Please read carefully and consider the implications for your own life and career: TISOT Training includes training on the use of the x10 Toolkit. The x10 Toolkit consists of The Ten Tools. Five of these tools are for x10 Selling and five are for x10 Thinking. TISOT notes on the x10 Toolkit are included here: The BSP The EFU The DVR The CPV The RPV The GBB The FTI The x10 The TPF The HWS
The BSP BSP = (pronounced B.S.P.) stands for Big Sales Problems. In addition to x10 Thinking, an important stream in the certified Thinking Instructor SOT (TISOT) training is x10 Selling. x10 Selling focuses on how to multiply sales by ten! x10 Selling explores ways to increase sales results using the disruption and innovation methods of science. In particular, x10 Selling focuses on creating R&D solutions to the four BIG sales problems. These are the main hazards that prevent x10 Selling. These are four daily sales problems that every business needs to solve in order to survive and to grow:
Too few WOMBATs
Too few REFERRALS
Too few REPEATS
Too low NPS
BIG Sales Problem Number One is ‘Too few WOMBATs’. WOMBATs are new customers that have been replicated by your existing customers. WOMBAT = Word Of Mouth Buy And Tell. When one of your satisfied customers replicates another satisfied customer, that’s a WOMBAT. WOMBATs replicate other WOMBATs. These are, of course, the most profitable and prized customers of all. WOMBATs are least costly to acquire. They are the least price-sensitive. They buy more and more often. They are more interested in new products and offers. They are most likely to do repeat business. And, they are the most likely to replicate themselves creating other WOMBATs. If you are not getting new WOMBATs every day then that’s a real business hazard. BIG Sales Problem Number Two is ‘Too Few REFERRALS’. The second most profitable business comes from referrals. Because they are more likely to buy they are less costly to acquire. They are more likely to become WOMBATs. Referrals have a high lifetime value to your business. They are higher quality customers. Referrals are more likely to want to do repeat business. Not having a daily flow of healthy referrals is a business survival hazard. BIG Sales Problem Number Three is ‘Too Few REPEATS’. Unhappy customers defect and do not give repeat business. They are not loyal and they tell others. They have short and less profitable relationships with your business. If salespeople are not servicing existing clients well they do not do repeat business. Losing a client doubles the acquisition cost and minimises profits and shareholder return. Too few repeats also reduces the liklihood of referrals and WOMBATs. BIG Sales Problem Number Four is ’Too low NPS’. The Net Promoter Score (NPS) is the current customer-relationship metric used by F500 and ASX100 companies like GE, Google, QANTAS and Macquarie. The score is calculated by subtracting the percentage of detractors from the percentage of promoters. On a 1-10 scale the NPS question is asked: How likely is it that you would recommend [brand] to a friend or colleague? GE demonstrated their NPS commitment by mandating up to 20% of annual bonuses of senior executives would have an NPS connection. How does your current NPS compare with your competitors? If the answer’s “not well” then that’s a BIG sales problem. The EFU THE EFU – ESCAPE FROM UNCHECK! The NewSell Switch - uncheck2check! The newsell switch is designed in the form of a powerful app for your brain to help you organise, in a strategic way, the simple but fundamental physics of all business transactions. The switch is uncheck2check – from UNCHECK to CHECK. In any business transaction there are three basic situations: CHECKMATE, CHECK and UNCHECK. • CHECKMATE: Beyond the uncheck2check switch is CHECKMATE – the outcome which signifies victory! In business, CHECKMATE is when the customer says YES. CHECKMATE is known traditionally in selling as ‘the close’. CHECKMATE is a decision which takes place in the brain of another person (the customer) so that decision, by definition, is outside your control. This is a fact of scientific reality, the acknowledgment of which is a fundamental principle of newsell. The Theory of Newsell: is: the customer closes the sale. CHECKMATE is when a customer signs the order form, or when a buyer accepts the deal. In show business, it’s when you get the part you auditioned for. Socially, it’s when the date you asked for says YES. The main strategic feature of the CHECKMATE situation is: the salesperson cannot control it. • CHECK: The situation that must come before CHECKMATE is when the switch is turned ON and is called CHECK. CHECK is the position of the newsell switch which makes it possible for CHECKMATE to happen. In business, whether by voicemail, email or in person, CHECK is the moment of ‘customer contact’. CHECK is when it is possible for the customer to say NO or YES. Without CHECK there can be no CHECKMATE. CHECK is simply another word for ‘customer contact’. CHECK = CUSTOMER CONTACT= CHECK. CHECK is the penultimate state, the set-up move for CHECKMATE. CHECK is that state of the customer’s brain when it becomes possible for them to say YES or NO as a result of a contact from you. In other words, the customer’s brain has been stimulated by a contact from you (CHECK) and so they will respond by deciding whether to act or not to act – YES or NO. CHECK is when you ask the customer a question. It’s when you mail the proposal, or when you send the email. CHECK is the activity you can use to manage the attention of the customer. CHECK is the quintessence of business. In newsell, CHECK is the new metric, the fundamental unit of measurement. The special strategic feature of the CHECK situation is: only the salesperson can control CHECK. Today’s check moves? Tomorrow’s check moves? This month’s? This quarter’s? Next? • UNCHECK: Lastly, the OFF position of the newsell switch is UNCHECK. UNCHECK is whenever it is not possible for the customer to say NO or YES. UNCHECK is whenever you are not in contact with a customer (like now while you are reading this lesson). UNCHECK is the state of the customer’s brain when it’s not possible for them to say YES or NO. UNCHECK is the state of the customer’s brain when it is just not attending to your offer. Therefore, in business, UNCHECK is any moment when the customer cannot say either YES or NO because he or she is not, at that moment, in CHECK from a salesperson. UNCHECK is all other business situations. Most of the time, we are in UNCHECK. UNCHECK is the groundwork, the preparation, the foundation of your business or career. The business of business is to escape from UNCHECK (EFU) and using the newsell switch – uncheck2check – is how we do it. To multiply your business by ten you simply multiply the EFU switch by ten. 24/7/365. The paradox of UNCHECK is this: while you cannot build a business without UNCHECK, you cannot build a business with it! The DVR THE DVR = DOLLARIZATION. VALUATION. RETURN. DVR: What is the real value of x10 thinking and x10 selling? DVR stands for Dollarization. Valuation. Return. When doing x10 thinking we are focused on creating real x10 value that was not there before the intervention. Using the value-creation tools of x10 thinking is how we do this: the cvs2bvs thinking switch, the uncheck2check selling switch, the GBB, EFU, TPF and the rest of the x10 toolkit. However, it is necessary to pay deliberate attention to the measurement of this x10 value. So we add this tool: the DVR. DOLLARIZATION: The translation of the benefits of x10 thinking and x10 selling strategies into the financial impact in dollars that these strategies have on the client is what we mean by dollarization. For example, multiplying a specific KPI by ten may be dollarized at $150,000 pa or $450,000 over the next 3 years. Or, a B2B product or service may decrease a customer’s maintenance costs by 3%. This can be translated into dollars per annum over one, two or three years. Dollarization is a financial skill that can be learned and practised. VALUATION: In this context, valuation is an extension of dollarization. After dollarizing, what has been the impact on the valuation of the asset? What is the added x10 value for a business’s future cash flows? In a new venture or start-up situation, what is the potential for success, growth, and, eventually, possible profits? The degree of difficulty in calculating a valuation can vary but the extra effort is worth it. RETURN: What is the gain from an investment of time, energy or capital? The gain is called the return. There is a continual virtuous cycle between INVESTMENT > RETURN > INVESTMENT. The better the return from a previous investment the better will be the next round of investment. For example, if an investment of $1 million produces a return of $200,000 then (in a 50/50 split) $100,000 can be returned to investors and an extra $100,000 can be re-invested into the asset. This may also apply to investments of time and energy. If one hour is invested in doing a DVR and the return from this time and effort is dollarized and translated into valuation then it may make sense to do further DVRs. What will be the return for your business if you do ten DVRs? ‘Doing a DVR’ is the deliberate effort you make—using a DVRx10 sheet—when you map out how the return can be ten times the investment … or ROI x10. The CPV CPV: Escaping from your own point-of-view CPV stands for Customer Point of View. When doing the x10 thinking app, it was the enlargement of the situation—the broadening of perception—from the point of view of you, the thinker, that was the focus. But many thinking situations involve other people as well. The viewpoints of these other people are also part of the situation and need to be considered. Although they seem to be in the same situation, they may look at things very differently. Thus another person may see different alternatives, different choices and different options. In fact, when other people do an x10 they may come up with different points because they are in a different position to you. Certainly the customer is in quite a different position to that of the salesperson. Being able to look at and understand another person’s point of view is a very important part of the thinking process and so a deliberate effort may have to be made to see another point of view. In the case of the customer this deliberate effort is the CPV. It may apply to a customer’s point of view or to customers viewpoints in general. As a thinker, once you can escape from your own viewpoint (cvs), you can not only take other people into consideration but you may even come up with a useful new way of looking at the situation (bvs). The CPV is an antidote to selfishness. Instead of a general vague feeling that other people like customers matter, there is a deliberate attempt to do a CPV. The skill of the CPV is finding out how the view of another person in the SAME situation may be quite different. If it is just assumed that any sensible person would have the same view in a certain situation, then no effort at all will be made to do a CPV. All the thinking that you do for yourself, the customer may be doing for herself—but differently! The RPV THE RPV: THE REPLICATOR POINT OF VIEW The RPV answers the question: how do customers replicate? RPV stands for Replicator Point of View. As a thinker, once you can escape from your own viewpoint (cvs), you can not only take other people into consideration but you may even come up with a useful new way of looking at the situation (bvs). In selling, the oldsell strategy was seller-centered. The dominant idea was to “close the sale”. In newsell, the strategy was customer-centred. The dominant idea was to “start the sale”. The switch was to look at the transaction from the customer’s (or customers’) viewpoint, not merely from the salesperson’s or the sales manager’s viewpoint. The goal was to start the relationship not to end the relationship. In WOMBAT selling we go one step further. Here the strategy is replicator-centred. The dominant idea is to “replicate the sale”. The switch is to look at the transaction from the replicator’s viewpoint, not merely from the seller’s or the customer’s viewpoint. The switch is to go beyond the “close” and even the “start” … to the “replication”. WOMBAT selling is when a satisfied customer replicates another satisfied customer. And so on. What is the replicator (meme) that is good at getting itself copied from customer brain to WOMBAT brain? Some memes are better than others at getting themselves copied from brain to brain. Some spread further. Some acquire more brains than others. Some just die out. As replicators, memes derive power from their success at replicating. From brain to brain. From Facebook page to brain. From email to brain to text to brain to customer to Facebook page to WOMBAT etc. In meme wars, like social media or the marketplace, those memes that are better at getting themselves copied are the winners and those that are not are the losers. This means memes have two main ways to win: increase ‘my’ copies and/or decrease ‘their’ copies. Replicators derive their power from high marks out of three traits: fidelity, fecundity and longevity; – fidelity means a true copy that is faithful to the original. It is clear and precise. It is reliable like a Xerox. – fecundity means a potent copy that is capable of multiple replications. It is fruitful and yields an abundance of copies like a McDonald’s franchise.. – longevity means a lasting copy that will go the distance. It is robust and tangible like a time capsule. Just another reminder, memes really have no wit nor will to do this or that; they have no intention or personality any more than does a virus. In other words, they’re not aware of their effect, they don’t know what they’re doing – they just do. They are just code. However, as a strategic thinking skill, the RPV is the deliberate attempt we make to personify the meme so we can think about and understand and see transactions from the Replicator’s Point of View. The GBB THE GBB: How To Escape From Our CVS G = GOOD. The good things about an idea – why you like it. B = BAD. The bad things about an idea – why you don’t like it. B = BETTER. What could be much better about an idea – how you can evolve the idea or add more value to it. EDWARD DE BONO says, “The most difficult feat in thinking is to escape from our point-of-view”. MAX PLANK says, “Science advances research by a series of funerals”. But why wait that long? Everyone agrees that we should all be more innovative. We should be more agile, more decisive, more efficient, adaptive, and more productive. But we invest so much in the defence of our cvs. Why don’t people THINK? How often have you heard that question? It is easy to say to someone, “Why don’t you be more broad-minded?” But it is not so easy to actually do it. This is because it is impossible to focus attention on general attitudes like the ones mentioned above. They sound great as slogans and battle cries but have proved to be of little value as operating tools which can actually be practised and used. However, a GBB is specific software for your brain. It is possible to ask someone “Do a GBB on this suggestion” and the person then takes pride in the skill of being able to deliberately see the Good, Bad and Better points in the situation. They can become instantly innovative! Instead of just saying that you like an idea, or you don’t like it, you can use a GBB. When you use a GBB, you give the good points, the bad points, and also the points which are neither good nor bad but are much better. You can use a GBB to go beyond critical thinking (defending the cvs) as a way of adopting new ideas, suggestions, and research. You can ask someone else to do a GBB, or you can be asked to do one yourself. The FTI THE FTI – FIRE THIS IDEA THE FTI: How To Solve the Wicked Problem of Innovation! FTI = Fire This Idea! Recently the CEO of an Australian bank admitted, "We have innovation schemes, we have innovation teams, we have innovation month, we have innovation hats. We just don't have any real innovation!” Yes. We are now all into creativity, innovation, change-management and disruption … as long as we don't have to give up a local truth. A local truth is something we ALWAYS do this way, not that way. Its a fundamental belief we all hold to be true. An automatic starting-point. A cherished principle. A basic premise. A correct theory. A known fact. At school and at work we are taught to defend local truths not to escape from them. That is why they are so impossible to change. That is why escape is such a wicked problem that very few thinkers can solve. To escape from a local truth requires thought-leadership. This is the value of the cvs2bvs brain software. The current view of the situation (cvs) can never be equal to the better view of the situation (bvs). cvs≠bvs. cvsx10=bvs. cvs2bvs. DO AN FTI! Why won’t parents vaccinate their children? Why won’t countries prepare for climate change? Why won’t farmers adopt agricultural research? Why won't insurance salesmen change their selling strategy? Why aren’t same-sex couple free to marry? Why are companies so slow to innovate? The wicked problem is: you cannot adopt a bvs unless you can abandon a cvs. In science, in business and at home innovation has as much to do with shedding current practices as it has to do with adopting new ones. To be able to adopt a bvs an employee must first retire a cvs. Or, perhaps even an old idea must die! This can be very difficult for many employees (who are not already thought-leaders) to understand. And for very sensible reasons. Why change our cvs? We already have a BIG investment in our cvs! However, in times of recession, slow markets, increased competition, disruptive technology and much faster customers, those who cannot escape their cvs will simply be left behind. It’s still survival of the fittest and fitness still means adaptation. The Nobel Physicist, Max Planck, famously said, “A new truth does not triumph by convincing its opponents and making them see the light but rather because opponents eventually die and then a new generation grows up that is familiar with it”. But why wait? This is so costly and so slow. In today’s highly competitive environment speed of thought is a survival advantage. Intervention? You can ask for an FTI. You can do an FTI! Do a CVS Audit: What cvs did you retire in 2015? What cvs will you retire in 2016? 2017? The march of science advances by discovering new theories, new ideas, new ways, new insights. However, very few breakthroughs in science have been achieved without the abandonment of old ideas first, no matter how sacred. For example, scientific ideas (cvs) that are currently up for review to make way for new ones (bvs) are: the universe; IQ; string theory; left-brain/right-brain; big bang; infinity; 3D; cause & effect; race theory; essentialism; spacetime; the self; free will; nature vs nurture; big data; Moore's Law; calculus; statistical significance; standard deviation etc, etc. Times change. Climes change. Ideas change. Customers change. Consequences change. The biggest change of all is the rate of change. What established idea in your industry needs to be moved aside so that your industry can advance? What idea has reached its use-by-date? In your field, what idea will you fire? The x10 THE X10 – HOW TO MULTIPLY YOUR LIFE BY TEN! x10: How To Find Ten More Alternatives Than You Thought! x10 = Tenpower, the deliberate use of the power of ten. In your own life, when you have to make a decision or take action you may at first think that you have considered all the options. But, if you search for them you may find that there are more alternatives than you thought. Ten times more! Similarly, in looking at a situation there are always the obvious explanations. But, if you search for them, you may find that there are ten other possible explanations that you had not thought of before you searched. You can multiply your thinking by ten. You can extend your strategic options. With practise, the x10 is a simple, robust and powerful brain app for strategic thinking about survival and growth in your business and in your life. When an obvious explanation presents itself it is very unnatural to look beyond it to try to find other possible explanations. That is why the x10 is a useful device which can take one beyond natural inclinations or entrenched patterns of thinking. The x10 is an antidote to an emotional reaction. Whenever a thinker (he, she, it) seems to be looking at something in a rigid way he can be asked to do an x10. If he can do this the result is that he changes his view, or, if he persists in his view he is now holding it, not because he could not see other options, but because he prefers it. The TPF THE TPF – HOW TO SEE INTO THE FUTURE TPF: How To See Much Farther Into The Many Possible Futures! TPF = Ten Possible Futures When a decision is taken there are consequences. Future consequences that happen after the decision is made. There are always many possible consequences to consider. These many possible consequences are the many possible futures. These many possible futures are often called by scientists the many parallel universes or the multiverse. If we don’t choose the universe we want to be in then it may be chosen by others for us. Or worse, by random drift and circumstance. So, the TPF is the deliberate thinking effort we make to explore the many possible futures so that we may choose the ones we want to be in. cvs2bvs, the Universal Brain Software, frees the brainuser to hop across parallel universes with tenpower. cvs2bvs does this by allowing the brainuser to switch from one parallel universe to another. From cvs .. switch to ... bvs. A parallel universe is a possible future. At any particular moment you are heading to one possible future. But, you could escape from that possible future and head for a different possible future. We do this every day and every time we take a decision ... or not. There are, of course, a virtually unlimited number of possible futures facing us at any particular moment in time (called NOW) but so many futures may be too daunting to think about. So, let’s just limit the options to ten. The TPF is the brain app which shows that at any time you are faced with a decision there are always ten possible futures from which to choose. Usually there is the most likely future which will turn out to be the decision you are most likely to take. In this brain app we call the most likely decision choice: Future #10. We do this to draw attention to the fact that there are at least 9 other possible futures that we could consider if only we made the metacognitive effort to do so. Just to spell this out we’ll tag these possible consequences as follows: Future #10 Future #09 Future #08 Future #07 Future #06 Future #05 Future #04 Future #03 Future #02 Future #01. Try to consider all three kinds of consequences: immediate (up to 1 year), short term (5 years), long term (25+ years). The HWS (HWS notes are by video and not included here).
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