The En Factor Podcast features conversations with entrepreneurs who have started, stumbled and succeeded.
Ray is the founder and CEO of The Ingersoll Group, a highly unique sales, consulting and training firm. Ray has worked with clients ranging from Fortune 25 companies, to those with 25 employees. In this interview, he unpacks just how he got started and his advice to entrepreneurs on how they can best position themselves to succeed. I do hope you enjoy this episode.
Key Words: Consulting, Pricing, Sales, Entrepreneurial Mindset, Resilience.
Chapters
00:00 • Welcome to The En Factor, Ray!
01:42 • Differentiating the Ingersoll Group in a Crowded Market
05:32 • How to Price Your Services Based on Customer Value
10:45 • Why Ray Ingersoll Started His Own Consulting Firm
15:33 • Taking the Risk of Entrepreneurship and Finding Your First Clients
19:04 • Why There’s Never a Perfect Time to Start a Business
21:07 • Sales Advice: Understand Your Customer Before Pitching
25:34 • The Power of No: Learning From Rejection and Failure
33:11 • Are Entrepreneurs Born or Built? Adaptability and Coachability
38:34 • Ray’s Advice: Build Your Company for the Success You Expect
Episode takeaways
- In a crowded market, having a good product or service isn’t always enough. Ray built the Ingersoll Group around demonstrating tangible business outcomes for clients and tying some of the firm’s fees to the results it delivered. Entrepreneurs should identify what makes their business different and demonstrate how that difference creates real value for customers.
- Rather than immediately pitching a product or service, take time to understand a customer’s challenges, goals, and business environment. Ray emphasizes asking questions and listening before explaining what your company offers. When you understand the problem, you can position your solution in a way that directly addresses the customer’s needs.
- Instead of simply asking prospective customers how much money they have budgeted, Ray recommends helping them quantify the problem they’re trying to solve. Understanding the financial impact of that problem allows you to discuss what a reasonable investment might be.
- Ray explains that the perfect time to become an entrepreneur rarely arrives. Even after people express interest in supporting a new business, their willingness to become actual customers may change when the time comes to make a commitment. Entrepreneurs should prepare carefully, understand the risks, and recognize that building a business requires initiative, persistence, and plenty of hustle.
- Seek out rejection and use feedback to improve your business. Negative feedback can expose weaknesses in a product, service, or sales approach while there’s still time to make improvements. Rather than avoiding rejection, ask why someone said no and use the answer to strengthen your business.
- Ray explains that his company spends more time studying losses than celebrating wins. When a potential customer chooses a competitor, entrepreneurs should objectively evaluate what happened, identify what they could have done differently, and apply those lessons to future opportunities. Analyzing both successes and failures helps businesses improve their processes and avoid repeating mistakes.
- A successful business may eventually look very different from the original idea. Ray describes how the Ingersoll Group expanded into customer service training after repeatedly hearing that clients needed it. The company spent time developing expertise before offering the service, which eventually became a significant part of its business.
The En Factor® Podcast
Conversations with Entrepreneurs
Hosted by Dr. Rebecca White
Our audience of aspiring and established entrepreneurs are inspired to persevere throughout their entrepreneurial journey. You will hear first-hand stories of success, resilience through failure, and how to become a master in your field.
