By Matt Heinz, President of Heinz Advertising and marketing
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This week’s present is entitled, “Closing the Funding Hole for Girl and Minority-Owned Begin-Ups” and my visitor is Omi Bell, Founder & CEO of Black Woman Ventures.
Preserve studying to find out about:
- The enterprise capital funding hole for girl and minority-owned start-ups
- A framework for various hiring, advertising and marketing, and funding
- Necessary abilities and classes from door-to-door gross sales
Hear in now for this and MORE, watch the video or learn the transcript beneath:
Matt: All proper. Welcome everybody to a different episode of Gross sales Pipeline Radio. My title is Matt Heinz. I’m your host. We’re right here each week, Thursday at 11:30 Pacific, 2:30 Japanese. Thanks everybody for watching us.
In case you’re watching this on demand, or in case you’re listening to this by way of the podcast, thanks a lot for listening, for watching, for subscribing. Each episode of Gross sales Pipeline Radio previous, current, and future at all times obtainable at salespipelineradio.com.
I’m very excited for our episode as we speak. That is about six months within the making. I really feel like we first began speaking about this in February, which appears like not solely was it a very long time in the past, however a complete financial interval in the past, doubtlessly. Omi Bell, you’re the CEO of Black Woman Ventures. Thanks a lot for becoming a member of us as we speak.
Omi: Thanks for having me. I’m excited.
Matt: I’m as effectively. So many issues we will discuss. I’m going to start out with the vacuum cleaners. As a result of I feel, we talked concerning the work you might be doing to assist minorities, black and brown folks, get higher entry to capital to develop their enterprise. I wish to discuss that and kind of the place that got here from and the way folks can get entangled. However you talked about that you just received your begin in gross sales and that helped you discover ways to be a fundraiser, promoting vacuum cleaners. Speak just a little bit about how you bought into that. And what’s it prefer to be a vacuum cleaner salesperson?
Omi: Effectively hi there to the Gross sales Pipeline Radio viewers. Thanks a lot for having me, Matt. If you consider it, when you’re promoting vacuum cleaners, that is pre-COVID pre-monkeypox pre-world-gone-wild. You needed to stroll as much as somebody’s door. Get them to allow you to of their home to indicate them one thing that they already personal. I don’t know some other layer of gross sales that deep. The place it’s like, “Hey, I received to get into your home and present you one thing that you have already got and inform you why mine is best.”
And the one that skilled me, what he would do is he would say, “Everyone’s coming by way of and displaying you.” It was Electrolux, those that I used to be utilizing, that I used to be promoting. He would say, “You recognize what? Everyone’s coming by way of and displaying you these vacuum cleaners. However the one factor that they’re making an attempt to promote you on is the factor that isn’t what the vacuum cleaner does finest, vacuum. They’re promoting you on shampooing. They’re promoting you on noise, all these various things, however they’re not promoting you on this. Let me simply present you ways effectively it vacuums.” And it will hit the core of individuals. The place they’re like, “Truly, I do wish to vacuum higher.”
And I feel that’s if you get that buy-in, that’s the important thing. However now if you’re outdoors the door, you solely have a small window to get into the door. One, the door has been slammed in your face a bunch of occasions. So after I say it ready me for fundraising, it was as a result of it actually ready me for what I prefer to name the rhythm of no’s.
Like no’s have a beat to them. And you must work out your dance and the way you’re going to recover from the subsequent no. As a result of they’ll occur. No is part of life. You simply hold going. As a result of you understand there’s a sure coming someplace. And so, you begin to get higher on the spiel on the door.
Matt: So, a pair issues I wish to observe up on that then. I imply, you discuss kind of the rhythm of no’s, which I feel a whole lot of salespeople can relate to. There’s a stage of persistence and resilience that’s required to work by way of that. How do you study that? How do you get comfy with that? What made you profitable at attending to the subsequent door and the subsequent door and the subsequent door?
Omi: It’s a exercise. I want I had a magical tip that was identical to, “Oh yeah. And I went to remedy. I did that, however that wasn’t it.” So it’s like working a muscle. And you must stroll in and now you’re a bodybuilder in a day. You really run by way of a number of of them and then you definately begin. It’s fascinating as a result of what occurs is at first it feels so private. After which after you do it so many occasions you progress into the house of, okay, is that this about me? I wish to stroll you thru the psychological like, oh, effectively that didn’t really feel good. Was there one thing I may have carried out? After which after you run that rhythm of knocking on so many doorways, you begin to perceive like, oh, how can I refine what I’m doing? And on the base of it, it’s the human spirit.
Matt: Yeah. Yeah.
Omi: You simply begin to attraction to the human spirit otherwise. And as genuinely as you probably can. After which draw them right into a query that they reply of their heads, that then you definately don’t need to reply for them. So the factor you’ve got is the reply. They usually simply must see it, however you bought to get them to know that psychologically. So truthfully, it’s simply, like I stated, a rhythm. It’s consistently doing it. Don’t surrender. Run proper again in there and check out it once more. After which what you find yourself discovering out is it’s not private. It’s not private in any respect.
Matt: What I can see and listen to in you is a stage of confidence that I’m positive is partially from simply having carried out it rather a lot. Simply getting again up and going to the subsequent door. A confidence in your self, confidence in your message, confidence in your product. Let’s discuss how that pertains to fundraising. As a result of fundraising is a gross sales course of. Fundraising additionally usually means a refrain of no’s regularly. What classes have been you in a position to pull out of your gross sales profession into being a extra profitable fundraiser?
Omi: I imply, it’s simply understanding the psychology of the funder. We each have one thing that we would like and understanding that from their standpoint, there’s a pair issues. I at all times inform folks, “No simply means not proper now. It’s not the suitable individual or it’s not the suitable alignment.” That’s it. It’s not a loss of life sentence. It isn’t the suitable individual, not the suitable time, not the suitable ask.
Typically you’re speaking to people who don’t have energy. One other factor, if you’re standing at that door, chances are you’ll be speaking to the husband who can’t do something with out the spouse. It’s possible you’ll be speaking to the spouse who can’t do something with out the husband. It’s possible you’ll be speaking to the grown grownup youngster that actually has no cash and might’t do something in any respect.
And the identical factor occurs in fundraising. Typically you suppose you’re speaking to the suitable individual and also you’re speaking to the advertising and marketing individual, not the fund supervisor, or not this system supervisor that may assist you to. Typically apparently sufficient, with the husband and spouse instance I simply gave, typically you’re speaking to the individual that you suppose has the ability. You’re like, “Oh, effectively you’re the top of DEI. You’re the top of promoting, don’t you?” And it’s like, oh no, I received to socialize this.
Matt: Yeah. Yeah. I keep in mind years in the past I used to be at Microsoft. We did some analysis round owners and residential consumers. And we discovered that even historically, males within the family are solely accountable and solely have authority for purchasing three issues: beer, batteries, and tires. Every thing else was both a joint dialogue or, “I received to go discuss to my spouse about that earlier than I decide.”
Omi: Wow. I might like to run that information on different issues too. I ponder how that works in philanthropy. Yeah, that’s so fascinating. As a result of identical to I stated, typically you’re taking a look at these folks, you’re considering, however you’re the top of it. Typically they don’t have their very own budgets. The heads don’t have their very own budgets.
Matt: And typically we take into consideration client selections being kind of a singular factor. And B2B is like, you bought this committee of people who have to achieve selections. However I imply, look, you bought affect. Even in case you’re saying, I personal the price range or I personal the cash, affect. If I make this choice and somebody doesn’t prefer it, I’ve to stay with that later. It will get sophisticated shortly. I do wish to make certain as a result of we’re operating round out of time right here, I wish to discuss Black Woman Ventures. The work you might be doing to assist black and brown feminine homeowners and entrepreneurs get entry to capital. You’ve helped over 270 companies create hundreds of jobs. So initially, thanks and congratulations for that. Speak just a little bit about how you bought began with this and why is it so essential to you?
Omi: I might say it’s so straight associated to gross sales, simply because, like I stated, if you run these reps, you acquire that confidence. You then really feel like, effectively, hey, let’s simply attempt one thing. Let’s simply toss stuff on the wall and see what occurs. The information got here out that black girls are actually beginning companies at six occasions the nationwide common. That is pre pandemic. Black girls beginning companies at six occasions a nationwide common, but receiving lower than 1% of enterprise capital. And my thought was that I may do one thing about that. And thru my expertise of constructing neighborhood, I’ve lived many lives by the way in which. I labored for the Patent and Trademark Workplace, labored in Ok-12 training, labored in workforce growth, and I used to be an artist doing efficiency poetry. So I discovered constructing by way of that.
I put it up on meetup.com. 30 girls confirmed as much as a home in Southeast DC. 4 folks pitched and we voted with marbles and occasional mugs. I imply, it was a brunch. I took the cash from the door and gave it to the individual that we determined that gained. In case you like that individual, you set your marble of their espresso mug. And truthfully, at that time, that was it. I used to be identical to, “Oh, that is cool. Individuals prefer it.” And so I simply saved doing it, discovering different neighborhood areas. I feel naturally, as from a businesswoman’s standpoint, I began taking a look at, oh, how do I get the most individuals in entrance of the individuals who want essentially the most assist? And that’s actually what it’s been about. How do I get the most individuals that may assist locally in entrance of the individuals who have essentially the most want. And that’s type of how we work. So it’s capital capability and neighborhood.
Matt: That’s such a terrific mannequin. I’ve talked to a whole lot of entrepreneurs and founders, and everybody has tales of resilience and having gotten no’s a whole lot of the time. I imply, I’m a white male, neurotypical, cis. I imply, I’ve a whole lot of privilege. And I feel it’s arduous for me typically to know or to know kind of how arduous it may be for folks with out a few of that privilege. Speak about what you see out there, somebody with darker pores and skin, who’s additionally feminine. What are a number of the particular challenges they’re going through by way of elevating cash and rising their enterprise, that we want extra folks to learn about?
Omi: Primary, perception in belief. And research present this. Like this isn’t Matt and Omi making up simply what we expect. Research present that in case you are a darker pores and skin, that you’re primary simply not trusted. Simply on website. You haven’t even stated something but. I additionally suppose there’s then, due to underrepresented folks within the nation being in a susceptible state, due to pink lining, and lack of entry to capital over time, this isn’t a brand new downside. This can be a large downside that’s been snowballing throughout life in a long time. And right here we are actually making an attempt to determine how we unravel it or how we simply type of like throw it to the facet and do one thing new.
How will we get revolutionary round it? So, it appears like we’re caught a bit. I might say that the problem is simply being believed as an individual of shade is primary. I do know that sounds so loopy, nevertheless it’s simply that easy in saying, taking the danger tolerance round, hey, an individual such as you has by no means carried out this earlier than. From what I do know in my place, subsequently it feels dangerous to me, proper? Versus a white male comes on a job, he’s routinely trusted till he fails. Versus you’re not trusted, and it is advisable show your self. In order that narrative alone is breaking us down in humanity. Simply even having the ability to look into some deeper improvements that black and brown folks have. Get previous that I feel, after which we will now discuss concerning the capital we have now, how you must get it. However that may be a large barrier.
Matt: We’re speaking as we speak on Gross sales Pipeline Radio with Omi Bell. She is the CEO of Black Woman Ventures. I’m positive you get this query rather a lot. If folks say, “Hear, how do I assist? What can I do to be a greater advocate? What can I do to, I imply, I may give cash, however what are the issues that I can do which might be accessible to me that I might be an lively advocate and participant in kind of creating extra alternative?” How do you reply that query?
Omi: I feel one factor you are able to do is to start out. So, some issues you are able to do with your self is type of beginning to change into extra conscious of the bias. Simply change into extra conscious. And you are able to do that by way of studying articles. You are able to do that by way of watching YouTube movies. You are able to do that by way of discovery by yourself. It’s turning into extra conscious. So if you’re in these conversations with buddies and there’s sure issues which might be flying by, you’re in a position to go, “Ooh, hey, wait a minute. Truly, why don’t we simply give it some thought just a little deeper? Or simply unpack that.” So I feel getting curious is primary. I feel sharing, if it’s not cash. Not, you don’t wish to donate, however that looks like the better factor to do. However sharing, “Hey, I’ve a chance that I can really share with somebody that may make sense to diversify what’s right here.”
And I don’t like to make use of constructing bridges as a result of I really feel like you’ll be able to construct a bridge and have no person cross it. We’ve been speaking about bridge constructing for many years and we nonetheless haven’t solved the problem. So I take a look at it like increase the common. In case you’re in a room and also you go searching and you might be like, this can be a actually white room proper now. It will simply increase the common variety of black folks to get to attend this factor. Or folks of shade to get to attend this factor. Have a look at your LinkedIn profile, undergo a pair pages. The place are you on diversifying simply who you’re linked to?
Matt: Yeah. I wish to ask you about simply hiring as effectively. We’ve had a number of completely different classes round growing the extent of range in advertising and marketing efforts. And one of many huge headlines that’s come out of that for me is to be extra various in your advertising and marketing, it is advisable be extra various in your staff. In case your staff creating that advertising and marketing is itself not various, it’s tougher to provide you with that. What are some suggestions you’ve got for hiring managers to kind of improve the range of their groups, in addition to possibly the consultants and others which might be contributing to concepts to extend its range?
Omi: The instance that my CFO makes use of is just like the Avengers. And so within the second the place they should defeat Thanos, all people has to pay attention their energy on Thanos. Now all people can’t have the identical energy. As a result of then it’s no more highly effective. So, if we’re simply having the identical energy it’s no more highly effective. We’re extra highly effective when you’ve got various, completely different angles that the ability’s coming from and concentrated into the place you wish to win.
Now, in the event that they have been to not belief one another and switch to the left or proper, they’d kill one another, on this situation. So when you consider various thought, having extra folks on the desk goes to present you extra concepts. Proper now, Netflix has a present referred to as 100 people. It’s tremendous fascinating to look at. And it’s received all folks from completely different age teams. It’s received twenties, thirties, forties, fifties, sixties. Effectively, they gave them an train the place the twenties and the sixties really are profitable. They usually’re like, why? And it’s like, what is occurring? Why are the twenties and the sixties profitable? It’s as a result of in your twenties, you’re extra carefree. In your sixties, you’re additionally extra carefree. You’re settled on life in your sixties. And in your twenties, you’re new to life.
So, the method that these two can take is completely different for what some other individual can take. And that’s the way in which to have a look at it, is the place persons are in life. Range can imply a number of issues. It may imply pores and skin shade, however it could actually additionally imply gender, background, diploma, education, the place you’re positioned. So age. So take into consideration range very broadly and say, “What are one of the best personalities and issues which might be going to take us to win?”
Matt: Yeah. Thanks for that. I admire you speaking concerning the range of range. You begin to consider accessibility questions. You begin to consider the way in which folks study. Neurotypical or different challenges or simply tremendous powers, fairly frankly, that some folks have which might be completely different from others. Which are fairly frankly simply a part of defeating Thanos as effectively. Omi, I do know you’re busy. We received to allow you to go. If folks wish to study extra about Black Woman Ventures, learn extra about your perspective and the way they might help and simply kind of turning into higher conscious and educating themselves, the place can they go and study?
Omi: Yeah. You go to www.blackgirlventures.org. You may additionally go to omisworld.com
Matt: Like it. Superior. Effectively, Omi Bell, CEO of Black Woman Ventures. Thanks a lot for all the nice work you’re doing. Thanks. I do know you’re loopy busy. Thanks for spending a while with us right here on Gross sales Pipeline Radio as we speak as effectively.
Omi: Thanks for having me.
Matt: Superior. Thanks everybody for watching and listening. Admire you being right here. We’ll be right here subsequent week. Each Thursday, 11:30 Pacific, 2:30 Japanese. Till then, my title is Matt Heinz. We’ll see you subsequent week.
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