Focus on Niche with Marketing Money
we've talked a lot about going in and really focusing on the niche that you want to survey will move forward to the next slide and have you add anything you want at about niches and then talk more about problems. One thing I want to say is that a lot of people think that paying for Facebook ads and paying for Lincoln ads and paying for endorsements is magic. Until you have your niche. Really right until you have your market pretty honed in on, you're going to be wasting your money if you're marketing your coffee. Teoh um, the same audiences. Crystal pain. She's the money saving mom blogger. She gets over one or two million unique hits a month. Rabid fans, right? But what's the name of her blood again? The money saving mom. She's a rock star. I adore her. Her people are not your people. You can go by full page ads on her site, get her to email her list. You could You could target her people. Andi. She may be the only one that buys your coffee, you know, And even then she's gonna have to...
drink it in her closet so that her people don't know, right? Dave Ramsey, Same thing. So you have to really know who you're looking at. We can all laugh at that example, but if you're a done for you solution and your marketing to people that are D I y oriented, you're in the wrong crowd. There's a phrase I learned from a girl named Kristen Eckstine, whose inthe e self publishing market and she says, I have two options. Two ways. I work with people. One of the options is for people who have more time than money. And one of the ways I work with people is for people who have more money than time. You tell me which of those people you are, and I'll tell you what solutions I have for you. You're looking for the people that have more money and you're looking for people. Probably that have the more money and even the chocolate. I mean, you're looking not for people that are coupon clippers. Do it yourself, make it and put a picture on Pinterest so you can say you did it. You, that's not your crowd. So before you start spending money on niche marketing, I think it's really, really vital that you know who you're talking to and what you're talking to them about. So self employment, self employment, And are you talking mostly to people that are in transition or want to leave their job or have been laid off or want to start something because they're in debt? Or who's your who's your avatar? Several different businesses I've thrown and sold, and I offer a lot of growth accelerating advice to help. Typically that business owner, it's already up and running that wants to take their business now to that next level, mostly local businesses, because my backgrounds in service based business OK his backgrounds and service based businesses, local businesses kind of his specialty. So if he goes on lines and starts marketing to people who have been laid off, or people who want to do that biz up online marketing make money overnight, those are not your people. You're going to attract some of those people anyway, just because they tend to be a jumpy crowd. They tend to jump from here to here. If you're one of those people, stop jumping, stick with somebody, but knowing where to spend your dollars will give you a lot more return on your investment. So before you talk about pouring money and sorry, I have to do the big sister thing right here I'm very protective is one reason my audience loves me. I'm very protective of their dollars. I really am. So before they start got excited about ads and spending, it's not a miracle unless you know your market. That was also hashtag That's a double miracle. Your market. Okay, go ahead. Go into money into the market. Yes. So again. Well, I think you just hit it right. So focus on niche to get the marketing right. And I just want to remind you guys, if you're not understanding when and Mitch means or what your market is or things like that you know, try and be a specific as you can with your question and pose it using the question mark, Ask icon in the upper right of this screen. And if a lot of other people have that question, they can up, vote it and carry and I will get it answered. And you know why she's walking through ah, funnel and getting her Hernych diagram. John. Important thing about thinking about or working through who your niches and understanding and solving what their problems are. So we'll let Carrie now dive back into what it means to solve people's problems and the kinds of problems you're typically solving. In fact, while she's still drawing, I'll walk through the first side about little time. You know, she said, you're either solving or you're selling to people that have more money than time, or you're selling people that have more time than money, right? And you all know what niche urine, So little time is one problem you can solve for right little time. No money, which he talked about it. Another one you can you can focus on, or the other side of that right, which is little time. No money and no strategy, right? Right, Or they may have little time, a lot of money, but no strategy. That tends to be who I work with. Slow learners with cash, Right? So sorry. That's a dance, Sullivan quote. He said that not me. Send him the male. Okay, so here's an example of a niche. Okay, she may say, Well, my product is good for women. Excellent, but it's better for married women. Married women that are new moms, married women that air new moms of multiples, right? So when your niche ing the further down you niche or market or Nishi for being bilingual, the further down unique that you niche, the higher your odds of getting rich. Okay, so let's talk about Nathan for a minute. Nathan started social media. Then he went down to Facebook and then Facebook fan pages and then Facebook fan pages for entrepreneurs and then commercial solutions. E Commerce solutions for Facebook entrepreneurs correct with, and you want to take it down to a science, right? If you can specifically say that the number one customer for Heo is not the person that's just starting out. But it's the people watching right now that have 500 or more fans, because we know if you have 500 more fans and you're an author or a speaker, you know, in the United States right that you and you've checked into these locations because there other conferences that you're the best fit to use Heo or we talked about again. Do you still a digital product between $5.100 dollars That's an audio file, right? An e book or a video. That's how we know. And that's how we identify a target market and then carry. The important thing is you go all in and what this allows you guys to do, and this is a little bit different thinking. But once you say I only want these 10 customers, it allows you to build a monopoly around those customers because you're focused and carry. When you have a monopoly, you also have price controls, so you can charge a higher price because you're the illegal and I have no idea what he's talking about. That's great. It's like monopoly type manipulation businesses, right, but my ability to create your own value that's therefore legal advisement. That's a polish, right. But tell us what you've learned so far at hill dot com. Ford slash Tell me and Carrie they want to get directly into that. How to So folks can start executing. Yeah, because we haven't covered anyhow to yet anybody taking any notes yet? I thought so. We kind of blended it all in, Chris. Before we move forward, we just want to touch base with all my audience real quick questions. Yeah, the online audience is doing really well. We had one question come up where we just wanted to get your take on the breaking down the content bucket. This questions posed like this. Can you please talk a little bit about the ratio in the content bucket? About 80 to 20 Sharing 80% posting 20% of your first. But I think content bucket is Kim Garst correct? And that's covered in her session. But what I would say I'm gonna revert back to my last answer Formulas depend formulas depends. So I always think what is helpful to my audience, what is helpful to my audience, what might be fun for them? What you know, Even if I I posted pictures of my makeup session today and so was that helpful to them? His business owners? Well, maybe, maybe if their goal oriented to doing something similar to this. Maybe that helped them with a lifestyle wise thing that that was possible. But really, it was just kind of fun and help them see a different side of me help them see into my life. There's a reason that virtual reality shows are so popular. They want to see you. They want to be you. They want to be like you. But the other thing is then helpful tips and helpful content that could be shared. I also don't just share my own content, so I share some other people's content, but not too much, because I don't want to give away my fan page right. I want to make sure that I'm the established expert. So I want to make sure that if I'm sharing, it's number one somebody that I trust number to somebody that I'm in alignment with Number three somebody that probably I Either I'm trying to get noticed by them or trying to get into their sphere, or somebody that I already have a relationship with somewhat. So I don't think there's a percentage Tim would actually be better at, you know, teaching the percentages that she teaches. But as far as a business owner, that's just leveraging this. I just always try to be helpful. Yes, if I have a promotion going on, I'm probably talking about my workshop, you know, maybe a couple times a day, instead of just one time a month, you know? Is it gets a little closer or if I'm talking about a sale or something that I'm probably, you know, balancing that out. But I don't know that there's any perfect formula. That being said, retail establishments that have fan pages I know they tend to be more offer generated because people just expect it right. Experts and thought leaders, We tend to be a little more content oriented because that's what's expected and why people are following that helpful. Chris, that's great. That's very helpful, Thank you. We'll move forward onto that system or how to, because we already learned a lot of great how Twos. Okay, so this I love now those of you that follow the barefoot executive. And when I'm teaching online marketing prospecting with five emails every day is not necessarily something I would teach except that when I had my service based business or when I'm soliciting speaking connections or sponsorship connections, this is right on and a tool I like to use for this Can I throw out use? Okay, so I like to use contact Chua Li like contact and actually contact Chua Li. I don't use it for all my contacts. I'm using it for a really drill down purpose right now of my speaking engagements, my consulting follow up and my sponsorship seeking. So I love what Nathan's gonna teach you on this next slide. But five a day is a principle that, actually Jack Canfield taught in his success principles book, which is about this big. I didn't even name it. You wouldn't have. You don't even know that you don't know Jack. So anyway, he talks about in your business when you're growing your business in addition to something else like in addition, toe life or school or another job or whatever you're doing. Or maybe you're growing your book readership, um, to do five things a day. We just can't move yourself forward five things a day. He talks about writing five emails a day, five pages a day on a book, five articles a day, reaching out to five people a day, scheduling five appointments a day, five things a day. And the reason why is because that helps move you forward helps get you unstuck. And then after you do those five, you can celebrate. I'm done. I'm done with those five pages. I'm done with those five note cards. I'm done with those five thank you notes, whatever that IHS, but more often than not, once you just get yourself started and do those five, it typically leads into some mo mentum, but you honestly can see amazing results from five a day five prospects a day for a five day work week is 25. Prospects a week is 100 prospects a month if you have a closing rate of 10% which is kind of low if you're if you're good at what you do and you have good solutions. That's 10 new clients or 10 new sales just from those five emails a day. If you are doing consulting, 10 new clients can get some exciting numbers, right? 10. New Deluxe, 12 days of Christmas Siris of chocolates could be significant. Correct. 10 new fan page and and long term maintenance contracts could be significant. 10. New Speaking gigs For me, a significant 10 consulting retainers is significant. So five emails a day can be powerful, and some of you are already saying, and there probably are in the chat room. But what would I say? Who do I e mail and So Nathan's gonna tell you his formula for how he did that and how he does that. You guys, I'll walk you through the exact text that we use. This is the stuff. This is the email that I used when I was trying toe land and sell Facebook fan pages directly through the end customer. So if you're listening right now and you're like on a who's joined us in the audience, you want to take a second and read this side? Because this is the email text that I had that specifically helped me increase my closing rate from 5% to be a cold email top over 25%. And what I did is I sent an email like this one. I do the fan page search and I'd find a gentleman named Diego. Maybe I want this restaurant as a client and Diego's with this restaurant. So I dried. Hey, Diego, we're idea people here a heo. So when I saw this picture and I linked to a picture he posted on his Facebook page at the restaurant, right come through our news feed. On Friday, our minds started racing, So it's relevant, right? I know about your brand. So you're not gonna ignore me? The idea we came up with for your client would enable them to double their email list, get more fans and drive sales. So I went out and did all the work already see a mock up of the campaign below. Right. So some some visual teasing going on. And I said, shoot me a quick reply. If you'd like to launch, just shoot me a yes reply if you'd like to launch. And what happened was right under this signature. I used the Our campaign boater actually puts you of that campaign just like I did for David with defined wines and an email that to them, that campaign mock up takes me about three minutes to set up, and the email takes me about three minutes to actually compose and send and attach the attachments. So when I did this five times a day in my dorm room after initial sale with Carrie, we ended up again closing 100 sales at 700 bucks apiece over the next six months. And it came down carry just a good habit. I created five consistent emails every day with a start in an endpoint. We executed and it did really well. So that did work again extraordinary for us. Do you know why more people aren't doing that? Tell me why. Because they're so busy listening to everybody else's podcasts and vlogs and see what everybody else is doing and reading everybody else's instagram feeds and every and I know that's ouchy, and that's why I take my shoes off so it doesn't hurt as much when I step on your toes. But I'll say this if you were to cease. Ah, lot of the mess that you are doing or trying to do are trying to learn to do Are fixing to get started to get going on doing and focus on prospecting five people in your ideal target market could literally change your business, your paycheck and your life. And six weeks a men, right? My consistency. So get if you're watching right now going, I want to sell some social media services to end clients. You might be wondering what price point we use and how we did that. Here's my recommendation to you. We sell again those custom fan pages or the fan page campaign What we did is we sold the meat for 700 bucks and we didn't discount. We never put a promotion out unless it was a private email that I sent to an influencer who I knew if she installed it and we did a great job and exceeded expectations, she'd tell a lot of people. So sell it for 70 bucks apiece and do this, and you can really make profit by doing this consistently. I want you to zoom in now and we'll take a look at a profit and loss statement for what this concept looks like. If you executed consistently. So Carrie just did the math for us. Actually. Send five a day, right for a five day workweek. That's 25 prospects or new emails each week or 100 per month. Okay, if you're closing 15 of them in that email script I just gave you is closing in about 25%. Let's see close 15 and a $700 price point of $10,500 in sales, and you're spending again about an hour day doing that prospecting toe land that kind of business Additionally, and carry, maybe we'll talk more about 30 you on this on monthly recurring revenue. But when you do a $700. time sale and you exceed their expectations, you always want to put the question out there. Do you want to work together on a monthly basis and pull them into $100 a month Social media consulting plan? So if you're watching in your freelance or need to design work for people's pages, maybe tell them a good strategies to update that design. Every month they pay you bucks a month for you to update their cover photo on their thumbnail and boom, you're building a monthly recurring business Now. I took a stab at what your expenses might be. These may or may not be the case for you, but you can see there when you get down the net income. You're looking at about 10-K in new revenue each month, and this does not come magically. You've gotta follow again. The prospecting system. That email script may or may not work for you. It works for us. You have to understand, maybe if you want to target restaurants a different it's a different script, but the key carry. Like you mentioned, it's about consistency. It's about good habits and about sticking to it and increasing your clothes rate. So what do you want to add about? So as the barefoot executive, I have to chime in on this part here. I love that you've budgeted for accounting and legal fees. I think that's a little high on a monthly basis. Clearly, you haven't been talking to your lawyer since your site advertising. I think it's a good thing toe have, although I would say until you're good and in this kind of cash flow, use your referral marketing strategy instead. Let's go bootstrap for a minute. Shall we? Electricity if your office ing out of your own house, which I recommend for 99.9% of people talk to your tax person about deducting your home expenses. A portion of your home expenses. I am not an attorney. I'm not a tax specialist. I am just saying Talk to your so rim for premises unless that your mortgage your house. I'm saying, Don't be one of those people that thinks they have to go rent an office in order to go get work done work from Starbucks if your house is too noisy or train your Children better or lock the door of your office. I've worked at home for 16 years, and yes, sometimes there's always in the background. But also my Children have just been taught. I mean, you have to You have to be able to do this. We can all start. And plus, I hate to see any business owner, new or growing, get into a lease of some kind. Please, please, just just don't, um, repairs and maintenance. I would budget a technology maintenance budget in there. I would say maybe 5% of your billing, just in case your computer dies or your you outgrow your server or whatever training. I love that number for training, but I'll just tell you honestly what I do with my budgeting. It's in percentages instead of numbers, and that way it's very scalable. I don't have to say if I've had a low month, I don't have to say, Oh, there's nothing for the training budget this month. I still set aside 5% for my training, coaching, you know, ongoing education and carry. That's percentages of top line sales right top line sales. So, like, yeah, I take off X amount, you know, off the top for my taxes. According to whatever you were, Tax person tells you I take off the next 10% is for my charitable giving right off the top before he ever take anything. And then I put aside 5% travel, 5% for ongoing education and training and, you know, etcetera down the road. I also have an expense. If you're using affiliates, set it. Aside from the beginning, nobody likes toe weight on their affiliate money. If they're sending you there, people, you pay them before you pay yourself. It's good manners, and nobody else will work with you if you don't pay your affiliate. So keep your expenses to a minimum. Don't say Oh, I'm making more. So now I get to spend more. Just do be bare bones and be smart about it. So if you have a rough month or if you just want to take off a couple months, then you're not suffering and you don't have a lot of staff. The other thing, I would say is you don't have any staffer team in there, but You know, I think a virtual assistant is super handy for a lot of people, or at least an on site assistant or helper in your business, even if it's your wife, that's helping you talk to your tax person about how you can deduct her salary. Even if you don't hand it to her, you can deduct it on paper. There are some laws about that I don't know about down under, but I know that here there are some benefits toe having everybody in your family that's have a reasonable age. I think it's eight up working for you in some capacity.