Oct. 22, 2024

Risk Reversal – A Key Component to a Compelling Offer

We will discuss Risk reversal and how to incorporate it into your offer.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio...

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We will discuss Risk reversal and how to incorporate it into your offer.

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 its 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. Resident 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 obia.

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Well, here's my best the tet and imitation. Yes, we

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believe that gratitude is undefeated and growth is about the

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next step. Today, my moderator and co author Chuki Obio

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is traveling and I feel like a car with only

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three wheels, but I will do the best I can.

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Ladies and gentlemen, my name is Michael Baburrita from Next

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Step CFO and Next Step CFO is a fractional CFO

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and strategic implementation firm, and our vision is to ensure

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overwhelmed business owners achieve the time, freedom and consistent profits

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to build a legacy and the life they desire. Our

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mission is dedicated to guiding small business owners to leveraging

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their time, exploding their profits, and build a meaningful legacy.

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This show, Powerful Business Strategies in our book of the

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same name, is a step toward accomplishing that vision and mission.

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And as a disclaimer, Chucky and I are both affiliated

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with a number of different organizations. Chucky currently serves as

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the managing director of business development for Better Price, a

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global business focused law firm. In addition to that, Cheecky

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and I collaborate to moderate business roundtables around the country

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and around the world and document those insights as part

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of our book, Powerful Business Strategies. But please note that

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the views expressed on this show are personal views based

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on our successful experiences. Soday, I'm going to talk about

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risk reversal and how this impact strategy can help business

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owners generate additional profits and revenue for their companies. A

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risk reversal is exactly as it sounds. Instead of the

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client or customer taking on the risk after they purchase

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a product or service, the business owner is going to

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reverse that and the business is going to take on

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all the risk and that puts the customer or client

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in a position where they have nothing to lose. Now,

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a risk reversal is one of the five components that

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makes up compelling offer. And we've done previous shows on

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what those five components are, but I'm going to repeat

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them here. One or more of these five components should

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be utilized in all of your offers. That's scarcity and urgency,

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risk reversal, which we'll talk about more detail today, adding

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more value to your product or service, bundling and packaging,

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and being indifferent to the outcome. And once again, a

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business owner should always look to use one or more

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of these components in their offer. But today we're going

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to talk about risk reversal and more detail and the

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incredible value it brings to a business. And the first

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thing people think about when they hear the word risk

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reversal is they have to assume thek the risk and

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there's going to be some type of loss. So the

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question is are you operating from a position of integrity?

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Meaning the product you sell will you stand behind it?

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The service that you offer, will you stand behind it?

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So the first thing is if you can't stand behind

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your product the service, stop offering it. Why are you

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offering a product to service so that you can't stand

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behind So that that's an inherent beginning. So now that

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we know that the business owner will stand behind their

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product or service, you take that to a whole other

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level and you sit down and figure out what are

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the reasons why people would object to buying your product

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or service? What are the objections and so what the

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risk reversal is is removing those objections. So typically it

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is financial, there's no question about that. But people don't

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want to get bamboozled, they don't want to get burned, right,

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So you're removing that risk by saying, hey, we guarantee

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our product, we guarantee our service so much that we're

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one hundred percent certain about the outcome that that we're

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going to deliver. And if that doesn't happen. Here's your

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safety net. That's what a risk reversal is. So here's

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a question I just got from the audience. My god,

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so quickly, what would you recommend our first actions be

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so we can really manage our time properly and get

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ourselves going on implementing the risk reversal. Well, that's a

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great question. I am going to address that. I mean,

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the first thing, or the first key to risk reversal

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is understanding what is the perceived risk that the customer has.

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And I'm going to give you an example. So one

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of the problems the customer had in the ski industry

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when I was in the ski business, and what their

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perceived risk was as well, is they never really knew

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with one hundred percent certainty if the ski they were

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being sold by some hot shot ski salesperson was really

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the right ski for them. So what we did is

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we implemented what we called a ski guarantee, where you

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we let the customer ski the ski three times. If

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it wasn't right for them, they could take it back

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and would refit them for a brand new pair, and

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they could keep bringing it back until we got it right. So,

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just so you understand, when a pair of skis has

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amounted with ski bindings, and not to mention, when the

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ski gets skied on, it depreciates substantially. So my employees

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and managers thought I was nuts, especially my customer service manager,

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because he thought he was going to have to deal

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with a lot of the outcome of this, and this

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is all part of doing what your competition is doing.

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The reason why I felt my employees and managers were

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wrong is because I knew there were no competitors that

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would do it, and like I said, it's all a

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part of doing what your competition isn't doing. We sold

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eight thousand pair of skis the first year we implemented

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that guarantee. That was a twenty five percent increase from

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the previous year, and only eight came back. The next year,

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we sold eleven thousand pair and only fourteen came back,

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proving once again that when people buy, they just want

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to buy with confidence and know that whatever they're purchasing

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is going to do what they are told it is

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going to do. And by the way, by doing this

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risk reversal, I solved the problem that the customer had,

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which was guaranteeing the skis performance and a good time

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on the slope. So it also served as a position

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of market dominance for my company. And that's all the

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customer wanted. And they wanted to buy a product where

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they could ensure themselves that they would have a good time,

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high performance, and a good time on the slopes. That's it.

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So the first action you need to take is understanding

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what the client's perceived risk is. Now, once again, the

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perception my customer had in the ski business is, how

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do I really know if this ski is going to

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perform the way I expect and the way that I

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am told it will perform. Now, my managers, as I said,

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especially my customer service guy, was on my knees begging

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me not to do this risk reversal because he just

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imagined his entire day dealing with angry people bringing back

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their skis and getting a new pair free. And this

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is the perception that business owners have about risk reversal,

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and really it's completely false. And here's the thing. We've

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studied this and thousands of different industries and thousands of

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different transactions, and only a small percentage of people will

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take you up on your bold offer. So what I

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do with clients who have these guarantees is I usually

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factor in any type of cost of the risk reversal

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into the product costs in the form of what we

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call a reserve that's on the balance sheet, is a liability,

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and when and if there are any actual expenses incurred

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due to the warranty, those costs go against the reserve.

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So we're able to take a monthly amount every month

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and accrue it on your P and L with the

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offset being a liability called warranty. So you can actually

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factor the risk reversal into your costs. And the reason

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why we say that is a risk reversal is a

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no cost strategy. I'm sorry. The reason why we do

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say that a risk reversal is a no cost strategy

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is because your conversion rates end up being so much

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higher and you actually won, and you won big time,

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and it's more than covers much more than any of

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the costs associated with the program. And it's dynamic that

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a lot of business owners unfortunately don't take into account.

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By the way, did anybody do the math on how

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many people took me up on my risk reversal? It

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was eight out of eight thousand and fourteen out of

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eleven thousand, that's one tenth of one percent in the

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first year and twelve tenths of one percent the second year,

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and our sales were up twenty five percent the first

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year and thirty eight percent the second year. Had noticed

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the risk reversal strategy once it gets embedded into the

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fabric of the customer build momentum and generated even more

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sales as time went on and as it was promoted more.

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The thing is this, there's a lot of business owners

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who really don't understand the strategy. They think if they

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offer a guarantee of their product the service, they're going

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to lose money and that people are going to try

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to steal from them, and so they pushed back on

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the risk reversal strategy versus not realizing that they could

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actually calculate exactly what that risk would look like and

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if they need help with that, that's that's one thing

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that I do for my clients. But first of all,

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what I'll do is I'll talk some about some of

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the objections that business owners have to creating a risk

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reversal strategy, and then I'll talk about why they should

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do it anyway. Number One, business owners think it's going

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to increase their cost by offering a guarantee or a

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warranty on their product or service. I mean they feel

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it can increase the cost of doing business because the

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business has to cover the cost for honoring that guarantee

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of warranty, and so if they can it's going to

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increase costs. That's reducing profits. So they get concerned about that.

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You know, hey, I'm going to sell it. I'm going

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to sell enough to Am I going to be able

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to sell enough to cover these costs that are honoring?

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Is the question that the business owner has. And then

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the other thing they have to worry about, or that

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they actually worry about, not that they really have to

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worry about it, is that is there going to be

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some type of administrative burden. And if you recall, it

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was the administrative burden that was the concern of my

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customer service guy at the ski shop. You know, if

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they don't honor this guarantee, customers are going to complain

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and it would leave lead to negative reviews and things

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like that. Well, first of all, you know, you're coming

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from a position of integrity, so you're going to honor

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the guarantee, so it should not lead to negative reviews.

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As a matter of fact, in the case of the

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ski Shop, it led to positive reviews because people thought

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it was just a tremendous warranty that no one else

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was offering. But all those reasons that I give not

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to do it, those are all the reasons why the

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business should have a risk reversal strategy, because understand that

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the risk reversal is what the risk reversal is actually accomplishing.

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The client has an objection in their mind, they're feeling

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uncertain about this purchase. So whenever a business can give

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a consumer a level of certainty and safety, more people

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are going to raise their hand and say yes. So

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that's going to increase your sales because your conversions are

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going to increase more than negating any additional cost of burden.

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Now here's the key. I'm going to ask the question

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once again and expand on it a little bit. The

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question you have to ask yourself again as a business

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owner is do you really stand behind your product or service?

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Are you one hundred percent certain that if someone was

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going to purchase a product or service that they're going

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to be better off than they were before they met you.

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If the answer is no, we already said this, stop

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selling it. But when the answer is yes, that's why

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you should offer that level of guarantee at the beginning.

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Here's the point. If a customer tries comes to you

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with a complaint, aren't you going to make it right?

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Aren't you going to do everything you need to do

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to make the customer happy? So what I'm saying is

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why not offer that up front and take the customer

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risk away, increasing sales and conversions, making your offer more compelling.

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You're going to do it any way. If a customer complains,

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You're going to honor whatever it is that the customer

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is complaining about. Think about that, might as well put

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it in your offer. You're coming from a place of

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integrity already, You're already going to make the customer happy.

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Why not put it in your offer and make the

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offer more compelling to generate more business. And by the way,

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here's the beauty of it all. As I have said

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in the past, the beautiful, beautiful thing about most business strategies,

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no matter what it is, and risk reversal is no exception,

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is you can test them. You can test a risk

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reversal with just a few customers. You're not married to it.

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That's what I did before I implemented the ski guarantee.

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I tested it and it passed. You know what I

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did is I actually tested it at the end of

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the ski season of the previous year, where I implemented

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it without advertising it, and I found that no one

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was bringing it back. No one was bringing back the

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equipment because first of all, we had good salespeople that

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sold them the right equipment the first time. And you know,

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the customer enjoyed the experience. It's all it takes, that's

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all they wanted. Ultimately, what the risk reversal does is

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that increases sales, it increases conversions, and it increases profit.

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It actually reduces complaints. It gives more flexibility because you're

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going to bring on more clients, generate more revenue. And

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it actually is not an administrative burden whatsoever because it's

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very simple. Whatever your guarantee is it here's another thing,

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whatever your guarantee is, it could be in a fixed

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time frame if that's what you want, and it can

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have rules that are laid out clearly that the customer

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must follow. So if a business owner is confident about

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its product or service and it's willing to back it

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no matter what I always recommend a business owner do

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a risk reversal because ultimately, at the end of the day,

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it's a no cost strategy and it eliminates the risk

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from your customers. So here's another example. So let's take

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a realtor or a real estate agent. What would what

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would be a good example for a real estate agent

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to implement a risk reversal strategy inside their business. What

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do you think those concerns are. So one of the

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big concerns that a person has when buying a house

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is they don't have the money to make the repair

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it is that will increase the value of the house

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and make the house look more presentable. So a risk reversal,

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and I've seen this, I've seen this done already. A

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risk reversal for a realtor could be will front you

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the money for the repairs and you'll pay us back

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at the closing. And in that scenario, the homeowner borrows

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the money from the realtor essentially to make the renovations

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that will increase the value of the house make it

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look more presentable, and then the realator makes the sale

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and fronts the money. For a short period of time,

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it gets a larger commission, by the way, because the

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house value increased. And by the way, this is also

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a position of market dominance for the real real for

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the realtor. Risk reversals, as I said earlier, can serve

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as excellent positions of market dominance. So two more things.

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Number one, it's really important to really note and an

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a stand as a business owner that a risk reversal

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strategy is a way to mitigate the customer's fear of

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buying and it's a good way of building trust with

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them with the customer or the client or the prospect.

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So a good risk reversal strategy is going to attract

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customers who may have been hesitant to buy that product

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of service without that particular guarantee or warrantye. And the

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second thing is it's pretty simple to set up the

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risk reversal strategy. And again at the end of the day,

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it's a no cost strategy. It will require you to

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sit down and do some innovating. So on that basis,

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I want to give you five quick steps to creating

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a really good risk reversal strategy. So step one is

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you have to understand the risks that are associated with

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your product of service from the perspective of the of

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your buyer, so, in other words, identify the buyer's perceived risk.

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So in that step, you want to identify the potential

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issues that the customer have with the product service and

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how they can be addressed. If you recall in the

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ski business, I said the problem the customer had is

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they really weren't sure with one hundred percent certainty that

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the ski they were being sold was the right ski

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for them. So once you've done that, step two is

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you create that guarantee or warrantye. So just simply develop

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that guarantee warrantye that's tailored to those specific risks associated

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with the product that we figured out in step one,

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and that warranteer guarantee you should be clear and very

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easy for your customer to understand. Now, in step three,

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you want to communicate that guarantee or warrantye clearly, and

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so make sure that it's prominently displayed on your website,

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on all your packaging or anything that's going to be

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customer facing, any channels that the customer sees. Make sure

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you're communicating that warranty and guarantee. The fourth step is

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we want to make sure you follow through on your

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guarantee and warranty. So make sure you honor it and

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make sure that whoever handles your customer service that they're responsive,

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they're helpful, and it's easy for that particular customer if

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someone if someone happens to have issues with that product

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of service. And then finally number five, continuously improve your

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product to service. Use feedback from your customers to identify

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areas that you can improve. Make those adjustments to your

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product to service, and that's going to minimize the risk

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in the beginning and help allow you to make an

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even stronger risk reversal. So that is a risk reversal.

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That's why you should have it and how to implement it.

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So before I talk about another topic we're going to have,

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we're going to take a ninety second break. Hey, their

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business owners, let me ask you something. Are you tied

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00:20:59.000 --> 00:21:02.880
of blending in? If your competitors frustrated with slow growth

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00:21:02.920 --> 00:21:06.640
and slim margins? Well, I've got news for you. Everything

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00:21:06.720 --> 00:21:10.640
you've ever learned about growing your business is wrong. But

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00:21:10.680 --> 00:21:12.960
don't worry. I'm here to let you in on a

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00:21:13.000 --> 00:21:17.200
secret weapon. Your position of market dominance. It's what sets

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you apart, makes you irreplaceable and has customers lining up

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at your door. My name is Michael barber Rita from

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00:21:24.240 --> 00:21:28.759
Next Step CFO. I know what you're thinking. Sounds great, Michael,

349
00:21:29.000 --> 00:21:32.599
but how do I find my position of market dominance? Well,

350
00:21:32.599 --> 00:21:36.279
that's exactly why we've created our game changing impleentation program

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00:21:36.400 --> 00:21:40.160
called Next Step to Market Dominance. In just ninety days,

352
00:21:40.160 --> 00:21:42.240
we'll guide you step by step to a position of

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00:21:42.240 --> 00:21:46.640
market dominance by uncovering your unique strengths that competitors can't touch.

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00:21:46.920 --> 00:21:50.400
By crafting a message that resonates deeply with your ideal customer,

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by building a strategy that turns you into the go

356
00:21:53.440 --> 00:21:56.880
to expert in your field. Now this is in theory.

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These are battle tested strategies that have helped businesses like

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00:22:00.119 --> 00:22:04.880
yours double, triple, and quadruple their revenue. Don't let another

359
00:22:04.960 --> 00:22:08.279
quarter go by struggling to standout. It's time to dominate

360
00:22:08.359 --> 00:22:13.960
your market. Period. Go to NEXTSTEPCFO dot net forward slash contact.

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00:22:14.480 --> 00:22:17.279
Fill out the form and in the message section put

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00:22:17.319 --> 00:22:21.400
the word dominate or call us at seven eight one

363
00:22:21.440 --> 00:22:24.759
three two six three A two two. That's next Step

364
00:22:24.880 --> 00:22:28.480
CFO dot net forward slash Contact or call us at

365
00:22:28.519 --> 00:22:31.799
seven eight one three two six three A two two.

366
00:22:34.759 --> 00:22:37.039
So I want to talk about email marketing. This is

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another strategy that business owners talk about a lot. Two

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weeks ago I talked about how to do direct mail

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campaigns for free and if you miss that show, go

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to Powerful Business Strategies dot Com to listen to that show,

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or any PASS shows for that matter. You know, we

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had PASS shows as well on compelling offers, to which

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risk reversal is one of them. So weeks ago I

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also talked about how a lot of format email gurus

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are going to are going to direct mail. But this

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week I wanted an opportunity to talk about how to

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do email marketing the right way. Now, email is really

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a really popular thing among a lot of business owners,

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and business owners talk about it all the time. We

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hear about it all the time, but what does it

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actually mean and what is the importance of it? So

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today I want to spend a little time on really

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discussing and peeling back the layers of email marketing and

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what it actually accomplishes. So my understanding of email marketing

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is either segmenting your database and emailing your groups or

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reaching out to just a pool of potential clients and

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constructing a message and reaching out to those potential clients,

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seeing if there's a fit and seeing if they respond.

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But that's just part of email marketing. And the one

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thing that I like to highlight about email marketing, it's

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another no cost strategy. It doesn't cost you anything. You

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don't have to go out and you don't you have

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to buy an ad or any of that stuff to

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send out emails. So email marketing allows a small business

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owner to have direct line of communication with their ideal

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customer and they can craft a message any way they want.

397
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But what makes it so effective though, other than being

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no cost, is when you understand ultimately what the biggest

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problems that you're solving for your client. Really, intimately I

400
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understand those big those big problems that customers are having.

401
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It's almost like having a direct conversation with them, and

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you're in the head of the prospect because you're staying

403
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in front of them via email. It's a free channel,

404
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and it allows the business to demonstrate that they intimately

405
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understand the prospect's problem and they have a solution that

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can solve it. And notice, once again we're going back

407
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to that problem and solution. Remember the conversion formula and

408
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the position of market dominance, and all of these were

409
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discussed in previous shows. That's where when you're communicating that way,

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email marketing is just another way to communicate problem solution, educate, offer, Okay,

411
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that conversion formula. So whether you take email marketing and

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go straight into an offer or whether you do an

413
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email marketing campaign that is more of an enticement or

414
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more of a conversation starter with the potential prospect, it

415
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depends on where your particular customer or lead is in

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their bias journey. Notice that's another term that we've used

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that we've had shows that we've discussed heavily in previous shows,

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and we had I think we had a show dedicated

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strictly to the buyer's journey, So see how all this

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stuff comes together. Whatever sty you're using your core strategies

421
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of the conversion formula, position of market dominance, and the

422
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buyer's journey. So depending on where your customers are on

423
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that journey, your messaging would be different. If it's someone

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that doesn't know anything about you, you're not going to

425
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make them offer because it's sort of like if you

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met a person for the first time and you ask

427
00:26:22.720 --> 00:26:26.319
them to marry you pretty creepy, so you have to

428
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kind of warm up that relationship if you're just if

429
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they're a cold lead, cold prospect, so you may give

430
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them something of value for free or send them information

431
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that's helpful that helps solve their challenges. So, if you're

432
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understanding what I'm saying about email marketing, it's only effective

433
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if you get the messaging right using the conversion formula

434
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and your understanding of where the prospect is on that

435
00:26:50.839 --> 00:26:56.759
buyer's journey are the keys to effective email marketing. Now,

436
00:26:57.319 --> 00:26:59.720
if it's someone that's a warm lead or someone that

437
00:27:00.039 --> 00:27:02.960
has heard your name before and they kind of understand

438
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what you do, and that presents itself the possibility you

439
00:27:06.599 --> 00:27:10.079
can make an offer. But an offer doesn't necessarily mean

440
00:27:10.119 --> 00:27:12.000
it's to purchase something. It could be an offer to

441
00:27:12.000 --> 00:27:14.400
go to the next stage of your sales process, whatever

442
00:27:14.440 --> 00:27:17.000
that is. It could be a meeting, could be a presentation,

443
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it could be a webinar, it could be an offer

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to get more free information. So all of those forms

445
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of offers would be applicable. And you can also do

446
00:27:29.440 --> 00:27:33.400
what's called and you should really take this down a

447
00:27:33.519 --> 00:27:38.680
database reactivation campaign via email which is for those people

448
00:27:38.720 --> 00:27:43.039
who already they're already your customers and you're looking to

449
00:27:43.200 --> 00:27:48.279
generate additional revenue by making a new offer or an upsell,

450
00:27:49.160 --> 00:27:53.319
a down cell, or a cross sell. And remember, it's

451
00:27:53.440 --> 00:27:56.720
much easier for an existing customer to buy more quantity

452
00:27:57.480 --> 00:28:00.559
and buy more often than it is to get a

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00:28:00.640 --> 00:28:05.880
new customer from scratch. So if you just used email

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00:28:06.000 --> 00:28:11.200
marketing to reactivate former customers, that's an outstanding strategy. A

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lot of business owners miss out on this. They don't

456
00:28:14.759 --> 00:28:20.960
realize the goldmine they have with people that already no

457
00:28:21.279 --> 00:28:26.279
like and trust you, and they forget about communicating to

458
00:28:26.319 --> 00:28:29.440
those customers. Even if they're just sending out a free

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00:28:29.480 --> 00:28:34.039
piece of information and not even making an offer, these

460
00:28:34.079 --> 00:28:41.039
customers will appreciate that. It's just part of customer appreciation

461
00:28:41.200 --> 00:28:46.400
and nurturing. That's the word I was looking for, customer nurturing,

462
00:28:47.960 --> 00:28:51.559
and it's it's missed a lot by business owners. So

463
00:28:51.680 --> 00:28:55.119
there's a lot of different layers to email marketing. It's

464
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not just oh, let me put together this email format

465
00:28:57.799 --> 00:28:59.480
and send it out to X, Y and Z type

466
00:28:59.480 --> 00:29:02.960
of customers. There's a nuance to this. There are certain

467
00:29:03.200 --> 00:29:06.680
different email campaigns that you send out to certain different

468
00:29:06.920 --> 00:29:11.000
market segments of either your database or potential customers that

469
00:29:11.039 --> 00:29:14.240
are out there. And email works really well when it's

470
00:29:14.279 --> 00:29:17.359
combined with other strategies. We talked about how email is

471
00:29:17.440 --> 00:29:21.279
much more relevant and more effective using the conversion formula

472
00:29:21.799 --> 00:29:26.519
and having a strong position of market dominance. Once again,

473
00:29:26.880 --> 00:29:30.720
it's the messaging. You know, we talk about another strategy

474
00:29:30.759 --> 00:29:35.000
of using a squeeze page. And when you're making an

475
00:29:35.039 --> 00:29:38.319
offer to someone and it could be it might not

476
00:29:38.359 --> 00:29:41.759
necessarily be an offer to purchase. Once again, it could be,

477
00:29:42.119 --> 00:29:45.119
you know, you're offering some value to help them solve

478
00:29:45.160 --> 00:29:47.720
their problem for free because you're looking to build your

479
00:29:47.720 --> 00:29:52.920
email list. It could be is that then once you

480
00:29:53.039 --> 00:29:56.920
capture those emails, you can drip out information to them

481
00:29:57.000 --> 00:30:00.000
using predetermined segments of where they are in the buyer's journey.

482
00:30:01.000 --> 00:30:04.599
And the thing I love about email marketing is imagine

483
00:30:04.680 --> 00:30:07.279
having all these messages that are going out on an

484
00:30:07.359 --> 00:30:10.920
automated basis, even while you're sleeping. Oh God, I love that.

485
00:30:12.559 --> 00:30:15.400
And then see all of this stuff that we're talking

486
00:30:15.400 --> 00:30:18.400
about with email can all happen in the background on

487
00:30:18.400 --> 00:30:21.920
an automated basis. You set it up one time, uh,

488
00:30:22.039 --> 00:30:26.440
and then you have multiple email campaigns going on at

489
00:30:26.440 --> 00:30:31.079
once because each campaign has a different purpose. And the

490
00:30:31.160 --> 00:30:34.799
key is is that you're always marketing and it doesn't

491
00:30:34.799 --> 00:30:39.319
cost you anything. Uh. And to create those campaigns, it

492
00:30:39.440 --> 00:30:41.920
just takes you know, you just sit down and really

493
00:30:41.960 --> 00:30:46.240
think through what the steps are and you know what

494
00:30:46.240 --> 00:30:48.279
what's what is the what are the problems that the

495
00:30:48.319 --> 00:30:51.599
buyer is going through? Uh, And how do they go

496
00:30:51.839 --> 00:30:57.440
about making that purchase decision, the problems they're facing, the

497
00:30:57.480 --> 00:31:00.440
problems that they're looking to overcome, what is that they

498
00:31:00.480 --> 00:31:03.559
don't have, what's the problem they don't have, and the

499
00:31:03.559 --> 00:31:07.839
solution they need And think about the steps that they

500
00:31:07.920 --> 00:31:11.680
take on that buyer's journey. And all you do is

501
00:31:11.839 --> 00:31:15.440
match those steps with the right information. It just takes

502
00:31:15.480 --> 00:31:19.160
a little bit of time innovation to create those different campaigns.

503
00:31:20.119 --> 00:31:25.519
And then when you have those things working together, it's

504
00:31:25.559 --> 00:31:28.960
like magic because you're communicating and building relationships with people

505
00:31:29.519 --> 00:31:36.119
and creating sales at the same time. And here's the thing.

506
00:31:36.799 --> 00:31:40.200
There's a myth out there. They're saying that email marketing

507
00:31:40.279 --> 00:31:43.920
is dead. It's not. It's not true. It's the messaging

508
00:31:43.960 --> 00:31:48.599
that makes the difference. And don't forget there are ways

509
00:31:48.759 --> 00:31:55.519
to use artificial intelligence. I use Claude as a matter

510
00:31:55.559 --> 00:32:00.759
of fact, and it's a way I train Claude. I

511
00:32:00.839 --> 00:32:03.799
train the robot, if you will, all about my business

512
00:32:04.519 --> 00:32:08.319
and then I ask it different questions about copy marketing,

513
00:32:08.359 --> 00:32:11.400
copy about how I go about how should I go

514
00:32:11.440 --> 00:32:14.599
about solving a certain problem for a customer. What are

515
00:32:14.640 --> 00:32:17.480
the problems that my customer has based on my customer

516
00:32:17.519 --> 00:32:20.759
profile that I've given it and trained it. This is

517
00:32:21.759 --> 00:32:28.559
the opportunities with AI. If you train the robot about

518
00:32:28.599 --> 00:32:32.200
your business and I gave up my customer at Avatar

519
00:32:32.599 --> 00:32:38.240
and knows everything about me. So if you take advantage

520
00:32:38.279 --> 00:32:44.759
of that, running email campaigns will be ice cream. So

521
00:32:45.480 --> 00:32:47.920
most people are running email campaigns that aren't working and

522
00:32:47.920 --> 00:32:50.880
they're having a messaging challenge, and AI is one way

523
00:32:51.400 --> 00:32:58.480
they could go about solving that challenge. So the opportunity

524
00:32:58.519 --> 00:33:01.400
here is really understanding the problem that the potential customer

525
00:33:01.480 --> 00:33:04.319
has that they don't want and what that the solution

526
00:33:04.480 --> 00:33:06.200
is that they're looking for that they haven't been able

527
00:33:06.240 --> 00:33:09.160
to find. And by using that and understanding those two

528
00:33:09.200 --> 00:33:12.039
key elements, you could get into the head of your

529
00:33:12.079 --> 00:33:18.200
prospect and craft the right message that'll convert and that

530
00:33:18.359 --> 00:33:23.079
is absolutely the key. So before I talk about another topic,

531
00:33:23.359 --> 00:33:27.400
we're going to take a ninety second break. Hey, their

532
00:33:27.480 --> 00:33:30.119
business owners, let me ask you something. Are you tied

533
00:33:30.160 --> 00:33:34.039
of blending in with your competitors, frustrated with slow growth

534
00:33:34.079 --> 00:33:37.880
and slim margins. Well, I've got news for you. Everything

535
00:33:37.880 --> 00:33:42.480
you've ever learned about growing your business is wrong. Don't worry.

536
00:33:42.960 --> 00:33:44.880
I'm here to let you in on a secret weapon,

537
00:33:45.319 --> 00:33:48.880
your position of market dominance. It's what sets you apart,

538
00:33:49.039 --> 00:33:52.839
makes you irreplaceable, and has customers lining up at your door.

539
00:33:53.839 --> 00:33:57.480
My name is Michael Barbara from Next Step CFO. I

540
00:33:57.559 --> 00:34:00.599
know what you're thinking. Sounds great, Michael, But how do

541
00:34:00.680 --> 00:34:04.440
I find my position of market dominance? Well, that's exactly

542
00:34:04.440 --> 00:34:08.239
why we've created our game changing implementation program called Next

543
00:34:08.239 --> 00:34:11.760
Step to Market Dominance. In just ninety days, we'll guide

544
00:34:11.760 --> 00:34:14.239
you step by step to a position of market dominance

545
00:34:14.480 --> 00:34:18.280
by uncovering your unique strengths that competitors can't touch. By

546
00:34:18.280 --> 00:34:21.559
crafting a message that resonates deeply with your ideal customer,

547
00:34:21.920 --> 00:34:24.559
by building a strategy that turns you into the go

548
00:34:24.639 --> 00:34:28.039
to expert in your field. Now this is in theory.

549
00:34:28.239 --> 00:34:31.199
These are battle tested strategies that have helped businesses like

550
00:34:31.239 --> 00:34:36.039
yours double triple and quadruple their revenue. Don't let another

551
00:34:36.159 --> 00:34:39.480
quarter go by struggling to standout. It's time to dominate

552
00:34:39.519 --> 00:34:45.199
your market period. Go to NEXTSTEPCFO dot net forward slash contact.

553
00:34:45.639 --> 00:34:48.440
Fill out the form and in the message section put

554
00:34:48.480 --> 00:34:52.239
the word dominate or call us at seven eight one

555
00:34:52.599 --> 00:34:56.440
three two six three A two two. That's next STEPCFO

556
00:34:56.599 --> 00:34:59.880
dot net forward slash contact or call us at seven

557
00:35:00.239 --> 00:35:06.880
one three two six three eight two two. Welcome back. Well,

558
00:35:07.239 --> 00:35:10.599
I'd like to add something that of a little motivation.

559
00:35:11.239 --> 00:35:14.599
You know, being a business owner is really hard work,

560
00:35:15.280 --> 00:35:17.719
and I know you all know that now as being

561
00:35:17.760 --> 00:35:20.320
a business owner, and a lot of us wonder why

562
00:35:20.360 --> 00:35:23.039
we ever pursued such a journey. But the satisfaction that

563
00:35:23.119 --> 00:35:26.599
brings when you have a successful business is heavenly and

564
00:35:26.800 --> 00:35:29.119
that is why we do this show, and that is

565
00:35:29.159 --> 00:35:32.880
why I believe to be the reason why we pursue

566
00:35:32.920 --> 00:35:36.360
these endeavors. And by the way, what I'm about to say,

567
00:35:36.440 --> 00:35:38.440
I'd like to give credit to Darren Hardy for the

568
00:35:38.480 --> 00:35:43.599
information that I'm about to share. So I'd like to

569
00:35:43.639 --> 00:35:47.440
share with you what I call the story of David.

570
00:35:48.840 --> 00:35:53.320
David was born in eighteen ninety in Henryville, Indiana. When

571
00:35:53.360 --> 00:35:56.760
he was six years old, his father passed away, leaving

572
00:35:56.840 --> 00:36:01.000
David to cook and care for his siblings. Seventh grade,

573
00:36:01.280 --> 00:36:04.119
he dropped out of school and left home to go

574
00:36:04.159 --> 00:36:07.679
work as a farm hand. At fifteen, he faked his

575
00:36:07.719 --> 00:36:11.320
age to enlist in the United States Army. After being

576
00:36:11.360 --> 00:36:14.800
honorably discharged a year later, he got hired by the

577
00:36:14.880 --> 00:36:19.679
railway as a laborer. However, he got fired for fistfighting

578
00:36:19.719 --> 00:36:22.960
with a coworker, and while he worked for the railway,

579
00:36:23.360 --> 00:36:26.800
he studied law until he ruled his legal career by

580
00:36:26.920 --> 00:36:31.239
well getting into another fist fight in the courtroom. David

581
00:36:31.400 --> 00:36:33.480
was forced to move back to live with his mom

582
00:36:33.599 --> 00:36:36.360
and got a job selling insurance and guess what, he

583
00:36:36.400 --> 00:36:41.039
got fired, this time for insubordination, and in nineteen twenty

584
00:36:41.599 --> 00:36:45.639
he founded a ferry boat company. Later, he tried cashing

585
00:36:45.639 --> 00:36:48.800
in his ferry boat business to create a lamp manufacturing company,

586
00:36:48.840 --> 00:36:52.440
only to find out that another company already sold a

587
00:36:52.440 --> 00:36:56.400
better version of his lamp. It wasn't until the age

588
00:36:56.440 --> 00:36:59.679
forty that he began selling chicken dishes in a service station.

589
00:37:00.639 --> 00:37:03.559
As he began to advertise his food. An argument with

590
00:37:03.639 --> 00:37:07.960
a competitor resulted in another fistfite. Four years later, he

591
00:37:08.000 --> 00:37:11.519
moved I'm sorry. He bought a hotel, which burned to

592
00:37:11.559 --> 00:37:14.800
the ground. He then rebuilt it and ran a new

593
00:37:14.840 --> 00:37:19.000
motel until World War II, forcing the close back down.

594
00:37:20.360 --> 00:37:24.559
Following the war, he tried to franchise a restaurant. His

595
00:37:24.719 --> 00:37:28.880
chicken recipe was rejected one thousand and nine times before

596
00:37:28.920 --> 00:37:33.599
anyone accepted it. Once accepted by one restaurant, the chicken

597
00:37:33.760 --> 00:37:37.599
quickly became a hit. However, the booming restaurant was crippled

598
00:37:38.000 --> 00:37:42.719
when an interstate opened nearby, so David continued to pursue

599
00:37:42.760 --> 00:37:48.039
his dream of franchising the concept. After years of failures

600
00:37:48.039 --> 00:37:51.960
and misfortunes, David finally hit it big at the age

601
00:37:51.960 --> 00:37:57.119
of seventy two. David is better known as Colonel David

602
00:37:57.480 --> 00:38:02.679
Harlan Sanders and his franchise his KFC, expanded internationally and

603
00:38:02.760 --> 00:38:05.960
he sold the company in nineteen sixty six, at seventy

604
00:38:06.000 --> 00:38:10.400
six years old, for two million dollars. In nineteen eighty six,

605
00:38:10.880 --> 00:38:14.440
the company was resold for eight hundred and forty million dollars,

606
00:38:14.440 --> 00:38:19.000
and even today standers remained central in the KFC branding,

607
00:38:19.280 --> 00:38:23.360
and his face still appears in the logo. At age ninety,

608
00:38:23.960 --> 00:38:28.199
Standers passed away from pneumonia, and at that time there

609
00:38:28.239 --> 00:38:32.000
were around six thousand KFC locations in forty eight countries.

610
00:38:32.440 --> 00:38:36.679
By twenty thirteen, there were an estimated eighteen thousand locations

611
00:38:36.719 --> 00:38:40.639
in one hundred and eighteen countries. My fellow business owners,

612
00:38:42.039 --> 00:38:46.039
if you're overwhelmed by rejection, or discouraged by setbacks, or

613
00:38:46.079 --> 00:38:49.039
think you're too old to dream, to build a dream,

614
00:38:49.599 --> 00:38:55.400
remember the story of David buy And from multiple jobs ruined,

615
00:38:55.440 --> 00:38:58.159
his legal career, was set back by the Great Depression,

616
00:38:58.199 --> 00:39:02.559
one thousand and nine, rejections in World War Two, yet

617
00:39:02.639 --> 00:39:06.480
still created one of the largest fast food chains in

618
00:39:06.519 --> 00:39:11.360
the world at age seventy two. I'll close this story

619
00:39:11.480 --> 00:39:15.960
with this quote from David. I made a resolve that

620
00:39:16.039 --> 00:39:18.480
I was going to amount to something if I could,

621
00:39:19.480 --> 00:39:24.039
and no hours, nor amount of labor, nor amount of

622
00:39:24.079 --> 00:39:28.199
money would stop me from giving the very best that

623
00:39:28.280 --> 00:39:38.039
there was in me. It's time for compliments. I have

624
00:39:38.400 --> 00:39:42.199
four compliments today that I'd like to give. One compliment

625
00:39:42.360 --> 00:39:48.800
is to Chaka Condecca. His company is CDK Consultancy, a

626
00:39:48.920 --> 00:39:52.719
management consulting firm, and Chakai has over forty years of

627
00:39:52.800 --> 00:39:58.679
experience working at engineering and executive levels from multinational companies

628
00:39:59.079 --> 00:40:03.199
over many geograph trees. His services run from operational excellence

629
00:40:03.239 --> 00:40:09.519
to training and development. You could get to the chica's

630
00:40:09.559 --> 00:40:17.920
website at www dot Cdkconsultancy dot com. Compliments to Rob Nitzel.

631
00:40:18.760 --> 00:40:20.920
First of all, Rob is a member of the military

632
00:40:20.960 --> 00:40:23.559
and we certainly thank him for his service. Rob is

633
00:40:23.599 --> 00:40:28.119
the founder of Peak Pulp Performance Consulting. They specialize in

634
00:40:28.199 --> 00:40:36.119
optimizing organizational performance by refining daily operations, enhancing communication, visualizing

635
00:40:36.239 --> 00:40:41.840
key performance indicators, and providing targeted coaching. Their mission is

636
00:40:41.880 --> 00:40:45.960
to bridge the gap between the leaders and frontline operators,

637
00:40:46.360 --> 00:40:54.400
empowering teams to achieve peak efficiency and effectiveness. Rob's website

638
00:40:54.480 --> 00:41:00.719
is P three con. That's P three con dot com.

639
00:41:00.840 --> 00:41:04.920
We'd also like to complement Sandra Waldwren of the name

640
00:41:04.960 --> 00:41:08.760
of her company is Hit the Spot Treats. Sandra has

641
00:41:09.079 --> 00:41:12.320
says that your business deserves to be remembered with Hit

642
00:41:12.360 --> 00:41:16.800
the Spot Treats corporate gratitude. You develop corporate gratitude, you

643
00:41:16.840 --> 00:41:20.639
grow client relationships through gifting. With gratitude and hit the

644
00:41:20.679 --> 00:41:24.960
Spots treat sells delicious gift boxes of goodies from cookies

645
00:41:25.000 --> 00:41:28.719
to macaroons to whoopee pies. Their website is hit the

646
00:41:28.800 --> 00:41:32.880
spot Treats dot com and she says getting started is

647
00:41:32.920 --> 00:41:35.920
really easy. Just send Sandra your client list and she

648
00:41:36.000 --> 00:41:38.480
can handle the rest. And by the way, with every

649
00:41:38.519 --> 00:41:42.320
gift box that she sells, she sends a donation to

650
00:41:42.400 --> 00:41:49.480
the Multi national Multiple Sclerosis Society. And then there's Bennett Goldberg.

651
00:41:49.559 --> 00:41:52.679
And Bennett is the owner of Ottery, a capital group,

652
00:41:52.880 --> 00:41:56.679
and Bennett is an expert in sales, marketing, strategic planning,

653
00:41:57.039 --> 00:42:00.639
and best practices in the construction industry. I spent ninety

654
00:42:00.679 --> 00:42:02.559
minutes with Bennett and I can tell you he is

655
00:42:02.599 --> 00:42:09.960
a master of his craft. His website is Otterycapital dot com.

656
00:42:10.039 --> 00:42:13.880
And so these are people that we compliment for various reasons.

657
00:42:14.199 --> 00:42:17.920
A lot of them have had a book interview with

658
00:42:18.079 --> 00:42:25.239
our company. Chicky and I are continuously updating to update

659
00:42:25.280 --> 00:42:27.239
for the next edition of our book. We keep writing

660
00:42:27.280 --> 00:42:30.920
additional versions of our book. And the reason is is

661
00:42:30.920 --> 00:42:34.920
because business is always changing, and we find that some

662
00:42:34.960 --> 00:42:39.719
of the strategies work best in certain industries, they essentially

663
00:42:39.800 --> 00:42:43.760
work in all industries. However, some of them work better

664
00:42:43.760 --> 00:42:46.360
in other industries. And it's our job, Chocky and I

665
00:42:46.840 --> 00:42:51.480
my mind to find out what industries they work best in,

666
00:42:53.119 --> 00:42:58.199
and to continuously update the book with new strategies too

667
00:42:58.239 --> 00:43:00.519
that we might hear from other business so that other

668
00:43:00.599 --> 00:43:03.280
business owners are doing and that's why that's why we

669
00:43:03.360 --> 00:43:07.079
do these interviews. And to interview for the next edition

670
00:43:07.119 --> 00:43:09.760
of our book, simply go to next Step CFO dot net.

671
00:43:09.800 --> 00:43:14.079
That's next step CFO dot net, hit the contact button,

672
00:43:14.559 --> 00:43:18.639
contact us and UH in the in the form, fill

673
00:43:18.639 --> 00:43:21.480
out the form, and in the messaging section of the forum,

674
00:43:21.559 --> 00:43:24.440
just put book interview and we'll send you a calendar

675
00:43:24.440 --> 00:43:27.719
link UH and we'll be able to interview you. And

676
00:43:27.760 --> 00:43:30.760
I promise you this, If you do get interviewed, you

677
00:43:30.760 --> 00:43:34.760
will learn business and financial strategies that your competition isn't doing.

678
00:43:35.440 --> 00:43:36.840
And that's what we want to do. We want to

679
00:43:37.079 --> 00:43:41.039
we want to implement business and financial strategies that your

680
00:43:41.039 --> 00:43:44.880
competition isn't doing so that we can stand out and

681
00:43:44.920 --> 00:43:49.440
we can scale our businesses. So to get a copy

682
00:43:49.480 --> 00:43:52.719
of the book Powerful Business Strategies, simply go to our

683
00:43:52.760 --> 00:43:57.719
website www dot next Step CFO dot net. It's totally

684
00:43:57.719 --> 00:44:01.800
complementary and until next Monday at noon Eastern time for

685
00:44:01.920 --> 00:44:05.760
Chucky Obio. This is Michael Babarita, and remember, don't keep

686
00:44:05.800 --> 00:44:08.480
doing what your competition is doing.

687
00:44:10.280 --> 00:44:13.360
You have been listening to powerful business strategies finding out

688
00:44:13.400 --> 00:44:17.039
that everything you ever learned about growing your business is wrong.

689
00:44:17.360 --> 00:44:20.559
Tune in next week and every week at noon Eastern

690
00:44:20.599 --> 00:44:24.079
time on W four CY Radio with your host Michael

691
00:44:24.119 --> 00:44:28.719
Barbarita of NeXTSTEP CFO and moderator Chucky Obio