Ok so, you've obviously paid a good sum of money to purchase Dan Lok's high ticket 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, things are about to get very real for you.
The most common problem I find when speaking to high ticket closers that have come straight from Dan Lok's course is that most have never had a career in sales or any real world sales experience to show to prospective companies.
Here's what you're up against...
Most self-employed sales professionals haven't come straight from an online sales course. Instead they've enjoyed a long and successful career in sales before making the decision to become self-employed. They have large networks of contacts that have been built over the years and aim to build portfolios of products and services that compliment eachother and can service their existing and new clients.
In my experience, Dan Lok's high ticket closers tend to be fresh out of 'school' and in many cases 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 courses. It's important to remember that while Dan Lok is obviously highly successful, a great sales leader and entrepreneur, you must understand that a lot of hard work and smart strategy enabled him to get to where he is now.
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.
In the recent months we've seen an influx of sign-ups to CommissionCrowd from a fairly new breed of sales professional... those going by the title of 'high ticket closers'.
High ticket closers have been flocking to CommissionCrowd to connect with companies that provide leads after taking Dan Lok's course however, the fact is that while you may have learned how to find companies that provide leads and perhaps been taught how to close sales, if you're fairly new to sales or self-employment in general, there will be an extremely high rate of failure among you.
I've written this article to 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.
Being one of the co-founders of CommissionCrowd, I'm aware that many of you will have come through Dan Lok's high ticket closing sales course. While I haven't taken his course myself, I've spoken with enough people to understand what you've learned and how excited you are to get started however, it's become very obvious that there are many transitional problems when it comes to putting what you've learned into practice in the real world and not only having companies entrust you with their high value leads, but to also ensure you're able to survive long enough to build a lucrative pipeline.
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 choose from, it's going to absolutely take time to build a solid sales pipeline to the point that you are earning a sustainable amount of commission.
High ticket sales usually means that you're selling products or services that can potentially have fairly long sales cycles. This is due to the length of time and usually the number of decision makers involved in signing off high value products or services you're selling.
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 sales are made and your commissions start to come in. You MUST learn how to walk before you run. The early days are a huge test for all self-employed professionals. Having a small recurring income initially will ease the psychological transition from employee to self-employed.
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.
Start small and grow! If you go chasing the highest value sales it may mean you run out of cash before you have a chance to close your first deal especially as the highest value products and services can potentially take months, if not years in some cases to close.
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 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 and perhaps aren't so valuable. 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.
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.
You need to master the art of selling which is why we've partnered with award winning sales coach Jessica Magoch who has successfully sold over $40M worth of products and services during her career. She's put together a comprehensive 14 module video sales masterclass exclusively for CommissionCrowd members which will take your sales skills to the next level. You can find the full course here: The $40M Sales Masterclass - Learn How To Sell Like
3. 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
4. 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.
5. 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
6. 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 inbound lead generation is so easy!
Whether you're using a method to generate leads like the one linked to above, attending networking events 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 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 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.
7. Always Be Closing
If you've had limited or no real world sales experience before then you're at a distinct disadvantage from seasoned independent sales reps who have large networks of contacts and many year's sales experience under their belts.
Remember, this is especially true because companies are notoriously protective of their leads and will always choose a more seasoned sales person to entrust them to over a newbie. 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 likely the leads and territory will be given to them.
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 the sale well, sales is a science that takes years to master fully. We've partnered with award winning sales coach Jessica Magoch who has successfully sold over $40M worth of products and services during her career.
She's put together a comprehensive 14 module video sales masterclass which will take your sales skills to the next level. You can find the full course here: The $40M Sales Masterclass - Learn How To Sell Like