Tamir Mori on the Challenges and principles of business (Part 2)
We are back with Part 2 of the Solo2CEO podcast with our guest, a licensed real estate broker and a successful businessman, and the owner of Cornerstone Real Estate Services. Let’s continue with the conversation.
Let’s continue with our podcast.
Why are challenges important in business?
Challenges shape who we become and help us learn and grow. They push us to find solutions, innovate, and improve. Without challenges, everyone would succeed effortlessly, and there would be no room for personal and professional development.
The biggest challenge that causes businesses to fail is often financial difficulties. Many companies struggle because they focus solely on generating revenue without considering other aspects, leading to an unsustainable model.
Challenges can include standing out among competitors, managing demanding customers, or dealing with oversaturation. Overcoming these challenges requires mental toughness, adaptability, and finding unique ways to differentiate from others.
What do you think is the biggest challenge in your business?
Facing and overcoming obstacles are the biggest challenges in business. These are necessary for growth and success. Action produces results, not just ideas alone.
An example of a personal challenge in business is leaving a well-paying job to start a new business venture. Such a move made me face difficulties such as balancing family responsibilities, commuting, and building a business from scratch, aside from careful planning and overcoming obstacles.
What is the importance of hard work and persistence in overcoming challenges?
When overcoming challenges, hard work and persistence should always be present. I did a high volume of cold calls daily, and even if most resulted in rejection, it helped me build confidence and improve my sales skills. The more effort I put into overcoming challenges, the more productive and successful I became.
Overcoming challenges forces us to step out of our comfort zones and learn new skills or approaches. It exposes us to experiences and situations that teach valuable lessons. We become more resilient, adaptable, and knowledgeable in our personal and professional lives if we overcome our challenges.
Why is it important to focus on metrics in sales?
You can evaluate your performance and make data-driven decisions through metrics. For example, if you are cold calling, you can track the number of calls made, the number of people reached, and the number of successful contacts. The data helps you identify areas for improvement, such as the timing of your calls or the quality of the leads you're using.
How does mindset play a role in sales?
In sales, you should have a good mindset. You need to detach emotionally from rejections and objections. Use “next mentality” instead of dwelling on negative interactions. This simply means moving on to the next call or opportunity without letting emotions hinder your progress. Focusing on metrics and maintaining a positive attitude will lead to more success.
What steps did you take to improve your sales performance?
Although I made a significant number of calls each day, sometimes reaching 300 or more, I realized that making calls alone wasn't enough. I started measuring my success based on the number of people I connected with and the number of applications I received. This allowed me to evaluate my performance and make adjustments as needed.
How do you handle and overcome objections in sales?
Each time you face a rejection or objection, consider it a ticked box on your path to success. But motivation alone won't yield results. Over time, as you gain experience, you won't rely on this motivation as much because you'll have learned and improved.
When objections arose, I focused on understanding the customer's needs and offering solutions. I didn't let objections deter me but saw them as opportunities to provide valuable information. I built rapport and increased the chances of making a sale by empathizing with customers and also addressing their concerns and offering alternatives.
Why is there a need to understand your product and target customers?
To be able to sell a product effectively, you should understand how it meets the needs of your target customers. The correct thing to do is to let them know the value and benefits of your product or service. You should be able to sell something that aligns with their needs and wants, otherwise, you’ll be more likely to struggle with your sales.
What are some of the factors that affect your success in sales?
Understanding the customer has the same importance as persistence. You should be able to know the customer’s pain points and adjust your offer accordingly. Build rapport, address customer concerns, and offer the right solutions based on their needs to make a successful sale.
Experience and knowledge play a significant role in sales success. As you gain more experience, you become more comfortable and confident in your conversations. Understanding your product or service, as well as the needs of your customers, allows you to communicate effectively and overcome objections. Continuous learning and adapting are keys to ongoing success in sales.
Can you explain the different stages of the sales process?
In the sales process, there are various metrics to consider. First, there's the skill of making calls and reaching out to potential customers. Second, you can engage in conversations with those you reach. Lastly, there's the skill of converting those conversations into actual sales. Each stage requires different skills and understanding, and you should evaluate to know where to improve in these areas.
How can you ask for referrals during the sales process?
When customers are at the point of making a purchase and are excited about your product, that's the ideal time to ask for referrals. Instead of waiting months later, capitalize on their enthusiasm by requesting referrals immediately. You can use examples like customer satisfaction surveys or sending emails with multiple referral links. The key is to make it convenient for the customer and engage in a conversation while they complete the process.
Why is it important to focus on customer satisfaction?
Customer satisfaction determines the success and longevity of your relationship with the customer. When a customer is about to receive your product, they are highly excited and loyal. This is an opportune time to ensure their satisfaction and address any concerns. Increase the likelihood of positive referrals by prioritizing customer satisfaction.
How do you simplify the process of collecting online reviews?
Simplifying the process of collecting online reviews help you avoid the feeling of customer frustration. Your review process should be shorter and more convenient for your customers. One approach could be to call the customer, provide them with a few ready-to-use links, and ask them to quickly write reviews while engaging them in conversation. This shorter and more personal approach can yield better results.
In gathering referrals, how effective is customer engagement?
Engaging customers in conversation while collecting referrals is an effective strategy. First, you should be able to show genuine interest in their lives, such as asking about their children or spouse, to create a positive and personal connection. During this conversation, you can integrate the request for referrals. This approach keeps the customer busy and engaged while completing the referral process.
What challenges can arise when gathering referrals?
One challenge that may arise is finding the right balance between making the process convenient for the customer and avoiding overwhelming them. Long and complicated referral processes can lead to customer frustration. It's important to understand when to simplify the process and when to engage in personal conversations to gather referrals effectively.
Why should you gather referrals from satisfied customers?
Referrals from satisfied customers are valuable because they provide social proof and credibility. When satisfied customers share their positive experiences with others, it builds trust and encourages potential customers to engage with your product or service. Gathering referrals at the height of customer satisfaction maximizes the impact and increases the chances of receiving positive referrals.
How does customer satisfaction contribute to business success?
Customer satisfaction is a key factor in business success. When customers are satisfied, they are more likely to become loyal and repeat customers. Satisfied customers also tend to recommend your product or service to others, leading to increased brand awareness and customer acquisition. By prioritizing customer satisfaction, you build a strong foundation for long-term success.
How do you handle challenges when faced with tasks outside of your expertise?
The biggest challenge is being honest with myself and listening to the customer, even when they're angry. I embrace failure and see it as an opportunity to learn and improve. I accept failure and work through areas where I'm not proficient. By accepting failure and learning from it, I can make sure it doesn't happen again.
When facing a challenge outside my expertise, I focus on understanding where I went wrong. I don't seek compliments or convince myself I did well. Instead, I seek feedback and figure out what needs improvement. This mindset helps me learn and discard ineffective approaches.
What other challenges have you faced and how have you balanced personal and business matters?
Every self-employed person faces the challenge of work-life balance, Overcoming hurdles in business requires learning new avenues and not just repeating the same actions. I believe in having multiple streams of revenue to ensure growth and adaptability.
It is essential to learn how to balance and manage relationships effectively. Just as with customers, resolving conflicts and maintaining harmony is crucial. You can be different from someone who yells at home and expects to handle customers well. Consistent effort is needed to create a harmonious balance between personal and business relationships.
How do you handle work-life balance?
Balancing family and business was a significant challenge for me. I realized the importance of working efficiently and not relying on guesswork. I used trial and error, metrics, and hard work to ensure that my time spent on business activities was meaningful and productive while still prioritizing my family.
If you fail to achieve this balance, you will experience a lot of failures that won't be beneficial.
How do you overcome the challenge of balancing work and family life?
When working from home with children present, it can be challenging. You need to find ways to manage and prioritize your time effectively. Balancing personal and business life is essential because if one fails, it will affect the other.
Instead of rejecting failure, you should embrace it and learn from it in both personal and business life. For example, if not being home for dinner is causing problems, you can set a specific dinner time and avoid work-related calls during that time. You can create a better balance by understanding the specific challenges and finding solutions.
Failures are part of life. If you don't learn from your failures, you will keep repeating the same mistakes and not make any progress.
You mentioned that any problem that can be solved with money is not a real problem. What if someone can't get funding to address their business challenges?
Money is a tool, just like a hammer or a screwdriver. It can be used for many things, but it is not the solution to every problem. It can fix many things, but it's not always the solution.
When people focus too much on money, they might overlook other solutions to their problems. They become fixated on getting money quickly, rather than thinking creatively about different ways to solve the problem.
There are often many ways to solve a problem, not just one. People should focus on finding the best solution for their specific situation, rather than just looking for money as a quick fix.
By keeping a positive mindset and being open to different solutions. They should focus on their business and the goals they want to achieve. Money is a tool to help them get there, but it's not the only thing that matters.
Remember that everyone starts somewhere, and many successful businesses have been built without having all the money upfront. People should focus on their vision, creativity, and determination; the money will follow as they find the right solutions for their problems.
If someone is watching this and wants to work with you, how can they find you?
They can easily reach me through my email address. They can also call me at any time, as I'm available on the American Line.
While I'd like to advertise more, the most crucial point is having an easily accessible contact point.
Thank you, Tamir, for joining us today and sharing valuable insights.