Aug. 12, 2024

3 Reasons Why Everything You Have Ever Learned About Business Is Wrong – PART 2

3 Reasons Why Everything You Have Ever Learned About Business Is Wrong – PART 2


1) Strategic Marketing vs. Tactical Marketing
2) Outside Perception vs. Inside Reality
3) Crush the Competition vs. Copy the Competition

Powerful Business Strategies is...

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3 Reasons Why Everything You Have Ever Learned About Business Is Wrong – PART 2


1) Strategic Marketing vs. Tactical Marketing
2) Outside Perception vs. Inside Reality
3) Crush the Competition vs. Copy the Competition

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com January Jones Sharing Senior Success is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor impliedes shall be extended to W FOURCY Radio

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here is

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your host. President of Next Step CFO Michael Barbarita and

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joining Michael for today's show as an executive moderator is

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chooky obio.

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Yes, this is cheok in.

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I believe that gratitude is undefeated and growth is about

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the next step. It is an honor for me to

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moderate today's discussion with my good friend Michael.

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Michael how are you?

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How are you? How you doing? Jerky? As Chuki said,

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My name is Michael barberta president of Next Step CFO,

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and next Step CFO is a fractional CFO and strategic

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implementation firm. Our vision is to ensure overwhelmed business owners

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achieve the time, freedom, and consistent profits to build a

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legacy and live the life they desire. Our mission is

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dedicated to guiding small business owners to leveraging their time,

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exploding their profits, and building a meaningful legacy. This show,

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Powerful Business Strategies, and our book of the same name,

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is a step toward accomplishing that vision and mission. So

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with that, I want to hand it back to my

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co author and moderator for today's show, Chucky Obio. Michael,

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thank you.

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So today's episode is titled three Reasons Why every Thing

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You have ever learned about Business is Wrong. This is

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part two of that discussion. We got such resonans with

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part one of the discussion.

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Michael that the.

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Game plan here is to continue to drive insights on

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this topic. And just a quick disclaimer before we jump in. So,

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Michael and I are both affiliated with a number of

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different organizations and I currently serve as the managing director

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of business development for Better Price, a global business focused

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law firm.

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In addition to that, I.

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Collaborate strategically with Michael to moderate business roundtables really coast

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to coast.

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With business owners.

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We also document the best practices that we learn from

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these roundtables, and we've put those in our book, Powerful

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Business Strategies, as Michael referenced earlier. So today's program is

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about our learnings and our personal success stories.

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But truly our personal success stories.

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Now that being said, I should note, Look, I've got

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a and Michael, like you might, you might chuckle at this,

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I've got a mission today.

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My mission today is to be a fearless moderator.

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So I'm gonna have a few questions for you, Michael,

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all right, the idea to learn and drive the right

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kinds of strategies that the competition isn't doing.

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So Michael, I'll toss it back over to you.

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Great, Thank you too. Key. So, as I said last week,

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I thought it was time for us to finally talk

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about what we mean by everything you've ever learned about

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generating leads and growing your business is wrong. So what

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I really want to accomplish today is to talk about.

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And what I've in Part two essentially is talk about

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a system for marketing and growing your business to a

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point where it becomes instantly obvious to your prospects that

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they would be crazy to do business with anyone other

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than you at any time, anyway, or any price. You know.

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At the beginning of the show, Chickie talked about that

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we talk about our successes. Well, I'm going to talk

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about a failure. So one of the businesses I failed

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at was a comprehensive outpatient rehabilitation facility called Freedom Therapy Center.

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And one of the reasons why I failed is because

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I implemented business and financial strategies that my competition was doing.

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I yacked incentive incessantly about how we had top Knox therapists,

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how we had a medical director on staff, how we

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were in a convenient, modern location, how we had free parking.

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Knowing that my competition was saying the same thing and

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I wasn't doing anything about changing it. It's remarkable I

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even marketed the same way as my competition was through

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doctor referrals. The one second, Choky, I have a frog

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in my throat.

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Absolutely, yeah, yeah, no, no, Warriores, I call that wisdom

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in your throat, right, Michael. I mean, there's so much

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goodness that you've got to share that we've got to

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get it all out.

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Look.

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I'm also taking some notes on this, and I see

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that there are quite a few business owners that are

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on and this is good, right, I mean, this shows

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for business owners and leaders really.

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Coast to coast.

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I also see that some of you are lining up

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your questions. You could chattish your question so very excited

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about Michael.

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Okay, I'm back. I'm sorry, Choky. I had I had

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about with COVID, and you know how that can be.

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And so let me just say again, one of the

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reasons why I failed is because I implemented business and financial

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strategies that my competition was doing. I act incessantly about

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how we had top notch therapists, how we had a

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medical director on staff, how we were in a convenient,

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modern location, how free parking, ignoring the fact fact that

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my competition was saying the exact same thing. And by

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the way, I notice I use the word we in

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front of every one of those statements. Remarkable more on

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that later. But because I was yacking incessantly about the

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same thing, my competition was doing. There was no reason

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other than a doctor referral to come to Freedom Therapy Center. Now,

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in contrast, in a business I succeeded at, which was

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a chain of specialty retail ski stores, we identified two

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specific problems as the customer had and didn't want, while

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providing two unique solutions. Now, one of the problems that

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the customer had in the ski industry is they never

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really knew if the ski they were being sold was

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the right ski for them until they took it up

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in the mountain and skied on it. Now, we at

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our specialty retail stores and everyone had many hot shot

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ski salespeople. These are people who skied fifty times a

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year all their lives and knew everything, knew everything about skates.

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But despite the fact that customers had more reliance on

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those types of people, it was not convincing enough. You

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had the ski, the ski on the mountain to be

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sure it was right for you. M So we had

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a ski guarantee. Buy the ski, ski it three times,

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if you don't like it, bring it back for a

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brand new pair, and keep bringing it back until we

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get it right.

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Interesting, Yeah, and it sounds simple.

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Doesn't it. I mean, but it solved the problem. People

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could buy with confidence once and for all. They wanted

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to buy. They just they wanted desperately to buy. They

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just didn't want to make a three hundred to five

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hundred dollars investment or more and and ruin their entire

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skiing experience. The second them the customer had was they

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didn't understand how to Kela match their ski equipment with

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their clothing. So we created clothing packages that matched the

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most popular colored ski combinations. We took all the guestwork

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out of buying clothing, and it created a great cross

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cell opportunity. You see, everyone had packages for equipment skis, bindings,

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and pulls, but no one had packages for clothing. And

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we put together color coordinated hats, bibs, pokers, and sweaters

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in a package that was also color coordinated with the

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most populous ski equipment. So it's about solving problems and

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offering unique solutions. So there's a great contrast between a

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successful approach, the strategic approach, and failure, which was atical approach.

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One scenario where I was doing exactly what my competition

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was doing, and the other scenario where I was executing

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strategies that my competition was not doing.

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So, Michael, a couple of questions streaming in from that,

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and thank you so much for making that contrast very clear.

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So two questions related to this.

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So one is.

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How do you start that process of identsifying a unique

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problem that maybe the competition is not addressing.

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Well, there was a process called a position of market

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dominance and we're going to go into that a little

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later on. And one of the steps to that process

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is creating a customer avatar, and I'm also going to

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talk about that later on. So to answer the question,

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to answer the question, I'm probably going to be addressing

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that a little later on.

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Yeah, look, well yeah, looking forward to that. So that

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that's that now.

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And if I don't call me on it, oh.

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Michael, you know, yeah, this is the accountability podcast, right, we're.

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Gonna hold each other accountable.

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Well one and this is probably a really quick one.

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It's related to the story.

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So how did you switch from one industry to another industry?

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I mean, the two sort of stories that you described

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seemed like two very different industries. Was that part of

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the calculus for you? So in one sort of industry,

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you know, with the medical and healthcare services, you were

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doing one thing, and then in a different sort of business,

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the ski business, you were doing a different thing.

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Did the industry have anything to do with that?

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It didn't. But I got to tell you a secret,

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go ahead. The ski industry was my first business, and

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so I did that right. And then I took stupid

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pills and didn't apply the same concepts to the medical business.

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Most people would say, oh, he probably was in the

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medical business first and then went to the sky business

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because he went from, you know, from failure to success.

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I went from success to failure.

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Well, Michael, look, I think a lot of business owners

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would resonate with that. Thank you so much for that

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clarification now that I'm inspired by that, very helpful.

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Okay, So the three reasons why everything you've ever learned

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about growing your business is wrong is understanding these three things.

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Number one, strategic marketing versus tactical marketing. And I talked

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about that very vaguely earlier, but I talked about it

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a little bit more specifically next week last week, and

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we're going to review that again. Outside perception versus inside reality.

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We're going to review that again, review that again, and

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then crush the competition versus copy of the competition. We're

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going to get into that more today because we ran

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out of time last week, so let me review the

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strategical versus the tactical. There are two main components to

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any marketing plan, strategic marketing and tactical marketing. Strategic marketing

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is the content of your message. It's what you say

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and how you say it, including the concepts that you

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choose to focus on, the words, images you use to

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communicate those concepts, and the tone in which the message

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is delivered. So tactical marketing, on the other hand, has

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to do with the execution of the strategic marketing, such

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as placing the ads, building a website, attending trade shows,

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focusing on colorsponts, and things like that. If I ask

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a business owner what their marketing plant, it's almost always

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comes back in terms of tactical marketing. They send direct mail,

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they run radio ads, they create a website, those kinds

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of things. But the key to effective marketing is to

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master the strategic side, not the tactical side. What you

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say in your marketing and how you say it or

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almost always always more important than the marketing media where

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you say it. Now, I don't want to totally minimize

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the tactical part. The tactical part is important to a

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point of course, but the real leverage is in the

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messaging itself, and that's the strategic side of marketing. In fact,

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when a marketing campaign fails, and I used to do

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this all the time, the tendency is almost always to

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blame that marketing medium like the TV or radio station,

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which is the tactical part of the plan, without any

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regard to how good or bad the strategy behind that

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marketing piece was. During the show, we'll learn how to

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see differently in a way that will make a profound

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difference in your marketing results. But I want to point

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out that when I was with Freedom Therapy Center, we

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used to run ads and I was real excited when

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we went on TV. We had TV ads, but the

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messaging was all wrong and I blamed. Of course, I

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blamed the TV stations, which was totally inaccurate. That's the

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tactical that's thinking tactically and not strategically. Okay, now I

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want to review inside reality versus outside perception. Consider this,

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there are actually two sides to your business. First, that's

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what I call the inside reality, and second, what I

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call the outside perception. The inside reality encompasses everything you

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do and everything that makes your business outstanding. It's all

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of your skills that people who work for you, your expertise,

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the way you service your customers before, during, and after

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the sale. It's your systems, your operational procedures, You're commitment

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to excellence. It's your passion, and the way you conduct

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your business on a daily basis. Add these all together

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and they equal your value to the marketplace. That's what

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I call the inside reality. Whatever your outside perception has

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to do with how customers and prospects perceive your company.

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The outside perception is developed through the interactions that your

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prospects and customers have with your business. But here's the problem.

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If you provide unmatched and unequal customer service like we

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did at Freedom Therapy Center, and your customers absolutely love

256
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you like they did at Freedom Therapy Center, none of

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that matters to your prospects. If number one, they don't

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even know you exist as an option, or number two,

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they see your marketing and advertising, and because of your

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inability to market your business correctly, the perception is that

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you're no different or no better or no worse than

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your competitors, which is exactly what happened to me at

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Freedom Therapy Center. And I would estimate that well over

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ninety five percent of all businesses are completely inept when

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it comes to this, and the end result is that

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your inside reality and your outside perception are perceived to

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be different. Interesting. Yeah, yeah, go ahead, sorry, yeah, profound point.

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And we just got a this is I guess a

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quasi comment and a question, but I'll frame it as

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a question for you, Michael, this idea of your inside reality,

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how does that impact word of mouth referrals? So you

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mentioned you know your customers or clients may be getting

273
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really good service, but the prospects don't know about that

274
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really good service from existing clients. How does that impact

275
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word of mouth referrals? Should a business owner maybe empower

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clients customers to do more word of mouth referrals?

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Well, the word of mouth referrals are people who probably

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have been to your have experienced your product, whether it's

279
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a product or service, and so they understand the inside

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reality and they're able to communicate that to somebody else. Correct,

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But a prospect out of the blue doesn't understand your insight,

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and that's where the disconnect Oh that's where that's where

283
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the difference is. So they're great referrals. My god, anytime

284
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you could get a word of mouth referral, it's always outstanding.

285
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But it's because that person who's giving the word about referral,

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in all likelihood, has experienced your inside reality. It's your

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job to communicate your inside reality in the form of

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whether it's marketing or advertising or networking for all that.

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Very helpful, yeah, not quite insightful. So in essence, it's

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back to the idea of the content. So the contents

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of messaging should incorporate some of those inside reality points. Right,

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you are engaging with a prospect that's not heard of you,

293
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is not interacted with you.

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You have very helpful.

295
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Michael, that's right. And and but you can't deal with

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I hope, so marketing as well. We'll get to that thought.

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When you look like everyone else, the only way to

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differentiate you from the rest is price, and that's why

299
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your marketing must do the heavy lifting for you. But

300
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here's the brutal truth. If you're always competing on price,

301
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it's because there's no discernible difference between you and your competition.

302
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There have been no additional parameters or relevant issues introduced

303
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to educate your prospects as to what really constitute the

304
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best value when it comes to buying what you sell.

305
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And if you feel like you're always competing on price,

306
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it's because price is the only relevant variable that you've

307
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given your prospects to consider. From the prospects perspective, all

308
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things appear equal. So the default of the business offering

309
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the lowest price, it's not your fault because every business

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school teaches the same old theory based on a broken model. However,

311
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I'm about to show you how to fix that and

312
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for all, and what we're going to talk about is

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to finally allow you to first be better than your

314
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competition and then second do better marketing than your competition.

315
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This allows you to separate your business from your competition

316
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and become the obvious choice for your prospects to do

317
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business with. So chookey, I want to challenge the audience

318
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today and I'm going to talk a little bit about jargon.

319
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But I want I'm going to ask a question at

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the end of my explanation of jargon and see if

321
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we get any reactions. So interesting, most marketing out there

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is jargon. It's drearly commonplace and predictable. It lacks power

323
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to evoke interest, to overuse and repetition. And so let

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me give you some examples of jargon largest selection, lowest price,

325
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best service, highest quality, most professional, most convenient, been in

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business for X hundred years, We're honest. So does my

327
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inside reality? What really makes me good at what I do?

328
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Does that really shine through when I say those things?

329
00:20:18.480 --> 00:20:22.400
Can you? Can you tell specifically what makes me valuable

330
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to the marketplace when I say highest quality or best service?

331
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Absolutely not?

332
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Yeah, absolutely not? Yeah right right. So I'm not saying

333
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that you shouldn't be those kinds of things. Those actually

334
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make up a foundation that you want to use to

335
00:20:38.880 --> 00:20:43.440
build your inside reality. But consider this, If my marketing

336
00:20:43.480 --> 00:20:46.519
says that I offer high quality and great service, isn't

337
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that drearily commonplace and predictable. Doesn't it lack power to

338
00:20:51.720 --> 00:20:56.599
evoke interest, to overuse the repetition? Does my inside does

339
00:20:56.640 --> 00:21:00.880
my inside reality? What really makes me good at what

340
00:21:00.920 --> 00:21:03.960
I do? Does that really shine through when I say

341
00:21:03.960 --> 00:21:07.839
those things? Can you tell specifically what makes me valuable

342
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to the marketplace when I say highest quality or best service?

343
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You see, you simply can't describe, demonstrate, exhibit, reveal, or

344
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even display your inside reality using jargon. It's impossible, and unfortunately,

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the end result is an outside perception that you're no

346
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different than anyone else. There's absolutely no distinction, no separation,

347
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no differentiation none. You just flat out cannot make your

348
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inside reality an outside perception matchup when you use jargon

349
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like this, and in fact, let me give you a

350
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way you can easily and quickly evaluate your own marketing

351
00:21:45.519 --> 00:21:48.799
and and your competitiors marketing to see if you're getting

352
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caught up in the jargon trap. This evaluation is called

353
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well I would hope so. When you make a claim,

354
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don't think about it in terms of the words coming

355
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out of your mouth. Think about it in terms of

356
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the words entering your prospects ears. This will enable you

357
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to realize how absurd most jargon is and how it sounds.

358
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So here's my challenge. Look at your competitors' marketing messages

359
00:22:14.480 --> 00:22:18.480
and then ask yourself if the prospect's immediate response might

360
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be well, I would hope so, because when you think

361
00:22:22.559 --> 00:22:27.240
about it, why would anyone buy from someone who doesn't

362
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have the highest quality, who doesn't have the best service

363
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or honest people. So look at your competitives marketing, and

364
00:22:34.400 --> 00:22:37.880
then look at your own. Are you saying the same

365
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thing or if your competitors are saying something different, is

366
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the customer still saying well, I hope. So stuff, I

367
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think you're going to find that we're all doing the

368
00:22:50.359 --> 00:22:57.799
same thing. So that's my challenge. Check out your competitors,

369
00:22:57.920 --> 00:23:00.160
see if they're doing I hope so marketing. Check out

370
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your your communication, your marketing messages, see if you're doing

371
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I hope.

372
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So that's a great challenge.

373
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In fact, we're actually getting some ideas from business owners,

374
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so folks are saying I should probably check out my

375
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social media posts as well as my competitors social media

376
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posts to run the same challenge in addition to the website.

377
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It's funny someone else made this coming about an elevator pitch,

378
00:23:24.599 --> 00:23:27.880
so I should maybe audit my elevator pitch compared to

379
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my competitors and see if I would pass this challenge

380
00:23:31.720 --> 00:23:34.559
or not. So you, Mike, a really practical advice you're

381
00:23:34.720 --> 00:23:35.440
providing there.

382
00:23:35.480 --> 00:23:38.759
Thank you, no problem, But I think you'll find that

383
00:23:38.759 --> 00:23:41.000
there's a lot of hopes I hope so marketing out

384
00:23:41.039 --> 00:23:45.319
there a lot of a lot of jargon. So remember

385
00:23:45.400 --> 00:23:48.359
it's it's not who can do what you do, it's

386
00:23:48.480 --> 00:23:50.559
who can say what you say. And if your marketing

387
00:23:50.640 --> 00:23:53.880
is full of jargon, then sadly that answer is all

388
00:23:53.920 --> 00:23:57.400
of your competitors can say what you say. You know,

389
00:23:57.640 --> 00:24:01.720
my competitors never copied my ski guarantee or package clothing.

390
00:24:01.799 --> 00:24:04.200
Now they could have. I don't know why they didn't.

391
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But even if even if they did, it wouldn't matter

392
00:24:11.240 --> 00:24:16.119
because they would have been too late. Okay, they would

393
00:24:16.119 --> 00:24:18.319
have been too late, But they never copied it, even

394
00:24:18.359 --> 00:24:23.599
though it was working famously. It is evident that this

395
00:24:23.680 --> 00:24:26.559
might be a problem for you now and a tremendous

396
00:24:26.599 --> 00:24:29.039
competitive advantage if you could figure out how to fix

397
00:24:29.079 --> 00:24:31.599
this for your own business. So let me see if

398
00:24:31.599 --> 00:24:34.559
I could show you how to fix this. Let me

399
00:24:34.640 --> 00:24:38.039
explain how you can follow a very simple process we

400
00:24:38.119 --> 00:24:41.200
call the conversion formula. We talked about this at previous shows,

401
00:24:41.359 --> 00:24:44.240
and we'll keep talking about it because it's critical. It's

402
00:24:44.279 --> 00:24:47.240
a critical formula and you need to understand it. And

403
00:24:47.279 --> 00:24:49.799
if you're going to differentiate yourself from your market, which

404
00:24:49.839 --> 00:24:53.240
is a very difficult thing to do, this is way

405
00:24:53.400 --> 00:24:56.559
to do it. The conversion formula and when you use

406
00:24:56.640 --> 00:25:02.599
the conversion formula correctly, you will eliminate a jargon forever,

407
00:25:02.759 --> 00:25:07.400
and your outside perception will finally become an excellent reflection

408
00:25:07.960 --> 00:25:11.640
of your inside reality and finally begin to get the

409
00:25:11.680 --> 00:25:15.759
results from your marketing that you should be getting now.

410
00:25:15.799 --> 00:25:20.920
The conversion formula has four main components. Let me start

411
00:25:20.960 --> 00:25:24.200
with a brief introduction, and then i'll go into more detail.

412
00:25:25.079 --> 00:25:28.680
The first component of the conversion formula is called captivate.

413
00:25:29.799 --> 00:25:32.720
This is simply the process of interrupting the customer and

414
00:25:32.759 --> 00:25:37.000
getting qualified prospects to pay attention to your marketing. This

415
00:25:37.160 --> 00:25:43.799
is often accomplished by affecting the prospect emotionally. It's the

416
00:25:43.920 --> 00:25:48.400
problem the customer has and doesn't want. Sounds simple enough,

417
00:25:48.440 --> 00:25:52.519
doesn't it. Unfortunately, it's a lot more difficult to pull

418
00:25:52.519 --> 00:25:56.119
off in real life unless you understand what you're about

419
00:25:56.160 --> 00:25:58.920
to learn. During the course of all of our radio shows,

420
00:26:00.240 --> 00:26:02.119
do you remember one of the problems the customer had

421
00:26:02.119 --> 00:26:04.359
in the ski industry was that they never really knew

422
00:26:04.359 --> 00:26:06.119
if the ski they were being sold was the right

423
00:26:06.119 --> 00:26:07.559
ski for them until they got it up on the

424
00:26:07.559 --> 00:26:11.759
mountain skied on it. That's not jogging, that's a real

425
00:26:12.200 --> 00:26:19.039
emotional problem that the customer has. The second component of

426
00:26:19.079 --> 00:26:24.720
the conversion formula is called fascinate. Once the prospect is

427
00:26:24.759 --> 00:26:28.359
interrupted through the captivate, it's critical to give them the

428
00:26:28.480 --> 00:26:32.839
promise that information is forthcoming that will help them make

429
00:26:32.880 --> 00:26:36.720
the best decision possible, or in other words, facilitate their

430
00:26:36.759 --> 00:26:41.000
decision making process. This is also best accomplished on an

431
00:26:41.000 --> 00:26:45.799
emotional level. More simply put, the fascinate engages the prospect

432
00:26:45.839 --> 00:26:49.119
because it's the solution to the problem that they can't find.

433
00:26:49.839 --> 00:26:52.079
The solution we had to the problem for the customer

434
00:26:52.119 --> 00:26:54.880
and the ski business was ski the skis three times.

435
00:26:54.920 --> 00:26:56.519
If you don't like it, bring it back for a

436
00:26:56.559 --> 00:27:01.880
brand new parent till we get it right. So and

437
00:27:01.920 --> 00:27:05.039
by the way, the conversion formula works like any other formula,

438
00:27:05.079 --> 00:27:08.160
and it has to be executed in the right order,

439
00:27:08.480 --> 00:27:12.480
otherwise it doesn't work. Chucky and I believe that these

440
00:27:12.519 --> 00:27:15.440
first two components are so important that we have a

441
00:27:15.559 --> 00:27:20.319
name for them. We call the captivate and fascinate, which

442
00:27:20.319 --> 00:27:23.240
are the first two components of the conversion formula the

443
00:27:23.279 --> 00:27:27.039
position of market dominance. Because if you don't get those

444
00:27:27.079 --> 00:27:30.440
first two components right, forget about the rest of the

445
00:27:30.480 --> 00:27:33.400
formula agreed.

446
00:27:33.920 --> 00:27:36.680
It's interesting, Michael, and this might go to the heart

447
00:27:36.680 --> 00:27:40.400
of your earlier point about why your competitors in the

448
00:27:40.440 --> 00:27:45.880
ski business did not necessarily copy your strategy, right, based

449
00:27:45.920 --> 00:27:48.079
on the fact that you had already created a position

450
00:27:48.119 --> 00:27:49.160
of market dominance.

451
00:27:50.200 --> 00:27:54.000
Well that's it, you know. But I still to this

452
00:27:54.119 --> 00:27:58.319
day wonder why, because I'll tell you why, Chucky, they

453
00:27:58.319 --> 00:28:03.079
were getting people doing comparison shopping, and I found this

454
00:28:03.160 --> 00:28:07.839
out from salespeople over as competitors. They were getting people

455
00:28:08.000 --> 00:28:12.880
asking what the ski guarantee was. They were getting people

456
00:28:13.000 --> 00:28:15.480
asking where their clothing packages.

457
00:28:14.960 --> 00:28:18.799
Were interesting using your lingo the legal that you had

458
00:28:18.880 --> 00:28:20.359
inserted into the marketplace.

459
00:28:20.559 --> 00:28:24.279
Right, that's right. And so I don't understand why they

460
00:28:24.359 --> 00:28:28.319
didn't do it. Maybe they didn't want to copycat. And

461
00:28:28.359 --> 00:28:31.240
this is two or three competitors, not just one. You know,

462
00:28:31.279 --> 00:28:34.240
there's a lot of competitors in the ski retail arena.

463
00:28:34.480 --> 00:28:39.599
And it really was I just to this day, like

464
00:28:39.640 --> 00:28:43.480
I said, I don't know why they wouldn't have implemented.

465
00:28:43.519 --> 00:28:45.920
I would have at least tried to implement the variation.

466
00:28:46.000 --> 00:28:49.200
I would have called it something different, you know, but

467
00:28:49.359 --> 00:28:52.359
I would have liked I would have at least tried

468
00:28:52.400 --> 00:28:56.440
to come up with a alternative.

469
00:28:58.200 --> 00:29:00.640
This might relate to the next step in the convert formula.

470
00:29:00.640 --> 00:29:03.279
But how did you How did you educate the marketplace?

471
00:29:03.359 --> 00:29:03.440
Right?

472
00:29:03.440 --> 00:29:06.680
I mean you You certainly got customers to start to

473
00:29:06.799 --> 00:29:07.400
use that lingo.

474
00:29:07.519 --> 00:29:09.240
How did you educate the marketplace?

475
00:29:09.720 --> 00:29:13.839
Good question, you know. So. One of the great features

476
00:29:14.240 --> 00:29:18.359
of the position of market dominance is that you it

477
00:29:18.559 --> 00:29:24.599
flows freely into that third component called educate because once

478
00:29:24.640 --> 00:29:27.799
you've captivated and fascinated the prospect, you now have their attention,

479
00:29:28.039 --> 00:29:31.400
which is hard to get today. Yes, and as a result,

480
00:29:31.440 --> 00:29:34.319
you have the time, a little time to give them information,

481
00:29:34.680 --> 00:29:38.400
more information that allows them to logically understand how and

482
00:29:38.480 --> 00:29:44.079
why you solve that emotional problem. Now on the educating

483
00:29:44.119 --> 00:29:46.200
that I did, I just simply went into the fact

484
00:29:46.240 --> 00:29:52.279
that most skiers or beginners just never know if the

485
00:29:52.319 --> 00:29:54.720
ski they're being sold is right for them. They have

486
00:29:54.759 --> 00:29:58.640
no idea, and people resonate with that, and that's that

487
00:29:58.799 --> 00:30:05.000
was just part of the education process with that particular program,

488
00:30:05.119 --> 00:30:10.680
and educate is accomplished by giving detailed, quantifiable, specific, inside

489
00:30:10.759 --> 00:30:15.279
reality revealing information. The educate turns the corner from an

490
00:30:15.279 --> 00:30:20.200
emotional cell to a logical cell. So people make buying

491
00:30:20.279 --> 00:30:23.880
decisions emotionally and then back them up logically. The educate

492
00:30:24.680 --> 00:30:29.079
provides the logic to the emotional problem and solution that

493
00:30:29.160 --> 00:30:35.039
you presented. So this conversion is a logical cell. It's

494
00:30:35.119 --> 00:30:38.000
easier to do if you just follow the conversion formula.

495
00:30:38.039 --> 00:30:43.079
The conversion formula does that work for you. So the

496
00:30:43.160 --> 00:30:48.759
emotional component is the captivate and fascinate. The logical component

497
00:30:49.119 --> 00:30:55.880
is the educate, and so that's really why this formula

498
00:30:56.000 --> 00:30:57.079
is so effective.

499
00:30:58.680 --> 00:31:01.519
That's a remarkable point. I was just saying, Michael, that's

500
00:31:01.519 --> 00:31:04.799
a remarkable point. It's interesting, right, and I appreciate the

501
00:31:04.839 --> 00:31:06.279
way that you've broken that down.

502
00:31:06.359 --> 00:31:06.519
Right.

503
00:31:06.559 --> 00:31:10.000
So the first two steps that captivate and fascinate, that's

504
00:31:10.039 --> 00:31:12.720
the emotional and as we know, and we found this

505
00:31:12.759 --> 00:31:18.759
out from our research, all buying decisions are based on emotions, right,

506
00:31:18.799 --> 00:31:21.920
and people just rationalize the decision. Later on, we had

507
00:31:22.119 --> 00:31:24.519
sort of a funny comment from one of the business owners.

508
00:31:26.000 --> 00:31:28.960
I need to rationalize the new flat screen TV that

509
00:31:29.559 --> 00:31:35.559
I'm thinking of buying. Football season is coming up.

510
00:31:38.559 --> 00:31:44.640
That's right, there, you go, that's rational. And so the

511
00:31:44.640 --> 00:31:48.119
fourth and final component of the conversion formula is the close.

512
00:31:48.359 --> 00:31:51.279
Now the prospect has been captivated based on problems that

513
00:31:51.319 --> 00:31:55.200
are important to them emotionally, fascinated by the promise of

514
00:31:55.240 --> 00:31:59.079
a solution to that emotional problem. They've examined the educational

515
00:31:59.119 --> 00:32:04.960
information makes your solution to that emotional problem real and believable.

516
00:32:05.640 --> 00:32:08.119
So the last step is to give the prospect an offer,

517
00:32:08.160 --> 00:32:11.880
and that has to be compelling, so compelling that the

518
00:32:11.920 --> 00:32:14.720
prospect can't turn it down. So I want to review

519
00:32:14.759 --> 00:32:18.799
the five components of a compelling offer. So we have

520
00:32:19.079 --> 00:32:21.880
the first component, and we've gone over this in other

521
00:32:21.920 --> 00:32:25.839
shows as well, and once again it's just critical information.

522
00:32:26.160 --> 00:32:31.000
It's gotta we really want this to sync into the

523
00:32:31.079 --> 00:32:35.599
to the business community. So first is scarcity an urgency.

524
00:32:36.400 --> 00:32:42.319
So scarcity is there's only three left. Urgency is the

525
00:32:42.359 --> 00:32:47.960
offer ends Wednesday, Thursday, whatever day the offer ends. That's urgency.

526
00:32:49.799 --> 00:32:53.559
Second component of a compelling offer is risk reversal. And

527
00:32:53.640 --> 00:32:55.960
by the way, it's good it's important to note that

528
00:32:56.799 --> 00:33:00.599
if you can incorporate even one or more of these

529
00:33:01.480 --> 00:33:05.839
components of a compelling offer, you enhance your offer. So

530
00:33:05.920 --> 00:33:09.440
if you combined scarcity and urgency with risk reversal, and

531
00:33:09.400 --> 00:33:12.240
the risk reversals where the seller in the transaction takes

532
00:33:12.319 --> 00:33:14.839
all or most of the risk, like I did in

533
00:33:14.880 --> 00:33:17.720
the ski business example, our ski guarantee was actually a

534
00:33:17.759 --> 00:33:21.440
risk reversal because a ski depreciates dramatically once you put

535
00:33:21.440 --> 00:33:23.119
a pair of bindings on it and ski on it.

536
00:33:23.799 --> 00:33:28.240
I mean, it appreciates incredibly dramatically. So we would take

537
00:33:28.240 --> 00:33:31.160
a loss for every ski that was returned, but we

538
00:33:31.160 --> 00:33:33.640
were so confident that the ski that they were being

539
00:33:33.680 --> 00:33:36.279
sold was the right ski for them. As a matter

540
00:33:36.359 --> 00:33:40.039
of fact, we sold eight thousand pair and only eight

541
00:33:40.119 --> 00:33:43.720
k back. Oh wow, Yeah, it's really that's what that

542
00:33:43.799 --> 00:33:46.240
shows it. Yeah, it shows that people want to buy.

543
00:33:46.319 --> 00:33:49.640
They don't want to be sold, and and and they

544
00:33:49.920 --> 00:33:53.000
they want to buy, and when they buy, and it's

545
00:33:53.039 --> 00:33:55.839
the right thing that they bought, they're happy. I mean,

546
00:33:55.839 --> 00:34:00.000
that's as simple as that great point. The third component

547
00:34:00.079 --> 00:34:03.000
of a compelling offer is adding value to your product

548
00:34:03.000 --> 00:34:05.640
to service. So let me see if I give you

549
00:34:05.640 --> 00:34:07.519
an example for that. So when I was in the

550
00:34:07.559 --> 00:34:12.400
frozen cookie dope business, the problem the customer had was

551
00:34:12.440 --> 00:34:16.239
they didn't want to take up valuable oven space baking cookies.

552
00:34:16.280 --> 00:34:18.599
So if there were a pizza polla, they didn't want

553
00:34:18.599 --> 00:34:20.880
to put cookies in with the pizza, or they didn't

554
00:34:20.880 --> 00:34:24.280
want to interrupt the flow of of baking the pizza.

555
00:34:25.480 --> 00:34:27.559
So what we did is we gave away a free

556
00:34:27.599 --> 00:34:31.639
convection of it with every opening order. Now did we

557
00:34:31.679 --> 00:34:35.039
make money with doing that right away? No? No. But

558
00:34:35.079 --> 00:34:37.719
the key is is we understood the long term value

559
00:34:37.719 --> 00:34:40.880
of a customer and it was always worth it when

560
00:34:40.920 --> 00:34:44.039
we understood that once the customer started buying our product,

561
00:34:44.639 --> 00:34:47.360
there was a value to them buying it again and again,

562
00:34:47.519 --> 00:34:49.920
and there was a history that we had that they

563
00:34:49.960 --> 00:34:54.960
would buy it again and again. And so because we

564
00:34:55.039 --> 00:34:57.360
understood the value of a customer, we were willing to

565
00:34:57.400 --> 00:35:01.599
take a hit early on because we knew that the

566
00:35:01.639 --> 00:35:05.599
customer in all likelihood would love the product and continue

567
00:35:05.639 --> 00:35:08.559
to buy from us, which is what happened. But one

568
00:35:08.559 --> 00:35:11.039
of the two most important financial metrics for you to

569
00:35:11.159 --> 00:35:14.960
especially understand is if you especially if you want to scale,

570
00:35:15.800 --> 00:35:18.360
is to understand what your cost to acquire a customer

571
00:35:18.480 --> 00:35:21.519
is and understand what the long term value of a

572
00:35:21.559 --> 00:35:25.840
customer is. When you understand those two metrics, you really

573
00:35:26.000 --> 00:35:30.000
understand where you where you stand with respect to scaling.

574
00:35:30.360 --> 00:35:37.639
And in a future show, we'll talk more about that.

575
00:35:38.280 --> 00:35:40.480
Yeah, you you predicted some of the questions. I mean,

576
00:35:40.559 --> 00:35:41.280
we had a couple.

577
00:35:41.159 --> 00:35:45.000
Of like oh wow, like tell me more, right, right,

578
00:35:45.079 --> 00:35:48.039
So we'll we'll cover that because they are two important metrics,

579
00:35:48.760 --> 00:35:51.480
especially if you're thinking of scaling, you've got to you've

580
00:35:51.519 --> 00:35:54.000
got to get your get a handle on those two.

581
00:35:55.280 --> 00:35:59.440
So packaging and bundling multiple products and services is the

582
00:35:59.480 --> 00:36:03.000
fourth comp component of a compelling offer. And if you

583
00:36:03.039 --> 00:36:06.880
remember my ski business example where everyone packaged equipment, but

584
00:36:07.079 --> 00:36:11.400
we also package clothing, and so when you package products together,

585
00:36:11.559 --> 00:36:17.159
there is a strong customer perception of value. And so

586
00:36:17.440 --> 00:36:20.519
if you could ever come up with an offer that

587
00:36:21.280 --> 00:36:25.559
includes scarcity, urgency, risk reversal, adding value to a product

588
00:36:25.559 --> 00:36:29.559
of service, packaging and bundling. And then this final one

589
00:36:29.840 --> 00:36:33.800
called indifference to the outcome, where the prospect can tell

590
00:36:33.840 --> 00:36:36.440
when you're pressing to make a sale and as a result,

591
00:36:37.079 --> 00:36:41.400
they surmise that you don't have their best interest in mind.

592
00:36:41.840 --> 00:36:46.119
That's a big problem. So by being indifferent to the outcome,

593
00:36:46.199 --> 00:36:48.639
it puts you in your prospect on the same side

594
00:36:48.639 --> 00:36:52.119
of the table where you're locking arms and getting to

595
00:36:52.199 --> 00:36:55.280
know that person in terms of their inspirations and goals

596
00:36:55.280 --> 00:37:00.599
and objectives helps with this process. The difference to the

597
00:37:00.599 --> 00:37:06.639
outcome is a really important component of a compelling offer

598
00:37:07.519 --> 00:37:11.119
because if done correctly, puts you on the same side

599
00:37:11.119 --> 00:37:15.599
of the table as the prospect. So I think you

600
00:37:15.599 --> 00:37:18.199
can see from reviewing your competitors marketing and if you

601
00:37:18.320 --> 00:37:21.440
use the conversion formula, you'll be implementing a business strategy

602
00:37:21.440 --> 00:37:24.840
that your competition isn't doing. You'll be crushing your competitors

603
00:37:25.280 --> 00:37:31.880
versus copying your competitors, which is that third reason why everybody,

604
00:37:33.519 --> 00:37:37.119
when everybody's ever learned about growing their business is wrong.

605
00:37:38.400 --> 00:37:41.760
So the conversion formula follows the formula for what marketing

606
00:37:41.840 --> 00:37:43.960
is supposed to do in the first place. In fact,

607
00:37:44.000 --> 00:37:46.960
at this point we can simply say that your marketing's

608
00:37:47.079 --> 00:37:52.400
job is to captivate, fascinate, educate, and close. And here's

609
00:37:52.440 --> 00:37:56.400
something that almost no one understands. And one of the

610
00:37:56.440 --> 00:38:00.519
reasons everything you've ever learned about business is wrong is

611
00:38:00.639 --> 00:38:03.679
we've all been conditioned to believe that as long as

612
00:38:03.760 --> 00:38:09.039
you've captivated or interrupted the prospect, that's it. That's good enough.

613
00:38:09.840 --> 00:38:13.239
Job is done. The job is done. No, but you

614
00:38:13.320 --> 00:38:16.599
have to realize that if you only captivate, or interrupt

615
00:38:16.599 --> 00:38:19.440
the customer. That's only one fourth of that conversion formula.

616
00:38:19.880 --> 00:38:23.199
You've got to include all four components in the exact

617
00:38:23.320 --> 00:38:27.679
order captivate, fascinate, educate, and close to get the maximum

618
00:38:27.719 --> 00:38:30.920
results from your marketing. So let me give you a

619
00:38:31.000 --> 00:38:36.800
quick example. When I ask most daycare providers why parents

620
00:38:36.880 --> 00:38:43.159
should choose them instead of the seventeen other local daycares,

621
00:38:43.719 --> 00:38:46.679
they always give me the same boring answer. Its high quality,

622
00:38:46.719 --> 00:38:50.119
attention to detail, we supervise our staff better, we're honest,

623
00:38:50.679 --> 00:38:53.800
we've taken care of more than two hundred kids, and

624
00:38:53.920 --> 00:39:00.760
so on, nothing but jargon. Unfortunately, this exact jargon shows

625
00:39:00.840 --> 00:39:05.239
up in boring and effective headlines. For instance, when I

626
00:39:05.280 --> 00:39:09.320
looked at the marketing of various daycares, they said things

627
00:39:09.400 --> 00:39:14.119
like safe nurturing and creative environment, optimize your child's development,

628
00:39:14.199 --> 00:39:19.519
acclaimed by thousands of parents, accredited by industry professionals a

629
00:39:19.679 --> 00:39:24.639
leader in early childhood care and education. Those are all

630
00:39:24.719 --> 00:39:29.880
real headlines from real ads. Jargon and more jargon. But

631
00:39:29.960 --> 00:39:34.159
note this as well. These headlines all speak to the daycare,

632
00:39:34.320 --> 00:39:38.440
not the prospect. You could place the word we in

633
00:39:38.480 --> 00:39:42.280
front of all of that jargon and it would fit perfectly.

634
00:39:43.199 --> 00:39:47.239
We optimize your child's development. We are critical, We are

635
00:39:47.440 --> 00:39:51.000
acclaimed by thousands of parents, We are accredited by the

636
00:39:51.400 --> 00:39:55.880
by industry professionals. We are a leader in early childhood

637
00:39:55.960 --> 00:40:00.880
care and education. Prospects don't care about you in the daycare.

638
00:40:01.639 --> 00:40:05.000
They care about themselves and their kids. None of those

639
00:40:05.039 --> 00:40:10.519
headlines addresses their problems or concerns. And the parents you

640
00:40:10.639 --> 00:40:13.280
really want to interrupt John and Jane Doe. You've got

641
00:40:13.280 --> 00:40:18.480
to use more powerful language than that to get them

642
00:40:18.559 --> 00:40:22.639
to respond at an emotional level. So how about this

643
00:40:22.760 --> 00:40:26.360
headline to effectively communicate the concept of a safe, nurturing,

644
00:40:26.480 --> 00:40:30.639
and creative environment. Ever felt like your daycare treated your

645
00:40:30.719 --> 00:40:34.840
child like a number instead of a little person? Or

646
00:40:34.880 --> 00:40:38.280
how about this one to convey being a leader in

647
00:40:38.440 --> 00:40:44.079
early childhood care and education? Is your daycare is idea

648
00:40:44.239 --> 00:40:49.800
of good educational curriculum watching Barney on TV? Or this

649
00:40:49.840 --> 00:40:54.320
one introducing a daycare center that doesn't consider mac and

650
00:40:54.400 --> 00:40:56.800
cheese to be one of the four major food groups.

651
00:40:59.519 --> 00:41:02.320
Or how about the one how would you like your

652
00:41:02.400 --> 00:41:04.760
child to be reading at a first grade level before

653
00:41:04.760 --> 00:41:05.800
starting kindergarten?

654
00:41:06.559 --> 00:41:07.239
Brilliant?

655
00:41:07.559 --> 00:41:11.159
See all those headlines work in tandem with close up

656
00:41:11.199 --> 00:41:14.599
pictures that work to reinforce this powerful and compelling message.

657
00:41:16.440 --> 00:41:19.559
That headline that said, ever felt like your daycare treated

658
00:41:19.559 --> 00:41:21.679
your child like a number instead of a little person?

659
00:41:22.639 --> 00:41:24.559
Next to it could be a four year old sitting

660
00:41:24.559 --> 00:41:29.239
in the corner with his head buried in his hands, crying. HM.

661
00:41:30.000 --> 00:41:36.360
Talk about powerful, emotional and compelling, talk about captivating and interrupting. Absolutely,

662
00:41:36.840 --> 00:41:38.840
See how these headlines speak to the issue of the

663
00:41:38.880 --> 00:41:43.599
prospect instead of the daycare. See how they reflect the

664
00:41:43.639 --> 00:41:46.239
fanatical attention to detail that is the foundation of the

665
00:41:46.280 --> 00:41:50.840
daycare's inside reality.

666
00:41:51.599 --> 00:41:53.760
We also passes the challenge, Michael.

667
00:41:53.760 --> 00:41:57.760
It passes the test, right the I hope so test.

668
00:41:58.039 --> 00:42:01.960
It cuts through at a very motion and strategic.

669
00:42:01.440 --> 00:42:09.800
Level, right exactly, Well, CHOOKI I think it's time for compliments.

670
00:42:10.280 --> 00:42:11.559
Great compliments section.

671
00:42:12.320 --> 00:42:16.199
Absolutely, yeah, yeah, look, I mean this is yeah, this

672
00:42:16.360 --> 00:42:19.840
is one of the segments in our show that's really

673
00:42:19.840 --> 00:42:24.039
in high demand and it's our contribution back to the

674
00:42:24.039 --> 00:42:28.679
business community. And Michael, we have five business compliments that

675
00:42:28.719 --> 00:42:31.480
we want to spotlight. So they will start with a

676
00:42:31.519 --> 00:42:34.719
business owner. You and I just have a lot of

677
00:42:34.760 --> 00:42:37.239
regard for and by the way, these business compliments are

678
00:42:37.239 --> 00:42:40.079
for business owners that are coast to coast, so really

679
00:42:40.119 --> 00:42:44.280
a national scope here. The first business owners doctor Amanda

680
00:42:44.480 --> 00:42:50.760
Romain Nelson. She is a pharmacist passionate about helping people

681
00:42:50.960 --> 00:42:57.920
decrease their meds, live healthy and thriving lives. You can

682
00:42:58.000 --> 00:43:00.840
check her out at ask coach a man. I mean

683
00:43:00.880 --> 00:43:03.400
we met her at one of our business roundtables in

684
00:43:03.880 --> 00:43:07.280
we've just been really impressed. In fact, fun fact about

685
00:43:07.440 --> 00:43:11.400
doctor Amanda Romine Nelson. She is a pharmacist, she has

686
00:43:11.440 --> 00:43:16.159
an engineering background, she has a healthcare background. She's also

687
00:43:16.199 --> 00:43:18.800
done some work within the financial services space. So I

688
00:43:18.840 --> 00:43:21.559
think it's safe to say that Amanda is a true

689
00:43:21.559 --> 00:43:23.639
problem solver, right Michael.

690
00:43:23.599 --> 00:43:26.519
That's right, absolutely, there's no doubt about that, right.

691
00:43:26.559 --> 00:43:32.280
So a couple more folks. Second business compliment Dylan Newcomb.

692
00:43:32.360 --> 00:43:37.320
So he is with an organization called Uzazu and they

693
00:43:37.400 --> 00:43:41.079
just do fascinating work, right, It's a personal growth development

694
00:43:41.199 --> 00:43:45.760
work using a system that they call an embodied intelligence

695
00:43:46.119 --> 00:43:50.639
system to really drive your transformation, to align mind body

696
00:43:50.719 --> 00:43:54.960
and have that integration for higher performance. Again, just really

697
00:43:55.000 --> 00:43:57.559
interesting to check out what Dylan and his team are doing.

698
00:43:58.280 --> 00:44:00.400
And again cos to COSA. So Amanda out in the

699
00:44:00.400 --> 00:44:03.000
East Coast. Dylan's also out in the East Coast. Let's

700
00:44:03.039 --> 00:44:07.800
go with the next business compliments, Gary Dey Jesus. He

701
00:44:07.880 --> 00:44:14.239
is in the Midwest and he's with g d J Brands,

702
00:44:14.519 --> 00:44:21.559
effectively his initials brands and top notch brand management strategists.

703
00:44:21.599 --> 00:44:24.760
So to some of what Michael has been talking about me,

704
00:44:24.800 --> 00:44:27.440
I think touch and base with Gary might be a

705
00:44:27.519 --> 00:44:32.159
worthwhile exercise. Dylan and Gary provided some really good insights

706
00:44:32.199 --> 00:44:34.960
for our book interview. Another really good insight for our

707
00:44:34.960 --> 00:44:40.440
book interviews. The next business compliment, aj Gowell and ag

708
00:44:40.559 --> 00:44:44.199
is in the Midwest. Runs an organization called wards in

709
00:44:45.079 --> 00:44:50.280
the world's first ever human powered cold email writing service.

710
00:44:50.920 --> 00:44:53.360
You know, Michael, it's nice to have someone write an

711
00:44:53.360 --> 00:44:56.880
email for you, right, yeah, Oh my god, Yeah yeah.

712
00:44:56.880 --> 00:44:59.559
It would probably say it will only save me about

713
00:44:59.559 --> 00:45:01.360
three out the day. There you go.

714
00:45:02.480 --> 00:45:05.639
And then, Michael, you've had quite a bit of success

715
00:45:05.880 --> 00:45:09.280
in your career working with trades people. The next and

716
00:45:09.320 --> 00:45:13.199
final business compliment is Jim Nadeau. He is out in

717
00:45:13.239 --> 00:45:16.320
the East Coast. He's a master electrician, so in the

718
00:45:16.360 --> 00:45:21.719
trades with Nadeau electric What I candidly want to spotlight

719
00:45:21.719 --> 00:45:24.400
about Jim and team is just their commitments a client

720
00:45:24.559 --> 00:45:28.079
satisfaction at a very high level. And Michael, maybe just

721
00:45:28.199 --> 00:45:30.199
a quick point when you think of the trades and

722
00:45:30.239 --> 00:45:34.360
your experience with trades professionals coast to coast comes to

723
00:45:34.400 --> 00:45:34.840
mind for you.

724
00:45:36.840 --> 00:45:40.280
Yeah. No, they're a hard working group and they have

725
00:45:41.800 --> 00:45:47.519
and you know, they they really dig deep into The

726
00:45:47.840 --> 00:45:50.199
thing I've noticed about the trades more than any other

727
00:45:50.360 --> 00:45:53.679
industry that I've worked with is that they care about

728
00:45:53.679 --> 00:45:58.880
the customer the most. They really do. They really work

729
00:45:59.039 --> 00:46:02.400
hard to make that customer happy. And when the customer

730
00:46:02.440 --> 00:46:05.760
isn't happy, they're in a depressed state, but they work

731
00:46:05.880 --> 00:46:10.719
hard to reverse that scenario. And so that's really one

732
00:46:10.760 --> 00:46:12.880
of the things for sure. And Chooky in the three

733
00:46:12.920 --> 00:46:15.679
minutes we have left, I have some bonus content could

734
00:46:15.679 --> 00:46:19.880
I provide for it? Okay, So, what is one of

735
00:46:19.920 --> 00:46:24.039
the first steps needed to create a position of market dominance.

736
00:46:24.039 --> 00:46:25.920
You know we've been talking about the position of market

737
00:46:25.960 --> 00:46:29.480
dominance to captivate and fascinate. Well, it starts what's called

738
00:46:29.519 --> 00:46:33.920
with with what's called a customer avatar. Now, a customer avatar,

739
00:46:34.000 --> 00:46:37.159
also known as a customer profile, is a detailed profile

740
00:46:37.239 --> 00:46:41.199
of a company's ideal customer. It's a fictional representation of

741
00:46:41.239 --> 00:46:43.920
the type of person who is most likely to purchase

742
00:46:43.960 --> 00:46:47.239
a company's products or services. And the goal of a

743
00:46:47.280 --> 00:46:51.280
customer avatar is to help businesses understand their customers needs

744
00:46:51.320 --> 00:46:54.840
and wants and how their products or services can solve

745
00:46:54.880 --> 00:46:58.519
for those needs and wants. And this information can help

746
00:46:58.559 --> 00:47:02.360
businesses create more marketing strategies and build a brand that

747
00:47:02.440 --> 00:47:05.920
resonates with their target audience. Now, the biggest challenge for

748
00:47:06.079 --> 00:47:09.599
business owners is they can't identify the real problem that

749
00:47:09.639 --> 00:47:13.679
their customer already has. That's how you separate yourself from

750
00:47:13.719 --> 00:47:16.880
your competitors. Now, you have to get very clear what

751
00:47:17.079 --> 00:47:20.400
your market is already screaming at the top of their

752
00:47:20.480 --> 00:47:24.320
lungs that they don't want, that problem that they don't want.

753
00:47:24.960 --> 00:47:28.320
And here's the key. In a customer advatar, you're speaking

754
00:47:28.360 --> 00:47:31.800
to one person and not an age range. I mean,

755
00:47:32.280 --> 00:47:34.280
how many of you have ever met a single you

756
00:47:34.400 --> 00:47:37.239
and being between the ages of twenty four and fifty four.

757
00:47:37.719 --> 00:47:41.639
I mean, I mean, that's another problem with why we're

758
00:47:41.639 --> 00:47:46.480
all struggling, because you're talking to someone who doesn't exist.

759
00:47:47.039 --> 00:47:49.639
There's a twenty seven year old that you speak with

760
00:47:49.679 --> 00:47:51.679
them one way, and then there's a fifty year old

761
00:47:51.719 --> 00:47:54.199
who's dealing with a completely different set of challenges. Although

762
00:47:54.239 --> 00:47:56.880
the problem may be the same, but because of where

763
00:47:56.920 --> 00:48:00.679
they are in their life, it's different. Messaging. The customer

764
00:48:00.760 --> 00:48:05.079
avatar also has to capture the emotions that your prospect

765
00:48:05.119 --> 00:48:08.480
goes through, and so checky with that. To get a

766
00:48:08.519 --> 00:48:11.400
copy of the book Powerful Business Strategies, Sickly, go to

767
00:48:11.440 --> 00:48:17.559
our website www dot NEXTSTEPCFO dot net. It's totally complementary

768
00:48:17.599 --> 00:48:21.440
and until next Monday at noon Eastern time for Chucky Obio,

769
00:48:21.800 --> 00:48:26.320
I'm Michael Barberita, and remember, don't keep doing what your

770
00:48:26.320 --> 00:48:28.159
competition is doing.

771
00:48:28.679 --> 00:48:33.440
Thank you, you have been listening to Powerful Business Strategies

772
00:48:33.480 --> 00:48:36.400
finding out that everything you ever learned about growing your

773
00:48:36.400 --> 00:48:39.880
business is wrong. Tune in next week and every week

774
00:48:39.920 --> 00:48:43.400
at noon Eastern time on W four CY Radio with

775
00:48:43.559 --> 00:48:48.320
your host Michael Barbarita of Next Step CFO and moderator

776
00:48:48.519 --> 00:48:49.320
Chugy Obio.