Virtual Tour Entrepreneurs: STOP and watch this interview right now!
Jordan Powers and Wes Otto sold a virtual tour to a community college in Minnesota.
Price: $8,500 + $250 / month subscription for 2 years.
Total value after 24 months = $14,500
Working hours: 8
Revenue per hour: $1,812.50
Most importantly, they now have a case study to leverage for selling every college in their area.
Currently, there are 91 colleges in Minnesota. How many are in the midwest? A lot more…
Jordan and Wes sit down and go through the entire process, thinking, and steps to the sale.
Watch the interview here: https://youtu.be/f8H9wT_4O0c
Here are my thoughts on this interview and why I think it’s important every entrepreneur should watch this…(my opinion to follow, feel free to disagree).
#1 – Jordan understands the technical. He can make it happen. All he needs is a purchase order. Wes understands sales and value in larger selling environments. They work together like peanut butter and jelly.
#2 – Wes understands how to price based on utility. The word UTILITY should ring in your ears! This is what needs to guide you when you are pricing. When you determine the value to your client, you can determine the price. In this example, 1 student pays for 2 of these virtual tour projects. This means the university gets to use this marketing tool over and over for 24 months. Every student that sees the tour and enrolls helps the university. They get the results they are seeking and they feel like they got a discount!
Important note: How do you determine utility and value? You speak to the customer!! Talk to them. And notice how he does research with another university. This helps him establish his pricing and be CONFIDENT when the price conversation started. Do NOT pull pricing out of thin air. Research, ask questions, learn, listen, and close big deals.
#3 – Jordan has figured out the secret to being a successful entrepreneur. What is it? Humility. He knows pricing makes him squirm in his chair. So what does he do? He finds someone who can sell (and look a university president in the eyes and name a price). The fact that Jordan partnered with someone who has strength where he feels weak (even though I bet he is fine at selling) shows he knows how to build an organization of superstars. The best entrepreneurs I have seen have been able to see where they need help and ask. Being honest with yourself, knowing where you need help, and asking for help from experts, is the #1 most important skill in business. To make it simple… If you want to get to the next level in business – get help, pay for help, partner for help, and stop doing everything alone.I could write volumes on this one subject. Could I build CloudPano without Clayton? No. I needed help. So do you. Where do you feel weak or scattered? Tap into a resource near you. I could write many examples about this point, but instead, I will quote Mathew 5:5 here “Blessed are the meek, for they shall inherit the earth.”
#4 – Want to win a bigger game? Get a bigger gun and hunt more buffalo. Lots of beginner entrepreneurs think the same way “cheaper clients must be easier.” This is not true. Most of the time cheaper clients are HARDER to deal with and take just as much work. If you want to target bigger sales, target bigger clients. In this situation, the client was about to hit the fiscal year-end. This means they are required to spend a certain amount of money and invest in the university. If they don’t spend the money what happens? They get fewer funds next year. When you hear anyone say, “we are hitting the end of our fiscal year.” Your ears should perk up and you need to slow down and listen. They have a mandate to spend money…. Would you like to help? Of COURSE!
#5 – Jordan showed a CloudPano tour, and CloudPano is the option the University chose. Do you have more than 1 option for your clients? Or are you narrow in your offerings? Now obviously I love that they choose CloudPano as the winner here. But I like how Jordan gave his client different options and steered them toward the easiest platform.
#6 – Hosting and Maintenance – They had the strategy to bake in a subscription right from the beginning. This is a HUGELY important point. If you do this correctly, one day you will wake up with enough subscriptions where and all your bills will be paid before you go to work that day. Imagine for a moment how this feels? Do you think your business and life would be better? Of course it would! The client happily paid for this… You need to follow this strategy.
#7 – Jordan sees the world in ROI, not in cost. He knows how quickly he can make a return from his investments. It’s an easy choice to bring on a partner, or buy software when his clients are paying for it all… Think this way and buying becomes much easier. Ask this question, “What is my ROI in the next 12 months on this transaction?” If the numbers make sense, buy and move on.
Lastly, I spoke to Jordan on the phone about this project. He has some cool plans for his virtual tour portion of his business. What’s next? Hiring a young employee for the on-location photography (Jordan you can correct me if I am wrong here). Imagine this for a second. You have a partner (or employee) outselling high ticket tours and you have a team that shoots them for you. This shift is how a CEO thinks. Do you have big plans for your business?
Your next steps…
Take a moment and write out your plans. Share them with someone you trust. Get help and get insight. Need a place to hash out your ideas? Join the Virtual Tour Profit Facebook group.
Need software (and demos to make your first sale?)
Join CloudPano Pro Plus here: CloudPano.com