Category: Wealth management

  • Sales misconception – debunqed!

    Sales misconception – debunqed!

    The ‘great’ art of selling is about earning and keeping your client’s trust. In business or commerce, there is nothing greater than the feeling of completing that successful sale.

    By successful, we refer the whole process: from convincing the customer that your product or service will meet his/her long or short-term needs. This is after listening carefully to their requirements through thorough discovery.  The client is then able to the payment without hassles and take timely delivery of the goods.
    Finally, the customer acknowledging and thanking you for it with the hopes of coming back should be the most rewarding part of the sale. That coupled with your commission of course!
    A successful sale is a step-by-step process and must have all the above elements.
    Anything short of that is paramount to a quick-fix or even a scam. It is only lazy salespeople (taking shortcuts) that give the trade a bad reputation.
    Granted, not all of your sales interactions will turn out to be complete success. Some elements of the above process could be stymied by aspects out of your control.  For instance, the client’s lack of funds, suppliers’ delivery delays or a faulty product can mess up a good sales cycle.

    A true story

    Some of the most successful sales are even conducted by faceless agents. Once, while based in Johannesburg, we sold a product (that was mass produced in China) and had it delivered from New York to Cape Town via air-freight.
    This was based on a demand (order) that was placed on a then operational website. The actual sales were brokered via correspondence by email and phone.
    Luckily, the product (and delivery) quality was good enough not to warrant a face-to-face visit, though in those days having Skype for Business would have been a great resource to at least give ‘a face’ to the sales rep.
    They were, however, willing to deal with the agent several times without having met them personally based on the quality of the (medical) product. This was in addition to the vote of confidence and guarantees provided throughout the intensive sales interactions.
    This little anecdote proves that it doesn’t matter what you sell, if the product is of good quality, and meets all (compliance) requirements including the recent GDPR law – the sale actually becomes the easy part.
    You will, however, still require a little bit (and the right kind) of presentation skills to position the product/service adequately enough to execute the sale.

    There is no real art to selling – we all do it all the time without realizing it. From the time we apply to a kindergarten or high school, to university and finally to all the jobs in our working career.

    Reinforce the brand

    As salespeople, we must present ourselves (our unique skills and character) and persuade a ‘buyer’ to take us on. This is also something no automated sales agent or Chatbot can do and is an area that Artificial Intelligence (AI) will not beat us on.
    And just like a brand, everything we do is intended to enhance our value and the more we beef-up our brand (with educational, mentorship and technical qualifications). The better our brand, the more demand for your offering.
    250x250But back to selling. We sell people ideas: something as simple as convincing your mate to meet at the pub after work or your girls to join you for a weekend spa takes skilful persuasion. And even more so if they had other plans or options.
    That is essentially what sales is about – persuading a buyer to choose your product or service over that of others using tools such as the consumer black box.
    Such persuasion obviously can be genuine or fraudulent. Those salespeople trained by their leader Jordan Belfort as illustrated in the 2013 Wolf of Wall Street movie are a testimony. The revealed how persuasion can be used effectively when capitalizing on with an inherent human trade – greed.
    Being truthful, however, (even if it means letting go of a sale) will determine whether you get repeat customers. This is something most successful salespeople make use of to boost their conversion rates and pipelines.

    Mentorship

    Debunqed.com likes to follow unconventional salespeople who use unorthodox but effective methods.  These are not necessarily the textbook style of selling but will help to inspire you to address the potential client’s needs honestly.
    Such ‘on the ground’ learning is done with the help of a mentor. Shadowing one or two mentors that are passionate about what they do can rub off a few skills that can supplement traditional sales theory.
    Sales is a skill best learned on the ground and you will hardly find an institution offering it as an elective course.
    Such revenue-multiplying potential that repeat-customers can provide for your sales portfolio or pipeline beats getting a quick-fix by conning people no matter how big the ‘score’ is.
    What you should be doing as a salesman is gaining your customers’ trust whilst solving their problem.
    A trusting customer will always look you up for more purchases.

    If you operate in an industry where you have multiple products or one that needs to be renewed – you earn revenue for life!
    https://rcm-eu.amazon-adsystem.com/e/cm?o=2&p=22&l=ez&f=ifr&linkID=932c8c541e355401d543251fcbe101a3&t=debunqed-21&tracking_id=debunqed-21
  • The not-so mysterious world of cryptocurrency

    The not-so mysterious world of cryptocurrency

    Warren Buffett once referred to financial derivatives as “weapons of mass destruction” . He warned that they are detrimental to the global economy and financial markets.

    Cryptos have a way of creating something supposedly of intrinsic value out of nothing. This is as dangerous as propaganda that leads to conflict or promotes struggle.

    They are backed up by a cloud of non-regulatory policies by states who themselves, still traditional monetary policy measures.


    And this is despite their full understanding of the instruments of financial wizardry.

    In economics, the term creative destruction, however, has a paradoxically positive meaning. It is perfectly suited to the new form of “crypto”- currency (Bitcoin) that is not as mystic as it seems.

    A brief history

    Money is a concept that probably also met up with resilience when it was first supposedly introduced by the Chinese. They started carrying folding money during the Tang Dynasty (A.D. 618-907).

    The instability generated by uncontrolled usage and denomination, however, soon led to rapid inflation. This prompted the Chinese to drop it, only for it to be taken up again later when it got stabilized by the adoption and use by the West.

    They developed paper money as an offshoot of the invention of block printing. Block printing is like stamping.

    Ironically that very same term ‘block’ is the foundation behind the Bitcoin – which is generated using blockchains (digital public ledger).

    We won’t get into the mechanics of Bitcoins.  We will, however, attempt to increase awareness on why and how this new payment method could cause positive ripples in the financial global system.

    What is Bitcoin?

    As per Wikipedia, and as simple as it can get in terms of a description: Bitcoin is a cryptocurrency and a digital payment system.

    It was supposedly invented by an unknown programmer, or a group of programmers, under the alias Satoshi Nakamoto in 2009.

    Though the anonymity creates an element of distrust about the agenda of its creators, it is surprisingly more transparent than derivatives.

    Cryptocurrency uses a system of cryptography (encryption) to control the creation of digital ‘coins’ and to verify millions of transactions.

    These transactions include are a basic movement of funds between two digital wallets and get submitted to a public ledger and await confirmation through encryption.

    This video is a great and simple way for you to understand the above because it is best understood when explained as a larger picture. Check out this useful and basic video on Bitcoins.

    That is quite a feat worth acknowledging because 11 years of existence is nothing compared to gold’s multiple century reigns.

    Now 2009 was not long ago considering the Bitcoin is now ‘worth’ well over $20 000 each (updated to 2021 levels).

    For centuries, gold has been our standard of trade or backing of all types of currency until it was ‘uncoupled’ by Nixon in 1971.

    The future of trade and commerce is in the digital sphere – are you in the know?

     Potential currency?

    For something to become the standard measure or mode of trade it, however, needs to be stable. So, while the technology behind Bitcoin (the Blockchain) is relatively sound, its actual price needs to find its firm nesting.

    Established currencies trade on markets via exchange rates with relatively minuscule increments of change in price and value. In comparison, Bitcoin can jump in value by $1000 within (minutes or seconds) – prompting skepticism about its stability.

    Google Engineer Ray Kurzweil, who is revered as a “prophet” for his mysterious predictions, such inconsistency undermines the cryptocurrency’s value as a currency.

    The aim is nevertheless to relieve our dependency on money or more so, the iron grip and often abusive control that some banking institutions have over consumers.

    You could even argue that the recent surge in its price is being fuelled by agents of the traditional banking industry. They naturally feel threatened by the fact that they may not fully understand it and its inherent potential. So they (cash-flush) could inflate it for an inevitable ‘burst’.

    But the currency though very volatile in its movement has remained buoyant. It has now held for well above $10 000 for sustained periods since its inception. Gold is now approx. $1,900.

    Bitcoins provide more guarantee than financial derivatives especially because of their open-source approach to its existence and use.

    Complexity

    The tricky part is simply getting to grips with the vastly abundant information about it and how you could even generate it.

    It is still a great backup ‘of a backup’. We rely on technology and more specifically the Internet for transactions and the associated traffic for our daily lives.

    A simultaneous crash of a few major servers, however, could send it all tumbling back into the digital abyss. But as with money and other forms of currencies, only time will tell.

    Bitcoin will just have to further prove its resilience and stability in the long run.

    Getting attention

    It is certainly not a ‘fly by night’ thing because it has sparked the interests of both public and private institutions globally. China even made a bold move to block the Bitcoin market from trading within its borders at some stage.

    China is notorious for blocking things that stem from the ‘West’ only to later introduce it under their own control to protect their financial sector.

    So, we can be rest assured that the creator is not Chinese! Sweden has allegedly passed legislature to make it an accepted form of currency.

    Currently, banks and governments are frantically creating their own sets of blockchains to ensure they are not caught off-guard.

    Read more about the implications of Cryptocurrency on the financial sector.

    Bitcoin also gets its collective strength (intrinsic value) from its limited quantity in circulation (19 million out of a finite 21 million).

    Spillover effects

    Bitcoin has also paved the way for others such as Ethereum, (mostly used for smart contracts and by developers) which is also seeing good growth.
    Then there is Litecoin, which was formed as part of a controversial yet civil split from the originators of Bitcoin to use ‘variant technologies’.


    All these platforms (companies) now use the blockchain to create all types of cryptocurrencies to capitalize on the spoils of this digital revolution.

    There are also several institutions that are offering late-comers a chance to benefit from the spoils of using and investing in digital currency.

    Naturally, all these schemes with their investment packages would require a ‘buy-in’ and marketing to attract more takers.

    Such Crypto ‘companies’ are likened to a pyramid scheme and subject to many investigations by fiscal and criminal authorities.
    But that is how Bitcoin, its promoters, and the market were initially treated.

    Interested? Check out the following useful links to their official websites to help you get started.
    You can learn more about them, about mining them, or simply buy some Bitcoin here.
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK WHEN INVESTING IN CRYPTOCURRENCIES.
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