Tips bisnis dari 15 tahun pengalaman saya | Part 1

Summary

In this video, the speaker shares insights from their extensive experience in business, emphasizing the importance of targeting wealthy clients and avoiding transactional mindsets that hinder growth. They explain how leveraging exclusive content and premium pricing can generate substantial revenue, providing examples from their YouTube channel and consulting services. The speaker also discusses the value of hiring the right people, especially those with more experience than the existing team, and how it can significantly impact a business's success. The overall message stresses the importance of strategic thinking, quality service, and proper team selection for business growth.

Takeaways

• 😀 Focus on targeting a small, wealthy segment for higher success, rather than a larger, less affluent group.
• 😀 Content creators often earn more from exclusive memberships than from views, even though they limit their reach.
• 😀 Selling a premium membership can generate much higher income compared to relying solely on view-based revenue.
• 😀 Offering exclusive, high-quality content to a niche audience can lead to substantial income, even if the audience is small.
• 😀 The perception of value differs between wealthy and middle-class customers—wealthy customers expect quality and speed, while middle-class customers focus on cost.
• 😀 A transactional mindset can prevent people from seeing the value of investing in high-quality business services or consulting.
• 😀 To attract wealthy clients, offer faster services at higher prices with the same level of quality as competitors.
• 😀 When hiring for key roles, ask candidates to identify someone better than them in their field to understand their ambition and connections.
• 😀 Be willing to fire employees or hire more qualified individuals, even if they were part of your team from the start, to ensure business growth.
• 😀 Hiring an experienced expert in your field can drastically improve your team’s performance and business outcomes, especially in areas where you lack expertise.

Q & A

Why is it easier to sell products to a smaller, wealthier target market than to a larger, poorer one?

The script explains that selling to a wealthy target market is easier because these customers prioritize quality and speed, and they are willing to pay a premium for these features. In contrast, selling to people with lower economic means is more challenging because they tend to have a transactional mindset, where they view purchases as costs rather than investments.

Why do content creators offer exclusive content or membership options despite it reducing viewership revenue?

The script highlights that content creators, like the speaker, choose to offer exclusive content or memberships because the income generated from memberships can significantly outweigh the revenue from views alone. In the speaker's case, a small percentage of subscribers joining the membership can lead to a dramatic increase in earnings.

How does the speaker calculate the potential income from a membership model?

The speaker calculates potential income by using the example of having 30,000 subscribers and assuming 1% (300 people) join the membership at 100,000 IDR per month. This leads to an additional 30 million IDR in monthly income. Scaling this further, if 2% or 10% of subscribers joined, the income would increase substantially.

What is the role of 'transactional mindset' in business, according to the script?

The 'transactional mindset' refers to how people from lower income groups view their spending. They see purchases, especially services, as an expense rather than an investment. This mindset limits their willingness to spend money on services that don’t provide immediate or clear benefits.

What strategy did the speaker use when his initial low-cost business consulting service failed to attract clients?

The speaker switched his strategy by reaching out personally to his network of successful individuals, offering them his services at a higher price. This resulted in securing over 10 clients and earning 5 billion IDR, as opposed to struggling with low-cost promotions.

What mistake did the speaker make when hiring sales staff, and how did he rectify it?

The speaker initially hired a director of sales who did not perform well. After replacing several people, he learned that the issue was with the wrong person in the role. To rectify this, he adopted a strategic approach of profiling candidates, lobbied potential hires, and only settled for the best fit for the position.

Why is profiling candidates important in the hiring process?

Profiling candidates is important because it helps identify the best potential employees by understanding who their mentors or influences are. By comparing these profiles to the candidates' skills and experience, the speaker could select the most qualified and appropriate person for the role.

How does the speaker ensure his team is composed of highly skilled individuals?

The speaker ensures his team has highly skilled members by hiring people with significantly more experience than his current team, particularly for crucial roles. This strategy helps elevate the overall standards of the team and ensures business growth.

What advice does the speaker give to business owners who need to let go of underperforming employees?

The speaker advises that business owners should be prepared to fire employees who are underperforming, even if those employees were part of the company’s foundation. While it may be difficult, it’s necessary for the business’s growth and success to hire individuals who can meet higher standards.

What is the significance of 'relational capital' in business consulting, as mentioned in the script?

Relational capital refers to the valuable connections and relationships a business consultant can offer to their clients. For example, the speaker provides his clients with connections to suppliers, contractors, and influencers, which can significantly enhance the success of their businesses, such as a coffee shop getting immediate endorsements from popular figures.