What Women Really Think about Sales with Lisa Smith
Episode 864: Show Notes
Do you know what your customers really want? Or are you mostly relying on assumptions to drive your sales? In today’s episode, we are joined by Lisa Smith, Founder, CEO, and Business Growth Partner at Smith Co., where she works with female and BIPOC business owners to help them remove sales roadblocks.
What stands out most about Lisa and how she serves her clients is her powerful, data-driven approach to figuring out what they truly need. In one of her latest studies, Lisa did more than just survey her audience; she dug deep into the mindset and potential obstacles that people encounter in sales. Lisa has also generously made this work publicly available. She is committed to seeing others benefit from this information and will continue to grow the study in years to come!
There’s a lot to unpack in today’s episode, from the fascinating results of Lisa’s study to the opportunities this represents for other business owners. Be sure to tune in as we explore what women really think about sales and discover what this means for your business!
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Why 46% of Women Feel Negatively About the Word “Sales”
Lisa’s study is a highly qualitative survey of 122 women. On the surface, it may seem that the respondents simply don’t like sales, but what’s so fascinating about qualitative data is that it allows you to dig into the psychology of respondents and recognize patterns. Lisa points out that many women associate sales with negative stereotypes, like pushy, aggressive car salesmen, for example. This aversion is particularly strong among female BIPOC business owners who have been culturally conditioned to be nice and take up less space. These ingrained attitudes can subconsciously carry over from corporate environments where women may have succeeded by being team players or avoiding the spotlight. Unfortunately, these habits can hinder their effectiveness in sales, which typically requires more assertiveness and visibility.
Sales as a Service
Regardless of whether you're selling a digital product, a service, or a consultancy, the goal is to solve a problem! That’s why it's incredibly useful to reframe sales as an opportunity to serve and positively impact others. This mindset helps clients see sales as a bridge to achieving their goals. Negative media portrayals and different gender approaches to sales add challenges, but focusing on expertise and problem-solving empowers women. This shift helps them recognize the value of their work and avoid underpricing. Moving away from the slimy car salesman stereotype transforms sales into a rewarding and impactful experience!
Debunking Myths About Women in Sales
Lisa came to this study with the intent to debunk myths about sales obstacles, but some of the results were totally surprising, even to her! Like the fact that 39% of women identified a lack of time as a major barrier and 23% cited the absence of a clear sales process as a major obstacle. When you unpack the data, these findings highlight the complex psychology behind sales challenges. Many business owners, particularly women, often feel that sales tasks are less productive than spending their time on things like client work or meetings. Even experienced sales consultants like Lisa sometimes struggle to allocate time for essential (yet sometimes tedious) sales activities. But when you make the effort to shift your mindset and dedicate specific time to sales activities, you’ll be shocked by the impact this can have on your sales!
Carving Out Time for Sales Success
Your business needs profits to thrive, and profitability depends on consistent sales efforts. This is why you need to carve out dedicated time for daily profit activities that will drive business growth. This includes things like producing social media content to boost visibility and attract customers. To illuminate the process, Lisa breaks down her strategy for us and explains how scheduling time for lead generation and tracking sales progress has transformed her business. She also underscores the value of consistency, highlighting how even repetitive tasks yield significant returns over time. It’s clear that taking a structured approach to sales activities is essential for long-term success, so don’t be afraid to prioritize it!
How to Modernize Your Follow-Up Processes
Following up isn’t about being pushy. It’s about maintaining a genuine connection. Lisa brings a refreshing perspective to the follow-up process, blending old-school personal touches with modern tools like voice memos and personalized videos. She emphasizes the importance of stepping into the shoes of your prospective customers to understand their busy lives and maintain a genuine connection. While automation and AI offer efficiency, Lisa warns against losing your personal touch. She advocates for individual phone calls and personalized messages, tailored to individual preferences. As technology advances, maintaining authenticity in communication becomes increasingly crucial. It’s about striking the right balance between automation’s efficiency and the personal touch that builds lasting connections!
What We Know About Optimism in 2024
According to Lisa’s survey, 81% of people are optimistic about 2024. This optimism reflects a notable shift from the challenges of recent years. Despite earlier economic uncertainties and disruptions in 2022 and 2023, many small business owners are now cautiously confident. Lisa attributes this positive outlook to several factors, including the resilience shown in navigating turbulent times without plunging into recession as feared. Issues like inflation and supply chain disruptions, although still present, have become more manageable. There’s also a growing sense of empowerment among business owners who feel they've regained control over their enterprises. Another key factor could be the skepticism people feel when it comes to the media since many recent economic predictions proved to be inaccurate. It would certainly be interesting for future surveys to track these sentiments and to learn how they fluctuate!
Lisa’s Future Surveys
Lisa’s study surveyed just over 100 people, which might be a small group in the grand scheme of things, but it’s a big achievement for a first-time research project! For her follow-up study, she is eager to 10x her efforts and expand her research with a larger sample size, aiming to scale up from 100 to 1,000 participants. She plans to delve deeper into correlations, debunk myths, and cross-reference her findings with other ongoing research. Despite the challenges of gathering comprehensive data, especially in niche areas like female-led businesses, she's excited about the growing interest and potential insights. We can’t wait to see the results of her next inclusive, nuanced, and people-driven study!
Quote This
It's so funny. Whenever you do research studies, as soon as it's out, you already want to rewrite some of the questions and send it again.
— Lisa Smith
Highlights
Why 46% of Women Feel Negatively About the Word “Sales” [0:05:29]
Sales as a Service [0:07:00]
Debunking Myths About Women in Sales [0:11:11]
Carving Out Time for Sales Success [0:12:57]
How to Modernize Your Follow-Up Processes [0:20:44]
What We Know About Optimism in 2024 [0:29:31]
Lisa’s Future Surveys [0:33:03]
OUR GUEST:
Lisa J. Smith
Website | Linkedin | YouTube | Instagram
At SMITH Co., Lisa works with female and BIPOC business owners to remove the sales roadblocks they often encounter so they can transform their businesses from surviving to thriving. She offers customized sales consulting and training solutions tailored to the specific needs of the business from early stage to mature.
Her do-it-with-you approach ensures they have a coach, guide, and accountability partner to help them shift their mindset and behavior, the two most important criteria for success. They build the strategy, process, and tools for sales success, which in turn opens the door to longevity, staying power, independence, and wealth.
Having spent 30 years selling professional services in every economic environment imaginable, Lisa profoundly understands her client’s challenges because she’s been there herself.
OUR HOST:
Abagail Pumphrey
Boss Project on Instagram | Facebook
Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.
Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.
Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.
Key Topics:
Surveys, Studies, Follow-up, Sales, Women, Mindset, Revenue
We Mentioned:
2Bobs Podcast episode: “Just Stop Talking”
Free Webinar: The Market Shift
Indeed.com/STRATEGYHOUR for a $75 sponsored job credit
