Kevin Price, Host of the Price of Business on Business Talk 1110 AM KTEK (on Bloomberg’s home in Houston) recently interviewed Yuen Yung .
About the interviewee
Yuen Yung CEO (Chief Executive Officer) How Do You Roll?
Yuen Yung co-founded How Do You Roll? (originally called Maki) in 2008 with his brother Peter Yung. As a child, Yuen gained valuable experience in the restaurant industry as he helped at his parents’ restaurant by running the cash register. His entrepreneurial spirit has always been evident and after years of being a successful financial advisor, he launched a franchised practice with two partners. Combining both aspects of his background, Yuen strives to differentiate HDYR? and position it for success.
Tell me about your firm (number of employees, location, type of companies you work with, etc.).
How Do You Roll? consists of a corporate office of 11 employees, two corporate stores and eight franchised stores, each store with approximately 15 employees. We were founded in Austin, Texas and now have locations in four different states. As a franchisor, How Do You Roll? typically works with national vendors and distributors to maintain brand quality and consistency. Although the company employs in-house marketing and sales directors, HDYR? occasionally works with marketing firms and franchise brokers on some projects.
What type and size of companies do you have as clients?
On average, our franchisees fall into two categories: 1) Current and former multi-unit franchise or multi-brand owners, and 2) Groups of investors ranging in size from 2-6 individuals. We currently do not have large corporations or investment firms as franchisees.
What comes to mind when you see this topic?
Cold calling is an integral part of our lead generation strategy, but we must constantly monitor its effectiveness and adjust our prospecting plan accordingly. Lead generation remains the greatest challenge for our business development, and having a designated formula or ‘cookbook’ for activity is crucial for success. Cold calling represents only one challenge we face in lead generation and sales marketing.
What are the best practices when it comes to this issue?
Creating a cookbook to set goals for your sales process is essential. If I need to close 10 deals, I know I need to make ‘X’ number of calls per week and set ‘X’ number of appointments. Documenting your calls allows for reliable metrics, and if they aren’t measuring up to your cookbook, it’s time to re-evaluate your cold call methods. Are you establishing clear expectations? Are you asking the right questions? Are you calling 6-8 times to reach someone or are you giving up? Before dismissing cold calls, you first need to figure out if you have realistic goals based on the plan you’ve set forth, then look at yourself and change your own behaviors (and, although we hate to admit it, attitudes).