Podcast Summary
Staying agile and innovative in a changing economy: Adapt to hybrid models, observe, orient, decide, and act quickly to navigate economic uncertainty and thrive in the new economy
In the face of economic uncertainty and the ongoing impact of the coronavirus crisis, being creative and adaptable is key to generating income. While some businesses went into fight or flight mode during the quarantine, freezing businesses suffered the most. As we move forward, hybrid models that incorporate online sales and social distancing measures are becoming the norm. Businesses that can pivot to these models will have a better chance of survival and profitability. Craig and Pedro encourage entrepreneurs to observe, orient, decide, and act quickly to navigate the changing economic landscape. By staying agile and innovative, businesses can not only survive but thrive in the new economy.
Fitness Industry Adapts to New Normal with Smaller Classes and Increased Costs: Fitness businesses are implementing smaller class sizes, increased cleaning protocols, and higher fees to adapt to the pandemic, resulting in lower revenue in the short term.
The fitness industry, like many others, is adapting to the new normal with changes such as smaller group sizes, increased cleaning protocols, and higher costs. Fit Body Boot Camp is implementing 8 by 8 square training areas to reduce the number of clients and equipment used at once. Gyms are also shifting to a reserved, sanitized model with fewer clients and higher fees. These adjustments mean increased labor costs for cleaning and fewer clients per class, resulting in lower revenue for fitness businesses in the short term. Similarly, high-end restaurants, like Chop House, are expanding their offerings to include food delivery and potentially alcohol sales to adapt to the current situation. These changes will continue to evolve as the industry navigates the challenges of the pandemic.
Adapting to new revenue streams in uncertain times: During challenging times, businesses can innovate and pivot to generate new revenue streams, as seen in the restaurant industry's sale of alcohol and renting out kitchens. Being open to new ideas and learning from other industries can lead to successful business pivots.
Businesses are adapting to the current situation by finding new ways to generate revenue. For instance, restaurants are now allowed to sell alcohol directly and are renting out their kitchens as ghost or cloud kitchens to other food businesses for delivery. This innovation is similar to the period of World War 2, where significant advancements were made due to necessity. As a business coach, I've seen firsthand the importance of being open to new ideas and learning from other industries. In fact, I've had over 500 clients go through my coaching programs, providing insights into various businesses. One such lesson was the importance of innovation and pivoting during challenging times. By applying these lessons to my own business, I was able to create a successful coaching program that generated significant revenue. So, even in uncertain times, there are opportunities for growth and innovation.
Understanding ability vs willingness to pay: Discovering clients' true objections can lead to offering alternative pricing options and eventually upselling premium packages.
Understanding the difference between a prospect's ability to pay and their willingness to pay is crucial in business. During a period when the speaker's franchise business saw a significant drop in leads, he pivoted to offer a more affordable coaching program. He discovered that the objection of not being able to afford the higher price was not about not having the funds but about not wanting to part with them. By offering a lower-priced alternative, he was able to attract clients and eventually upsell some of them to his premium coaching package. This strategy not only helped him weather the business downturn but also provided value to his clients by helping them find hidden sources of revenue.
Using KLT and RIA to convert potential clients: Effectively using KLT and RIA can help businesses convert potential clients into high-value customers and generate substantial revenue. Prove value through KLT, deliver results in advance, and use copywriting techniques like AIDA to grab attention, generate interest, increase desire, and encourage action.
Building a strong know, like, and trust (KLT) factor with potential clients, followed by delivering results in advance (RIA), can lead to significant sales and revenue growth. The speaker shared his experience of converting 9 out of 21 people who initially couldn't afford his $50,000 offer, into high-value clients, by first proving the value of his services through KLT and RIA. He also emphasized the importance of using effective copywriting techniques, such as the AIDA formula, to grab attention, generate interest, increase desire, and encourage action from potential clients. The speaker's unconventional approach of using a blunt, attention-grabbing post on Instagram, resulted in a high volume of direct messages and qualified leads. Overall, the combination of KLT, RIA, and AIDA can help businesses convert potential clients into high-value customers and generate substantial revenue.
Providing valuable content consistently attracts larger, more specific audiences: Consistently delivering valuable content in various formats attracts larger audiences and leads to increased revenue by targeting specific sub-niches
Providing valuable content consistently and in various formats can help attract and engage a larger and more specific audience, leading to increased leads and opportunities within a niche market. Using the analogy of sitcoms and commercials, the speaker emphasized the importance of delivering 2/3rds content and 1/3rd promotion in emails and social media posts. By increasing the frequency of offers, while ensuring that content comes first, the speaker was able to target more specific sub-niches within their audience and ultimately generate more revenue.
Adapting to marketing platform changes for business growth: Staying agile and focusing on effective strategies can lead to significant business growth. Adapt to platform changes and engage with quality leads for successful client acquisitions.
Being adaptable to changes in marketing platforms and focusing on what works can lead to significant business growth. The speaker, Pedro, shares how they had to shift their strategy due to Instagram changes and found success on LinkedIn instead. Now, they create content for both platforms, using LinkedIn topics for Instagram and reaching out to engaged viewers for follow-up calls. The speaker emphasizes the importance of not being afraid to offend or trying new things, as they have seen increased revenue through repeating successful strategies. Another key takeaway is the importance of lead qualification. After noticing poor fit and no-shows, they changed their LinkedIn approach to a two-call system, resulting in better quality leads and successful client acquisitions. Overall, staying agile and focusing on what drives results can lead to valuable business opportunities.
Increase your chances of generating leads and income by expanding your presence across various platforms and channels: Being creative and committed in exploring new strategies, even if unconventional, can lead to significant growth for entrepreneurs. Adaptability and willingness to explore new income streams can set successful entrepreneurs apart.
Expanding your presence across various platforms and channels can significantly increase your chances of generating leads and income. This is similar to having more fishing poles in different lakes – the more you put out, the higher the likelihood of catching fish. The speaker emphasizes the importance of being creative and committed in exploring different strategies, even if they may seem unconventional or unfamiliar. He also highlights the example of Fit Body Boot Camp franchise owners, who have shown varying degrees of success in adapting to new income streams during challenging times. Ultimately, the gap between knowledge and action is what sets successful entrepreneurs apart, and being willing to explore new avenues can lead to significant growth.
Confidence and competency loop: Focus on building competency and anticipating opportunities to boost confidence and succeed
Building confidence and competency go hand in hand. Confidence comes from keeping promises to yourself and increasing your competency through constant trying and learning from failures. The more competent you feel, the more confident you become. This "confidence competency loop" is crucial for action takers. As for opportunities, even in challenging times like the current pandemic, look for potential problems that may arise and find ways to address them. For instance, with the upcoming increase in colds and flus due to lockdowns and fear, consider creating a solution to boost immune systems. By focusing on competency and anticipating opportunities, you can increase your confidence and succeed in various areas.
Identifying and addressing unique challenges can lead to innovative solutions: Stay informed about current situations, identify emerging needs, and offer creative solutions to be at the forefront of your industry.
Identifying and addressing the unique challenges presented by current situations can lead to innovative solutions and opportunities for monetization. The speakers discussed how the pandemic has led to an increased demand for wellness products, and they created a solution by producing wellness shot packets. Similarly, in other industries, identifying and addressing the needs and desires that have emerged during the pandemic, such as the longing for live events, can lead to successful business ventures. The pandemic has also provided a crash course in entrepreneurship and leadership for many. So, think creatively about the problems caused by the current situation and consider how you can provide a solution. As Craig mentioned, "what is this quarantine causing, and what is people gonna wanna do next?" By staying informed and being the first to offer a solution, you can be at the forefront of the industry. Additionally, being authentic and engaging with your audience on social media can also help build a strong following.
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