Questioning the WeSPAC, VC-backed Side and Compass face off

first_img Tags Some questions about the WeSPACIf at first you don’t succeed, try, try again: Two years after its failed IPO, WeWork is going public with a SPAC.The merger with BowX Acquisition Corp. — led by Vivek Ranadivé with Shaquille O’Neal as an advisor — values the embattled flex-office company at $9 billion including debt.That’s a fraction of WeWork’s $47 billion valuation in 2019, when it first attempted to go public. According to an investor presentation, WeWork will also get $1.3 billion in proceeds, including $800 million from investors Insight Partners, Barry Sternlicht’s Starwood Capital, Fidelity Management and others. (ICYMI, WeWork lost $3.2 billion last year.)ADVERTISEMENTAll this begs the question: Have we now reached peak SPAC?So far this year, 296 blank-check firms have gone public, raising $96.6 billion, according to SPACInsider. The amount is 7 times the IPO proceeds generated by SPACs in 2019.U.S. regulators are starting to ask questions. The SEC sent letters to Wall Street banks last week, seeking information on how underwriters are managing risk. And earlier this month, it warned investors not to invest in SPACs just because of celebrity involvement.In a statement, WeWork CEO Sandeep Mathrani sought to reassure the naysayers. “WeWork has spent the past year transforming the business and refocusing on its core,” he said. “As a result, WeWork has emerged as the global leader in flexible space with a value proposition that is stronger than ever.” Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink 3, 2, 1 … unicorn!Just five months after its launch, second-home startup Pacaso is a unicorn.The company, started by Zillow co-founder Spencer Rascoff and other former Zillow executives, said it raised $75 million at a $1 billion valuation — becoming the fastest U.S. company to achieve unicorn status.“Pacaso is lightning in a bottle,” said CEO Austin Allison. Greycroft and Global Founders Capital led the round, which brings Pacaso’s total funding to $90 million in equity, plus $1 billion in debt.Demand for second homes surged during the pandemic. In January, mortgage applications for second homes rose 84 percent year over year, according to Redfin. Allison said 500,000 people have visited Pacaso’s website to date. So far, 100 homeowners purchased a fraction of a second home, ranging in price from $2 million to $6 million.STAT OF THE WEEK$3.2BWeWork’s net loss in 2020 Notarize nabs $130M after revenue jumps 600%Ever scramble to get a document notarized? Us too.Online notary startup Notarize just raised $130 million to keep building an alternative to the analog process. The Series D — led by Canapi Ventures with participation from Alphabet, Citi Ventures and Wells Fargo — tripled Notarize’s valuation to $760 million, said CEO Pat Kinsel.He said 2020 was a year of explosive growth, with revenue up 600 percent from 2019. “It was clear when Covid hit that there was going to be extraordinary demand for our service,” he said.Notarize plans to use the funding to accelerate growth. Currently, 31 U.S. states allow online notarizations.Be a good Neighbor?A company looking to be the Airbnb for self-storage has raised $53 million to expand its network of hosts and helps people rent out extra space in their homes — i.e., basements, garages or attics. Fifth Wall Ventures led the Series B, with participation from DoorDash’s Tony Xu, StockX’s Scott Cutler and Andreessen Horowitz.Founded in Utah in 2017, started working with individual hosts, but since Covid hit it has targeted landlords with extra retail or restaurant space, as well as big owners like Acadia Realty Trust and Jamestown. CEO Joseph Woodbury said there are “tens of millions” of unused spaces across the U.S.Desert mirage … or 3D-printed homes? Two California companies are teaming up to build a 3D-printed neighborhood in Coachella Valley.Palari and Mighty Buildings plan to build 15 homes on a five-acre parcel in Rancho Mirage, near Palm Springs.Mighty Buildings, which raised a $40 million Series B in February, prints out modular materials that are assembled like Lego blocks. It claims it can print 3D structures twice as quickly (and with 95 percent less labor hours) than conventional construction. Each home will be 1,450 square feet and made from a stone composite material, according to Palari CEO Basil Starr.The printed homes are more sustainable than traditional, wood-frame construction, which generates about “two tons of waste that goes into landfills,” Starr told CNN. “3D printing … eliminates that unnecessary waste.”Small bytes? Brazilian iBuyer Loft is valued at $2.2B after raising $425M.? Ivanhoe Cambridge is investing $85M in four funds managed by Fifth Wall Ventures.? Knotel tapped ex-WeWork executive Michael Gross as CEO, replacing co-founder Amol Sarva.? Lev Capital, an online real estate finance brokerage, raised $10M from JLL and Pete Flint’s NFX.? NYC startups raised $7.6B so far this year, putting it on track for a record, per Crunchbase.⏰ Instashowing, a home-tour startup, raised $1.5M from former Trulia and Zillow execs including Pete Flint, Greg Schwartz, Carey Armstrong, Austin Allison and others.? CrowdStreet is relocating its HQ to Austin from Portland, Oregon.? promoted chief biz dev officer Ali Haralson to president.? BoomTown, a cloud-based marketing tool for agents, acquired transaction manager Brokermint. . . Click here to join the thousands of knowledgeable readers who subscribe to Future City.  “Pacaso is lightning in a bottle.”— CEO Austin Allison, after the startup was valued at $1 billion,five months after launching  Share via Shortlink Compass and Side are resi unicorns, but are they similar?No sooner did the venture capital-backed brokerage Side achieve unicorn status last week than the comparisons to Compass started rolling in.The firm, which targets “not all agents, just the best agents,” announced a $150 million round led by Coatue Management, putting its valuation at $1 billion. The capital will fund Side’s growth across the U.S., just as Compass pursues a long-awaited IPO at a $10 billion valuation.Neither firm pioneered the idea of a VC-backed brokerage, but both claim to empower agents with better tools. (Also, neither is profitable.)But here’s how they’re different. Compass has grown to 19,000 agents in 46 markets by elevating its own brand. Side is a white-label platform, meaning agents run their own brand and business while Side handles the back-end work.Compass is also chasing 20 percent market share in 20 top U.S. markets, and it spent $300 million on acquisitions between 2018 and 2020. Side limits the number of agents it works with in each market. Future CityProptechTechnologylast_img read more


first_imgThe department of psychiatry is seeking an experienced AdvancedPractice Nurse (APN) that is able to admit patients, make rounds,write orders for medication, diagnostic studies, devices, andconsultations on inpatient psychiatric unit or provide services topatients scheduled at contracted agencies. Candidate will workcollaboratively with staff nurses, social workers and other staffphysicians and agency staff. Location and time of assignments to bemutually agreed upon.ESSENTIAL DUTIES AND RESPONSIBILITIES include thefollowing.Provides coverage at inpatient sites. Services to includepsychiatric evaluation, medication management, restraints and staffconsultation as required. Provides appropriate documentation ofcare including chart notes and completion of required/requestedforms.Provides additional coverage call for the Department’s hospitalcontract. Coverage will be on‑site face-to-face.Must ensure the possession of a functioning phone at all timeswhile on-call.Must respond to any and all calls by telephone response within 15minutes.Must be available and respond to any and all or direct service topatients within one hour of being called for restraint, sentinelevent, near-miss or any other clinical situation that requiresface-to-face clinical care by an independent clinicalpractitioner.Keeps abreast of agency, hospital and departmental policies andprocedures.Submits appropriate billing information.Performs other related duties as assigned.QUALIFICATIONS: To perform this job successfully, anindividual must be able to perform each essential dutysatisfactorily. The requirements listed below are representative ofthe knowledge, skill, and/or ability required. Reasonableaccommodations may be made to enable individuals with disabilitiesto perform the essential functions.EDUCATION and/or EXPERIENCE:Experience: One (1) year of experience as a practicingAPNLicensure: Unrestricted Licensed as an APN with the State ofNew Jersey with a current CDS and DEA.Salary: Commensurable with experienceAdvertised: Nov 20 2019 Eastern Standard TimeApplications close:last_img read more

Border Biscuits invests £2.5m to grow business

first_imgLanarkshire-based Border Bis-cuits hopes to boost business by 50% with a £2.5m investment.Sales reached £9.5m last year at the 25-year-old family-owned firm, which now plans to increase manufacturing capabilities and plant capacity over the next 18 months. It has already spent £2m on a new production line, which helped to develop the new Gourmet Goodness range, as part of an ongoing growth strategy.Sales director Ewan Anderson said: “The launch of the new range follows an investment in the capacity and capability of the plant, a new production line, an advertising campaign on STV and an extensive redesign of the packaging and website.”There is a real opportunity in the premium biscuit category and we’re looking to expand the business throughout the UK and abroad by continuing to produce the best quality biscuits that we can possibly bake.”The Gourmet Goodness range includes fruit, seeds and nuts, combined with slow baked oats. Six varieties include Pecan & Maple Syrup Granola Cookies, Blackberry & Apple Crumbles, Tropical Fruit Crumbles, Red Berry Rascals, Yogurt Cranberry & Pumpkin Seed Crumbles, and Raspberry White Chocolate & Pistachio Crumbles.last_img read more

The story of how you came to buy that car

first_imgThey routinely ask some of life’s deepest questions: Who are you? What do you care about? What are your goals in life? What do you struggle with? What do you love and hate?But these are not psychiatrists or spiritual advisers; they’re marketers probing consumers to figure out why we buy. Whether it’s sleek sports cars, laundry detergents, or cellphones, mapping the views and yearnings of potential buyers helps these specialists construct ad campaigns and brand identities. Though people say they buy for rational reasons like effectiveness or price, the truth is that they often make purchases for more complex reasons, so marketers dig deep with their pitches, targeting our values, fears, and aspirations. And these days the preferred delivery vehicle is often a story.“It always starts with understanding people — fleshing out a full portrait of who a potential customer might be for this product. Because doing laundry is never just about doing laundry. It’s about being a mom or dad and taking care of my family and presenting a clean front to the world,” said Jill Avery, a senior lecturer of business administration at Harvard Business School who studies brand management and teaches “Creating Brand Value,” an M.B.A. course for investors, entrepreneurs, and marketers.Branding used to be a shorthand way to convey reputation to potential buyers who prized claims of performance (“gets whites whiter”) and expert opinion (“four out of five dentists recommend this chewing gum”) over all else. But since the 1960s, consumers have become tougher to persuade with rational sales pitches.“Whereas prior to this, ‘Why should I buy?’ was all about function, in this era, ‘Why should I buy?’ has become wrapped up in who my identity is or who I want to be or what kind of lifestyle I aspire to,” said Avery. “In many product categories, you’re buying into the brand much more than you’re buying into the product.”Some of the world’s most famous brands, like Apple, Nike, and Coca-Cola, have successfully trained consumers to associate their companies with emotional concepts — rebelling, winning, and belonging, respectively — rather than merely the goods they sell.“People want to believe that they’re not swayed by brands,” said Avery. “They are.”12 main character archetypes found in brand stories Backhanded plaudits usually undercut the speakers, Harvard Business School paper says Explorer Lover Innocent When love and science double date Sage In a recent HBS Technical Note on brand storytelling, Jill Avery wrote that effective narratives include compelling characters, citing 12 common examples used in marketing. Click to read more about each type. Source: “The Hero and the Outlaw,” Margaret Mark and Carol Pearson; “Brand Storytelling,” Jill Avery We solved the problem! Now let’s unsolve it. Related Jester Let me compliment you, sort of New research by Daniel Gilbert speaks to our conflicted relationship with progress Magiciancenter_img Regular Brand stories are told in many ways, such as on Twitter, through a retail store experience, through packaging and logos, or via a social media influencer’s posts on Instagram or Facebook. Figuring out what will grab would-be buyers is a dicey, complicated task for marketing professionals, for as times and people change, so do the stories that resonate.“What are we anxious about right now? If we can figure that out as marketers, then we can deliver stories that … help release that anxiety through consumption,” she said.These days, politics and our deep national divisions are sources of angst for many. But where Baby Boomers once sought to “fight the power” and “change the world” through protests and boycotts, Avery says today “we often show our political activism through purchase.” Instead of just avoiding a brand that offends, consumers now deliberately “buycott” — buy one brand over others — to show support for a company’s political stance.Nike’s 2018 “Just Do It” ad campaign featured former NFL quarterback and racial-justice activist Colin Kaepernick (who is himself, as are all major celebrities, a brand) and was a dramatic example of the kind of political storytelling popular today. Though it was created for one of the biggest corporate brands in the world, the campaign’s implicit message was that you should buy Nike products if “you support the little guy, you support taking a stand, you support the struggle, you support the people who stand apart from the mainstream,” said Avery, who wrote a case study on the campaign.What works in much of the country today are narratives that connect brands to social causes, showcase a brand’s ethos or purpose in the world, highlight underdogs or entrepreneurs as heroes, or demonstrate companies making a difference, an approach pioneered decades ago by ice-cream maker Ben & Jerry’s.“We’re not just selling ice cream; we’re changing social consciousness,” said Avery of the company’s unspoken message to consumers.Since the 1990s, as trust in big institutions started to wane, Avery says brand stories that highlight notions of “authenticity” have been very effective across many sectors, ranging from trends in craft beer, artisanal food, and farm-to-table restaurants to Airbnb-style tourism and Etsy-type goods. Many firms work hard trying to manufacture authenticity, the case study found, using enticing Instagram stories or posts by top social media influencers to drive sales rather than straight-up advertising.Newer brands that present themselves as earnest upstarts overcoming the odds are especially popular now. Underdog narratives remain a powerful and enduring part of consumers’ experience, said Avery, who studied this phenomenon.“What we found is that most people perceive themselves as underdogs, even people that rationally shouldn’t perceive themselves as underdogs,” like many of the HBS students who participated in a study and thought they, too, were underdogs.“So if I feel like I’m an underdog, I’m going to be attracted to underdog brands,” said Avery.What doesn’t sell like it used to? Surprisingly, sex. Campaigns built on “blatant sexuality,” even when it’s integral to a brand, such as lingerie retailer Victoria’s Secret, are facing tougher times, said Avery. In the #MeToo era, advertisers approach gender, sex, and romance far differently than in years past. Many more companies embrace LGBTQ consumers and interracial couples and have moved away from depicting men and women in stereotypical gender roles, she said.Prestige and luxury are still important to consumers, but it’s less about overt displays of wealth and luxury than it was just a decade ago when company logos were ubiquitous and bragging about paying top dollar was a thing.“Today, people are looking more for a horizontal differentiation, so being different, rather than being ‘better,’” Avery said. “It’s about being unique, finding the thing that nobody else knew about, being an expert in diverse experiences … that’s giving us identity value versus the conspicuous consumption … of the past.” Outlaw Caregiver The Daily Gazette Sign up for daily emails to get the latest Harvard news. As firms attach ever-more-sophisticated meanings to their brands, marketing professionals now reach for the tools and techniques used by authors and filmmakers to leverage the human fascination with stories in order to lure audiences in a way that obvious sales pitches cannot.Stories “generate higher levels of engagement, learning, persuasion, and inspiration for action” than other forms of communication, making them a “superior” vehicle to reach and affect consumer behavior, Avery wrote in a recent HBS Technical Note on brand storytelling. That’s important, because in “today’s world, where attention is scarce and consumers are bombarded with thousands of brand messages each day, brands that are able to tell compelling stories can break through the clutter and create engagement.”Using humor, romance, sex, or even irony, effective narratives include compelling characters, a conflict and plot that feel fresh yet familiar, and a clear message that comes across as transparent and authentic, not manipulative, she said. Some of the world’s most famous brands, like Apple, Nike, and Coca-Cola, have successfully trained consumers to associate their companies with emotional concepts — rebelling, winning, and belonging, respectively — rather than merely the goods they sell. Warrior Ruler Sure, your heart thumps, but let’s look at what’s happening physically and psychologically Driven by ego? This book’s for you Creator Buddhism informs Harvard-trained psychiatrist’s ‘Advice Not Given: A Guide to Getting Over Yourself’ last_img read more

Saido Berahino could start for West Brom as Tony Pulis notes better behaviour

first_img The striker could now start against Stoke on Saturday after Pulis claimed he was lucky to be on the bench for Monday’s 1-0 win over Newcastle. He was a substitute for the eighth straight game as Pulis hinted at behind-the-scenes troubles. Any deal will have to be significantly better business for the Baggies with the previous bids based around clauses and Tottenham’s final amount rising to £23million in several stages. And Pulis reiterated Albion’s stance on selling the 22-year-old. “I was asked that question two (transfer) windows ago and I said exactly the same,” he told a press conference. “The club would love to keep him.” Salomon Rondon and James McClean remain banned for the Baggies and the club will assess Jonas Olsson and Victor Anichebe (both hamstring) ahead of the visit of Stoke. Press Association Berahino’s time-keeping is understood to have been a problem in the past and it has been his general attitude which Pulis has taken issue with, not any specific flashpoint, but the boss has drawn a line under it. “It’s got nothing to do with anybody apart from me and Saido,” Pulis said. “He’s trained well this week, he’s been in on time and he’s done everything that everyone else has done. “He just lapses, it’s not because he’s a bad lad or anything. It’s just the way he is, it’s just him growing up and recognising it’s about the group, about the team, and the football club. “That’s all done and dusted, we’ve moved on from that. “The kid came on and did really well for 30 minutes (against Newcastle) and he’s got a great chance of playing on Saturday.” Berahino has scored just three goals this season after threatening to strike on deadline day when the Baggies rejected two bids from Tottenham. West Brom are braced for further interest from Spurs in the transfer window after they rejected four offers in total in the summer. West Brom boss Tony Pulis insists Saido Berahino has improved his behaviour after he was warned about his attitude.last_img read more

Fast reaction: 3 takeaways from Syracuse’s 78-70 win over Wake Forest

first_imgThe first 3-pointer Wake Forest hit had Syracuse head coach Jim Boeheim almost ripping his jacket off. Then, after another, he did rip it off and threw it at his chair. Then he kicked the chair. Then, after the sixth consecutive 3-pointer Wake Forest drilled, he had no jacket to tear off so he had to get creative. He walked down the sideline, turned at his chair, bent at the waist and shook his chair as hard as he could.Syracuse (17-8, 6-6 Atlantic Coast) survived a late upset bid by a Wake Forest (9-16, 2-11) team that suddenly couldn’t miss to escape with a 78-70 win on Sunday afternoon in the Carrier Dome. The victory avenged Syracuse’s first loss ever to Wake Forest earlier this season when the Orange fell, 73-67, on Jan. 3 in Winston-Salem, North Carolina. SU lost that game because it allowed three-straight corner 3s near the end of the game. This team almost did the same, but only almost.Here are three fast reactions from the game.Window washersThe biggest reason Syracuse lost to Wake Forest on Jan. 3 was because the Demon Deacons out-rebounded the Orange 38-to-29, but Syracuse ensured it would not be beat on the glass on Sunday.Paschal Chukwu was more active with his hands on both ends of the floor than he has been most of this season and backup center Bourama Sidibe came off the bench to supplement Chukwu’s production to maintain pace with the Demon Deacons in the win. Chukwu’s 11 boards and Sidibe’s three helped SU snuff out Wake Forest possessions, which proved to be key when WFU couldn’t hit shots but still made timely enough plays to hang around for most of the night.AdvertisementThis is placeholder textThe Orange’s ability to close out Wake Forest on the glass only heightened in importance when, midway through the second half, Wake Forest caught fire and sent Boeheim into a rage. The Demon Deacons hit six consecutive 3-pointers — Mitchell Wilbekin had three — to pull themselves back into the game. Even after the run, Wake Forest still continued hitting 3s and never allowed Syracuse to inch away. Boeheim became furious late in the half with his team’s defense and free-throw shooting woes.The biggest rebound, to secure Syracuse’s great escape, came from Chukwu after Wake Forest’s Keyshawn Woods finally missed a 3-pointer. After so much tension, the Carrier Dome crowd finally rose to its feet.Dropping dimesSyracuse point guard Frank Howard had an ACC-play-high seven assists … before the first half was over.While the Orange didn’t move off the ball any more than they have all season, Howard and Battle facilitated improved ball movement and the biggest difference was SU’s shooters capitalizing on their looks and making shots. Howard eclipsed his previous conference game-high, six, in Syracuse’s hot-shooting win over Boston College on Jan. 24, when he hit freshman forward Oshae Brissett for a corner 3. As the public-address announcer blared, “Trey for Oshae,” Howard turned back toward the defensive end of the floor and simply nodded.The junior complemented his efficient night on offense by taking care of the ball and only turning it over once. In the second half, though, Howard’s production slowed considerably despite Wake Forest appearing to make no significant changes on its defense of him. He added only two more helpers throughout the night and finished with nine. His season-high is still the 10 he had in the Maryland win on Nov. 27.Near the end of the game, Howard went to the line twice with a chance to help close out a pesky Demon Deacons team that refused to go away. As much as he helped others generate offense, Syracuse needed him to generate it himself. He missed both sets of free throws and drew Boeheim’s ire, but it didn’t matter as Syracuse managed to close out the game.Bayer doubles career minutesWhen freshman forward Marek Dolezaj picked up his second foul midway through the first half, Boeheim turned to his bench and jerked his thumb at guard Braedon Bayer. The junior transfer had played one minute in Syracuse’s upset win at Louisville on Monday, but on his only offensive possession, he was whistled for a travel that ultimately led to a Cardinals 3-pointer from inside the midcourt line as time expired in the first half.Against Wake Forest, with freshman forward Matthew Moyer sidelined, Bayer entered in the “3” position and grabbed two rebounds in his four minutes, a total that equaled his total number of minutes played this season. His biggest contribution for the Orange was that he played mistake-free basketball and committed no turnovers or defensive errors. With Syracuse’s extremely short bench, he provided a moment of rest for Dolezaj when he was in foul trouble. Comments Published on February 11, 2018 at 3:14 pm Contact Sam: [email protected] | @Sam4TR Facebook Twitter Google+last_img read more

Executives upbeat about L.A. business

first_img“Los Angeles has a very decentralized government structure, so companies often don’t know who to approach to resolve any issues that could be holding their business back in some way,” he said. Bud Ovrum, deputy mayor of Economic Development for the city of Los Angeles, said that strides have been made to improve the business climate. Nor is he too concerned about the perception cited in the survey. “In the economic development business, you always get more growth out of the companies who are already here than the companies that want to move in,” he said. “Companies that are already here give you the biggest bang for your buck.” And the fact that so many executives are confident about the future strikes a positive note and bodes well for the city as well, he said. Ovrum also points out that Los Angeles had its best year ever in 2006 in terms of new construction. “There are projects in the pipeline, not things we’re dreaming,” he said. New home construction has slowed, but office, hotel and retail projects are picking up the slack. The survey also found executives plan to significantly increase employees, products and technology over the next 12 months. Other findings include: Forty-nine percent said their company’s primary focus is expansion to fuel long-term growth. Fifty-four percent of the companies planning new hiring this year will get those employees from the Los Angeles area, and 29 percent said they will add staff elsewhere in the West. Fifty-seven percent plan to make capital improvements and/or investments in technology, and 52 percent expect to increase investment in new products over the next year. Forty-six percent expect to expand the number of geographic markets they serve in their efforts to grow their businesses. Fifty-two percent said it is likely their company would make an acquisition over the next year, and 29 percent said it is likely that their company would be acquired in the next year. The biggest negative issues are high gasoline prices, cited by 68 percent of respondents; state and local taxes, 45 percent; and the transportation system, 43 percent. Hutchins also said that most executives are concerned about the impact on the local economy of the low graduation rate among Latinos and the litigious nature of the area. Positive attributes cited were the availability of office space, the quality of the employment pool and the quality of life. “What we’ve seen in the last year, especially in terms of white-collar employment, is pretty good growth,” said Eduardo Martinez, an economist at the Los Angeles County Economic Development Corp., which works on attracting and retaining jobs in the area. For example, last year the professional, science and technical service sectors saw employment grow an annual 6.7 percent to 241,900 positions, he said. And finance and insurance employment levels in the last half of 2006 returned to mid-1990s levels. “We’ve been able to attract and we’ve had companies expand in those areas,” Martinez said. [email protected] (818) 713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Business executives throughout the Los Angeles area expect their companies to perform better in coming years on stronger economic growth, but most say the region is not an attractive relocation destination, according to a survey released today. Some 56 percent of executives said high taxes, poor high school graduation rates, heavy traffic and other factors make the region unattractive to relocating businesses, according to the first business executive survey conducted in the area by KMPG LLP, a national audit, tax and advisory firm. Still, the survey’s overall results were more positive than expected, said Mark Hutchins, managing partner of KPMG’s Los Angeles office. “Bullish business predictions combined with growing optimism over the local economy are good news for our city,” he said. The KPMG survey was based on responses from 104 business people – 52 at the highest executive level and 52 from the senior-management or vice presidential level. Hutchins said he was not surprised that the Los Angeles area is perceived as an unattractive place for businesses looking to move. “I kind of think the good is why we have the bad,” he said. Seventy-three percent of the executives said that Los Angeles’ ability to attract and retain new business is important to the health of their own enterprise. Hutchins said local government should take note of this. last_img read more

The Fifth Time You Hear No

first_imgThe salesperson’s email was targeted to me directly. Clearly, someone had done enough research to know I am a speaker, and that I might benefit from their product. The product was fine, and a lot of speakers will find it valuable. It is not valuable to me right now because I have something that does what this product does in a way that I like better.Out of courtesy, I explained that I was not interested at this time, as I am satisfied with what I am using. (I hope this rings a familiar bell for you.)The salesperson sent a note suggesting that his product is better than what I am using, and it very well may be, but I am still not moving.A few days later, the salesperson sent me an email to tell me that I was either uninterested or too busy, so if he didn’t hear from me, he would remove me from his contact list.Ultimately, You Have No PowerWhen you are pursuing a prospective client, you don’t have the power to issue an ultimatum. You can’t say, “If I don’t hear from you, I will remove you from my contact list.” You will have many prospects who accept your offer.If you know someone is a prospect, and if you know you can create value for them, you need to invest in the relationship. Instead of straight pitching, do some value-creating first. Make some deposits in the relationship. Make it easier to say “yes” to a conversation to explore change.There is no reason to ever demonstrate to a prospective client how easily discouraged you are and how quickly you give up. No one wants to work with someone who quits at the first sign of resistance. We want to work with people with intestinal fortitude, determined people who persist and succeed.You should never expect a “yes” on the first ask. The first “no” is free. Your prospect gives that “no” to everyone. The fifth “no,” now that’s interesting. Not a lot of people get a fifth “no,” because not a lot of people are persistent enough to ask five times. Mostly they go away after being told “no” one or two times.The fifth time you hear “no,” you are being persistent. And persistence is one attribute you need to be a good salesperson. There are 8 more attributes here. Essential Reading! Get my first book: The Only Sale Guide You’ll Ever Need “The USA Today bestseller by the star sales speaker and author of The Sales Blog that reveals how all salespeople can attain huge sales success through strategies backed by extensive research and experience.” Buy Nowlast_img read more