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Episode #458
Home Service Genius: A Special ILM Marketing Meet Up with Home Service Expert Tommy Mello
Gain valuable insights from Tommy’s experiences starting his own business and discover the wealth-creating difference between making money and managing it. Get ready for an inspiring conversation packed with actionable tips for success in any industry.
If you’d like to join world-renowned Entrepreneurs at the next Genius Network Event or want to learn more about Genius Network, go to www.GeniusNetwork.com.
Here’s a glance at what you’ll learn from Tommy in this episode:
- How Tommy builds and grows companies using the right training and focusing on purpose
- Tommy’s vision and strategy for building the largest home service company in the world
- The right way to use body language and enthusiasm to sell more products and services
- What Tommy did right (and wrong) when he started his business that you can learn from
- Tommy shares the wealth creating difference between making money and managing money
- Elevate: How to make sure your clients, suppliers, and Team members are all winning
- Why Tommy loves Joe’s book “What’s In It For Them” and the mindset it talks about
- The rules of engagement Tommy utilizes to attract and train people to work with him
- How to effectively and intelligently handle things that go wrong in your business
- The power of “out-delegating” the competition to take back your time and your life
- Secrets for maximizing your daily joy, abundant time, and your financial peace
- What to do when you’re starting a business but don’t have enough to finance it
- Tommy shares why marketing and advertising is so important for his business
- The way to grow your business by building the right operations and systems
- Starting from Scratch: Tommy began his entrepreneurial journey with a garage door business, leveraging his experience and expertise in the industry to provide solutions that customers need.
- The Power of a Practical Business: Amidst the hype surrounding AI and virtual reality, Tommy’s success demonstrates the value of focusing on practical services that cannot be easily digitized, such as garage doors.
- Leveraging Technology: Tommy utilizes ServiceTitan, a leading CRM for home service businesses, to track and analyze marketing campaigns. With unique call tracking numbers for each campaign, he maximizes attribution and optimizes his marketing strategies.
- The Importance of Training: Tommy emphasizes the significance of continuous training within his organization. Investing in employee development, one-on-one sessions, and regular team meetings helps maintain a high level of performance and accountability.
- The Human Connection: In the home service industry, building rapport and providing excellent customer service are paramount. Tommy’s company prioritizes eye contact, tonality, and body language to create positive interactions and leave a lasting impression.
- Goals and Aspirations: Tommy believes in setting ambitious goals and helping employees identify their personal motivations. By aligning individual goals with business objectives, they create a sense of purpose and commitment within the team.
- Surrounding Yourself with the Best: Learning from the best extends beyond industry-specific knowledge. Tommy encourages his team to seek inspiration from experts in various fields, fostering continuous growth and innovation.
- The Power of Compliments: Complimenting customers and showing genuine appreciation for their homes and hospitality helps establish a positive connection and build trust.
- Have a plan, budget, and goals: Create a business plan with clear objectives and a budget to track your finances. Set goals not only on a yearly or quarterly basis but also on a weekly and daily level.
- Understand your numbers: Familiarize yourself with your marketing metrics and financial data. Consider having a CFO or a high-end bookkeeper to help you make informed decisions based on accurate financial information.
- Differentiate personal and business finances: Determine how much the business is making separately from your personal income. Ensure that the business generates a healthy bottom line while still allowing you to pay yourself a fair salary.
- Live within your means: Avoid increasing your personal lifestyle in proportion to your business’s success. Instead, reinvest profits back into the business to fuel its growth and hire skilled professionals in areas like finance, operations, and marketing.
- Practice delayed gratification: Resist the temptation to indulge in luxury purchases until your business has reached a stable and sustainable state. Focus on nurturing and reinvesting in the business to maximize its long-term potential.
- Make a distinction between making money and managing money: Generating revenue is important, but effectively managing your finances is equally crucial. Ensure that your revenue exceeds your expenses by implementing sound financial management practices.
- Personal budgeting: Extend the principles of financial management to your personal life as well. Create and adhere to a personal budget that aligns with your financial goals and aspirations.
- Seek win-win scenarios: When discussing raises or financial incentives with employees, focus on mutually beneficial arrangements. Determine what is important to each party and strive to create opportunities for both sides to succeed.
- Tommy emphasizes the significance of internal Clients winning over employees, leading to a desirable workplace and increased recruitment.
- Employees who feel successful are motivated to go the extra mile, such as working additional shifts and assisting with training.
- Creating an appealing workplace is crucial in a time when many people are reluctant to work.
- Managing Money and Personal Growth: Tommy reflects on personal financial management challenges, acknowledging the ability to earn money but struggling to retain it.
- Investing in personal growth, such as attending conferences and taking trips, has been valuable for Tommy’s professional development.
- The deeper satisfaction of positively impacting employees’ lives is more important than financial success and business goals.
- Focusing on Others: What’s in It for Them?
- Tommy discusses the concept of “What’s in it for them?” to attract and retain talent effectively.
- Employees need to consider the benefits they bring to the organization and their colleagues, rather than solely focusing on personal gain.
- Stories of draining individuals highlight the importance of distancing oneself from such people.
- Instilling a Mindset of Creating Value: Employees at Tommy Mello’s organization have personalized scorecards to achieve their income goals.
- The company provides various avenues for employees to earn money, such as recruitment incentives and commissions.
- Focus on teaching employees marketing, networking, and identifying revenue-boosting opportunities.
- Three Ways to Make Money: Acquiring more Customers, increasing Customer frequency, or raising prices are the fundamental approaches to making money in business.
- Strategies like securing service agreements, expanding services offered, and targeting specific Customer demographics contribute to success.
- Tracking lead sources, optimizing conversion rates, and exploring new business opportunities are crucial.
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To go deeper on the insights from I Love Marketing, access your FREE COPY of the BREAKTHROUGH REPORT, 8 Profit Activators to help you create more leads, convert more sales, and stimulate more referrals. CLICK HERE TO GET THE REPORT
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