How every owner can stand out from their competition no matter what you sell.
Special Guest: Diane Stricker
The 4 Most Important Priorities For Owners To Focus On Every Day: https://dontbefooledpodcast.com/daily4focus/
The Secret To A Profitable Enterprise
How every owner can stand out from their competition no matter what you sell.
Special Guest: Diane Stricker
Once I was clear with what my ideal client looked like. I could now duplicate this person. I was seeking with what I offer. I am not spending thousands of dollars on irrelevant marketing, and I can do this in far less time. I don’t spend hours on the phone, wasting my time with people who are just curious and not ready to buy.
A little something for everyone under the sun and probably not shocking, but, uh, I had very little revenue or time as a result of following.
Because if you are something new every other week, then your prospect, whether referred to you or ice cold will catch on quickly that you lack confidence in your own delivery model. And guess what they’re going to do ghost you.
Hi, Amy and Shane here, and this is don’t be fooled. A podcast that is revealing what doesn’t work in business, as it relates to scale predictable profits and long-term impact be insanely curious about people offer them help. Now that’s an interesting marketing plan. Shane, I read these words the other day, actually from an article by a teacher that you sent me. This article and my reaction when I read that statement was, go on. Well, he went on to say that every high performing high fee client was created in a relationship. And again, I said, yes, I said to myself, I agree, 100%. He said, we can’t create real relationships from an ice cold market through advertising.
This is such a popular teaching in my industry of professional coaching. We are literally Amy told to work through people that we already know. You know, like ask for referrals, coach people for free, add people from our LinkedIn profile to our email list without their permission, by the way, and then send them these high value emails to build relationships and whatever you do… Absolutely do not ever try to sell them anything.
I just, I laugh not to shame, but I’m just in shock. I don’t know how people can use the word scale and organic in the same, same sentence. There is a place for organic in scale, and there is a place for advertising. But the two go hand in hand because for any one of us that is being paid to advise others has a reoccurring revenue model or is selling content online. The principle that matters most is trust. And we must be aware of teachers that tell us that relying on referrals is going to convert the highest performing highest paying clients and that paid advertising can’t do that. Upon further examination. You will find that these teachers who are relying on referrals, they are busy all day long, like from 11 in the morning or seven in the morning, till 11 o’clock at night.
I mean, who leaves their nine to five job to work like that? And what they’re recreating all day long is their service model. Because with every new client that comes, they have to create something new or they’re recreating content to get somebodies attention. Literally they start over every single day. So one day they’re a sales trainer. The next day, they’re selling insurance. The next day, they’re selling advice to other service providers on how to rely on referrals and they start their days super early and they end their days super late and they will tell you, Hey, last month was awesome, but you won’t hear them reporting on another awesome month for like three, four, five, six months down the line because referrals are just as inconsistent as any other lead generator on its own.
I followed the trainers that taught this same thing, Amy. And what, what I was actually encouraged to do was to have a little something for everyone under the sun and probably not shocking… But, uh, I had, I had very little revenue or time as a result of following that kind of training.
Of course you did, I did too in days gone by, I’ve been there, done that. Evidence, Shane is the beginning of trust between two strangers. Now we learn this. We learn this from a very early age. When we first start making friends on the playground, we are taught to look for patterns that point to the fact that you are who you say you are. So the question is, are you as a service provider, as a business owner, are you who you say you are? Because if you are something new every other week, then your prospect, whether referred to you or ice cold will catch on quickly that you lack confidence in your own delivery model. And guess what they’re going to do ghost you. There’s a quote that says there is no more dangerous person, dangerous to himself and to others than the person who passes judgment without pretending to know the facts. You see, we must make business decisions from facts, including who we serve, how we serve them and how we convert them. Now, Diane’s story is one that truly resonated with me and I trust you will relate to it too.
I continued to have the desire to help others. I first realized how much I wanted to make a difference. When I was pursuing my desire to learn more about taxes and their effect on my own financial decisions. During this learning process, I had the opportunity to help guide others during their tax preparation, to better position themselves financially, and have peace of mind knowing they are well-prepared for their future financial success. I realized that helping them better understand they could clarify what is best for them in their own family. My corporate job for 28 years was in the airline industry where I enjoyed helping people get from here to anywhere in the world they wanted to go every day. The last six years or so of my career were put to the test when our office closed and I had to commute weekly 500 miles from home to continue my job and maintain the benefits I had accrued.
It was only after being diagnosed and treated for cancer that I made a decision. I would no longer continue this commute. I needed something with a great deal of flexibility and the income I was accustomed to at this time. My sister-in-law had introduced me to franchise brokering and she thought I’d be a good fit. I had never run my own business before. So I did everything I was told, including buying leads. And I didn’t question this. I just did it. And in trying to navigate this new endeavor, I bought the leads is recommended racking up thousands of dollars in marketing costs and getting very few viable candidates. I stayed the course as instructed and spent hours dialing for dollars. I tried different lead sources from anywhere $10 per lead, up to a hundred dollars per lead with the industry experts, uh, saying that one out of 100 would close.
That was the industry average. And I didn’t even see that. I saw maybe one in 200 that would be interested, but may or may not be qualified. And I did attempt some other marketing angles, like trying to market for a specific brand that I preferred to see if they could generate more qualified leads. And the marketing team of course would ask me the typical questions. Oh, what age, what title? What’s the current industry? What States do you want to advertise in? So I received plenty of interest, but not viable candidates. And again, I was spending so much time dialing to get some kind of traction. And I did wonder how by merely stating what I believed would be my ideal client with no supporting data, just what I heard from other brokers. Um, and how would this generate a highly qualified candidate? I was working with my one in 500, uh, candidates, and I certainly felt desperate if I didn’t close this one, then I’d be broke all for not, and I’d have to go out and get a job, being an employee again.
And I did not want that. I knew I had to find a way to generate consistent candidates at a reasonable cost and not waste time, constantly dialing those who had little or no interest, but it clicked the box online just because they were curious. And it was actually a former client that I had stayed in touch with, who asked me about my marketing. And if I had any consistent success, of course my answer was no. And he introduced me to Amy’s client acquisition. That was it. That’s what I needed. When I spoke to Amy, she talked about consistent, predictable qualified candidates. That was the goal. And I bought in it made complete sense to me and she identified exactly what I was looking for. And it took me a few turns to understand the process. But once I was clear with what my ideal client looked like, I could now duplicate this person.
I was seeking with what I offer. I am not spending thousands of dollars on irrelevant marketing, and I can do this in far less time. I don’t spend hours on the phone, wasting my time with people who are just curious and not ready to buy. And I enjoy those I work with, and I don’t feel desperate when I’m working with my ideal client, because I have narrowed down my offer, giving me that confidence that I can help them get their desired outcome that they’re looking to achieve. And I can duplicate this again and again, to attract those who I can confidently serve. And it’s with the guidance of Amy and Shane, that I am on a path of a business I can scale and sustain confidently.
Shane, what job do you think has more on the job deaths: police officers, or fishermen?
Police officers or fishermen, uh, hands down, police officers. No doubt.
Right? That’s what I said. Well, according to figures from the United States Bureau of labor statistics, fishing workers are 10 times more likely than police to be killed on the job. It’s truly shocking. Yes. Now this does not make police work any less important. Of course though, it means that many of us have underestimated how truly dangerous other jobs are in comparison. Now, the reason most of us believe that police officers are more likely to die at work is because of something called the availability heuristic.
This is a mental shortcut that can lead us to overestimate the frequency of an event when that event is more available or vivid in our memory. So when a police officer is killed in the line of duty, it’s widely reported and rightly so in the news and sticks with us in memory.
So we tend to believe it must be more common than deaths and other professions. You see this availability heuristic, you guys is also the reason why doctors sometimes believe that diseases are more widespread than they really are because their jobs naturally fill their memories with these vivid examples. And the difference between owners who are always getting what they want from their business and those who have inconsistent results is knowing how to make themselves stand out and remain vivid in the memories of the crowd that they want to serve.
Now, with my clients, I call this the principle of the red pants because of this availability heuristic. So many owners are putting value on things that really don’t convert, and they’re completely ignoring the activity that is proving to convert such as flashy, logos, professional headshots, pretty websites, lots of followers, newsletters, blogs, YouTube channels, and even certifications and affiliations, really making them blend in more as khaki pants rather than red pants. Now, Shane, I know that you work with some really high performers and as you work through coaching with them and the availability heuristic comes up, how do you help them?
Mm, well, making decisions, you know, off whatever is top of mind, it really is a problem that I’ve worked with my clients to solve. And, and they are, most of them are in roles where they feel this pressure, right, to make a quick decision. And they’re either trying to take action on a time bound opportunity, or they want to avoid a poor decision that they believe will negatively impact their business. And so they feel this rush of adrenaline whenever there’s this decision that has to be made. And they default to the availability heuristic many times without even realizing what’s happening. So whatever it is that they heard or read, or the piece of advice that they received that comes to mind first whatever’s readily available in their memory. That’s what they use and decide to go with and their decision-making process. So they act on what they can recall easily.
And what I teach my clients is a process to slow down their thinking. Now that process still gives them a timely decision. At the same time, it causes them to think deeper about the issue at hand. And it’s based on an acronym dig up. So the D in dig up stands for defining the problem in one sentence and what that does this defining the problem. In one sentence, it silences the noise of other things that are clamoring for our attention, and it creates clarity and focus. So the I is where you identify your possible solutions. You start with just a massive brain dump, right? Just get it all out. And what you’ll discover is you have multiple ways to see the problem. And you have choices that didn’t initially come to mind. Well, the G is for gathering all the facts. And this is where we prove if our thinking is accurate by supporting it with truth or discounting the ideas, because they’re not based on facts. And you is for umpire.
And this is where we make the call much like an umpire in baseball. We decide what action to take and too many times because of the availability heuristic, we want to just jump from defining the problem to making the call. Well, you know, because of what we talked about till now, you can see why that usually doesn’t work. And finally, the P stands for put in the effort. So we take action on a more well-thought-out out solution. And when you make a decision using the process, you’re going to experience a deeper level of conviction when you start taking that action. So here’s what I believe. I think the antidote to the availability heuristic is to practice, dig up.
Me too. That is so powerful. Now the third documented reason that these businesses are closing Shane is because they did not differentiate themselves from their competition. This is the third, most common reason that business owners like you and me are closing their doors and crushing and killing their impact way too soon. And if we are to be owners who are really serving others, but also standing out as we do it, then we must be obsessed with the facts. Now, those facts come from the most valuable KPIs that are coming from our most ideal client group, rather than assuming one body of content is delivering value over the other measure it. So, as an example of this, one of our most valuable metrics here at Ascend is a response rate metric. Now, this tells us when our ideal client is really resonating with a piece of content. And quite frankly, when they’re not, and when we see that our target market is showing this type of favoritism to something, we duplicate it, we don’t go off and try to create something new. We stick to the facts. We dig up. Being able to be different can be as simple as one sentence or the placement of your logo on a package. This kind of obsession with others first requires patience and persistence.
Amy I’ve found that leaders who are, are making more of their business decisions on feelings or the opinions of others versus the facts, they have very little margin in their days, or really in any area of their life. And when you’d lack margin in your life or white space, you can easily be led away from your values or your dreams and you’ve, and you find yourself accomplishing nothing. And according to John Maxwell, white space gives you the time that you need to think. He says this. When I spend all my time acting and little time thinking about what I’m doing, I will not be an effective leader. One of my favorite leaders is true at Cathy Truett, Cathy who’s the founder of Chick-fil-A once told John, we need to be thought leaders before we can be market doers. Man. I love that statement. I want you to listen to it again. It is so good. Listen to it one more time. It’s so good. So he says, we need to be thought leaders before we can be market doers. Creating margin or white space actually lets you do that.
Yes, yes it does. And in order for us to have these businesses that look more like red pants and less like everybody else, I mean, Truett Kathy is a great example of red pants in a sea of khaki. I mean, I don’t even like fried chicken, but I like to go to Chick-fil-A, it’s crazy. But in order for us to be red pants in a sea of khaki, we have to have the confidence and the courage to stand up and swim upstream. You see when we’re willing to step away from these popular teachings and evaluate the outcomes, dig up the outcomes of our most valuable target market and have the courage to stand out. Then we are positioned to make the greatest impact on the largest group of people and actually have enough money to create the life of our dreams. Now I could go on and on clearly you can hear the passion and conviction in Shane and I’s voice, but we know you got to get onto other things. So for a deeper dive on this episode and how to stop sounding like everyone else, grab a seat in the masterclass. The link is below. And as a listener, it’s free to you. You can just join right from that link.
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