Insights

3 Ways To Build A Strong Mindset And Grow Your Tech Business

Wednesday 17 November 2021

It’s said that success is 80% mindset and 20% mechanics. The right mindset has the power to help you overcome challenges, gain consumer trust and rapidly accelerate your business growth.

This blog will give you three simple ways to think about your business more creatively and support you to build a strong mindset to take your company into that period of fast growth.

In recent years, I’ve got to know Peter Wilcock, coach, adviser, podcast host and author.

Peter’s incredible mindset and determination enabled him to work as sales and marketing director in the biggest cable TV business in the world (Comcast in the 90s) and create phenomenal success selling a product door to door that (at the time) people knew very little about and didn’t see why they might want it.

In our podcast, Extraordinary Entrepreneurs Together (listen to part one and part two), Peter shares knowledge that is invaluable to today’s tech entrepreneur.

Three of his key teachings include:

  1. How to secure consumer buy-in.
  2. The importance of mindset.
  3. Why a community takes you further.

How to secure consumer buy-in

Back in the 90s it was customary to go door to door in order to sell a home product, but, as many of us have learnt over time, Peter discovered that it wasn’t always a welcoming environment.

Peter: “How do you take territory unless you put boots on the ground? There were stickers on people’s front doors that read ‘no door knocking or cold calls’; I’d knock on the door and people would answer and immediately say ‘not interested’. The lead guy at Comcast would tell me that if I put the sheep in the pen and closed the gate [secure interest or initial buy-in], they would fatten them up [upsell through more marketing over a period of time], so I did. 

I just had this feeling that I knew what to do. Partly because it was a new business and partly because it was American, it felt like a free environment to do crazy things and it suited my personality. I never had any fear about hitting the sales target (50% penetration) or any doubt that it wouldn’t work.”

 

The camel and the tent

Peter also shared a wise Persian folk tale which he has used as a sales analogy for years. It’s about a camel and a tent: a camel is outside the tent and cold, but rather than asking its master if it can enter fully into the tent (it knows it will be told no), it begins by asking if it can poke its nose inside; then after a period of time, it asks if it can bring in its ears, then its neck, and it keeps asking until its whole body is inside, in the warmth of the tent. Of course, once that camel is inside the tent, it’s a lot harder to move it out! 

Although the age of push sales tactics are most certainly over for most business owners, there is a useful lesson to learn here. 

For you (as a business owner) to build a relationship with a new consumer (so that you can upsell over time), you must start off gradually (digitally this might include a free resource, free trial or an invite to a webinar), build trust and then eventually ask for full buy-in. If you ask for too much too soon, you risk rejection.

 

Persistence

Peter: “The principle is to be persistent. If Tesco asked you for all your personal details so they could track your shopping needs, email you every week and try to sell you home, car or pet insurance (camel completely in the tent), you’d say no; but by offering you a clubcard (camel’s nose in the tent) and then offering you more products over time you become less resistant and agree.”

This doesn't mean we should be pulling the wool over our customers eyes though.

The main thing to think about here is that even though your high end products can offer a lot of value to your customers, and change their lives in a really positive way, you still have to start small first and gain their trust before expecting them to fully commit to you. 

Even though Peter was venturing into the unknown with Comcast, he didn’t consider failure an option. He looked for similar self-belief and confidence when recruiting his sales and marketing team. One of the signs that he had found the right person was their 50% or more mindset. Here's how he explained it: 

 

The importance of mindset

Peter: “Mindset is so powerful. Everyone in the team was conditioned to believe that we could do it and why wouldn’t we sell to at least 50% of our leads? So we did. You’ve got to employ the right people with the right mindset, and we had to win the hearts and minds of homeowners [to see the benefits of cable]. Comcast sponsored traffic reports and Neighbourhood Watch; it was guerilla warfare to reach the tipping point [where sufficient numbers were buying].

What drives people to think they can win grand slams while other people think they’ll never win one? My team came together and they were in the right place at the right time. Somebody described it to me as having the right soil, the right weather and the right seeds, and that was exactly it.”

Peter recommended the old classic books Think and Grow Rich and Outwitting the Devil by Napoleon Hill for entrepreneurs who want to strengthen their mindset muscle. Hill explores having a definiteness of purpose (being specific about your end goal) and the importance of creating a supportive mastermind group (community) where you can gain strength and inspiration from like-minded people.

It’s a strategy Peter has firmly adopted throughout his own life.

 

Why a community takes you further 

Peter: “There is a formula to success, and having a mastermind group where you mix with the right people and elevate your mind, as opposed to talking to people who don’t add any value to you or your business, is fundamental.

You have to be around people who are right for you and who bring out the best in you. Approximately one in three married couples divorce and it’s the same in business; it can be hard to get the right combination. I’ve worked with the wrong type of people on a couple of occasions and they weren’t bad people, they just weren't the kind of people I needed to get to that next level in business. 

Peter’s insights into securing consumer buy-in, building a strong mindset and being surrounded by a powerful community echo our ethos here at EHE Capital. Guy Remond and I have created a supportive community of investors, tech enthusiasts and entrepreneurs to help you take your business further, faster. If you’re ready to accelerate your business growth, you’re welcome to join us.

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