Mike Michalowicz's Blog, page 11

How to Get More Quality Leads – Play Favorites and Break the Rules



If you’ve been following along with the last few articles about the Pumpkin Plan strategy, you know that you need to take these steps to scale your business:

Scale down your client base. I know this sounds counterproductive but stick with me here.Redirect customers who are not a fit.Cut unnecessary expenses.

Now it’s time to focus your attention and energy on your core client group and serve them so well that they start to clone themselves!

Develop a “favorite client” policy. Mom may have said not to play favorites, but that rule doesn’t apply in this playground. Time to up your game with your stellar nurturing skills. Dazzle your best clients with innovation and superior service, defy their imagination, and offer solutions that answer their prayers. Underpromise and overdeliver. Practice giving a little extra. For instance, when it comes to timelines, add a buffer for your deliverable and then deliver early.  Consider including a little something extra to your service, too. For instance, we ordered a cake for someone and the bakery included a candle. Not just a tiny birthday candle either, but an organic aromatherapy beeswax candle. That kind of thought kept us ordering from that bakery again and again.Don’t hide the secret sauce. Some companies think they need to hide trade secrets as if they were military intelligence, but now that information is at everyone’s fingertips, there are few secrets left. You’re no longer the keeper of your secret sauce. You’re the executor. As such you need to make it easy for your clients to see that you’re knowledgeable. So knowledgeable in fact that you are the absolute best solution for their problem. Your clients and prospects will find information on their own because it’s out there. If they get it from you, their trusted expert first, that’s a big advantage.)

Let’s talk some more about your favorite clients, and cloning them.

The problem with referrals is that they’re not enough. 

When growing mammoth pumpkins, you don’t throw your seeds over one hundred acres. You focus on a small area, plant a couple of seeds, and focus on tending to and strengthening that vine. Because you have limited resources you can’t be effective if you’re covering too much territory. When you focus on moving within one tight area, prospects and clients see you more frequently. Market in the locations where your key prospects are, show up at their industry events and take your position as the expert in your industry. 

Remember to apply the 80/20 Rule. Look at your short list of top clients and determine which few clients (20%) bring in the most revenue (80%). In other words, in which industry do most of your high-revenue clients operate? Think about what you could do to re-brand your business with that right focus. How can you better serve this niche industry? How many competitors would you have if you served this industry exclusively? With this tightened focus, how would you describe what you do? These are some imperative questions to answer to guide your company to healthy growth. 

Speaking of sharing secrets, I’ll share one of mine to get you scaling (ok it’s not that much of a secret since it starts on page 160 of The Pumpkin Plan, but here ya go):

Create a sequence that involves your target community every time you launch a new service.Predict – Ask your top clients about their interests and track them to see what will perform the best.Appreciate – The fact that people care enough to respond is big, so be sure to thank them and include a personalized touch when you do.Announce – If your feedback is positive and you’ve generated interest in your next offering, let your community know. They will feel that you’ve created something special for them.Engage – Keep your community interested by communicating with them, and periodically giving them updates, asking their opinions.Ask – If your prospects want in, they’ll want to save their spot. Offer an opportunity for them to save that spot by asking for a deposit of any size. Now they have skin in the game. Limit – A sense of urgency is created when you say that something is available for a limited time. Let prospects and clients know the availability of your offering is over at a certain date, that there are only 100 spots available, etc.Overdeliver – Add a little bonus. It will grow your community.Track that data – What worked best? That’s what you build on.Test the waters. Start with predictive questions in your community about what offering is most needed to solve your clients’ problems. This will help you gauge interest in your offering.Your community? They are your collaborators. Determine how you will interact with them. Will you make a video, or send a blog? Both? Form a mini-mastermind that meets each week for a half hour to share ideas. Will you take to social media? Whatever you decide, when you engage, remember your “why”, and remember to make it personal and integral to that.

The outcome?

In a nutshell, following the system in The Pumpkin Plan will do one thing: Give you a broader funnel for quality leads, poised for growth. Amen!

I’m so excited to be on this entrepreneurial journey with you and to watch your company grow.

Wishing you massive success!

-Mike

PS. Grab your copy of The Pumpkin Plan here to take a deeper dive into scaling your business. And, if you’d like an expert to help when implementing, check out Pumpkin Plan Your Biz!

The post How to Get More Quality Leads – Play Favorites and Break the Rules appeared first on Mike Michalowicz.

It’s Not Me, It’s You – Parting Ways With Clients for Business Growth



We’re business owners!

What do we want?

To scale or business!

When do we want it? 

NOW!

How do we do it?

Crickets….

Been there. 

Then there was that day in the pumpkin patch with my family, talking to the farmer who grew the prize-winning, ginormous pumpkin. When I asked how in the world he achieved growing such a monstrosity (in a good way), he explained that by pruning away the unhealthy vines and pumpkins that weren’t growing, all that energy previously going nowhere got diverted to the growing pumpkins.

So wait. If I did the same thing with clients, would that work?

Yep.

The common mistake – Conventional wisdom tells us the more clients the better, right? We equate more clients with more sales, revenue, and profit, and then we call it growing our businesses. The more likely story is you’re not going to grow your business that way, you’re going to waste your precious resources like time, money, and effort by spreading yourself so thin that the good clients aren’t going to get what they need, and slowly, your whole “patch” of clients will start to wither away. Ouch.

A surprising approach – This brings us to the pruning stage. Last week we talked about assessing who your best clients are. The reality is that not every client is the right fit for you, and vice versa. Once you know who your best clients are, it’s time to cut some loose. I know, I know, you just twitched, didn’t you?

So how do you let some clients go?

After your client assessment, consider the following:

Communicate clearly: Once you’ve decided to let go of a client, it’s essential to communicate your decision clearly and professionally. Schedule a meeting or call to discuss the situation. Explain that you’ve evaluated the relationship in a client audit, and considered factors such as profitability, alignment with your business goals, and potential for future growth.Be honest but diplomatic: When communicating with the client, be honest about the reasons for ending the relationship, but do so in a diplomatic and respectful manner. Avoid blaming or criticizing the client, and focus instead on explaining how the decision aligns with your business strategy.Offer assistance: “So and so may be able to serve your unique needs better than I”. Depending on the circumstances, you may want to offer assistance in transitioning the client to another service provider or providing support during the transition period. This can help mitigate any negative feelings and maintain a positive reputation for your business.Follow up: Follow up with the client to ensure a smooth transition and address any remaining issues or concerns they may have. This demonstrates professionalism and reinforces your integrity and commitment to customer satisfaction, even when parting ways.

Now you can focus on your top clients.

Focus on serving your top clients exceptionally well and watch your business blossom. Remember how before you wanted to change your offering to better suit your clients? Now you can do that because it will be worth it. And if you were ever going to make adjustments, make those for these clients. If they’re wonderful clients, you’ll still be able to stay within your zone of genius AND  use your resources wisely.

Wishing you tremendous success.

-Mike

The post It’s Not Me, It’s You – Parting Ways With Clients for Business Growth appeared first on Mike Michalowicz.

Strategic Client Assessments

 

One common dilemma often plagues business owners: the struggle to maintain authenticity while catering to client demands. 

(Or as I like to call it, How to Avoid Selling Your Soul to the Devil 101.)

This age-old challenge is a fixable one. Let’s get into the nitty gritty of determining your top clients, and presenting a disruptive (in a good way!) approach that can revolutionize your client strategies for the better, for good.

The problem – Straying from the mission of your business

This may have happened to you (and if it hasn’t, it will!). You find yourself at a crossroads, torn between staying true to your business vision and adapting to meeting the varied needs of clients because you want to make those sales. Conventional wisdom dictates that retaining every client and tirelessly pursuing new ones is the only approach to success, but this approach will only lead to diluting your resources, the identity of your business, and the muddling of your service.

Your typical solution – Quantity over quality

Admit it, at one point, if not now,  you prioritize numbers and think that more clients equals greater success. Consequently, when you spread yourself too thin and try to cater to a broad spectrum of clients, you miss out on discerning who are the most valuable. This approach overlooks the critical factor of client quality and leads to inefficiencies and missed growth opportunities. 

A better solution – Strategic client assessment

Years ago I applied a paradigm shift – an approach that challenges the status quo. Instead of blindly chasing every client, I began to assess them. I scrutinized clients over industry, demographics, and psychographics to identify the top-line clients who aligned seamlessly with my ethos and objectives. This is exactly what I want you to do. 

As you dig into the assessment process, patterns will begin to emerge. You’ll find a select group of clients who appreciate your unique offering and contribute significantly to your bottom line. These folks are the epitome of your ideal customer because they get your value proposition, provide valuable feedback, and champion your brand within their networks. This also leads to long term partnerships. Go you!

This clarity will help you reallocate your resources and channel the majority of your energy toward nurturing your top clients. Now you can tailor your products to better serve their needs and create deeper connections – and loyalty!

Visualizing your success – Client assessment questions

At the heard of this revolution you’ve got going on you have to make a list. I know, simplistic, right?. This is a visual tool that encapsulates the evolution of your business towards being client-centric and serves as your compass to guide you toward strategic decisions and reinforce your commitment to quality over quantity.

List your clients in descending order of revenue. Cross off the clients who make you cringe when you hear their names. Grade away.Eliminate.

Each entry on the chart represents more than just a client, it symbolizes a mutually beneficial partnership built on trust, respect, and values. As you fill in the chart with your top clients, you’ll see the progress towards your ultimate goal – sustainable growth rooted in authenticity and alignment. 

Cultivate your thriving ecosystem

Focus on serving your top clients exceptionally well and watch your business blossom. Carve out your niche of excellent clients, and if you were ever going to make adjustments, make those for these clients. If they’re wonderful clients, you’ll still be able to stay within your immutable laws. And being true to your vision while running a profitable business that serves your clients is that sweet spot that entrepreneurial dreams are made of. 

Wishing you tremendous success.

-Mike

The post Strategic Client Assessments appeared first on Mike Michalowicz.

Weeding Out Your Best Clients



When I started my first business, I said, “Yes”. A lot.

“Will I drive six hours to install your computer mouse? No problem.”

“Would I give you a fifty percent discount and a 120 net? Absolutely.”

“Could I service your ancient computer system, even though I know nothing about it and will have to spend two days reading the twelve-inch thick manual…that’s written in German? Sure! Why not?”

My waking hours were working hours. My company grew. And no matter how big it got, we still weren’t making a profit.

After two years in business, I hit a wall. I was a burned-out, unhealthy mess. So was my partner, Chris. I kept telling myself that there had to be a sweet spot -that place where business shifts.

But it wasn’t happening.

Until I met Frank. He ultimately became a coach and mentor, and I am forever grateful to him for what he taught me, so I can teach you. (Besides, Frank had a boatload of cash. Legit. Liquid. Assets.)

Now, there’s a real light bulb moment that happened when Frank said something too inappropriate to mention here. However, there were many more “eureka” moments that I can share with you.

Finding that sweet spot in your business.

First, fire some clients.
First, Frank told me to fire clients. What? How in the heck would that help? If anything, I wanted more clients, not less. But, it made sense when Frank said that by cutting my client list and getting rid of ho-hum clients, I could focus on the best clients. So I got to work dividing my client list between two categories: great clients, and everyone else.

This felt too risky. Too abstract. Too, well, many fewer dollars. Then one day in October I was in a pumpkin patch with my family and we came across a farmer who had a winning pumpkin. We’re talking Godzilla-sized, here. Next to this giant pumpkin was an article outlining the pumpkin-growing process. I’m going to share it here so you can draw the parallels that knocked the wind out of me:

1. Plant promising seeds.
2. Water, water, water.
3. As they grow, remove damaged pumpkins.
4. Weed like crazy. Nothing but pumpkin leaves and pumpkins.
5. When they grow, identify the biggest, strongest, and fastest growing and then get rid of the rest. Repeat.
6. Focus on the big pumpkins. Nurture them. Guard them.
7. Watch it grow – and be amazed at how fast that growth is.

Wait. Had I just learned the secret to big-time entrepreneurial growth from a farmer? These guys are even smarter than I thought.

Let’s put this into a business context:
1. Identity and leverage your biggest and natural strengths
2. Sell.
3. Never let distractions, even when labeled, “new opportunities”, take hold. Weed those out.
4. Identify your top clients, and yes, remove the less promising clients.
5. Focus all of your attention on your top clients. Nurture, protect, find out what they need and want more of – and then replicate the same service or product for as many of the same clients as possible.

Time to make a change.
What got you here, won’t get you there.
The fear-driven strategy that got me my million-dollar business wasn’t going to get me to millions in gross revenue. Saying yes to everyone is a drain on your precious resources of time and money.

Once you move past the early years of entrepreneurship, success isn’t a quantities game anymore.

So, let’s work on a starter action plan for you.

First, find your why. If your dream is to get rich, that’s not enough. Remind yourself why you started your business. What gets you excited? What purpose do you want to serve? If you know that, it will resonate with your best clients.
Remember your immutable laws. When thinking about your why, remember that your values are intrinsically intertwined with that. Your values are your laws, and don’t extinguish them.

Now, set a revenue pulse goal for the year. How much revenue do you need to generate to get the heart of your business beating?
Ask better questions. Rather than wonder why you struggle, wonder how you can take say, two thousand dollars home every day. This way you focus on the answer and not the problem.

Here’s a graphic for all of you visual folks, too!
SweetSpot_R2

The next few articles are going to build on this one, further exploring how The Pumpkin Plan method will help you scale your business without sacrificing so much of yourself – and create profitability while serving your clients better. Stay tuned!

Wishing you huge success.
-Mike

PS – Join us for the Scale Your Business Coaching Business to New Heights: More Income, Impact and Time Freedom, a virtual, complimentary masterclass led by Donna Leyens and myself. We’re poised to equip you with actionable strategies to elevate and expand your business. It starts May 8th. Save your seat now!

The post Weeding Out Your Best Clients appeared first on Mike Michalowicz.

Three Steps to Go Bananas – Get Different and Get Your Marketing Noticed



“Better isn’t better, different is better. So get different.” – Mike Michalowicz

Building my first two businesses taught me that the only way to get in front of the people who need you is to master marketing, and that has nothing to do with mastering an actual marketing plan. Any marketing plan is just fiction if you can’t get prospects’ attention in the first place.

Our own fear of standing out is the number one reason why we struggle to get noticed. People lose the game of marketing because they play by the rules—rules that don’t even exist.

If you’re looking to nail your marketing strategies, It’s simple, you must be different. Human minds are designed to ignore what’s common, to filter out the static. It’s not a new phenomenon. It dates back to the evolution of man. It’s wired into our minds. The hunter mind was efficiently designed to filter out all of the common noise in order to notice the thing that stood out that could serve them. While we have certainly evolved since then, we still operate this way.

When your audience sees your marketing, they’re going through these mental calculations within seconds:

Block out the common noiseDoes this serve me now?Should I take action?

For your marketing to be successful, your prospects need to be guided fast. According to Time Magazine, the average website holds visitors’ attention for a mere fifteen seconds. Instagram reports people spend less than ten seconds on a post. And what about more tactile marketing? I bet you riffle through your junk mail at warp speed.

A shining example of someone who’s mastered his marketing is Jesse Cole, of the Savanah Bananas. If you haven’t heard of Jesse and his team, let me give you the lowdown. Picture this: a baseball team that’s more about entertainment than, well, baseball. From crazy game-night themes to wacky promotions that have you scratching your head (in a good way), Jesse has turned the Savannah Bananas into a must-see spectacle.

What makes Jesse’s marketing strategy so dang brilliant? It’s all about engagement, baby! Instead of just slapping up some billboards and calling it a day, Jesse goes above and beyond to create an experience that’s as memorable as it is hilarious. I mean, where else can you see a team mascot breakdancing with grandma in the stands? Only at a Bananas game.

But it’s not all fun and games – well, actually, it is. But here’s the thing: Jesse’s approach to marketing is rooted in authenticity and storytelling. He’s not just selling tickets; he’s selling an experience, a feeling, a vibe. And let me tell you, folks eat that stuff up like… well, like bananas. 

After I met Jesse and saw what he was doing, I went back to the drawing board to map out a new marketing strategy. That’s when I learned about the Von Restorff Effect Theory. This theory purports that when multiple similar objects are present, the one that differs from the rest is most likely to be remembered. It could differ by color, size, shape, or texture, you name it. The idea is to make your marketing distinct, such that from afar, your customers’ attention is first drawn to you. You just know who the headliner is without much mental effort.

Because of this, I came up with the DAD method. Here’s a quick outline of what’s elevated my marketing:

Differentiate – Get different to get noticed 

This first step in the framework is to identify a marketing approach that stands out in a sea of sameness. What will make your prospect’s mind stop and pay attention? How can you engage them during the marketing milliseconds? 

One place to begin is whatever idea you have, take it up a notch (or ten). If you’re sending something, be it swag or a digital download, call it something clever that stands out, and represents you at the same time. For instance, if you were sending a hat, you could call it a thinking cap. Little moves like this make you stand out from the rest. 

Getting different starts at the micro level. You don’t have to come up with a huge, time-consuming marketing plan right off the bat. Make small changes to logos, copy, ads, and videos. Use those as a beta test to see what’s converting for you.

Attract – In a way that attracts your ideal prospects

Next, ensure that your approach will appeal to the people you want to serve, not turn them off. How will you establish your marketing as an opportunity they will consider, instead of a threat they will avoid? Make how you are attracting works for who your community is.

Direct – Illustrate a clear message of what action you want your prospects to take

Finally, your strategy must compel your ideal prospects to take a specific action you desire. Now that you have the prospect’s attention and they are engaged, you need to tell them what the heck to do. Marketing guru Jeff Walker says that marketing is every step you take to get the customer to the buying decision, and the sale is the final action on their decision to buy. So your clear, singular directive should get them to the next step.

Remember, when you’re marketing, implement the DAD method and think  about Jesse Cole of Savannah Bananas. Don’t be afraid to get a little wild with your marketing – and BE YOU. Take risks, have fun, and above all, make your audience feel like they’re part of something special. Because when you do, magic happens. And who doesn’t love a little magic? 

Wishing you tremendous success.

-Mike

Join me on the journey: 

Last I saw there was a discount! Get Different  for you or a friend at Amazon , Barnes & Noble , or any of your favorite booksellers.

Instagram

LinkedIn

The post Three Steps to Go Bananas – Get Different and Get Your Marketing Noticed appeared first on Mike Michalowicz.

Why Risks Get Attention in Your Marketing



“Our own fear of standing out is the number one reason we don’t get noticed.” 

In my book, Get Different, I talk a lot about the importance of standing out from the crowd and doing things differently. But here’s the thing: to truly succeed in marketing, you’ve got to be brave. You’ve got to be willing to take risks, push the boundaries, and step outside your comfort zone. So, how do you do it? How do you cultivate that bold mindset that’s essential for brave marketing? 

Fail! – First and foremost, it’s all about embracing failure. Yep, you heard me right. Failure isn’t something to be feared; it’s something to be embraced. Because every failure is an opportunity to learn and grow. It’s a chance to course-correct, pivot, and come back stronger than ever. Don’t let the fear of failure hold you back. Learn from it, and use it to fuel your journey towards marketing greatness.

Take that risk – Next up, let’s talk about taking risks. Now, I get it – taking risks can be scary. But the biggest risks often yield the most attention and the biggest rewards. I encourage you to think outside the box, try new things, and shake things up. Whether it’s launching a bold new ad campaign, experimenting with a quirky marketing stunt, or completely rebranding your business, taking risks will get you seen in a crowded marketplace.

Still feeling unsure? Let’s back it up with some science.

Reticular formation is a region in the brain stem that is involved in multiple tasks such as regulating the sleep-wake cycle and filtering incoming stimuli to discriminate irrelevant background stimuli. It is essential for governing some of the basic functions of higher organisms and is one of the phylogenetically oldest portions of the brain.

Basically, reticular formation helps people weed out the things that are irrelevant and helps us ignore certain things that are going on in our lives. The cool thing is that it can jerk us out of a stupor when something unfamiliar happens. this is why you must get brave, take a chance, and do something novel that gets that reticular formation looking twice.

Brave marketing isn’t just about taking risks for the sake of it. It’s about taking calculated risks. It’s about doing your homework, gathering data, and making informed decisions. Because while being brave is important, being reckless isn’t. So before you dive headfirst into that daring new marketing strategy, take a step back, do your due diligence, and make sure you’re making the best possible decision for your business.

At the end of the day, brave marketing isn’t easy. It takes courage, determination, and a willingness to embrace the unknown. But trust me when I say this: the rewards are well worth it. So don’t be afraid to be bold, take risks, and stand out from the crowd. Because when you do, amazing things happen.

I know you’ve got this.

-Mike

Join me for a deep dive into your marketing and let’s get your business seen – The free Get Noticed Crash Course starts on April 22nd. Save your spot here now!

Last I saw there was a discount! Get Profit First for you or a friend at Amazon , Barnes & Noble , or any of your favorite booksellers.

 

 

The post Why Risks Get Attention in Your Marketing appeared first on Mike Michalowicz.

Marketing to Stop Their Scroll



Know what your marketing needs? It needs to pass the blink test.

“Ok, ok, Mike, what in the world is the blink test?” Picture this: You’re scrolling (and scrolling) through your social media feed, bombarded with ads left and right. In the blink of an eye, you decide whether to stop and engage with a post or keep on scrolling.

That, my friends, is the blink test in action.

You have one millisecond to make an impression. The blink test is inspired by the concept of the “blink” or “thin-slicing” phenomenon, where individuals make quick judgments or decisions based on limited information. It’s science.

The best example I’ve seen of this lately is on the Liquid Death water cans. Cans of water are starting to replace plastic bottles, so that grabs attention. Additionally, the labels have a skull, and different names like Mountain Water and Berry it Alive for the flavored waters. No other water is marketed like this.

Why you need to make a radical change to your marketing: To serve, you have to sell. To be profitable, you have to sell. To sell, you need to stand out – and I mean out. I’m not discounting that you may be the best in your industry. But, you must pass the blink test with flying colors. You can make a transformative change in your marketing with small steps. Here are a few strategies I’ve found to be particularly effective:

Keep it simple: Your message should be clear, concise, and easy to understand at a glance. Avoid jargon and complex language that might confuse or turn off your audience.

Be distinct: Stand out from the crowd with eye-catching visuals, catchy slogans, or unique branding elements. You want your business to be the one that sticks in people’s minds long after they’ve scrolled past.Know your audience: Tailor your marketing efforts to resonate with your target audience’s needs, interests, and preferences. The more you understand your audience, the better equipped you’ll be to grab their attention and hold onto it.Be authentic: People crave authenticity in today’s digital age. Be genuine, transparent, and true to your brand values in all of your marketing communications. Authenticity breeds trust, and trust leads to loyal customers.Test and iterate: Don’t be afraid to experiment with different marketing strategies and messages. Do some A/B testing to see what works and what doesn’t, and use that feedback to refine your approach over time.

Remember, the blink test isn’t just about getting people to stop and notice your business – it’s about making a meaningful connection that leads to long-term loyal relationships. So the next time you’re crafting a marketing message, ask yourself, “Would it pass the blink test? Would I buy from me?”. If not, it might be time to go back to the drawing board.

Keep evolving. You’ve got this!
-Mike

PS – Last I saw there was a discount! You can grab a copy of Get Different for you or a friend at Amazon, Barnes & Noble, or any of your favorite booksellers.

Join me on the journey:
Instagram
LinkedIn

The post Marketing to Stop Their Scroll appeared first on Mike Michalowicz.

A Quick Marketing Strategy Guide – With a Twist



Ah, marketing, it’s that marketing has a very real trial-and-error aspect to it.

Yesterday I announced that it was launch day for my new romantic comedy, Love Between the Margins. Didn’t know I’m a fiction writer, now, did you?

When folks clicked on the link for the book, it brought them to an April Fool’s pop-up on my page for the Get Noticed Crash Course. Will this convert? So far so good.

I have two questions for you:

What was your best marketing idea?What was your worst? 

Business owners get these ideas (usually inconveniently in the middle of the night or in the shower) and think, “THIS is it! This will be the idea that my prospective clients and customers won’t be able to resist!”

Yet they do. Many of them do resist. And many of them never even noticed your marketing at all. 

Ouch.

What happened? It was a great idea. You strategized. You didn’t go into it all willy-nilly. So what gives? I mean come on!

Invisibility in your marketplace is killing your business. Maybe slowly, maybe faster, but it’s obviously, well, sucky. Here are just a few simple reasons why you’re invisible and what you can do about it today.

Why they don’t see you

We are cave people: In Get Different I wrote about our innate caveman responses. I mean. Are we humans really made for this much input? I’d argue no, not at all. Think about the first men – they were in survival mode. This means they tuned out noise unless it was something to eat or run away from. Industrialized or not, we’re still wired in the same ways. Remember that your message has to make your prospects see, feel, and act. Lack of consistency and weak messaging: Consistency is key in marketing. If a company’s messaging is inconsistent across different channels or over time, it can confuse consumers and dilute the brand’s identity, making it harder for messages to break through the noise. And, if your marketing message is unclear, bland, or unmemorable, it’s less likely to grab the audience’s attention and make an impact. Poor targeting: Something you must audit in your marketing is your customer. Do you really know who they are, or do you just assume? And, where are your customers? Insert yourself into their worlds such as social media, masterminds, and speaking events.

OK, now what?

Don’t be afraid to edit your marketing strategies and be different. Earlier I asked what your best and worst marketing strategies were. I’ll share mine:

My best marketing idea: One of the best marketing ideas I’ve had, truly, is being different and not being afraid to take a risk on a new tactic. I can’t give away all the secrets (that’s what the Crash Course is for), but one technique stands out. When I was launching my last book we had a lot of social proof. From readers’ testimonials to posts holding the book, it was an ideal way for other people to lend weight to the marketing effort.My worst marketing idea: When we were launching Fix This Next we wanted to draw attention to the book in a new and different way. So we created Drink This Next. I was so excited about it and I did a lot of investigation to try to figure out a hollowed-out book with a flask…and it was a dud. 

What to do.

Know your avatar: Make sure you know who your offering can serve. You may think you know, but take a closer look at what problem your service solves for your customers and clients – that should be your focus.Get personal and be relevant: If a marketing message doesn’t resonate with your target audience or address their specific needs and interests, it’s more likely to be ignored. Your prospective clients and customers are more likely to engage with content that is personally relevant to them.Messaging – be authentic: Strong, compelling messaging that communicates the unique value proposition of a product or service is key to standing out. Think of eye-catching visuals and buzzwords that make your prospect take notice immediately. And, while you’re doing that, maybe avoid the wacky waving inflatable that you see at car dealerships. 

I know. This is a bit to digest and takes some work. I think when many of us started our businesses we were so cash-flow driven that marketing took a back seat. Get that baby in the driver’s seat and make some noise so they can see you!

Wishing you success, health, and wealth.

-Mike

Join me on the journey: 

Last I saw there was a discount! Get Get Different for you or a friend at Amazon , Barnes & Noble , or any of your favorite booksellers.

Are you on TikTok? I am! Meet me there.

Instagram

LinkedIn

The post A Quick Marketing Strategy Guide – With a Twist appeared first on Mike Michalowicz.

No One Sees You – A Quick Marketing Strategy Guide



Ah marketing. If there’s anything we learned from this video, it’s that marketing has a very real trial and error aspect to it (and, that even my butt flex at the end didn’t translate into sales!).

I have two questions for you:

What was your best marketing idea?What was your worst? 

Business owners get these ideas (usually inconveniently in the middle of the night or in the shower) and think, “THIS is it! This will be the idea that my prospective clients and customers won’t be able to resist!”

Yet they do. Many of them do resist. And many of them never even noticed your marketing at all. 

Ouch.

What happened? It was a great idea. You strategized. You didn’t go into it all willy-nilly. So what gives? I mean come on!

Invisibility in your marketplace is killing your buysiness. Maybe slowly, maybe faster, but it’s obviously, well, sucky. Here are just a few simple reasons why you’re invisible and what you can do about it today.

Why they don’t see you

We are cave people: In Get Different I wrote about our innate caveman responses. I mean. Are we humans really made for this much input? I’d argue no, not at all. Think about the first men – they were in survival mode. This means they tuned out noise unless it was something to eat or run away from. Industrialized or not, we’re still wired in the same ways. Remember that your message has to make your prospects see, feel, and act. Lack of consistency and weak messaging: Consistency is key in marketing. If a company’s messaging is inconsistent across different channels or over time, it can confuse consumers and dilute the brand’s identity, making it harder for messages to break through the noise. And, if your marketing message is unclear, bland, or unmemorable, it’s less likely to grab the audience’s attention and make an impact. Poor targeting: Something you must audit in your marketing is your customer. Do you really know who they are, or do you just assume? And, where are your customers? Insert yourself into their worlds such as social media, masterminds, and speaking events.

Ok, now what?

Don’t be afraid to edit your marketing strategies and be different. Earlier I asked what your best and worst marketing strategies were. I’ll share mine:

My best marketing idea: One of the best marketing ideas I’ve had, truly, is being different and not being afraid to take a risk on a new tactic. I can’t give away all the secrets (that’s what the Crash Course is for), but one technique stands out. When I was launching my last book we had a lot of social proof. From readers’ testimonials to posts holding the book, it was an ideal way for other people to lend weight to the marketing effort.My worst marketing idea: When we were launching Fix This Next we wanted to draw attention to the book in a new and different way. So we created Drink This Next. I was so excited about it and I did a lot of investigation to try to figure out a hollowed-out book with a flask…and it was a dud. 

What to do.

Know your avatar: Make sure you know who your offering can serve. You may think you know, but take a closer look at what problem your service solves for your customers and clients – that should be your focus.Get personal and be relevant: If a marketing message doesn’t resonate with your target audience or address their specific needs and interests, it’s more likely to be ignored. Your prospective clients and customers are more likely to engage with content that is personally relevant to them.Messaging – be authentic: Strong, compelling messaging that communicates the unique value proposition of a product or service is key to standing out. Think eye-catching visuals and buszzwords that make your prospect take notice immediately. And, while you’re doing that, maybe avoid the wacky waving inflatable that you see at car dealerships. 

I know. This is a bit to digest and takes some work. I think when many of us started our businesses we were so cash flow driven that marketing took a back seat. Get that baby in the driver seat and make some noise so they can see you!

Wishing you success, health, and wealth.

-Mike

Join me on the journey: 

Last I saw there was a discount! Get Profit First for you or a friend at Amazon , Barnes & Noble , or any of your favorite booksellers.

Are you on TikTok? I am! Meet me there.

Instagram

LinkedIn

The post No One Sees You – A Quick Marketing Strategy Guide appeared first on Mike Michalowicz.

“Profit” Isn’t a Dirty Word – Why You Should Master Profit Distribution vs. Owner’s Compensation



Since writing Profit First, I’ve heard quite a few comments (and eye rolls) over the word, “profit”, itself. This always makes me curious. What’s so bad about making a profit?

Making a profit gets a bad rap. Here’s why:

Misconception about profit: Some individuals might associate profit with greed or exploitation, believing that it comes at the expense of others. This misconception overlooks the fact that profit is essential for the sustainability and growth of businesses.
Negative corporate practices: Instances of unethical business practices, where profit is pursued at the expense of employees, customers, or the environment, can tarnish the reputation of profit-oriented initiatives. I do feel that today, there are more businesses with integrity and truly put good out into the world.Emphasis on social responsibility: In an era where corporate social responsibility and ethical business practices are increasingly valued, some people view profit-centric approaches as incompatible with broader societal well-being.Fear of exploitation: People may fear being taken advantage of by businesses solely focused on profit maximization, leading to skepticism or resistance towards profit-centric strategies.

I get it – and, another way of looking at profit is that it’s essential. You do have to recognize that profit, when earned ethically and responsibly, serves as a vital metric of your business success. It enables reinvestment in the business, job creation, innovation, and ultimately, the ability to make a positive impact on employees, customers, and communities.

Profit is a fundamental aspect of financial management aimed at ensuring the long-term viability and prosperity of your businesses.

Ok, now that’s out of the way. Let’s look at the difference between the owner’s comp and your profit.

Central to the Profit First methodology is the clear distinction between profit distribution and owner’s compensation, a concept that can significantly impact the financial health and longevity of your business.

Profit is non negotiable. It builds wealth for your business.

Profit distribution refers to setting aside a predetermined percentage of revenue for the business’s profit accounts. This allocation is separate from other accounts, such as operating expenses or taxes, and is intended to accumulate over time to build wealth for the business owner. By prioritizing profit distribution, you’ll create a sustainable financial foundation that enables long-term growth and stability.

Here’s the breakdown:
Profit distribution is all about strategically allocating your profits to ensure financial stability, growth, and prosperity for your business.

Celebrate (5-10%): First things first, let’s celebrate! Allocate a percentage of your profits (ideally 5-10%) to your celebration account. This is your opportunity to reward yourself and your team for hitting your profit goals and achieving success.Owner’s reward (30-50%): Next up, let’s talk about owner’s rewards—the fruits of your labor. Allocate a percentage of your profits (typically 30-50%) to your owner’s reward account. This is your chance to pay yourself a well-deserved bonus for your hard work and dedication. Whether it’s investing in yourself, treating yourself to something special, or saving for the future, use your owner’s reward to enjoy the fruits of your labor and fuel your personal growth and prosperity.Reinvest (50-60%): Now, let’s turn our attention to reinvestment—the key to sustainable growth and success. Allocate a percentage of your profits (typically 50-60%) to your reinvestment account. This is your opportunity to reinvest in your business’s future by funding growth initiatives, expanding your team, upgrading equipment, or investing in marketing and innovation.Taxes (15-20%): Ah, taxes. The inevitable reality of business ownership. With Profit First, we take a proactive approach to taxes by allocating a percentage of our profits (typically 15-20%) to our tax account. This ensures that you have the funds set aside to cover your tax obligations and avoid any nasty surprises come tax time.Profit First (5-10%): Last but not least, let’s circle back to profit. In addition to celebrating your success, rewarding yourself, reinvesting in your business, and setting aside funds for taxes, consider implementing a Profit First allocation at regular intervals (e.g., quarterly or annually). This allows you to further bolster your profit reserves and celebrate your success along the way.

When you’ve mastered the management of your cash flow to this degree, you’ll not only sustain a thriving business that generates revenue but also prioritizes profit and personal well-being. And that? That allows you to put even more good into the world.

I am wishing you tremendous success!
-Mike

Join me on the journey: (Are you on TikTok? I am if you want to meet me there.)
Last I saw there was a discount! Get Profit First for you or a friend at Amazon, Barnes & Noble, or any of your favorite booksellers.
Instagram, LinkedIn

The post “Profit” Isn’t a Dirty Word – Why You Should Master Profit Distribution vs. Owner’s Compensation appeared first on Mike Michalowicz.