By Timothy Dick
5
1616 ratings
The podcast currently has 26 episodes available.
On this episode, Tim talks to Temple Naylor about sales.
Resources:
https://www.facebook.com/templenaylor
https://www.facebook.com/groups/recordsalesmonths/
Connect With Tim:
https://linkedin.com/in/timothydick
http://twitter.com/timothydick Ads Management by Tim & Team:
https://www.profitlayer.com
On this episode, Tim talks to Taylor Welch from Traffic and Funnels and Wealth Cap Holdings about rapidly scaling a business, building culture and aligning your team.
Resources:
Traffic & Funnels - https://trafficandfunnels.com
Traffic & Funnels Packaging Blueprint: https://rcl.ink/dvK
Traffic & Funnels Ads to Clients Bundle: https://rcl.ink/dvh
Connect With Tim:
https://linkedin.com/in/timothydick
http://twitter.com/timothydick Ads management by Tim & Team:
https://www.profitlayer.com
We're back! On this episode, Timothy Dick shares a preview of what's coming for season 2 of the ProfitLayer podcast.
This season, we'll be sharing experiences and lessons learned in a turbulent 4th quarter and some of the unique situations Tim found himself in during that time.
We'll also be sharing how experiences and lessons while successfully navigating the pandemic in the first quarter of 2020 and how we're thriving now.
Finally, we have a great guest lineup that we'll be bringing on to get their perspectives and learn from their experiences.
Thank you for listening!
Resources:
ProfitLayer: https://www.profitlayer.com
Timothy Dick: Connect with Tim on LinkedIn: https://linkedin.com/in/timothydick or reach out at https://timothydick.com
On this episode, Nic Peterson shares a simple but profound and often overlooked concept that should absolutely be applied to your life and business.
"The number one thing that all repeat achievers and high impact business owners understand: Your maximum achievability is not your maximum maintainability. The greats optimize for the latter." - Nic Peterson
Work with ProfitLayer:
To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com.
If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us!
Resources:
MasteryMode: https://masterymode.com
Velocity Method Course: https://unicorncourse.com/
ProfitLayer Group: https://www.profitlayer.com/group
Testimonials, reviews and social proof are very important.
On this episode, we talk about the importance of sequence and collecting testimonials for the entire user journey and not just from clients at their finish line.
We learned about this from Justin and Michelle Demers of SocialProofClub and encourage everyone to join Justin live for free training on this in our group each week and to check out the SocialProofClub course.
Work with ProfitLayer:
To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com.
If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us!
Resources:
SocialProofClub - https://www.socialproofclub.com
ProfitLayer Group: https://www.profitlayer.com/group
Messaging expert Sani Nielsen talks with Tim about the power and importance of messaging.
“All marketing is messaging, but not all messaging is marketing.”Sani Nielsen (5:32-5:36)
Learn More
Learn more about Sani at http://www.saninielsen.com or find her in our free Facebook group every Monday for ProfitLayer's Messaging Mondays at https://profitlayer.com/group.
If you would like more information about Timothy Dick or ProfitLayer, visit https://www.ProfitLayer.com.
---
Messaging Course
Sani just released an amazing new digital course called Minimize the Message Gap and is offering all ProfitLayer listeners a $50 discount.
For all ProfitLayer listeners, Sani is giving us a special discount code for anyone who wants to jump in and learn how to identify and extract your ideal client’s own words to use in your messaging.
Enter the discount code: PROFITLAYER for $50 off the regular price! https://saninielsen.com/MinimizeTheGap
Learn how to increase your message “connection” and “impact” by identifying and using your ideal client's OWN WORDS.
This program is six video modules and worksheets to help you identify who you want to serve, how you want to serve them, and where to go to find and extract the EXACT words they use to describe their problems, pain points, and the emotions involved at each stage of the client journey.
---
If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
“A business needs two types of people to achieve a mass scale without everything going all crazy - the starter and the scaler.”Timothy Dick (00:55-1:20)
There are two archetypes necessary to scale a business to a high seven or eight figures. While it’s possible to build a business to a certain point with only one type - whether that’s one person or multiple people of one type - to achieve mass scale without the overwhelm and headache, a business needs both types.
Type One: The Starter
Most entrepreneurs and visionaries are Starters who have created things that never existed before. Starters do a lot of “ready, fire, aim.” They’re involved in market sell. They test, test, test.
But after a while, entropy sets in. While testing and trying a million new things, a Starter can be in danger of losing control on the backend of the business.
Type Two: The Scaler
A Scaler (or Operator ) is typically either a CEO or COO who manhandles the day-to-day operations of the business. Because they’re addressing the nitty-gritty details on a daily basis, they’re able to make tiny little tweaks that move the business forward.
“The Scaler has the ability to just make a little tweak and make end-over-end growth. But they need the momentum that the Starter is creating.” -Nic Peterson (3:11-3:21)The Benefits of Having Both Types
When an entrepreneur who is a Starter wants to double their business, they have to create twice as much stuff and do double the work
On the other hand, while a Scaler has the ability to make one little tweak and create end-over-end growth, they lack the momentum that the Starter creates.
I’ve gone it alone multiple times. I’ve had five companies that reached high six or seven figures. But I eventually wanted to burn them all down because I was trying to play both roles and hated doing the things that a Scaler does.
After accepting my position as a Starter and operating only in that role while my business partner operates as a Scaler, I now love what I do. Our business and revenue grew, my responsibilities decreased, the headaches left, and I sleep better.
It’s the best decision I’ve ever made to just play the role of a Starter and allow someone else to be the Scaler.
“I could be a Scaler. I have the ability to learn that. But it would come at the expense of my strength.” - Nic Peterson (3:34-3:41)Know Which You Are
The best thing you can do right now is to determine if you are a Starter or a Scaler. Which one is your strength? If you’ve started your own business, it doesn’t necessarily mean that you’re a Starter. You could potentially be an Operator/Scaler.
Do you like to ready, fire, aim? Do you like to create and test stuff? Then you might be a Starter.
Or do you prefer maintaining a slow, methodical control of the business as you grow it bigger? If so, there’s a good chance you're a Scaler.
Determine which is your strength and then start building around that.
You Don’t Have to Have a Partner
While it’s necessary that you have both of these archetypes in your business, you don’t have to have a partner. If you’re a Starter, you could hire a COO. That’s exactly what ProfitLayer does for people. We act as the Scaler role. Or, for those who are already Operators, we can act as the Starter role.
If you’d like to learn more about this, join our free group, or if you’d like to talk to Nic directly, you can schedule a free call here or here.
If you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
“You can't scale your winning ad campaign in a linear straight line. You have to be methodical about it.”Timothy Dick (9:51-10:00)
Managing your marketing budget is essential to getting the most out of your campaigns and remaining profitable along the way. The algorithms used by Google, Facebook, and other platforms give today’s businesses the power to reach their target audiences and convert them into paying customers.
But these algorithms are complex, and there’s a common mistake that businesses make when their ads are doing well. Thinking you can scale your marketing in a linear fashion can cause you to lose money and get worse results from the same campaign.
“Facebook, Google, and other platforms have complex algorithms behind them. There are many variables that go into how your ad is shown, the cost per click, and who sees it.” - Timothy Dick (0:53-1:21) There are many variables that determine how your ads are shown. A Facebook pixel can have more than 150,000 variables that have to be analyzed to determine who sees your ad and who doesn’t. Increasing your budget doesn't necessarily mean your returns will scale proportionately. These algorithms ensure that your best ads are shown to online users who are interested in your product or service. This makes your marketing messages relevant to users and maximizes the return you get on your ad spending.
The Biggest Mistake Businesses Are Making With Their Marketing Budget
But most business owners make the mistake of thinking they can scale their advertising in a linear way. If a business is getting $11 back on every $1 they spend, they assume that spending ten times that much will yield ten times the return. But it doesn’t work that way. Algorithms take time to learn how to present your ads in the most profitable ways. The results you get from an ad are specific to that campaign. Throwing more money into it won’t necessarily mean you get the same results. In fact, it can reset the algorithm in a way that forces it to re-learn how to achieve results with new parameters.
These algorithms typically search for the lowest hanging fruit based on your budget and target market. That’s why a successful campaign may slow down or stop producing the same results over time, even when you don’t change anything. It becomes more expensive and less effective. Making a drastic change to the budget gives the algorithm more money to work with. But it will look at more variables and different combinations, which can confuse the algorithm and hurt your results. More importantly, you may not be able to scale back and get the same results you once were when you started.
The Right Way to Scale Your Marketing
So rather than increase the size of a campaign’s budget, you can get better results by creating multiple campaigns and leaving the existing one alone. You can duplicate your campaign based on the results you’ve achieved and create a new budget. This process is repeatable and more likely to deliver consistent results. You leverage what the algorithm has already learned, and you can incrementally increase your budget to scale results. Increasing the size of your original campaign can force the algorithm to go from looking for something that’s one out of 500 to something that’s one out of 10,000. That’s going to be a lot harder to do compared to looking for a one in 500 across multiple campaigns.
“Advertising algorithms are really good for maximizing your return. But you have to know how to work with the algorithms and give them time to do what they need to do.” - Timothy Dick (1:47-2:20)Knowing how to scale your marketing campaigns helps you achieve consistent and predictable results. Trying to scale linearly is one of the biggest mistakes you can make. When you understand the variables involved in how algorithms work, you can see that it pays off to duplicate your campaigns and scale incrementally rather than just multiply the size of your original campaign. Taking a methodical approach like this will keep your campaigns profitable and grow your business faster.
How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
“One of the keys to becoming wildly more productive is understanding the concept of the trichotomy of returns.”Nic Peterson (2:49 - 2:54)
Learn to be efficient with your resources as your business grows.
When your business starts growing, your decisions become more critical. Ideally, you want to minimize your input for a specific return. To make decisions that enable you to maximize your output, you need to grasp the concept of the Trichotomy of Returns.
“When making a decision, you have to decide if the expected return is worth your time, and how it affects your business overall.”
- Nic Peterson (5:53 - 5:59)
Everything you do should go into three different buckets, depending on the return you’re expecting, and the amount of work or resources you think it will entail.
The three buckets in the Trichotomy of Returns.
Disproportionate Returns - The things you do where the returns aren’t proportionate to the resources. The output can be either favorable or unfavorable. Maybe you put in twice the work and get four times the returns. Or you could 10x your investment and only get marginal benefits.
An example of a favorable return is working overtime beyond a certain point. Your hourly return is disproportionately higher when compared to your benefit each regular hour.
Proportionate Returns - This is where your results scale proportionately according to the effort or investment you put in. A good example is the case of an hourly employee. If you work double the hours, you’ll make twice the money (barring any overtime, of course).
Proportionate returns rarely happen in business. If you double your ad spend, very seldom will your revenue double precisely.
Binary Returns - This one is simple. You either get a result, or you don’t. It’s like a light switch. If you switch it on, you’ll have light. If you hit the switch harder, you’re not going to have more light. It becomes problematic in business when the switch is already on, but we keep pushing harder because we aren’t getting more in return. This is typically also where we have the most room to save time money and energy.
“The concept of trichotomy of returns is really something to think about because if you put it into practice and apply it to your decisions, you really are going to be a lot more productive.” - Timothy Dick (7:52 - 8:06)
If you can learn to discern between which bucket your decision falls into, you’re going to become a lot more productive. Remember, unfavorable returns are still returns, and it’s your job to decide if those results are the best use of your resources.
How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
“We talk so much about targeting what you want. But you need to go a little further and add a layer of what you don’t want or doesn’t make sense.”Timothy Dick (11:51-12:10)
Exclusion and negative targeting are strategies that business owners often overlook when trying to grow and scale. But they can influence the results you achieve on any online ad platform you’re using to get the highest return on your ad spending.
It takes time to figure out who you want to target with their messages with any advertising network or campaign. Targeting lets you determine who will see your ad and where you want them to appear. Common strategies include the use of customer lists and lookalike audiences.
“You don’t want video ads showing up in gaming apps. You’re interrupting someone, and the odds of them looking at your offer is very low.” - Timothy Dick (3:23-3:51)
Traditional targeting strategies can give businesses the results they need. But marketers may find that the costs of their ad campaigns are still too high. Exclusions and negative targeting can help trim the fat off your ad spending. Best of all, these features exist on almost all of the major ad networks available today.
Facebook lookalike campaigns let you create groups that are similar to an existing group you’ve marketed to in the past. But you can use this same feature to create a group of non-buyers that you negatively target. This essentially tells Facebook, “Don’t show my ads to this group.”
Being more specific in your targeting can allow you to exclude certain users based on factors such as:
Ads that appear in gaming apps interrupt players, making it less likely that they’ll stop to look at your offer. For brick and mortar businesses, displaying ads in locations that aren’t relative to their target audience results in advertising to a larger audience than they can serve.
Combine Targeting With Negative Targeting and Exclusion
The best approach to combining both targeting and negative targeting is to target people in your area while also adding a negative targeting function that excludes users in other locations. Negative targeting prevents a user who lives in your target area from seeing your ad if they’re somewhere else. It doesn’t make sense for them to see your ad when they’re not in the location where they can take action.
“Excluding the opposite of the audience you want enhances your targeting results.” - Timothy Dick (8:17-8:24)
Most of the ad networks can display your ad in as many places that meet the criteria you’ve given them. But many default to including your ad in campaigns that reach people outside of those you want to target. It’s up to marketers to understand when those defaults are in place so they can disable them.
Context Matters in Online Advertising and Targeting
Online users are in different states of mind depending on the platform they’re on. Instagram and Facebook users may be standing in line somewhere scrolling through their feeds. Someone searching on Google may be actively looking for a product or service like yours, so they’re more likely to learn about your offer.
Exclusion and negative targeting work best when you understand the context of the ad networks you choose and identify who you want to see your ads and who you should leave out.
When you optimize your advertising and exclude specific targets, you prevent unnecessary wasting of limited advertising dollars. Negative targeting and exclusion strategies trim the fat off your marketing campaigns. Your marketing becomes more efficient, cost-effective, and reliable, leading to consistent results that grow your business.
How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
The podcast currently has 26 episodes available.