Mike Michalowicz's Blog, page 35

Attracting Customers Part II – How to Find Out Who Your Customers Are

So you’ve taken the dive and gotten different in your marketing. Your company has commanded attention from your prospects. Now, how will you keep that attention and win their business?

Attracting is the second key phase in The D.A.D. Method. In Part I of Attracting Customers, I introduced the importance of attracting your customers and engaging them, keeping their attention. I even shared some attractor influencers. This concept is solid, but we need to dig deeper so you can ensure your marketing attracts customer engagement – for good. You in? Awesome.

Hold up. Before you go devising a new marketing strategy, I want you to do a quick exercise for me.

Right now, jot down exactly who your customer is.

Now, write down what would attract them to your offering.

It’s possible you’re not completely clear on these components. Here’s the deal. Your marketing is going to stink if you don’t know exactly who your customer is. Sure, you can be different and you can probably attract them. But for how long? Long enough to get them to that next step of signing up? Nope. They’ll move on to the next shiny object because your message didn’t speak to them personally. Ouch.

There’s a lot of talk about knowing your customer avatar – or your customer profile. People respond to what speaks to their identity, and we are attracted to images and messages that affirm that identity and who we are. Read that last sentence again, because this is the sweet spot. Once you identify your customer, their pain points, and how your offering can serve their needs, you will be able to engage them in your marketing long enough for them to become your next customer. Probably for good.

I can’t identify your customer for you. Your offering is likely different from mine. I will share that sure, we check reports and data to see how our marketing is performing. However, I like to go a little next level (I bet you knew that) so I often survey my customers and have a call to action in my books to create a path of communication. We receive personal responses to these invitations and people share their stories and exactly what their needs are. From there I am able to tailor our offering, and our marketing strategies naturally begin to speak to the identity of our customers. 

The word marketing can get a bad rap. So as you are upgrading your marketing plan, make sure that what you’re really doing is responding to what you hear potential customers need. Listening to those needs will allow you to steer your offering, and therefore marketing, in an authentic and integral way. And that’s something that will win every time.

-Mike

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Want to Find the Best Entrepreneurial Mindset Hack? Find the Kid in You



I bet your check your accounts daily. But do you check your head?

It’s been said that 95% of your business success relies on a healthy mindset. 95%! Each day, we are faced with challenges. You’re a business owner, dangit! You’re a powerhouse. Your business didn’t build itself overnight. I get it. But. In the spirit of keeping it real, let’s admit this: No matter how positive and productive you are, no matter how much you do ALL the things, the walls will start to close in from time to time (#normal!). Your confidence can be shaken, and because you’re human, you could use a mindset hack to stay positive and aligned with your business goals.

Search “business mindset” online and you will find mindset hacks from doing the hardest thing first to journaling. But there’s one we hadn’t seen yet that works.

Here’s a mindset hack for entrepreneurs that will get you grounded when you’re losing your grip:

1. Find a childhood photo of you
2. Now ask yourself, what do you want for that child?

Any light bulbs going off? Are you living the life you’d want for that kid in the photo? How’s your self talk? Are you treating yourself the way you would want that child treated? I know. Deep. But stick with me.

We have a fast paced office. Ideas are flying. Changes are happening. We’re all in, and we love it. We’re a pretty healthy bunch, physically and mentally. We have decent self awareness and if you ask us, we’ll say our mindsets are usually in check. But we’re also human, so from time to time we need to reign ourselves in. Something our Pres, Kelsey, conjured up, was to collect some of our childhood photos. This project was eye opening. It was also mostly hilarious, because naturally we offered up highly embarrassing photos to get the laugh (watch this to see one of my better looks).

This exercise was also highly cathartic. For any Type A perfectionist folks who work here, it’s easy to lose confidence if we feel our expectations are farther out of reach than we thought.

By nature, people want to perform well. And, by nature, people tend to be hard on themselves when they don’t. If you start to feel derailed, look at that childhood photo of yourself. What would you tell that kid? Is how you’re leading your life now good enough for that child?

If it’s not good enough for that kid, then it’s not good enough for you. BOOM.

Sometimes the person standing in your way the most – is you. So keep visual reminders nearby, so you can tune into your positive mindset and move more confidently through your day.

<You’ve got this.

I mean it!

-Mike

For more mindset hacks, check out The Confidence Course for tools to crystalize your entrepreneurial vision.

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Marketing to Attract Customers – Part I



Your marketing needs some demo followed by some solid remodelling. How do I know? Because it’s true for every business.

The world and the economy are always evolving. Heck, we’re evolving. At least I hope. It’s not the same world it was when you started your business (even if it’s new). Your clients and future prospects are going to have new needs and concerns and you need to be ready to serve them.

The D.A.D. Method is the cornerstone to my next book, Get Different. I’ve already been on my soapbox about the first element, which is, you guessed it, about getting different in your marketing. Do you have that down pat? Feeling confident? Then it’s on to the next step: attracting your customers. For good.

Once your marketing is different and getting noticed, you must engage and attract your audience. Attraction is what holds that attention you garnered from being different. Now, you can show a shiny object and get attention, but that’s not the same as attracting. At least not successfully. Successful attraction engages your prospects for the long term. The Attract stage of the D.A.D. marketing method is designed to hold your prospect’s attention, and dominate that attention in your industry or niche. 

Most importantly, you need to understand what resonates best with your audience. It’s of utmost importance to know who your customer is. You want to 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.

After years of research, I can say that gimmicks and talking without doing the walk only work for the short term. How will you keep customers engaged in your marketing?

The biggest component of attracting your customers is to establish attraction influencers (no, not social media influencers though there’s a similar idea here). Attraction influencers are the key attributes your business needs to attract and influence your audience for the long term. Let’s dive in to some of them: 

Authority – First, you want to be sure that your customers see you as the authority in your niche. This increases their trust in you, because they see you as the expert that can serve them best. And, it’s human nature that people want to be associated with the top dog.Trust – Speaking of trust, if you are already a trusted source in your field, people will already have established confidence in you. Repetition – Here is an interesting fact: The more something is repeated, the more likely it will ring true for people. So if you know your offering is life changing, yell it from the rooftops. Over and over. Social significance – Even the most humble of people want to feel they’re doing something important to serve their community (business or otherwise). Some prospects will be attracted to the idea of being elevated through association with you and/or your service.Alignment – Alignment validates us. When we relate to something, we are more likely to want to stay connected in that space. Letting your customers know your priorities are aligned with theirs creates familiarity and comfort.

Which of these influencing strategies are the best fit for what you know about your audience? That’s your secret sauce, right there. I cannot wait to hear what happens when you implement some of these!

I am wishing you tremendous success!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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Mike’s Likes – Some of the Best Business Books

Confession.

I have an essential oil diffuser. I mean. Look at this thing. It makes me feel international. And my office smells amazing. My team loves it too. A little extra for ambiance can really set the tone in your office and home. Or as it may be, home office.

On to books. I’m sure you know we have derivatives of my books. The latest business books that have come out are going to serve their industries and communities – and elevate the game.

I’m thrilled to share that Profit First for Minority Business Enterprises by Susanne Mariga was released this week. If you own a MBE, or if you know an entrepreneur who is of color, this is (in my humble opinion) one of the best written business books of the year. Susanne, who is a CPA, certified Profit First Professional (at the Mastery Level), and a Black American, shares Profit First strategies specifically enhanced to meet the unique experiences and business demands for people of color. If this speaks to you, I invite you to check it out. Or if you do business with vendors, clients, etc. who would benefit from this book, I think it is a powerful gift.

Another awesome derivative that was released this week? Profit First for Dentists by Barbara Stackhouse & Drew Hinirchs. The launch hosted by Barb and Drew for this book was nothing short of remarkable – and all virtually! They shared some wisdom and wise words too. So here are my wise words: If you’re a dentist, this business book will bring permanent profit to your business. If you are not a dentist, this is an extraordinary gift to give to your dentist. Could you imagine your dentist struggling with profit, worrying about the need for more clients, as they drilled away at your teeth? No thanks. I want my dentist to be profitable and focused. This book delivers on it!

Launch, by Jeff Walker, is a cannot miss. Jeff Walker is the godfather of the process! If you haven’t read Launch, get it now. Whether you have an established business or not, you will always be in the planning phase of next steps. Launch will give you a roadmap to your success.
“The title of this book, LAUNCH, is uniquely appropriate because Jeff Walker is the pioneer innovator of online marketing launches, as well as the online marketing industry’s foremost teacher. The careers of thousands of successful online entrepreneurs have already been launched by Jeff’s extraordinarily practical concepts, structures, strategies, tools, and processes. LAUNCH is a must read for all marketers—the go-to handbook for making money selling anything on the Internet.” —Dan Sullivan, President and Founder of The Strategic Coach

I hope these resources serve you (or someone you know) in your entrepreneurial journey. As always, I am wishing you tremendous success!

-Mike

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Don’t Be Afraid to Get Different -Your Marketing Will Flourish

You need to get different marketing and you need it now. It’s your company’s first impression, so it must stand out so that qualified prospects are drawn to you. For good.

The only surefire way to do this? Get different. Otherwise, you’re not going to get noticed.

The human mind is designed for efficiency, and to spend as little energy as possible. We reserve energy only for the unknown, and then quickly qualify it as a threat or an opportunity. We’ve been designed like this since we were cavemen. Now, it’s a different type of survival your company needs to focus on.

There are hundreds of messages in front of us every day, most of which go ignored. How does your company’s message cut through the never ending static?

You have to differentiate yourself from your competition. It’s certainly not the first time you’ve heard me say it and it won’t be the last, because it’s just that true. (I’ve been saying this for almost a decade.)

When you are different, you get noticed. And that’s how you out market your competition, and position yourself as the industry authority.

I’ve shared The D.A.D Method before, which stands for Differentiate, Attract and Direct. It’s the simple method to outthink, outperform and out deliver your competition.Those are the three key components of successful marketing. The first one, differentiate? This is where I see most entrepreneurs getting stuck. Why? Because:

Getting different is scary – Different is something that no one else in that room does. It is remarkable. It is noticeable. And it is scary. It better be scary, otherwise everyone else will do it.

You think getting different will be isolating – As humans we tend to think that if we are the same, there is more togetherness. If we are different, we will be alone.

Get different – but in one strong area – Pick the one thing. A suit with a single rose on the lapel may be enough. Or a yellow tux. But you don’t need to wear different underwear. Just the one thing that people will see and recognize.

Get different, but be authentic – This will be your secret sauce. Because no matter what you pick to be known for, no one is buying in if you’re not being yourself. Different is attractive when it is true to who you are. Be different in a way that amplifies an existing behavior of yours. When messaging your community, be it via social media, blogs or email, be sure to always use your voice and your sincerity, because that’s what people want from you – you.

Forget about feeling vulnerable, or worried about the risk of someone not liking your “different”. The world is starving for something authentic and different to come through the static. People need you show them something real that resonates and serves them. So give them that.

Be that different offering that can improve people’s lives or businesses. I know you can.

You’ve got this!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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Let’s Bust Another Profit First Myth

Here’s a friendly reminder from your buddy, Mike:

Profit First is not an accounting system. Many people think that it is, and they get protective. “I don’t want to change my accounting system! It’s mine!”

There, there. You can keep your accounting system, because Profit First is a cash management tool.

I’ve mentioned before that this tool will help you manage and channel your financial behavior. It’s incredibly empowering.

You don’t have to change your behaviors. You just have to leverage them.

For instance – Many entrepreneurs try to force themselves to become better at accounting and to become more disciplined in their fiscal management by pure willpower. But just like a muscle, willpower can be drained. And in a moment of financial stress or bigger than expected expenses the entrepreneur will break their own fiscal rules and spend the money they have.

The Profit First principle does not try to change your habits (that is nearly impossible to do). Profit First works with your existing habits. By first allocating money to different accounts, and then removing the temptation to “borrow” from yourself, your business will become fiscally strong and you will benefit from regular profit distributions.

Fiscally strong. Sounds good, right? That’s what following the Profit First system will do for you. I can’t wait to hear about your success!

You’ve got this!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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Mike’s Likes – Essential Books on Being an Entrepreneur from Yanik Silver and Dorie Clark

I’ve got some awesome additions for that toolkit of yours! These two books are essential reads in your entrepreneurial journey.

But enough about you. Let’s talk about my shoes. Yay? Nay? I mostly get the thumbs up. Point is, it’s good to have something that makes you stand out. It doesn’t have to be a crazy signature look, but just enough that you don’t look bananas. (It’s a delicate balance. Cool shoes or clown shoes?)”

Back to some awesome resources I know you’ll love. You’ve heard me talk about Yanik Silver and his influence on me when I first started on my journey of authorship. Well his book, Evolved Enterprise, continues to amaze and inspire me and my view of entrepreneurship. As we’ve discussed a lot lately, the face of the world is changing, and so must our businesses. In Evolved Enterprise, Yanik nails home that we as entrepreneurs need to focus on our businesses having a mission that has an impact on the world. Without it, our business won’t be sustainable. It’s not just about the cash flow. You need a mission to serve the world in order to create revenue for the long term. Reimagine your business. Serve society.
“I believe there is a shift going on, and I predict that businesses without a core IMPACT will be at a competitive disadvantage in 4-7 years (or less)” – Yanik Silver

Next up – my friend Dorie Clark. I am such a big fan of her books. In Entrepreneurial You, Dory also discusses how the face of business is changing. I cannot think of a more appropriate book for the times we are experiencing right now. It will serve you if you are just starting out, or are a seasoned business owner who needs to reinvent your game (which, by the way, you should always be doing!) This is a blueprint for entrepreneurship. You will get insights and advice on building your brand, monetizing your expertise, and extending your reach and impact online. This book will be your hands-on guide to building a portfolio of revenue streams, both traditional and online, so that you can liberate yourself financially and shape your own career destiny.
“In business, we learn how to leverage an organization’s assets to continually drive shareholder value until it becomes second nature. What Dorie Clark has done in her recent book, Entrepreneurial You is bridge what we instinctively learned about growing a business into how to practically apply it to ourselves to drive personal success…amazing!”
– Steven Rice, Chief Human Resources Officer, Bill & Melinda Gates Foundation

When we set out to become an entrepreneur, we have dreams of changing the world. Make these books a part of your repertoire for understanding entrepreneurship, and make your impact on the world.

Mike

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Profit First Myths about Profit Distribution

“I can take my profit distribution anytime, even early!”

Nah.

Look, I get it. Profit First works for you and now you know there will be a profit distribution. So why not take it when you need it?

Because! Profit First is a system you need to follow to break old financial habits and create new healthy ones. Do you eat cake because you might go to the gym next week? (If the answer is yes, I won’t scold you but really dude? How’s that working out for you?)

Taking your profit distribution early hurts the behavioral aspect. Profit First is a behavioral management system. It manages cash flow while working with our own embedded behaviors. The 90 day rhythm is one of the key elements to the system. It builds that profit strength, and momentum in your business.

As money accumulates in your profit account, it builds anticipation and the fortitude to wait for the payout. Most of all, waiting forces you to use what cash is truly available to you and your business.

That is when you’ve truly mastered Profit First, young Jedi.

I am wishing you tremendous success!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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Profit First Myths –

“I can take my profit distribution anytime, even early!”

Nah.

Look, I get it. Profit First works for you and now you know there will be a profit distribution. So why not take it when you need it?

Because! Profit First is a system you need to follow to break old financial habits and create new healthy ones. Do you eat cake because you might go to the gym next week? (If the answer is yes, I won’t scold you but really dude? How’s that working out for you?)

Taking your profit distribution early hurts the behavioral aspect. Profit First is a behavioral management system. It manages cash flow while working with our own embedded behaviors. The 90 day rhythm is one of the key elements to the system. It builds that profit strength, and momentum in your business.

As money accumulates in your profit account, it builds anticipation and the fortitude to wait for the payout. Most of all, waiting forces you to use what cash is truly available to you and your business.

That is when you’ve truly mastered Profit First, young Jedi.

I am wishing you tremendous success!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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The Behind the Scenes Recap – The Best Company Culture

In this video the team and I discuss my recent podcast interview with Paul Holland and what we took away from it. We also, as usual, do some fun trivia.

Paul Holland is a talented speaker, educator and coach. A principal of Solomon Coyle, Paul focuses on sales performance, financial growth, strategic planning and leadership development. He has deep experience in the dealer, manufacturer and consulting arenas and made an interesting connection between office furniture sales, the future of workspace, and the economy. Here’s something to consider: Where the furniture goes, so go the jobs!

How, when, and where people work is changing. Paul helped us unpack and discuss the future of work and workspace, and how the new work environments will be focused on people, effectiveness and safety. Listen In!

This podcast got us brainstorming about our own workspace and culture in this recap. When the pandemic began, all companies had to make some immediate changes – from safety, to technology, to culture. Our company quickly switched to working virtually for months, and luckily, most of us were already set up for that change. We use Google Drive so can pretty much work from anywhere. We have shared files and systems, and were able to maintain our meeting scheduled via Zoom.

But now, things are changing again. We have a small office, and we’ve been back in it while maintaining Covid safety standards. But what about larger companies?

More and more companies are looking at the effectiveness of their work environments. And when making decisions about how they will move forward, workspace and culture will be two of the top determinants of their success. In person, or virtual work, there are benefits to each. Especially now that the pandemic is winding down, we have seen an increase in flexibility in work hours and location.

There are benefits to hybrid, in person and virtual work. Some employees like working at home and feel they can get more accomplished there without interruptions. Some employees feel they rather be in the office, and feel they miss out on what’s happening in their periphery. While we recognize that not all companies are built for these options, it is becoming increasingly common. Will it stay that way?

Whatever a company decides, it needs to be congruent with their services. For us, a flexible hybrid model works best. And, we have found that through strong leadership and the systems we have in place, we have been able to enhance our company culture both in and out of our traditional workspace. Here’s how:

I talk a lot about company culture in our new leadership course, All In. This culture needs to be authentic to who you are as a company. We’ve seen companies with foosball tables, gyms, and meals brought in. What does that even represent? While this is meant to be cool and fun, a lot of employees see it as a red flag – that management would rather see them at work, than develop autonomy in their job along with real, healthy, work/life balance.

To develop and maintain a truly authentic workplace culture, you need a leader to walk the walk of the company mission. She or he must be sincere, and care about employees. You also need these key elements:

Shared vision – Every company has a mission. But is everyone on board? To get employees enthusiastic about the company mission, be sure each one knows how they add value toward that mission. And, create goals that help them work toward accomplishing tasks that benefit the mission. This way your employees feel their valuable time and energy they give your company is meaningful.

It’s important to remember that each individual employee has their own goals in life as well. In light of this, we like to create times during our meetings and retreats to discuss our personal objectives, and have found that our culture has strengthened through this. And, since we have quarterly profit sharing, we often work even harder, so we can get those quarterly bonuses up and support the needs and dreams of our staff. It’s a clear win win!

Communication – We love our meetings. But, we make sure they are never a waste of time by following a short agenda in which everyone gets an opportunity to share their accomplishments, road blocks, goals for the day/week, as well as a personal update. Knowing what’s on everyone’s plate has bolstered our company culture – and performance, ten-fold. We all know what the other is working on, and have a clear vision how all of our pieces fit together to serve our mission. And, I can’t remember a time when, if someone feels jammed up, the team didn’t rise to the occasion and ask to pitch in.

That’s the kind of culture you want. That’s the kind of culture that will elevate your business no matter where you’re working.

Remember, authentic workplace culture starts with you, the leader. Lead your business into massive success. I am rooting for you!

-Mike

PS – We’ve got some powerful courses for you so you can permanently implement change and make your business unstoppable. Check them out here.

PSS Like free stuff? Check out the free resources

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