Make Money Online (Without Destroying Your Reputation)
Summary
TLDRThe speaker shares insights on monetizing online content without alienating the audience. They recount personal experiences in building a personal training business and emphasize the importance of the 'gift-ask' ratio, advocating for a 'give until they ask' approach. The transcript discusses the power of providing value to build goodwill and the strategic timing of 'right hooks' to maximize audience engagement and revenue. It also touches on the long-term benefits of patience and supply-demand dynamics in growing a business.
Takeaways
- 😀 The key to making money online without feeling sleazy is balancing how much you give versus how much you ask.
- 📈 A good give-to-ask ratio has been studied extensively and is crucial for maintaining audience goodwill.
- 📺 Media companies use a give-to-ask ratio, such as 47 minutes of content to 13 minutes of ads, to keep viewers engaged.
- 🤝 Instead of giving three times and then asking, give until your audience asks you, indicating they are ready for your offer.
- 📣 Giving in public and selling in private helps build goodwill and maintain audience trust.
- 🆓 Offering value for free can compound your audience, turning them into long-term followers.
- 📊 When starting out, make a declaration of business post to show what you've been up to and lightly ask for support.
- 🕰 Patience is key; holding back on asks can result in significantly greater returns over time.
- 💡 Use integrated and intermittent asks depending on the content format to maintain a strong give-to-ask ratio.
- 🏷 Keep demand higher than supply to drive up pricing power and profits, giving as much as possible to grow your brand.
Q & A
What is the main topic of the video script?
-The main topic of the video script is about making money online without feeling icky or sleazy, focusing on the concept of the gift-ask ratio and how to effectively give value before asking for money.
What is the 'jab jab jab right hook' concept mentioned in the script?
-The 'jab jab jab right hook' concept popularized by Gary Vaynerchuk is about giving value multiple times (the 'jabs') before making a request or 'asking' (the 'right hook'), which is a strategy to build goodwill with an audience before making a sales pitch.
What is the author's tweak to the 'give give give ask' concept?
-The author suggests a slight tweak to the concept by recommending to 'give until they ask,' which means providing value until the audience is ready and asking for something in return, indicating they are interested in what you have to offer.
Why is it suggested to give in public and sell in private?
-Giving in public builds goodwill with the audience and reinforces the brand positively. Selling in private allows for a more personalized approach and is less likely to disrupt the audience's experience with constant public sales pitches.
What is the significance of the audience being the asset rather than the content?
-The audience represents a long-term asset because they are the ones who will consistently engage with and potentially purchase from the creator. Content is temporary and can be consumed and forgotten, but an engaged audience can lead to sustained growth and revenue.
How does the author define patience in the context of business growth?
-The author defines patience as figuring out what to do in the meantime instead of waiting. It's about taking action and making strategic moves to continue growing the business while waiting for the right opportunities.
What is the importance of 'leaving money on the table' in the context of the script?
-Leaving money on the table means not taking every opportunity to make a sale immediately, which can be beneficial in the long run. It allows for the growth of the audience and the potential for much larger returns in the future.
What is the difference between integrated and intermittent asks in content?
-Integrated asks are naturally woven into the content, such as mentioning a product or service during a discussion. Intermittent asks are standalone, like a single post about a service among a series of unrelated posts, and are typically used for short-form platforms.
How does the author suggest using the 'right hook' effectively?
-The author suggests using the 'right hook' sparingly and strategically, considering the time component and the potential for audience growth. It's about maximizing the long-term value of the audience rather than making immediate gains.
What was the author's first public declaration of business, and how did it help him?
-The author's first public declaration of business was a post offering free personal training to anyone willing to donate to a cause of their choice. This approach helped him gain his first 20 paying customers by showcasing his value and expertise.
Why is it important to maintain a high ratio of giving to asking?
-Maintaining a high ratio of giving to asking is crucial to preserve the goodwill of the audience and to ensure that the brand continues to be seen as valuable and trustworthy. It helps in building a loyal audience that is more likely to engage and purchase in the future.
Outlines
💡 Mastering the Gift Ask Ratio
This paragraph discusses the balance between giving and asking in online business. It emphasizes the importance of giving value before making asks, illustrated by a personal story of gaining clients through social media. The concept of 'give until they ask' is introduced, where providing value builds goodwill, making audiences more receptive to offers. The paragraph also highlights examples from media companies and suggests giving in public and selling in private to build a strong, engaged audience.
🔄 The Power of a Declaration of Business
This paragraph explores the significance of making a 'declaration of business' as a first step in gaining support and clients. It recounts the author's experience of announcing his personal training business, leading to positive responses and initial clients. The idea of providing free value to demonstrate expertise and gain testimonials is stressed. It encourages new content creators to make their first post a light ask, showcasing their journey and building goodwill before asking for support.
⏳ The Value of Patience and Strategic Asking
This paragraph highlights the importance of patience and strategic asking in business growth. It tells the story of a friend who turned down a significant deal with The Rock, illustrating the potential long-term benefits of waiting. The author emphasizes the concept of operationalizing patience, focusing on continuous value creation while controlling supply and demand. The goal is to maximize growth and maintain a high demand for services, ensuring that when asks are made, they are highly valuable.
Mindmap
Keywords
💡Monetization
💡Goodwill
💡Gift Ask Ratio
💡Jab Jab Jab Right Hook
💡Content Creation
💡Audience Compounding
💡Integrated Asks
💡Intermittent Asks
💡Supply and Demand
💡Declaration of Business
💡Patience
Highlights
The importance of not feeling sleazy when asking for money online and the impact on personal relationships.
The author's personal experience in acquiring the first 20 clients through social media for a personal training business.
The concept of the 'gift ask ratio' and its significance in maintaining audience goodwill.
Gary Vaynerchuk's 'jab jab jab right hook' concept and its adaptation for content creation.
The media industry's use of the give-ask ratio and its impact on viewership and listener engagement.
The author's proposed modification to the give-ask ratio: 'Give until they ask'.
The psychological principle of reciprocity and its application in content and audience building.
The power of giving in public and selling in private for brand reinforcement and audience growth.
The compounding effect of audience growth and its long-term benefits for content creators.
The distinction between audience as an asset versus the content created.
The two types of asks in content creation: integrated and intermittent.
The effectiveness of integration in long-form content and the importance of maintaining the give-ask ratio.
The strategy of under-asking to preserve and grow audience goodwill.
The author's first public declaration of business and its role in acquiring the first paying customers.
The concept of 'leaving money on the table' and its strategic importance in business growth.
The importance of timing in making the right hook to maximize profits and audience growth.
The strategic approach to supply and demand in content creation and its impact on pricing power.
The author's personal strategy of maximizing growth by giving more and asking less.
Transcripts
so you want to make money online but you
don't want to feel icky or sleazy to the
people who know and love you when you
ask them to give you money so there's a
good way to do it and there's a bad way
to do it the good news is I can show you
step by step how I got my first 20
clients posting on social media for my
personal training business a decade ago
and I've continued to use that in each
company going forward and this is a
sneak preview from my upcoming book 100
million dollar leads which you can check
out at acquisition.com forward slash
leads so there was a friend of mine who
had a podcast that blew up and very
quickly he had millions of downloads and
his business started to grow it
skyrocketed and it was almost 100 from
people who were listening to his podcast
and what happened was he made an ass
during one of his podcasts he made a lot
of money he thought when I make an ask I
make more money and so what I'll do is
I'll just make more asks he learned the
wrong lesson and so he did make more
asks and he then made a little bit more
money and then he would continue to make
less and less and less until eventually
his listenership dropped and dropped and
dropped because he had lost the Goodwill
of his audience the key point I'm going
to talk about today is mastering the
gift ask ratio how much to give versus
how much to ask garyvee popularized the
whole concept jab jab jab right hook
which is the idea of giving giving
giving and then ask it not take but ask
the good news is this ratio has been
incredibly well studied why because the
biggest media companies in the world
want to be able to ask on their
platforms as much as humanly possible
without losing viewership listenership
audience on television for every 47
minutes of content there's 13 minutes of
advertising if you look on Facebook
every four posts there's one ad it's
almost like a three to one ratio between
how many ads there are and how much
content there is what I want to do is
give you my slight tweak on the give
give ask concept instead of give give
give ask I'd like to just change it to
give until they ask you and that's when
you know your audience is ready for you
to make an offer and my personal
preference here is actually to give in
public and sell in private whenever you
give you deposit Goodwill into the
audience if you give someone something
first they're far more likely to comply
with your request later when someone
helps us we feel indebted to them we
want to help them back right that's how
Society works but with media we can do
that at scale you can gain Goodwill and
provide value to millions of people at
once but then it all funnels back to one
person and that's why it's so powerful
and it's free when you do it that way
your brand consistently is reinforced
publicly and you continue to grow and
expand it will force you to keep that
content amazing so that you continue to
reinforce your reputation if you
consistently give and give and give then
what happens is your audience compounds
and this is something that I didn't
understand for a long time the audience
is the asset not the content you make so
when I make a video and then it
disappears in three days on my news feed
what that one piece of content is is it
got me 300 more people to start seeing
my stuff and then they permanently enter
the audience provided I don't ask too
much too frequently in the beginning
it'll be really small and if you can
hold off and you keep giving you keep
giving you keep giving you eventually
never even have to ask publicly because
instead of asking you just start getting
transparently this is something that
I've now personally experienced and I
was like I don't know but you know what
I'll give it a shot let's just see if I
can make a bunch of business content and
see if that will attract one million
five million 10 million dollar profit
per year businesses not Revenue profit
so that I can invest them and help them
grow and it turns out it did now there's
two ways that asks work in content and
so I want you to think of your asks as
commercials you're interrupting your own
content with a commercial about your
stuff an integrated approach would be
like during the content like hey if you
want to learn more about this stuff go
to 100 million dollar leads 100 million
dollar leads is coming out and there are
eight methods that I talk about
advertising and by Design I'm using all
eight to advertise this book and at this
point we already have 200 000 people who
have registered for the book launch live
which is on this day Saturday August
19th so that would be an example of an
integration it's natural it comes up as
you're talking and then you can point to
it and you get back to what you're
saying Integrations work better for
long-form Content books videos pod
podcast blog post those are all things
that lend themselves to integrating in
very small percentages of the total
amount of time it takes someone to
consume something for example if I made
an integration and I started with a
minute about something valuable and then
I spent five minutes in the middle
talking about my thing you still need to
keep the ratio of minimum three to one
because remember television's 13 minutes
to 47 right for a 60 Minute slot in
terms of commercials so that's the Max
and so for me I would rather be at like
98 give two percent ask so if we looked
at the total seconds of this video the
give to ask ratio is still super strong
and I'm not going to lose audience
because of that ask the other way is
intermittent which means in between
things intermittent is typically better
for short form platforms if you have 10
Instagram posts or 10 Tick Tock reels on
the 11th one you make one about your
services that you offer and then you go
right back to the pre-programmed show
it's even harder because if you're doing
multiple posts a day I wouldn't do more
than
three percent so once or twice a month
one post that feels reasonable and
you're not gonna lose audience and so
fundamentally the actual cost of the
commercial is not money but Goodwill how
much of my audience am I losing by
making this ask I though to be clear I
always want to under ask my audience
personally so if you're new to making
content believe it or not you've
actually been providing value to certain
people for an extended period of time
it's you actually do have a decent
amount of Goodwill if you make your
first post what I would just call like a
declaration of business which is just
saying like hey you know you guys have
maybe been following me for a while you
might know me you might not from
personal from College from work from out
of the bars this is what I'm doing with
my life now and I would love to give you
guys something for free that would
benefit you and if that sounds cool
awesome if not keep following me be
posting more about this stuff very quick
very simple and I was actually able to
find my first public decoration of
business which is here this is April 9th
I'm actually coming up on uh 10 years I
hit my decade in business how about that
for those of you know me you know
two things one I am terrible with all
things technology logical still true for
example I just heard about Spotify a few
weeks ago seriously two I love training
slash nutrition and fitness more than
well a whole lot so today is sort of
special because it marks a day when my
love of training vanquished to see me
trying to use fancy words Vanquish my
fear of Technology what do I mean
for the better part of a year I've been
taking part in a free personal training
project that I would give away free
personal training to anyone who's
willing to give 500 to a thousand
dollars to a cause of their choice give
value for an extended period of time for
a small group of people to prove that
you know what you're doing so you can
get testimonials by the way this way
they wouldn't have to be motivated by
the same thing as me but be motivated to
give to their cause and benefit
themselves when I first introduced the
idea I was happily surprised the amount
of positive sport I received so almost a
year for my first client I now have a
website to formally show some of the
transformation that I've gone underway
using my programming and as a formal
means of contacting me about signing up
I currently have a few slots open on my
roster so drop me a quick note if you're
interested thanks so much take a second
to check out some of these ridiculous
transformations in record time would I
make this post again today probably not
but I'm proud of the kid who did it
because I had given value for free to
people free because they didn't pay me I
had them pay someone else because I
wanted them to Value it but making that
first Declaration of business post was
actually how I got my first 20 paying
customers I got 20 people who message me
because because I to be fair I had
always been in shape and people had
known me my whole life as a guy who was
always obsessed with Fitness so it made
sense that I would make that my next
natural thing and so you've provided
value to people for a long period of
time you can make your first post a
light ask which is just declaration and
asking for support and then you can
start the business now if you have no
content up to that point show them what
you've been up to and then you can make
your ask I would encourage you to make
that first post because I think it'll
show it's possible and I think if I can
get you that first win you'll be far
more likely to continue and if you're
wondering well at what point do I fully
right hook my audience and just drain it
of Goodwill Real Talk part of the game
is quote leaving money on the table so
let me give you an example friend of a
friend had a tequila business that was
pretty big big enough that the rock
approached him Dwayne Johnson
and The Rock said I would like
two-thirds of your business
and mind you when you did that that
might have been a big ask I don't know
they said no now fast forward years
later the rock started his own tequila
brand which is now worth 6 billion so
they probably would have made out really
well with that but here's the thing if
the rock had done that deal at that time
he might have actually lost out on what
he ultimately made with terramada and so
that means if someone says hey Alex can
you endorse my thing if I say yes today
it's probably going to be a bad deal for
me because in two years my audience
would be significantly larger and so
will yours when you're thinking about
these right hooks there's a huge time
component and the thing is is that
compounding gets crazy near the end
every time you decide to make the right
hook if you hold it it could be 10 or
100 times bigger 12 months 24 months
later could you imagine if two years ago
when I started making content and I just
started getting early engagement my
YouTube videos and Instagram and people
start dming me they're like hey can you
Mentor me which I don't do if I had said
sure I'm gonna do it I would have
stopped my growth curve and I would have
just been just another dude but by
holding back and it takes a lot of
self-discipline self-control and
patience which by the way if you want
the definition for me operationalizing
patience is just figuring out what you
do in the meantime you don't actually
wait you just figure out what you do in
the meantime because I am in the game of
making money my goal is to always have
significantly less Supply than I have
demand and I always want to keep that
demand because that is the Holy Grail of
what you want Which is far more people
who want to do business with you than
you have capacity to do so the strongest
driver of pricing power and profits is
supply and demand when we make content
what we're actually doing is
artificially Shifting the demand curve
in our favor and the other side of this
is that if you are the business owner
you control Supply and so you can
inflate your demand and at the same time
cut your supply and when you have that
happen
price goes through the roof and so do
your profits I'm all about growing as
fast as I possibly can which means you
got to give as much as you possibly can
just keep giving and people will start
coming to you you'll start not even
having to ask you'll just start getting
and if you're going to ask because you
need to put food on the table which I
understand for me I would be way more
than the three to one ratio more like 10
times that would be like a 30 to 1 ratio
of giving to asking so I keep maximizing
my growth and keep my brand compounding
while still making a little bit of money
for me because I know that long term the
more I hold back my ask the bigger it
will be
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