Archive 4: 2020-2023

876: Online and Offline Business: The Difference, Opportunities, Advantages, and Disadvantages with Thomas Smale

June 20, 2022

There are differences between online and offline businesses. Although similar, each has its own perks and disadvantages. It’s easy to make changes immediately overnight with online businesses. However, when it comes to financing, online businesses often have a hard time getting funds and loans.

Thomas Smale is the CEO and founder of FE International, an award-winning mergers and acquisitions advisor. He has been helping entrepreneurs buy and sell online businesses since 2010. Today, Thomas discusses his passion for the mergers and acquisitions space, sharing how he and his team work with new businesses every day, learning about their operations and helping owners sell their companies. Thomas also talks about the benefits of buying an online business versus a traditional brick-and-mortar business, highlighting the ability to quickly test and implement changes to drive growth.

Quotes

“The fun thing about mergers and acquisitions is that every single day, we're working with a new business and a new business owner. We kind of live vicariously through what those businesses we're working with do.” - Thomas Smale

“Often, you only have to make really small changes to see big improvements. Sometimes, things you might think will really improve a business won't actually make a difference at all.” - Thomas Smale

“Good deals don't really exist. You're not going to be the only person who spotted a business that's being sold, particularly if it's through a good M&A firm. They're going to have a good network of buyers.” - Thomas Smale

Takeaways

12:49 Buying the right business is more important than getting a good deal on the price.

14:51 Focusing on improving the business, such as through pricing changes, can lead to significant growth and value increases.

15:54 The online business model allows for more flexibility and experimentation compared to physical real estate.

17:58 Lack of financing options from traditional banks is a barrier to more people getting involved in buying and selling online businesses.

24:25 Browsing and researching different online businesses is a good first step to get started in this space.

Resources:

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875: Establish your Brand through Content Marketing with Mark Raffan

June 17, 2022

There are various strategies you can use to promote your brand. One of the useful marketing strategies out there is content marketing. Content marketing allows you to bring the discussion to your brand through the content you are creating. The content should be educational, informative, and entertaining for people to notice it. Showcase in your content how you can solve a consumer problem with your product.

Mark Raffan is a serial entrepreneur and the founder of the B2B content marketing agency, Content Callout. As an expert in the field of content marketing, Mark shares his insights on the importance of creating valuable, educational, and entertaining content to engage with customers. Today, Mark talks about the different types of content that fall under the B2B content marketing umbrella, including owned content like blogs and videos, as well as non-owned content on social media platforms.

Quotes

“No one gives a shit about your bells and whistles. No one gives a shit about the new product features that you have. They care about the problems that you're trying to solve for them.” - Mark Raffan

“Content becomes the lifeblood of many of the marketing campaigns that we may be running already. Because we need to be able to produce content to be able to facilitate a discussion.” - Mark Raffan

“The current success of your content is dependent on two things. It's dependent on the quality of the content that you produce and the eyeballs on that content. One without the other makes no sense at all.” - Mark Raffan

Takeaways

02:26 Content marketing is about facilitating discussions and educating customers, not just promoting product features.

03:50 Focusing on solving customer problems should be the driving force behind your content marketing efforts.

09:29 Leveraging personal social media profiles can be more effective than company pages for building brand awareness and thought leadership.

13:49 Consistency and a strategic approach to content creation and distribution are key to successful B2B content marketing.

16:00 Experimenting with different content formats and analyzing performance can help identify the most effective content for your audience.

Resources:

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874: Build your Network with Marketing Leverage and Powerful Referrals with JP Maroney

June 10, 2022

How can we reach more people and create a bigger network? How can we get powerful referrals and marketing leverage to extend our reach? The most effective way of getting our name known is by word of mouth, especially when it comes from highly reputable people. The more they share about you, the more you will build your network through their connections with other people.

JP Maroney is an entrepreneur, investor, and philanthropist with more than 30+ years of experience starting, building, buying, and selling companies in publishing, media, advertising, software, e-commerce, textiles, training, real estate, and consulting. JP's business group includes a collection of companies and joint ventures involved in publishing, software, media, training, consulting, and internet commerce. He also serves as an advisor and/or board member with several other companies. Today, he shares the power of referrals and the concept of marketing leverage.

Quotes

“The more you give, the more you get. I believe that we get back in direct proportion to how much we give to the universe and give to other people.” - JP Maroney

“I often say ROI or die. You've got to make a return on your investment, and it may not be a front-end return. You need to know the numbers for your business.” - JP Maroney

“The ability to leverage one point of contact to reach a lot of people is so powerful.” - JP Maroney

Takeaways

02:49 Identifying and using relationships with individuals or businesses that already serve the same target customer base can be a highly effective strategy for rapid customer acquisition and growth.

08:57 Taking advantage of strategic alliances and referral networks can significantly boost customer acquisition and sales for businesses.

22:56 Knowing the key business metrics, such as customer acquisition cost and lifetime value, is crucial for making informed marketing decisions.

30:17 Understanding the nuances of a local real estate market, down to the street level, is key to making informed investment decisions.

34:41 Building relationships and providing value to others, even without expectation of immediate return, can lead to unexpected opportunities down the line.

Resources:

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873: Reaching Beyond the Limits of Innovation and Transformation with Braden Kelley

June 8, 2022

Biznik-Seattle Innovators Series with Dan Pink, Author of "Drive" at Hotel 1000 on January 12, 2010.

When it comes to innovation, timing is a huge factor. Going in too soon or too late can both cost you lots of money. Innovation isn’t all about creativity and value-creation, it is also about the services that you provide around your new idea and helping people understand how your idea can be of value to their lives. But how can we know if our innovative ideas can really affect people’s lives?

Braden Kelley is an engaging innovation speaker, workshop facilitator, toolmaker for innovation & change professionals, and a sought-after transformation and organizational agility leader. He is also the best-selling author of Charting Change and Stoking Your Innovation Bonfire. He is also the creator of the Human-Centered Change™ methodology, and has maximized profits for companies while living and working in England, Germany, and the United States. Today, Braden talks with us about the customer-employee experience, loyalty archaeology, design thinking, and innovation. Stay tuned to learn more!

Quotes

“Innovation transforms the useful seeds of invention into widely adopted solutions valued above every existing alternative.” - Braden Kelley

“Innovation is for everyone - it's not whether you're innovative or not, it's not whether you have the innovator's DNA or not. We all have a role to play in innovation.” - Braden Kelley

“If you can get yourself out in front of a trend, you can deliver a lot of value for people.” - Braden Kelley

Takeaways

01:51 Innovation is a collaborative activity that requires time, value access, and value translation to be successful.

03:53 Timing is crucial in innovation - being too early or too late can both be costly.

05:33 Innovation is not just about creativity and invention, but also about helping people understand how new solutions fit into their lives.

06:53 Putting the customer at the center and understanding the jobs they are trying to get done is key to delivering innovative solutions.

10:20 Paper was a groundbreaking innovation that enabled many other innovations, like the printing press, to become possible.

Resources:

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872: Nurturing Partnerships to Create Exceptional Outcomes with Robert Glazer

June 6, 2022

What is the future of partnership marketing? How does nurturing partnership drive exceptional, measurable outcomes? Partnership marketing has evolved into “Affiliate Marketing Meets the Digitization of Business Development.” Software is now utilized to create partnerships at scale, and its evolution from affiliate networks to licensed software has expanded the definition of partnership marketing programs today.

Robert Glazer is the founder and chairman of Acceleration Partners, the world's leading partnership marketing agency. He is also the author of the best-selling book "Moving to Outcomes: Why Partnerships are the Future of Marketing." Today, Robert discusses the evolution of partnership marketing, how it differs from traditional affiliate marketing, and the importance of building diverse, outcome-oriented partnership programs to diversify from the "triopoly" of Google, Facebook, and Amazon.

Quotes

“The evolution from affiliate networks towards software that you can license and bring in-house has expanded the definition of partner marketing programs. This allows us to build and manage relationship-oriented, outcome-oriented programs with software at scale.” - Robert Glazer

“If you've met the type of people who have five-year plans and goals for their company and organization, they tend to get there more often than not.” - Robert Glazer

“We have employees in seven different countries and have worked with some of the largest global platforms. As companies grow quickly and expand into different markets, we can support them in those markets, on the platforms that they want to work with.” - Robert Glazer

Takeaways

00:59 Partnership marketing is an evolved, software-driven version of affiliate marketing, allowing brands to build and manage diverse, outcome-oriented partnership programs at scale.

05:10 The "triopoly" of Google, Facebook, and Amazon has made traditional digital marketing increasingly expensive and inefficient, driving the need for alternative channels like partnership marketing.

09:10 Successful partnership programs require a multi-faceted approach, including specialized skills in recruiting, onboarding, creative development, and analytics.

12:12 Recessions and economic downturns often lead businesses to refocus on proven, performance-based channels like partnership marketing.

16:18 Having a clear, long-term vision and strategy is crucial for building a successful partnership program that can adapt to market changes.

Resources:

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871: Improve Your Business Conversations with Michael Reddington

June 3, 2022

Talking to people and engaging with conversations is something that takes a lot of courage to do. It is quite pressuring, not knowing whether what you're saying is making sense to the other party or not. We can't know whether you are able to convince them with your words. When it comes to business, it is important that you are great with conversations. You must know how to listen and speak carefully.

Michael Reddington is the president of Inquasive, a company that integrates key components of effective, non-confrontational interview techniques with current business research for executives. He is also a certified forensic interviewer and the author of “The Disciplined Listening Method.” Today, Michael discusses the importance of listening in business conversations, how to shift the focus from what you want to say to what the other person needs to experience, and strategies for addressing potential objections before they are raised.

Quotes

“When we're under stress, we revert to what we know. Many business meetings can be stressful, even for people who are confident in themselves and their goals.” - Michael Reddington

“If we're not listening, we're not learning. The more we listen, the more we learn, the less we have to say, and the fewer questions we have to ask to get powerful information that leads to the outcomes and relationships we aspire to create.” - Michael Reddington

“It's not about what we want to say. It's about what they need to experience.” - Michael Reddington

Takeaways

01:03 Focus on understanding your audience's needs, concerns, and perspectives rather than just trying to deliver your own message.

03:06 Anticipate potential objections or roadblocks from your audience and address them proactively.

07:54 Allow your audience to save face and protect their self-image, as this can help build trust and open them up to sharing more.

11:12 Observe your audience's verbal and non-verbal cues to pick up on unspoken thoughts and feelings.

15:02 Be patient and let the conversation unfold naturally, rather than trying to control it, as this can lead to unexpected opportunities.

Resources:

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870: Perfect Guide to Starting a Podcast with Colin Gray

June 1, 2022

Thinking of starting a podcast? You have concepts, and you've got some ideas. You have themes. You want to talk about something you're passionate about, and launching a podcast is a great method. However, you should not begin your podcast without first considering a few key factors. Even if your show is going to be a pastime at first, chances are you want it to be as successful as possible.

Colin Gray is the founder of The Podcast Host, a website dedicated to helping anyone start and grow a successful podcast. With over 11 years of experience in the podcasting industry, Colin has established himself as an expert in the field. In addition to running The Podcast Host, he is also the founder of Alitu, a software tool that simplifies the podcast production process. Today, Colin shares his journey in building The Podcast Host and Alitu, sharing insights on the importance of providing valuable free content to build trust and credibility with his audience.

Quotes

“I can split myself into two parts. I do a Planning Day at the start of every month to outline my higher-level goals for that month. Then, every Monday morning, I revisit that higher-level plan and create a more detailed manager-level plan for the week.” - Colin Gray

“It's not just that everyone is different. Everyone does have different ways of working, but equally, you yourself have many different ways of working inside you as well.” - Colin Gray

“If you're switching from one type of task to another, it takes your mind a little while to flip, change mindset, and adapt to the new task.” - Colin Gray

Takeaways

00:34 Providing valuable free content is crucial for building trust and credibility with an audience.

10:43 Balancing innovation and reliability is a key challenge in software development.

12:15 Implementing structured time management strategies can help increase productivity and reduce stress.

21:48 Recognizing and embracing different working styles within oneself can lead to more effective task management.

26:51 Segregating tasks and planning ahead can help maintain momentum and ensure consistent progress.

Resources:

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Testing the Wrong Thing: How Often to Send Emails? (And Other Dangerous Ideas)

May 27, 2022

What do you think would happen if you spent all your time...

Trying to come up with the perfect product name?
Trying to figure out what's the best time of day to send out emails?
Trying to find the perfect price?
Trying to decide if your product should have 4 modules, 8 modules, 100 pages, 5 hours, 10 hours?
Trying to add more content to that product before it was launched?
Trying to decide if you should send 1 email per day, 1 email per week, or 1 email per month?

I hate to be a broken record for the last decade, but this is how you make money on the internet...

Find that overlap between: a real need people are having (and are willing to pay money for), and the perfect solution you can provide using your skillset
Cut up that solution into four "parts" or modules, making sure people get real tangible results from module #1 that erases the entire cost of the course and that modules 2, 3, and 4 build on top of that
Record a 1-hour video for each module, making sure to give them a goal or result after each lesson
Put those inside a membership site, create a payment button so people have to pay at LEAST $97 for access, add that button to a blank web page
Create a sales letter above that payment button,

Persuasion & Influence: The Most Important Blog Post You’ll Ever Read If You Ever Wanted to Sell Anything Online

May 27, 2022

Component #1: Stage of the Selling Process
(A.I.D.A.)

Attention: what's in this for me, why should I give you 30 seconds of my time? (usually a shocking statement, bold claim, promise, or newsworthy statement)
Interest: who are you, why should I listen, how does it relate to me?
Desire: what is your offer, what does it do, why would I want it?
Action: what do you want me to do right now to get it?

A very common mistake I see with sales letters (or with teaching of any kind) is that someone's got this in the wrong order. They're trying to sell something before they've demonstrated the importance of it, or they haven't captured my attention before they began talking to me. Some of them don't have a very clear call to action!

The point is, just look at your webinar presentation and sales letter and make sure that the ENTIRE presentation as a whole follows AIDA. Starts with attention, moves to interest, then desire, then finally action -- the pitch! Every piece of the webinar itself (intro, teaching, and pitching) should follow AIDA on its own and every slide should also follow AIDA -- even if the "attention" part is the headline of your slide, and the "action" is just to continue listening, watching, and participating in that webinar.

Now that we know the order we're going to proceed in, let's look at what tools we're going to use to do the job -- they are pretty interchangeable...

Component #2: Persuasion Tool
(Robert Cialdini "6 Keys of Influence")

I've seen many people try to explain their "system" for selling and persuading, but only explain one small piece. For example, has anyone tried to be your best friend in order to get you to buy from them (likeability)? It didn't always work, did it? On the other hand, if someone presented a trial offer (reciprocity) it made you buy... but not always, right?

These are the six tools you always use to get what you want, whether you realize it or not:

Authority: demonstrate higher value, you've got what I want, you know what you're talking about and I should listen to you
Likeability: we have common ground, we connect on several levels
Reciprocity: you've done something for me (either a literal gift or taught valuable information) so I want to return the favor
Commitment & Consistency: I've already agreed with you 20 times in a row, or I've sat through your 1-hour webinar, I want to keep following you
Social Proof: others see value in what you have so I do too
Scarcity: if I don't act on this right away, I will miss out in some way (won't be able to buy, will have to buy at a higher price, or won't get results if I wait)

I hope you seeing this list makes you realize why you sell to some people and not others. Honestly, some people will buy from you because they feel like they are you (likeability), because they feel the need to give back to you (reciprocity), because others like you (social proof), or just because you lit a fire under their butt to get them to buy right away (scarcity)...

And the way this REALLY makes sense to me is that authority, likeability, and reciprocity are the high-level strategies you'd use over time to sell high-ticket items. You play on your audience's need for certainty, love, and contribution.

While commitment & consistency, social proof, and scarcity are the cheap "gimmicks" that work great for low-ticket impulse buy sales. Think about it. Bucket brigades, hand raising, and multiple facts in a row (commitment and consistency) will give you a boost. Social proof (testimonials) will give you a boost. Deciding to only offer 100 copies or raise the price on Wednesday, will give you a boost!

The point of these six keys of influence: you need to have SOME of each of the six keys. Even if you don't have testimonials are your social proof, have case studies or explain to me how SOMEONE uses your product.

BUT! I think you're going to realize that the next time you create (or dissect) one of your own headlines, the effective ones uses one of these 6 keys as its MAIN driving force, probably with a 2nd a 3rd. For example, look at this headline:

"43 Smart Marketers Create 94 Information Products In Just A Few Short Weeks, Each In A Single Take, Starting With Almost Zero Training!
You Too Can Create Your Own Online Show, Event, or E-Class Just Like Two Guys Who Have Logged 545 Webinars (Totaling 1050 Hours)"

You could look at that and say it's a SOCIAL PROOF headline. Look at what these people did and you can do it too. I would say the secondary tool we used here was AUTHORITY, check out how well we train our students and how many webinars we ourselves have run. Finally, a 3rd tool that's just barely in there is LIKEABILITY -- we run online shows, events, and e-classes and would like you to do it as well.

Component #3: Underlying Need
(Anthony Robbins "6 Human Needs")

Here's where it gets super cool... if we know where we are in our selling process, we know what our end goal is at this point in time (get them to start reading, or to align with us, or listen to our offer, or buy now). That was component #1. Any of those 6 keys of influence will do it... but how do we know WHICH tool to use???

Ahhh... the answer is to know who you're selling to -- what are their needs? If you think about WHY someone buys your course on Facebook traffic, it's might be because they want to help as many people as possible with their training (contribution) or because they want everyone to know about them (significance)...

I've looked at every which way people try to simplify human needs but motivational speaker Tony Robbins was the only one I've found to break it down in a way that I can always remember...

Certainty: we need stability in our lives and to maintain what we have
Variety: we need new adventures and excitement
Significance: we need others to recognize how great we are
Love: we need to connect with other human beings
Growth: we need today to be better than it was 5 years ago
Contribution: we need to contribute to the greater good

Once again, how does this relate? To make a huge generalization, I would argue that most older men desire CERTAINTY the most. They want to be able to pay their bills and not have to worry. Their #2 need is VARIETY -- can't have the same exact day as yesterday. And #3 for them is SIGNIFICANCE. They still need love, growth, and contribution, but they see those things coming almost automatically as a result of meeting those other three needs. (Picture the ultimate "alpha male" -- William Shatner, Arnold Schwarzenegger, Steve Jobs, Donald Trump -- they want certainty, variety and significance ABOVE ALL ELSE!)

Likewise, I would argue that MOST older women value those bottom three items the most... love, growth, and contribution. Do you think Oprah cares if she has $2 billion vs. $3 billion? NOT knowing her personally, I would say that Oprah belives in connecting with people (love), bettering herself as a person (growth), and helping others improve their lives as well (contribution) -- and that any certainty (money), variety (her business), and significance (fame) comes as an automatic result of that and therefore isn't so important.

Customer Avatar

You're going to have some Trumps as your subscribers, some Oprahs and everyone in between but once you get to know enough of your ideal customers you're going to discover your "ideal prospect" (Frank Kern and Eben Pagan call this your customer avatar) -- one imaginary person in your mind that adequately represents your ideal subscriber.

You'll figure out their name, age, appearance, what they do, what their income is, what they buy and THEN when you create a sales letter, or write a headline, you're just writing to that single person. And because you know what motivates them (their #1, #2, and #3 ranking needs), which tool you'll use to match those needs (which of the 6 Cialdini keys) -- then all you need to do is figure out which order to use them in! (which is Attention, Desire, Interest, and Action)

Bringing It All Together...

If you look at it correctly, this table will solve all your problems:

Need / Solution	AUTHORITY	LIKEABILITY	RECIPROCITY	COMMITMENT & CONSISTENCY	SOCIAL PROOF	SCARCITY
CERTAINTY	credentials	facts	multiple agreeing statements	time limit	trust	demonstration
VARIETY	your story or easy avoidance	simple	potential uses	disappearing bonuses	before & after	testimonial
SIGNIFICANCE	follow my template or follow in my footsteps	rhetoric	thought leader fact or quote	limited slots	trial	case study
LOVE	personalize or call out your audience	"I'm just like you"	question	price increase	promise	"Who else..."
GROWTH	challenge	common goal	what if	consequences of inaction	pay it forward	you too
CONTRIBUTION	I want you on my team	let's be friends	if-then statements	exclusivity	free info	community

Let me show you how to use it. Let's say your customer avatar is a slightly selfish person who values Variety, Significance, and Growth above all else. Let's also say you were selling a low ticket product so you're going to use Commitment & Consistency, Social Proof, and Scarcity to sell your product.

Now, we've decided that it would make the most sense if we opened with Social Proof, used Commitment & Consistency to keep them reading, and ended with Scarcity to really push them to buy right now.

Here's what we have so far:

Attention: Variety + Social Proof
Interest: Significance + Commitment & Consistency
Desire: ???
Action: Growth + Scarcity

We want to begin, build and end strong so I've listed our avatar's top three human needs in order as Attention, Interest, and Action, respectively. By the time someone is in the "Desire" stage, we're already explaining our offer to them, so we can put the remaining weakest pieces in there.

Attention: Variety + Social Proof
Interest: Significance + Commitment & Consistency
Desire: (Certainty, Love, Contribution) + (Authority, Likability, Reciprocity)
Action: Growth + Scarcity

How does this all come together? Let's consult our chart... for the headline (Action phase) we're going to start with a before and after statement, such as...

"If You're Not Using These Video Sales Tactics In Every Website and Sales Letter You Create, You Might as Well Throw $10 in the Trash Every Time Someone Visits Your Landing Page!
On the Other Hand, Apply This Easy 6-Step Formula and You'll Notice an Increase in Traffic, Higher Customer Response, and More Sales... Which Means More Money For You!"

Now for the "interest" step... significance + commitment & consistency = limited slots.

869: Use Branding to Discover Your Target Audience with Ernie Harker

May 27, 2022

Is your brand getting KO'd by the competition? Why is branding important for your business? A strong brand matches colors, words, emotions, beliefs, and attitudes to earn the customers that you want most.

Ernie Harker is an experienced entrepreneur, author, illustrator, travel TV host, and Ironman athlete. One of the books he wrote is called, “Your Brand Sucks: How to ignite a brand that doesn't.” With over 30 years of expertise in branding and marketing, Ernie has valuable insights on how businesses can use branding to discover their target audience. Today, Ernie talks about the importance of finding a unique brand spark that sets a business apart from the competition, as well as the need to identify the core customer in order to craft effective marketing messages.

Quotes

“It's never exactly what you think it's going to be at the start. It's just a general idea. And then, after the illustration is done, you realize, 'That's kind of what I had in mind.' But it might be better, or it might be different.” - Ernie Harker

“Everybody in the water business talks about how great their water is. What you need to find is a unique point of differentiation that your target customer really cares about.” - Ernie Harker

“It's not about the quantity of eyeballs, but the quality. I can post a message about my widget and how cool it is to a million different people. But if only 100 are interested, it's a waste of time and money.” - Ernie Harker

Takeaways

08:22 Embracing a unique personality and not being afraid to let it shine through in branding and marketing can help a business stand out and connect with customers on a more personal level.

14:13 Branding and marketing should focus on finding a unique "brand spark" that sets a business apart from the competition, rather than just highlighting common product features.

20:57 Identifying the core target customer is crucial for crafting effective marketing messages that resonate with the right audience.

29:15 Quality of audience engagement is more important than quantity, as businesses should aim to build a smaller but highly engaged following rather than a large but disinterested one.

32:59 Collaborating with the right industry partners can help expand a brand's reach, but the partnership must align with the target audience to be successful.

38:10 Developing a distinct brand personality that customers can connect with emotionally is key to building a successful and memorable business.

Resources:

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Archive 4: 2020-2023

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Component #1: Stage of the Selling Process (A.I.D.A.)

Component #2: Persuasion Tool (Robert Cialdini "6 Keys of Influence")

Component #3: Underlying Need (Anthony Robbins "6 Human Needs")

Customer Avatar

Bringing It All Together...

Quotes

Takeaways

Resources:

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Component #1: Stage of the Selling Process
(A.I.D.A.)

Component #2: Persuasion Tool
(Robert Cialdini "6 Keys of Influence")

Component #3: Underlying Need
(Anthony Robbins "6 Human Needs")