Chris Cooper's Blog, page 144

Don’t Skip “LEG” Day

When we teach metrics to business owners, we keep it simple.

 

Two of the metrics we teach in The Incubator are ARM (average revenue per member per month) and LEG (length of engagement). These are TwoBrain terms, but their simplicity is making them popular with others, so you’ll see them on software platforms and dashboards everywhere soon.

 

ARM is really a measure of sales and marketing. LEG is really a measure of your operations.

 

Each is a multiplier of the other. Amazing operations with no sales? You’re multiplying by zero.

Great marketing with low prices and poor retention? Zero. Failure.

 

We work VERY hard on sales and marketing. But our specialty is retention, and good retention isn’t about birthday cards and automated emails. Good retention is about systems.

 

What’s at stake here? An extra $45,000 per year for you, without attracting one. single. extra. client. or taking on one. more. dollar. of. cost.

 

But let’s make it simple: If you charge $200 per visit, and keep a client for 1 visit, then your marketing efforts were worth $200.

If you keep that same client for two visits, your efforts were worth $400.

If you keep that same client for a year, your efforts were worth $2400.

If you keep them for ten years, your efforts were worth $24,000.

 

And the cost to acquire them was the same in EVERY CASE!

 

Here’s how we improve LEG through mentorship:

 

Clear definition of roles. We want ONE person on your team responsible for tracking clients. This gives that person a clear focus, for a few hours every week.
Clear definition of success. We measure success by increased LEG. Are you getting better at retention, or not? If not, we give you followup actions.
Gold standards discussion. What are the best businesses like yours in the world doing?
Mapping the client journey. What happens, and when? Listen to our podcast about it here.
Setting up automations (flags, emails, actions, rewards, badging) along the client journey. Really, all the talk about “ten year gifts” and “sending birthday cards” is irrelevant without a system behind it. Those are all good ideas, but start at #1 to make sure you can do them consistently. Imagine sending half your clients a birthday card or PR text, and not the other half…
Tracking LEG long-term. We want to know your LEG score every single month. Some software platforms  are getting really good at this.

 

We work 1:1 with around 500 clients from every continent in the world. We can’t visit every business in person. But using metrics like LEG gives us critical, unbiased insight into their operation: if their retention score is low, we know there’s an operational problem.

 

Every one of us thinks our business is nearly perfect. We think our systems are amazing, that our clients “get us”, and that we’re building some kind of emotional bank account with them. That’s a fantasy. If your service is bad, your clients will leave. And they should.

 

We’re blind to operational problems because we think our kid is the most handsome in school.

“Every girl should love you, schmoopie! You’re mommy’s handsome boy!” 

 

That’s why we need objective data, like LEG. And we need to track it over time to see the effect of our changes. Because we’re also totally enamored with our own ideas: when we start something new, it’s the best idea everrrrr, and we tell everyone about it.

 

“My baby’s got a new haircut! Everyone else is jealous of you, snugglemonster!”

 

But is the new idea having any real effect? Unless we’re measuring LEG over time, we don’t know.

 

Objective measurement like ARM and LEG helps your mentor remove personal bias from your business and give you clarity. It helps us prescribe action and build your profit. Sales are fun, but (don’t do it Chris) without retention (resist!) you won’t have a (he’s gonna do it!) LEG to stand on. (groan.)

 

 

 

 

 

The post Don’t Skip “LEG” Day appeared first on Two Brain.

Marketing Monday: Are You Using Facebook’s Powerful Retargeting Feature?

What is retargeting and how does it work?  In this week’s edition of Marketing Monday, I’m going to demystify this process and show you exactly how you can use retargeting to get more qualified leads into your funnel.

Click to Watch!

If you need help setting up a profitable retargeting campaign, book a call with a mentor!

Two-Brain Clients Click HERE

If You’re New to Two-Brain Click HERE

The post Marketing Monday: Are You Using Facebook’s Powerful Retargeting Feature? appeared first on Two Brain.

The Camera’s Always On

When you open a business, you take the stage.

 

Most of your best customers will come from personal meetings. And most of those meetings will happen when you’re not prepared: in the coffee shop, in local groups, or at your kid’s soccer game.

 

But even when you’re not face-to-face with someone, your actions still reflect on your business. And that means you’re always on. Most of us live in communities with only one degree of separation–if I don’t know you, I know someone who does–and your reputation travels faster than any Google AdWord ever could.

 

And perception is reality: no one will take the time to get to know “the real you”. They don’t have time.

 

There are three types of reputation:

Bad – people actively warn others away from you

Indifferent – “I never hear anything about them”

Good – people actively describe you as “amazing” or “the best guy I know.”

 

It’s not enough to just avoid a bad reputation, but let’s start there:

 

Don’t cut people off in traffic.

Don’t rant about “bad clients” on Facebook, even if you think other gym owners will pat you on the back.

Dress like someone you’d trust with your wallet.

 

To cultivate a good reputation:

Over tip everywhere you go.

Smile at everyone.

Make eye contact.

Say “Good morning!”

Seek ways to connect the people you meet.

Help First.

Ask yourself, “How can I make this person’s day?”

 

Finally, cultivate an “offstage” area. Even at Disney, where the “stage” is hectares of sun-scorched asphalt and every employee is part of the production crew, there are tunnels where Goofy can de-Goof. He can take off his giant head, say a few swears, kick the wall if he has to. Your “offstage” might be your home, or maybe you let it all loose at the gym (not your own.) I think every entrepreneur needs a release valve. Mine’s on my bike, where no one can see me scowl.

 

Remember: people will forget what you said, people will forget what you did, but people will never forget how you made them feel. Maya Angelou said that.

 

Making people feel good is a practice. It doesn’t come naturally to most of us. But practicing makes US feel good, too. And as a bonus, if you’re an entrepreneur, you really don’t have any choice, because the camera is ALWAYS on you.

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Episode 140: The Business Premortem

It’s the Hallowe’en Spooktacular!

 

Not really–but it’s a fitting time to do a Business PreMortem. With the end of the year coming, I’m sure you’re booking calls with your mentor to set up your 2019 strategic plan. In the TwoBrain family, we start this process in November. If you’re not in the TwoBrain family yet, you can use this exercise to kickstart the process (a little fun before the spreadsheets!)

 

In this episode, I walk through a simple exercise to help you identify and prioritize your opportunities and threats. We’re going to pretend to look back on your “dead” business, because hindsight might be 20/20…but insight allows us to see into the future.

 

Question 1: What WAS your business?

If you’ve ever had to describe a loved one in three column inches or less, you know what it’s like to distill someone down to their essence. How would you want your business to be remembered? What WAS it, really, at its core–without branding or labels? What did it look like with its clothes off? What will it be remembered FOR?

Question 2: What killed it?

Let’s be really, really clear about your biggest problem. If you don’t KNOW what’s stunting your growth or slowly bleeding you dry, we can help. There are no leeches or bloodletting: just a careful, compassionate examination of your health. I shared a few myths that I still hear every single week.

This exercise should reveal your Achilles heel, and therefore your greatest priority for action.

Was it exhaustion? Complacency? Cash Flow? Coaches becoming competitors?

Maybe take a strong dose of medicine NOW to prevent the fatality later.

 

Question 3: What survived?

You’re training to be an entrepreneur. If your business goes bankrupt, you’ll have learned something really valuable…and you’ll continue to be an entrepreneur! No one can fire you from this job. You’ll keep many hard lessons learned, many transferable experiences, and maybe even some money.

I hang around with some very successful people. We’re a tight group. And many of us have the “clean slate” fantasy: the wish to start from scratch with what we know now.

What survived that shouldn’t? Did the plague continue to haunt your family after the body was gone? Maybe take steps to quarantine poisons now, too.

 

If you’re in the TwoBrain family, there’s a worksheet coming to help you. Fill it out and send it to your mentor ahead of your November call. Because on October 31, death ends, and gestation for 2019 begins!

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Marketing Monday: Are You Spending Too Much on Ads (Or Not Enough?)

In this week’s edition of Marketing Monday, I’m going to work through a question I get asked almost every week: “Hey Mateo, how much should I be spending on my ads?”

This video has some math in it because this is a tough question to answer straight out #itscomplicated.  Let’s see if we can figure this together.

Click to Watch!

If you need help setting up your ad budget, book a call with a mentor!

Two-Brain Clients Click HERE

If You’re New to Two-Brain Click HERE

The post Marketing Monday: Are You Spending Too Much on Ads (Or Not Enough?) appeared first on Two Brain.

The Icarus Effect

Specialists work for generalists. Great entrepreneurs employ experts in their field.

But most entrepreneurs were once specialists themselves. As the best donut-maker, plumber or electrician in town, they thought, “I’m undervalued. The only way I can really make more money for myself is to go out on my own.”

That’s you, isn’t it? It’s me all over.

So the plumber becomes the Founder, and buys herself a job. And because she’s a good Founder, she soon has to hire other plumbers to handle the work. She pays them–maybe more than she pays herself. She takes risks. She loses sleep. She misses her kids’ soccer games, takes the hard jobs herself, and tries to give them the best work.

And then one of her team thinks, “I’m undervalued. The only way I can really make more money for myself is to go out on my own.”

And you know what? They’re usually right.

So the entrepreneur tries to hold her staff in their place. She tries to remain the expert. She never shows them the big picture, and tries to scare them off entrepreneurship by telling them all her woes.

The greek myth of Icarus is one of my favorites. Icarus’ dad builds him wings from feathers and wax. He warns Icarus not to fly too low or too high. But, of course, Icarus does, and the wax melts, and he plummets into the sea.

The weak entrepreneur holds her staff back by telling them to fly low. But, of course, she holds herself back, too.

The powerful entrepreneur isn’t afraid to work with powerful people.

A great entrepreneur shows her staff the horizon, and actually gives them wings, knowing they’ll lift her, too.

One of the key requirements for reaching the Tinker phase is a business that your staff can grow without you.

(Not sure where you fit? Take the Founder | Farmer | Tinker | Thief test here.)

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Episode 139: The 30-Day Conversation Challenge

Episode 139 – The 30-Day Conversation Challenge, with Rob Connors

 

At Two Brain we teach three different types of marketing. We typically start with affinity marketing, or the people closest to your best clients and to you. Then we move on to organic digital which is performing the free function on social media platforms. Finally, we move on to paid digital which is paying for ads on various platforms. All of these are important, and we teach them in the Incubator. But above all, selling is what is required to grow your business.

 

One of the most important things we teach entrepreneurs to do is to go out and talk to other business owners around them to create connections and grow your business. Who knows, you may even be saving their life by getting them into the gym!

 

Today we are joined by Rob Connors. Rob and his wife Emily own Signum CrossFit and are fantastic Two Brainers. Rob and his wife Emily are great fitness coaches and they are great at connecting with people. Recently he was challenged by his mentor to get outside of his comfort zone and start connecting with others in his community. Join us as he talks about his experiences and how he has made so many important connections for his business.

 

 

Timeline:

2:23 – Introduction to Rob Connors

5:46 – The idea behind community outreach and making connections

12:50 – Who is the first person Rob picked to reach out to and what was the response?

13:54 – How to approach someone new regarding their business

15:30 – What is the worst response Rob has had when reaching out to other businesses

19:31 – What happens next after connecting with a business owner

23:30 – How to get started!

26:04 – How to be comfortable with asking friends and family to become a customer

29:02 – Two Brain Stories with Scott McAlee

 

 

 

 

 

 

The post Episode 139: The 30-Day Conversation Challenge appeared first on Two Brain.

What Is Wealth?

Steve Jobs. Jeff Bezos. Bill Gates.

Ask anyone on the street, “Who is wealthy?” and these are the names you’ll hear in reply.

Or these:

Mr. Peanut. Scrooge McDuck. Mr. Lodge.

Cartoon characters. Caricatures of material wealth.

Ask that person, “What are wealthy people like?” and you might hear:

Lucky. Carefree.

Greedy. Lazy.

Our culture’s preoccupation with money creates confusion about wealth. And the people talking and thinking about money the most are the ones who don’t have it. Is it any wonder that most of the people you meet have real issues with wealth?

 

Material ownership are part of wealth. But wealth is really freedom:

 

Freedom of time: the opportunity to choose how you invest your day.

Freedom of experience: The opportunity to immerse yourself in new places, new cultures and new adventures. Where will you go? What will you do? What connections will you make? How will your story change?

Freedom of finances: Self-reliance, security. The knowledge that you’ll sleep in a warm bed with a full belly, under a dry roof. And the confidence that your position won’t change tomorrow.

Freedom of choice: Independence. The opportunity to decide your own path.

Freedom of pursuit: The opportunity to dedicate yourself to fulfilling your true potential.

Freedom of generosity: The opportunity to share and raise others up.

Freedom of mindset: Abundance, patience, peace. The opportunity to escape a mindset of competition, jealousy and comparison.

Freedom of commitment: The opportunity to commit time and resources for as long as necessary.

Freedom of legacy: The opportunity to leave a multigenerational platform of service or support. The chance to write your own story and forge your story in the minds of future generations.

Freedom of health. The opportunity to control your own mobility. Freedom from the bonds of medication, weakness or mental decline.

 

Wealth also means responsibility: for all the above.

 

Wealth produces a broad and stable platform. When our basic needs, security needs, and social needs are met, we’re free to work on societal problems. We can dedicate our time to service. We can pursue self-actualization by giving to others: our capital resources, our time and our knowledge.

 

A poor farmer in Argentina might have some of the elements of wealth. Though cash-poor, he has freedom of time; he can choose where to allocate his labor every day. Perhaps he has a family, which allows him to feel important as a father. And he might have his health, access to clean air and lots of sunlight. In fact, money might be the only element of wealth he lacks. Why don’t we refer to him as wealthy?

 

This isn’t Reaganomics: money doesn’t always trickle down from the rich to the poor. Possession of capital isn’t the only requisite for wealth. But capital is the great enabler: most of the other components of wealth require capital.

 

Wealth also requires attention: capital can’t buy health or mental acuity or, beyond a certain point, happiness. It can’t buy your family’s love, or undo a lifetime of oppression. Only time, practice and servitude can provide health, mastery and joy. But money creates that time. Money pays for the coaching. And money serves.

 

Money can be spent, but so can time. So can energy. So can care.

 

Earning and spending are the yin and yang of wealth. Wealth is our goal in the Thief phase.

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Marketing Monday: Is Marketing Worth It?

I know it sounds silly but I get asked this question a lot: is marketing worth it?



When gym owners ask me this question, I think what they really mean is:

I’m working a lot in my business right now.  I’m wearing a lot of hats, I coach a lot, I do most of the sales, I organize the events, I make sure the facility is clean…I don’t have a lot of time left in the day.  So, what should I focus on, where should I invest my efforts that’s going to have the biggest positive impact on my ROI? 

 



This is a question I would often ask myself, so I understand the #struggle all too well.  When you’ve got 15 mins left before you have to close up for the evening and you are choosing between posting on the gym’s instagram or sending an email to a missing client, it’s tough to know which one is more important to your business.





If you need some guidance, check out this week’s Marketing Monday tip!





Click to Watch!





If you need help prioritizing your end-of-year goals, book a call with a mentor!


Two-Brain Clients Click HERE

If You’re New to Two-Brain Click HERE

Which Way Are You Yelling?

Your service is amazing! You want to shout it from the mountaintops! And you SHOULD!

 

Make your clients famous! Make your service famous! Make your company famous!

 

But don’t forget to talk to the people standing behind you. As I’ve learned (the hard way), the leader of a growing company must devote as much time talking to his team as to his customers.

 

Has this happened to you?

 

“Hey Chris, a client just asked me about the new X program. Uh, what exactly IS that?”

 

“Hey Chris, a client just read something on our website and asked me about it. I’d never heard it before, so I thought I’d ask you before responding.”

 

“Hey Chris, a couple of the other guys on the team were curious about…”

 

Then you smack your head and wonder: “How can they NOT KNOW THIS?!?”

 

Smack yourself twice, because you already know the answer: you haven’t told them. At least, not well enough, or often enough, or clearly enough.

 

Speaking with Jeff Lawson, founder of Twilio, I learned that I was shouting too much in one direction and not enough in another.

 

Think about all the media you produce for your clients: blog posts, videos, social media, podcasts…

How much do you produce for your staff?

 

Think about the care and quality you put into your client-facing media: editing, producing, scripting, polishing…

How much do you think about the messages to your team?

 

Think about the brand you present to the outside world: the clarity, the repeatability, the stickiness…

How many stories do you share with those following behind you on the path?

 

Here’s your recipe for good media balance:

 

In the Founder Phase, aim your bullhorn outward. You’re doing most of the work. The company’s vision is YOUR vision. Make your clients famous; share your story; publish every day. Meet strangers. Teach the benefit of your service.

If you have any staff, you see them every single day. Talk to them about your plans, but you don’t need to send a daily blog post to your wife.

Outward-facing media: 100%.  Inward-facing media: 0%.

 

In the Farmer Phase, you’re adding staff and revenue diversity. You need to establish a clear North Star: a simple, repeatable, stick Mission. You need to talk to future clients more than ever, but you also need to make sure your staff knows everything that’s happening.

Diversify your media for clients. Add channels: use YouTube and email, for example.

Outward-facing media: 80%. Inward-facing media: 20%. Diversify your channels, but publish less frequently. Twice per week for staff-facing media is good.

 

In the Tinker Phase, the leader of the company isn’t involved in daily operations. That means less chatter while unloading the dishwasher, and fewer in-person interactions with your staff.

Your outward-facing media channels should be diverse, to appeal to anyone willing to pay attention. Post videos on YouTube; pull the audio and publish as a podcast. Transcribe the audio into blog posts. Send the blog posts to your email lists. Share snippets on social.

Then do the same for your staff. Just as your clients won’t always read your emails, your staff might prefer an audio update over a video or text one.

Outward-facing media: 50%. Inward-facing media: 50%.

One tip Lawson shared: record a daily voice message and texting it to every single employee in his company. They can listen to it on their way to work. But don’t forget the love letters and videos!

 

Your total media output should grow as your company grows. But as it grows, make sure to grow both sides of the media tree, instead of leaving a bare patch against the wall.