How To Scale Your Sales Team To 8 Figures - With Jessica P Magoch
May 06, 2021Tom Bailey, Founder Of Succeed Through Speaking, Interviews Jessica Magoch
Jessica Magoch is a Sales Advisor, Angel Investor and award-winning Jazz Artist. She advises innovative, B2B STEM companies on how to scale their sales team from 7 to 8 figures based on building a $100M sales team in 5 years.
Why you've got to check out Jessica's episode:
- Learn how Jessica help B2B STEM Start-Ups scale up and grow their business through enhancing and increasing their sales capability.
- Discover the biggest challenge that Female Founders typically face, especially the challenge of securing Venture Capital funding with female founders only getting 3% of all VC funding.
- Understand some of the implications of this lack of funding including slower speed to market, and the missing contribution of these businesses to the market and society.
- Learn the importance of founders understanding sales and what the market responds to before building and scaling a sales team. And the benefits of building a commission only salesforce.
- Get access to Jessica's sales script / blueprint from her website using the link provided below.
- Why we shouldn't undervalue ourselves and what impact this has on our ability to perform, overcompensating and how this can lead to burnout.
Resources / Links
Transcript
Tom Bailey: Hello and welcome to the Flow And Grow Expert Interviews. The place for experts and entrepreneurs who want high value ideas to boost business results.
Hello. I'm Tom Bailey and I'm honored today to be joined by Jessica Magoch, who is a sales advisor, angel investor, and award winning jazz artist. So Jessica, hello and a very warm welcome to today's episode.
Jessica Magoch: Thanks for having me.
Tom Bailey: Thank you so much. And whereabouts are you in the world right now?
Jessica Magoch: I'm in New Hope, Pennsylvania, which is right between Philadelphia and New York, like an hour and a half from each city.
Tom Bailey: Incredible. Thank you so much. And let's now get onto the subject of Jessica in more details. So, Jessica advises, innovative B2B STEM companies on how to scale their sales teams from seven to eight figures per year. As they work towards building a hundred million dollar sales teams in under five years, the title for today's episode is How To Scale Your Sales Team To Eight Figures.
And Jessica is going to show us how to do that in just under seven minutes.
Jessica Magoch: All you need is seven minutes.
Tom Bailey: Question number one today is who are your ideal clients? Jessica?
Jessica Magoch: Yeah. So, first of all, thanks for having me. Like you said, innovative STEM companies. So, I work with B2B STEM startups, so STEM, science, technology, engineering, math. Both. Most of them fall into, you know, SAS and computer science, AI, machine learning, things like that.
And B2B, so business to business either whether you're selling to self-employed people or large corporations, as long as you're selling to businesses and directly to businesses. So, direct to the user rather than wholesaling or a channel partner like that. Right. And I prefer to work with women, founded companies because of the lack of funding that go towards female founded STEM companies.
And I teach them how to scale from seven to eight figures and then eight to nine figures based on how we scale our company to over a hundred million dollars in revenue.
Tom Bailey: Fantastic. And let's pick one of those customer bases. It could be those female founders. And what is the biggest challenge that they typically face?
Jessica Magoch: Yeah. So. by far the biggest challenge for female founders in general, STEM or non STEM is lack of VC funding. Yeah. So, in, and it's going down, unfortunately, so female founders receive less than 3%. Of venture capital funds. And it went even went down from 2019 to 2020. So that means that, you know, they have to scale in a different way than a company that just has like an influx of cash.
So that's, that's the biggest, biggest hurdle.
Tom Bailey: And is that other way through generating revenue?
Jessica Magoch: Exactly. Right. So, either, either you get cash influx or you grow through sales organically. Yeah.
Tom Bailey: And, and not having this cash influx, what impact does that typically have on either them or their business?
Jessica Magoch: Right. So, a lot of things, as you can imagine, right. But mostly speed to market. So, when you have a lot of cash, you could have obviously, you know, do things faster and bigger rather than growing organically. And what that means, unfortunately, is that either. You know, sometimes they don't get to market fast enough.
The competition gets there faster, but the biggest impact, not only to them, but to us as a global community is that we don't get to. We don't get to experience these innovative technologies from a female perspective so that we don't actually get those contributions into society so that, you know, that's detrimental to all of us.
Tom Bailey: Got it. Yeah. Huge impact. And I guess there's not much that we can do as individuals right now to get that VC percentage up from 3%. Obviously there needs to be a big movement to get more female founders investment, but for the individuals what, what one piece of valuable advice might you give to them to really try and help them solve that problem of, of not having that cash in their business?
Jessica Magoch: Yeah, so clearly, it's sales, right? So don't give up, I mean, don't stop. Fundraising fundraising is a full-time job. So, if you have to focus your attention somewhere, let's say to build a sales team, but learn to sell for yourself first. You know, it, it would be nice if we could just hire a sales person and I take all of our problems away, but the founder really has to understand sales and what the market responds to before they can start building a sales team to do that.
But once they do that, once they start getting sales under their belt, then starting to bring in scale a sales team. And I recommend doing that through commission only Salesforce. Yeah. Which is how we did it, which absolutely can be done. It doesn't have to be like an MLM type of, you know, pyramid scheme type of thing.
You can do in a professional way. So, you you're not bounded by the restrictions of hiring people. You can scale quickly that way.
Tom Bailey: Great. Thank you. And for those people listening that would like to go on this journey, do you have any free resources or guides that you can share with people to really help them solve that problem?
Jessica Magoch: Yeah. I have tons of stuff. First of all, my blog I think is really good. I give a lot of free info on there. But I have a script that they can download on my website, JPM partners.com. You'll see it right at the bottom of the homepage there. And I'm going to be, I change that out every so often. So, I'm going to be releasing a blueprint very soon.
It's actually on my other screen right here and I CAMBA on an eight figure, a nine figure sales blueprint. So, once they download the script, they'll get on my email list and they'll get all the new stuff that I released as well.
Tom Bailey: Great. So go to JPMpartners.com and make sure you download that sales script or blueprint whenever you listen to this.
Yeah. Yeah. Okay. So slightly off topic. The next question, which is, what would you say is your greatest failure that you've ever made either in life or business? And what did you learn from?
Jessica Magoch: I had to think about this one, right. When I saw this on the list. My biggest failure and I continued to struggle with this is undervaluing myself.
And so, in my business, the way that that's affected me is, you know, it is, I, I, when I undervalue myself, I overcompensate in other ways, so maybe over-delivering or stretching myself too thin, or if I, if I'm not like stressed out and, you know, busy 24 seven. Then I'm not, you know that I'm not worth the value that I think it was supposed to be.
So, but that's led to burnout in the past. And so, I've learned that less is more and busy doesn't mean successful. Yep. So yeah, hard, I learned it the hard way, but you know, and again, I said something that I continue to keep bolstering my, my own self confidence and the value that I can deliver.
Tom Bailey: And like I said, a very, very valuable lesson, which was, we've learned lots from along the way as well. Yeah. The last question from me then today is what is one question that I should have asked you that will also give great value to our audience today?
Jessica Magoch: I think for today's, it's always something different.
Depending on the day you, you had asked me today, it's anyone can learn to sell anyone who wants to learn, can learn to sell. It is not a gift you're born with it's not about talking a lot or have, you know, being great with people. Just that it is a skill that you learn just like any other. So don't wing it, you know, you don't have to wing it. You will figure it out. You're smart. You'll figure it out eventually, but you don't have to do it on your own. There's lots of resources out there and it is a skill to learn and it doesn't have to be icky, sleazy or annoying.
Tom Bailey: Yeah. It can be, it can be completely authentic and, you know, trying to add value to that person's life in whatever way it is.
Well, Jessica, thank you so much again for your time today. And I cannot wait to share this episode with our audience.
Jessica Magoch: Yeah, me too. I'm glad you have me.
