0620

Introduction

In this section, the participants introduce themselves and discuss the purpose of the meeting.

Meeting Purpose

• Participants discuss who will share their screen for the slide deck.

• The presenter shares the slide deck with everyone.

• The group discusses who should be hosts for the meeting.

• The presenter confirms that they will go through a couple of slides.

Small Talk

• Participants engage in small talk about Texas weather.

• They continue to chat about Texarkana and drinking beer.

Company Overview

In this section, participants discuss their roles within the company and how they can help support Bobcat of North Texas.

Introductions

• Participants introduce themselves, including the Chief Revenue Officer, Matt (Customer Success Manager), and Kade (CRO).

Roles

• The Chief Revenue Officer explains his role as an executive sponsor and emphasizes that they are putting a lot of emphasis on heavy equipment as an industry.

• Matt explains his role as a point of contact for customers and how he coordinates with different departments to ensure customer success.

• Jared talks about his role in sales on heavy equipment.

Data Insights

• Participants discuss sharing data insights with Bobcat of North Texas to help them grow revenue.

• They plan to go through utilization data during the meeting.

Referral Program

In this section, participants briefly touch on their referral program.

Referral Program

• Jared mentions their referral program, but they do not go into detail.

Introduction and Understanding the Business

In this section, the speaker introduces himself and expresses appreciation for the business. The speaker then discusses key business strategies and asks if they align with the focus of the company.

• The speaker appreciates the business.

• Key business strategies include moving inventory efficiently, understanding customer needs in advance, maximizing revenue, providing quick responsive service, and building long-term loyalty with customers.

• The speaker confirms if these are areas of focus for the company.

Feedback from Tom and Industry Knowledge

In this section, the speaker explains that they received feedback from Tom and industry knowledge to develop their understanding of the company's business strategies.

• Feedback from Tom was used to understand key business strategies.

• Industry knowledge was also used to develop an understanding of key business strategies.

Rental Equipment as a Tool for Sales

In this section, the speaker discusses rental equipment as a tool for sales.

• Rental equipment is used as a tool for driving more sales.

• Although rental equipment may generate some profit, it is primarily used to drive sales.

Electric Machinery in Business Model

In this section, the speaker discusses electric machinery in their offering and how it may impact their business model.

• Electric machinery has been introduced into the market but has not yet become mainstream.

• Technicians will need to learn a completely different way of working on machines.

• Demand for electric machinery exists but it will take quite a while before it becomes mainstream.

Bread and Butter: Compact Track Loaders

In this section, the speaker explains that compact track loaders are their bread and butter product.

• Compact track loaders are the company's bread and butter product.

• The majority of compact track loaders are sold to construction companies, but they also sell to AG applications such as ranchers and farmers.

Key Business Considerations

In this section, the speaker discusses key business considerations and challenges.

• Inventory or lack thereof is currently the biggest challenge for the company.

• Sales team turnover has not been a problem.

• Competition is always present.

Finding Employees

The speaker discusses how they find new employees for their company.

Methods of Finding Employees

• The company has recruiters on staff to help find new employees.

• Referrals from other salespeople or internal candidates are also considered.

• Sometimes the company will reach out to people who work for competitors or other companies.

Berry Companies and Ordering Equipment

The speaker talks about how Berry Companies operates and its relationship with Bobcat of North Texas.

Relationship with Berry Companies

• Each division operates separately, so Berry Companies does not have anything to do with ordering equipment.

• There are no other challenges mentioned in this section.

Challenges Faced by the Company

The speaker discusses some of the challenges faced by the company, including interest rates and price increases.

Challenges Faced by the Company

• Interest rates are not helping, but there are still decent subsidized breaks available.

• There has been a significant increase in prices across various industries, including construction equipment.

• Customers may experience sticker shock when they see the increased prices, but it is becoming a new norm.

Reasons for Losing Deals

The speaker talks about why deals may be lost and mentions competition as a primary reason.

Reasons for Losing Deals

• Competition is a significant reason for losing deals.

• Price can also be a factor, but sometimes the company may have dropped the ball or had problems with equipment.

Utilization Data and Telenotes

The speaker discusses utilization data and how their reps are using Telenotes.

Utilization Data and Telenotes

• The company has good usage compared to others in the industry.

• The adoption of Telenotes was not mandated, and reps find it valuable.

• The company wanted a simple CRM, and Telenotes fit their needs perfectly.

Introduction to Telenotes

In this section, the speaker talks about how he introduced Telenotes to his team and how it was received.

Introducing Telenotes

• The speaker introduces Telenotes to his team.

• Initially, some of the older members were hesitant to use it and preferred using a notepad.

• The speaker tried creating competition among the team by sending out weekly updates on usage.

• When that didn't work, he started requiring each rep to put in a minimum of 20 tele notes per week or face a penalty.

Account Management

• The speaker audits each rep's accounts every month and highlights five randomly selected ones for review.

• If an account hasn't been touched within a quarter, it is pulled from the rep and given back as an open account.

Importance of Telenotes

In this section, the speaker discusses why he believes Telenotes is important and valuable.

Benefits of Using Telenotes

• The simplicity of using Telenotes drew the speaker in.

• Having live people inputting notes ensures accuracy.

• The map feature has been useful for finding new leads and companies in their area.

Account Management Importance

• Accounts are crucial as they are protected customers who can only buy from the rep.

• Losing an account can result in significant revenue loss.

Map Feature

• The map feature has been used by several reps to find new leads and companies in their area.

• The speaker is unsure if the map feature has resulted in any new business or deals for the reps.

Prospecting DLU's UCC Data

In this section, the speaker discusses how they deal with prospecting DLU's UCC data and getting leads into Tell Notes.

Getting Leads into Tell Notes

• The guys will either manually put the lead in or use the business card feature.

• They are manually putting them in.

• They have access to UCC, so they can pull it in.

• The RIT Department up in Kansas does pivot tables for them.

Frequency of Adding Data from UCC

• It is as needed. If they make contact with somebody, they'll put it in and put a note to follow up.

Issues with Account Accuracy

In this section, the speaker talks about issues with account accuracy when doing weekly updates.

Dashboard Issues

• There have been issues with accounts not being accurate when doing weekly updates.

• This needs to be very accurate since it involves taking money out of a guy's pocket.

• It is still an issue that has been submitted to support.

• The dev team probably should have released some customers that were not ready yet.

Day in Life of Sales Rep

In this section, the speaker talks about what would help their sales reps sell more or be more efficient with their time.

Paperwork Time Suck

• A lot of their guys spend a lot of time doing paperwork such as filling out sales orders, finance documents, and delivery forms.

• They handle all of their deals cradle to grave.

In-house Financing and Third-Party Lenders

The speaker discusses the company's financing options, including in-house financing and third-party lenders.

Financing Options

• The company uses third-party lenders for the majority of their deals.

• They have contracts with Wells Fargo and PNC, two main lenders.

• They also offer in-house rental purchases for customers without Social Security numbers.

Using Search Feature to Find Information

The speaker talks about using the search feature to find information on customers and equipment.

Searching Notes

• The speaker has used the search feature to find information on customers from a salesperson who left the company.

• Without this feature, it would take hours upon hours to find information on customers and equipment.

• It is hard to put a number on how much time is saved by using the search feature.

Tracking Opportunities with Reminders

The speaker discusses how they track opportunities with reminders in their CRM system.

Tracking Opportunities

• They use task reminders as their biggest asset in their CRM system.

• After selling a machine, they expect their salespeople to touch base with the customer within a week and again in two to three months.

• This helps them keep track of opportunities and ensure customer satisfaction.

Communication Between Parts Department and Sales Team

The speaker talks about communication between the parts department and sales team regarding potential sales opportunities.

Communication

• Only the sales team uses Till Notes, not the parts department.

• However, the parts and service departments are good about communicating potential sales opportunities to the sales team.

Commenting on Notes and Training New Reps

In this section, the speaker discusses how they use Talent Notes to comment on customer notes and train new reps.

Using Talent Notes for Comments

• The speaker mentions that they have made comments on some notes using Talent Notes.

• They also mention that their company does not use it.

Training New Reps

• The speaker asks about the email feature and offers to help train new reps at no additional cost.

• When they first rolled out Talent Notes, a representative came in to do a presentation.

• Two senior sales reps do most of the training for new hires.

• The company is happy to connect with new hires through Matt to keep them up-to-date with any changes or improvements.

Understanding Named Accounts and Reviewing Rep's Performance

In this section, the speaker talks about how Telnotes helps reps understand named accounts and how they review their performance.

Understanding Named Accounts

• The speaker explains that Telnotes is used to keep track of what has been done throughout the process.

• Each rep is based out of one store, but some may rotate between stores depending on need.

Reviewing Rep's Performance

• The speaker mentions that they scroll through daily updates from Telnotes during weekly or monthly reviews with their reps.

• They have had some good coaching opportunities from the notes and have used it to settle disputes.

• The speaker asks about incentives for reps and mentions that they do contests with cash, trips, and prizes.

Including Competitions and Incentives in the Next Iteration of Product

In this section, the speaker discusses including competitions and incentives in the next iteration of their product.

Including Competitions and Incentives

• The speaker mentions that they are thinking about including competitions and incentives in the next iteration of their product.

Incentives for Salespeople

The speaker discusses different incentives that can be offered to salespeople, including cash bonuses, trips, and gifts.

Incentives for Salespeople

• Cash bonuses are effective but may not be as meaningful to top-performing salespeople who already earn high salaries.

• Gifts such as fishing trips or watches can be more impactful than cash bonuses.

• Trips to golf resorts or other destinations can also be effective incentives.

• Follow-up calls with customers after a sale is made can help build long-term relationships and lead to future business opportunities.

Success Story with Follow-Up Calls

The speaker shares a success story about how follow-up calls helped secure a large order from a customer who had previously been loyal to Caterpillar.

Success Story with Follow-Up Calls

• A sales rep had been following up with a customer in Fort Worth for several years without success.

• The sales rep continued to send reminders and eventually received an order for 20 machines worth $70,000 each, with the potential for more orders in the future.

• The key was staying in touch with the customer over time and building a relationship through consistent follow-up calls.

Sales Meeting with Max

In this section, Matt and Jared are on a call with Max discussing the possibility of Bobcat Dealers becoming customers. They discuss referral bonuses and other dealers that might be interested.

Discussion of Referral Bonus

• Max mentions that Danny from Bobcat Dealers was down for a sales meeting.

• The company will put Bobcat Dealers on a two-week trial, and if it goes well, they will become customers.

• Each rep that signs up is eligible for a $100 bonus.

• Jared wants to get every single Bobcat dealer in America on Telnuts.

Other Business

• Matt will be the main point of contact for Max, but he can escalate any issues to Jared.

• Matt will reach out to Max monthly with updates.

• The company is doing great things, and it's good to hear stories and use cases.