You Should Not Be Stressing - You Should Be ReLoading. Are You Ready For The Next Digital Gold Rush? Now Is The Time To Get Ready And Grow
Recommendation At The Moment Is To Identify The 20% Of Your Activities That Move 80% Of The Value For Your Clients, And Therefore 80% Of The Profit For Your Business And Just Focus On That.
In this Episode,Troy Dean and I talk about not stressing out during this time but actually ReLoading and thriving during this time! Troy with Mavericks Club has an amazing knack for helping creative entrepreneurs build awesome online empires! Now is the time to grow and get ready for the next digital gold rush!
- Three Things - Cut the fat - Identify Your Sweet Spot - Identify Growth Opportunities
- Repositioning and Repackaging What You're Already Doing (Story of Click Funnels)
- Signature Systems
- Shine The Light On The Skeletons Your Closet
- Automation - The Pros and Cons!
- Do Not Fester In Fear! Get Rid Of The Negative Thoughts
Takeaways From This Episode:
Focus on Identifying the 20% of your activities that move 80% of the value for your clients, and therefore 80% of the profit for your business. Stop doing everything else! Not shrinking your business, but shrinking your activities. Think of it as, instead of trying to bake half a dozen blueberry pies at once, just bake one really good pie, become the best in the world at it. Helping your clients get through this weird period that we are all living through at the moment and coming out the other side leaner and stronger.
Cut The Fat - Identify Your Sweet Spot - Identify Growth Opportunities.
Troy goes through the process of cutting the fat, identifying your sweet spot and identifying growth opportunities! There's a lot of waste in agencies in all businesses.There's a lot of half started projects, there are a lot of spinning the wheels, people being very busy doing lots of activity thinking but not being productive.
Troy explains The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity) which states that, for many events, roughly 80% of the effects come from 20% of the causes. Focus on the 20% that moves 80% of the value for your customers and therefore 80% of the profit for your business.
Identifying fat can improve your cash flow and during this time it is crucial to be a well oiled machine. Then you need to focus on your sweet spot and become really good at that. From there you can identify growth opportunities for your clients. Life is going to go on! Learn how to identify those growth opportunities for your clients and help them navigate their way through this time!
Repositioning and Repackaging What You're Already Doing - But Be Unique
Troy explains how to take what you are already doing and reposition it to make it unique and therefore very valuable. For Example: When Russell Brunson launched ClickFunnels, there was nothing actually new about the technology, or the page builder or, in fact, it was pretty clunky when he first launched it. But what he did is he organized all of your pages into folders, but he didn't call them folders, he called them funnels, and put a snappy name on it, ClickFunnels, and then went about telling this story about how you know you don't need a website, you need a funnel. Basically, he just re-positioned or repackaged an existing product into something that is easy to understand, and now he has a point of difference because if you need a funnel, if you buy into that story that you need a funnel, the only place you can get it is ClickFunnels. Brilliant!!
Signature Systems Is A Game Changer
One of the things I talk about all of the time is Product Optimization! And it is very interesting because one of the things Troy talks about a lot in his Signature System is Product Optimization. How do you differentiate from every other web designer or SEO or social media marketing manager on the planet? Your Signature System!!! It gives you an unfair competitive advantage over all your competitors that allows you to get into what's called value based pricing.
A true entrepreneur's job is to figure out a common need, find a group, a hungry group of people with a common need, and then figure out a way to add value to that audience and deliver it in a way that allows you to extract a profit from the business as you are delivering that value.
Skeletons In Your Closet
At Marketing Club, one of the first things they do with their members is walk them through a spreadsheet to identify what they're spending money on, and what their recurring revenue is. Troy says he doesn’t mind skeletons in the closet. He just wants the lights on so I can see them. It's the ones he can't see that frighten him. Good Point!
Do an audit on all the things that you're spending money on. Cut the fat and just run the business as if you were starting again! Hear how to do that!
Reinvent The Way You Do Things
One of the biggest challenges for web agencies and digital marketing, and you are always starting from scratch every time a client walks in the door. Stop Doing That! You have basically got to reinvent your business. Troy has some great ideas on how to reinvent your agency.
Next, change your mindset. Most agency owners are always asking, “How do I get more clients?” Yes, you need more clients but let's make sure the clients that you're attracting are profitable, because there's no point just getting more clients and having more revenue.
Another subject that Troy and I both hear about is custom work. There is no way to totally get rid of custom work - If you are doing custom work, fine. Chances are when you do when you write custom code, you're going to want to reuse that at some point or someone else somewhere in the world is going to want to use that code at some point. So find a way to leverage everything you're doing including custom, it's not always possible, but I think most of the time there is some leverage.
Do Not Fall In Love With Automation!
One of the big challenges a lot of our clients have,is that they fall in love with automating their business. They will spend three days going down a rabbit hole, automating stuff and I will ask them, “When is the last time you spoke to a potential customer and tried to sell them something? Just because you can't automate it does not mean you should automate it. Keep it simple! The true value in automation is taking the really simple mundane tasks, and automating those to get the time savings.
Final Question And I Was Super Excited To Hear Troy’s Feedback On This Subject
Fear has a tendency to really grip people and rightfully so sometimes! But what about right now? I have found it critical in today’s times to just focus on future growth and do the best you can not to sit there and fester in the fear of the moment.
If you're focusing on future growth, you're doing what we've talked about cutting the fat system and product optimization. And most importantly, in my heart of hearts, we have the third digital Gold Rush coming. WE NEED TO GET READY FOR THE DIGITAL GOLD RUSH THAT IS COMING
Hear what Troy has to say about what is happening in Australia! When the Coronavirus happened in Australia, they went into lockdown pretty quickly, it kind of took everyone by surprise, everyone was in a bit of shock and everyone freaked out for a couple of weeks. Then people realized, okay, this is now the new normal, we have to keep surviving, we have to keep growing, you know, life goes on.
So your job as a service provider as an agency owner or Freelancer is to identify growth opportunities for your clients and have those conversations but unfortunately most people are too scared to do that. Because
Hear some success stories during this crisis!
It's amazing what you will do whenever all of a sudden your little perfect little world is disrupted like COVID? People have become so creative!!
No One Expects You To Do Anything For Free
And one more food for thought, no one expects you to do anything for free. It is okay to charge, maybe a reduced amount to add value and to service your clients during this period or even put them on a deferred payment. Nobody expects you to do anything for free.
Get Rid Of The Negative Thoughts!
Negative thoughts will eat you alive! Coming from two guys that have actually been there and done that. The worst thing you can do is get caught up in those negative thoughts and sit there and think there is nothing I can do! That is not true!
Stop obsessing over the news, be aware of the headlines and of developments but then let it go. Do everything in moderation -Be careful how much negative news you consume - be careful how much alcohol and junk food you consume. In other words, be smart with your mind and body because it affects your business.
This is the shameless plug moment from Troy Dean. Hear what Maverick Club mastermind at Mavericksclub.com is doing right now! They are basically serving two segments of the market. They serve people who are starting out like trying to get their freelance business to over six figures and they do that through their online courses at WP Elevation.Then they serve the high performing agencies who are multiple six figures and over seven figures through the Mavericks Club Mastermind. Check out Mavericksclub.com and WPelevation.com to see the different platforms.
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