Podcast Summary
Focus on core feature and critical scale before adding new features: Startups should prioritize user acquisition and engagement before adding new features to avoid complications and lack of traction. Build relationships with potential customers through social media and direct messaging, and approach management with value instead of pushiness.
When starting a business, it's essential to focus on the core feature and achieving critical scale before adding new features. The mistake many entrepreneurs make is trying to add features too early, which can lead to complications and a lack of traction. Instead, they should prioritize getting as many users as possible on the platform and engaging with them regularly. A simple and effective way to grow a business is by building relationships with potential customers through social media and direct messaging. For instance, following every bartender in the country on Instagram and engaging with them once they follow back can be an effective strategy. Additionally, when approaching management about implementing the business's services, it's important to avoid coming off as pushy and instead focus on the value it can bring to the table. By following this approach, entrepreneurs can effectively scale their business and avoid common pitfalls.
Building a community for a new app in service industry: Focus on providing value and building relationships with individuals and establishments in the service industry through targeted ads, Discord channel, and NFT project. Be authentic and differentiate from competitors.
Building a community for a new app or project in the service industry requires a multi-pronged approach. This means targeting both individuals in the industry, such as servers and hairdressers, and the establishments that employ them. Small business owners may be hesitant to adopt new technology, so it's essential to be prepared for resistance and focus on the value the app provides. One effective way to build this community could be through a Discord channel and targeted ads towards individuals in the service industry. Additionally, integrating an NFT project could help generate interest and provide educational resources. It's crucial to remember that giving value and building relationships should be the priority, rather than manipulation or hard selling. Success may not come right away, but starting with larger establishments that have more servers could increase the potential impact. Ultimately, being authentic and providing value in content creation can help differentiate the app from competitors and build a loyal following.
Focusing on providing value to communities and building genuine relationships: Growing a brand or business through value and relationships is more effective than constant selling. Engage with communities, be authentic, and stand out with your unique selling proposition.
Providing value to your community and building genuine relationships is more effective for growing a brand or business than constantly trying to sell or convert. Gary Vaynerchuk shared his experience of focusing on giving value through content, even if it doesn't directly lead to sales, and how it has led to opportunities and relationships. He recommends engaging with communities, such as local businesses or social media groups, by commenting and becoming an active member. The right hook, or unique selling proposition, should be clearly stated in your bio. While some may find certain topics, like tipping or car sales, unappealing, focusing on depth and authenticity in your engagement can help you stand out and build a loyal following. It's important to remember that growth takes time and effort, and the most successful strategies often involve putting in the work to build genuine connections.
Marketing Landscape Changes: Focus on Art and Branding on TikTok and Mascots: Embrace change, be open to new ideas, and consider using mascots on TikTok to scale personal brands and reach a wider audience.
The marketing landscape has drastically changed, and businesses need to adapt by focusing on art and branding, particularly on TikTok and the potential use of mascots. The speaker shared his personal experience of dealing with the collapse of his top-of-funnel and the struggle to repair it due to various factors including COVID-19 and Apple's iOS 14 updates. He emphasized the importance of being open to new ideas and reinventing oneself in the face of change. The speaker also highlighted the potential of mascots in scaling personal brands and reaching a wider audience, drawing parallels to the success of mascots in traditional media like television. He encouraged the audience to consider the concept of creating and scaling a mascot on TikTok.
Creating a strong personal brand or business brand can benefit each other: Building a memorable brand can coexist with digital marketing and provide value, but it also puts you in a vulnerable position. Balancing both sides effectively is crucial for success.
Building a strong personal brand or a "zombie brand" for your business can coexist and benefit each other. While creating a mascot or a memorable brand may seem less technical compared to digital sales and funnels, it holds significant value. Brands like Ronald McDonald, Captain Crunch, and Scooby Doo prove that people still remember them despite changes in digital marketing. However, creating a brand also puts you in a vulnerable position, as seen with Apple's impact on Facebook and Google. Building a successful two-way marketplace, like a hub for athletes and brands, is an incredibly challenging task due to the need to balance both sides effectively. The key is to create stickiness by ensuring both sides have enough value in concurrency. It's essential to understand the importance of branding, even in the face of constantly evolving digital marketing trends.
Unique problem solving and distinct solutions: Focus on serving SMBs and niche markets, embrace new technologies, and provide unique value to stand out from competition.
Identifying a unique problem to solve and providing a distinct solution is crucial for business success. The example given was Quibi, a failed short-form content platform that overspent on production despite YouTube already existing and fulfilling the same need. Instead, businesses should focus on serving small and medium-sized enterprises (SMBs) and niche markets, as they are more likely to engage and value the offered services. Additionally, embracing new technologies like web 3.0 can bring innovative improvements to customer support and engagement. The conversation also touched upon the potential of virtual reality (VR) in customer support, although it may still be years away from being a viable product. Overall, the key takeaway is to focus on providing value in unique ways and staying adaptable to technological advancements.
Timing is key in adopting new technologies and strategies: Understand market landscape, be an industry leader, and exercise patience when adopting new technologies or trends.
Timing is crucial when it comes to implementing new technologies or business strategies, especially when considering potential buyers or investors. The speaker emphasizes that B2C markets will likely adopt new technologies before B2B markets, and being an industry leader in technology can provide leverage in acquisitions. In the customer experience space, transparency in data through technologies like blockchain and NFTs are expected to be game-changers, providing subtle but significant improvements in customer service. However, the speaker cautions that scalable consumer execution is still several years away, and the current NFT market is largely driven by speculation and greed. When deciding to invest in a new technology or trend, it's essential to understand the current market landscape and the gap between hype and actual implementation. The speaker's personal experience with Bitcoin serves as an example of the importance of patience and thorough research before making a move.
Stay focused on your vision and provide value to attract clients: Find your passion, stay focused on your vision, and provide value for free to build trust and establish credibility with potential clients.
Finding a niche you're passionate about and turning it into a business can be successful, but it's important to stay focused on your vision and not get distracted. Scott discussed his experience with TikTok's call center opportunity and how he's leveraging his podcast, "Advice From A Call Center Geek," to keep engaged with his audience. However, he acknowledged the need to align his vision with his business goals, which led him to create a group coaching program called "Market Domination." When creating content to attract clients, Scott emphasized the importance of listening and providing value for free to build trust and establish credibility. He also shared his past mistake of ignoring advice and building an agency against it, but eventually pivoted to monetize his knowledge and expertise. Overall, the key takeaway is to find your passion, stay focused on your vision, and provide value to attract clients.
Consistently authentic content across social media: Maintain consistency and authenticity in content strategy by engaging directly with audience, staying informed, and sharing unique perspective
Consistency and authenticity are key in building a successful content strategy across various social media platforms. Even if you're starting small, regularly hosting a weekly Q&A show about marketing can help you understand your audience's needs and create contextually creative content tailored to each platform. Authenticity is important, but it can be challenging to maintain when consuming a large amount of content. Focusing on direct engagement with your audience and staying informed about current trends can help ensure your content remains authentic and resonates with your followers. Additionally, don't be afraid to share your unique perspective and experiences, as they can provide valuable insights for your audience.
Importance of focusing on process over numbers: Maintain a good relationship with numbers, prioritize growth and improvement, and use intuition, pattern recognition, and active listening in business.
Focusing too much on arbitrary numbers for business goals can lead to mistakes and potentially derail progress. Instead, maintaining a good relationship with the numbers and keeping the process of growth and improvement as the primary focus is key to success. The speaker shared his experience of scaling a business from a monthly recurring revenue of zero to $160,000 in just 8 months, and emphasized the importance of intuition, pattern recognition, and active listening in business. He also recommended scaling Q&A sessions and sharing knowledge on LinkedIn to reach a wider audience and improve engagement with the algorithm. While having ambitious goals is important, it's crucial not to let those numbers become an unhealthy obsession that dictates decision-making.
Expanding into new verticals for growth: Focusing on multiple verticals can lead to exponential growth but requires careful planning and resources. Consider the company's goals, resources, and appetite for risk before expanding.
Expanding into various verticals, such as service industries, cannabis, and more, can lead to significant growth for a business. However, this approach requires careful consideration and resources. Focusing on all verticals at once may result in being less profitable each year, but it could also lead to exponential growth if the company is willing to reinvest profits into hiring more people and expanding. In the case of agencies, they can be an easy target for partnerships but require a strategic approach to ensure a mutually beneficial relationship. The cannabis space is seen as a high-growth opportunity due to its unique nature and the current market trends. Ultimately, the decision to expand into various verticals depends on the company's resources, appetite for risk, and long-term goals.
Reinvesting profits, unconventional marketing, and strategic partnerships: Investing profits back into a business, trying unconventional marketing strategies, and forming strategic partnerships can help fuel growth and success.
When it comes to growing a business, it's important to reinvest profits back into the company rather than taking them out. This can help the business grow faster and potentially attract strategic partners. Funding can also be beneficial if it comes from the right partner, who can provide resources or access to new markets. Unconventional marketing strategies, such as using influencers for direct mail campaigns, can also be effective. In the world of SaaS, it's important to keep costs low and offer free trials or low-cost executions for acquisition. And sometimes, being the underdog or the "crazy guy" in a business can lead to unexpected success. As the founder of a $4.2 billion company learned, it's often the unconventional approach that pays off in the end.
From small business to success story: The power of marketing: Investing in marketing expertise can significantly grow a business, even for those with limited resources. Marketing is the most important variable for business success.
Being bold and investing in marketing are key drivers for business growth. The speaker shares his personal journey from a small car dealership to a successful business, emphasizing the importance of taking risks and being strategic in marketing efforts. He advises young entrepreneurs to prioritize hiring a marketing expert to help grow their business, as marketing knowledge is a valuable commodity. Despite having the financial resources to hire a full team, the speaker believes that one expert can make a significant impact. He also shares his belief that marketing is the most important variable in business success, surpassing the importance of financial management.
Leveraging TikTok for Used Car Businesses: To succeed on TikTok and other social media platforms, used car businesses need to invest in learning digital marketing or hire skilled professionals, effectively judge and delegate tasks, and understand the nuances of the industry to set themselves apart and drive growth.
TikTok presents a significant opportunity for businesses, especially those in the used car industry, to gain visibility and attract talent. However, the competition for talent in digital marketing is fierce, and the stigma surrounding used car dealerships can make hiring challenging. To make the most of TikTok and other social media platforms, business leaders need to invest time and resources into learning the ins and outs of digital marketing themselves or hire skilled professionals. The ability to effectively judge and delegate tasks is crucial to success. While there are free resources available, a dedicated investment of time and money could lead to greater returns. Ultimately, being the expert in your field and understanding the nuances of digital marketing can set your business apart and drive growth.
Learning from Experimentation: Patience and Calculated Risks: Embrace experimentation and learning, even with potential risks, to discover unexpected successes on platforms like TikTok. Be patient, allow content to reach a wider audience, and assess performance over an extended period.
Experimentation and learning are essential parts of marketing, but they come with risks. Agents who invest real money in new strategies, such as Facebook Blueprint or creating organic TikTok content for a company, may experience losses before seeing any returns. However, it's crucial not to shy away from learning opportunities. Instead, businesses can encourage their employees to create content, even if they're not experts, and give them time to improve. TikTok, in particular, offers unique potential for discovering unexpected successes. Ultimately, the key is to be patient, allow content to reach a wider audience, and assess its performance over an extended period before making judgments. Remember, the most successful content may come from the least expected sources. So, embrace the learning process, take calculated risks, and let the results speak for themselves.
