Short Summary:
Scarcity and urgency are two distinct concepts that are often used in marketing and sales to influence consumer behavior. Scarcity refers to the limited availability of a product or service, which creates a sense of urgency among potential buyers. Urgency, on the other hand, is the feeling of needing to act quickly in order to avoid missing out on an opportunity or experiencing negative consequences.
While scarcity and urgency can both be effective marketing tactics, they operate in different ways and can produce different results. Scarcity works by tapping into people’s fear of missing out and creating a sense of exclusivity around a product or service. By limiting the availability of something, marketers can increase its perceived value and make it more desirable to consumers.
Urgency, on the other hand, is all about creating a sense of immediacy and encouraging people to take action quickly. This can be achieved through limited-time offers, flash sales, or other time-limited promotions. The idea is to create a sense of urgency that motivates people to act now, rather than putting it off and potentially forgetting about it.
Both scarcity and urgency can be powerful motivators when used effectively in marketing and sales. By creating a sense of exclusivity or urgency around a product or service, marketers can increase its perceived value and drive sales. However, it’s important to use these tactics carefully and ethically, as they can also be seen as manipulative or deceptive if not executed properly.
Main Article:
Scarcity and urgency are two distinct concepts that are often used in marketing and sales to influence consumer behavior. Scarcity refers to the limited availability of a product or service, which creates a sense of urgency among potential buyers. Urgency, on the other hand, is the feeling of needing to act quickly to avoid missing out on an opportunity or experiencing negative consequences.
While scarcity and urgency can both be effective marketing tactics, they operate in different ways and can produce different results. Scarcity works by tapping into people’s fear of missing out and creating a sense of exclusivity around a product or service. By limiting the availability of something, marketers can increase its perceived value and make it more desirable to consumers.
Urgency, on the other hand, is all about creating a sense of immediacy and encouraging people to take action quickly. This can be achieved through limited-time offers, flash sales, or other time-limited promotions. The idea is to create a sense of urgency that motivates people to act now, rather than putting it off and potentially forgetting about it.
Both scarcity and urgency can be powerful motivators when used effectively in marketing and sales. By creating a sense of exclusivity or urgency around a product or service, marketers can increase its perceived value and drive sales. However, it’s important to use these tactics carefully and ethically, as they can also be seen as manipulative or deceptive if not executed properly.
Scarcity and urgency are two concepts that are often used in marketing to create a sense of urgency and encourage consumers to take action. While they may seem similar, there are some key differences between the two. Scarcity refers to the limited availability of a product or service, while urgency refers to the need or desire to take action quickly. In other words, scarcity is about the supply of the product or service, while urgency is about the demand for it.
Creating a sense of scarcity can be a powerful tool in marketing, as it taps into people’s fear of missing out (FOMO). When people believe that a product or service is in short supply, they may be more likely to take action and make a purchase before it’s too late. This is why limited-time offers and flash sales are so effective – they create a sense of urgency by putting a time limit on the availability of the product or service.
On the other hand, urgency is about creating a sense of need or desire for a product or service. This can be achieved through a variety of means, such as highlighting the benefits of the product or service or emphasizing the potential negative consequences of not taking action. For example, a weight loss program might create a sense of urgency by highlighting the health risks associated with being overweight, while a car dealership might create a sense of urgency by emphasizing the limited availability of a particular model.
Ultimately, the key to using scarcity and urgency effectively in marketing is to strike a balance between the two. While creating a sense of urgency can be effective in driving sales, it’s important not to overdo it and risk coming across as pushy or manipulative. Similarly, while scarcity can be a powerful motivator, it’s important to ensure that the scarcity is genuine and not artificially created. By using these concepts in a thoughtful and strategic way, marketers can create a sense of excitement and urgency that motivates consumers to take action and achieve results in as little as 7 days.
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Transcription:
[00:00:02.420] – Intro
Welcome to Business Coaching Secrets with Karl Bryan. If you want to attract new high end coaching clients, fill live events, and build a widely profitable coaching practice where business owners pay, stay, and refer. You’ve come to the right place. In this podcast, Karl provides his keys to the kingdom for finding and signing high paying clients and building the coaching business of your dreams. Here we go.
[00:00:42.530] – Karl Bryan
Hey, hey, hey. Karl Bryan coming at you. Business coaching Secrets. I am here, since RodeDog today is his daughter’s birthday. And I said, RodeDog I got this one. So, I am solo. Hope you’re doing great. Thanks for being with me. RodeDog has sent in some questions, so I am going to do my best to fire through, I got to tell you. I just got them right prior to starting this. So if it’s a little bit choppy, I’m going to apologize in advance. And also my audio might not be as good as it normally is. One of those things, folks. IT is wonderful when it’s working. But any who, here we go. Question number 1 from RodeDog. Follow up from last podcast, I was meaning to ask, what’s the difference in your opinion of scarcity versus urgency when presenting your offers? There you go. What difference in your opinion of scarcity versus urgency when presenting your offers? The last podcast, we were going through offers and how to present them. Let me just tell you this, scarcity and urgency is going to increase sales with 100% certainty. People without a strong sales background tend to be scared of them, and that is a mistake.
[00:02:03.830] – Karl Bryan
As a business coach, you have inbuilt scarcity. Whether you realize it or not, you’ve absolutely got scarcity. Let’s just say you could take on 15 one to one clients. Maybe it’s 20, maybe it’s 30, maybe it’s 25, maybe it’s 20, maybe it’s 50, maybe it’s 10. At the end of the day, you’ve only got so many one to one spots. Guess what? You’ve got scarcity and you should be talking about it. You should be using it as a tool in your sales tool belt when closing. I want you to feel comfortable with that. As a frame, scarcity is quantity. Scarcity is quantity available and then urgency is time available. I say that right? As a frame, scarcity is quantity, urgency is time. Urgency is going to get more people to buy and then scarcity is going to get people to probably pay you more, increase your demand. Then hot tip here, let’s say that you’re going to offer bonuses. What do you see? The famous internet marketers and the really good internet marketers, there’s always bonuses with what they sell. And believe me that those work. Tony Robbins, as an example, he’s running a… What was it he launched?
[00:03:22.710] – Karl Bryan
It was a while back now, but he did the thing with Dean Graziosi. But let me just say, there were bonuses, bonuses. When you bought, there was all kinds of bonuses. And if you bought it from an influencer who was then promoting it, they would put in their own bonuses and then they use that as their unique way of getting you to buy. Translation, bonuses are a good idea. You might want to think about using those when you’re selling your coaching as well as helping your clients create a bonus structure for when people buy from them. Okay, so here’s the hack and the hot tip I want to give you. The best bonus to give, is something that they will need when they’re successful with the original purchase. As an example, we help people build successful business coaching practices. No doubt that’s obvious. Six figures, multiple six figures, and then our unicorns hit seven figures. Well, we then offer our successful clients the ability to build a team of 10 coaches because that’s what they need. If you’re coaching and you’ve only got 15 spots, once you get the 15 spots, do you think that coach is going to want to stop?
[00:04:30.420] – Karl Bryan
Do you think they’re going to want to grow? Do you think they’re going to want to grow their revenues? The answer is, absolutely! So giving them ability to put a team of 10 coaches underneath them is a logical step. So that would make… That would be an example. We don’t use that as a bonus, by the way, to be clear. But it’s the next logical step when they’re successful with us. So, that’s how we do it. Let’s say that you’re going to help a business owner bring in leads. The bonus could be to manage a sales team. That would be your bonus that would kick in in 90 days, six months, 12 months, or anytime they need it. But no doubt you could see if you were going to bring them in a ton of leads, that building a sales team would be necessary. Let’s say that you help them grow their business, which you do. So, how about helping them build a bulletproof management team as a back end bonus? Do you see how that would be attractive? And on a subconscious level, make them feel like Wow, this person is really going to…
[00:05:31.410] – Karl Bryan
Not only is he going to help me build this team, but on the back end, he really understands this. She really understands this because they’re going to help me build this back end management team. Can’t wait to get to that in 90 days or six months. Or maybe it’s an operations division, which again, high flying sales people, which are where most successful businesses start with somebody who has the ability to close deals. Operations is something that I don’t know, scares them a little bit, but it’s something they know they need to get under control. The really good salespeople always create back end operation messes that need to be cleaned up. So helping them with operations would be good. So anyway, hopefully that’s helpful. Urgency and scarcity. Urgency is time and then scarcity quantity as a frame. Okay, moving on to next. Okay, rapid fire. I’m going to ask some rapid fire questions. How to get a client in seven days? How to get a JV in seven days? How to get results for your client in seven days? So let’s start. Okay, so RodeDog is going to ask me rapid fire. And here is the rapid fire.
[00:06:49.010] – Karl Bryan
You need a client in seven days, what do you do? Okay, there’s my question. Okay, just talked about this on the pre show. Little red arrow, you are here, got to assess the situation. Let’s say that you don’t have a lot of time. So if we need to get a client in seven days, the little red arrow tells me that I got to get on it. So I would ask some questions like, are you in the city? Are you in a rural area? Big city versus small town is going to be different. So, all of this would adjust the answer slightly once I established that little red arrow you are here. Live event mastery, I’m probably not going to have enough time to put on a local one. A local live event, probably not going to have enough time. Although I have thrown those things together in less than seven days in the same week. But that being said, let’s assume that’s not going to be the case. Direct mail, again, building a list, getting them out. That’s not going to be realistic unless I’m looking at my own stamps and dropping them off. But just not enough time.
[00:07:57.680] – Karl Bryan
So direct mail, not going to work. We would teach a magazine interview process that works very well. You’re doing podcast interviews, magazine interviews, probably not enough time. I would start with my warm network is what I would do. Contact them with an offer to add value. A great reason to contact me is not that you need to make a sale. A reason to contact me is that you have something to tell me, something exciting to share that you want to add some value. An example could be from our clients who, again, we have profit acceleration software. We can find any business owner 100 grand in 45 minutes without them spending an extra dollar on marketing or advertising. So what if you went to them and you said, look, I’ve got this new flashy software, I’ve got this process, again, 100 grand, 45 minutes without them spending an extra dollar on marketing or advertising. I’m looking for some beta testers or some test pilots, some guinea pigs. Would you be interested in being one of those? Or would you know somebody who’s got a local business who would be interested in that? And if you reached out to 50 people from your network over the last decade, you’re going to find that you’d have some people to sit down with.
[00:09:19.130] – Karl Bryan
How many sales you’re going to make out of that 50? Again, probably not a lot, but I bet you’d get 1, 2, 5 in the first… Could you do it in a week? And I think you could. You’d be working your butt off. But I think you could totally do that. Going to a networking function, that is something that I would do if I needed a client in seven days. I said this a million times, but I’ll continue to say it. Do understand that a networking function, you’re probably not going to get the highest quality of clients, but that’s fine. You got to start somewhere. If you’re in the sandbox, you’re in the sandbox and you got to get moving a higher end like the networking at the golf course or the Yacht Club is going to be better than B&I. Before I do networking, I got three things I got to set up. I got my pre plan. That’s before I go to the meeting. What am I going to do? What am I going to prepare? What am I going to practice? What am I bringing with me? I need a roadmap for when I’m there.
[00:10:17.940] – Karl Bryan
What am I going to say? What’s my elevator pitch going to be? Am I going to bring a book? Am I going to bring a report? Am I going to offer a live event? What am I going to offer at? And then post, I’m going to meet a bunch of people and some people are going to hopefully put up their hand. I’m going to meet them. What is my follow up going to look like? Well, the mistake the coaches make is they go to these networking functions and they’re not ready for the follow up. You know what I mean? When you have to write every one of the individuals, it just takes so much time. If you put it all together before you go, you’re going to be so excited to meet people in the networking function and then follow up with them because it’s going to be little to no work because you already put it together. Then take all of that and you should be putting it, compiling it somewhere, call it a word doc for the sake of the argument, a Google doc, but something that you can visit easily. So the next time you go to a networking function in a different location, or a different type, or a different type or a different city or a different town, you just go to your notes, you just go to your, let’s call it an SOP, a standard operating procedure and follow.
[00:11:27.580] – Karl Bryan
But importantly, we need a pre plan, an at plan, and a post plan. And then I would also call people that are advertising. So if people are advertising, what have they done? They put their hand up, they’ve used their credit card and their own money to effectively express interest in building their company. That is a perfect coaching client. So I would be contacting people with ads. But once again, I would have a pre plan before I call the person with the ad. When I get them on the phone, I would have a plan for that. And then after the call follow up material, I would create those assets and have all that ready to go. Well, bunch of different approaches you could use there, but calling people and saying, look, there’s a mistake in your ad. So just imagine when you leave that message, what do they think? They think the phone number is wrong. Say, Call me on this number. They call. We’ve got a famous internal story. One of our clients for close to a decade, Tony Plies, where he’s driving down the road, saw a billboard, said, look, just do exactly this. He did exactly that.
[00:12:40.930] – Karl Bryan
It was a lawyer called. So there’s an ad in your… There’s a mistake in your ad. And then basically, the guy called back and he went… But it wasn’t a mistake in the ad. The mistake in the ad is that it’s just a blown up business cart. So, he ended up with a $2,000 a month client is the way the story ended. So you can get a little bit creative with that. The bottom line, when somebody’s advertising, it could be a local coupon book, it could be the equivalent of Groupon. Locally, the online directory, the online magazine, the online blog, the magazine, the industry magazine, the industry newspaper, the local newspaper, radio, sports stadium. Go to the local sports stadium and there’s ads all over the place. On the fence for the baseball, on the boards for hockey, on the field for football in the program, you go to the bathroom and you’re taking a pee and you’re staring at the wall and there’s an ad there. These people are trying to grow their business. Well, always be taking that information. And these are the types of people that I’d be contacting. And remember, they are advertising.
[00:13:53.780] – Karl Bryan
They are trying to grow their business, and they’re using their credit card to do it. Should totally be doing that. So again, question, how do I get a client in seven days? This is what I’m doing. I guarantee, frankly, with my life, I would guarantee that I would have a client in seven days if I did this. But understand that I would be ruthless and I would pick up the phone, I would start early and I would finish late. When I had somebody on the phone, I would be in pitch mode. Pitch mode is my energy level is high. My directive is clear. What is my goal to get them on to get into their office, to get them on another call, to get them to my live event. I’m very clear every time I pick up the phone on what I want them to do. Businesses for sale is another thing that I would do. Somebody’s trying to sell their business. There’s some reasons why. Well, I’d be contacting those folks and saying, look, I noticed that you’re asking 300 grand, 500 grand, 750 grand, 1.5 million. Would you like me to help with that?
[00:15:07.370] – Karl Bryan
Do you think they might like to get 10 %, 20 %, 30 % more for their business? The answer is absolutely. Picture is worth a thousand words. When I go to their website, if you’ve got a business for sale and I go to it and there’s a really great photo, I got to tell you that your click through rate and your inquiries are going to be significantly greater than if you have no photo. Then if you have an average photo and you have an excellent photo, the excellent photo of the restaurant, and the same with real estate. Again, if you want to sell your house to not bring in a professional photographer to take photos at the right time with the lights on, etc, making a huge mistake. If you’re not staging your house, you’re also making a huge mistake and leaving money on the table. So the bottom line is, when I go to their website, when I look at their marketing assets, when I look at their offers, probably not going to be real exciting. And not to mention the actual ad itself. Well, if I jack that up, things could increase dramatically.
[00:16:14.060] – Karl Bryan
So, that would be an example of people that I would be, I need a client in seven days, look, I’d be contacting them. Members of the Chamber of Commerce, easy one. But they’re also getting probably bothered in different ways. But I’d still go to those folks. Somebody who’s spending $2,000 a month on a billboard or radio ad is obviously going to be a higher level prospect than somebody who spent a couple of hundred bucks to join the chamber for 12 months. And the same like members of B&I. As a general rule, the people who are joining B&I and showing up to those meetings is just a lower level prospect. So understand that’s the sandbox of all of this. Somebody trying to sell their business for three million bucks, look, that is a higher caliber client on average than the person showing up to B&I is what I’m trying to say, like as a frame. So I want a client in seven days, but when I measure my data, what I really want is somebody to pay my fees for 12, 24, 36 months because one good client will outprofit 10 bad clients. And again, 10 bad clients can waste a lot of time in the first 90 days where you can’t be out there finding your ideal ones.
[00:17:32.600] – Karl Bryan
Hopefully that makes sense. So there you go. That’s the answer, RodeDog. Next rapid fire question. Rapid fire wasn’t a rapid answer? Meet a JV in seven days. What do you do? You need a relationship if you want to form a joint venture with somebody. I think there’s terminology speed to sale. No doubt you’ve heard that or some version of it. The quicker you can get them to sell transaction, obviously that’s better. Think speed the relationship. So if I want to form a JV, what I’m really doing is building a relationship. And if I go too quick, when you met your wife, when you met your husband, if it all came together too quickly in a matter of days instead of weeks and maybe months, was that a good thing? And the answer is probably no. Get the metaphor, folks. RodeDog is not here to help me chime in with the little… He would have had fun with that one. But anyways, speed to relationship. It’s an art. It’s a good one. Remember, people love intelligent people and people love teachers. If I get somebody on the phone, who’s it going to be? Little red arrow, you are here.
[00:18:51.590] – Karl Bryan
You got to create your list first. You got accountants, you got business brokers, you got promotional company, you’ve got advertising mediums like I talked about earlier, the online directories, radio station, the sports stadium, etc. And then there’s also the B&I style leads, the chamber as well. You got to make a list of all of those. You want to go to those folks and build a relationship quickly. But if I get those folks on the phone, I want to be a teacher. I want to be in… Look, the worst… I sent an email not long ago about this. Do you know how to suck at networking? And it’s two words, be boring. Don’t be boring. So you want to have something like… I don’t know, hopefully that makes sense. You don’t want to be boring, but I got to tell you, the least boring people, intelligent people that can teach you something, very valuable. So if I get somebody on the phone, I’m going to have canned stories that allow me to express, show my intelligence in a short period of time. So now, example, what would I say? Canned example that I would have is that I teach people to think in percentages.
[00:20:02.720] – Karl Bryan
When you have 20% margins and you made $100,000 profit last year, and then I increase those margins from 20% to 30%, the naked eye would see 10% or 20% to 30% and see a 10% increase. The reality is that’s not a 10% increase. And by the way, I would get them to buy into that. Oh, yeah, 20% to 30%, that’s 10%, obviously. And on 100 grand profit, that would be $10,000. Well, 20% to 30% is not 10%, it’s 50%. And then I would literally explain it to them because believe me, they’ll probably be confused with an 80% chance. 20% to 22% is 10%, 20% to 24% is 20%, 20% to 26% is 30%, 20% to 28% is 40%, 20% to 30% is 50% increase. So if you were making 100 grand a minute ago, guess what? You’re making 150 grand now with the 30% margins over 20%. That’s a great way to make money with your business versus hire a sales team, do Facebook ads, create new offers, create new products, create new services, hire new staff people, and take on those expenses
[00:21:10.600] – Karl Bryan
A way better way is to go to what you’re already doing and jacking it up. And understanding that can be powerful. Or we’re driving traffic to a landing page and you got 2% conversions. If I go from 2% to 3%, that is 1% the naked eye. Not very exciting. The reality is 2% to 3% is also a 50% increase. So if your campaign was successful at 2%, and I jack it up to 3%, which is very small, very easy to do. If you know what you’re doing, we could dramatically increase those results. Or again, what we do, we talk about account. Nobody wants to talk about accounting. People are intimidated by it to a large degree. The reality is pretty straightforward stuff. So what would I do if I met chiropractor, landscaper, butcher, baker, candlestick maker, or the accountant and I was trying to quickly build a relationship, I would absolutely not be shy to talk in accounting speak and about financial statements and the ways that we can jack those up and find our fees before we get going. Not for everybody. If you haven’t done our four day training, you should absolutely do that.
[00:22:19.450] – Karl Bryan
But at the end of the day, that’s one of the things that I would do. I think that on average, when I speak to people, including an accountant, who also is impressed with the fact that somebody who probably has a bit of a sales and marketing flair can talk intelligently in and around accounting, not pretending to be an accountant. I don’t pretend to be an accountant. I understand how to read financial statements and I know the important things to be looking at and I know how confusing they make the entire profession. So I’ve got the ability to dumb it down. The question is, do you? So those are the types of things you could talk about funnels, you could talk about Facebook ads, you could talk about networking, you could talk about creating offers, you could talk about creating high end offers, etc. End of the day, if I got these people on the phone, speed to relationship, I would want to have a canned couple of stories that would come out like a politician come out no matter what, that I would deliver to these folks and they’d think, wow, this is the person I want to be dealing with.
[00:23:22.420] – Karl Bryan
So hopefully you’re getting that. And again, making a list would be the most important. Here’s another something to think about is if I go to an accountant, speed the relationship, I know that accountants have certain problems and if I can solve that problem, then this is a great way to build a relationship. So what’s the problem that an accountant has? It’s that the clients come once a year, call it tax season. They’re so busy for 90 days. It’s absolutely insane. The business owners are all over them, rose petal type service. It’s a bugger. So, if the business owners came to see the accountant 4 to 10 times throughout the year, that would not be a problem. Basically, if you could help solve that, how do you solve that? Well, Mr. Accountant, give me three clients, not your best, not your worst. Take me for a test drive. Introduce me to three clients, I will work with them. And those three clients, I will personally guarantee, they will come in a minimum of four times a year, probably closer to 10 to 12 to possibly 24, depending upon their numbers and the complexity and how much assistance I want.
[00:24:46.880] – Karl Bryan
But I will make sure that they come and they will not participate in taxes in any way because their numbers are already going to be in, their numbers are already going to be done, their financials. There’s going to be no race to get these guys done before the taxes are due. The accountant said, look, maybe I’m going to do it. Maybe I’m not. Give me three and then let’s find, let’s assess in six months and see how often these guys have come in. So the story that I would give you there is that if I go to watch a football game, if I can’t read the scoreboard, I’m not really going to understand the game very well. I can understand the dynamics of it and I certainly wouldn’t be a very good coach. So when I’m going to coach a business owner, if I can’t understand the numbers and see some data and understand what is and is not working, I have a heck of a time being able to help these guys at the highest level. Yeah, there’s Jedi mind tricks and some things that we could do for a prolonged period without being able to see their financials or read their financials.
[00:25:45.060] – Karl Bryan
But, I dare say that would make it a whole lot easier. In football, turnovers matter. When you look at the Super Bowl winners over the last 50 years, look at the team, just look at the game and look at nothing but turnovers and have a look at the team that lost had more turnovers than the team that won. And it’s like ridiculously high. It’s over 80 20 and that 80% of the teams won with less turnovers. Okay, well, going into Super Bowl, what do you think I’m saying to my running back? Don’t drop that ball. There’s a hundred reasons to drop the ball and have a fumble, but none of them are good enough. You don’t drop the damn ball. So I’m happy for you not to get a first down. What I’m not happy with is giving up field position and having you drop the ball. So anyway, that’s an example. Not knowing that, you wouldn’t be as good as a coach. That statistic, how important it is. So accounting happens a little bit like that. So I’m going, I’m solving their biggest problem. Look, somebody sells advertising, let’s say the radio station, what’s the biggest problem that they have?
[00:26:52.400] – Karl Bryan
I’m going to dare say they have a sales team, they go out, they sell a lot of ads. It’s really hard to track those people. It’s really hard to convert those people. It’s really hard to build the ads. The guys do the ads for one, three, six months. And then what do they do? They cancel and say, I’m going to come back when things are better, or they’re going to come back in 90 days, which they never do. That’s a problem. Well, what if you said to them, look, don’t give me your best, don’t give me your worst, but give me free clients that are advertising. And within 90 days of starting, let me work with them. And I personally guarantee, and of course, you can’t guarantee that you’re going to do your best to guarantee that these people will not only continue to advertise, but I personally, and I do believe this, that advertising the profit is a superpower. So when I work with your clients, not only am I going to help you maintain their account, but in the perfect world, I will actually be increasing their account. What do you think? Give me a shot.
[00:27:52.160] – Karl Bryan
Again, don’t send me everybody. Let’s not do a webinar. Let’s do a live event. Give me three clients and let me show my worth. Then question, you do that to the accountant, you do that for the company selling advertising. What if you really deliver for those three? What do you think they’re going to do? The answer is that they’re going to want you to be looking after a whole ton of their clients. Then your new problem is going to be that you don’t have enough bandwidth to look after all their clients, and that’s where you need a team of coaches. That’s why our program, once you’re successful with us, is we help you build a team of 10 coaches for that dynamic. But anywho, so hopefully that is making sense. Would you need a JV in seven days? That’s what I’d be thinking about. Again, I think that’s very different than the advice you generally get. it’s like, I’m going to the JV and I’m seeing him as more of a client in the early stages of speed the relationship. I’m looking, what’s the biggest problem they have and I’m looking to solve it. So hopefully that helps you.
[00:29:00.410] – Karl Bryan
That’s how I would get a JV. So he’s got, need to sound intelligent on social media in brackets with the view of getting a client. What do you do? Okay, so still rapid fire. Need to sound intelligent on social media. What’s the plan? First of all, you got to add value. At the end of the day, I would also be like, I’ve got a saying, you want to stand against versus stand for versus singing Kumbaya, go get them tiger and let’s go. This is going to be amazing. I can’t wait to get started. We’re going to make so much money. This is so awesome. Standing against is showing people where there’s a lot of things that they’re doing wrong or potentially going to do example. I touched on it earlier, but, you’ve got a client… I’ve talked about this many a times, but again, importantly, guys, you want to have some tand things that you know very well, you know to be true, you know to work, and you want to be doing them consistently versus coming up with… If you’re coming up with something new every day and learning something new every day, which you should learn something new, but you got to be very careful to not have your foundation.
[00:30:17.290] – Karl Bryan
So just think a baseball player, when a baseball player falls into a slump at the plate, he’s batting and he falls into a slump, his batting coach, you guys make $20 million a year, right? His batting coach comes to him and what does his batting coach talk to him? Without being in that situation, what does the batting coach talk to him about? It would probably sound a lot like balance, keeping his elbow up, keeping his eye on the ball, staying low to the ground, having good balance. What I just said is exactly what I would say to a 10 year old learning to hit the baseball for the first time. The exact same thing. So in other words, we go the fundamentals is what I’m trying to say there. And what the baseball coach doesn’t do is say, Hey, you know how you’re making $20 million? What you should do is you should try batting left instead of right. Or, You know how you’ve been hitting home runs your entire life? I really think we got to start bunting. That’s it. You’ve fallen into a slump. I don’t know how the heck we’re going to get out of this.
[00:31:27.280] – Karl Bryan
You got to start bunting. And I know you’re 60 pounds overweight, and the reason you hit all these home runs is because you’re so heavy, but look, you need to run. You’ve got to run the first base like Willie Mays from Major League. You got to go. you know what I mean? You get the idea? That’s not what you’re going to say to the baseball player. What they do, the guy’s making $20 million a year, falls into a slump. You go to fundamentals? Well, that, if you want to sound intelligent on social media and whatnot, you want to go to the fundamentals. That is add value. Remember, a good reason to contact me via social media, private message, phone call, text, whatever, is not because you need a client. It’s to announce something, something exciting, something to tell me, something you saw, something you want me to know, something you want to invite me to. That’s why you reach out. I would always be educating people on social media. Adding value could be like the token way of explaining it. Another thing, like, oh, my heavens, I see this all the time. On social media, you’re a business coach, a consultant, marketing coach, marketing consultant, a digital agency, an accountant, a business broker, what have you.
[00:32:47.970] – Karl Bryan
And you’re crying your sorrows on Facebook about whatever it might be. Oh, my heaven. Just do not do that. Oversharing is just not a good plan. There’s another argument to say you want people to understand who you are and the realities of your world and whatnot. But like that, your Facebook wall would not be the place, in my opinion, to be talking about hardships. I just would not be putting that thing out there. I’d want to talk about how things are going and opportunities keep flowing in my direction and how grateful I am and how unreal everything is. I’m so grateful that I get introduced to this amazing career and able to do it. So much fun and planning a big holiday. I’m writing a book, I’m writing a report, I’m writing a new course, I’m creating a new video. I got a new video up on my YouTube channel that I’m really proud of that I really like it. These are the types of things. But on social media, answer the sound and tell it, look, here’s what I would do, and I’ve advised for a long time what you should do. You want to create, let’s just call it a Google Doc Word doc.
[00:34:02.440] – Karl Bryan
You want to create a document. What are things that business coaches talk about? Increasing average sale value, cutting costs, creating joint ventures, ways to increase sales, way to track sales, way to track data, artificial intelligence, tools to use. You basically got all of these different subjects that you see coming up time and time again in the different Facebook groups, let’s call it. Number one mistake that you’ll make in social media. I used to do a presentation, the 10 biggest mistake coaches make when trying to leverage social media. It was a decade ago, but it’s the same today. Number one was hanging out with coaches instead of hanging out with business owners. Don’t go hang out. Sure. There should be a couple of groups and we have a very solid community with what we’re doing. It’s very helpful. But you don’t want to spend all your time with our clients if you’re a business coach, you got to be spending 20% of your time there and then 80% of your time with the chiropractors, the cosmetic surgeons, the dentist, the butchers, the bakers, the candlestick makers. So make sure you’re out there in the right groups and then you do this.
[00:35:18.420] – Karl Bryan
Back to what I was saying. You got a Google Doc and what you’re going to do is you’re going to write up how to form a joint venture. I want it to be a long, detailed and frankly amazing so that anybody actually took the time to read it all, which many of them will stop halfway or 25% through. But I want it to be pretty long for a comment on Facebook, exceptionally long for a Facebook comment. And I want you to put it in the Google Doc. So how to form a joint venture successfully and you’re going to have it. And then you’ve got something about reading the 101s of a balance sheet, the 101s of a profit and loss, the 101s of a cash flow statement, the 101s of increasing sales, the 101s of advertising, the 101s of networking, the 101s of creating unique selling proposition, the 101s of creating a market dominating position. So all the different things that you know business owners should have, which by the way, would comprise of the foundation of our profit acceleration software and what we call the jump start 12. But at the end of the day, you’ve got a detailed description of how you do X, Y, Z.
[00:36:30.940] – Karl Bryan
So now how do you do Facebook ads, how to build a funnel. So now when you’re in the chiropractors dentist, butcher, baker, candlestick maker in these social media groups and you see people talking about it, you reply with an unbelievably detailed… And then personalize it. Take 10 minutes to personalize it instead of taking 30 minutes to write it from scratch for the individual. If they’re a chiropractor, talk about chiropractors and the fact that they should be partnering with the gym and the massage therapist, et cetera. So I personalize it and then drop it in. And if you write a new one for a chiropractor, what would you do? Copy paste, put it into your document under chiropractor, how to form a joint venture for a chiropractor. Anyway, so now you’ve got this document, which by the way, over three months, six months, nine months, 12 months, three years, five years, a decade. Imagine how details and impressive that document is going to become. Then you’re putting all these really impressive comments out there on social, Instagram, LinkedIn, Facebook, etc. I would slightly adjust my tone. I would answer it slightly differently in Facebook, I think 80 20 than I would on LinkedIn, be a little more professional on LinkedIn, a little bit more friendly, casual on Facebook, which, once again, every situation will be slightly unique there.
[00:37:54.870] – Karl Bryan
But the foundation of my response would be simple. And that’s what I would do. So there you go. The question, verbatim, need to sound intelligent on social media, with a view of getting a client, what do you do? So that’s my answer. What else have I got here? Okay, so I need one more. So need to go, so once again, rapid fire, need to go from six figures to seven figures. What do you do? And again, RodeDog would have spiced up this question. I’m not going to spice it up. I’m going to ask it exactly as it’s sent to me here. Need to go from six to seven figures. What do you do? Okay, rapid fire answer. Okay, three baskets leads, conversion, fulfillment. Again, always thinking that of a frame when we take on coaches, that’s the three areas we help them. We help them generate leads, we help them convert those leads, and then we help them fulfill on the clients. Well, if you got a chiropractor that you’re helping, it’s going to be the same. You got to help them generate the leads and get the new clients, convert those clients into regular customers, not one offs.
[00:39:12.660] – Karl Bryan
You got to sort back and then they come get short term leave and then leave. That’s not an ideal client for the chiropractor. You want these long term folks. Then fulfillment, the operations and the follow through and doing the fulfillment of the chiropractic and upsell it. You’re going from 6 to 7 figures, what do you do? You want to be thinking about those three baskets. Careful here, not to build a company with high revenues for your ego and then low margins. What happens? I talked about it a lot, continue to talk about it in the future. A business with high revenues and tight margins is vulnerable. Again, seen this a hundred times where a business owner is doing 600 grand a year and then they’re making X, pretty good living. Then they go to a million and then they’re making the same amount negligibly more or potentially even less. The difference is not that, look, they’re making a little less, they’re making a little more, they’re making the same, and that’s not ideal. It’s that a million dollars, you’re more vulnerable. You got more staff, more dispatch, more inventory, more phone calls, more complaints, more challenges with your fulfilled work where you might have to go back and patch it up.
[00:40:29.940] – Karl Bryan
All costing money and eating in the margins. So when you have a high revenue company with low margins, you’re vulnerable, be very, very careful. So what do you do? If that’s the problem, what’s the solution? Always keeping like, what did I say? 600 grand went to a million, what are the gross and net margins at 600 grand? And let’s call them 50% gross, 20% net, which would generally speaking be on the high side, but depends on what they do. When you go from 600 to a million, you’ve got to keep your eye on those margins. In a perfect world, they’ll be going up. If they are tightening, and that sometimes is required to grow without question, you got a higher staff to fulfill. But make sure that those margins aren’t getting squeezed or we have a problem. Anyway, just a little FYI. Go in from 6 to 7. That sounds sexy. That’s great. Saying you’re a 7 figure operator, but you know what? If you’re making less money at 7 and you were at mid 6, I’ll let you decide if that is a good thing and that happens, all businesses fall over from success as much as they do failure.
[00:41:36.780] – Karl Bryan
Let’s put it that way. The way what I just described is the reason why. Margins get tighter, tighter, tighter, tighter, tighter then something happens. They lose a big client, the staff member, a salesperson goes out, becomes competition, etc. Bingo, bango, bongo. They’re toast. Let’s just go with that. Going from 6 to 7. So here’s an answer that I gave a long time ago in an email and I believe that delivered on a podcast. But I want you to think about this. My answer, I want to go from 6 to 7. And let’s assume that you’re a business coach. What would my answer be? And it would be two words and it’s feedback loop. I’m sure if you googled my name and feedback loop, you’d be able to see an email. But here’s what happens. A business coach is making 200 grand and they want to make 500 grand, whatever the numbers are. What do they do? They go buy a boat, they get the new flashy car, take photos and put it on Facebook.
[00:42:40.300] – Karl Bryan
They sell their house and they buy a more expensive house, which by the way, maybe they need more bedrooms and whatnot, and that’s great. But they go and get a bigger house. They start buying the watch, price of the watch goes up. The price of the wife’s purse goes up. All of a sudden the wife’s got multiple purses instead of one or two. The husband, the guy, he’s got multiple watches instead of one or two. They start flying first class. It’s just the list can basically go on and on and on. So you’ve got to do, you’re making 200 grand, let’s say live on 100, and then take 100,000 and feed it back into your company. Or what do I say? You’re going to go from 200 to 500, you’re at 500, live on 150, and then feed the rest of it back into the company. And then how do you do that? Build a funnel, build some new technology, hire a new salesperson, hire a new manager, hire a new awesome A grade employee that makes your boat go faster. But start spending money on advertising, build a new and impressive product. Join a mastermind that you otherwise maybe felt like you couldn’t have afforded.
[00:44:13.730] – Karl Bryan
Again, a hack for growth is getting around more successful people. You’ve heard that for sure that you’re a combination of the five people you spend the most time with, etc. Let me tell you, when you start mingling in higher level groups and communities, you are going to find that your game rises instantly. This change of environment is like, insanely powerful. But at the end of the day, a feedback loop, I want you to take… You’re making 100, again, live on 70 and take 30 of it and feed it back into the system. I don’t think that that’s what most folks… And of course, I’m talking net after taxes, right? But just work all that out. The bottom line is that you need a feedback loop and you need to take a percentage of the company and stop living a more extravagant lifestyle and you got to feed it back into the company to let it grow. Just watering. You’ve got a great lawn and you water it, it’s nice and green and the sun keeps coming, but you stop watering it, what happens? It doesn’t go by by tomorrow. It gets a little bit less green, a little bit less green, a little bit less green, a little bit less green until you wake up one day and you get brown grass and you need to basically either…
[00:45:35.520] – Karl Bryan
It’s a project on steroids to bring it back. You don’t want to have to do that with your company. I talked about that at the very beginning of the podcast where you ride a roller coaster where a business coach… This might have been on the pre show actually, but a business coach is successful. What happens is its leads, conversions, fulfillment. They generate the leads, they convert the clients, they start fulfilling, but then they stop the lead gem. So they ride this roller coaster going up and down, up and down, up and down, up and down. It’s frankly exhausting. Don’t let that happen. You’ve always got to be filling the pipe. Always got to be generating leads. So the bottom line is you got to train yourself to take some of your revenues, of your profits, of your cash, and heat it back into your program. And then, of course, are you going to get it right immediately? And the answer is a hard no. Is your first staff member going to work out? Is your first salesperson going to work out? The answer is probably no. Is your first operations manager going to work out?
[00:46:40.560] – Karl Bryan
The answer is probably no. So guess what? Don’t give up. Is your first advertising program on LinkedIn, on Facebook, on Instagram going to be a massive hit? You might actually end up losing money. What are you going to do at that point? Are you going to quit? Are you going to keep going? Remember, it’s a feedback loop. You got to feed it back and you got to find a way. Remember, your best isn’t good enough. Your job is to do what it takes. Is your first video going to be a grand hit? Is your first YouTube video going to be a grand hit? Is your first product going to be amazing? The first group that you join, is that going to be a perfect fit for you? There’s a decent chance to say no. So again, at that stage, what are you going to do? Are you going to quit or are you going to completely give yourself to the “feedback loop methodology” and just find a way to make it work? So very importantly, to rehash that, and in fact, I think at this stage, what RodeDog would say is, Give me your one thing.
[00:47:41.420] – Karl Bryan
Guys, feedback loop is so important. Then what folks will say is, Oh, yeah, look, I’m only making 100 grand net now. When I get it to 200 grand, that’s when I’m going to start feeding it back in. That’s when I’m going to hire. That’s when I’m going to do the Facebook campaign. That’s when I’m going to build the funnel. The way you do small things is the way you do big things, I guess, what Warren Buffett said. The way you do little things is the way you do big things. Is that it? Start it now. If you’re doing 50 grand gross in your coaching company, take five, seven and a half, 10 of that, feed it back in. So that’s how you go from 6 to 7 figures. And that’s frankly how people go from 6 to mid 6, and then stop and never hit 7 because they don’t feed it back in. The other thing is when you buy a boat, guess what you got to do? You now got to go get… You feel obligated to go use the boat, which by the way is a good thing. But you need to understand that the time on the boat, too much time on the boat, may or may not be advantageous to the bigger goals.
[00:48:52.200] – Karl Bryan
When you buy a super cool flashy car with the convertible, etc. Again, you find yourself driving in it a little more than necessary. I don’t know. What’s that going to do for your company? Is that going to help you go from 6 to mid 6 and from mid 6 to 7? And the answer is normally, and again, not in any way. I’m not the hustle and grind guy. I’m not the guy saying you should be working 18 hours a day, not having any friends, and not having any holidays and not getting to know your kids. Never. That’s not the message that I put out there that we put out there that we believe in. But that being said, we do believe in working hard. When your plane is on the tarmac, it takes an enormous amount of energy to get it up to flying height. What’s that flying height? Your flying height, you might be semi retired and 100 grand is cruising altitude. And then for somebody else who’s used to making multiple six figures in their job, 250 grand is the only measurement that they can accept. Well, their cruising altitude is higher, so it’s going to take more bandwidth, more energy to get their airplane a little bit higher.
[00:50:14.830] – Karl Bryan
You want to hit seven figures? It’s higher again and more difficult. But the good news is, once you get it up off the ground, these things tend to… You get a free feedback loop and you do it properly, good things tend to happen. So there you go. So that’s my answer. Hopefully that helped. Thank you so much. Business coaching Secrets. I’m Karl Bryan, and that’s how I got for you today. And we look forward to speaking to you and seeing you next week. Bye bye.
Karl Bryan built profit acceleration software 2.0 to train business coaches how to find any small business owner more than 100 percent $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising. This becomes a business coach’s superpower. So as a business coach, you’ll never again have to worry about working with business owners that can’t afford your high-end coaching fees. Check us out at Focused.com. You may also see our Episode 202: Difference Between Scarcity and Urgency + Results In 7 Days + Res on Spotify.