10 Millionaires Asked Me How to Get Richer
Summary
TLDRIn this engaging discussion, 10 business owners with annual revenues between $1 million and $10 million share their challenges in scaling their businesses. Key issues highlighted include marketing, lead quality, sales processes, and the need for strategic hires to drive growth. The conversation delves into strategies for optimizing advertising, enhancing sales training, and leveraging social media for better customer engagement.
Takeaways
- 📈 Scaling a business often involves addressing marketing challenges, such as creating enough ads and targeting the right audience for LinkedIn campaigns.
- 🔍 The importance of calculating and understanding key business metrics like Lifetime Value (LTV) and Customer Acquisition Cost (CAC) cannot be overstated for making informed business decisions.
- 💡 A diagnostic sales approach can be effective, where the sales process starts with understanding the customer's needs and goals before offering tailored solutions.
- 💰 The strategy of offering different timelines and pricing packages for services can cater to various customer needs and budgets.
- 🤔 The challenge of maintaining profitability while scaling ad spend is a common issue; it requires careful management and potentially diversifying ad platforms.
- 🛠️ Sales training is critical and should involve role-playing and immediate corrective feedback to improve salespeople's performance.
- 📉 A drop in sales can sometimes be attributed to internal changes, such as the departure of key sales personnel, necessitating a reevaluation of the sales structure.
- 💼 The role of a sales director is vital in managing and training the sales team effectively, especially when the business relies heavily on sales.
- 🚀 For businesses looking to expand, identifying and addressing the primary constraints, whether they be sales, marketing, or operational, is essential for growth.
- 🏆 A focus on community building and brand differentiation can be a powerful strategy, especially when combined with a strong product offering.
- 📊 The need for a clear division of roles within a business, particularly among co-founders, to prevent overlap and ensure accountability.
Q & A
What is the primary issue faced by the business owners in the discussion?
-The primary issue faced by the business owners is scaling their businesses, with a focus on marketing challenges, sales processes, lead quality, and the need for more efficient systems or higher value offerings.
What is the significance of LinkedIn in the context of the marketing problem discussed?
-LinkedIn is highlighted as a potentially effective platform for scaling advertising campaigns due to its ability to target professionals and high-quality leads, which could address the marketing problem faced by the business owners.
What is the business model that the fitness sales person described?
-The fitness sales person described a model where they offer three different timelines (3-month, 6-month, 12-month packages) at varying prices (2K, 3K, 5K), with the 6-month program being the most popular. They also suggested a diagnostic sale approach to sell the goal rather than the program.
What is the strategy suggested for supplement sales in the fitness business?
-The strategy suggested for supplement sales is to introduce supplements after the initial program sale, during a nutrition consult, and to use an assumed close method where the salesperson instructs the customer on what supplements to take and when, making the sale almost incidental.
What is the main constraint for the business owner discussing lead quality?
-The main constraint for this business owner is the quality of the leads they are receiving, which are mostly from profiles with low salaries. They are considering implementing a qualification process to target higher salaries and more seniority to improve ROI.
What is the sales problem faced by the auto sales business owner?
-The auto sales business owner is facing a sales problem due to a lack of a structured sales process and training. The sales team is not following a script, and there is a need for someone who can effectively train and manage the sales team.
What is the business challenge faced by the enterprise web development company?
-The enterprise web development company is facing a challenge of over-reliance on two major clients for their revenue. They are looking to diversify their client base and improve their outbound sales efforts.
What is the main concern for the business owner considering building a universe around their brand?
-The main concern for this business owner is deciding where to allocate resources, whether to focus on scaling their current clothing business for immediate revenue or investing in building a universe around their brand for potential long-term value.
What is the key advice given to the paid advertising agency owner for cannabis businesses?
-The key advice given is to either increase the price they charge for their services significantly or make their service delivery 10 times more efficient to accommodate the need for hiring more people and scaling the business.
What is the strategy suggested for the garage door business owner looking to diversify from a single channel risk?
-The suggested strategy includes starting with vendors for PPC and bringing in-house expertise for social media ads, focusing on local advertising to attract organic customers and reduce reliance on a single channel.
Outlines
📈 Business Growth Challenges and Marketing Strategies
In this segment, business owners discuss obstacles to scaling their companies. A common issue is marketing, specifically the lack of ads and creative content. The speaker shares insights on effective advertising campaigns on LinkedIn and the importance of targeting the right audience. They also mention a shift in their business model and the challenge of accurately measuring customer acquisition costs (LTV). The discussion includes pricing strategies for different service packages and the idea of selling outcomes rather than programs to increase conversion rates. Additionally, there's talk about supplement sales as an additional revenue stream and the importance of a diagnostic sales approach.
💼 Lead Quality and Sales Team Dynamics
The focus shifts to lead quality and the process of qualifying leads with higher salaries and more seniority to improve ROI. The conversation explores the idea of changing advertising platforms from Meta to LinkedIn or Twitter for better targeting. The speaker emphasizes the importance of not stopping effective ad campaigns but rather supplementing them with new strategies. There's also a discussion about the sales team's performance, the departure of key personnel, and the challenges of maintaining sales numbers. The need for hiring a sales director and the importance of sales training are also highlighted.
🚗 Sales Training and Automotive Business Growth
This section delves into the specifics of sales training, with the speaker sharing their views on the ineffectiveness of traditional sales training methods. They propose a more hands-on approach involving role-playing and script training to improve sales skills. The conversation also touches on the challenges of scaling an automotive sales business, the importance of having a sales-driven mindset, and the need for clear processes and scripts. The speaker shares personal anecdotes from their experience in the car business and offers advice on sales team management and customer engagement.
🔑 Hiring Key Personnel for Business Expansion
The discussion centers around the importance of hiring key personnel to drive business growth. The speaker identifies the need for a finance person with discipline to analyze and optimize expenses, potentially doubling the business's margin. They suggest hiring someone with experience in scaling businesses and emphasize the importance of financial management. The conversation also touches on the challenges of managing multiple aspects of a growing business and the need for division of roles to prevent stepping on each other's toes.
🌐 Digital Marketing and Client Diversification
This segment focuses on the challenges of a digital marketing agency that primarily serves enterprise clients. The speaker discusses the need for diversification of client base to avoid over-reliance on a few large clients. They share their experience of quickly acquiring new clients when necessary and the importance of having a referral system in place. The conversation also covers the division of roles between co-founders, the struggle with managing client work, and the need for clear accountability in business operations.
🎨 Building a Brand and Community Around Clothing
The speaker discusses their e-commerce business that sells clothing inspired by Jack Skellington and Japanese culture. They highlight the creation of a Discord community of over 14,000 members who share similar interests and are highly converting customers. The speaker's vision includes building a universe around a character named 'Nasca' and potentially creating an anime. The challenge is deciding whether to focus on scaling the clothing business or investing in universe building and character development.
💼 Business Model and Hiring Challenges in Advertising
The conversation centers around the challenges of a paid advertising agency for the cannabis industry. The speaker discusses the difficulty of scaling the business due to the current business model, which does not allow for the hiring of additional staff. They mention the need to either increase the price of their services or make their service delivery significantly more efficient to generate more profit and create room for growth.
🛠 Pivoting Business Strategy in Auto Body Shops
The speaker shares their experience of owning four auto body shops and pivoting into the garage door business due to a hailstorm event. They discuss the process of professionalizing the company by implementing SOPs, checklists, and forms. The main issue is the reliance on a single channel of business, primarily home warranty companies, and the desire to diversify by acquiring organic customers through paid leads and marketing efforts.
📊 Marketing Strategies for Local Business Growth
This segment focuses on the marketing strategies for a local business, specifically discussing the use of SEO, PPC, and social media ads. The speaker advises on the organization of marketing efforts, suggesting starting with vendors for PPC and eventually bringing someone in-house who understands local ads on social media. They also touch on the importance of rebranding and the potential of SEO in local markets.
📈 Transitioning Services In-House and Pricing Strategies
The speaker discusses the process of transitioning services in-house and the associated consulting fees. They suggest a consulting fee of around 30% of the current service fee after the delivery period ends. The conversation also addresses the challenge of acquiring SQLs for high-value accounts and the strategies for targeting and attracting such clients through content creation and paid advertising.
🦷 Dental Practice Marketing and Value Proposition
The speaker, a dentist, talks about their practice's reliance on Google ads and internal referrals for patient inflow. They express concerns about the declining quality of leads and their decision to take ownership of their marketing. The discussion includes the idea of building content for a new funnel, focusing on social presence and value building. The speaker also considers raising their prices to reflect the additional value they provide, such as long-term patient success stories.
Mindmap
Keywords
💡Scaling
💡Marketing Problem
💡Lead Quality
💡Sales Process
💡Customer Acquisition Cost (CAC)
💡Lifetime Value (LTV)
💡Diagnostic Sale
💡Advertising Campaigns
💡Supplement Sales
💡Affiliate Marketing
💡Sales Training
💡Revenue
💡Outbound Sales
💡Paid Advertising
💡Community Building
💡Content Creation
💡Pricing Strategy
💡Referrals
💡Google Ads
Highlights
Business owners facing marketing challenges and the importance of scaling advertising campaigns.
Utilizing LinkedIn for targeted advertising to professionals with high-quality leads.
The impact of a revamped business model on customer lifetime value (LTV) calculations.
Different pricing packages for programs based on varying timelines.
The effectiveness of diagnostic sales in converting potential customers.
The strategy of selling the end goal rather than just the program.
The potential of supplement sales to increase revenue in fitness businesses.
The challenge of remaining profitable with increased ad spend.
The importance of sales team training and the role of the sales director.
The issue of lead quality affecting business growth and strategies to address it.
The potential benefits of advertising on LinkedIn for executive targeting.
The dilemma of resource allocation between scaling existing business or developing new opportunities.
The role of branding and social media in accelerating business growth.
The importance of hiring the right financial personnel to optimize business operations.
The challenges of scaling a digital marketing agency with enterprise clients.
The need for clear division of roles in a partnership to avoid stepping on each other's toes.
The strategy of building a community around a brand to enhance customer loyalty.
The potential of creating an original IP and universe to generate long-term value.
The importance of aligning business activities with the company's growth objectives.
Transcripts
I'm here with 10 business owners doing
between1 million and $10 million per
year and we're talking about the things
that are holding them back to scale
their companies enjoy what are your
biggest issues right now with growing
your business two I think it's a
marketing problem for us okay not enough
ads not enough creative I think the my
eyes have been opened to what it
actually takes to scale advertising
campaigns basically we have scaled our
entire um program on single I lead for
ads on LinkedIn that's Linkin Linkin
iing sing professionals tarting we can
Target it really well the leag quality
is amazing okay what's
LTB uh so this has been slightly
miscalculated because we completely
revamped our business in the last 1
months from what I could GA it was about
3.7 and but that's not capturing the
people who are actually staying longer
at the moment so I think it's slightly
high but conservatively 3.
so yeah okay yeah got it so um what are
you charging uh so we have one program
but there's three timelines three
packages a 3 month 6 month 12 month 2K
3K
5K okay 2K 3K
5K got it why do you have uh if it's one
thing with just different timelines do
you just start high and then work your
way down is that all no I just present
three options depending on the pass okay
um what's the most common
goal um probably losing 30s a six month
program is definitely the most popular
by yeah so um I mean this is super
tactical but obviously I've done a lot
of Fitness sales um I would probably
just switch to a diagnostic sale okay so
basically you say it's uh what was the
what was the 12mth price 5K yeah yeah so
I would probably do something like um
129 a week something like that and then
uh just say Okay cool so you're here you
want to get here that's you know you're
you're 200 you want to be 160 it's 40
lbs and so uh that's we lose comfortably
a pound a week and that includes kind of
our Recon period at the end to kind of
like bring you back to maintenance blah
blah blah blah blah um and so that'll
take us 40 weeks and so 40 weeks times
129 boom and that way and the key part
is that as soon as you do that you're
selling the goal rather than selling
programs you'll convert a way higher
percentage of people and then that's
where I I gave my um the whole uh if you
don't hit the goal by that point I'll
keep working with you until you do
provided you XY Z and that murders and
that way because then I translate that
which means that when you buy this
you'll be that way whether it takes this
time or this time you'll get there and
as soon as I said that people like done
here here's the card yeah great so I
would just do that as like Thing Thing
One um but in terms of the LTV so that
that'll probably help LTV a little bit
because you'll um and if you like need
to extend time to make the contract H
just have like longer maintenance
periods huh yeah yeah yeah yeah it's
fine yeah I'll leave it there um do you
do supplement sales do you have an
affiliate thing for supplements we do no
okay I would add that in because you can
usually get another 50% in supplement
sales because people want to get all the
fancy dude ads and there's zero delivery
for you yeah and they want the
recommendation and so like literally you
just hand them the product you make the
split and then you just move on with
your life and don't sell it on the first
package sell it on the second so you do
your diagnostic meet with them 48 hours
later for nutrition consult then try and
sell probably 500 2,000 bucks in
supplements 100% more would you have a
sales person to I no I Ed the same same
guy he's like cool we're going to walk
you through and first half is a
nutrition consult yeah and then the
second half you basically bake in hey I
want you to take this at this time and
you want to do it like in assumed close
which is like I need you to take this
this and this and then you go into their
habit so it's like what do you do in the
morning what do you do in the afternoon
um so you have your coffee in the
morning Force think okay want you put
these three supplements next to your
coffee that we don't forget it okay
where are you going to be going to the
gym okay I want you to put your
pre-workout and your post-workout in
your car we don't forget it okay you're
going to take two scoops of that this
one great by the way do you want to use
the card you have on file for this
awesome I'll have them shipped to your
house sense cool um but yeah this
that'll just make you more money but um
the issue we're talking about is you
growing your business um w't you spend
more money on
ads um we do find we struggle to kind of
uh remain profitable once we start
getting above like 1,500 a day in that
spend so again the was me creating
enough ads yeah that's it yeah so that's
kind of what it came to from the last
couple of days we are we are bringing
the sales team in as well so I I've been
training those guys and that's been a
little bit of a constraint but they're
closing plus 40% yeah so that's not a
you shouldn't be should get ads yeah
yeah that makes sense cool awesome good
all right rock and roll
FR so um my main constraint right now is
the quality of the leads we're getting
getting a lot of leads but there are low
salaries basically profiles and uh we
need so we compensate implementing a R1
R2 Sal process you know like qualifying
P 10 minutes and then you go on this and
so what we are trying to do is to get to
the higher salaries and with more
seniority where the the ROI for our is
better uh so we are thinking about
changing the platform where we spend our
ads we're spending around 10K a month a
bit more uh on meta ads only and maybe
switch to LinkedIn or Twitter or I mean
LinkedIn will for sure murder for what
you're looking for like I mean you're
looking for executives who want Seance
packages or cold Outreach now or what
cold Outreach um cold Outreach I mean I
would I would do link if I had to do
this in order I would one I wouldn't
turn off your meta ads I would yeah I
wouldn't like don't stop a flow like
keep like you're making money with it
right so then just make more money by
doing the other thing on top like don't
stop that um
okay Sor it's my just saying it test
other by all means test other things but
what's the return on this one again I
know you told me less than I can
remember to 3 to one but we talked about
uh just add in the performance piece so
if you added the performance piece and
you were doing 10 to one would you
care that would be fine yeah I I mean I
concur it'll be fine as well well then
it's only me this if if you were getting
10 to one would you spend more on
meta we tried to spend more but then the
the some diminishing returns well of
course there but now you got 10 to one
but then you can get three to one with
10 times a spend yeah we need to more
creative we need to to do more creative
every week okay so I think so we talked
about this last night but I think that
you add in that performance thing would
be like step one and I think that that
takes you from 3K to like 10K or or 12K
right per customer right so that takes
you from 1 to 3 or 3: 1 to 12:1 if you
just made that one change M so the
diminishing return which goes from 3: 1
to 2:1 means you go from 12 to 1 to 9 to
one so you're still killing right so
sure I'll bet your ads could use work
sure you spend 10 grand a month you're
not spending money anyways but um I
would do that first before I even start
another platform okay because you might
just be fine and just need to like tweak
the LTV M okay just do that okay sweet
yeah cool uh biggest concern right now
is sales yeah uh sales manager left
because he was not a good culture fan
[ __ ] an [ __ ] or you an [ __ ]
he's the good guy who knows you who
knows yeah the plot thickens but he left
uh top closer became sales manager
second top closer left went to another
offer so sales went from you know one
point top closer becomes manager yeah a
a song as old as time yeah okay so it's
a really a sales problem right now that
we have and uh Lea was just up there
telling somebody to like hey you need to
go back into sales I just don't have the
expertise in sales so my solution is to
hire a sales director on top of the
sales
manager h i mean you did wholesaling for
a long time like you know what to sell y
you also believe in the product well how
many how many deals are you doing in a
month right now so we were doing around
70 now we're doing around 40 okay yeah
that'd be tough for you to take go the
calls but you're saying you don't have
the expertise to be a sales director
basically I mean I'm pretty much doing
it I mean you're doing it now right yeah
I'm doing it now it's just like do I
let yeah how deep do I get into it or do
I find somebody else who has cuz all the
other departments I have a director who
so is lead flow the same and you went
from closing 70 to closing 40 right
right and it's really now the remaining
team is closing the same percentage and
just the two best guys left Yes except
now that this sales manager this top
coach became sales manager it's almost
like a respect thing like he's not a
very good coach in my opinion of course
not he's the best clacher is a killer
yeah and so that's kind of what the
issue is and then those the current you
have 100 trying to farm yeah yeah trying
to develop people just wants to kill
people um yeah it's like also like they
were all as competition like a week ago
and now he's like now I'm G to help you
[ __ ] you um is he still on the phones
the director yeah right so um one I'm
sure she probably told you like don't
promote the sales director uh the sales
guy when you did say it were you like
are we going to try this
out uh I said there's so the last sales
manager was paying him under the table
to do like call reviews do this thing
that so then I was like well why the
[ __ ] am I paying this guy when you're
doing all the work and then he became
sales manager and now it's
yeah I'm so weirded out by this whole
thing um okay but he was so he was
closing and doing the stuff and he was
closing great and now that he's no
longer closing he's doing he's just
dedicated he was just doing calls right
bad okay so so just reviewing their
calls with them yes okay so um
all right so I'll I'll walk through it
okay so I'm going to give you like Sales
Training 101 on this but um I honestly
just think everyone sucks at sales
training so I don't think it's a a you
thing or anything like that I think
literally like 95% of compan have no
idea how to train sales and they just
hire sales people and hope for the best
and then they just like talk at them and
hope that they get better but have zero
measurable Improvement to show that they
can actually take someone and make them
better um so anyways that's like a a
side side rant on that but
um people get better at sales by
watching a ton of game tape of people
who sell well one by modeling just like
children learn anything and then two by
corrective very immediate role playing
like when this happens what do you say
and so they say great say it again like
this try again awesome keep going try it
again great one more time again and
that's it and you just really drill one
aspect of the script until they breathe
it and they're like I get it I get it I
get it I know like and then you're like
great now we will work on the second
part of the script and you just work
your way down until they like they
breathe it and think it and they can't
do anything but that that way they can
actually listen on the call because
they're not thinking about what they're
going to say
next and so you need somebody who like
really really loves salese and like
wants to teach and invest in people
which is not usually the personality of
a sales killer every once in a while
you'll have an absolute Savage but it's
usually not that person it's like the
salesman who's like like a killer killer
is not that guy and those guys usually
crush on sales there's a different type
of closer who's like really attentive
and like very caring and those guys can
also kill and those sometimes are the
ones who can become really good sales
managers but it's a different
Persona like Jacob if you met Jacob oh
there you
go right like he closes exceptionally
well um when he was at gym launch and
like he worked his way up from the call
Floor to the setting team to the closing
team beat all grown ass men and he was
selling to 42y old gym
owners like male gym owners um and then
was able to train because it was like I
just want to help the guys out you know
like I understand what we're struggling
with like let's just work on this and
it's more about like I just want to win
it whatever I do not because I am a
psychopath which the one like you know
who I'm talking about like the butch The
Butcher of blavin um like we've all had
those guys so your problem sales
lead flow is the
same so should you hire or should you
get in is the question
correct I think you should get
in you have a sales driven business
you're the CEO you should know how it
works you're going to keep running this
issue and whoever runs sales is going to
have leverage over you until you know
how to do
it like if if a sales director you a
sales record can be
like no one can run this team like me if
you don't double my pay I'm leaving I'd
be
like like I can name 10 people like in
this building who can do it better than
you CU trained all of them you know what
I mean and so um what what happens so
what happens from the team you had and
then I'll go to Jacob
um is you basically brought as many
people as you could in Saw who could
sell and then just let them themselves
that's how most people do it nothing
wrong with that what happens though is
that there's no process and so so
basically it's just whatever way you
know how to sell sell it creates
difficulty on the Cs side because
everyone kind of promises a little bit
differently some people sell hot they
over promise blah blah blah blah blah
and so even if you do try and train no
one's following the script to begin with
so the training is irrelevant and so
basically like step one if you have to
turn around a sales team is like
everyone followed the script the script
becomes it's like the script becomes the
Bible it's like if this is word of God
now that means that if you follow the
script perfectly and they don't close
you crushed it because if I get every
following the script now we can tweak
the script because that actually changes
how everyone says it that make sense
yeah so otherwise if no one says a
script to begin with why do we even
bother having a script gotcha and so do
you think it's going to be more on
script script making changing the flow
and process and then training yes and
making the script as simple as humanly
possible okay most times when we look at
a script we cut half of it got it is it
me taking sales calls I think it would I
think it would help you to better
iterate the script to that teach it
cool you'll bet I'll bet you there's
parts of script like we don't even have
to have this I took five calls you're
like I can just skip over this whole
thing why are you here what's the
problem T cool yeah no worries seor Auto
Sales do you auto sales training or you
do Auto Sales Auto Sales okay got it got
it got it do you have a dealership or do
you oh sweet car use yeah oh cool how
long you been in it eight years okay you
like
it I love it actually I I really do um
long story short I've never been in
sales I was never a Salesman I was a
pipe fitter a pipe welder okay I bought
some cars and said how hard can it be
yeah and so I've just kind of been pile
driving through it and um here we sit I
love it um it's a hell eight years it's
awesome from pipe welding to to have you
know I know I saw your your uh your
numbers is great so now I think the bu
key man problems right
[Music]
um sales processes um scripting I talked
to Jacob about that um we don't like I I
can do it but how to teach you how to do
it like that's I don't know you know
like it's just go talk to him like I
don't you know um so I think coming up
with that plan
um the advertising piece um we've been
branding
for a long time probably wrong I think
I'm really kind of like me
too like radio we've been doing a lot of
radio and it's actually worked I feel
like but I I think digging into the
Social Media stuff would kind of
accelerate it um and I
talked I don't know the CEO gu the um I
don't remember I talked to him I've got
commercial Vans um
so I got kind of two three four five
facets of my business that we can do
Comm like I have access to like massive
amounts of commercial Vans um and so I'm
thinking I'm going to do like a
specialized push on that and see how
that does because my margins in the Vans
you know what I can sell a typical car
for there's $2,000 of margin uh this van
I can make anywhere from 6 to 12 wow um
so
why not sell $6 to 12,000 deals instead
of $102,000 deals preaching to me man
yeah so I think he said you know throw
throw money at it test that and but
because he said maybe you don't have the
market to sell 30 Vans a month in this
in that local market yeah I mean if it's
a profitable line then yeah line of
business um so I think really it's just
ironing out like from top to bottom
obviously we need more money like I to
fill my position I haven't really taken
any money out I've just like that's why
you keep buying more cars well yeah
we've gone from 15 to 30 to 45 now we
have 100 on the lot yeah awesome plus I
have a full-time service shop uh so I
need to hire a mechan another mechanic
I'm working on a service riter he's got
to learn how to
sell oh I get it the sales you know what
I mean so like the one thing I've
realized with the auto
with three people it's super simple the
minute you try to build like holy [ __ ]
you need a lot of money yeah yeah I mean
I think like you know the how much the
franchises cost for like a BMW franchise
or like they're unbelievable they're
super expensive for you guys know it's
unbelievably expensive uh like I think
was like what 20 30 million something
like that well and then tomorrow they
just show up with a truckload of tools
that you've got to write a check for you
owe us 150 grand for context like that's
almost as much as it cost to start
Bank like but to be fair like there's
the whole financing arm is a part of the
business anyways okay not to get into
the car business too much okay so um
biggest limiter on your business is so
one you you brought up branding you
brought up leads you brought up uh
picking the products s you brought up
sales process so honestly I think you
need
priorities so it's like okay of the ones
that we just went over which is the you
know the biggest problem for the
business what's limiting you the most to
me hearing all that when I hear like six
problems it's people you need help and I
I there was something in the first day
it was like you don't have problems you
just need people to help you yeah and
that I think is but I need to be you're
missing like three smart people right
I'm serious you're missing like three
you need somebody who can run the whole
mechanic division the service department
you need someone who can run that and
you get someone who can run the normal
used car lot and then you can then take
the Excess band with and be like all I'm
going to pursue this van opportunity but
like you can't pursue a new opportunity
where you got another new opport which
is the service business which you're
spinning up you still have to keep the
wheels on pun intended the the main the
core you know the core Cash Cow business
um so I would be looking at uh how much
how much uh are you doing in the
business how much what uh
profit so I didn't bring that number
with it I was looking through it I think
I think I'm around 5 600,000 okay so I
think you can get somebody so one
honestly man I think do you have a good
Finance person who works for
you yeah okay so I'll bet you I'll bet
you right now this it's just me just
talk like shooting from the I'll bet you
could probably get close to doubling
your margin just from somebody who had
some Finance discipline being like let's
look at all of these expenses and just
do that as a regular discipline at the
very basic i' say like you could do that
because you I I almost guarantee you can
find 250,000 a year from your top line
versus your bottom line and if you find
that then you can find the like you can
bring someone in and say find your
salary
like to a good a good controller or a
good CFO you just say like listen I
can't afford you I'm willing to pay you
this you need to find your salary and
cost in the next 90
days and they'll find it and they say
cool I just bought you let's see what
else we can find because I need help
doing this find that carve that guy out
too so you're
talking hiring someone that's going to
like just run the dayto day of the money
I think I mean the perfect hire for you
would be somebody who's taken a business
around that was like 5 to 10 million in
uh in sales not car sales but like
receivables right for the for a
dealership to 25 to 30 and has strong
financial background if you don't have
that then just the operation side would
be helpful the reason I would put the
finance person first is because it's
likely that they'll be able to carve
themselves out and carve out the hole
for the other guy who can then fill that
up the perfect guy would have both in
awesome but if you can't find that guy
then it'd be like I would want somebody
from another car dealership who's been a
little bit bigger who has more Finance
discipline and I'd find somebody who's
grown uh and run like LED uh one of
those
businesses and bring those guys in
because that will free you up because
like you can go get the the van thing
and you'll if you have space you'll pay
for both of those guys well I've so I've
already got 40 bands I meant you'll pay
like you'll make the money with your
free time to cover their salaries yeah
exactly I think you're at the point
right now where you need to you need to
make a bet on trading you need to buy
some time for you back and it's just
that the time that you now need to buy
is more expensive time it's easy to make
the Early Trades because it's like lower
value skill but as you get better you
just have to it's kind of like breaking
into a new territory for ads like people
are like I've never spent more than
$5,000 a day I've never spent more than
$110,000 a day I've never spent more
than 100 Grand a day and it's like you
just they're just like new territories
and the same thing with uh Talent it's
like I've never paid someone 250 Grand a
year I've never paid someone 500 Grand a
year never paid someone a million
dollars a year like they just become
levels that you just get through and
then you find what different levels of
talent look
like and so right now I think you just
have never paid someone what you're
going to have to pay this person who's
not a
salesperson so I have I have like a
sales slash finding it like we kind of
do our own deals here I'm only going to
move on to this one cuz I got 60 and I
want to hit to everybody but no you're
but hopefully that that gives you at
least some direction okay cool Miki
let's rock uh sales pretty much so last
year we've been steadily putting like
20% growth last year what do it
about about we build websites so Weise
websites for Enterprise client so like
Enterprise okay so we deal with digital
media to start with but mostly marketing
how big is
Enterprise has to be on like th000
employees it's like has to be million
pay view per day or higher that kind of
it's a traffic so like it's like it has
to be custom build everything's custom
build there's a lot of innovation there
like some banking companies marketing
it's like super cool how'd you get it I
mean well we don't have time for that
but like very interesting okay so you've
got this I yeah I totally want to hear
the story but we well not so what's what
do you want to do why like what what do
we need to do to grow your company so
last year new your clients I but within
clients they add projects and expand
that want more people there so like
those we've been doing but also we have
two big Wells so we have two big
companies that are like 90% of our
revenues so like we wanted to not do
that cuz we had that experience I think
year two one leaves and you're like yeah
we we had that happen cuz like one of
our client got merged by division or
some some other companies and then they
kind of decided not to use us but we
quickly got another wh which was good
but we've been kind of having try to
what did you do when you had to quickly
get another whale well we're very refal
yeah we like we literally like s s s s
Sal then like both of both of and then
you're like okay now I've made enough
money again so now I don't need to do
sal sal sal sal yeah and also like we
both of our own both owners are still
very Hands-On so we do a lot of client
work so if the C you say both owners you
mean you and and the 50% own okay you
said the owner of acquisition. comre um
so co- Founders and then he and I we had
a third partner but we have to buy him
up and all those stories um after that
so we when there's a client war that
always takes president so like some of
the things that we split it out so he's
doing sales and um and financial and I
take care of marketing and um HR and
other operations are kind of shared
including account management so when
there's a client work that gets busy
like one of us gets busy so one depart
or whatever the operation kind of gets
behind so that always happens it's been
our struggle to then we try to hire some
people but I didn't know too much about
other departments so like this hiring
didn't really work out I think I kind of
mentioned that too you need division of
roles between you and the co-founder and
then you need to not step over each
other's like territory and no one owns
new businesses just why you don't have
new business that's actually my question
cuz because his client got really busy
so he's on sales so I felt like sales
I'm like I can help but normally we
really separate it out cuz we figured it
out that accountability actually work
better if you split it out the divisions
so it worked out good but last year for
some well and by divisions you mean you
have one client he has the other client
so oh no no no not that so like ex sales
is him so like I wasn't really touching
the sales part and by sales you mean
like internal sales like trying to
upsell them and just get them to buy
more [ __ ] from you no outbound sales
actually outbound sales but you're not
getting any customers from that so far
got it yeah so outbound is not it's
pretty D up so inbound like is that I
don't know the the sales time to
actually figure out inbound is like
someone reaches out to you outbound you
reach out to them first that's all yeah
yeah so inbound has been fine but like
outbound hasn't been so like we because
we didn't want the two Wells we wanted
to do more outbound sale but that hasn't
been successful all last year and we're
hearing that cuz he's a part of like a
mastermind for agencies that last year
was pretty bad but I think the it's kind
of like a [ __ ] know excuse that
there should be some way to figure out
we can get new clients there is a way to
get new clients I promise but I wanted
to figure out like well so I don't think
it's all his fault but like how can I
convincingly put a measure that we can
kind of like make sure this is
done so like and it's also we're both
owners and like we have a we both are
very responsible but at the same time do
we need to have some sort of measure
that we always kind of make sure that
hey we so have to be first I mean this
is how Partnerships work yeah and so
that's also why division of roles is
important and so if you're like I will
take over 100% of delivery if you go get
us customers and then if you don't get
us customers then one of us isn't
necessary and so I'm just be like really
real this is me just reading between the
lines from what you're saying
um honestly I just think like when you
needed to go get a new client and get
good a new whale you got a new whale
fairly quickly it sounds like which
means that if you need to go get
business you know exactly what to do go
get business you just aren't doing that
right right and so the question is why
and it means that one of you is
satisfied with the lot of income and the
amount of work that they have right now
which I say is fine if you both agree on
that but if one of you doesn't agree on
that then you have conflict and so that
conflict turns into direct conflict or
it turns into when becoming resentful
and so I'd prefer it if you just if you
or the person whoever just say like we
like the way that I'll explain something
that might be helpful for everybody it
really helped me out a lot so you guys
know the difference between an insult
and
criticism help me a ton so an insult is
an attack on someone's character right
you suck you are an idiot whatever a
criticism is you said this you did this
these are not the same right it's a
discrepancy between stated and reality
it's all it do so you said you would hit
this skull this is reality there's a
difference so this is criticism and
here's some things we can do to make
that up and ideally next time you say
this and that's what happened awesome
right and so it's not a attack it's a
statement of fact it's an observation of
reality and so being able to explain
that be like you are responsible for
sales we have no
sales this Gap is the problem that we
have right now now if we did not want to
grow this company and we both were align
with that that then we would have no
problem but I do want to grow this
company you are not currently doing the
activities that would grow this company
so what do we do either you change what
you do or I stop being
here just being really real so you
presented with a sales problem but I
think you have a hard conversation with
a co-founder to have being really honest
we had the conversation so we
actually having we did a new partnership
you have a what sorry we we started a
new partners ship you started a new
partnership no no no the partnership
with a like a hosting provider company
so like they're actually bringing more
Le to so we're we're development agency
so like so like they're not like the
competitors but we kind of went back to
cuz we were used to work together so
that actually bring in some outbounds so
now we're getting that but his well yeah
so I'll probably have like another
conversation go back to like have the
conversation and then I promise you if
you really really have it and the thing
is don't pull the punches if you're
going to have the conversation be like
this is what I want you're not doing
that and that's my fault too because I
probably haven't been clear about it but
let me be clear now yeah like and if and
if you don't want to do that fine let's
figure out a way that we can just work
on separate things CU I want to keep
growing cool I think you do that the
sales problem solve itself Alexander D
very interesting business so tell me
about it what's the problem why are we
growing so it's a eom business so we
sell clothing um and the clo is inspired
by like Jack Ste so uh at the started I
had a when I created the business I had
a big vision for it like I wanted to be
something more than just a clothing
brand um so what I realized is like a
lot of people who shot who shop with us
would have similar interest so I wanted
to create a community around that so I
started uh you know creating a Discord
Community now we have over 14,000
numbers and those people you know
they're fan fans of the brand and uh
they all share similar interest and
they're actually one of our Lop
converting customers like we people were
through launch Mar products yeah yeah um
and so you built a community and about
stuff that they're all interested in
sold them stuff related to that yeah
exactly and so what we what I also
wanted to do is I wanted to create
because they're all enemy fans or
Japanese culture I want to create
something i r though as well so for
example we created a nasca and we we
started putting it on packaging like in
the in their orders and they started
learning more oh who is this character
yeah and my goal was sort of like I want
to like expand her and create a whole
universe around her and then create
eventually create like our own anime add
as well okay right what's the problem uh
the problem is I'm trying to figure out
what I should put my resources to
whether I should focus on scaling the
clothing and maximizing that that's
what's bringing in the revenue or
focusing on this sort of like Universe
building and creating our own characters
to later on you know create value in
other ways which will tie like FL day
and maybe later on I was thinking like
create an nft project around like the
audience as because all have like
similar interests right yeah so I just
don't know like what want to focus on so
one is like you have the economic engine
in the business which is you sell
clothing with a logo on it I'm just
breaking I'm breaking thing down to like
absolute Basics right so you need to
keep doing that to be able to pay for
the bills to do all the rest of the
stuff now everything you describe with
the universe is as far as I'm concerned
in the micro is going to be basically
media it's it's it's content basically
around this character that allows you to
charge a premium and attract more people
to the brand right and so I don't think
you need to do either or I just need you
need to think about that as marketing
spend and then you need to make sure
that you you you cap it based on return
on investment then provided your goal is
to make
money there I mean that I mean that
super genuinely now the alternative of
this is like I want to go build Disney
and have a zillion characters but like
it it it requires a ton of capital in
order to do that and so in my opinion
what you have been doing has been
working really well and so I would take
if you want to like reinvest Capital
take the profit from there and reinvest
more in that into building out more cool
media for the character that you want uh
to build and the lifestyle that you want
to represent for your audience yeah he
just I know that like down the line it's
this going to be like you know what's
going to create like generational wealth
and I know that's what I want to do this
original Ip yeah but right now like
there's no return on investment for like
I can't see it right just like I'm
putting P money to it but it's going to
pay off like well that's kind like a lot
of times branding works that way like if
I make content for three years and ask
for nothing from people yeah my brain is
going to be worth something and it is
already and I'm like still really early
to it so but I was able to do that
because I had money I could not have
done that if I I mean I could have done
it I would just had to work a lot harder
you know I could not have done other
things Etc so you have an economic
engine which will fund this thing the
thing is is that like you will get a
return because if you if if this works
the way you want it to work it should
grow so if you just pour money into it
and more people don't find out about
your stuff which doesn't then create
more people buying then it's not
working so I think I love the vibe
because I looked at your sty like it's
cool um so like I think more of that is
a good thing and I think that'll just
create more people who are raving fans
in your audience but the thing that like
I get the good thing is that you're a
missionary not a mercenary like you want
to make this thing real and it's awesome
it's cool I want to make sure that it
actually happens in the real world and
not just in your head and so like there
has to be money attached to it somewhere
or you need somebody who really believes
in it a ton and will take their money
and just risk it for you it's either
that either you're going to risk your
own money or someone else is going to
risk it but it's going to cost money and
time to build this and so the nice thing
is what you want to do is have a
symbiotic relation between the character
and the and the media that you're
building and the way that you monetize
and this is ultimately what you're going
to want to do anyways because if the
audience that you build that loves this
character and stuff doesn't want to ever
buy stuff from you then you're not
buding the right behaviors anyways for
it to achieve scale Mickey Mouse has to
sell shirts hats t-shirts
movies right so that's I would also
study the hell out of Walt Disney yeah I
I I looked into it okay yeah I would
read everything that's ever been written
on him um and look at like new age stuff
look at what Gary's doing with um uh V
friends he has a whole universe around
the different characters same concept
but there's Commerce there he's got
cards he's got you know shirts he's got
merch he's got all these other things um
to build up the characters yeah I'm
doing a lot of like Research into nft
projects because like they're able to
provide value through storytelling and
like making value creating value out of
nothing pretty much and to just I just
never say those words again sorry I
would just never say those words
again value no value out of nothing no
yeah um especially tied to nfts um but
yeah does that make sense that's what I
focus so to answer your question yes I
would invest the cash that I have um
as much as you believe because it's it's
a it's a bet it's as much as you believe
in this um but I would make sure that
people are still being more attracted to
your brand and buy more
stuff yeah you
bet how's it going rocking what's up J
[Music]
um I don't even know where to start it's
we'll just ask one question I'll try and
answer that
one when you were
in the process of pivoting with the
model for gym launch and you were trying
to just
like get money together to even make it
to the next thing that's exactly where
I'm at Sweet fun like I have reread and
watched and researched like everything
you've ever done regarding that because
it's just I I feel it
balls because I mean what do you need to
do right
now I need to have people so that it is
not solely me what does our by the way
what do you sell uh it's a paid
advertising agency for cannabis for
cannabis okay got it okay tough yeah but
that on the flip side of it being tough
that's why there's there's so much
leverage with that cool uh okay there's
a ton so what's the issue what's the
problem uh me well yeah sure it's always
you but like what's the what's the
business problem like is it not make is
you're like I need to make all this
money like are you not profitable are
you it is profitable however it's just
not well on long enough for the profit
to just exist in a lump sum enough to be
able to like pay for people because I've
been I actually don't know what that
means well I've been actively doing this
for like four months okay so it's like
I've brought money in okay
but I've never had payroll never done
any of that I've never hired anybody
it's all those soft skills and just have
it and working through the anxiety of
getting through that first higher what's
what's Revenue right
now revenue is
600k okay okay got it
um however
okay that is the literal metric but I
collect ad spend for them so actual
profit would be like 90 900k a year okay
yeah so okay so this will so so you got
to sit in this room um and have some
different different conversations I'm
going to be super direct with you you
don't need to worry about anything you
just said yeah like you have 90k a year
that you have to work with you have no
room to hire people you either need to
fix your model uh because if I'm
guessing you're working all the hours of
the day to make the 90k yeah right which
means the model's broken so you can't
hire more people because you basically
you the most valuable employee in the
business like the founder is always
going to be the most to a person in
business especially day one when there's
no one else so you need to get to a
point where like you should be able to
make way more than what you need so that
you have room to hire other people who
can help you and so right now you don't
have a people problem you have a model
problem which means the way that you're
charging or billing the Cannabis people
you're either offering too much for them
well it's really you're just like you're
offering too much for too little
fundamentally that's what it is cuz
either you need to be working way less
to be making the money you are and be
like shoot I could take 10 times the
customer I just need more customers or
you should be charging way way more for
where you're at and be like okay well
I'm making 10 times more than I am right
now and now I can go afford people
that's it so either you need to do need
to work on how you do delivery to make
it 10 times more efficient or make it so
that how much you make you make 10 times
more per customer for what you're doing
it's by about a factor of 10 like I
think if you came here you're like we're
doing about 900,000 a year and it's just
me I'd be like okay okay cool let's draw
orang on people that makes sense um h i
i get it it just I I I didn't know that
the question was oh you're fine dude no
no no I'm no dude you're good you're
good I'm trying to help you where you're
at you get what I'm saying though forget
about that do you get what I'm saying
yes so you need either 10x the price
that you're charging for what you're
currently doing or make how you deliver
what you're doing 10 times more
efficient understood that's it otherwise
the model was not going to work so
trying to scale what you're currently
doing is a bad idea you need to fix what
you're currently doing so that you can
scale it okay
cool question me k
m he does a lot of buy businesses okay I
you anyways just a quick background so I
own four auto body shops and then I
pivoted into garage
door there's a there's a Hailstone which
I love and he got it I visited pivoted
to garage stores because it's just um
industry highly fragmented right now
there's only maybe two big players that
area I'm in is there not that many cool
and so we started professionalizing the
company I've been installing Sops
checklist forms process yeah
trainual it's really good um but my one
issue is uh we have a weird Niche APPA
moment which we're trying to diversify
heavily away from where we kind of have
a single Channel risk we pretty much
give most of our leer home warranty
companies there are eight of them so
it's not like one you know jail but I
don't like yeah I used to work like Geo
and we would get a body shop and we'd
become 30% 40 50 60 70% and we own them
I don't want that I want just like I'm
buy organic customers coming in paid
leads you all these things and so where
I'm at is I'm at this pivot point where
I'm just about to start Mark you doing
seven are you doing 7 million was it 7
million got 1.5 million cash flow and um
but it does have far money in the debt I
purchase got it anyways the cool thing
is is doing no marketing right now at
all like we have one lead every month
from marketing so we're about to start
this whole SEO PPC maybe Facebook etc
etc so my one question is you know I got
to organize how it's going to happen how
should I organize it should I get a
marketing manager where should I get
them from should I hire them kind of
supervise build that up I teach me so if
I can know because it it'll integrate
with other parts of the business you
know and it's just how do I would you
organize it if you're at my state I
basically get a build it from the ground
up which is kind of cool yeah yeah I'm
trying to think because it's kind of
it's kind of the issue that Anon had
with um like when it's a core function
of the business like I see I see Rin
making as a big part of the business
like customer you have customer
acquisition got delivery as the two you
know and then you got Ops is the Third
Leg of this stol like every business
needs all ra someone to get customers
someone deliver customers and someone to
make sure that no one goes to jail right
and like make sure all three have to
like keep going around right and by that
one I mean talks to people HR Finance
legal all that stuff right
um okay so it's a core function of the I
mean like generating Le now I like the
the fact that you have the eight the
eight different places that you're
getting the the warranty leads from so
that's kind of sweet um I mean I would
just continue to do that as much as I
could get you know go from eight to you
20 or whatever um I don't even know how
many you probably know the number
saturated them there was one of them who
said like oh you're biggest vender along
with pal deep B my I'm a wh to them yeah
right I would would probably if I'm
trying to think about where I would
start I me personally um PPC is is uh
will be harder to crack initially but
then once you have it it's very uh
stable okay and so for local PBC I think
will will work really well um it's a
totally different monster but then
social media ads like meta um
specifically I think will work really
really well the thing with meta ads for
local is I'd want to have someone in
house for that um the PBC guys there's a
bunch of really good agencies for PPC
that can do pretty good work for you on
the local level um who can just probably
handle it pretty well uh but the the
social media side I have yet to see
people who don't do huge companies do a
good job and that's just because you
have to have so much creative like
creative gets tired in local market in
like two to three weeks so you have to
make creative every 21 days like and
like a decent amount of it I mean this
is why we had gym launch like we just we
took all the creative burden over but we
did it for a thousand locations so you'd
have to build that in house so in terms
of like ease and speed I would probably
go vendor first for the
PPC um this is me just saying what would
I do yeah yeah I would probably go
vendor first for PPC um and then I would
and then I would probably I'd try and
bring someone in house who understand
probably a younger guy who understands
um paid ads at a local level and the
nice thing is that there's a gazillion
of them guys who understand local ads on
social media um and uh and give him some
sort of exciting like little mini comp
that he can turn into um and uh because
if if he's relatively techsavvy and
knows how to do social media ads and
whatnot he could become a weapon for
their business um and that could
probably really help you on the
acquisition side because you'll just
like scoop them up put whatever 100
Grand 200 Grand in whatever you buy them
for Lever the rest and then you could
like immediately triple the business and
roll it in just I'm kind of excited
about the SEO portion I know that we're
doing a Rebrand too so have the trucks
wrapped a certain way by company and all
that the SEO would you do that same kind
of go through and agency out loud or a
house see like HC but yeah I mean a PBC
is really simple and so I think and
they're usually pretty well priced
especially for local and when you get a
good guy it's like they just run the
same Playbook they go for the same links
they build the same way and they just
kind of like it works um for
seo seo is more complicated um and it is
very much like the skill of the like
there's I feel like there's more skill
in my opinion for SEO than there is for
PPC um but the nice thing is that local
is easy to win um compared to like
National and so since you're just trying
to win local markets um again I just
whenever I do anything in a new thing I
start with vendors I if you gone through
the agency chapter in the um leads book
have it bought like just showed up on
just literally read that chapter just
read that chapter yeah it's um it just
gives you my playbook for how I crack
every new channel it's really what I do
I buy buy the agency and then I I tell
them I'm going to take over in six
months you help me train the person and
then eventually I won't need
you yeah that's exactly why I bought the
book and I came because I was like when
I think of think yeah I think of
marketing and sales and conversions have
you had offers yet I'm not yet but I
yeah missing out man
going release yeah yeah you could you
could literally both in like there's
one's three hours the other's like four
and a half so you should be good all
right Adam TNT so uh pay ads agency um
Google or meta both okay totally
different monsters yeah but um I like 12
years in experience Google and I saw how
important that it was too so I just
learned that you I those yeah um my
biggest issues are sqls that within mind
zone right and then who do you sell to
primarily company spending over 100k and
that's per month or per year per per
month okay per month got it okay um and
then on top of that like what you just
talked about what other people talk
about is one replace agencies and H
house okay which Cur LC be short unless
you plan for it so if I plann no I said
unless you plan for it yeah yeah and
just bake it into how you do things so
those are my two problems okay so the I
mean the the them trying to bring it in
house I would bring it up front and um I
would have you read that chapter in the
book okay good so so I would say like
cool so what I'm going to do is this is
the first part and then whenever you
want to start bringing this in-house
we'll switch from this to Consulting and
we'll men M the transition period and
we'll stay on a Consulting basis until
you your team is outperforming what we
were doing now if the team never
outperforms what you do then you stay on
a Consulting basis forever but it's
still the nature of the relationship is
fun because like being a service
provider versus being consultant totally
different vibe which I'm sure you've
done before um and so it actually goes
from like subservient to you being a
teacher which is actually kind of fun
and so that'll extend LTV it aligns your
interest blah blah blah so that's good
uh What was the other problem so for the
how do you price living fare
to that done for you um
what's your uh current done for your
pricing typically 10% immediate right
um it's a good
question I mean honestly I just uh I'd
probably end up just saying
like I'll either add in the
Consulting you know what I mean I'll
either add it in to what we're currently
doing because they're going to need the
they're going to need
the the service from you while they're
getting the Consulting mhm and then
basically so the question is after the
Consulting sorry after the delivery
period's over what's the consulting fee
for after the fact yeah that one I mean
I'd probably look at something like I
don't know
30% just as a starting point 30% of what
you were doing so probably like 3% of AD
spend mhm and so then you can just be
like listen the question is can I get
your guy to be you know this much more
efficient if you think the arguments
there great if not no worries so
probably 20 30% is probably where I'd be
okay and then the second part is SQL for
my genius which is over the 100K um I
just see any account take over that's
over 100k I CR in few weeks under 10 a
lot
harder um so I want more SQL that way
right now my entire python is through
Affiliates okay and just referral
partners and cupworth yeah you need you
just need to go get what you want so
it's got to be outbound so either got to
go outbound in terms of like high value
targets uh so like cold call cold DM
whatever um one two you can make content
very niched in terms of what you're
talking about um that'll still get
everyone but you'll also get the good
people um or you just use your own
expertise of running ads and Target
those people so if I had to do these in
order I would probably start with ads
cuz that's your bread and butter and I
would just start a campaign that's
specifically for those people and calls
them out in every single way you can
like targets that way but then the
messaging has to be just super harsh
like if you're not if you're not
spending 100 Grand a month please just
scroll past this ad like don't mess my
pixel
up and probably LinkedIn yeah I think
LinkedIn has a lot of really good
quality
people
yeah Muhammad yes all right well thanks
for this opportunity you bet um little
bit background about me I'm a dentist uh
own my practice for 15 years and I focus
on dental
implants and um the
primary uh patient inflow method has
been Google ads for the past eight years
uh I'd say about half of my patients
come from internal referrals from
friends and family and then the other
half come from Google ads that company
that I've been with for eight years has
had the same landing page for eight
years
and has not gotten any feedback from us
about lead quality or anything and past
year I would say don't you wish you had
him as a customer like I love this right
that's
easy quality's gone down you know it's
just all kind of [ __ ] so last year I
decided you know this is a really
important part of my business I want to
just take ownership of this so I
partnered up with these people who I was
introduced to say Hey you cracked the
Google ads algorithm I'm gonna uh work
on the the coaching and Lead nurturing
and value building aspect of it so we
and that didn't work out this company
didn't know what they were doing so it
all went to [ __ ] so anyways now I'm
working with another company trying to
build um The Funnel the landing page and
what not have not made any content but I
have all the set up to start doing that
uh so I wanted to um build content
specifically for the funnel so when
people click on the ad they have a video
being you know social proof all that
kind of stuff but I also want to build
uh or create content uh just for General
like social presence and and also value
building um so should I focus primarily
on the Google ads first and lean on that
and then start working on the general
content right second question I have for
you is I've been doing what you have
said that everyone does which is survey
the market for what the price is charge
a little bit less offer ton more value
so the ton more value that I'm offering
is a lot of additional procedures that
go along with the service that I'm
providing that help create
predictability in long term and I want
to lean in on that as a differentiating
factor because a lot of the competition
is newer newer chains newer doctors they
don't have the track history and I have
a lot of patients that I've treated 10
12 15 years ago that I want to sort of
highlight and so in that regard should I
continue charging or advertising the
price that I am advertising and just
highlight the more value that I'm
getting to get more more Revenue coming
in first and then try to raise my price
or you know love feedback on how to
position myself in this new funnel this
new my favorite way of doing it would be
just raise your
price okay I mean i' I've told my father
this for the entirety of my life and he
has still never listened to me so you
know maybe maybe it'll work for you he's
like I booked out for N9 years and I'm
like yeah what if you just doubled your
price you could work the same amount you
currently do every day and just make
twice as much money uh and so unless you
have a demand issue or a convers like do
you have a conversion issue right now
like when you get people in do they not
buy um so I don't really have a sales
process a sales system it's all just me
well you do have a sales process you
just haven't documented it right but I
just you know I just talk to them and
let them know hey this is what your
situation is this is how I would handle
I'll bet you if I recorded you and I
played 50 of those side by side second
by second you'd be like oh this is the
part where I make the same amount of
jokes about this thing and then I ask
them why they're here and then I say
what have you thought about before why
now why why ises this to help you out
okay got it okay has there been anything
else no want me to tell you about this
thing I think you might be a good fit
here's what you can expect great do you
have any questions for me blah blah blah
and so you probably do have a process
you just don't write it down now after
you know reading your books and
listening everything now we're we're
working on creating a system and then
educating the team on it so they can
carry the Baton so um that's where I am
and uh you know um raising the price I
certainly can justify it just because
like I said I have you also do it even
if you couldn't justify it just raise it
anyways because you felt like it because
it's Tuesday because who cares you raise
it because you want to it's America and
you can chose charge what you want and
they can choose to say no and you can
choose to say this is all what I'll what
I pay for what I uh what I
charge and so like it's like just in
terms of the idea of like I have to do
this because to do this it's like you
can just do
it like we just bought a company a year
ago and I mean I tell the story because
I like breaking the belief and so we
bought it we did this massive analysis
and I was just like I the whole
leadership team and they're like so
what's the big how are we going to like
grow the hell out of this company I was
like I think I'm just going to double
the price and they were like what else
are we gonna do I was like I think
that's it I think that's all I'm going
to do
and they're like but what about all
these other I was like I don't think
that's I think we're just going to do
that and so we did that and the sales
team was like so would we need to
retrain the sales team I was like no no
I was like you're going to say the same
thing and then the very end when you say
the price I was like instead of saying
this number say this number that's it
and then we did that and um it took me
nine calls with the founder nine uh and
he didn't agree and so we settled on 50%
increase so he increased the price by
50% and close rates went up oh [ __ ]
because they were
mispriced and so we sold a higher
percentage of people add 50% more money
and if you do more times more it's way
more because all that goes to the bottom
line and so uh that's the beautiful
thing with price increases is that it's
all profit one of my favorite ways to
make more Profit just charge more so um
tldr yes I think you you charge more and
in terms of uh the ad stuff uh you're
either going to have to learn this which
feels unlikely or you're going to have
to keep doing this trial and everything
well I am uh learning it myself I
actually have uh started the courses and
gotten into Google ads and Facebook ads
it's again it's not something I'm going
to do myself but I can't delegate until
I have full in-depth knowledge which is
kind of how I built the rest of the
business I like it we have uh the lab
site also on site so it's vertically
integrated we just need to just crank
that engine of of once you get that
going the ultimate version of the
businesses that you start buying other
practices right because then you can
install your systems on top your
reputation Etc and like that's when this
gets a lot more interesting
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