Podcasting Secrets

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 the movie Chariots of Fire and the role faith can plan in an Entrepreneur’s journey.

Read at: https://www.monetizationnation.com/24-what-role-can-faith-play-in-an-entrepreneurs-journey/

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 the movie Chariots of Fire and the role faith can plan in an Entrepreneur’s journey.

Chariots of Fire

When I was young I loved to run. I have great memories of my dad taking me running regularly, and competing in 10k races together. The 2-mile was my track event in high school. I particularly loved running downhills because I felt like I was flying. I dreamed of running in the Olympics someday.

When I was 7 years old, the movie Chariots of Fire was released. This film tells the story of runners from Great Britain competing in the 1924 Paris Olympics. Because of my passion for running, this movie quickly became one of my favorites as a child.

Part of the movie is based on a true story of a sprinter named Eric Liddell, the “Flying Scotsman”, who was a devout Christian. Liddell’s first Olympic final in 1924 was the 200-meter race, in which he won the bronze medal. However, his 100-meter race would be held on a Sunday, which was his Sabbath day. Liddell chose not to run the 100-meter race, even after receiving strong pressure from royalty and the Olympic Committee. 

Andrew Lindsey was one of Liddell’s teammates who had already won a silver medal in the 400-meter hurdles. Lindsey offered his spot in the 400-meter race the following Tuesday to Liddell. This was a race Liddell was not prepared to run, but he accepted gratefully. Liddell’s commitment to honor his religious convictions despite fierce pressure made worldwide headlines.

On the Sunday of Liddell’s original 100-meter race, he gave a sermon in a Paris church, and quoted Isaiah 40:31: " 

Tuesday morning the American coach said Liddell didn’t have much of a chance at succeeding in the 400-meter race because it was much longer than the races in which Liddell had qualified for the Olympics. 

Eric Liddell ran the 400-meter race, beat the runners who had been favored to win, took home the Olympic gold medal, and set a new world record. Here’s the actual footage of Eric Liddell winning the 400-meter race:

https://www.youtube.com/watch?v=IYNUxdoIacA&feature=youtu.be

Imagine the impact that the Chariots of Fire movie had on a young Christian runner. Keeping the Sabbath day holy became very important to me.

For what purpose did God make Entrepreneurs? 

At one point, Liddell’s sister tells him that his running is a distraction from the work of God, and Liddell says “I believe that God made me for a purpose... But He also made me fast, and when I run, I feel His pleasure." As entrepreneurs, for what purpose did God make us? 

God gives gifts to all of His children. The American Founding Fathers had gifts in politics and leadership. The men and women who put the first astronauts on the moon had scientific gifts. What gifts has God given us as entrepreneurs that He wants us to use? When we use those gifts, how can we accomplish God’s work? 

I’ve modified Liddell’s quote to apply to Entrepreneurs of Faith. Let me know if this resonates with you. “I believe God made me for a purpose. He made me an entrepreneur, and when I create and grow ventures, I feel His pleasure.” When we find the gifts God has given us and we use those gifts to do God’s work and serve His children, we are doing what God made us to do.

Why am I publishing on Sunday? 

I accepted Russell Brunson’s challenge to publish every day for a year during 2021. Knowing how much the Sabbath day means to me, why would I be publishing my blog and show on a Sunday? To me the Sabbath day isn’t just about what I should NOT do; it is even more about what I should do. 

Eric Liddell felt he should not participate in sporting events on Sunday so he didn’t do that. However, he also didn’t stay at home the Sunday of the race. Instead, he went to a church, told his story, preached a sermon, and did God’s work. Jesus Christ also did God’s work on the Sabbath, such as teaching and healing. The Sabbath isn’t about doing nothing. Instead, it’s about resting from our labors so we have time to focus on God’s work, which includes serving others.

I don’t feel comfortable publishing the same type of Monetization Nation episodes on Sunday that I’m going to be publishing the other six days of the week, so I’m not going to do that. However, instead of choosing to not publish anything on Sunday, I’m going to publish a different series of blogs and shows called Entrepreneurs of Faith. These episodes will share stories and scriptures of faith that can help entrepreneurs, marketers, CEOs, and other business leaders. 

On Sundays, my audience will transform from Digital Monetizers to Entrepreneurs of Faith. During these Sunday episodes, I won’t run any paid external advertisements. And, I will strive to create and schedule the episodes in advance.  

Key Takeaways

Here are my key takeaways from today’s episode:

1. We should stay true to our convictions regardless of the pressure.
2. We will all go through challenges, but as we learn in Isaiah 40:31, when we “wait upon the LORD,” He has promised to renew our strength, help us metaphorically fly like eagles, and help us to run, and be not weary, and walk, and not faint.
   
3. We can use our gifts as entrepreneurs to do what God made us to do. What gifts has God given you and how does He want you to use them?

I realize some entrepreneurs of faith observe the Sabbath on days other than Sunday. That's fine. I want Entrepreneurs of Faith to be inclusive and welcoming regardless of differing doctrines like that. This is not a place to debate whether Saturday or Sunday is the correct Sabbath day. This is a place where all entrepreneurs can come and feel closer to God.  

Join Entrepreneurs of Faith

If this episode of Entrepreneurs of Faith resonated with you, please subscribe for FREE to Monetization Nation so you can receive an Entrepreneurs of Faith each Sunday.

1. Subscribe to the Monetization eMagazine.
2. Follow the Monetization Nation Blog.
3. Join our private Monetization Nation Facebook Group.
4. Subscribe to the Monetization Nation YouTube channel.
5. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
6. Connect with Nathan on Linkedin. 
7. Follow Monetization Nation on Instagram. 
8. Follow Monetization Nation on Twitter.

Share Your Story 

How has faith played a role in your entrepreneurial journey? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://www.monetizationnation.com/24-what-role-can-faith-play-in-an-entrepreneurs-journey/

In my interview with Shirlee, she shares this story, along with other secrets and strategies she’s gained from more than two decades helping pioneer digital monetization.

Read at: https://www.monetizationnation.com/23-how-adoption-com-used-month-to-month-contracts-to-keep-an-advertiser-for-11-years/

Introduction

Back in the early days of the Internet, about 22 years ago, I hired a salesperson named Shirlee Davidson to help us generate revenue from Adoption.com. At the time, Adoption.com was very new and very unprofitable. Our expenses were more than three times higher than our revenue. Shirlee Davidson still works for Adoption.com today and has sold more adoption-related advertising than anyone in the world. Shirlee taught me the concept of relationship-driven sales, and Adoption.com used that strategy to keep a month-to-month client advertising with us every month for more than 11 years. In my interview with Shirlee, she shares this story, along with other secrets and strategies she’s gained from more than two decades helping pioneer digital monetization.

Month-to-Month Contracts

Many businesses believe that they will make more money by forcing clients to stay in long-term contracts they don’t want to be in. At Adoption.com, we developed a strategy that was the polar opposite. We offered month-to-month contracts because it lowered the initial barrier of entry for our clients to begin advertising. We didn’t want them to have any fear they were going to be forced to stay in a long-term contract that was not working for them.  

More importantly, because of the month-to-month contracts, we were extremely motivated to make sure our customers were happy every single month, or they would leave. One month-to-month advertiser started with Adoption.com at just a couple thousand dollars per month, and as the advertising proved effective, the advertiser continued to increase their advertising through Adoption.com until they reached about $50,000 per month in recurring advertising. This customer advertised with Adoption.com on a month-to-month contract for more than 11 years. 

The month-to-month advertising forced Adoption.com to perform better, to have more open communication with customers, understand their needs, and quickly make the changes necessary to keep our customers happy every month. We feel that we made more revenue through month-to-month contracts than by forcing customers into long-term contracts. 

How to Figure Out Pricing When We’re Doing Something New

Shortly after Shirlee started with Adoption.com, she was working with a baby products company that wanted to advertise on Adoption.com. Online advertising was very new and Shirlee had no idea what to charge them. Shirlee went to the library and checked out a book about online advertising, but it was not very helpful. So, Shirlee went to her sales mentor and asked him what we should charge. The mentor replied, “Tell them to make you an offer.” Shirlee followed the advice, signed a contract starting with $2,000 per month of recurring advertising, and that organization advertised with Adoption.com every month for years. 

Relationship-Driven Sales with Our First Large Customer

In the early days of Adoption.com, within a few months of Shirlee starting, she and I flew to Fort Worth, Texas to visit the Gladney Center for Adoption, one of the premier adoption agencies in the world. That day, we took a tour of their campus, went out with them for food, and were headed back to a meeting with Gladney’s management team. 

Before that meeting, I asked Shirlee privately how we should handle this very important meeting. Shirlee responded that we should not mention numbers or pricing, just listen first and build a relationship. Then, we should walk away without making an offer. When we got home, we would send them a proposal customized to their needs.

That became the foundation of how we worked with clients over the years. We listened and got to know them and their needs. We walked away and later came back with a customized proposal. Because we listened first, it allowed us to make a proposal that was tailored to the potential customer’s needs. This low-pressure, relationship-driven sales approach worked well for us over the years. The Gladney Center for Adoption advertised with Adoption.com for the vast majority of two decades.

Relationship-Driven Strategy at Conferences

When we’re trying to make a sale, our first inclination is to try and tell people how great our company or products are. Shirlee taught me that everyone likes to talk about themselves and their passions much more than they want to listen to a salesperson. In other words, people are far more passionate about their lives than they are about our products and services. So, at adoption conferences, instead of trying to tell people why we are great, we focused on getting to know them, their organization, and what was important to them. People were happy to share that information, and it began to establish a relationship of trust and friendship. We connected with them through their passions. 

Shirlee uses the analogy of marriage. We must date someone and build a relationship of trust before the relationship can progress to marriage. The same thing is true in relationship-driven sales. We have to focus on building the relationship of trust first and not get ahead of ourselves by asking for the sale before that has happened. 

Building Trust by Refusing to Make a Sale

Shirlee tells the story of an advertiser who tried to buy a specific type of advertising, and Shirlee refused to sell it to them because she knew they would not be successful. Because Shirlee was looking out for that client’s best interest, that client trusted Shirlee so much, that later they adjusted their business practices to do a specific type of advertising with Adoption.com. The lesson of this story is to never sell a client a product that we do not feel will help them be successful.

Being There During Crisis

Shirlee helped Adoption.com build some very strong relationships with clients that went outside normal business relationships. For example, with one client we would regularly travel to his state to do activities together, such as playing sports, attending a sporting event, participating in a child’s religious ceremony, or introducing me to sushi for the first time. As a result, when his granddaughter drowned, I received a call saying that the client needed me there with him. So, within two hours I was on a flight and spent days mourning with the client and his family. Building strong relationships in advance can make it possible for clients to reach out when they are in crisis. Being there for others during times of crisis can often result in long-term loyalty and bonds that last many years and are hard to break.

Monetization Through Bundling

At one point Adoption.com had many different types of advertising products that we sold individually, and clients would “cherry-pick” elements of that advertising, and then we were left with a random assortment of unsold and unsaleable advertising. We were leaving a lot of money on the table. 

While we were facing this challenge, we were attending a conference, and one of my daughters was with us. One evening my daughter wanted to swim, so Shirlee and I went down to the pool and sat on the pool deck while my daughter swam. While we sat there, we brainstormed how to solve this problem with the unsold inventory. 

We knew our advertisers wanted to “own” their state. So, we used that desire to our advantage, and bundled together all of the advertising opportunities in a specific geographic area, and sold them as one exclusive package. It was kind of like Disney bundling all of their shows together and selling access to everything on Disney+ for a monthly subscription, instead of selling each movie individually. With the Adoption.com bundle, customers could own their geographic area, but to do so, they had to buy all the advertising available in that area. We included some new types of promotions that were only available through this package, added some exclusivity and scarcity, and gave them some priority over other advertisers in that state. 

We rolled out this featured sponsor bundle of advertising and it radically increased our revenue in a very short period of time. One of the secrets that made this monetization breakthrough possible was that Shirlee and I were able to get out of the office without distractions and brainstorm a solution to a challenge we were facing. It’s important for team members to spend time away from the office together so they can build relationships, have time to work through issues, and find solutions together. We need to create spaces for innovation away from the daily office distractions. 

Freemium Model

“One of the best monetization strategies that have worked well in my career is to give something away for free and then to make money selling something else.” - Nathan Gwilliam

In the freemium model, a business gives something away for free to build trust, credibility and reach, and then the business makes money by selling something else to that customer. Shirlee explains how the freemium model was one of the most successful monetization strategies at Adoption.com. Shirlee would give away a free advertising banner design along with a free month of advertising to hook the client and show them the results they can achieve. After Shirlee did this, a large percentage of the freemium clients converted into paying customers. This type of freemium model can help break down initial barriers to entry and help new customers who otherwise would not test our products and services to do so. 

The 4-Step Evolutionary Involvement with an Industry Association

In the adoption community, the leading association is the National Council for Adoption (NCFA). In Shirlee’s interview, we talk about how over the years Adoption.com evolved through 4 different evolutionary types of interaction with this association.

1. No Credibility - In the early days of Adoption.com, Adoption.com was not allowed to attend the NCFA conference because we were untrusted outsiders with no credibility. 
2. Sponsor - Then, Shirlee worked with NCFA to allow Adoption.com to help sponsor the conference and have a table, but we had to plead with people to come talk to us. At this point, our only real value to this organization was that we were providing funds to support the event.
3. Thought Leader - Then, NCFA invited me to speak at their event, and we instantly began to be perceived as trusted thought leaders. At this point, people started coming to us and asking for our help to solve their problems.
4. Leader - Then, years later NCFA invited me to serve on the Board of Directors (and later the Executive Committee) of the association, and I was able to serve in a leadership role to help the members and assist in fighting some legal and regulatory battles. Helping someone fighting their battles is one of the greatest ways to build trust and credibility. This helped build a much deeper level of credibility with adoption organizations. At this point, we were no longer outsiders. Instead, we became part of their community, a member of their tribe. 

Credibility from Speaking at a Conference

We normally didn’t attend local adoption events because there weren’t enough people for us to see a return on our investment. However, one year they needed a featured sponsor in Florida, so we accepted an invitation to attend and for me to speak at the Florida Adoption Conference. We had not sold that Florida advertising package prior to the event, but while I was speaking, a customer left my speech and went to our booth to secure the advertising. By speaking at the credible event, that credibility flowed through to me, and I was perceived as a credible expert. Speaking at an association event is a tremendous way to establish credibility with members of that association.

Key Takeaways

Here are some of my key takeaways from Shirlee’s interview:

1. Month-to-month contracts might generate more money than long-term contracts because we are forced to keep customers happy every month. 
2. When we’re selling something new and don’t know what to charge, one option is to ask the other person to make an offer so we at least have a starting point.
3. In business-to-business sales, focus on relationship-driven sales instead of high-pressure sales. Shirlee and I tried to meet the potential customer, listen to them, and build a relationship of trust with them first. Then walk away and send them a proposal later. When we focused on relationships first, the sales happened as a natural result. 
4. Relationship-driven sales tend to lead to longer-term revenue streams. 
5. Start the relationship by asking questions about the potential customer and their interests. We should listen, and build a relationship of trust before we try to talk about our business, products, or services. 
6. Don’t sell customers a product or service we don’t believe will work for them. Find the right fit. 
7. Being there for customers during hard times is a powerful way to build loyal relationships. 
8. Consider bundling a group of products and services together to accelerate monetization and avoid leaving money on the table.
9. The freemium model is one of the most successful digital monetization strategies. Give something away for free, and then make money selling something else to those customers.
10. Find the best association(s) in our industry and work to evolve in our engagement and credibility with the members of that organization.
11. Speaking at association events is a powerful way to increase our credibility with members of those organizations. 

If we desire monetization we have never before achieved, we must leverage strategies we have never before implemented. 

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. Follow the Monetization Nation Blog.
3. Subscribe to the Monetization eMagazine.
4. Join our private Monetization Nation Facebook Group.
5. Subscribe to the Monetization Nation YouTube channel.
6. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
7. Connect with Nathan on Linkedin. 
8. Follow Monetization Nation on Instagram. 
9. Follow Monetization Nation on Twitter.

Challenge

If we desire monetization we have never before achieved, we must leverage strategies we have never before implemented. I challenge each of us to pick one thing that resonated with us from today’s episode and schedule a time this week to implement it to help achieve our monetization goals.

Share Your Story 

When have you seen really good relationship-driven sales? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://www.monetizationnation.com/23-how-adoption-com-used-month-to-month-contracts-to-keep-an-advertiser-for-11-years/

Today someone asked me why I’m doing this Monetization Nation show and how I can help the readers, listeners, and viewers. I figured the answer to those two questions would make a great blog post. 

Read more at: https://www.monetizationnation.com/22-why-i-do-monetization-nation-and-how-i-can-help-you/

Today someone asked me why I’m doing this Monetization Nation show and how I can help the readers, listeners, and viewers. I figured the answer to those two questions would make a great blog post. 

Trauma that Results from “Not Getting” Digital Monetization

Early in my career, I did not understand tectonic shifts or digital monetization, and it resulted in some traumatic experiences for me, my family, my employees, and my investors. For example, in the first Monetization Nation episode, I told the story of losing a publicly-traded company I had created because I didn’t reach monetization fast enough. 

Soon after we lost that company, some friends of a family member were at our home for a social gathering. The guests asked where I worked, and I told them the name of my business. The guests didn’t realize I was the CEO of that business. I was very young at the time and they assumed I was an employee. When they realized where I worked, they proceeded to tell me how my business was awful because we had laid off their friends, a husband and wife who both worked for us, less than a month before Christmas. Ouch. It was a really awkward moment when I explained I was the one who had laid off their friends. 

I agree with them. That layoff so close to Christmas was something pretty awful I did to that great family because I didn’t understand how to get my business to monetization fast enough. The trauma that family went through was my fault. That’s what happens when entrepreneurs don’t understand how to leverage tectonic shifts and generate digital monetization.

Azul’s Success

Thankfully, that was decades ago and I’ve been able to learn a lot to help my businesses and other companies be much more effective at digital monetization. I am doing this show so that hopefully thousands of other entrepreneurs, their families, their employees, and their investors don’t have to go through what the people around my failed company had to go through. 

Let me contrast the tragedy of that failed company with the joy I felt about 18 years later, on April 11, 2017, when Azul, the Brazilian airline, began trading on the New York Stock exchange. In the early days of Azul, for more than a year, I spent about half of my time in Brazil helping Azul develop and implement a digital strategy. I would fly to Brazil and work there for a week or two and then fly home and spend a week or two with my family. I don’t recommend that. It was very hard on my family and me. But we do what we have to do to provide for our families, right?

My role at Azul was only a small part of the effort contributed by many talented people. However, the day I watched the video of Azul’s IPO (initial public offering) I had chills and was so grateful I was able to be a small part of a company that had been so successful leveraging tectonic shifts and digital monetization. 

The day it went public, Azul raised $645 million in a dual initial public offering in Sao Paulo and New York. That day David Neeleman, the Azul founder, told CNBC “We are an airline today that does 26% of all the domestic air revenue in Brazil. That’s from zero to 26 in eight years.” Today’s stock trading price values Azul at more than $2.3 billion.

Why I Do Monetization Nation

So, why am I doing Monetization Nation? As a result of David Neeleman being so successful in his entrepreneurial endeavors, he has been able to make a massive contribution for good in the world in many ways. I’ve witnessed this first hand because David asked me to serve as the President of his non-profit foundation, which I did for a year. 

I feel that one of the best ways I can do good in the world, and pay it forward for all the people who have helped me, is to share the digital monetization secrets I’ve learned to help entrepreneurs become masters at leveraging tectonic shifts and digital monetization. My goal is that because of Monetization Nation, thousands of entrepreneurs and the people around them won’t have to go through the type of traumatic experiences we did decades ago, and that those people will instead have the expanded resources they need to make a much greater difference for good for millions of people. 

I feel that because I know some things, which can help many entrepreneurs and the people around them avoid pain and achieve their desired success, I have a moral obligation to share it. 

Digital Monetization Strategies

Now, let’s talk about the second question. How can I help you to avoid more of the pain and achieve more success in your entrepreneurial journey? 

I’ve consulted for a lot of companies over the past two decades. This has been a great learning experience for me because I’ve been able to learn from the successes and failures of many companies more successful than my own, and from many entrepreneurs much smarter than me. 

Nearly all of these other companies have started working with me by hiring me to help them research and develop their digital strategy or their monetization strategy. When I started helping the other companies do this, I called them digital strategies, and over time, they have evolved to become digital monetization strategies. We do extensive research before creating one of these strategies. Then, we customize the presentations to help the business leverage the level-10 passion of their target audience, the assets that many of them didn’t even consider to be assets, and the tectonic shifts most relevant to them, along with numerous other recommendations to better achieve their monetization goals. I love creating these presentations and helping businesses clearly see the strategy to most effectively achieve their desired outcome. Based on feedback from my clients, I believe that the greatest value I have provided to other companies has been through those digital monetization strategies. 

Then, after delivering this presentation, the clients own it and can do whatever they want. They can implement any portion of it they want themselves, or hire my team and me to execute part or all of the plan. However, in nearly all of the cases, after delivering the strategy presentation, the clients have hired my team and me to help them execute the recommended digital monetization strategy. 

Monetization Assessment

I’ve consulted for a lot of companies over the years. As part of the research to create these digital monetization strategies, I ask a lot of questions, and I’ve refined the questions over the years to get better results. I have taken a bunch of the questions and turned them into a Monetization Assessment, which you can take for free. Then, after you complete the assessment, we will review it and prepare customized feedback for your business. 

Would you like Monetization Nation to give you customized feedback about how your business can leverage tectonic shifts and accelerate your digital monetization? Or would you like to work with me to help you develop and execute your digital monetization strategy? Then, fill out the free assessment today. It doesn’t answer all of the questions I would have for you, but it’s a great start. 

Completing this Monetization Assessment is an important next step in your monetization journey because it will help you identify areas where you’re already doing well and areas where it might be important to focus more resources. 

I would love to help you reach your monetization goals, so you have more time and resources for the things that really matter to you.

Take the Free Monetization Assessment.

Key Takeaways

Here are some of the key takeaways that stood out to me from today’s episode.

1. When we don’t get tectonic shifts and digital monetization, it can cause trauma for entrepreneurs and the people around them.
2. Monetization Nation exists to help entrepreneurs effectively leverage tectonic shifts and digital monetization, so we can avoid a lot of the pain and achieve more of the success we are seeking. 
3. Take the free Monetization Assessment and get customized feedback for your business.

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 Monetization eMagazine.
3. Follow the Monetization Nation Blog.
4. Join our private Monetization Nation Facebook Group.
5. Subscribe to the Monetization Nation YouTube channel.
6. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
7. Connect with Nathan on Linkedin. 
8. Follow Monetization Nation on Instagram. 
9. Follow Monetization Nation on Twitter.

Challenge

If we desire monetization we have never before achieved, we must leverage strategies we have never before implemented. I challenge each of us to pick one thing that resonated with us from today’s episode and schedule a time this week to implement it to help achieve our monetization goals.

Share Your Story

What stories do you have with monetizing a digital business? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://www.monetizationnation.com/22-why-i-do-monetization-nation-and-how-i-can-help-you/

Depesh Mandalia is one of the world's most prominent Facebook marketers and the best Facebook marketer that I know. He runs a Facebook ad agency that helps six-figure and seven-figure companies. In this episode, Depesh Madalia is going to share stories and secrets about Facebook advertising. 

Read at: https://www.monetizationnation.com/21-facebook-advertising-tips-from-the-ceo-who-grew-a-companys-revenue-from-800k-to-26-million-in-18-months/

As of September 2020, Facebook has 2.74 billion active users monthly (Facebook). That’s about a third of the world’s population and Facebook advertising has exploded. 

Depesh Mandalia is one of the world's most prominent Facebook marketers and the best Facebook marketer that I know. He grew one venture from $800k to $26 million in revenue in just 18 months. He's invested well over thirty million dollars in profitable global ad spend over the last five years. He is responsible for driving more than $100 million in revenue for himself and his clients. He runs a Facebook ad agency that helps six-figure and seven-figure companies scale past ten million dollars and provides training courses that help entrepreneurs and marketers of all levels scale up faster in their Facebook advertising. In this episode, Depesh Madalia is going to share stories and secrets about Facebook advertising. 

$26 Million Case Study

While Depesh and his wife were both working other jobs, they started doing affiliate marketing on the side. They began making enough money doing affiliate marketing that they didn’t need their other jobs. But it was very fragile, although they didn’t realize that at the time. They came to realize their success depended on Google, so when Google changed their search algorithm, Depesh lost almost all of his traffic. His sites were getting millions of visitors a year, and that traffic was reduced to zero almost overnight. This is a great example of building skyscrapers on land we own. 

This pushed him to look into paid search advertising, but it was just so expensive. That was when he started looking into Facebook. He tested it and failed again and again. In 2014, a company that was looking for a digital marketer reached out to him. He was in between projects at the time so he joined them for six weeks. 

The company already had some advertising on Facebook, and Depesh was able to look at their data. He realized that their website could use some redesigning; it wasn't as free-flowing in terms of conversion as it should have been. He spent a couple of weeks working on their website, simplifying it and making it easier to use. After that was done, he went back to advertising through Facebook. Within two weeks, he saw that it was working, and they were able to spend more money and make more profit.

The first month they did this, they spent about five thousand dollars and made ten thousand dollars back. It was eye-opening for them, realizing that this channel could be profitable. The next month they spent ten thousand and made fifty thousand back. After that, they started to scale up from there. With every month they increased how much they were spending, and as a result, how much they were making. When he'd joined, they had been making $800,000, and they ended that year with $8 million in revenue. After that they went international, pushing their spending untilーa year and a half from when Depesh had startedーthey had reached $26 million in annual revenue.

Depesh’s Thoughts on Why Facebook Advertising is a Tectonic Shift

With Facebook ads, everything is faster and cheaper. We're able to turn on ads quickly. We're able to reach people at a point where they're more receptive. The CPM (cost per thousand views) is often a dollar or two, which is super inexpensive. The average price for an ad decreased by 9% in Q3 of 2020. We can bring customers into our funnels in a way we can't do as cheaply or at the same scale on any other platform.

One example of how easily Facebook advertising can speed up the advertising process is when Depesh was working for a company that wanted to go international but didn't know what countries to go into. Ten years before this, they would have had to do paid search, affiliate marketing, or physically go sell in that country's market. With Facebook marketing, they were able to turn ads on in the same day, run ads in multiple countries, and see what the reaction was like. So by the end of that day, they could tell which countries they should advertise in next and quickly make a plan for that.

Brand-driven Performance Marketing (BPM)

Back when Depesh had failed at Facebook advertising, he'd been trying to get a click at any cost. He saw the newsfeed as his opportunity to sell. He didn't understand that Facebook and Google were very different mediums. He had to think about buyer intent. When someone does a Google search for a TV, their intent is to find a TV to buy, and they have layers of intent; they can search the brand or the size, so we know exactly what their intent is.

With Facebook, we don't actually know what the potential customer's intent is. Users don't see Facebook as a place to find things to buy like on Google or Amazon. Facebook is actually closer to TV advertising. These ads come to potential customers when they're in a relaxed state. An ad break comes, and they're forced to watch it, even if they don't want to. The same thing happens on Facebook. When Depesh realized that, he changed his approach to Facebook advertising. He realized he should be building a relationship with the user so he can get the right click at the right time.

Facebook is a lead generator. That lead can be a click, a call, or an email, but it is just a lead, not a sale. It is our job to convert that lead into a sale using things like our landing pages, sales teams, or drip email marketing.

Success in Hard Times

Depesh had a client that was on the edge of profitability and sustainability for their business. They'd been working on ways to increase that profitability while growing at the same time. In 2019 they had a really good end of the year, but when COVID-19 hit, it really impacted their logistics. They were concerned about their profitability levels and online sales, and they weren't sure how COVID would affect that. Depesh helped transition them to making their founder the face of the brand because people buy from people. He got them to start doing Facebook Live events and to become a bigger part of their Facebook community, along with running their own podcast, YouTube channel, and more. Because of this, they were able to have their first million-dollar month in August 2020.

When we have these tectonic shifts that happen, they can be disasters or they can be these wonderful opportunities for growth. We just have to find that opportunity.

Connect With Depesh

To learn more about or connect with Depesh and his services, please visit https://depeshmandalia.com/. 

Key Takeaways

Thank you Depesh for sharing your stories and secrets. Here are some of the key takeaways from today’s episode that stood out to me.

1. Facebook is the world’s third-most visited website, surpassed only by Google and YouTube. If we can utilize it for our marketing, we can reach huge numbers of our potential customers.
2. Marketing on Facebook is often faster and less expensive than other platforms. At least it is today. Let’s take advantage of this while we can.
3. Treat Facebook ads like TV ads. Build relationships with our customers and follow up on the leads Facebook provides.
4. Focus on your product, audience, offer, and funnel to optimize sales and satisfaction from Facebook Ads.
5. Find the opportunities to achieve growth during hard times. 
6. The most fulfilling monetization streams are often the ones that help people the most.

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 Monetization eMagazine.
3. Follow the Monetization Nation Blog.
4. Join our private Monetization Nation Facebook Group.
5. Subscribe to the Monetization Nation YouTube channel.
6. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
7. Connect with Nathan on Linkedin. 
8. Follow Monetization Nation on Instagram. 
9. Follow Monetization Nation on Twitter.

Challenge

If we desire monetization we have never before achieved, we must leverage strategies we have never before implemented. I challenge each of us to pick one thing that resonated with us from today’s episode and schedule a time this week to implement it to help achieve our monetization goals.

Share Your Story

What has helped you be successful with Facebook advertising? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://www.monetizationnation.com/21-facebook-advertising-tips-from-the-ceo-who-grew-a-companys-revenue-from-800k-to-26-million-in-18-months/

In every business interaction, there is a level of trust involved. When we break that trust, meaning we wasted their time or didn’t reach their level of expectation, we stop being credible and they stop doing business with us. However, when we exceed their expectations, it creates more credibility, and our customers are willing to invest more time and money into us. 

Read at: https://www.monetizationnation.com/20-credibility-marketing-bridging-the-credibility-gap/

“In our increasingly low-trust world, trust has literally become the new currency of our global economy.” – Joel Peterson, Author of The 10 Laws of Trust

Credibility is “the quality of being trusted and believed in,” (Source: Dictionary.com). In every business interaction, there is a level of trust involved. Our customers are trusting that in exchange for their investment, be it time or money, we will provide them with something of value that surpasses their investment. When we break that trust, meaning we wasted their time or didn’t reach their level of expectation, we stop being credible and they stop doing business with us. However, when we exceed their expectations, it creates more credibility, and our customers are willing to invest more time and money into us. 

Becoming a credible business is so important because in today’s skeptical world we don’t start out as credible. Businesses are often viewed as biased and noncredible. Imagine we’re out looking for a new SUV, and we want to be sure we get the best one. Would we go to a Toyota salesman to ask him to tell us which SUV on the market is the best? No, we know that he would only tell us all the great things about Toyota’s SUV and all the negative things about his competitors. To find our answers, we want to turn to unbiased, credible sources.  

“People don’t really trust advertisements, they trust people.” – Bernard Kelvin Clive, Author of Rebranding

These days, research has found that 96% of consumers don’t trust advertisements (Source: Inc). Consumers are getting more and more skeptical. They’ve been fooled by flashy advertisements too many times. Only 1% of millennials say that a compelling advertisement would make them trust a brand more (Source: Forbes). That’s why traditional advertising methods are no longer working. 

Not only do our customers not trust ads, but they’re also actively avoiding them. Almost half of all internet users have installed an ad-blocker (Digital Information World). Credibility marketing can help us create advertising that doesn't feel like advertising. More importantly, it can help us create messaging that is more trusted by consumers. 

When we break our customer’s trust, we’ve not only lost their trust but also their business. Lack of trust is costing U.S. businesses $756 billion and 41% of their clients (Source: Accenture). These customers are not only switching their business over to our competitors but oftentimes they’re also telling others to switch over to our competitors. 

Achieving our monetization goals will require that we are effectively leveraging credibility marketing. We need to be providing superior products and services to our customers so that they trust us and stay loyal to our companies. 

Customers are Seeking Information from Credible Sources “What you say isn’t nearly as important as what others say about you.” – Seth Godin, Marketing expert and author

One experience I had early on in my business career showcased the importance of credibility to me. I was blessed to win a business plan competition, the US West Seed Money competition. Because I had won, reporters came to my office building to interview me about it. My landlord saw the reporters, learned about the competition, and immediately wanted to invest with us. He had never shown any interest in our business before that day, but the credibility of the competition win and reporters was enough to convince him that we were going to be a successful business. 

Just because our customers aren’t trusting us doesn’t mean they don’t trust others. Consumers are seeking after reviews and recommendations from their friends and family, influencers they respect, credible industry experts, and authoritative voices. Nine out of ten consumers trust what a customer has to say about a business more than what that business says about themselves (Source: Wyzowl).

Part of credibility marketing is recognizing this trend and finding ways to get these credible, trusted sources to talk and write about us. When the benefits and features of our products and services are shared by unbiased, credible sources, consumers trust what they hear and feel confident giving us their business. 

Roads to Credibility 

There are some paths we can take to help us bridge the credibility gap to help convince our potential customers that we’re credible and trustworthy. Although I do want to add a quick but important note: none of these strategies will work if we are not credible businesses. Credibility marketing is not about tricking or manipulating customers. It’s about creating happy customers with our superior products and services and then sharing their stories with others. 

 

1. Influencer Marketing 

 

Influencers are seen as credible and trustworthy sources of information. In fact, 92% of consumers put more trust in influencers than they do in advertisements or celebrity endorsements (Source: Question Pro). When we team up with influencers to promote our products and services, the credibility that influencers hold can flow through to us. 

 

2. Reviews 

 

Consumers really are interested in reviews and place a lot of trust in them. 97% of consumers read online reviews (Source: Bright Local). Additionally, 88% trust an online review at the same level as a personal recommendation (Source: Source Engine Land). On average a consumer will read 10 reviews before they feel they can trust the company (Source: Bright Local). Plus, 86% of consumers would pay more for a service provider that has high ratings and good reviews (Source: ReviewInc).

When Airbnb first started trying to get investors, they were consistently told “A business requiring this much trust between strangers will never work,” (Source: Forbes). The company had to find a way to create enough trust between strangers that they would be willing to open their homes to each other. The method they chose: reviews. 

Airbnb can’t check up on each and every home listed on their site. They have no way of guaranteeing cleanliness, facilities, number of beds, etc. Instead, they rely on a review system. Guests are asked to give between a 1-5 star rating on cleanliness, communication with the host, ease of check-in, accuracy of the post, how great the location is, and the overall value of the stay for the price. Most guests will also include a written review of their stay. 

Airbnb has 2.9 million hosts and is valued at $18 billion (Source: Business Insider). Ultimately, Airbnb’s entire success is based on trust and that trust has been built through reviews. If reviews are capable of creating enough trust to get strangers in each other’s homes, they’re probably capable of instilling enough trust in your consumers to give you their business. 

When a product gains reviews, a study shows that companies gain on average a 108% traffic increase, 92% sales lift, and a 65% conversion lift (Source: Power Reviews). It’s definitely worth our time to look into how we can gain more reviews for our products and services. 

 

3. Success Stories

 

Would you trust someone to give you entrepreneurial advice when they’re driving a $500 beater car with a handwritten sign in the back stating “I can teach you how to make $10k a month!” Would you believe that sign? Probably not. The person doesn’t appear to be generating $10,000 a month themselves, so how can I trust them to teach me how to make that kind of money? 

The power of “been there, done that” is when we can demonstrate to our customers that we truly have the experience or expertise needed to handle their business. If we can show them that we’ve been where they are, gone through the journey they want to go through, and achieved the results they want to achieve, then they will trust us to help them do the same. 

Client success stories can be amazingly powerful in creating credibility. They're ultimately the “been there, done that” story from our clients. A great success story will share details of that customer's problem and how our company was able to provide the solution they needed. Details will add to the credibility of the story and help other customers relate to the problem. In addition to details, a great success story will add in emotion. Emotional stories are memorable and powerful. 

In my own career, I’ve seen how much a good customer success story can do. After my work with Deseret Digital Media, where I was able to help grow their online reach, my boss, Russell Banz, was kind enough to share his success story with me. His video is placed right at the top of my consulting site, MonetizationPartners.com. Watching that success story does a better job convincing potential customers I’m credible and capable than anything I can say about myself. 

 

4. Credible Website Design 

 

“As aesthetically oriented humans, we’re psychologically hardwired to trust beautiful people, and the same goes for websites. Our offline behaviour and inclinations translate to our online existence.” - Dr. Brent Coker, Consumer Psychologist

Design affects your company’s credibility with 75% of consumers admitting to making judgments on a company’s credibility based on the company’s website design (Source: Kinesis Inc). People are constantly making snap judgments about your business and 94% of first impressions are design-based (Source: Sweor). The same study also found that 94% of negative website feedback was design-related (Source: Sweor). Good design will help communicate to our potential customers that we are credible and effective. 

One company learned firsthand how much user experience can improve conversion rates and revenue. Century Hearing Aids was struggling with low conversion rates. Their webpage was cluttered and unattractive. It only showcased pictures of products that didn’t help customers relate to them. The products were all shown without any kind of organization into different categories. 

The CEO, John Stoddard, turned to a consulting company for help. The first thing they did was add an image of a smiling grandfather with his family. This connects to the company’s older clientele who want to be able to hear their family when they speak. The next change was combining the different hearing aids under the categories in the ear, behind the ear, and open fit. This helped customers find the specific design they were looking for more quickly because they weren’t wasting time looking at every hearing aid the company could offer. 

Stoddard explained to me that the changes ultimately came down to a “gut-feel for how to move a customer from this to that.” These small changes had a huge impact on Century Hearing Aids revenue. After a period of four months, these changes had improved conversions by 220%, revenue by 300%, and profits by 3,000% (Source: Neil Patel). 

Key Takeaways

Here are some of the key takeaways that stood out to me from today’s episode: 

1. Sufficient trust must be established before any successful business dealing. Credibility marketing helps us establish that trust. 
2. 9 out of 10 consumers trust what a customer has to say about a business, more than what that business says about themselves.
3. Nearly all consumers put more trust in influencers than they do in advertisements.
4. The vast majority of negative website feedback is design-related.
5. Customers don’t trust what companies say about themselves. They trust what credible sources say about us instead.
6. In order to succeed at credibility marketing, the first and foremost thing we must do is BE credible businesses. 
7. Influencer marketing, gaining positive reviews, sharing success stories, and designing a credible website are all great avenues for achieving credibility marketing. 

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 Monetization eMagazine.
3. Follow the Monetization Nation Blog.
4. Join our private Monetization Nation Facebook Group.
5. Subscribe to the Monetization Nation YouTube channel.
6. Subscribe to the Monetization Nation podcast on Apple Podcast, Google Podcasts, Spotify, or Stitcher. 
7. Connect with Nathan on Linkedin. 
8. Follow Monetization Nation on Instagram. 
9. Follow Monetization Nation on Twitter.

Challenge

If we desire monetization we have never before achieved, we must leverage strategies we have never before implemented. I challenge each of us to pick one thing that resonated with us from today’s episode and schedule a time this week to implement it to help achieve our monetization goals.

Share Your Story 

What success stories have you seen for credibility marketing? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.

Read at: https://www.monetizationnation.com/20-credibility-marketing-bridging-the-credibility-gap/