Podcasting Secrets

“Two roads diverged in a wood and I—I took the one less traveled by, and that has made all the difference.” - Robert Frost

Sometimes in our business, we might be tempted to take the well-traveled road, the road everyone else is taking. We may not want to put in the effort that taking the harder path requires. In today’s episode, Ali Schwanke and I will discuss how doing video may be harder but worth it. We’ll also discuss Ali’s entrepreneurial journey, content marketing, and quick wins.

Ali Schwanke is the CEO and founder of Simple Strat, a boutique agency that simplifies content marketing for B2B technology companies worldwide. She has more than 15 years of marketing experience ranging from an in-house marketing agency to sales and entrepreneurship. She brings a practical and data-driven perspective to the practice of content marketing. She's also the co-host of the popular YouTube series HubSpot Hacks.

The Path of Most Resistance

When I asked Ali what the greatest home run of her career is she said the most recent one is the YouTube series Hubspot Hacks. This series has generated over 3 million impressions on YouTube. The channel has almost 9,000 subscribers, and it has generated over 500 different top-of-funnel leads. Hubspot Hacks has also made well over six figures in revenue. “The reason that it's a home run is,” she explained, “it's one of those projects that came out of an inclination from a customer experience.”

Ali explained how Hubspot is a marketing technology platform that was originally created to help people automate their marketing activity, but it’s grown into more than that now. “It's so big now that people don't really know what to do,” Ali said. “They end up looking for how to do these very tiny things.”

“HubSpot has a lot of different knowledge center articles: ‘here's how to set up your users,’ ‘here's how to use video,’ [etc.]. But people were saying, ‘Show me, show me, I still don't get it.’ [We knew] that people were using platforms like TikTok and . . . Instagram videos were really hot, and so people just wanted to see it.”

“We recorded some screencast videos,” Ali said. “It was literally: I record my screen. My face is on the lower left-hand side, I'm wearing a t-shirt, and we're just walking through this screen share. We did it for a couple of things like ‘how do I do a workflow,’ ‘how do I do a landing page,’ and discovered that those got thousands and thousands of hits. People started asking us additional questions, and we thought, ‘Whoa, what's going on here? Why isn't this content anywhere else?’”

“So we decided to spin that off into a separate series and use that as a lead generator for our agency. We did that, and about six months into it, re-optimized based on what we knew about YouTube SEO at that time. It just took off, and then the pandemic happened and it really took off.”

“Even if there's a type of content right now from your competition that already exists, people learn in different forms. Video is still one of the hottest places to get some traction because it's hard [to do]. [But first] you have to be okay with being on video. Yes, you look like that, and yes, you sound like that, so stop freaking out about it. Secondly, you can't edit a video the way you edit a blog . . . because you have to be a lot more thoughtful when you record it. That scares a lot of people away.”

Hubspot Hacks has been so successful because they gave value away for free to their target audience, and as a result of giving it away for free, they gained credibility and reach. Revenue came as a natural result of that, but it all came from providing value first.

Another reason they’ve been successful is because of the bigger barrier for entry. Video is harder for competitors, so there's not as much competition there. Sometimes, as water looks for the downhill path and follows the path of least resistance, businesses look for the path of least resistance too. 

Often, we should be heading in the opposite direction of the water because most of our competitors are going down the path of least resistance; they're going to do the easiest thing. If we want to differentiate ourselves, set ourselves apart, and provide something unique, one of the easiest ways to do that is to take the harder path. Video is harder to do; not as many people are doing it, but it presents a great opportunity to position ourselves in the number two search engine in the world, YouTube.

“People forget that YouTube is a place,” Ali said. “It is home to a lot of people who [create] content: Red Bull videos, skateboard videos, cooking videos. But there's an equal amount of people that are looking for business-to-business how-tos. I know I've used YouTube when it comes to ‘how do I do something in Evernote?’ ‘How do I set up something in QuickBooks?’ I've ended up on YouTube, and most of the time people don't think about the journey someone takes after they've watched the video. That journey is how inbound marketing actually works. So putting some thought into the journey is important upfront.”

Ali’s Journey

Ali's entrepreneurial journey actually started in photography. She explained, “I wanted to rid the world of stock photography, knowing that the same four to five people seem like they work everywhere, because they're in the cooking ads, they're in the home ads, they're in the B2B ads. That was several years ago, and at that time, not a lot of companies wanted to pay me.”

“So, I ended up building a business around weddings, babies, so on and so forth. But I still, at the end of the day, really wanted to use this authentic visual perspective to help drive better business marketing decisions.”

As her career progressed, Ali got lots of questions such as how to build a website, which she learned how to do. “Over the course of my career, I learned a lot about marketing from working for both myself and other people.”

She continued, “Where I ended up now is in a world where everybody wants the answer to something before they talk to a salesperson, and that is the role of content. That's ultimately what I do today, and I love it. I find myself just being consumed by media, by podcasting, by videos, by written content and how it leads someone to make a purchase that they feel good about and solve the problem in their career.”

Content Marketing for B2B vs B2C

Ali’s company used to have a mixture of customers in B2B and B2C. They eventually decided to focus solely on B2B. “As you look at both marketing disciplines, B2C tends to have a very low price point, [and] a lot of one to one decision making.” 

“For example, if I go and buy a pair of shoes, that involves me with a lot of different options, [but] at the end of the day it's my decision. It's usually not a committee. There's usually not the need to read about how the shoe functions when I run [or] read about all the different ways that it's made. You just buy a shoe because you want it, it looks nice, and you thought about it.”

In contrast, B2B is much more complex. “[It] tends to have committees of people that make decisions together. There tend to be larger budgets. There tends to be a lot of complexity involved in the sale. Sometimes [it takes] 12, 18, 24 months. [There’s a] need to continually nurture someone along that buying journey.”

“We found,” Ali explained, “that was so different that we decided to make that shift and focus solely on B2B, which then lends itself to content that attracts them to the website [and] gets them to learn what their problem is.”

They’ll find the solution to their problem, a solution they didn’t even know existed. “It's almost like it's their idea that they want to buy that thing, and then they feel like they had a hand in that buying experience.”

Focus on the Quick Wins First

Ali explained that when we’re starting out, we often don’t realize what we can sell. “People will pay money for things that we might otherwise take for granted. You can make money teaching anybody anything. Even if it's easy for you, it might not be as easy for them.”

We can start with the things we know how to do well. We don’t have to build our business on something complicated that we don’t even understand yet. “People sometimes think ‘I'm gonna make $5 million,’ [but] you don't make $5 million before you make $5. So, what is the first easiest thing that you already know that you can package and systematize and then turn around to the market?”

Key Takeaways

Thank you so much Ali for sharing your stories and knowledge with us today. Here are some of my key takeaways from this episode:

1. Giving away something of value for free can be a great lead generator. 
2. Many of our competitors are taking an easier path. We can get ahead by taking the harder path that most people aren’t doing.
3. B2B can often lend itself better to content marketing because its purchase decisions are often more complex.
4. When we’re starting out, we can focus on the first easiest thing that we already know.

Connect with Ali

If you enjoyed this interview and want to learn more about Ali or connect with her, you can find her on LinkedIn or Twitter, check out Hubspot Hacks on YouTube, or visit her website SimpleStat.com. 

Want to be a Better Digital Monetizer?

Did you like today’s episode? Then please follow these channels to receive free digital monetization content:

1. Get a free Monetization Assessment of your business
2. Subscribe to the free Monetization eMagazine.
3. Subscribe to the Monetization Nation YouTube channel.
4. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
5. Follow Monetization Nation on Instagram and Twitter.

Share Your Story 

How have you found success in taking a harder path? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://monetizationnation.com/blog/how-taking-the-path-of-more-resistance-led-to-more-than-6-figures-in-revenue/ 

Monica Bijoux is the founder and CEO of Decide To Move. She's also a licensed psychotherapist and business strategist. She's an international best-selling author of books such as Teach Your Expertise. She speaks at events around the world and hosts the Decide To Move podcast. She uses her decades of experience to help high achievers, aspiring entrepreneurs, and veterans to have financial freedom and live a life of purpose. 

In today’s episode, Monica and I are going to walk through the details of her membership site, courses, and coaching. We’ll also discuss her passion, journey to entrepreneurship, and more.

Monica’s Membership Site, Courses, and Coaching

Monica’s membership site is called Decide To Move Academy. Every month they release a new course, product, service, or training. Members have access to their own private Facebook group. Monica does one coaching session with the members as well. 

“It's really just about being a value. . . . I'm just one that I like a lot of times to over-deliver because I know what it's like to have people under deliver.”

Monica has about 50 members in her community. “I try to keep them kind of small so I can give them a lot more support, compared to me being so big that [I can’t keep up]. I still work in the service, and so I want to make sure that I'm not overwhelming myself.”

Monica also has a lot of different courses. Her courses are taught outside the membership portal, but clients can upgrade to include group coaching in the course.  

“Because I'm a therapist, I'm able to really help people with their mindset. I'm also certified as a hypnotherapist, so there are [things] like meditation, and going from a deeper level than just surface-level stuff. I also do visualizations. So, I have different modalities that people can go in, based on what's comfortable for them. We also do stuff around confidence levels . . . from a social standpoint. So, I have courses that address those issues and concerns as well.”

To power her online courses, Monica uses LearnDash, which she highly recommends. “It's so easy to use, and they're constantly updating their . . . plugins, and their plugins are free. . . . It's easy for me to even update it. Sometimes I don't even wait for my VA. I just do it myself because I'm a techie person too. . . . It allows you to just click a button to determine what assets people have whether it's a course or . . . membership. So, it's great. I absolutely love it.”

Her coaching offers two packages: one for six months or one for a year. “We both know for a fact that a person doing one-on-one coaching for a month is not going to get what they need,” she said. “The leverage is not going to be the same.”

With her one-on-one coaching, her clients have access to the whole membership and are also able to select one of her big-ticket courses. If they want to start their own podcast, they have access to the podcast course. If they want to start their own online program, they have that course in there as well. Monica will be adding media publication training to her coaching next year. She also plans to add a SaaS product in the future.

Monica’s Passion: Life

Monica is passionate about life. She said, “Just based on my own experiences, I came from a life filled with abuse, neglect, sexual abuse, homelessness, teen [motherhood], etc. I've had people that know who I am now [say] ‘What? You actually went through all that?’ and I'm like ‘Yeah, that's what makes me who I am because I know what a rough start looks like.’”

“I spend a lot of time making sure people understand that your past doesn't have to be your future. It doesn't have to be what defines you. You make that decision yourself,” she said. “[So] I'm truly passionate about life and helping people grow.”

Monica’s Journey

Monica had never thought about being an entrepreneur. She had a difficult childhood, moving around about 20 times before she was 18 years old. “I just knew that I had a passion and a heart to help other people, [but] I didn't know what that looked like.” She thought maybe she could be a counselor or a therapist.

Monica started dispatching for 911, working in the emergency department. She saw people come in and have different stories. “People would just gravitate to me without realizing why and so I ended up going to school, getting my degree as a therapist.”

She found out about business coaching and learned it was another way to help people. “I went to school, got certified as a master level coach, and I started my own business. I loved it because I was like, ‘Wow, I can actually help people and also work for myself at the same time.’”

Monica had to put her business on hold when the Lord told her she needed to go into the military. “I literally had an argument with the Lord . . . [but] I finally said okay, let me just do what I'm supposed to do.” 

“I was working with a lot of military active duty as well as their families,” Monica explained. “I was finding that I would help them get to a certain point because my specialty is trauma in the military, so I was helping them get to the point where they're ready to live their lives, they're transitioning out of the military, [and] I would take off my therapy hat and put on my business coaching hat. Once I left South Korea and came back to the States, I was like, ‘I'm going to start my coaching business again.’ That way I can help people from both ends, from the mental health side of the house, but also the business side of the house.”

Don’t Put All the Eggs in One Basket

When I asked Monica what her best monetization strategy is, she said, “I actually have several different avenues. I don't put all my eggs in one basket, and I believe in laying the foundation and building on top of it.”

She said she has a podcast course, online courses, and a membership site. She’s also on social media, but she doesn’t do Facebook ads or Facebook lives because it’s not her thing. She also works with newspapers and magazines, and she’s on lots of summits, getting asked to speak at a lot of different events. She also said, “Networking and collaborating [are] huge things for me, making sure that I'm around like-minded and like-hearted people, and then the money will come.”

“I provide value, and people automatically start messaging me and asking me [if] they can set up a consultation call. They ultimately end up becoming either a client or signing up for one of my programs. I'm not a salesy person; I'm just willing to be authentic, and I think that really helps people feel comfortable.”

Clubhouse

Monica talked with me about one tectonic shift that is a big one: social media. The latest social media statistics in 2021 show that the average person spends two hours and 25 minutes per day on social media (Source: Oberlo.com). As with other tectonic shifts, we can leverage the time people spend on social media.

Monica and I talked specifically about Clubhouse, which is an invitation-only social media app where users can communicate in voice chat rooms that accommodate groups of up to 5,000 people. The audio-only app hosts live discussions with opportunities for users to participate through speaking and listening (Source: Wikipedia.org).

Monica co-moderates several chat rooms in Clubhouse, and she is seeing how it is shifting how people do business. “You have high influence entrepreneurs that are seven-, eight-, nine-figure, even some 10-figure entrepreneurs that are on Clubhouse. They actually provide strategies and . . . value to people who follow them. They learn different things about them. They're providing free coaching. People are [direct messaging] them and connecting with them, signing up for their products and services.”

“Since I've been on Clubhouse,” Monica said, “I've gotten six high-end clients just from me having a room, and talking, and providing value. . . . In fact, before this podcast interview, I had somebody message me and ask me if I would be interested in being their coach. So they signed up for a consultation call for [the next day].” 

“So, that's the kind of thing that I'm seeing happen in the business world: that people want to actually . . . know, like, and trust you, not just through email, but also just hearing you. That's what's great about Clubhouse; people can actually hear what you do. . . . I see Facebook ads kind of fading away. . . . On Clubhouse they actually get to hear you talk and hear your value based on the questions that they ask you, so people are already coming in with the mindset that they want to work with you.”

Helping Someone Sleep

Monica also shared a simple but meaningful story from her career. She had one of her high achiever clients reach out to her. This client wasn’t very sure what she wanted to do, and she was under a lot of stress. She hadn’t slept in over 38 hours because she was in her head and feeling overwhelmed and frustrated. 

She got on a coaching session with Monica and told her about her frustration. “I'm smart,” she said. “I've owned a business before, and I know that I'm supposed to be a coach. This is my purpose. I just don't know what to do.”

By the time she got off the phone with Monica, she was feeling much better. She had a clear direction and a step-by-step strategy. She posted on Facebook that when she got off the phone with Monica, she was able to sleep like a baby.

“So, that was, to me, one of my favorite things that happened when she tagged me on Facebook,” Monica said. “It was just something as simple as . . . helping someone be able to sleep.”

Key Takeaways

Thank you so much Monica for sharing your stories and knowledge with us today. Here are some of my key takeaways from this episode:

1. In our membership sites, courses, and coaching, we should be providing continual value. We can also overdeliver as Monica does.
2. Our past doesn’t have to define us. We can decide that for ourselves.
3. We should diversify our monetization strategy and not put all our eggs in one basket.
4. Apps like Clubhouse are causing tectonic shifts in how we do business. People want to hear from us through these kinds of apps.

Connect with Monica

If you enjoyed this interview and want to learn more about Monica or connect with her, you can find her on LinkedIn or visit her website at decidetomove.com.

Want to be a Better Digital Monetizer?

Did you like today’s episode? Then please follow these channels to receive free digital monetization content:

1. Get a free Monetization Assessment of your business
2. Subscribe to the free Monetization eMagazine.
3. Subscribe to the Monetization Nation YouTube channel.
4. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
5. Follow Monetization Nation on Instagram and Twitter.

Share Your Story 

Do you have a membership site or course? If so, what strategies do you use to monetize them? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://monetizationnation.com/blog/membership-sites-courses-and-coaching/ 

Podcasts are becoming increasingly popular. 37% of the US population (104 million) listen to podcasts at least every month (Source: PodcastHosting.org). That’s millions of people we can reach every month. In today’s episode, Jeff Mendelson and I will discuss the benefits of running a podcast, along with tips for working with virtual assistants and communicating value in pricing.

Jeff Mendelson is the host of the One Big Tip podcast. He runs a full-service digital marketing agency where he works with developing comprehensive digital marketing campaigns for startups to establish businesses. He focuses on lead generation and ROI-based initiatives. 

Jeff is based in Miami, Florida but works worldwide. He helps entrepreneurs conceptualize, develop, and then execute all-encompassing digital marketing strategies, sales funnels, paid campaigns, and getting the right people and disciplines in place. With over 15 years of continuous digital marketing experience in all formats, Jeff has a wealth of information on what works and what doesn't in the digital marketing space.

How Jeff’s Podcast Changed His Life

Jeff started his podcast in December 2019, taking the advice of Steve Larson to publish every day for a year and then see the change. “That's what I've been doing, and it's just been taking me in all kinds of great directions, [and I’ve had] all kinds of new revelations. I guess the biggest thing is that I'm just mad I didn't do this like five or 10 years ago, but I was just like, ‘Why do I need a podcast?’ . . . Now I'm all about it, and I'm ready to kill it and really help other people to do it as well.”

Benefits of a Podcast

Jeff explained that having a podcast is a great way to network. “There is no better networking tool, COVID-19 or not COVID-19,” Jeff said. With the many communication tools we have—Zoom, Microsoft teams, WhatsApp—the world is so small, and having a podcast is one way to find and connect with people all over the world using those communication tools.

Jeff said he was interviewed by a British guy located in Doha, Qatar, and they had a great interview. “I never would have met these people without [my podcast],” Jeff said.

A podcast can be a great way for people to thrive in a situation they can control. “I'm an introvert already,” Jeff explained. “I'm a wallflower at conventions. . . . but once I get in front of [the camera] . . . [I] can talk about this all day.”

Jeff also said podcasting is a great way to establish and control the conversation. It becomes a no-pressure invitation to speak with really interesting people we might not have spoken with otherwise. If we see someone at a shopping mall and try to talk to them, they might just ignore us, but most of the time people are a lot more willing to have a conversation with us if it is in a setting like a podcast.

When we invite someone to our show, we provide them with value. They get positive exposure to our audience with good reciprocity.

We can also have fun conversations. Jeff used the example of his video background, which has a lightsaber and some Star Wars figures on a shelf. He doesn’t mention it, but people often bring it up and they get to talk about Star Wars for a few minutes. “It's just a great connection tool,” Jeff said. We need to find ways to build connections with our guests and listeners. Personally, I wear shirts for some of my favorite movies and shows, some of my favorite sports teams, and some companies I have worked for in the past to help build connections. 

Podcasts can also help you make higher connections. “Being a guest and also hosting people, you have a direct connection to the top. You interview the CEO of the company. You bypass all the gatekeepers, you bypass all the VPs, or directors, or whoever it is. You talk to the source of the information, and now you're connected with that person who knows you on a first-name basis. And that for me is mind-blowing.”

Tips for Effectively Working with a Virtual Assistant

A virtual assistant (VA) is an independent contractor who provides administrative services to clients while operating outside of the client's office. They typically operate from a home office but can access necessary files and documents remotely (Source: Investopedia).

I've been working with a team in India for more than 20 years and I love it. It's nice to be able to leave for the day and they work on it during the night. We usually overlap for an hour or two in the morning, and it's very effective. I love the work ethic, and I find that I can keep people on the team longer. These are just some of the benefits of having those remote teams.

Jeff has also worked with VAs for most of his career. “It's a little bit of a mindset shift,” Jeff said. “[But] it's really quite simple. I don't care whether you're across the street or halfway around the world, you are remote to me.” He views everyone as remote because, at the end of the day, they are all a four-inch square on a screen, and that's all he has to connect with them.

“When you lose that ability to have coffee with somebody . . . you need to be super clear. Overcommunicate. You just need to make sure that whatever it is going on in your head, whatever your wants and desires [are], . . . you have to be able to communicate it, and that does not matter whether you're working with someone in Argentina, in Ukraine, in India, the Philippines—doesn't matter. You have to be able to communicate.”

Once we figure out how to communicate with our VAs, the next step is to train them and give them work that is interesting to them and they can succeed in. 

Jeff said the last thing we need to keep in mind with VAs is the time zone difference and how it affects our work. “These people are not going to be working the same 10 a.m. to 6 p.m. Eastern Time that you are. Someone in India, they're 10 hours ahead of me. So I have to make sure that I get in all of my requests before I shut down for the evening, and my requests . . . need to be clear enough that they can work independently because they are going to be doing this when it's two [or] three in the morning my time.”

To help us with our communication, we can use tools like Loom or ScreenFlow. We also need to make sure that we have standard operating procedures and that we train our VAs on them well.

Communicating Value in Pricing

Jeff said the biggest mistake he has made several times throughout his career is with pricing. “When you price something out,” Jeff said, “what you're trying to do is deliver a product that delivers more value to the person you're selling to [than] the amount of money they're going to pay you.”

In other words, what we’re giving them is worth more than what they’re paying. For example, if we build them one sale funnel that's guaranteed to make them a million dollars, we can’t accept $500 for it. That funnel is going to categorically change their life. If we underprice it to that point, they will think that it has no value or it won’t work.

“I've made that mistake maybe five or six times where I realized that I undervalued something, and, of course, part of that comes with experience,” Jeff said. “On the flip side of that, when you overcharge someone [it] can have the exact same effect.” If we overcharge someone, they’ll just say, “You're too expensive,” and find someone else. In these cases, it really teaches us to hone in on what we are worth and how much we can charge for a particular product. It also teaches us how to sell the value of our products and services well.

Part of pricing does come with experience, but we can also do our research. We can look at what our competitors are charging and see, based on our experience and value, what we should charge in relation to that. One of the most important things, though, is communicating our value. We need to make sure our customers know how much our products or services are worth.

Key Takeaways

Thank you so much Jeff for sharing your stories and knowledge with us today. Here are some of my key takeaways from this episode:

1. We can reach millions of people with podcasts.
2. Podcast guests are a great way to network.
3. Podcasts are also a great way to have conversations with people that we may not have been able to otherwise. We can interview and get to know CEOs instead of VPs or directors.
4. When working with VAs, we need to overcommunicate, especially when there’s a big-time, difference.
5. We can use tools to help us communicate effectively, as well as having standard operating procedures in place.
6. Underpricing can make our product or service seem like it has no value. Overpricing can scare away potential customers. We should try to find a happy medium.
7. With our pricing, we need to make sure we are accurately communicating our value.

Connect with Jeff

If you enjoyed this interview and want to learn more about Jeff or connect with him, you can find him on LinkedIn or visit his website jeffmendelson.com or his podcast’s website onebigtip.com.

Want to be a Better Digital Monetizer?

Did you like today’s episode? Then please follow these channels to receive free digital monetization content:

1. Get a free Monetization Assessment of your business
2. Subscribe to the free Monetization eMagazine.
3. Subscribe to the Monetization Nation YouTube channel.
4. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
5. Follow Monetization Nation on Instagram and Twitter.

Share Your Story 

How could a podcast help your business? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://monetizationnation.com/blog/137-benefits-of-running-a-podcast/ 

This is Entrepreneurs of Faith, a Sunday episode of Monetization Nation. I’m Nathan Gwilliam, your host. In today’s episode, we’re going to discuss three business lessons we can learn from the parable of the 10 virgins and five ways to recognize and eliminate threats. 

The Parable of the 10 Virgins 

In Matthew 25:1-13, Jesus Christ shares the parable of the 10 virgins. 

In the story, 10 virgins prepare to meet the bridegroom before the wedding. During this time, it was custom for the bridegroom to come to the bride’s house at night, typically at dusk. He would get his bride from her house and bring her back to his house where he had prepared a place for her. Once the groom’s approach was announced, the 10 bridesmaids went out with lamps to light their way (Source: Bible.org). 

The young women would follow the groom with their lamps and if they were with the crowd, they could slip into the party. If they weren’t, the doors would close and they would be turned away because they didn’t have an invitation (Source: Bible.org). 

In Matthew 25, the 10 virgins prepared for the bridegroom by lighting their lamps at dusk. However, the bridegroom “tarried” and didn’t come until midnight. When the young women were called to meet him, some realized their lamps had already burned out. In verses 2-4, it says, “And five of them were wise, and five were foolish. They that were foolish took their lamps, and took no oil with them: But the wise took oil in their vessels with their lamps.”

As they prepared to meet the bridegroom, “the foolish said unto the wise, Give us of your oil; for our lamps are gone out. But the wise answered, saying, Not so; lest there be not enough for us and you: but go ye rather to them that sell, and buy for yourselves.” (KJV Matthew 25:8-9)

While the five foolish went to buy more oil, the bridegroom came and the five wise virgins went with him to the wedding.

After the five foolish women bought their oil, they rushed to the house, but the door had already closed. They cried, “Lord, Lord, open to us.” But he answered, “Verily I say unto you, I know you not.” (KJV Matthew 25:11-12)

The Importance of Preparation 

Because the five young virgins did not bring extra oil with their lamps, they missed the wedding. They did not come prepared for the unexpected delay of the groom. 

As entrepreneurs, we need to strive to be prepared for unexpected trials and challenges that may happen. We should also strive to prepare for changes and business tectonic shifts that may happen in the market. Benjamin Franklin said, “By failing to prepare, you are preparing to fail.” 

But how can we do this? How can we continually add oil to our lamps? While we may not be able to see what will happen in the future, it is possible to plan and prepare for many of the unexpected challenges. 

Be Flexible 

One way we can prepare for unexpected trials is simply by recognizing they will happen. We have to be open to change and willing to adjust if necessary. 

Brian Tracey, a motivational speaker, and self-development author, said, “Be clear about your goal but be flexible about the process of achieving it.” 

If one strategy fails, we need to be willing to try something new. Strong business leaders should develop a flexible mindset in order to adapt to the changes in their customers or the marketplace. When we are flexible about processes, we won’t fear change so much. We will have the ability to evaluate our challenges and find a way to work around or through them. 

With COVID-19, we have seen hundreds of changes. The only businesses that stayed open were ones that were flexible. According to Fortune, 100,000 businesses that temporarily closed due to COVID-19 were out of business within seven months.

Not only did small businesses close, but many iconic retailers filed for bankruptcy. Chuck E. Cheese had a 600-plus restaurant chain and was hit extremely hard by the pandemic. They didn’t find a way to adapt and so their company’s revenue plummeted by 90%. In June 2020, they filed for bankruptcy (Source: AARP). While they were able to recover, they took a huge hit. 

On the other hand, there were businesses that kept their revenue streams despite the pandemic. Belva Anakwenze kept her small business, Abacus Financial Business Management, open with four employees. When offices closed, they created their own space with kitchen tables, bedroom nightstands, and back porches. They continued to have client meetings in the driveway so they could socially distance themselves (Source: Los Angeles Times). 

In my small town, there was a restaurant named Gator Jacks that had to stop their dine-in services during COVID-19. However, grocery stores were allowed to stay open, and the grocery stores were facing shortages. Furthermore, Gator Jacks had bulk food suppliers who had food because so many restaurants were closed down. So, Gator Jacks purchased bulk food from their suppliers and turned their restaurant into a popular bulk food warehouse for a time. I was so impressed by their creativity and flexibility to find a new way to monetize the resources they had and weather the storm that put so many other restaurants out of business.

If we can adapt to change and pivot quickly and intelligently, we will be more likely to survive and succeed.  

Prepare for Worst-Case Scenarios 

One way to prepare for future challenges is to think of worst-case scenarios. Once we have identified the most likely scenarios that could go wrong, we can come up with a plan to use if one of those things happens. Doing this can actually help us feel more confident in our business plans. We will know that if something does go wrong, we will likely be one step ahead of the game and know how to handle the situation. That can provide peace of mind now and stability when crises happen.

I’m sure we have all heard of the saying, hope for the best but prepare for the worst. Thinking of worst-case scenarios helps us prepare for what can go wrong. For example, what would happen if COVID-19 forced us to close our office space? How would we function remotely? Or what would happen if we lose our most important client? How would we make up for that lost income stream? 

Randy Pauseh, an American educator and professor of computer science and design, said, “One thing that makes it possible to be an optimist is if you have a contingency plan for when all hell breaks loose.” 

However, with preparing for worst-case scenarios, there is a word of caution. We shouldn’t let worst-case scenarios build fear or prevent us from taking risks. Instead, preparing for worst-case scenarios should build confidence in knowing we have a backup plan.  

“[I]f ye are prepared ye shall not fear.” — Doctrine and Covenants 38:30

Evaluate Our Current Situation With a SWOT Analysis

A great way to prepare for future challenges is to evaluate our current situation. What are our weakest points? What areas can we improve on? As we find areas that are vulnerable, we can make changes to fix them before they become an issue later on. A common saying is, “A chain is only as strong as its weakest link.” While this phrase may be overused, it is very applicable in our businesses. 

We should assess each aspect of our business regularly. Does each department have a working system that can easily adapt to change? As we look for solutions to potential problems early on, we can avoid larger issues in the future. 

Many businesses that do this call it a SWOT analysis. This refers to strengths, weaknesses, opportunities, and threats (Source: Chron). In this analysis, we can identify what is working and what isn’t, as well as identify factors that may affect our company’s short-term and long-term performance. What opportunities can we take advantage of now? What potential threats may hurt us? 

As a business, we should constantly seek to improve. If we become stagnant and complacent, our likelihood of being hit with an unexpected challenge will double. 

5 Ways to Recognize and Eliminate Potential Threats

Here are five strategies we can use to recognize and eliminate potential threats.

• Analyze and Research Past Threats 

We can analyze threats that have already happened in our geographic area and industry. By identifying threats that have impacted others similar to us, we are identifying the threats that are likely to happen to us. 

For example, there may be certain laws and regulations according to our geographic location that could impact our business. When I first started Adoption.com, I wanted to create an adoption agency for children in Brazil. However, due to some strict Brazilian adoption laws, we weren’t able to make it work. Thankfully, I was able to pivot and learn from this experience, but if I hadn’t, it could have been the end of my business. This goes to show just how important it is to do our research. We should research and analyze past threats that have happened to others, so we can prevent it from happening to us. 

Travelers Cos. and Heart Research Associates surveyed over 1000 business owners and determined their top threats: financial issues, laws and regulations, economic uncertainty, attracting and retaining talent, legal liability, cyber and technology risks/breaches, increasing employee benefit costs, and medical cost inflation (Source: Treasury & Risk). By researching the current and past threats of our competitors or other businesses in general, we can determine what risks are most likely to happen to us and prepare for them. We can also analyze how businesses reacted to these threats to learn what worked and what didn’t. 

• Bring in Experts 

We can prepare for potential threats by bringing in additional experts, such as security experts, to help us to audit and mitigate risks we didn’t know existed. Not only can they help us identify risks we weren’t aware of, but they can also help us target potential risks we are very aware of. 

In today’s digital world, one of the most common threats is cybercrimes. According to experts, cybercrime has gone up 600% due to COVID-19. Over 18 million websites are infected with malware at a given time each week and it is estimated that cybercriminals will steal about 33 billion records in 2023 (Source: PurpleSec.us). We could consider hiring a cybersecurity expert to help us prepare for potential risks we know are likely to impact us at some point in our career. 

• Create a Safety-Net of Funds 

A great way to prepare for threats is by having a savings account. We most likely won’t be able to prevent every threat out there, but we can reduce our recovery time by having the proper funds saved. Each month we should set aside some funds for a rainy day, to weather an unforeseen storm. I recommend trying to save enough to successfully run your business without any income for three months. 

One of the biggest threats we see is the ever-changing customer. Our customers’ changing needs, wants, and values could reduce our sales and income. If we have a savings account, we won’t have to worry about going out of business because we don’t see any income for a month. Having a safety net of funds gives us more time to get back on our feet and adapt to the current situation. 

• Regularly Identify Tectonic Shifts 

We should regularly identify tectonic shifts in the business world and industry to figure out how we can implement them before our competitors. This requires us to constantly evaluate the current marketplace to watch for changes and trends. Another way we can find tectonic shifts is by analyzing competitors who are already leveraging tectonic shifts. 

As we discussed above, COVID-19 caused a massive shift in the business landscape. Many businesses failed and had to close their doors permanently. By adapting to this shift early on, businesses had a much higher chance of success. 

• Create an Emergency Plan

To prepare for potential threats we can develop an emergency plan. We can get together with our teams and develop multiple ways to communicate quickly with the entire company in case of an emergency. This way, we will have a faster reaction time and eliminate the threat before it becomes detrimental. 

Just as we prepare for natural disasters with evacuation plans and fire escape routes, we should have a business disaster plan. For example, this can include a data-recovery plan. If our hard drive became corrupt, what would we do? We should prepare with back-up storage or generators to protect our company’s data. 

Just as the five wise virgins prepared with extra oil, we can prepare for unpredictable trials by developing a flexible mindset, addressing and preparing for worst-case scenarios, and evaluating our current situation to solve current weaknesses, improve strengths, and find new opportunities. 

Key Takeaways

Here are some of my key takeaways from this episode:

1. It is wise to be prepared for unexpected trials and challenges.
2. One way we can prepare for unexpected trials is by recognizing they will happen. We have to be open to change and willing to adjust if necessary. 
3. By thinking of worst-case scenarios, we can come up with a backup plan to use if the worst thing does happen.
4. We should assess each aspect of our business regularly and address current weaknesses, strengths, opportunities, and threats. 
5. As we solve current problems, we should get feedback and continually seek to improve. 
6. We can analyze threats that have happened before in our geographic area and industry. By identifying threats that have impacted others similar to us, we are identifying the most likely threats that will happen to us. 
7. We can prepare for potential threats by bringing in additional experts, such as security experts. 
8. We most likely won’t be able to prevent every threat out there, but we can reduce our recovery time by having the proper funds saved.
9. We should regularly identify tectonic shifts in the business world and industry to figure out how we can implement them before our competitors.
10. Just as we prepare for natural disasters with evacuation plans and fire escape routes, we should have a business disaster plan. 

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Nearly 90% of marketers use email marketing to send out content and 81% of small businesses rely on email marketing for customer acquisitions, with the average open rate for a welcome email at 82% (Source: Oberlo.com). 

In today’s episode, we’re going to continue our conversation with Ryan Phelan about email marketing and discuss how to begin an email marketing campaign in four steps.

• Set a Goal

Before we begin designing a newsletter or email marketing strategy, we need to determine our goal. Every email we send should have a strong purpose and offer value to our customers. Do we want our customers to go to our website, download our ebook, or make a purchase? Depending on our answer, our emails will look very different. 

Ryan said that most of the time, people make the mistake of setting a goal as abstract as “to make a revenue.” Instead of setting a broad, immeasurable goal, we should set S.M.A.R.T goals. SMART goals stand for Specific, measurable, attainable, relevant, and time-based. By setting SMART goals it will be easier for us to determine if our campaign is successful. For example, a good goal could be to increase our website traffic by 50% in one month. At the end of the month, we can evaluate our campaign to determine if we are meeting our goal, or if we should try to develop a new strategy. 

As we make our goals, we need to remember to keep the customer in mind. How will our email bring value to our customers? If we can’t answer that question, it is very unlikely that our campaign will be successful. What value do we want to provide? Another great goal could be to direct 50% of our leads to our ebook where we teach them how to market effectively. 

• Build an Email List

Before we can start an email marketing campaign we need to have someone to send it to. We need to build an email list. 

Growing our email list takes time and requires patience. We should never try to take the easy route and buy a list. Instead, Ryan recommends we use our email marketing budget to advertise our email program. For example, we can advertise our newsletter to the people that attend our demo or work with our SEO and pay-per-click teams to sell our newsletter. 

A lot of people think they can just buy a list and instantly achieve big results but it almost never works because users in that list didn’t give us permission to contact them. Even if they are our target audience, they didn't choose to be on our list so we end up being an annoyance. If we're going to do email marketing, we can only do it when we have permission to do it.

In order to direct our customers to subscribe to our email list, Ryan recommends doing three things. 

Put the Subscribe Button at the Top of our Website 

The first key thing to do is put the email subscription button at the top of our website. This can be in the header or navigation bar, it just has to be up there so people can easily opt-in. From the tests Ryan has done repeatedly throughout his career, they had a 50% increase in acquisition rates when the subscription button was at the top versus the bottom. 

Some websites even have a pop-up that appears on their website after a viewer has been on the page for a certain amount of time. This pop-up often asks for a customer's name and email in return for promised value. 

Show Customers What the Newsletter Will Look Like

The second thing we can do is have a button that says “sign up for our email” which directs our customers to a landing page that shows them what the email looks like. We should tell them how many times we’re going to email them and why. 

Marketers assume their customers want to sign up for our newsletters just because they like our brand and that's not true. Just as we have to sell our customers our products and services, we have to sell them in our newsletter. We should explain why the newsletter will be of value to them and what they can expect to receive from us each week or month. 

Ask More Questions at the Beginning 

The third thing we should do is ask our potential customers more questions after they sign up for our email. It’s called progressive profiling. At this point, our subscribers are willing to tell us about themselves. After we ask them questions, we can develop automation to echo their answers back and build relevance.

These questions will help us understand our customers' wants and needs. As we understand our customers better, we will be more capable of providing value and keeping them on our email list. Just because someone signs up for our email once, doesn’t mean they will stay subscribed forever. 

Ryan said the average consumer list is about 65% inactive. Marketers look at this number and think they need to reactivate all of those people but it would be a waste of time and money. Instead, we need to focus on the 35% that are using their email. But how do we find out who that 35% are? We ask questions. These are the ones we can market to effectively and design a strategy that works. We can look at what they are interested in and what tone of voice they want to hear. If we have asked our customers questions in the past, we will be better suited to know how to improve our email and who to target our messages to. 

• Be Deliberate in Email Content and Design 

After we have set our goals and built an email list, we can begin to design our newsletters. If we want our customers to click on our emails, we have to provide value and be deliberate with our content. We shouldn’t send out a newsletter or email just because someone said it's a great way to acquire customers. We also need to be very conscious of design. Where something is placed on a page can have a huge impact on our success rates. We need to keep our goals in mind as we format our newsletters. 

Ryan gave two strategies for email design. 

Include the Site Navigation in Our Promotional Emails 

We should put our site navigation, or at least an abbreviated version of it, at the top and bottom of our promotional emails. If we look at where people click in an email, the majority of clicks will come from that toolbar at the top of the toolbar at the bottom. The email may not have what people are looking for so they will want to visit the website to find it. Email is a great lead generation medium that sends qualified traffic to our website. 

Monetize Transactional Messages

Our email doesn’t have to be designed as a newsletter to increase our sales or website traffic. We can also send out transactional emails.

Ryan believes that anything digital can make money. Most marketers on the B2C side have transactional messages such as order and shipping confirmations. Many companies don't look at those transactional emails as money-making opportunities, but Ryan said that if we monetize transactional emails, we can use 20% of these messages as cross-sell or upsell promotional messages. For example, when we send a purchase confirmation to our customers, we can attach links to other relevant products they may like. We can also direct them back to our website to continue shopping. 

With every digital outreach, we have to be thinking, “What's the opportunity here?” As we design our emails with these goals in mind, we will find we are more successful in meeting our goals. For example, a newsletter is most likely better for increasing traffic to our blog whereas transactional emails can be better at encouraging our customers to make a second purchase. 

• Solve a Problem and Run Tests

After we have sent out our emails, we should monitor our engagement. This step is often the most important. It helps us learn what we are doing right and what we need to improve. Do we have a high click-through rate? Are our customers following the links to our blog? Are they downloading our ebook?

The most effective email marketers are the ones that sit down and find where they have a problem and then determine how they’re going to solve it. Between the problem and the solution, they come up with a written testing plan. Marketers should keep the strategy piece in front of them and ask, “What am I going to do every week to get to my point?”

Ryan said testing is deeper than just testing subject lines. It's about learning what statistical significance means. It's about knowing how to read the results and put together a plan. A lot of marketers don't do that. Instead, they just test for a day and if it doesn’t work, they don’t try again. 

Ryan said that most of the time when he looked at those “failed” campaigns to see why they didn’t work, it was because marketers missed one thing or another like sending it to the wrong people, using the wrong CTA, or sending it at an inconvenient time like on a Saturday at 4 a.m. Testing is not about testing once. It’s about testing and validating until we can repeatedly get the same result.

Key Takeaways

Thank you so much Ryan for sharing your stories and knowledge with us today. Here are some of my key takeaways from this episode:

1. Email is a great lead generation medium that sends qualified traffic to our website.
2. Before we begin designing a newsletter or email marketing strategy, we need to determine our goal. Every email we send should have a strong purpose and offer value to our customers.
3. If we're going to use email marketing, we can only do it when we have permission to put people on our list. We need to build our email list, not buy one. 
4. We can encourage potential customers to subscribe to our email list by placing a subscription bar at the top of our website, showing our customers what value our newsletter will offer, and asking questions to determine our customers’ wants and needs. 
5. We have to be deliberate in our email design and content. 
6. Testing is not about testing once. It’s about testing and validating until we can repeatedly get the same result.

Connect with Ryan

If you enjoyed this interview and want to learn more about Ryan or connect with him, you can find him on LinkedIn. You can also visit his company’s website at www.rpeorigin.com.  

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