Podcast Summary
Entrepreneurs pivot and innovate during challenging times: Entrepreneurs in various industries adapt and innovate to overcome challenges, pivoting their businesses to ecommerce, catering to new markets, and embracing creativity.
Entrepreneurs from various industries are adapting and innovating during challenging times. Yasmin, an entrepreneur from Switzerland, shared how she pivoted her eyebrow salon business during the COVID-19 pandemic by building an ecommerce site, which became a significant source of revenue. Matt Henry, the GM of a packaging business in Australia, discussed how their business, traditionally focused on B2B, is rapidly shifting to cater to the growing number of small businesses and individuals in need of packaging. Josh Litzens, an auto dealer in Colorado, also emphasized the importance of innovation and pivoting in business, sharing how he and his partners are growing their dealerships. Overall, the common thread is that entrepreneurs are finding creative ways to overcome challenges and build successful businesses.
Leveraging Personal Brand to Expand Business Reach: Successful businesspeople use their unique story and expertise to build a strong personal brand, expand their reach, and grow their businesses through various means like speaking engagements, books, software companies, and networking with like-minded individuals.
Successful businesspeople are leveraging their personal brand to expand their reach and grow their businesses. From creating a humorous and value-driven caricature of themselves in the car dealership industry, to building a LinkedIn strategy to attract clients and teammates in financial services, to launching into the home services niche and beyond, these individuals are utilizing their personal brand to make a lasting impact. Whether through speaking engagements, books, or software companies, they are all striving to make a difference in their industries and communities. And, as seen in this discussion, they are also supporting each other in their journeys. So, if you're looking to build your personal brand and take your business to the next level, consider joining forces with like-minded individuals and utilizing the power of your unique story and expertise.
Balancing personal brand and business needs: Entrepreneurs can effectively manage their personal brand and multiple businesses by dedicating 60% of resources to the overarching brand, 20% to each business, and maintaining a balanced focus.
Building a personal brand can be a powerful lever for growing a business, but there's a common fear that doing so may make it difficult to detach from the company when it's time to sell or move on. However, history shows that successful entrepreneurs have navigated this issue by maintaining a balanced focus on both their personal brand and the unique needs of each business. This can be visualized as a triangle with 60% of energy, time, and resources dedicated to the overarching brand, and 20% each for the specific businesses and their respective requirements. By maintaining this balance, entrepreneurs can effectively manage both entities and ensure they don't get too far removed from either. This approach is akin to caring for two children – they may have distinct needs, but they are still part of the same family and deserve equal attention and passion.
Balancing Physical and Digital Business Components: Allocate 80% resources to physical business, 20% to branding and marketing, and leverage TikTok for marketing success
Running a successful business in today's world requires a balanced approach between physical and digital components. Gary Vaynerchuk emphasized the importance of having both a direct-to-consumer (DTC) business and a physical presence, such as salons. He suggested allocating a significant portion of resources towards each aspect, with around 80% dedicated to the physical business and 20% to branding and marketing. This approach allows entrepreneurs to be fully engaged in their business while also scaling effectively. In terms of marketing, Gary emphasized the growing importance of TikTok and encouraged businesses to allocate resources towards creating content and tracking sales on the platform. By focusing on measurable results and continuously moving between aspects of the business, entrepreneurs can effectively allocate their time and resources to drive growth.
Creating a unique alter ego for a business: Developing a cartoon mascot and engaging on social media can boost brand recognition and community engagement, leading to increased awareness and long-term benefits.
Creating a unique alter ego or mascot for a business, as Josh did with Chuck Cheatham, can significantly enhance brand recognition and community engagement. This strategy, which includes developing a cartoon version and actively using social media platforms like TikTok, can lead to organic reach and increased awareness. While monetization may not come directly from the content itself, the long-term benefits to the brand can be substantial. Community involvement and local marketing efforts, such as the example given of buffing out a car for a customer, can further strengthen the connection between the business and its audience.
Social media platforms like TikTok are more transactional for car sales: TikTok and other social media platforms offer direct interaction and intent, making them valuable investments for car sales. SEM can generate leads but can be expensive, while OTT social media advertising allows for creative control and direct interaction.
Leveraging social media platforms like TikTok for car sales can be more transactional and effective compared to traditional advertising methods like outdoor billboards or radio. The reason being, when users engage with and share content on social media, they are more likely to click through to a website and make a purchase. For instance, a TikTok user might see a car they like, click the link in the profile, and land on a landing page to make an appointment for consultation. This direct interaction and intent make social media a valuable investment for car sales. Another important point discussed was the debate between Search Engine Marketing (SEM) and Over-The-Top (OTT) social media advertising. While SEM can be effective in generating leads, it can also be expensive, and the majority of clicks might not be directly attributable to your brand. In contrast, OTT social media advertising allows for more creative control and direct interaction with potential customers, making it a worthwhile investment. Lastly, the importance of continuous education and staying updated with the latest best practices in social media advertising was emphasized. It's essential to allocate resources towards learning and implementing the latest strategies to maximize the impact of your social media advertising efforts.
Leveraging podcasts and videos for business growth: Aligning media and creative functions can lead to business improvements, especially in trust-based industries. Creating engaging podcasts and videos for LinkedIn ads can build audience, attract high-profile guests, and generate media coverage. A skilled team is crucial for execution.
Aligning media and creative functions within an organization can lead to significant improvements in business performance. This is particularly important in industries where trust is a key factor. The speaker suggests starting a podcast and producing videos of the episodes for LinkedIn ads as a way to build an audience and attract high-profile guests. By doing this, businesses can create engaging content, build trust with their audience, and potentially secure media coverage. The speaker also emphasizes the importance of having a skilled team to execute this strategy effectively. While there may be challenges in casting the right team or securing guests, the potential benefits far outweigh the costs.
Creating engaging content on social media can lead to potential customers: Investing in free content and social media ads can help expand your network of advisors and attract potential customers.
Creating high-quality content on social media platforms like LinkedIn and TikTok can lead to organic reach and potential customers inquiring about your product or services. You don't need to hard sell yourself but rather tell your story and invite potential team members to join you. Free content can attract a large audience, and investing in advertising can help expand your reach even further. By speaking honestly about your business and inviting listeners to join your team, you can build a nationwide network of advisors and continue providing valuable information to your audience.
Content is key in marketing, especially for local businesses: Consistently create valuable content on underutilized platforms like LinkedIn for local business success
Content is king in marketing, especially for local businesses. Gary Vee emphasized the importance of relevance and consistency in creating content, whether it's on TikTok or LinkedIn. He mentioned that LinkedIn is an underutilized platform for contractor marketing due to its organic reach and ability to target local audiences. Gary also emphasized the need for businesses to put in the reps and create valuable content regularly, as seen in the impact of Martin Luther King Jr.'s speeches. Ultimately, the key to success in marketing is not just having a strategy, but executing it with dedication and consistency.
Consistency and community building in personal branding: Focus on creating valuable content daily, building a community, and maintaining consistency in messaging.
Consistency and building a strong community are key elements in building a successful personal brand. Gary Vaynerchuk, a renowned entrepreneur and media personality, emphasizes the importance of daily content creation and engagement with his audience. He hasn't monetized his audience for a year and instead focuses on building a community. The number one mistake people make in personal branding is trying to transact too soon, so it's essential to figure out what you have to offer the world and put it out there consistently. Gary hasn't had paid speaking engagements yet but hosts his own events, and he's planning to start in-person events starting in September. A listener, Chicago Motivation, expressed his desire to help Gary by asking to join him in interviews and promoting him with the simple message "this is a good man." The key takeaway is to focus on building a community, creating valuable content, and being consistent in your messaging.
Discussing potential collaborations and building platforms: Genuine intent and value are crucial for successful collaborations. Focus on creating and sharing content daily to grow your platform independently.
The power of consistent content creation can lead to significant growth, but it's essential to have good intent and bring value to the audience. During a conversation, Vance and the speaker discussed potential collaborations, with the speaker expressing a desire to help Vance increase his reach. Vance was hesitant due to concerns about motivational speakers monetizing their audiences. The speaker acknowledged these concerns but emphasized the importance of genuine intent and the potential for Vance to build his platform independently. They also discussed the possibility of the speaker providing some assistance, such as tagging Vance in his content or answering questions, to help boost his exposure. Ultimately, the speaker expressed excitement about the potential to help Vance and encouraged him to focus on creating and sharing content every day. The speaker emphasized that he doesn't want to be a gatekeeper to Vance's success but rather a catalyst to help him unlock his potential.
Marketing for software companies: Focus on organic content on the right platforms: To succeed in marketing for a software company, focus on creating strategic organic content for your target audience on platforms like LinkedIn and TikTok, adapting content to each platform's unique features and audience.
Effective marketing for a software company like Sinclair involves understanding the target audience and the specific platforms being used. The failure to do so in the past was due to a lack of clear strategy and the hiring of the wrong people. The speaker suggests focusing on organic content, specifically on platforms like LinkedIn and TikTok, where the audience is more likely to engage. He emphasizes the importance of adapting content to each platform and learning the unique features and slang to maximize reach. The speaker's success comes from a combination of empathy and a deep understanding of both the art and science of marketing. To succeed, Sinclair should invest time and resources into creating strategic organic content for their target audience on the right platforms.
Creating a successful personal brand goes beyond just content: Develop a solid business strategy, leverage multiple platforms, repurpose content, use paid ads, and audit online presence
Building a successful personal brand involves more than just creating great content. Gary Vaynerchuk emphasizes the importance of having a solid business strategy behind the content creation, comparing it to making the best cupcake where the content is the cupcake, and the strategy is the batter that makes it all come together. He also discusses the importance of leveraging different platforms for various products and audiences, and using paid advertising to increase awareness and reach. Vaynerchuk also highlights the value of repurposing content across multiple platforms and using tools like Q&A sessions to create engaging and authentic content. Additionally, he advises auditing one's online presence and ensuring that all elements, including bios and URLs, are strategic and aligned with business goals.
Overcoming Fear for Growth and Success: Push past fear to reach new opportunities, remember everyone feels insecure at times, focus on strengths and delegate tasks, and invest in new platforms despite uncertainty.
Fear can hold us back, but taking action and reaching out to new opportunities can lead to growth and success. The speaker shared his experiences with feeling insecure and scared, from learning new skills to reaching out to industry leaders. He emphasized that everyone has felt this way at some point, and that it's important to remember that we eventually overcome our fears. The speaker also discussed his approach to business, focusing on strengths and delegating tasks to others. He highlighted the importance of investing in new platforms, like TikTok, even when feeling uncertain. Overall, the conversation underscored the importance of pushing past fear and taking action towards goals.
