.  Here is where you can order it – Platform: Get Noticed in a Noisy World (affiliate link).

So let me hear from you.  Have you read it?  What did you learn?  What could a larger platform help you accomplish?
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The 17 Rules of Email Etiquette

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I recently wrote a post on how to manage your email inbox – you can read it here.  I’d like to approach it from the other side.  What kind of effect to do you have on everyone else’s inbox?  Are you a spammer?  Do you reply-all constantly?

Many of us work with or for large companies.  We have access to large email lists.  Understanding email etiquette is so important to protecting the culture of an organization as well as guarding productivity.

My biggest beef with email is its ability to interrupt me.  The nature of my business requires me to be doing multiple things.  I am not a natural multi-tasker.  I much prefer to hone in on a task and focus all my energy on it.  I rarely get to do this.  I am also easily distracted.  The ding and notification that announces every email can cost me 5 – 60 minutes if I let it.  I routinely get 200+ emails a day.  That equates to 200+ opportunities to be distracted from what is important to what is less important but potentially urgent.

Before I get into the rules of etiquette, here are a couple of suggestions to prevent email from derailing your day.

  • Turn the notifications off – I really appreciate you taking the time to read this.  But stop reading right now and turn the notifications off.  You really don’t need to see an email the instant it arrives.  If something is a true emergency, you won’t be contacted by email in the first place.  Turn off the pop-up notification and the audible ping.  Watch your productivity go up.
  • Schedule specific times to check your inbox – The nature of your business will dictate this, but I suggest checking your email once or twice in the morning and then again in the afternoon.
  • Set your phone, iPad, etc. to silent or vibrate – I can get email on my iPhone, iPad, and computer.  Turning of the notification on your computer does you no good if you still get “beeped” by your other devises.  Be consistent.

Before I starting listing “rules,” understand that I’m simply codifying manners and common sense.  If we all were to implement these into our use of email, our collective email experience would vastly improve.

  1. DON’T USE ALL CAPS – It reads like you are shouting.  I don’t like it when people shout at me.
  2. Sarcasm doesn’t translate – I am fairly sarcastic.  However, it is nearly impossible to pick it up from an email.  You need context and the ability to hear voice inflection.  Just the facts, ma’am.
  3. Email is a poor medium for bad news – I’ve heard this many times.  If you are just delivering sterile facts, a document, or good news, email away.  To simply inform quickly at no-cost, email works perfectly.  For bad news, however, make a phone call.
  4. Don’t reply all! – Remember how I was talking about being distracted?  Ask yourself before you send, do I really need to potentially interrupt all of these people?  99% of the time, the answer should be no.  Let me repeat – NO!
  5. Use proper grammar – UR not txting.  Use proper punctuation and grammar.  You represent yourself and your brand.  This is a no-brainer.
  6. Use the spell check – This is a no-brainer.  It is just too easy to do.
  7. Re-read before you send – I should probably put this last as it is the last thing that you should do before you press send.  Spell check won’t catch words that are spelled correctly but used incorrectly.  I often drop out words and you probably do as well.  Make sure what you send out reflects well on you and your company.
  8. Understand the permanence of email – Never send an email that you wouldn’t want on the front page of the paper.  Emails are so easy to forward.  They are easy to save and search.  I can go find an email I received years ago.  Think about how potentially damning an email could be.  Be especially careful when reply to a group email chain.  You can really get in trouble if you have negative content and ‘Reply All’ on accident.  Ask yourself, “If this ever gets out, can I live with the implications?”  If not, revise your email or just don’t send.
  9. Don’t be a jerk – If you are a jerk in an email, you are memorializing this fact.  You greatly compound this fact if you act like a knucklehead by replying all to 850 people.
  10. Proofread your emails – I don’t do this enough. This is right up there with leaving your zipper down in a client meeting – just not a good idea.
  11. Keep your emails brief.
  12. Don’t email angry – A number of times, I have written brilliant emails in response to circumstances that have made me angry.  Most of the time, I have hit delete.  I strongly suggest that you give yourself time to cool down before you respond.  You will always be glad that you did.  And there won’t be a record of your momentary rage-induced dumb-attack.
  13. Please don’t forward chain emails – At least don’t send them to me, please.  They add more clutter to my inbox, and they aren’t true anyway.  Microsoft is not sending you a check.
  14. Refrain from using “high priority” – There used to be a local broker that always marked his emails high priority.  They never were.  In fact, it was like he was saying that he demanded my attention because he was so important.  That probably was not his attitude, but it came off that way.  He used CAPS a lot, too.  Not a good combination.
  15. Craft an appropriate and descriptive subject – I must confess – I don’t read every email I get.  There are just too many.  I triage on the fly based on two factors:  who is the sender and what is the subject.  Be specific in the subject and your messages will be read more.
  16. Complete your signature – This is a common sense courtesy.  If you are connected via email, chances are that you will need to speak at some point.  Make it easy for people to contact you.
  17. Be pithy – Pithy means brief and to the point.  Don’t waste your recipient’s time.  If you are including a bunch of information, give them the headline first.  Don’t make them read 500 words just to get to the point.  People are busy and time is our most valuable resource.

What email etiquette rules did I forget?  Which one’s do you violate the most?  I invite you to share you comments below!

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How the 14 Marine Corps Leadership Traits Apply to Your Business – Part 2

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This is part two of a 2-part post on the 14 leadership traits of the Marine Corps, and how they can apply to your business.  You can find Part 1 here.

I was born with bearing.  God just knitted this one into my personality.  When I was a PFC (private first class), I had duty for the first time.  This meant that I stayed up all night manning a post in the barracks.  I was part of a 3-man team.  This was my first time “on-duty,” and I made a mistake.
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I let a female Marine into her boyfriend’s room allowing her to catch him with another woman.  Chaos ensued, and first thing Monday morning, I was in front of the Company Gunny at the POA (position of attention).  I would classify that butt-chewing in the epic category.  Yet I stood there unflinching.
That Gunny loved me from there on out.  For the next year, he would pull me in his office, shut the door, and have me take a seat.  He would then give me a tongue lashing while smiling at me.  He believed this tactic struck fear into the other students at that school.
Here are the final 7 leadership traits of which one is bearing.

The 14 Leadership Traits of the Marine Corps – Part 2

8.  Endurance – I love this quote from Marine.com regarding endurance.  “It is impossible to lead from the front when you are falling behind.”  Endurance is seeing things through to the end.  In the context of battle, endurance refers to a mental and physical willingness to press on – beyond what is believed possible.  In your business and mine, endurance is not only going the extra mile, but convincing your team to do the same.  Does your company typify going the extra mile?
9.  Bearing – Bearing is the ability to keep your cool – and professionalism – in the face of extreme stress.  Bearing in business is the ability to take a tongue lashing from a client, say thank you, and continue to work towards the client’s best interest.  That is true professionalism, and I hope it describes you!
10.  Unselfishness – The trait of unselfishness describes the team-first ethos of the Corps.  It is a part of the DNA of Marines to put the warrior to the right and left above himself.  In business, this looks like servant leadership and client-first decision-making.  Servant leadership is the idea the leader serves the team trying to make them successful.  In so doing, the leader succeeds.  Client-first decision-making is when the client’s interests always win out.  This is a huge problem due to the opaque nature of Commercial Real Estate.  Brokers often serve their own interests over their clients.  What about your company?
11.  Courage – When you think of courage, you often think of Maximus in the movie Gladiator or William Wallace in Braveheart.  These characters showed courage on the battlefield.  Courage is much more that this, however.  Courage is having the fortitude to do the right thing when there will be adverse consequences.  The easy path rarely has a sign that says, “The Right Thing for the Right Reasons.”  Only the person with moral courage will travel that path.  Will you?
12.  Knowledge – Knowledge is about personal growth – consistent daily growth.  Know more than you did yesterday.  Have a better grasp on your market.  Know who owns that building – and that one.  “Without knowledge, judgment is reduced to intuition; decision-making becomes nothing more than a guess.”  Are you guessing?
13.  Loyalty – Loyalty is an unyielding commitment to others.  In the Corps, this is mostly felt towards the Marines in your fire-team, squad, or platoon.  In the eight years I’ve been back in the civilian world, this is the trait I see lacking the most.  Companies are not loyal to their employees.  Employees will take a better offer without batting an eye.  Fathers bail on their families.  The world needs more loyalty.  Why don’t you let it start with you?
14.  Enthusiasm – Passion!  I believe that God created us all with a unique skill set and purpose.  I do not believe that we can do anything that we put our minds to.  I believe that we can truly excel when we find our sweet spot.  That is where passion explodes.  I remember in boot camp being able to pick out the recruits that I thought would be career Marines.  They had found their sweet-spot, and they knew it.
So there are the 14 leadership traits of the Marine Corps.  I challenge you to evaluate your business in light of these time-tested principles.
What other leadership traits would you add to this list?
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How the 14 Marine Corps Leadership Traits Apply to Your Business – Part 1

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Last week marked the eight year anniversary of my honorable discharge from the Marine Corps.  It also marked the eight year anniversary of the start of my career in Commercial Real Estate.

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My family also moved into a new home last week.  It has been a while since we last moved.  I feel like a bomb exploded in my new home.  The important thing, however, is that my wife and I are both parking in the garage!

Today, I was organizing my closet.  Hanging there next to my ties and dress shirts were my old Marine Corps uniforms.  They caused me to think back 8+ years to my former life.  So much of my life now is influenced by my enlisted years.  Just as the old meets the new in my closet, so much of the USMC leadership traits apply to running a business.

There are 14 Marine Corps Leadership Traits.  You can remember them by the acronym JJ DID TIE BUCKLE:  justice, judgment, decisiveness, integrity, dependability, tact, initiative, endurance, bearing, unselfishness, courage, knowledge, loyalty, and enthusiasm.

How the 14 Marine Corps Leadership Traits Apply to You – and Me

  1. Justice – Think firm but fair.  Everyone in your organization needs to know that the rules apply across the board.  Massey-Knakal, the number one CRE firm in New York City, is a great example of this.  Everyone has the same split.  Remember Barry Bonds as a San Francisco Giant?  He had a special recliner – a special trainer.  The rules did not apply to him.  The rules and expectations must apply justly to everyone.  The alternative is a crumbling organization.  How do you rate your organization?
  2. Judgment – Judgment is the ability to quickly make good decisions under duress.  Everything in our experience is speeding up.  You must have the ability to make good decisions with available and incomplete information.  You will make the wrong call, but can you own it and lead through it?
  3. Decisiveness – The Marine Corps operates on the 70% rule.  This states that decisive action based on 70% information is better than a slow decision based on complete information.  Complete information, in my opinion, is a fallacy.  It never happens.  Speed kills.  Your ability to out outmaneuver and out-flank your competition is dependent upon you being decisive and fast.  I just hired a landscaper for the sole reason that he got back to me much quicker than his competition.  Can this be said of your business?
  4. Integrity – My mentor was lamenting recently that integrity has come to mean that people do what they say.  Is that not sad?  Integrity is so much more than doing what you say.  Integrity is absolute consistency – whether all eyes are on you or not.  Integrity is the bedrock of a person’s character.  It is what earns the respect of your team members and peers.  Does this describe you?
  5. Dependability – I read somewhere that, “Marines develop solutions – not excuses!”  This perfectly defines dependability.  Can your clients depend on you to do what you were hired to do?  Can your team members depend on you to be prepared and ready to exceed expectations on a task?  I hear Dave Ramsey say all the time that a contractor who shows up on-time, every time, will never lack for work.  How dependable would your clients say you are?
  6. Tact – Marines are misunderstood when it comes to tact.  Tact is delivering a message in an appropriate way.  In other words, how a message is communicated is as important as the message itself.  My father-in-law was an outstanding coach.  He had tremendous tact and the ability to read his players.  He had players who responded to positive encouragement.  He also had players who responded to a boot up the rear-end.  He communicated with them accordingly.  What about your clients?  Do you pay enough attention to do the same?
  7. Initiative – Someone with initiative never needs to be told what to do.  Initiative is always looking for ways to improve – customer-service, internal systems, etc.  In my opinion, initiative is the single most effective way to get promoted – or get hired.  Couple initiative with the practice of giving value upfront for free – unstoppable combination!  Is initiative a core part of your company’s DNA?

Let me hear from you.  Of these first 7 traits, which one describes your leadership the best?  Which one could use the most improvement?

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Top Posts for October

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In case you missed them, here are the top posts from October.

How to Shave 30 Minutes A Day Managing Email – If you are like me, you have learned to hate email.  I remember when email was the “new thing.”  Getting email gave you that warm and fuzzy feeling.  It made you feel important.  Remember the movie You’ve Got Mail?  Read More…

The 5 Steps to a Paperless Office – All my data is in the cloud.  All my data is accessible to me anywhere my iPhone has a signal.  I can access it on the fly.  It means I can jump on opportunities with lightning speed.  And speed kills.  In today’s post, I am going to share with you what you need to achieve the paperless office, and the steps to take to get there.  Read More…

12 Keys to Becoming a Top Producer – Faster!  Part 1 – The Commercial Real Estate industry – or any industry really – is often so different from the Marine Corps.  I’m specifically thinking about advancement – growth – achievement.  In the Marines, there was a formula for promotion – at least at the lower enlisted ranks.  I knew exactly how to earn a promotion.  Read More…

12 Keys to Becoming a Top Producer – Faster!  Part 2 – The path to success is not clearly marked.  It is muddled.  It is foggy.  You realize you have gone off the path as you get up from the ditch.  In this 2-part post, I want to help shed light on the path to success by sharing the 12 keys to becoming a top producer – faster!  In this post…  Read More…

5 Steps to Crafting a Powerful Elevator Speech – In a previous post – 12 Keys to Becoming a Top Producer – Faster! – I shared that one of those keys is reading.  I mentioned in that section that I had wanted to improve the impact of my elevator speech so I read Small Message, Big Impact by Terri Sjodin.  Great book.  This is a must read for anyone in sales.  By the way, we are all in sales…  Read More…

4 Reasons Why Debriefing Should be a Staple of Your Business – Admittedly, I was the Marine Corps geek.  Every Marine is a rifleman – I get that.  But I was an intel weenie.  I remember a particular exercise where my company went on a 5 mile hump.  A hump is basically a forced march.  You wear “Boots and Utes” and carry a pack of some amount of weight.  On this particular exercise, I believe I was carrying 50 lbs – pretty light…  Read More…

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4 Reasons Why Debriefing Should Be a Staple of Your Business

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Admittedly, I was the Marine Corps geek.  Every Marine is a rifleman – I get that.  But I was an intel weenie.  I remember a particular exercise where my company went on a 5 mile hump.  A hump is basically a forced march.  You wear “Boots and Utes” and carry a pack of some amount of weight.  On this particular exercise, I believe I was carrying 50 lbs – pretty light for USMC norms.

I had bought new boots the day before.  Do you remember getting new shoes before the first day of school?  How excited you were?  That was me as a 24-year-old Sergeant Idiot.  I wore those new boots on this hump.  When we made the turn at the half-way point, I knew I was in trouble.  By the time we were done, my feet looked like hamburger.  My feet were so jacked up that I had to wear civilian clothes for a week before I could get my boots back on.

After this particular exercise, we did what Marines always do – debrief.  On that day, my CO (commanding officer) looked at me and said, “Barron, bad move with the new boots.  Smack yourself.”

Debriefing is a staple of the Marine Corps, and it should be for your business as well.  Formal debriefs allow for your team to pause.  It is a forced and scheduled pause, really.  Too often we jump from one task to the next without slowing down or taking a breath.  Valuable lessons that could be learned fall through the cracks.  We don’t learn from our mistakes.  We miss opportunities to improve.  We stop growing.

This post is not about how to debrief – it is about why.  However, I have four rules to guide a debrief.

  1. There is no rank in a debrief.  Everyone on the team must have the freedom to express themselves.  They must be able to articulate their experiences and opinions without fear.  The boss/manager may facilitate the debrief, but there should be no rank.
  2. There must be truth.  If your team is not going to tell the truth, don’t bother.  You are wasting your time.
  3. There must be emotion.  I’ve heard people talk about how this needs to be an emotionless process.  I don’t buy that.  Frankly, I don’t think it is possible.  If you are passionate about what you do, it is always personal.  Embrace your emotions and communicate them – though professionally.
  4. Everyone must participate.  The leader of the debrief must require that everyone engages, period.  The quiet guy in the corner has something to say.  If he doesn’t say it during the debrief, he will at the water cooler.  Not good.

The Four Reasons to Debrief

  1. Growth – I’m currently reading John Maxwell’s new book The 15 Invaluable Laws of Growth (highly recommend, affiliate link).  He points out that teams that don’t stop and evaluate don’t grow.  Do you stop to debrief after a presentation?  What went well?  What didn’t?  What can I learn to improve next time?  What about after a closing, or an expired listing?  All of these are opportunities to stop and grow.
  2. Unity – Unity is a function of many things, but being on the same page is a huge part of it.  When your team members know they have an opportunity to contribute and be heard, unity is bred.  Unity is not the same thing as unanimity.  Everyone does not have to agree.  But if everyone has their say, dissenters can get both shoulders behind a decision because they were heard.
  3. Feedback – Feedback is hugely valuable to the leader.  During the pause of a debrief, the leader will get great feedback that would have been lost otherwise.  For instance, I’ve learned that I speak painfully slowly when I am thinking.  When I prepare, this is not an issue.  I never realized this until I was told during a debrief.
  4. Vision – Vision is clarity regarding direction.  It is the leader’s responsibility to have that clarity and then cast it.  Debriefs are perfect times to reinforce the vision of the company.  I solve my client’s problems and help them capitalize on their opportunities.  How did my marketing efforts the last 6 months accomplish that vision?  How could I do it better?

Now let me hear from you.  Is the debrief a staple of your business?  Share a story of a lesson learned during the pause of a debrief.

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5 Steps to Crafting a Powerful Elevator Speech

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In a previous post – 12 Keys to Becoming a Top Producer – Faster! – I shared that one of those keys is reading.  I mentioned in that section that I had wanted to improve the impact of my elevator speech so I read Small Message, Big Impact by Terri Sjodin.  Great book.  This is a must read for anyone in sales.  By the way, we are all in sales in some way.

Cory Spanko commented on that post asking if I would share that elevator speech.  So this is my response to his request.  (Thanks Cory for giving me the idea for this post!  DM me your address on twitter – I’d like to send you this book.)

About a year ago, I was in Chicago for the Sperry Van Ness National Convention. It is always a great event.  I leave with dozens of actionable ideas from the first-class advisors that attend.  This convention had a competition called SVN Idol.  The premise of the competition was 4 advisors would compete in giving “The Presentation.”  The winner won $1000.  I was one of the four.  I was going to win that prize.

We were told in advance that we would compete in giving the canned SVN listing presentation.  (I don’t like canned presentations, but that is a topic for another post.)  We were not told that there would be round two.  In round two, we had to give an elevator speech.  I was not prepared.  Transparently, I tend to be good when I’m prepared.  I’m not awesome on the fly.  I did well in round 1.  I bombed round 2.  My good friend Henry Hanna left victorious.  I left knowing that I had a few books to read.

The key to a powerful elevator speech is that it gets you a meeting.  That is all it needs to do.  If I’m in line at Starbucks and have an opportunity, can I get a meeting with a prospect in 90 seconds?  Not only must it be powerful, but it needs to be adaptable.  Too many people look for the magic bullet – if I say these 3 things, I’ll get that meeting.  No.  You need a powerful framework that can be custom fit to the prospect.

That framework is Monroe’s Motivational Sequence (MMS).  Thank you @terrisjodin for writing a fantastic book!  MMS is a logical and sequential 5 step process to motivate someone to take action.  This method does not have to be an elevator speech.  It could be much longer.  It works brilliantly for a super short speech, however.

The 5 Steps of Monroe’s Motivational Sequence

  1. Attention – I always think about Alec Baldwin in Glengarry Glen Ross here.  But you don’t have to be a complete jerk to get someone’s attention.  You do have to be interesting.  You do have to understand what is important to your prospect.  Example: “There is only one way to maximize the value of your property, and my company is the only one that can do it.”
  2. Problem – This could also be an opportunity.  I’ve heard John McDermott say 100 times that people sell property because they have a problem or an opportunity.  That’s it.  I think the same is true of anyone buying or selling anything.  They have a problem or an opportunity.  You need to know what it is, and hone in on it here.
  3. Solution – Share with them the solution to their problem or opportunity.  Ideally, how you can solve their problem or help them capitalize on their opportunity.
  4. Visualize – This step hooks them.  Here you want to encourage them to visualize the glorious future destiny that awaits them if your solution becomes a reality for them.  Use the word “imagine.”  “Imagine how much fun it will be, Mr. Prospect, when multiple capable buyers are competing for your property and driving up the price!”
  5. Action – Now you share with them what you would like them to do.  In the context of an elevator speech, you want them to agree to have the next meeting.  If you are a politician, you want their vote.  Be specific.  Ask them to sign on the line that is dotted!

As a parting example, watch this video of my dad making his announcement speech to run for office.  It is short and sweet.  See if you can pick out the steps above.  [Skip to the 4 minute mark]

I’d love to hear from you in the comments below.  Share a story of an elevator speech opportunity that went well.  Or that bombed.  What other elevator speech methods have you used with success?

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