The REAL Reason Your Business Isn't Growing | Spotify Video Exclusive
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What marketing methods can I use to acquire customers?
Big shit takes time, and I had to learn that. I want you to feel that, because it took me a long time to learn. What I see happen all the time with entrepreneurs, especially when they apply to Acquisition.com, they've got a million dollars in profit, maybe it's the bare minimum for us to consider for investment, and they're like,
Why is patience important for business success?
here's my idea for how I want to expand and how I want your help. I want to start all these new product lines because I've already saturated my market because I'm spending $50,000 in Facebook ads and I can't spend any more than I currently am. Otherwise I lose the profitability of the ads.
How can narrowing down my market increase profits?
So I'm going to start selling more and different offers and add massive complexity to my business that only makes $3 million top line per year. That is a mistake. And in this video, I'm going to walk through why. And the reason this is so important is because many people hit this first plateau and then think, Oh, I should start a new business.
What frameworks can help evaluate my marketing methods?
Oh, I should start a new product line. When really, they need to confront the problem ahead, which is they don't know how to get more customers within their current niche or space. Your market isn't capped. Your mindset is capped. What I'm going to do is break down the three different frameworks I used to think through this so that you are never capped in whatever market you go after. Number one, from the marketing perspective, you have your method, which is the biggest thing you do. It's running paid ads. It's making content. It's doing marketing.
outreach it's getting referrals it's getting affiliates those are the methods that you do to get customers underneath of that you've got the platforms that you do that method on you've got facebook you've got phones email hulu youtube you've got google underneath of that you've got the media on the platform so if i'm on instagram i can go instagram dms i can go instagram stories i can go instagram posts i can go instagram reels i have all these different media within the platform
How can I effectively expand my market?
One level below that is how much volume am I doing within that media? Am I posting one story a day, one story a week, multiple stories a day, multiple posts a day?
So like that chiropractor agency, if there are a hundred other agencies that market to chiropractors and they're all marketing on Facebook, then you could probably add up all of the ad spend of every one of those agencies together. And that just gives you an idea of how much there is available in terms of numbered new clients per month that all of them together are selling just on Facebook ads. Rewind real quick. If you're trying to pick what market you're gonna go in, I talk about this in my book, 100 Million Dollar Offers. There's four things I wanna look at. Number one, are they in pain? Am I actually solving a problem for someone? Number two, are they easy to find?
What factors should I consider when choosing a market?
Because if I can't find them, I can't sell them, right? Number three, do they have the money to spend in order to buy my thing? Because if I'm trying to sell to broke people, it's probably not gonna be a good idea. Number four, Are they growing? I don't want to be selling to newspapers. I want to be selling to something like old people that there's more of them every single day that are retiring. If I have a market that checks all four of those boxes, then I know I'm at least in a good opportunity. Now, once I have that in place and I looked at the four variables that I talked about earlier, Can I do a new method? Can I do it on a new platform? Can I expand to multiple types of media within the platform I'm currently on?
Can I increase the volume that I'm currently doing in the mediums that I have? These are the things you could do immediately to get more customers, get more leads today. Let's say you've capped all of those things, which is probably not true. But let's say you did because we're going into fantasy land here. i'm going to introduce you to what i call the pyramid of markets there are five directions that you can go in any marketplace to expand i'll tell you a story of when i learned this i went to this meetup of eight entrepreneurs together we were doing 500 million dollars a year in revenue this was like a multi-billion dollar room which is kind of cool and i was one of the smallest guys there i think i was doing 30-ish million a year at the time and they were talking about their businesses i was like these guys aren't smarter than me and i didn't feel like they worked any harder than me
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Chapters
8 chapters
1
What marketing methods can I use to acquire customers?
0:00–0:15
2
Why is patience important for business success?
0:15–0:26
3
How can narrowing down my market increase profits?
0:26–0:41
4
What frameworks can help evaluate my marketing methods?
0:41–1:30
5
How can I effectively expand my market?
1:30–2:09
6
What factors should I consider when choosing a market?
2:09–3:25
7
What are the five directions to expand in any marketplace?
3:25–3:44
8
How can I implement immediate strategies to get more leads?
3:44–8:03