We know business. We have each worked in a variety of industries.
The following are some stories from our past. The future looks bright and exciting in creating new successful stories. Perhaps they will include you.
Completed in Record Time
The other day, it came to my attention that Nile Rodgers was conducting, Let's Dance, at Abbey Road Studios with musicians from the London Philharmonic and with the original David Bowie master tapes. It sounded epic. Nile produced the original album with Bowie. I reminisced that it was one of the coolest projects that I had ever worked on. Yes, I worked on that. I handled the logistics between Nile Rodgers Productions and David Bowie. The album was done in record time, only seventeen days, with me managing the master tapes back and forth between New York, London and Bowie's home in Switzerland. I was barely twenty when I got this gig. Before, and since then, I have had the privilege of working on many cool projects. Define cool? Something that one is trusted to undertake - that perhaps few could do. If friends knew about the task at hand, they might be envious. It couldn't be something that was easy, perhaps you weren't even sure whether you could get it done as promised, but you tried as if your life depended on it. Of course, the feeling of accomplishment and satisfaction, yes and gratitude for the opportunity, proper compensation and a little boasting would all be a part of it, too.
The other day, it came to my attention that Nile Rodgers was conducting, Let's Dance, at Abbey Road Studios with musicians from the London Philharmonic and with the original David Bowie master tapes. It sounded epic. Nile produced the original album with Bowie. I reminisced that it was one of the coolest projects that I had ever worked on. Yes, I worked on that. I handled the logistics between Nile Rodgers Productions and David Bowie. The album was done in record time, only seventeen days, with me managing the master tapes back and forth between New York, London and Bowie's home in Switzerland. I was barely twenty when I got this gig. Before, and since then, I have had the privilege of working on many cool projects. Define cool? Something that one is trusted to undertake - that perhaps few could do. If friends knew about the task at hand, they might be envious. It couldn't be something that was easy, perhaps you weren't even sure whether you could get it done as promised, but you tried as if your life depended on it. Of course, the feeling of accomplishment and satisfaction, yes and gratitude for the opportunity, proper compensation and a little boasting would all be a part of it, too.
Advantages of Being an Early Adopter
I was sitting in my office when I noticed my Operations Manager, Jorge, was speaking to a well dressed young man. He was a salesman who was being told "No thanks, we're not interested." I stepped out to ask what he was selling as I was curious why he was wearing a suit and tie on a sweltering hot day. I asked him to come in and Jorge offered him a glass of water. He told us he was selling a new Muzak "music on hold" service. I subscribed to the service on a two or three year contract. We were allowed up to six different messages and a few choices of music genres. I chose jazz and created the messages. Within a few weeks we were up and running with our new vendor. One of our messages was: "Do others in your company know about us? Please make sure they do so they can enjoy our services, too". Within a week, I received a call from the Head of Operations at one of my clients, Tauck Tours, and more than doubled my billings with them. Prior to this I, along with many people, associated Muzak with "elevator music". Not me, not anymore. ~Dennis Kamoen
Global Business Local Concerns
I had already been doing a large portion of the Chicago Mercantile Exchange's logistics through one of my companies. It was a challenging account with many peculiarities - things like delivering machines around the world to all arrive at the same time and developing back channels so items could be sent to President Ronald Reagan and President Mikel Gorbachev - not an easy task (but that's another story). I was a highly trusted vendor. I was in pursuit of more marketing business. I called on my contact in the marketing department to see if I could get a meeting to introduce my marketing services. She invited me to a confidential meeting later that week - confidential because they were rebranding the Chicago Mercantile Exchange - new name, new logo, the works. I have a process when I'm rebranding and the first thing I ask is, Who is your audience? Where are they? What are they buying? When I arrived at the meeting, there were a half dozen people and a few sheets with different logos spread out on the table. They asked me which one I liked the best. The Chicago Mercantile Exchange is actually a global company and believe it or not, a large portion of their business was overseas. To me, their initials, CME were more global as opposed to Chicago Mercantile Exchange - which is in English. And long. I chose the new above logo for three reasons: 1. CME was language neutral. 2. The globe in front of it suggested global. and 3. The sides were squared off which implied digital. They were off and running and I was proud to be a part of it. ~Dennis Kamoen
Show Me The Money
I was attending the International Day Trading Expo at the Ontario Convention Center in Ontario, California, where my client, Terra Nova Trading, had a large booth and was looking for a creative and inexpensive way to bring attention to their company. We had a top booth. We sponsored the show so our name was on the bags. It was blistering hot so I wanted to give out branded water bottles. The show management said we couldn't do it unless we paid another large sum of money and I felt like we were being taken advantage of since we were already spending a significant amount. I decided to think outside the box, literally. I rented a class A RV - the biggest you can get - and parked it outside the convention center entrance. I put one of our vinyl banners across the side of the RV. I went to Ralph's and bought big tubs, filled them with ice and put the branded water bottles on ice. I agreed to pay the show union an "uncorking fee" for the water. I took a couple of our employees from our booth to go outside and hand out the water. Everyone walked into the show holding and drinking cool Terra Nova Trading branded water. We ended up conducting several important meetings in the RV (drinking cool water and beer). The RV for entire weekend cost $1,300.00.
~Dennis Kamoen
Integrating Two Arch Rivals
A Managing Director from Goldman Sachs who oversaw various projects, had asked the CEO of Archipelago, then a client of mine, to set up a meeting with me. She had seen me in action and wanted me for a project. In a highly confidential transaction, two Goldman Sachs subsidiaries, Hull Trading Company and SLK Trading were being integrated to combine electronic trading and floor trading capabilities. And they hated each other because electronic trading was a new industry and threatened floor trading which was old school, but they were both still important. I came to Hull Trading offices in Sears Tower, formed a small team with another project manager and me in Chicago, and explained what she wanted. She wanted me for a branding project between the two trading companies - including all marketing collateral for their launch. We established the budget and the timeline. The biggest challenge wasn’t developing logos and market collateral, it was making people feel “good” about it. I renamed the combined entity and created a logo reminiscent of Goldman Sachs. In a role of part psychologist and part marketing savant, My project manager and I gave them fleece jackets, hats, polo shirts, etc. along with new brochures and other marketing materials (in compliance) everything with the new logo. It empowered them because they realized they were better together, and just that simple act made them feel a part of something new and bigger. It was all completed in a matter of a few months. Under budget. ~Dennis Kamoen
The Most Reasonable Man Wins
I was approached by an entrepreneur. He had sold his prior company to Microsoft and had a new idea about what he wanted to do. He wanted to create a revolutionary media buying marketplace across all relevant platforms. His marketplace would let buyers place specific ads in front of precisely targeted audiences. I owned the URL, TheTradeDesk.com. He called and asked if I would consider selling it. My answer was no but maybe. We met for coffee. I also owned TradersDesk.com. We kick around some ideas. I loved his vision. I agreed to sell him the name. He agreed that it was probably the best name for his nascent enterprise. According to Forbes Magazine, he is now a billionaire and TheTradeDesk.com is described as the Goldman Sachs for advertising and one of the Top 10 Most Promising Companies. After the company went public, Founder Jeff Green texted me and said, “I’m so glad I met you that morning for a cup of coffee.“ In business I have a theory, "The most reasonable man wins." I was reasonable with Jeff. I sold him my URL and assisted him in naming his company. Now, not only do I consider him a friend. I feel like in my own small way, I helped him create something that has benefitted many. And he's a great guy.
~Dennis Kamoen
Using Creativity for Biz Dev
I was approached by one of the top sales executives of my client, Archipelago, at their annual holiday party. Well, I think it may have been their first holiday party. Significant, considering that the company went from startup to quickly growing into the company that bought (okay, "merged") with the New York Stock Exchange. Without naming names, the "Old School" veteran Wall Street salesman was feeling comfortable enough to challenge me, or accuse me of participating in wasting the company's marketing dollars. I asked him who his number one desired client was and asked him if I could assist him in landing the customer, an institutional broker in Dallas, Texas. He agreed and we met the following morning. I asked him if he had called on them before and if he had visited their offices. Of course, we covered a lot more than this information. Well he agreed that we would send the Head Broker an Archipelago remote control car. We were one of the main sponsors what was then Andretti-Green Racing and created some pretty cool promotional marketing items. We sent one, only one, car to the broker along with a note that asked him to try us out, take us "for a spin". Well, we received a seven figure order the very next day, along with a request for a few more cars. ~ Dennis Kamoen
BELOW IS A DIVERSE SAMPLING OF
CLIENTS & INDUSTRIES WE HAVE WORKED WITH OVER TIME.
NOW ON TO THE NEXT.
Entertainment: Nile Rodgers Productions, Bloomers Island, NetworkBe, Chicago International Film Festival, Children's Television Workshop and The Oprah Winfrey Show/King World Productions.
Financial Services: Archipelago, Terra Nova Trading, RealTick, Townsend Analytics, Goldman Sachs, CME Group, Globex, Cargill Investor Services and Wave Securities.
Education: Yale University, Harvard University, Kellogg School of Management, University of New Haven and Ketterman College Funding and Bloomer's Island Book Series.
Art & Collectibles: Andrew Lloyd Webber Art Collection, Sotheby's, Leslie Hindman Auctioneers, Robert Heindel, L'Art et L'Automobile Gallery, The Book Block.
Travel: FlyTahiti.com, JohnnyJet.com, Tauck Tours and WorldwideRentACar.com.
Industrial: Perkin-Elmer Corporation, United Technologies Pratt & Whitney, Textron-Lycoming, Sikorsky Aircraft, USG, Fermi Labs.
Food & Beverage: Sara Lee, Newman's Own, Lettuce Entertain You Enterprises, Effen Vodka.
Marketing & Advertising: Chief Marketer, Pro Awards, Event Marketer, ExAwards, The Trade Desk.
Real Estate: Grubb & Ellis, DiScala Fairfield, EPC Properties, Clark Hill Plaza.
Confidential: Private projects for CEO's, celebrities and anonymous individuals.
I asked the group, "What are the main challenges you are currently experiencing?" There was a business having difficulty getting his salespeople to close at a rate above 10–15%. I replied that he should check his industry’s standard closing rate because maybe 10–15% was within the norm. Many a company I’ve consulted would be thrilled with a 15% closing rate. (The average sales success rate across all industries is 3%.) I also suggested some sales training, because while research has been mixed on the effectiveness of sales training, some studies suggest it can improve ROI considerably. Lastly, I suggested his sales staff read the book, “The Asking Formula,” by John Baker. It really is a wonderful little book for sales and I recommend that everyone read it regardless of what they’re doing. He rather sanctimoniously said that he already has three sales trainers that he feels are the best in the world. One of them made $33 million in commissions in 10 years. And that, someone will not rise to his level reading from a book. Obvious first question, Why not use that guy for your sales instead of as a trainer? Maybe he’s retired? So, Why is your sales staff still struggling with the $33 million guy training them? The following are the types of questions he should ask himself after the first two obvious questions I mentioned earlier. Keep in mind some of the questions here included what are called, hidden solutions. When you are processing, just ask questions. But for this story, I’ll include some suggestions along with the questions.
1. Again, what is the industry average closing rate? You didn’t answer that.
2. The $33 million guy might be a great closer, but a lousy teacher. That’s possible. Can he teach others? Perhaps he doesn’t like the task of training others?
3. Are the sales people you’re hiring any good at sales? Start keeping track of your sales data; who is the most successful and what are their methods?
4. If your sales people are underperforming, is there a problem with your product?
5. Ask top level interviewees that are declining to take a sales job with you, why? Maybe you need to offer a higher salary, commission rate or benefits.
6. In addition to training people to sell, are you training them about your products, all the benefits?
7. If appropriate, do you have a good prepared pitch? If not, maybe you need one. If so, maybe it needs to be better.
8. Are you providing your sales staff with good quality, warm leads? If not, maybe you could do that.
9. Is your product a commodity, based simply on price? If so, maybe you need to adjust your pricing.
10. If your product is not a commodity, have you developed reasons why customers should buy from you? Have you distinguished your company through customer service, or some other benefits?
11. Do you have a detailed marketing program to support your sales people? Do you have a marketing strategy at all?
I could go on. But after all these questions are answered I think his real problet would be along the lines of: How do I help my sales staff to be more successful? Then move on to the suggestions phase, many of which will be self-evident.
1. Again, what is the industry average closing rate? You didn’t answer that.
2. The $33 million guy might be a great closer, but a lousy teacher. That’s possible. Can he teach others? Perhaps he doesn’t like the task of training others?
3. Are the sales people you’re hiring any good at sales? Start keeping track of your sales data; who is the most successful and what are their methods?
4. If your sales people are underperforming, is there a problem with your product?
5. Ask top level interviewees that are declining to take a sales job with you, why? Maybe you need to offer a higher salary, commission rate or benefits.
6. In addition to training people to sell, are you training them about your products, all the benefits?
7. If appropriate, do you have a good prepared pitch? If not, maybe you need one. If so, maybe it needs to be better.
8. Are you providing your sales staff with good quality, warm leads? If not, maybe you could do that.
9. Is your product a commodity, based simply on price? If so, maybe you need to adjust your pricing.
10. If your product is not a commodity, have you developed reasons why customers should buy from you? Have you distinguished your company through customer service, or some other benefits?
11. Do you have a detailed marketing program to support your sales people? Do you have a marketing strategy at all?
I could go on. But after all these questions are answered I think his real problet would be along the lines of: How do I help my sales staff to be more successful? Then move on to the suggestions phase, many of which will be self-evident.
The CEO of a real company, we'll call it "ABC Co", had a problem. No matter what he did, his partner was never happy. Naturally, he kept trying different things and different ways to please his partner. The issues varied immensely. He wasn't happy with the trade show's results. He didn't like his company car. The employee health insurance wasn't satisfactory. Sales were not nearly what he expected last quarter. The partners were seemingly "Polar Opposites" and no matter what the CEO did, it was never good enough. So the CEO reached out to our private group in confidence. We listened and heard that he was trying to figure out the answer to, "What would make his partner happy?" As we processed his dilemma, the problem, we discovered that he really wasn't asking the right question. After processing the issue, we all concluded that the right question was, "How can he buy out his partner?" He was trepidatious for sure. However, he was ultimately successful in actually buying his partner out. Additionally, he was able to focus more on growing the company and making it even more prosperous in a very short period of time.
