Industrial Growth Institute

Episode 30 - Amy Franko on Building an Effective Sales Strategy

Episode 30 - Amy Franko on Turning Sales Strategy Into Profit, Women in Sales, Board Governance over Sales and more
Summary
In this conversation, Ed Marsh interviews Amy Franko, a sales strategist and author, about sales strategy and the role of sales in organizations.
They discuss topics such as leadership, accountability, sales training, and the importance of sales in corporate strategy. Amy emphasizes the need for sales talent on boards and the importance of continuous recruiting.
She also shares insights on:
challenges and opportunities in selling technology and industrial products
sales strategy and its impact on business growth
the importance of board governance
need for a board skills matrix and continuous recruiting to ensure the board has the right talent.
Amy also shares her approach to building a strong board, including setting a vision, investing time and resources strategically, and introducing more strategic talent. She highlights the value of including junior people on the board as a talent incubator and implementing a board buddy system for onboarding new members.
Amy also touches on her support for women in business and sales, the importance of sales and marketing integration, and the role of sales ops and sales enablement in optimizing sales teams.
Takeaways
Sales strategy is a critical component of corporate strategy and involves defining growth markets, target industries, and ideal clients.
Boards should have members with contemporary sales insights to ask probing questions and provide oversight on sales strategy and execution.
Continuous recruiting is important to find and nurture top sales talent, and companies should have efficient recruiting processes in place.
Selling technology and industrial products have their own unique challenges, such as talent acquisition, complex sales, and balancing transactional and custom sales.
Sales talent is crucial for long-term success, and companies should invest in talent development and create structures to support sales professionals.
Understanding the lifetime value of a customer is essential for effective sales strategy and decision-making.
Sales leaders should be involved in board-level discussions to provide insights on market opportunities, risks, and the impact of sales on business growth. Implement a board skills matrix and continuous recruiting to ensure the board has the right talent
Set a vision for the board and invest time and resources strategically
Include junior people on the board as a talent incubator
Implement a board buddy system for onboarding new members
Support women in business and sales
Integrate sales and marketing strategies
Consider the role of sales ops and sales enablement in optimizing sales teams
Takeaway Quote from Amy Franko
"Sales strategy contains the categories for growth, target industries, and clients."
Check out Amy's website
LinkedIn: Amy Franko and Ed Marsh
Twitter: Amy Franko and Ed Marsh
Instagram: Amy Franko and Ed Marsh
YouTube: @AmyFranko and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and Background 03:21 The Role of Sales Strategy in Corporate Growth 05:50 The Importance of Sales Talent on Boards 19:42 Continuous Recruiting for Top Sales Talent 23:06 Challenges and Opportunities in Selling Technology 31:23 Navigating Complex Sales in Industrial Markets 39:43 Discovering the Board Governance Function 42:59 Building a Strong Board 48:27 Supporting Women in Business and Sales 51:25 Balancing Work and Wellness 55:30 Integrating Sales and Marketing Strategies 59:07 The Role of Sales Ops 01:04:47 Exploring the BDR Model 01:08:13 Understanding Financials in Sales 01:10:18 The Future of Sales Optimization
 
Wondering how board governance, sales strategy, sales training and other pieces all fit together in an integrated and engineered system for revenue growth? Check out this free downloadable diagnostic to identify opportunities using the Overall Revenue Effectiveness™ Framework.
 
#SalesStrategy #StrategicSales #StrategicSelling #SalesTraining #SalesManagement #SalesCoaching #SalesGrowth #WomenInSales #SalesOnBoards #independentdirectors #boardstrategy #boardofdirectors #boarddiversity #GirlScouts #Governance #BoardGovernance #boardoversight

Episode 29 - Dan Allford & Johnny Tyler on Industrial Video Marketing and LinkedIn

Episode 29 - Industrial Marketing Strategy Texas Style! ARC Specialties Dann Allford and Johnny Tyler discuss how to STOP Wasting Time on Industrial Marketing Strategies That Fail
Summary
Just Get it Done!
TEXAS Sized industrial marketing built on engaging video content on YouTube and LinkedIn.
Dan & Johnny emphasize the importance of authenticity and passion in their videos, and they believe that reaching the right audience is more important than the number of views.
The duo also discuss:
the value of experimentation and the willingness to make mistakes in their content creation
blending technical information and human interest stories with opinion
the power of partnerships and giving credit where it's due
value of LinkedIn and video content to build awareness and trust with their audience
the power of informative and engaging videos that showcase their expertise in industrial automation
how knowledge sharing attracts both vendors and end users, creating a strong network of potential customers.
Dan discusses how their sales team is persistent and patient, willing to invest time in potential opportunities even if they are not immediately qualified. Johnny Tyler, translates Dan's ideas with editing and producing videos, ensuring they are cohesive and visually appealing.
The pair find that building awareness and trust is better than direct lead generation. Dan speaks at industry events to establish thought leadership. Both agree on the importance of consistency in content creation and encourage companies to just start creating content and not wait for a perfect process.
Takeaways
Creating engaging video content on YouTube and LinkedIn is an effective way to reach and connect with potential customers.
Authenticity and passion are key in creating successful video content.
Experimentation and the willingness to make mistakes are important in content creation.
Covering a wide range of topics, including technical information, human interest stories, and opinions, can help build thought leadership and engage a diverse audience.
Partnerships, LinkedIn and video content help build awareness and trust with their audience
They focus on creating informative and engaging videos that showcase their expertise in industrial automation
They have a strong partnership with their vendors, who help spread their message to the end users
They emphasize the importance of perseverance and intuition in sales
They have a strong presence at trade shows and speak at industry events to establish thought leadership
They believe in giving back to the industry and are open to sharing their knowledge and expertise
Takeaway Quote from Dan Allford
"Arc thrives on problems and invites companies to bring their problems to challenge them."
Takeaway Quote from Johnny Tyler
"Start making digital content. We are thought leaders in this industry."
Check out ARC Specialties' website
LinkedIn: Dan Allford , Johnny Tyler, and Ed Marsh
Twitter: ARC Specialties and Ed Marsh
Instagram: ARC Specialties and Ed Marsh
YouTube: @ARCSpecialties and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Arc Specialties and their Approach to Marketing 03:03 Engaging Industrial Marketing: The Power of Video Content 06:32 Authenticity and Passion: Keys to Successful Video Marketing 09:32 Experimentation and Mistakes: The Path to Effective Content Creation 18:32 Building Relationships and Expanding Reach through Partnerships 38:58 Building Awareness and Trust with LinkedIn and Video Content 40:06 Perseverance and Intuition in Sales 42:19 The Power of Partnerships in Spreading the Message 46:20 Recognizing Longevity and Employee Appreciation 48:34 The Impact of Trade Shows and Booth Design 51:31 The Time Commitment for Video Production 52:46 The Benefits of Speaking at Events 54:06 The Importance of Consistency in Content Creation 55:28 Giving Back to the Industry and Sharing Knowledge
 
Wondering how industrial marketing strategy, tactics and sales fit together? Check out my Overall Revenue Effectiveness Framework - free diagnostic download
 
#IndustrialMarketingStrategy #IndustrialMarketing #ManufacturingMarketing #MarketingForManufacturers #TradeShowSales #TradeShowMarketing #VideoMarketing #YouTubeMarketing #Welding #DanAllford #Robots #Cobots #authenticity #InboundMarketing #DemandGeneration #LeadGeneration

Episode 28 - Vaughn Mordecai on Sales Channel Ecosystems and PRM Software

Episode 28 - Vaughn Mordecai on Building Powerful Indirect Sales Channel, Navigating Partner Ecosystems, and the Potential of PRM Software
Summary
In this episode, Ed Marsh and Vaughn Mordecai discuss the evolution of channel partnerships in the industrial space. They explore the concept of an ecosystem and how businesses are moving towards many-to-many relationships. They also touch on the differences between tech and industrial spaces, the challenges of channel conflict, and the importance of aligning the interests of vendors, channel partners, and customers.
They discuss:
the potential for channel partners in the industrial space to foster an ecosystem and the role of marketplaces in streamlining the buying process
the need for a strong business proposition
the importance of identifying an ideal partner profile
importance of identifying the characteristics of successful partners and using that information to create an ideal partner profile (IPP)
Mordecai explains how AI can be used to analyze partner data and uncover the core characteristics that lead to success. Vaughn also provides an overview of partner relationship management (PRM) software and its key modules, such as onboarding, training, content management, and partner marketing automation. He emphasizes the need for continuous engagement with partners and the role of AI in driving the future of partnerships.
Takeaways
The concept of an ecosystem is emerging in the industrial space, with businesses moving towards many-to-many relationships.
Channel conflict can arise within companies and between channel partners, but it can be managed through strategies like deal registration.
In the industrial space, there is a need to align the interests of vendors, channel partners, and customers to create a successful channel partnership.
Marketplaces can play a significant role in streamlining the buying process and enabling partners to offer best-in-class solutions.
Having a strong business proposition and identifying an ideal partner profile are crucial for building successful channel partnerships. Identify the characteristics of successful partners to create an ideal partner profile (IPP)
Use AI to analyze partner data and uncover the core characteristics that lead to success
Partner relationship management (PRM) software includes modules for onboarding, training, content management, and partner marketing automation
Continuous engagement with partners is crucial for success
Takeaway Quotes from Vaughn Mordecai
"Businesses are moving towards many-to-many relationships that look like an actual ecosystem."
"The consumer is in charge of what they're actually looking for. The partner becomes the one that has to deal with all of this stuff."
"PRM software includes onboarding, training, content management, and partner marketing automation"
Check out Vaughn's website
LinkedIn: Vaughn Mordecai and Ed Marsh
Twitter: Vaughn Mordecai and Ed Marsh
Instagram: Vaughn Mordecai and Ed Marsh
YouTube: @Mindmatrixnet and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and Overview 02:31 The Emergence of Ecosystems in the Industrial Space 04:38 The Shift in Power and the Role of Partners 19:41 The Importance of Supporting Partners and Services 25:46 The Role of Marketplaces in the Buying Process 30:56 Aligning Interests and Overcoming Channel Conflict 39:53 Creating Successful Channel Partnerships 42:32 The Role of AI in Partner Analysis 48:02 The Importance of Continuous Engagement with Partners 58:13 The Potential of Using a CDP for Partner and Customer Data 01:06:12 The Impact of AI on Partnerships
 
Learn more about building an industrial sales and capital equipment channel ecosystem.
 
#IndustrialSalesChannel #IndirectSalesChannel #PartnerEcosystem #PRM #ChannelSales #SalesChannel #PartnerRelationshipManagement #PRMSoftware #Mindmatrix #IPP #IdealPartner #IdealPartnerProfile #IndustrialSales #IndustrialSalesChannel

Episode 27 Alyssa Gelbard on Personal Branding, Executive Presence, and LinkedIn

Alyssa Gelbard on the Power of Personal Branding, Executive Presence and LinkedIn - Industrial Growth Institute Podcast Episode # 27 with Ed Marsh
Summary
Alyssa Gelbard, founder and CEO of Point Road Group, discusses the importance of personal branding and executive presence in driving credibility and trust.
Gelbard highlights the need for companies to focus on employee branding and ensure that all employees, from interns to CEOs, have a strong personal brand.
She shares the results of proprietary research conducted by her firm, which found that LinkedIn profiles have a significant impact on business functions such as marketing, sales, and recruiting. She emphasizes:
need for consistency in personal branding
importance of staying current with platform changes
value of attending in-person events
Ed and Alyssa also discuss boards of directors including:
the significance of personal branding in the board directorship space
need for board members to have a professional presence on LinkedIn
importance of telling your story and communicating your value as a board member
how a strong presence on LinkedIn can help attract and retain talent, enhance company culture, and differentiate a business in a competitive market
building trust and credibility is crucial in executive branding, and video content can foster that trust more effectively than written content alone.
Takeaways
Personal branding is essential for individuals to establish credibility and trust in the business world.
Executive presence encompasses various aspects, including communication skills, appearance, and behavior in meetings and networking events.
Employee branding is crucial for companies to create a positive perception of their brand and attract top talent.
LinkedIn profiles have a significant impact on business functions such as marketing, sales, and recruiting.
Consistency in personal branding is key to creating a recognizable and trustworthy brand.
Board members should have a professional presence on LinkedIn and communicate their board affiliations to enhance their personal and company brands.
Telling your story and communicating your value as a board member is important for attracting board opportunities.
Boards should understand the value of LinkedIn and consider the benefits of board members being active on the platform. LinkedIn is a powerful tool for executives and businesses to build their brand and engage with their network.
A strong LinkedIn presence can attract and retain talent, enhance company culture, and differentiate a business in a competitive market.
Video content, such as podcasts and YouTube videos, allows for passive consumption of information and builds trust and credibility.
Takeaway Quotes from Alyssa Gelbard
"Personal branding is not just something online. It's who you are when you are sitting in a meeting with your team."
"88% of people said they were more likely to trust the company and their marketing messaging from a company when they had an executive who had a detailed LinkedIn profile."
"LinkedIn is where people look before any kind of meeting. So as an executive team, it's your responsibility to represent yourself well and the company well."
"To be an effective leader, there has to be vulnerability and authenticity, and you have to be willing to open up a little bit personally in order to share that."
Check out Alyssa's website
LinkedIn: Alyssa Gelbard and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @PointRoadGroup and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and Background of Alyssa Gelbard 02:49 The Importance of Personal Branding and Executive Presence 13:44 The Impact of LinkedIn Profiles on Marketing, Sales, and Recruiting 21:19 The Blurring Line Between Personal and Professional on Social Media 26:10 Maintaining a Professional Image on LinkedIn 27:37 The Importance of Consistency in Personal Branding 29:11 Vulnerability and Authenticity in Leadership 31:24 Networking with a Purpose 36:32 The Significance of Personal Branding in Board Directorship 42:23 Telling Your Story as a Board Member 48:31 Understanding the Value of LinkedIn for Boards 52:41 The Power of LinkedIn for Executive Branding and Business Growth 54:38 Building Trust and Differentiating Your Business on LinkedIn 01:00:23 The Rise of Video Content in Executive Branding 01:05:43 Choosing the Right Social Media Platforms for Your Brand
 
Manufacturers should consider the Overall Revenue Effectiveness™ Framework for strategic growth
#LinkedIn #ExecutiveBranding #ExecutivePresence #PersonalBranding

Episode 26 - Douglas Burdett on Marketing and Sales Books and the Importance of Buyer Research

Douglas Burdett on Marketing and Sales Books and the Importance of Buyer Research in Marketing for Manufacturers - Industrial Growth Institute Podcast Episode # 26 with Ed Marsh
Summary
Douglas Burdett, host of the Marketing Book podcast, shares insights on cutting through opinions and finding the right path to predictable revenue growth.
He emphasizes the importance of understanding customers and solving their problems, rather than focusing solely on advertising.
Burdett recommends books like 'Bullseye Marketing', 'Lean Marketing' by Alan Dib, 'Smart Marketing for Engineers' by Rebecca Geier, 'Content Marketing Engineered' by Wendy Covey, 'They Ask You Answer' by Marcus Sheridan, 'Humanizing B2B' by Paul Cash, and 'Buyer Personas' by Adele Revella as essential reads for B2B industrial business owners.
In this conversation, Douglas discusses the power of understanding your customer and the importance of sales and marketing alignment. He explores:
the value of creating buyer personas through qualitative research and customer interviews
his preference for reading hardcover books and the process he uses to take notes
insights on the use of AI in marketing and cautions against outsourcing the entire marketing function
focusing on practical resources such as podcasts, YouTube channels, and blogs
the importance of innovation and marketing in business.
Takeaways
Cut through opinions and focus on understanding customers and solving their problems.
Avoid starting with product features and instead focus on understanding customer stresses and friction.
Understanding your customer is crucial for effective marketing.
Sales and marketing alignment is essential for business success.
Creating buyer personas through qualitative research and customer interviews can provide valuable insights.
AI can be a powerful tool in marketing, but it should be used strategically and with clear direction.
Focus on practical resources such as podcasts, YouTube channels, and blogs for ongoing learning and professional development.
Innovation and marketing are key drivers of business growth and profitability.
Takeaway Quotes from Douglas Burdett
"Marketing is primarily about understanding your customers and how you run your company."
"Help customers overcome the fear of making a decision and guide them through the buying journey."
"The closest thing to [the secret sauce] is understanding your customer."
"Most people would prefer to have a salesperson free experience."
Check out Douglas' website
LinkedIn: Douglas Burdett and Ed Marsh
Twitter: Douglas Burdett and Ed Marsh
Instagram: Ed Marsh
YouTube: @ARTILLERYLLC and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Douglas Burdett and the Marketing Book Podcast 07:35The Difference Between Advertising and Marketing 15:09 The Biggest Misconception About Marketing for Mid-Sized Businesses 19:27 The Importance of Sales and Marketing Alignment 27:01 Douglas Burdett's Journey into Podcasting 32:05 Essential Books for B2B Industrial Business Owners 43:13 Understanding Your Customer 48:31 Reading Hardcover Books and Taking Notes 51:38 Dissonance between Audio Format and Reading Hardcover Books 56:37 The Value of Interviews and Recommendations 58:30 Practical Topics and Listeners' Preferences 01:03:57 The Importance of Sales and Marketing Alignment 01:09:25 Listening to Podcasts at Normal Speed 01:14:27 AI in Marketing and Practical Use Cases 01:19:03 The Hype and Reality of AI
 
Manufacturers should consider the Overall Revenue Effectiveness™ Framework for strategic growth
More on The JOLT Effect here
#MarketingBookPodcast #DouglasBurdett #ManufacturingMarketing #IndustrialMarketing #MarketingForManufacturers #SalesAndMarketingAlignment #BuyerPersona #AdeleRevella  @BuyerpersonaInstitute  #JoltEffect #IndustrialSales #PredictableRevenue

Episode 25 Adam Honig on Why CRM Adoption is Poor and Initiatives Often Fail

Adam Honig on Why CRM Adoption Rates are So Chronically Low Among Industrial Sales Teams - Industrial Growth Institute Podcast Episode # 25 with Ed Marsh
Summary
In this podcast episode, Ed Marsh and Adam Honig discuss the challenges and misconceptions surrounding CRM in the industrial manufacturing space. They explore the reasons why many sales reps dislike using CRM and the common pitfalls of CRM implementation. They also delve into:
the importance of having a clear goal and strategy for CRM usage
the need for CRM to be user-friendly and focused on helping salespeople sell more efficiently.
The conversation touches on topics such as:
the integration of ERP data into CRM
role of IT and sales ops in CRM management
potential for community-building in the industrial space.
CRM software should adapt to the needs of users, rather than users having to adapt to the software. The goal is to support users in doing their jobs, rather than creating additional tasks for them.  @SpiroHQ  aims to provide a CRM solution that is built for manufacturers and distributors, with a data model that accommodates their specific needs. The software uses AI to automatically collect and analyze data, providing visibility into customer interactions and order variations.
Takeaways
Many sales reps in the industrial manufacturing space dislike using CRM due to the perception that it is primarily used for monitoring and tracking rather than helping them sell more efficiently.
A clear goal and strategy for CRM usage is essential for success. Companies should define what they want to achieve with CRM, such as increasing cross-selling, expanding the footprint within existing accounts, or improving communication between inside and outside sales teams.
CRM should be user-friendly and designed to support salespeople in their daily activities. It should automate tasks, provide relevant insights, and integrate with other systems, such as ERP, to streamline processes and provide a comprehensive view of customers.
The management of CRM should involve both sales ops and IT. Sales ops should focus on the why and the goals, while IT can provide technical support and ensure data security.
There is potential for community-building in the industrial space, but the platform used should align with the preferences and habits of the target audience, such as LinkedIn groups or industry-specific platforms.
CRM should serve as a single work location for sales reps, integrating insights from marketing automation and providing a holistic view of customer interactions. CRM software should adapt to the needs of users, rather than users having to adapt to the software.
Spiro.ai provides a CRM solution built for manufacturers and distributors, with a data model that accommodates their specific needs.
The software uses AI to automatically collect and analyze data, providing visibility into customer interactions and order variations.
The focus is on activity and high-quality conversations, rather than just forecasting.
Spiro.ai offers full-service setup to ensure successful implementation.
Takeaway Quotes from Adam Honig
"I really do hate CRM. It's like a passion for me."
"CRM in so many organizations is really just something that's put on the sales team so that management can know who to fire and not fire."
"If you're requiring the team to put data in, you're just going to get garbage out of it."
"CRM software should just support users in doing their jobs."
Check out Adam's website
LinkedIn: Adam Honig and Ed Marsh
Twitter: Adam Honig Ed Marsh
Instagram: Ed Marsh
YouTube: @SpiroHQ  and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and Complexity Surrounding CRM in Industrial Sales
08:29 The Negative Perception and Challenges of CRM Implementation
14:31 Improving Communication and Driving Order Volume with CRM
20:38 Integrating ERP Data into CRM for Better Customer Knowledge
33:30 The Role of Sales Ops and IT in CRM Management
35:56 Key Functions and Features of CRM
36:44 Adapting CRM Software to User Needs
40:05 Spiro.ai: A CRM Solution for Manufacturers and Distributors
46:17 Automating Data Collection and Analysis with AI
48:02 Full-Service Setup for Successful Implementation
 
Check out this downloadable guide to building your sales tech stack
 
#CRM #CRMTool #CustomerRelationshipManagementSoftware #MicrosoftDynamicsCRM #HubSpotSales #HubSpotCRM #CRMImplementation #CRMSetup #CRMConsulting #ZOHOCRM #PipedriveVsHubSpot #SpiroCRM #AdamHonig #Podcast #BestCRMForManufacturingBusiness #CRMAdoption #BestCRM2024 #CRMTips #CRMForManufacturing #WhyCRMFails #CreateCustomObjectHubsSpot #CRMCustomerRelationshipManagement #industrialconstruction #MembraneCRM #SugarCRM #SalesforceCRM #CRMFailure

Episode 24 - Rudy Scarito on Middle Market Industrial M&A and Access to Capital

Rudy Scarito on Middle Market Industrial Mergers, Acquisitions and Access to Capital - Industrial Growth Institute Podcast Episode # 24 with Ed Marsh
Summary
Rudy Scarito, an investment banker with extensive experience in mergers and acquisitions, shares insights on the importance of considering acquisitions and exits as part of a business growth strategy.
She discusses the current market trends, including the silver tsunami of baby boomer business owners looking to sell, and the opportunities for growth through acquisitions.
Rudy emphasizes the need for business owners to proactively think about transactions and engage in strategic planning. She also highlights:
the role of advisory boards, lawyers, and accountants in guiding companies through the transaction process
the process of buying and selling businesses
role of investment bankers, and the importance of preparing for a transaction
need for business owners to have a clear understanding of their goals and to seek the assistance of professionals who specialize in mergers and acquisitions.
Scarito also highlights the importance of vetting investment bankers and selecting the right fit for a company. She discusses the benefits of having a well-structured board of directors and the value that independent directors can bring to a company. Rudy concludes by discussing the current state of private equity and the potential impact of economic and political instability on transactions.
Takeaways
Acquisitions and exits should be considered as part of a business growth strategy.
The lower end of the middle market is currently active, with many baby boomer business owners looking to sell.
Business owners often need a catalyst, such as a medical issue or a desire for a different lifestyle, to prompt them to consider selling.
Companies should proactively think about transactions and engage in strategic planning, including identifying potential acquisition opportunities and evaluating financing options.
Business owners should have a clear understanding of their goals when considering buying or selling a business.
Seek the assistance of professionals who specialize in mergers and acquisitions to navigate the complex process.
Vet investment bankers and select the right fit for your company by asking questions and seeking recommendations from trusted sources.
A well-structured board of directors with independent directors can provide valuable insights and guidance.
Private equity is a viable buyer for middle market industrials and is likely to remain so for the foreseeable future.
Consider the potential impact of economic and political instability on transactions and plan accordingly.
Takeaway Quotes from Rudy Scarito
"It's fraught with peril. I would say unless it's a very simple deal, most business owners should seek the assistance of a professional who focuses and specializes in this."
"I believe that strategy should consider two kinds of transactions routinely."
Check out Rudy's website and a list of her industrial transactions
LinkedIn: Rudy Scarito and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and the Importance of Acquisitions and Exits 05:19 The Active Lower End of the Middle Market 11:43 The Ease of M&A Transactions Compared to Capital Transactions 16:45 The Importance of Cash at Closing 20:20 The Role of Investment Bankers in M&A 25:35 Integration and the Involvement of Sellers After the Deal 32:57 The Challenges of Business Owners and the Role of Advisory Boards 39:11 Access to Capital and the Role of Investment Bankers 40:37 The Process of Buying and Selling Businesses 41:29 Seeking Professional Assistance in Mergers and Acquisitions 42:14 Vetting Investment Bankers: Finding the Right Fit 44:12 The Value of a Well-Structured Board of Directors 48:52 Private Equity in the Middle Market 54:27 The Impact of Economic and Political Instability on Transactions
 
Manufacturers should consider the Overall Revenue Effectiveness™ Framework for strategic growth
 #MiddleMarket #IndustrialMergersAndAcquisitions #MandA #MergersAndAcquisitions #InvestmentBanker #SellingYourCompany #InvestmentBanking #CommercialBanking #InorganicGrowth #OrganicGrowth #ManufacturingBusinessValuation #PreparingaCompanyForSale #BusinessBrokers #BusinessExit #GrowthStrategy #GrowthStrategyRoadmap #ACG #M&A #IndependentDirectors #BoardStrategy

Episode 23 - Jim Blasingame on the Age of Customer Relevance: Human Connection in a Digital World

Jim Blasingame on the Age of Customer Relevance - Industrial Growth Institute Podcast Episode # 23 with Ed Marsh
Summary
Jim Blasingame, a consultant, strategist and futurist, chats with host Ed Marsh about the importance of capitalism and the concept of abundance. He emphasizes the need for businesses to adapt to the digital age and prioritize relevance in order to succeed.
Blasingame also highlights the significance of storytelling in connecting with customers and building relationships and shares insights from his book, 'The Age of the Customer,' which focuses on the impact of digital transformation and the customer's control over interactions.
Additionally, he discusses:
the importance of helping customers and their customers
challenges faced by industries slow to embrace change
impact of the 2008 GFC (great financial crisis) on business decision-making
importance of veterans in the workforce
value of building customer communities
need for leadership and ownership transitions in businesses
the power of analog human connections in a digital age.
Takeaways
Capitalism is the only ideology that continues to work and provide abundance.
Businesses must adapt to the digital age and prioritize relevance to succeed.
Storytelling is a powerful tool for connecting with customers and building relationships.
Helping customers and their customers is crucial for long-term success.
Industries that are slow to embrace change may struggle to stay relevant. The 2008 financial crisis had a significant impact on decision-making in businesses, leading to a shift in authority and decision-making power.
Veterans bring valuable skills and attributes to businesses, including organization, discipline, and decision-making abilities.
Building customer communities and demonstrating values are essential for businesses to attract and retain customers in the digital age.
Leadership transitions and ownership transitions are critical for the growth and success of middle-market companies.
Analog human connections and high touch interactions are still essential in a digital world.
Businesses should focus on loving and nurturing their customers to build long-term relationships and loyalty.
Takeaway Quotes from Jim Blasingame
"Capitalism is ugly and complicated and unfair and brutal. It can be lots of things that are not so sweet, but still the only one that works."
"The best way to describe capitalism is abundance."
"Help your customers help their customers. If you want to have loyal customers, you can't just be transactional."
"After 2008, that person who'd maybe been with the company 20 or 30 years was no longer there. They were replaced by a younger person who was given no budget, no authority."
"I used to call on the president of that company, the CEO of that company. And I'd go in there and I'd say, hey, George, I got this idea here. And George would say, how much? About $8 million. And George would reach over and push the button and say, send bill in here or Mary in here and Mary would come in a VP a senior VP and George would say here Jim wants to do this make it happen."
Check out Jim's website 
LinkedIn: Jim Blasingame and Ed Marsh
Twitter: Jim Blasingame and Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and Jim Blasingame's Background
02:11 The Power of Capitalism and Abundance
06:37 Adapting to the Digital Age and Prioritizing Relevance
10:19 The Role of Storytelling in Connecting with Customers
14:17 Helping Customers and Their Customers
43:13 The Impact of the 2008 Financial Crisis
46:32 The Challenge of Decision-Making in the Digital Age
51:31 The Importance of Being a Generalist
53:46 The Value of Veterans in the Workforce
59:15 Building Customer Communities in the Digital Age
01:02:34 Leadership and Ownership Transitions in Businesses
01:09:23 The Struggle for Proficiency in Hobbies
01:10:44 Preparing for the Silver Tsunami
01:14:51 The Power of Inorganic Growth
01:17:10 Creating Content and Overcoming Perfectionism
01:21:20 Analog Human Connections in a Digital Age
01:23:32 Loving and Nurturing Customers for Long-Term Success
 
#Podcast #Leadership #Relevance #DecisionMaking #Community #Veterans #SilverTsunami #Digital #HumanConnection #Storytelling #Capitalism #AgeOfTheCustomer #B2BStorytelling