Discover this podcast and so much more

Podcasts are free to enjoy without a subscription. We also offer ebooks, audiobooks, and so much more for just $11.99/month.

Single Serving Customer or the 3rd Door?

Single Serving Customer or the 3rd Door?

FromThe Scale Up Show


Single Serving Customer or the 3rd Door?

FromThe Scale Up Show

ratings:
Length:
11 minutes
Released:
May 24, 2021
Format:
Podcast episode

Description

Grab your Free Copy of “The 4 Biggest Mistakes That Stop Companies From 10X’ing Their Revenue” at https://www.scalerevenue.io/10xToday, I will give you some examples of something that I love! It is a technique known as the Single-Serving Customer or the Third Door. The concept comes from a movie called Fight Club about twenty years ago, with Edward Norton and Brad Pitt. In the movie, Edward Norton was a defeated soul in a corporate job who spent a lot of time flying across the US to customer meetings. After meeting Brad Pitt on a flight, Edward Norton says to himself: “You are the most interesting single-serving friend I ever met.” That was an excellent way to describe the kind of person we tend to strike up a conversation with on a plane. They feel like our best friends at the time, but we never see them again.Thinking about that, I realized that it also applies to what often happens to us in the corporate world. You meet someone and get excited because they feel like your best friend. But after getting them as a customer, you never contact them again. That is the concept of the Single-Serving Customer.A while ago, I read a book called The Third Door by Alex Banayan. The author describes how he hacked his way onto the Showcase Showdown on The Price is Right while he was a college student. Even though he knew nobody when he started, he applied the core concept of his book. That can also be applied to sales, business, or life in general. The result for Alex Banayan was that he went from being a college student to interviewing people like Pitbull and Lady Gaga, then Warren Buffett, and finally, getting his pinnacle interview with Bill Gates!The Third Door means that there are essentially three ways in which you can get into a club:You can stand out front and wait in line with everybody else to get in.You can pay big money for VIP access.You can get in with the third door, which is the door at the back club where you know someone. You walk right in, get a table, and get served.The club could represent your customers, a network, or influencers with whom you would like to connect.  The concept of the book, The Third Door, is about scaling. It clarifies how getting deep with your relationships and helping other people will allow you to open that third door without having to wait in line or pay lots of money. That concept can be applied to sales and influence if you look at it at scale. As a result of automation, tech tools, and AI, many people tend to look at a single-serving example to get new customers. They also try to leverage things at scale without the perspective of having an individualized and deep relationship. When you apply the concept of the third door, you will start to see some crazy results!Here is a tangible example of how I applied the concept of the third door with my customers:We focused on a secondary sales process for a SAAS company worth about $6 500 000 in revenue. (Once you get someone as a customer, you need a secondary sales process to get them to upsell and expand.) The company was transitioning someone from training to sales. That person spent only 25% of their time on sales over the following two months, and their results were between 300 and 400% return on positive reviews. (Social proof.) They also got tons of feedback on what was and was not working well in their market, and they were on track with 200-300% of the revenue from existing customers in the previous year. Most companies are unenthusiastic about creating a secondary sales process. That is not good enough because they spent a lot of time acquiring those customers, and it costs seven times as much to acquire a customer as it does to get additional business from existing customers. So, once they get that customer, they do not have a specific sales process to continue serving them and expand the amount they spend. Some companies are so focused on doubling or tripling their revenue that they fail to notice the gold and diamonds that they have si
Released:
May 24, 2021
Format:
Podcast episode

Titles in the series (100)

How do you grow like a VC-backed SAAS company without taking on investors? What are the secrets that SAAS CEOs have that the rest of us don't? Do you want to create a lifestyle business, a performance business, or an empire?  How do you scale to an exit without losing your freedom? Join the host Ryan Staley every Monday and Wednesday for conversations with the brightest and best SAAS Founders, CEOs, and Entrepreneurs to crack the code on repeatable revenue growth, leadership, lifestyle freedom and mindset. This show has featured Startup and Billion Dollar Founders, Best Selling Authors, and the World’s Top Sales and Marketing Experts like Terry Jones (Founder of Travelocity and Chairman of Kayak), Gina Bianchini (Founder of Mighty Networks and prior Co-Founder with Marc Andreessen) and Harpaul Sambhi (Founder of Magical with a previous exit to Linkedin). This is where Scaling and Sales are made simple in 25 minutes or less. Saas, Saas growth, Scale, Business Growth, B2b Saas, Saas Sales, Enterprise Saas, Sales, Business growth strategy, Founder, VP of Sales, CRO, Chief Revenue Officer, Technology, Leadership, CEO, Management, Hyper-Growth.