Podcast Summary
Embrace content marketing for modern online financial services: Niche financial brands can differentiate themselves and stand out from competitors by providing valuable content to potential customers before pitching services or products, leading to increased profitability and a more engaged customer base.
To become a modern online financial services brand, niche businesses need to move beyond commodity-based thinking and embrace content marketing. This means providing valuable content to potential customers before pitching services or products. Older businesses, especially those in the financial services industry, often rely on traditional marketing methods and may not be as modern or responsive to changing consumer behavior. By focusing on content marketing and building goodwill with potential customers, niche brands can differentiate themselves and stand out from competitors. This shift in thinking can lead to increased profitability and a more engaged customer base. Additionally, it's important to remember that the world has changed, and younger generations have grown up with instant access to information and digital communication. By adapting to these trends, niche brands can tap into a massive opportunity and stay competitive in the modern marketplace.
Differentiating from Commodity-Based Businesses: To survive and thrive in business, niche brands and financial services should offer unique services and experiences, avoiding price wars and becoming commodity-based.
In today's business landscape, it's essential for niche brands and financial services to move beyond being just commodity-based, price-driven businesses. Instead, they should aim to add extra value by offering services and experiences that don't have a price ceiling. This approach can help differentiate businesses from competitors and prevent entering into a race to the bottom with price wars. The airline industry is an example of an industry where this has occurred. To avoid becoming a commodity, businesses should disrupt and rethink their industries, create new services, and embrace online business models. The speaker shares his experience of having to pivot his business during the lockdown by launching online courses and generating significant revenue. This hybrid approach can lead to survival, thriving, or even dying in the current business climate. Businesses that refuse to adapt and look for new solutions risk being left behind.
Innovate and disrupt during economic uncertainty: Instead of competing on price, entrepreneurs can innovate, create hybrid industries, focus on quality and value, find unique niches, offer exclusivity, bespoke services, and add-on value to stand out and grow businesses.
During times of disruption and economic uncertainty, instead of competing on price and getting caught up in industry myopia, entrepreneurs have the opportunity to innovate and disrupt the status quo. This can be achieved by creating a hybrid of different industries, focusing on quality and value instead of price, or finding unique niches. Exclusivity, bespoke services, and add-on value are ways to increase margins and stand out from the competition. Communicating regularly with clients to understand their changing needs and providing new solutions within your area of expertise can also help grow your business. As the example of a hairdresser charging thousands for a haircut or Patek Philippe's expensive watches shows, there's always demand for high-end, bespoke products and services, even in seemingly commoditized industries.
Embracing modern marketing channels for success: Build a personal brand through content, consistency, channels, community, celebrity, courage, and critics to leverage social media and pay-per-click ads for dynamic feedback and cost-effective results, ultimately leading to cash flow.
In order to thrive in today's business landscape, it's crucial for companies and individuals to evolve, adapt, and leverage non-traditional marketing channels like social media and pay-per-click ads. The speaker emphasized the importance of building a personal brand through content, consistency, channels, community, celebrity, courage, and critics, which ultimately leads to cash flow. Traditional marketing methods like print, radio, and TV come with significant costs and lack the dynamic, intuitive feedback that social media and pay-per-click ads offer. By not embracing these modern marketing techniques, businesses risk being left behind and disrupted. The speaker's own success story, as the owner of Progressive Property and Progressive Success, serves as a testament to this philosophy.
Creating valuable content builds a personal brand: Creating and sharing valuable content organically grows a personal brand, reaching and impacting audiences, generating leads, and providing long-term benefits.
Creating valuable content is key to building a vast personal brand. According to Rob Moore, content marketing allows you to build goodwill, reach, exposure, impact, and generate leads. It can be created as and when or batched, and can be repurposed across various platforms. While paid ads can speed up the buying process, content marketing provides organic growth and long-term benefits. Moore emphasizes that starting to create and share valuable content is the first step towards building a strong personal brand. He encourages flexibility and smart repurposing of content to maximize reach and impact.
Providing valuable content for free builds trust and goodwill: Offering free content builds trust, establishes expertise, and strengthens relationships with audience.
Providing valuable content for free can help build trust and goodwill with potential clients, ultimately leading to more business and higher lifetime value. Traditional financial services professionals who only offer consultations and want to sell their services right away are missing out on opportunities to engage with their audience and establish themselves as experts in their field. Content creation, such as podcasts, videos, and social media postsings, can reach a larger and more diverse audience than traditional media, making it an effective strategy for startups, entrepreneurs, and small businesses. By offering exclusive content and advanced notices or discounts to supporters, businesses can also build a deeper community and strengthen their relationships with their audience.
Consistently creating and delivering high-quality content across multiple channels builds trust and generates income.: Consistently producing content builds trust and momentum, while diversifying marketing channels can reach a wider audience and reduce reliance on one source.
Creating and consistently delivering high-quality content through various channels is key to building trust, growing an audience, and generating multiple streams of income. Rob, who runs a successful support program for entrepreneurs, emphasizes the importance of consistency and leveraging multiple marketing channels to reach and engage with a larger audience. He believes that the gap between free and paid content is widening, and that for a few dollars a month, supporters can access the best content on business, entrepreneurship, and more. Consistently producing content, whether it's a podcast, YouTube videos, or written articles, helps build trust and momentum, and can lead to compounding growth. Additionally, diversifying marketing channels can help reach a wider audience and reduce reliance on any one source of leads or income.
Building a strong community and personal brand: Creating deep connections, becoming a thought leader, and having courage can help businesses thrive during uncertain times by building a loyal following
Building a strong community and personal brand are essential for businesses, especially during uncertain times when traditional lead sources may be disrupted. A community is more than just a collection of leads or clients; it's a group of people who trust, have goodwill towards, and are loyal to your brand. Creating a community involves caring for your followers, offering them extra value, and building deep connections. Building a personal brand, or becoming a "celebrity" in your industry, can help you stand out and become the go-to person in your niche. This can be achieved through consistent content creation, embracing new media channels, and building relationships with influencers and other industry experts. Courage is also important for building a successful business. It takes courage to put yourself out there, create content, and build relationships. By being authentic and consistent in your messaging, you can build a strong personal brand and community that will help you weather any storms that come your way. In summary, focusing on community, personal brand, and courage can help businesses thrive, especially during uncertain times when traditional lead sources may be disrupted. By building deep connections with your audience, becoming a thought leader in your industry, and having the courage to put yourself out there, you can create a loyal following and build a successful business.
Putting yourself out there requires courage: Embrace criticism, start small, and engage in meaningful debates to boost engagement and growth
Putting yourself out there, whether through live streams, podcasts, or videos, requires courage. However, the definition of courage goes beyond just being loose and flippant. It's about having the conviction and volition to put yourself out there, risking criticism and potential backlash. In the financial services sector or for introverts, this can be particularly challenging due to regulations and fear of criticism. But, starting small with bite-sized content and building confidence over time is a viable solution. Critics may seem like a negative, but they are necessary for growth, accountability, and improvement. Embrace them and engage in meaningful debates to boost engagement and algorithms' favor.
Embrace criticism and build a community to succeed in niche financial branding: Focus on offering unique solutions, positioning as an expert, embracing criticism, and utilizing multiple channels to reach leads and income.
Building a successful niche brand in the financial services industry involves more than just consistent content and multiple channels. It's about building a community, celebrating yourself, and embracing critics to ultimately lead to cash flow. The concept of fair exchange is crucial, where value meets the right price, rather than being price-based. To increase your value and price, focus on offering unique solutions to industry problems and positioning yourself as an expert through content marketing and personal branding. Embrace the trolling and criticism as part of the game, and use various channels like social media, podcasts, and public speaking to reach multiple streams of leads and income.
Fair exchange: Gratitude and value in business: Focus on value, fair exchange, and leverage to create sustainable and scalable wealth in business.
Fair exchange is a crucial concept in business where both the consumer and producer feel grateful for the value received and given respectively. Fair exchange goes beyond just price and focuses on perceived value. The producer should aim for a fair sustainable profit margin, while the consumer should demand good value. Imbalance in this exchange can lead to unfair situations, either overpricing or undercharging. To increase fees, one must first add value. Positioning and targeting the right clients who value service over price is essential. My wealth formula, value plus fair exchange times leverage, defines wealth. By focusing on value, fair exchange, and leverage, businesses can create sustainable and scalable wealth.
Focus on delivering value, fair exchange, and increasing leverage for sustained wealth: Delivering value, ensuring fair exchange, and increasing leverage are key to building and sustaining wealth. Failure to do so can lead to financial losses or increased overheads.
Having good value, fair exchange, and increased leverage are essential for building and sustaining wealth. Businesses that fail to provide value or have an unfair exchange can lead to financial losses, even if they've gone viral or scaled up. On the other hand, businesses with poor value and unhappy clients can lead to increased overheads and complaints. Therefore, it's crucial to focus on delivering value, ensuring fair exchange, and increasing leverage to achieve continued, compounded, and sustainable wealth. You can learn more about these principles from Rob Moore's podcast, "The Disruptive Entrepreneur," and his books "Life Leverage" and "Money: Master the Game." Rob is active on various social media channels, including Facebook and YouTube, where he shares daily insights and tips.