Posted May 3, 2021 in Podcast
The Most Profitable Way of Doing Business With Bob Burg
The ideal purpose of most businesses and sales leaders is to become more effective in how they communicate their value, sell at higher prices with less resistance, and grow their business with endless referrals.
While every business has its own strategy to deal with competition and become market leaders, only a few understand the most efficient way of doing so. The idea is not only to make money off people but also to serve those people and keep them close.
But how do we do that? How do we find the most profitable way of doing business?
Our guest today, Bob Burg, is the best person to answer that. For 30 years, Bob has helped companies and sales professionals scale new heights. Bob believes that a subtle shift in focus is not only an uplifting and fulfilling way of conducting business but the most profitable way as well.
If you are someone who is in the sales profession, then this episode will be a highly impactful one for you. Understanding the principles that Bob shares can help anyone who is struggling to communicate their value effectively. So without any further delay, introducing the man, Bob Burg.
Who is Bob Burg?
Bob Burg is a notable author and speaker who shares information and knowledge on topics integral to a business or a salesperson’s success. Bob is also an advocate and supporter of the “free enterprise system,”, which states that the amount of money one makes is directly proportional to the number of people one has served.
For many years, Bob was known for his book Endless Referrals, where Bob taught readers how to maximize their daily contacts utilizing both online and offline tools, how to leverage their relationships, and how to generate ongoing sales opportunities.
His other book, The Go-Giver, which he co-authored with John David Mann, is a Wall Street Journal and Business Week bestseller that sold over a million copies. The book has been translated into 30 languages and is a classic bestseller that adds meaning to the old proverb “Give, and you shall receive.” I urge you all to go and check out these two books, which I personally find to be highly impactful.
It was an immense honor and pleasure to have such an incredible man on our show, and I am super excited for you all to learn and be inspired by him. Let’s begin!
Understanding the Premise Behind Bob’s Book, The Go-Giver
I wanted to begin with understanding the real message behind Bob and his co-author John’s book. Here’s how Bob answered:
“[The premise is to] shift your focus from getting to giving. And when we say ‘giving’ in this context, we mean constantly and consistently providing immense value to others. [One must understand] that doing so is not only a pleasant way of conducting business, it’s [also] the most financially profitable way.” – Bob Burg
Bob believes that when you focus more on others’ needs and on making them feel happy and supported, people start trusting you. They want to get to know you and become a part of your life — and the life of your business. This stands true whether you are a salesperson or an entrepreneur.
“An employee might not be an entrepreneur … but they need to act entrepreneurially within another person’s business. Now, as an entrepreneur, your end-user is the one who directly pays your bills. … [While as an employee] your direct customer could be a number of people …you need information from. But because of your great people skills and your focus on them, you are [able to get what you need], … because you provide immense value to them.” – Bob Burg
Through the above example, Bob brilliantly explains how one can achieve their goals by helping others. By adding value to the lives of others, you can open up a world of opportunities for yourself.
The Five Laws of Stratospheric Success
In their book, Bob and John talk about the five laws that can help you achieve success in life. Bob gets candid and explains each law in detail:
Law #1: The Law of Value
The first law explains that your true worth isn’t determined by how much money you bring in, but by how much value you provide to others.
“We simply have to understand the difference between price and value. Price is … finite; value, on the other hand, is the relative worth or desirability of something by the end-user or beholder. … What [do you have] that brings so much worth to someone that they will willingly exchange their money for it … while you make a very healthy profit? … The reason that this exchange takes place is because [your] focus is not on the fee [but] on providing [your clients] with an immensely valuable experience. Money is simply the result.” – Bob Burg
To emphasize the first law, Bob shares an example of hiring an accountant to do your taxes. Maybe the accountant charges you $1,000, which may seem like a high price. But that accountant not only saves you $5,000 on your taxes, he also shares you countless hours and provides you and your family with peace of mind and security that it was done correctly. He gave you more in value than what he took for payment, and that is why you would go back to the same accountant each year.
Law #2: The Law of Compensation
There is always a correlation between the value that you provide and the number of people who benefit from that value.
“While law number one was about value, [the second law] is about impact. [It’s about] how many people’s lives were you able to touch with that value. So exceptional value, plus significant reach, equals very high compensation.” – Bob Burg
With this law, Bob tells us that the more people whose lives you touch with the exceptional value you provide, the more money you’ll be awarded. The motivation lies in your approach and your intent behind it.
Law #3: The Law of Influence
With this law, it becomes clear how important it is to be attentive towards other people’s needs while not losing sight of your own goals.
“[The third law] says that your influence is determined by how abundantly you place other people’s interests. … This is how … the greatest leaders, top influencers, [best] salespeople, and [exceptional] entrepreneurs … live their lives and conduct their businesses. They are always focused on the other person, making it about them.” – Bob Burg
According to Bob, the golden rule of business is that all things are equal. People will do business with and refer business to those people that they like and trust. There is no powerful or more effective way to elicit those feelings towards you from others than by genuinely shifting your focus away from yourself.
Law #4: The Law of Authenticity
We all appreciate authenticity in people, don’t we? It builds better trust and forms stronger relationships. Bob explains what this has to do with sales:
“All the skills in the world: sales skills, or technical skills, or people skills … are all very important. … But if you don’t come at it from your authentic core … [then] they are also all for nothing. … When you show up as yourself day after day, month after month [then] people feel good about you [and] feel very comfortable with you. And this is where the relationship starts …, and trust comes in. This is where people want to be a part of your life.” – Bob Burg
The key to acting authentically is having the confidence in yourself to understand your value. But it’s challenging for us as humans to see those strengths. So you must not shy away from seeking the support of a mentor or someone who can help you take stock of your strengths while also being aware of your weaknesses. Some weaknesses we can ignore. Some weaknesses we have to mitigate. And other weaknesses can be turned into your strengths. Authenticity just basically means that you are living congruently with your values.
Law #5: The Law of Receptivity
Are you receptive to taking in ideas and information? If that is a yes, then you are definitely on the right track.
“The only way you can have a sustainably profitable business and make a lot of money is to provide a lot of value to a lot of people by placing their interests first and doing it authentically, but then you’ve also got to be able to receive. And this is why we say that giving and receiving are not opposite concepts, they are simply two sides of the same coin.” – Bob Burg
The law of nature says you sow before you reap. Economically in business and in life, in all sorts of relationships, you give before you receive, but then once the receiving starts, you have got to be willing to do that and take it in your stride. And with the combined power of these five laws, you can lead your life towards immense success, no matter which profession you belong to.
Why You Should Listen to This Podcast with Bob Burg Right Now…
Folks, I hope that this article gave you a glimpse of how you can take your job or business towards maximum profitability and efficiency. To check out the full episode and cover-up on what I missed in this post, you can check out the entire podcast episode here.
To find out more about Bob’s life and his work, I would recommend that you go and check out his website right away. And to check out Bob’s social media presence and updates, follow him on Facebook, Instagram, and LinkedIn.
If this episode added value for you, then I would be very grateful if you could show me some love and head over to ApplePodcasts, and leave behind a five-star review before sharing it with your friends and family.
I am rooting for your success!