Industrial Growth Institute

Episode 56 - Roi Carmel on Using AI Sales Agents for Better B2B Sales Opportunity Qualification

Autonomous Deal Execution and the Power of AI Sales Agents - Roi Carmel in Episode 56 of the Industrial Growth Institute Podcast
Summary
Roi Carmel, CEO of Spotlight.ai, joins EdMarsh  to discuss the intersection of sales, technology, and the impact of AI on the sales process.
They explore the importance of viewing sales as a core function across all roles, the concept of autonomous deal execution, and how AI can streamline sales processes while maintaining the essential human element. The discussion dives deeply into the rapid evolution of AI Sales Agents and how technology is quickly empowering reps - although it's unlikely to replace them despite some predictions.
Roi shares insights on topics including:
managing complex sales cycles
the significance of discovery
the need for accurate sales data to inform decision-making at the executive level
common pitfalls in sales
unrealistic pipelines, pipeline reviews, MEDDPICC, BANT, other qualification frameworks
the importance of understanding customer pain points
the philosophical difference between qualifying deals in vs. qualifying them out
They also explore the evolving landscape of sales and AI, emphasizing the importance of understanding deal dynamics, building trust, and leveraging community engagement. Roi shares insights from his experiences in AI and sales, discussing the critical role of mentorship and the need for continuous learning in a rapidly changing environment.
Roi also shares thoughts on the significance of maintaining a balance in life as a CEO and the lessons learned from military service, archery, and judo that apply to leadership and resilience.
Takeaways
AI sales agents can streamline sales processes while preserving human interaction.
Understanding customer pain points is crucial for successful sales.
Sales reps often have 'happy ears' leading to unrealistic pipelines.
Discovery is essential to tie solutions to customer outcomes.
Sales managers should focus on quality over quantity in pipelines.
Autonomous deal execution can enhance sales efficiency.
Sales cycles can be sped up by addressing gaps in real-time.
AI is changing the way we prepare for sales meetings and qualify opportunities.
Factors beyond our control, like M&A, change deal qualification.
Salespeople need to focus on gaps in their deals, not just successes.
Trust is the foundation of effective leadership.
Archery teaches mental toughness and resilience in business.
Continuous practice is essential for sales success.
Communities are becoming vital for building trust in business.
AI will increasingly influence how deals are qualified and managed.
Takeaway Quotes from Roi Carmel
"Slow down to speed up."
"We need to orchestrate, not operate."
"AI is accelerating value-driven conversations."
"Always be qualifying out."
Check out Roi's Spotlight.ai website.
LinkedIn: Roi Carmel and Ed Marsh
Twitter: Roi Carmel and Ed Marsh
Instagram: Ed Marsh
YouTube: @SpotlightAIVideo and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Industrial Growth and Technology Insights 03:05 The Role of Sales in Product Development 06:01 Understanding Autonomous Deal Execution 09:05 AI's Impact on Sales Processes 14:56 Navigating Complex Sales Cycles 18:04 The CEO and CFO Perspective on Sales Data 21:12 Identifying Causes of Unrealistic Pipelines, and using MEDDPICC to qualify 23:58 The Importance of Discovery in Sales 26:50 Managing Multiple Buying Personas 40:46 Understanding Deal Dynamics 42:13 The Evolution of AI Sales Agents 49:15 Lessons from Military Service, Archery and Judo 54:44 Leadership and Building Trust 58:35 Mentorship and Community Engagement 01:00:05 The Importance of Community in Business 01:07:53 Innovations in AI and Sales Tools 01:12:20 Agentic AI for Opportunity Qualification
 
B2B Sales today is about seeking every ethical edge and advantage. That's why Ed created the Overall Revenue Effectiveness™ Framework to help companies optimize marketing and sales, and unlock an edge.
 
#AISalesAgents #AISalesAgent #AIAgents #AIinSales #SpotlightAI #RoiCarmel #RoyCarmel #EdMarsh #Podcast #AIforSales #AIforSalesforce #AIforSalesTeams #DealQualification #OpportunityQualification #AutonomousDealExecution #AutonomousOpportunityQualification #HappyEars #ComplexSales #B2BSales #IndustrialSales #EnterpriseSales #CapitalEquipmentSales #WhatAreAISalesAgents #AISalesAgentsAndAutomations #BestAISalesAgents #IndustrialGrowth #SalesStrategy #SalesProcess #MEDDPICC #SalesProcess #SalesManagement #SalesPipeline #SalesForecast #PipelineReview #SalesQualification #SalesInsights #Trust #Leadership

Episode 55 - Dan Schobel on Turning Trade Credit Insurance into a Competitive Sales Advantage

Just Sell That Hairy B2B Deal! Gain a Competitive Sales Advantage Through Trade Credit Insurance - Dan Schobel in Episode 55 of the Industrial Growth Institute Podcast
Summary
Dan Schobel joins the Industrial Growth Institute podcast to chat with host Ed Marsh about the often-overlooked topic of trade credit insurance. They explore how this financial tool can mitigate risks for industrial manufacturers while also creating opportunities for increased sales flexibility. Dan shares his journey in the industry, the challenges of launching his own business, and insights into effective sales strategies.
The conversation also delves into:
the current economic landscape and its implications for businesses
rising bankruptcy rates
the importance of understanding customer risks in business.
They delve into the role of credit insurance as a tool for managing financial risks, providing competitive advantages, and improving cash flow. The discussion also addresses common misconceptions about trade credit insurance and emphasizes the necessity for businesses to consider this coverage to safeguard their receivables and support growth.
Dan finished with an admonition to "Just sell the deal!" Imagine having that confidence.
Takeaways
Trade credit insurance mitigates risk and creates opportunities.
Dan Schobel launched his business to seize the moment.
Sales in the B2B space require constant prospecting.
Understanding customer risk is crucial for receivables protection.
Trade credit insurance is not the same as factoring.
The cost of trade credit insurance is minimal compared to its benefits.
Threatening to file a claim can prompt customer payments.
Retail is struggling while restaurants are busy.
Economic conditions vary significantly by industry.
Effective sales strategies involve understanding the decision-makers.
Economic disparities exist between urban and rural areas.
Bankruptcy rates are increasing, particularly in mid-America.
Understanding customer risks is crucial for businesses.
Credit insurance can provide a competitive edge in sales.
Managing stress is part of navigating high-stakes situations.
Credit insurance can free up cash and reduce financing costs.
Many companies are unaware of the benefits of credit insurance.
Misconceptions about the cost of credit insurance persist.
Effective risk management can lead to business growth.
Building relationships and trust is key in the insurance industry.
Takeaway Quotes from Dan Schobel
"You're crazy if you don't cover it."
Check out Dan's Trade Smart website.
LinkedIn: Dan Schobel and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube:  @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Trade Credit Insurance 02:25 Dan's Journey and Business Launch 04:25 Understanding Sales Dynamics 12:14 Defining Trade Credit Insurance 18:54 Cost and Coverage of Trade Credit Insurance 24:22 Current Economic Landscape and Its Impact 25:41 Economic Disparities and Bankruptcy Trends 30:00 Understanding Customer Risks in Business 31:52 Managing Stress in High-Stakes Situations 34:39 The Importance of Credit Insurance 37:48 Leveraging Credit Insurance for Competitive Advantage 40:34 Cash Flow and Financing Benefits of Credit Insurance 42:01 Navigating Misconceptions About Trade Credit Insurance 49:33 The Case for Trade Credit Insurance in Business Growth
 
B2B Sales today is about seeking every ethical edge and advantage. That's why Ed created the Overall Revenue Effectiveness™ Framework to help companies optimize marketing and sales, and unlock an edge.
 
#CompetitiveSalesAdvantage #CompetitiveAdvantage #B2BSales #TradeCreditInsurance #SalesStrategies #IndustrialGrowth #ReceivablesProtection #BusinessRiskManagement #EconomicTrends #DanSchobel #EdMarsh #BankruptcyTrends #CustomerRisk #CreditRisk #CashFlow #TradeCreditInsurance #RiskManagement

Episode 54 - Dianna Huff on the Curse and Blessing of Private Equity in Mid-Size Industrial Manufacturing

Is Private Equity Good or Bad for American Manufacturers? - Dianna Huff in Episode 54 of the Industrial Growth Institute Podcast
Summary
Diana Huff, a marketing expert focused on American manufacturing chats with host Ed Marsh. They discuss her journey from a background in English literature to industrial marketing, her passion for promoting Made in USA products, and the challenges faced by small manufacturers in the current economic landscape.
The conversation delves into the impact of offshoring, the role of private equity in manufacturing, and the importance of effective marketing strategies for small manufacturers. Diana shares her insights and opinions on various topics including:
the evolving nature of industrial marketing
the significance of maintaining a strong manufacturing base in the U.S.
the complexities of automation in manufacturing
the impact of private equity on American jobs
the critical need for effective marketing strategies.
They discuss the balance between profit and employee welfare, the importance of manufacturing jobs in providing stability, and the necessity of building trust in marketing. The conversation emphasizes the need for manufacturers to adopt a continuous improvement mindset in both production and operations, and marketing and sales to thrive in a changing landscape.
Takeaways
Diana Huff has a rich background in industrial marketing and manufacturing.
The role of private equity in manufacturing can be both beneficial and detrimental.
Offshoring has significantly impacted American manufacturing jobs.
Effective marketing is crucial for small manufacturers to compete.
Websites should communicate expertise and attract talent, not just generate leads.
Diana's blog focuses on promoting Made in USA products based on personal experiences.
The manufacturing industry has become more efficient due to competition. 
Automation can help address labor shortages in manufacturing.
Diana's journey reflects a passion for revitalizing American manufacturing.
Automation helps ensure consistent quality in manufacturing processes.
The precision of automated tools can reduce waste and improve safety.
Balancing profit maximization with employee welfare is a complex challenge.
Many American manufacturers struggle with marketing and sales effectiveness. Improving their revenue growth can improve resilience and reduce the need to sell.
Private equity can provide important options for business owners.
Different firms and philosophies may emphasize business cuts while others embrace owners, legacy, employees and community.
Manufacturing jobs are vital for community stability and individual dignity. - Building trust in marketing is essential for long-term success.
Effective marketing requires consistency and a clear budget.
Manufacturers should adopt a continuous improvement mindset in marketing.
Consumers can support American manufacturing by being informed and intentional in their purchases.
Takeaway Quotes from Dianna Huff
"There is no straightforward, easy answer."
"Private equity may actually serve a purpose."
"The focus on profits has led to offshoring."
Check out Diann's Huff Industrial Marketing website.
LinkedIn: Dianna Huff and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube:  @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Diana Huff and Her Journey 12:00 The Impact of Offshoring on American Manufacturing 19:57 The Role of Private Equity in Manufacturing 28:04 Challenges Facing Made in America Manufacturing 32:06 The Future of Manufacturing and Automation 33:41 The Role of Automation in Manufacturing 35:54 Balancing Profit and Employee Welfare 39:05 Marketing and Sales: The Missing Link 43:05 Private Equity: A Double-Edged Sword 47:56 The Importance of Manufacturing Jobs 52:01 Building Trust in Marketing 56:06 Strategies for Effective Marketing 01:00:54 Resources for Buying American 01:04:02 Final Thoughts on Manufacturing and Marketing
 
Ed Marsh is certified in Private Equity Portfolio Company Governance by the Private Directors Association and consults with sponsors and portcos on his Quality of Sales Framework. 
 
#BenefitsOfPrivateEquity #privateequity #JackWelch #Capitalism #ExitStrategy #EmployeeWelfare #IndustrialManufacturing #MadeInUSA #MadeInAmerica #AmericanManufacturing #Offshoring #Profitability #IndustrialMarketing #MarketingForManufacturers #ManufacturingMarketing #Podcast #DiannaHuff #EdMarsh #Reshoring #ManufacturingProfitability

Episode 53 - Steve Maurer on Industrial Content Marketing from the Heart and Factory Floor

Industrial Content Marketing Can't Fake a Genuine Industrial Connection if It's Going to Resonate - Steve Maurer in Episode 53 of the Industrial Growth Institute Podcast
Summary
In this episode of the Industrial Growth Institute podcast, Ed Marsh interviews Steve Maurer, an industrial content marketing copywriter with a rich background in maintenance and safety.
They discuss the evolution of content marketing in the industrial sector, the importance of understanding the buyer's journey, and how to effectively communicate emotional benefits to potential customers.
Steve shares insights on:
aligning content with the buyer's journey
the shift from print to digital content
the challenges of writing case studies and white papers
the need for a human touch in industrial marketing
the importance of listening to the target market.
In this conversation, Steve Maurer shares insights on the challenges faced by marketing teams in industrial sectors, the evolution of content length for SEO, and the importance of understanding audience needs. He discusses the role of AI in content creation, effective interviewing techniques for extracting valuable information, and the significance of emotional connection in marketing.
Maurer also emphasizes the need for a structured review process and the value of adjacent content in engaging potential customers. He concludes with recommendations for aspiring copywriters and the importance of strategic content planning.
Takeaways
Steve's first career was on factory floors before he transitioned from maintenance to content marketing.
Understanding the buyer's journey is crucial for effective marketing.
Emotional benefits are key in B2B marketing.
Content must align with the buyer's journey for success.
Digital content is replacing traditional print materials.
Companies need to understand their target market's needs.
Style guides help maintain consistent messaging.
Video content is increasingly important in marketing.
Case studies should focus on the customer as the hero. Marketing teams often struggle with resource limitations.
Longer blog posts are now essential for effective SEO.
Understanding your audience's emotional needs is crucial.
AI can significantly enhance the research process for writers.
Effective interviewing can uncover valuable tacit knowledge.
A structured review process can streamline content approval.
Writing should engage the audience on a conversational level.
Adjacent content can attract potential customers beyond direct product marketing.
Reading widely can improve copywriting skills.
Takeaway Quotes from Steve Maurer
"Ask the so what question."
"Don't make me think, show me."
"Listen to your market and they will tell you."
"I want to have a conversation with you, even if it's on paper."
Check out Steve's Maurer Copywriting website.
LinkedIn: Lew Weiss and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube:  @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Industrial Growth and Content Marketing 03:02 Steve Maurer's Journey from Maintenance to Marketing 06:02 Understanding the Buyer’s Journey in Industrial Marketing 09:13 The Importance of Emotional Benefits in B2B Marketing 12:01 Aligning Content with the Buyer’s Journey 14:59 Lead Generation and Nurturing Processes 20:50 Finding Information in the Digital Age 26:57 Creating Effective Style Guides 29:46 Types of Content in Industrial Marketing 33:11 Challenges in Writing Case Studies and White Papers 38:54 Marketing Team Challenges and Resource Limitations 42:45 The Evolution of Blog Post Length and SEO 47:26 Navigating Client Expectations and Content Voice 49:34 The Art of Interviewing for Tacit Knowledge 52:29 AI's Role in Content Creation and Research 01:00:58 Writing for Audience Engagement and Emotional Connection 01:09:02 Recommended Resources for Aspiring Copywriters 01:12:56 The Importance of Adjacent Content in Marketing 01:15:22 Final Thoughts on Industrial Content Strategy
 
Learn about Manufacturing Journalism™ for Industrial Manufacturers.
 
#industrialcontentmarketing #IndustrialMarketing #ManufacturingMarketing #ContentMarketing #SalesEnablement #BuyersJourney #LeadGeneration #DigitalContent #StyleGuides #CaseStudies #WhitePapers #Blogging #B2BMarketing #MarketingforManufacturers #ContentCreation #SEO #BlogWriting #AudienceEngagement #AIinWriting #ContentStrategy #InterviewingTechniques #CopywritingResources #IndustrialCopywriting #ManufacturingJournalism #Podcast

Episode 52 - Lew Weiss on How Manufacturing Talk Radio Transformed His Metals Distribution Business

Manufacturing Talk Radio Quickly Morphed From an Experiment to an Industrial Marketing Juggernaut that Drove 30% Growth in Sales - Lew Weiss in Episode 52 of the Industrial Growth Institute Podcast
Summary
Lew Weiss, founder of All Metals and Forge Group and Host of Manufacturing Talk Radio joins Ed to share his extensive experience in industrial sales and marketing.
Lew discusses the evolution of sales over the decades, his early adoption of the internet, and the significant impact of achieving ISO certification on his business.
He also reflects on the creation of Manufacturing Talk Radio, emphasizing the importance of providing valuable insights to manufacturers. The conversation highlights:
Lew's innovative approach to marketing and his ability to adapt to changing industry landscapes
his journey in podcasting
the impact of his show on his business
transition from audio to video
challenges of monetization
importance of consistency
the value of educating the audience, and the need for commitment and patience in building a successful podcast.
Weiss also reflects on the surprises encountered during business transactions and the balance between work stress and passion for the industry.
Takeaways
Lew Weiss founded All Metals and Forge Group in 1972.
He embraced innovative marketing strategies throughout his career.
The internet revolutionized his approach to business.
ISO certification significantly boosted his company's credibility.
Marketing has always been more important than sales in his experience.
Manufacturing Talk Radio was created to provide insights to manufacturers.
He recognized the need for continuous reinvention in business.
Lew's unique branding with the yellow jacket made him recognizable.
He generated substantial leads through his website.
The podcast gained significant traction, with high download numbers. Sales at All Metals and Forge Group increased by over 30%.
Consistency is crucial for podcast success.
Transitioning to video-enhanced audience engagement.
Syndication expanded the reach of the podcast.
Monetization in podcasting is challenging but necessary.
Surprises in business transactions are common.
Passion for the work helps manage stress.
Understanding industry buzzwords is essential for success.
Rewards from podcasting can be significant over time.
Educating buyers is vital in today's market.
Takeaway Quotes from Lew Weiss
"Consistency is key in podcasting."
"The rewards will come back in spades."
"Educating your buyer is of colossal importance."
Check out Lews's Manufacturing Talk Radio website.
LinkedIn: Lew Weiss and Ed Marsh
Twitter: @MfgTalkRadio and Ed Marsh
Instagram: Ed Marsh
YouTube: @MfgTalkRadio and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Lew Weiss and His Journey in Business and Manufacturing Talk Radio 04:26 The Evolution of Industrial Sales 11:50 Embracing the Internet Revolution 17:14 Achieving ISO Certification and Its Impact 24:53 Marketing vs. Sales: A Historical Perspective 28:11 The Birth of Manufacturing Talk Radio 34:48 The Impact of Manufacturing Talk Radio on Business 36:35 Measuring Impact and Consistency in Podcasting 39:01 Transitioning from Audio to Video 41:22 Relaunching and New Beginnings 43:12 Syndication and Expanding Reach 49:09 Monetization Challenges and Strategies 51:30 Navigating Business Transactions and Surprises 56:47 Balancing Work Stress and Passion 01:00:10 Advice for Aspiring Podcasters 01:02:10 The Importance of Commitment and Patience 01:07:11 Educating the Buyer and Market Trends
 
Learn about Manufacturing Journalism™ for Industrial Manufacturers.
 
#ManufacturingTalkRadio #LewWeiss #ManufacturingJournalism #IndustrialJournalism #IndustrialMedia #IndustrialSales #ISOCertification #MarketingStrategies #BusinessEvolution #InternetMarketing #SalesTechniques #DigitalMarketing #ManufacturingMarketing #AllMetalsAndForgeGroup #Podcast #Podcasting #VideoMarketing #MarketingROI #BuyerEducation #PodcastingAdvice #VideoPodcast #ManufacturingIndustry #BrandedPodcast #PodcastMarketing

Episode 51 - Jean Rabatin on Optimizing Industrial Sales Channel and Avoiding Channel Conflict

Avoiding Channel Conflict and Driving Profitable, Sustainable Growth - POV From Both Sides of Sales Channel in Automation and Machinery Sales - - Jean Rabatin in Episode 51 of the Industrial Growth Institute Podcast
Summary
Jean Rabatin, a successful woman in sales and a long-time professional in the automation industry, discusses her journey from selling metal to robotics.
Jean and host Ed Marsh explore the significance of live events and trade shows in building relationships and generating leads, the challenges of transitioning from technical to commercial conversations, and the importance of understanding partner dynamics in sales.
Jean shares insights on:
managing trade show leads
complexities of channel partnerships
evolving landscape of automation technology
different types of industrial sales channel
specifics of partnerships in robotic integration
importance of support culture over exclusivity.
They explore the concept of ideal partner profiles, the significance of training and onboarding, and the impact of innovative co-marketing (manufacturer and channel partner) strategies in the industrial space.
The discussion also touches on personal well-being, the future of AI in robotics, competition in automation, and trends in US automation, providing insights into how companies can adapt to evolving market demands.
Takeaways
Jean's career spans over 22 years in automation and robotics.
The importance of live events for personal connections in business.
Transitioning from technical discussions to commercial conversations is crucial.
Feedback from partner events is essential for future planning.
Trade shows serve as networking opportunities rather than just sales events.
Managing trade show leads effectively is key to success.
Selling custom automation presents unique challenges compared to traditional sales.
Women in industrial sales bring a different perspective and can be successful.
The move to automation requires understanding both direct and channel sales.
Building technology partnerships can enhance market offerings and growth.
Successful integrators have relationships with various robot companies.
Support culture is crucial in differentiating companies.
Training programs should be tailored to the partner's existing knowledge.
AI will play a significant role in the future of robotics.
The market is shifting towards companies that can't find workers.
Automation audits can help identify opportunities for integration.
Innovative marketing strategies can enhance visibility and engagement.
Personal well-being practices are essential for maintaining focus.
Adaptability is key for integrators in changing industries.
Takeaway Quotes from Jean Rabatin
"We want them to know who we are."
"You have to earn that credibility."
"We don't ask or demand for exclusivity."
"You have to have some kind of value add."
"We need robots to manufacture in this country."
Check out Jean's Yaskawa Motoman Robotics website.
LinkedIn: Jean Rabatin and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @Yaskawa and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Jean Rabatin and Her Journey 02:18 The Importance of Live Events in Business 04:22 Transitioning from Technical to Commercial Conversations 08:31 Feedback and Future Plans for Partner Events 10:29 The Role of Trade Shows in Networking and Lead Generation 12:15 Managing Trade Show Leads Effectively 16:46 The Challenges of Selling Custom Automation 19:42 Women in Sales - Breaking into Sales in a Male-Dominated Industry 24:10 The Move to Automation and Channel Sales 28:56 Navigating Complex Channel Partnerships 32:32 Building Technology Partnerships for Growth 35:15 Avoiding Channel Conflict in Sales 39:34 Navigating Robot Partnerships 42:00 The Importance of Support Culture 45:04 Defining Ideal Partner Profiles 48:48 Training and Onboarding New Partners 51:02 Selling Beyond Technical Features 53:00 Innovative CO-Marketing Strategies 58:47 The Future of AI in Robotics 01:01:34 Understanding Competition in Automation 01:03:39 Trends in US Automation 01:08:34 Resources for Automation Insights
 
Explore the Overall Revenue Effectiveness™ Framework for Industrial Revenue Growth and and the role of channel management to drive growth and preempt channel conflict
 
#ChannelConflict #ChannelSales #SalesChannel #IndirectSalesChannel #Distribution #Integrators #IndustrialSales #MachinerySales #Robots #Automation #Yaskawa #Kuka #CalvaryAutomation

Episode 50 - Mike Miller on the Evolution from Engineer to Sales to Sales Manager

From Air Force ICBM Missaleer to Sales Engineer and on to Sales Manager - Mike Miller in Episode 50 of the Industrial Growth Institute Podcast
Summary
Mike Miller is an Air Force Veteran and experienced capital equipment sales engineer. Today, he's a sales manager with a unique background in aerospace engineering and military service.
Mike and Ed discuss the common sales challenges faced by industrial manufacturers, the importance of balancing technical knowledge with sales excellence, and the transition from military to sales roles. Mike shares insights on effective sales training, the significance of understanding customer needs beyond technical specifications, and the challenges of moving into management.
The conversation highlights the importance of:
relationship management
proper onboarding
lessons learned from military discipline that can be applied to sales
dual roles of leadership and management in sales
importance of accountability and control.
Mike shares insights on transforming traditional sales processes, managing customer relationships, and the significance of hiring and developing sales talent. The discussion also covers pricing strategies, sales compensation, and the challenges facing US manufacturing. Miller concludes with practical advice for sales leaders seeking to improve their processes and outcomes.
Takeaways
Sales challenges in manufacturing are common and multifaceted.
Mike Miller's background in aerospace engineering and military service informs his sales approach.
Transitioning from military to sales requires adaptability and a willingness to learn.
Preconceptions about sales often differ from the reality of the role.
Understanding customer needs is more important than technical details in sales. - Effective sales training and onboarding are crucial for success.
Building relationships with customers is key to successful sales.
Management requires a different skill set than being a top-performing sales rep.
The importance of feedback and buy-in when implementing changes in sales strategy.
Lessons from military discipline can enhance sales performance and management. Leadership and management are both essential in sales roles.
Accountability comes in different forms: management vs leadership.
Hope should be replaced with a proactive mindset.
Qualifying opportunities is crucial for effective sales.
Sales engineers must balance technical knowledge with sales skills.
Every customer interaction should provide value.
Understanding market trends is vital for sales success.
Hiring great salespeople requires a focus on technical aptitude.
Sales compensation should align with intrinsic and extrinsic motivations.
Building empathy within teams enhances collaboration and understanding.
Takeaway Quotes from Mike Miller
"You have to keep getting down to why does this matter?"
"Management is a mindset and a skill set."
"Hope is no longer in our language."
Check out Mike's AZO, Inc. website.
LinkedIn: Mike Miller and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @AZOInc. and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Sales Challenges in Manufacturing 01:20 Mike Miller's Unique Background 05:14 Transitioning from Military to Sales 09:14 Preconceptions of Sales vs. Reality 14:40 The Importance of Business Over Technical Details 20:32 Navigating Customer Conversations 25:44 The Role of Sales Training and Onboarding 31:09 Lessons from the Air Force in Sales 36:47 Transitioning to Sales Management 43:14 Navigating Peer-to-Boss Dynamics 45:48 Leadership vs Management in Sales 48:27 Transforming Sales Processes 51:16 Accountability and Control in Sales 54:32 Managing Customer Relationships 58:53 Sales Team Dynamics and Market Focus 01:02:08 Hiring and Developing Sales Talent 01:06:04 Pricing Strategies and Value Perception 01:09:34 Sales Compensation and Motivation 01:13:31 Balancing Individual and Team Dynamics 01:17:10 The Value of Sales Experience for Future Generations 01:20:00 Concerns for the Future of US Manufacturing 01:24:02 Final Advice for Sales Leaders
 
Explore the Overall Revenue Effectiveness™ Framework for Industrial Revenue Growth and why the sales management role is critical
 
And tips on hiring a great sales manager.
 
#SalesEngineer #TechnicalSales #IndustrialSales #MachinerySales #SalesTraining #SalesCoaching #SalesRoleplay #SalesManager #SalesManagement #SalesHiring #Veteran #AirForce

Episode 49 - Eric Rose on Innovation Management and New Product Development

Episode 49 - Eric Rose on How to Turn Innovation Management and New Product Development into a Revenue Growth Superpower
Summary
In this episode of the Industrial Growth Institute podcast, Ed Marsh and Eric Rose, a product innovation expert, delve into the critical role of new product innovation in driving business growth.
They explore the concept of 'market anguish'—the frustrations consumers face with existing products—and how understanding this anguish can lead to successful product development. Eric shares insights from his extensive experience in product innovation, emphasizing the importance of qualitative research and stakeholder engagement.
The conversation also touches on:
the balance between creativity and realism in product ideation
evolution of manufacturing processes
the multifaceted world of product innovation, particularly within the context of industrial manufacturing
ideation techniques
challenges of product innovation
the integration of product management with innovation efforts.
They explore the role of product innovation in corporate strategy, the significance of licensing intellectual property, and the commitment to STEM education. The discussion also touches on expert witness work in product liability, the impact of reshoring on innovation, and the implications of AI in product development.
Finally, they address pricing strategies and resources for product innovation, culminating in key takeaways for industrial manufacturers.
Takeaways
New product innovation is essential for business growth.
Market anguish reflects consumer frustrations with existing products.
Qualitative research is crucial for understanding market needs.
Stakeholder engagement can reveal hidden opportunities.
Balancing creativity with realism is key in product development.
Successful innovation requires a sustained R&D effort.
Understanding the end-user experience drives product success.
Ethnographic research can uncover valuable insights.
Companies can innovate without hiring external experts.
Effective brainstorming can lead to breakthrough ideas. Innovative ideation requires a no-criticism approach.
Changing manufacturing processes can lead to significant product innovation.
Companies often limit themselves to their existing markets.
Staying aware of market changes is crucial for survival.
Identifying societal and technological trends can drive innovation.
Product management and innovation should work closely together.
Planning is essential to avoid financial pitfalls in product development.
Product innovation should have representation at the executive level.
Most patents go unused, highlighting the need for strategic monetization.
Looking outside the organization can uncover new growth opportunities.
Takeaway Quotes from Eric Rose
"Product management and innovation should be hand in hand."
"95% of all patents in the US are never monetized."
"Look outside the box for growth opportunities."
Check out Eric's Pinnacle Product Innovation website.
LinkedIn: Eric Rose and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Growth and Innovation 02:53 Understanding Market Anguish 11:23 The Role of Research in Product Development 19:33 Navigating Innovation in Industrial Manufacturing 27:11 Case Study: Workplace Safety Devices 34:19 Balancing Creativity and Realism in Innovation 36:37 Innovative Ideation Techniques 39:06 The Challenge of Product Innovation 41:28 Integrating Product Management and Innovation 45:06 The Role of Product Innovation in Corporate Strategy 47:51 Navigating the Innovation Process 51:50 Licensing and Monetizing Intellectual Property 53:51 Commitment to STEM Education 56:51 Expert Witness Work in Product Liability 01:00:09 Reshoring and Its Impact on Innovation 01:01:28 The Role of AI in Product Development 01:08:41 Pricing Strategies in Product Innovation 01:10:33 Resources for Product Innovation 01:12:21 Key Takeaways for Industrial Manufacturers
 
Learn About the Overall Revenue Effectiveness™ Framework for Industrial Revenue Growth
 
#InnovationManagementAndNewProductDevelopment #Innovation #NewProductDevelopment #RandD #ResearchAndDevelopment #ProductInnovation #Podcast #RevenueGrowth #IndustrialManufacturing #ManufacturingRevenueGrowth #MarketResearch #IndustrialGrowth #StakeholderEngagement #QualitativeResearch #BusinessStrategy #Manufacturing #IdeationTechniques #Ideation #CorporateStrategy #Licensing #Reshoring #AIinManufacturing #Pricing #PricingStrategies