Ok so, you've obviously paid a good sum of money to purchase Dan Lok's 'high ticket Closer' sales course. You're fired up, ready to start closing deals and make those recurring commissions! However, now you're moving into the real world of sales and things are about to get very real for you! This article is not meant to be negative, but instead a realistic oversite into the challenges you will now face and how to overcome them to ensure you're as successful as possible.
I'm Ryan, one of the co-founders of CommissionCrowd. We're the leading online platform that connects companies and independent sales closers so, essentially we're the first point of call to starting your high ticket lifestyle. However, now you're entering the real world where things may not be as simple or easy as you might have been led to believe.
The biggest problem is that most people coming straight from a high ticket closer sales course have never had a career in sales or any real world sales experience to show to prospective companies. If you fall into this category but are determined to be successful then this article will help you overcome the challenges and pitfalls you're about to face.
Your biggest challenge is now going to be finding companies willing to hand over their precious leads. While you may have been told that calling yourself a High Ticket Closer will have companies falling over themselves to work with you, the reality is that companies simply won't just hand over their high value leads to someone without a solid track record of sales behind them. 99.9% of Dan Lok's high ticket closers will fail - We know this because we see it every single day. So what can you do to ensure you're not just another statistic?
Here's what you're up against...
Most self-employed sales professionals haven't come straight from an online course. Instead they've worked hard on the front lines and have had a long and successful career in sales before making the decision to become self-employed. They have built large networks of contacts over the years and their goal is to now build portfolios of products and services that compliment eachother and can service their existing and new clients. They also don't solely rely on companies to drip feed them leads and by doing so you'll greatly limit earning ability.
In my experience, Dan Lok's 'high ticket closers' tend to be fresh out of 'school' and in many cases are new to sales entirely. Much of the time they understandably enter this space with a 'get rich quick' mentality which is no surprise given the type of Marketing used to sell these type of online courses. It's important to remember that while Dan Lok is obviously highly successful at marketing his courses, companies will absolutely not give high value leads to someone without a solid track record of selling. Calling yourself a 'high ticket closer' doesn't mean you are one.
9.9 times out of 10, the companies you're hoping to work with and take leads from will absolutely choose a seasoned sales professional over someone who has no record of achievement and limited success in the industry. Again, i'm not being negative, it's just the reality of the situation.
High ticket closers are a relatively new breed of sales professional that came about after the advent of online marketers with courses to sell. The term High Ticket Closer is almost a brand name rather than a traditional sales style or role.
Naturally after completing your online course, High Ticket Closers have been flocking to CommissionCrowd to connect with companies that provide leads however, the fact is that while you may have learned how to find companies that provide leads and perhaps even been taught the very basic principals of how to close a sale, if you're fairly new to sales or self-employment in general, there will be an extremely high rate of failure among you.
The following 7 tips will help you understand how to mitigate the risk of failure and ensure you'll be as successful as possible when setting out on your new high ticket closing lifestyle...
7 Ways To Ensure Your Success As A High Ticket Sales Closer
Here are seven important things you must understand if you're going to be successful in the world of high ticket sales...
1. Don't Run Before You Can Walk - Short Vs Long Sales Cycle Leads
The very first thing to understand is that you are now self-employed and while the sky is the limit in terms of how much you can earn, you no longer have the safety net of being paid a regular salary.
While CommissionCrowd has thousands of companies to connect with, it's going to absolutely take time to build a solid sales pipeline to the point that you are earning a sustainable amount of recurring commission that will allow you to survive past the first few months.
High ticket sales usually means that you're selling products or services that can have fairly long sales cycles. This is due to the length of time, financial outlay and the number of decision makers involved in signing off high value products or services you're selling. A company might love a product or service but if their budget is already spent for the year you'll have to maintain and nurture that client for another year before they will even consider making a purchase... This happens more frequently than you might expect and I know this first hand because I've been there many times during my sales career.
Starting off by chasing high value products/services to sell means you may not eat or be able to pay your rent/mortgage for many months before your first sale is made. You MUST learn how to walk before you run. The early days are a huge test for all self-employed professionals and this is where 99% of people fall. Having a small recurring income initially will ease the psychological transition from employee to self-employed. Once you know you can pay your bills and put food on the table, it'll give you the confidence to invest more time into selling products/services that may take months and in some cases years to close but have very high rewards as a result.
Tip: When starting out, you should seek out products or services that may not be as lucrative in terms of financial reward but will have very short sales cycles and pay recurring commissions on repeat business.
2. Companies Are Highly Protective Of Their Leads
You can imagine how naturally protective a company is of their leads and just because you've taken an online course in closing high ticket sales doesn't mean the companies you speak to will just hand you over them over to you.
You'll need to be able to prove that you're the right person for the job and at a very basic level this means being an absolute expert sales professional as well as having a fundamentally strong track record in sales. This is another reason to start small and work with companies that can give you leads with a shorter sales cycle. Build your portfolio and keep track of your sales successes so when it comes time to hunt for high value leads you'll have a proven track record to back you up.
Tip: Sales is a science and you need to be at the top of your game if you're going to convince a company to part with their highest value leads over giving them to someone else. Before a company will hand over leads (even of the smallest value) or even let you prospect for your own leads using their company name, you will have to role play and practice pitch in addition to proving your sales history before you'll be trusted to represent their brand.
3. Always Be Growing, Always Be Closing
You need to truly master the art of selling and convey this when speaking with the companies you're interested in working with. You'll absolutely have to learn how to sell their products/services and if you've had limited or no real world sales experience then you're at a distinct disadvantage from seasoned independent sales reps who have many years sales experience under their belts. The biggest thing I've learned since speaking with hundreds of High Ticket Closers is that it's just evident that the sales skills aren't quite there. Again, 99.9% of High Ticket Closers fail because they can't actually sell.
Rightfully so, companies are notoriously protective of their leads and reputation and will always choose a more seasoned sales person to entrust them to over a newbie, regardless of the title you chose to go by. You will always be asked to demo pitch for a company before they start giving you leads and if another sales rep pitches better than you it's certain their leads and territory will be given to that person.
How you can beat the competition for the best leads and bring your closing ratio up ten fold?
While I'm sure Dan has taught you the basics of closing, sales is infact a science that traditionally takes years to master fully. At CommissionCrowd we recognise this and want every high ticket closer that joins us to succeed.
As a result, we've recently partnered with award winning sales coach and expert Jessica Magoch who was one of America's youngest sales professionals to build a $40M ARR sales team and now teaches the art of selling at UPenn’s Startup Incubator. We've brought Jess onboard to turn High Ticket Closers into true sales masters which will give you a distinct advantage when connecting with the companies you want to work with.
Important Tip: Jess has put together an incredible webinar called 'The Science Behind Why People REALLY Buy' which I can't stress highly enough to register for and listen to what she has to say: You can register for her FREE webinar here
4. Always Be Prospecting
I know what you're thinking... you've been taught by Dan Lok to find companies that provide leads. Now your only job is to sit back, watch your sales pipeline grow and the money roll in. But why are you selling yourself short?? WHY sit back and wait to be drip fed leads when lead generation is so easy! In all honesty you're not a high ticket closer now, that's just a fancy brand name to sell online courses, you're an independent sales professional.
The top earning self-employed sales professionals build networks of contacts by prospecting and putting themselves out there, they don't sit back and wait to be drip fed leads which may or may not be consistent. But hey, it's probably an easier sell for an online marketer to give you the illusion of being handed copius amounts of business every single day. Sales professionals at the top of their game prospect for their own leads also... it's just a fact.
The real goal is to build diverse portfolios of products/services that compliment eachother. That way you can always be presenting multiple solutions to your clients on every interaction. Sell gym equipment? Find a company that can supply supplements and also keep your ear out for the next time they require upgraded lighting for their gym. Perhaps it's a health club also so why not have a kitchen appliance line in your portfolio also? All you need is one client to open the door to multiple sales opportunities so why wait until it may or may not be given to you as a lead? Put yourself out there and prospect!
Whether you're attending networking events, picking up the phone or simply building your connections across social media and sending out a couple of short messages a day to your networks, any good sales professional will absolutely be putting themselves out there and building their sales pipeline continuously.
I recently spoke to a 'high ticket closer' that had come from Dan Lok's course and his problem was that the companies he was working with were only able to give him a handful of leads on an irregular basis. He came to me asking if CommissionCrowd could help him build a portfolio of dozens of companies and I told him, while you can obviously do that if you like, you're going to spread yourself too thin.
You don't want a massive, unmanageable portfolio. Instead you should build a small yet solid portfolio of companies whose products/services compliment each other, you love and believe in... AND carry out some lead generation of your own to supplement the ones you're given. You'll be surprised what your sales pipeline will look like in no time.
5. Do Your Due Diligence On The Companies You Sell For
One of the most important things we do here at CommissionCrowd is to vet every single company before they're allowed to join our network and connect with independent sales reps. We do this for a number of reasons:
- We understand what reps expect from the companies they choose to work with
- We understand what makes a freelance sales opportunity attractive to independent sales reps
- To determine whether or not the company has worked with reps before. If they haven't, we work with them to ensure they are prepared to support their sales partners in the way reps expect.
Whether you find your new sales partners on CommissionCrowd or elsewhere, you should always carry out your own due diligence prior to starting work with that Principal. Remember, you're not an employee and it's not your job to build their business from the ground up. This is also one of the reasons we very rarely allow startups to join CommissionCrowd unless their products/services truly stand out and present a lucrative opportunity for independent sales reps.
Here's an article we wrote for companies to help them better understand what commission only sales agents expect: 10 Things To Understand When Working With Independent Sales Reps
6. Always Have A Contract In-Place Before Selling
Rule number 1... never start working with a company until you have a contractual agreement in-place. You wouldn't start a job without a contract and you shouldn't start selling a new product or service line without one either.
One of the benefits companies get when joining CommissionCrowd is that we provide them with a freelance sales rep contract template meaning their new sales partners won't have to wait for long periods of time to get started.
A contractual rep agreement is meant to protect both the company from things like misrepresentation and the sales rep from not being paid their commissions. While the majority of relationships work out perfectly fine as they are mutually beneficial for both parties, on the rare occasion there is an issue, it always pays to be protected by a contract that's agreed upon before work starts.
7. Do The Companies You Choose To Represent Understand How Reps Work?
You know you're NOT cheap or free labour and your job isn't to build the companies you work with from the ground up. You're not a free replacement for employees and you're certainly not disposable.
Instead, companies need to understand that you're a valuable extension of their business, helping them to reach Markets and territories where traditional in-house sales employees can't. Once you've built your networks and portfolio you'll be able to easily up and cross sell during every client interaction... employees can't do this as they are tied into working for a single company by contract.
Here's an article we wrote on the difference between earning a salary as an employee and working on commission only earning a salary vs commission only is it ever worth it
Welcome to CommissionCrowd... The home of independent sales!
Important Tip: Remember to register for our 'The Science Behind Why People REALLY Buy' webinar. It's a game changer! You can register for her FREE webinar here