5 expert tips on executing an effective spend analysis

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There I was hunched over my desk in my WeWork office.

The year was 2018, and I was frantically trying to get meetings booked.

The hour was (usually) 6 AM. Or, whenever WeWork opened it's doors in the morning.

In a typical week I would book 20 meetings.

Which I would then attempt to close.

Having no sales experience, I was eager to take a meeting with anyone who would listen.

I also had no sales team.

Other than me, myself, and I.

All in between sips of (multiple) cups of coffee and an outfit that (sometimes) hadn't changed for 48 hours.

What a time that was.

This was also when we were only pulling in $8k to $12k per month in sales.

To reiterate, I was booking:

1. All of my meetings myself
2. I would take meetings with anyone
3. Half of my meetings wouldn't even show

Ugh.

I feel stressed even thinking about it.

But, it was necessary to get the job done.

Luckily, those days are gone and I no longer have to scurry around for meetings.

I've mechanized the process of prospect to meeting to proposal to close.

And, as an agency owner, this is something you must become really good at if you want to scale fast.

So how do I do it?

First, I start with channel market fit.

When I first launched my agency (Twiz.io), I was only able to book meetings from LinkedIn, email, and cold calling.

I figured out that if I make SEO analyses videos for people, I would get a higher response rate and close rate for those prospects.

CLICK HERE TO VIEW AN EXAMPLE

That has since expanded to every (major) B2B prospecting channel.

Essentially, we've figured out a compelling reason for enough qualified prospects to take meetings with us anywhere they hang out on the internet.

Second, I find and scale talented sales reps.

How do I do that?

Through a mix of incentivizing comp plans and a lean sales team.

I make everyone I hire go through a rigorous application.

You can check it out yourself if you'd like: CLICK HERE FOR APPLICATION

They must prove to me they can handle the fast paced environment of sales. And, they have to sell me on why they should work with me.

I pay them $25 per hour (base) and bonuses based on number of qualified meetings booked that show or contracts closed over $15,000.

A typical BDR (Business Development Representative) can expect to make the following:

• $400 Per Qualified Meeting That Shows

OR

• $2000 Per Contract That Closes Over $15,000

Whatever is greater of those two buckets is what they get paid.

Their quota is 10 qualified meetings that show per month OR 2 contracts worth over $15k that close.

Third, I focus on expanding their earning potential so we both can make more money.

Essentially, once they ramp to $70k in yearly earnings, I tell them they can choose one of three options in order to reach $200k per year:

1. Manage the accounts you close (Customer Success Path)
2. Lead a team of closers (Sales Management Path)
3. Manage a team of setters (BDR Management Path)

Once they choose, I have them write a personal business plan.

Here's mine: CLICK HERE TO READ

This allows me to act more like a coach than a CEO.

It's pretty simple.

All I have to do is pull up their executive plans, which I keep bookmarked on my browser, and read through them every day.

The biggest lesson I've learned through the last four years running Twiz is...

To become wealthy you must focus on making other people wealthy.

This has held true for me.

The moment I was able to start paying people over six figures per year was the moment I was able to start making over six figures per year.

This is also the reason I launched AgencyGo last month.

"It's the agency scaling community I never had." - I hear a lot of my members say this and it echoes my sentiments.

If you'd like to join the AgencyGo fam and learn from me personally how to scale to $185k per month in revenue click the link below and sign up:

CLICK HERE TO JOIN

And, if you would like to learn more about how I am able to book 1,731 meetings per year, check out my latest video I just released:

CLICK HERE TO WATCH

Next week, I will be covering how to ramp your sales closers to $1,000,000 per year in sales production. Stay tuned.

Lucas out.

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