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ProfitLayer with Timothy Dick - Business building explored layer by layer.
54 minutes | Sep 8, 2020
EP24: Sales with Temple Naylor
On this episode, Tim talks to Temple Naylor about sales. Resources: https://www.facebook.com/templenaylor https://www.facebook.com/groups/recordsalesmonths/ Connect With Tim: https://linkedin.com/in/timothydick http://twitter.com/timothydick Ads Management by Tim & Team: https://www.profitlayer.com
34 minutes | Sep 1, 2020
EP23: Scaling and Culture with Taylor Welch
On this episode, Tim talks to Taylor Welch from Traffic and Funnels and Wealth Cap Holdings about rapidly scaling a business, building culture and aligning your team. Resources: Traffic & Funnels - https://trafficandfunnels.com Traffic & Funnels Packaging Blueprint: https://rcl.ink/dvK Traffic & Funnels Ads to Clients Bundle: https://rcl.ink/dvh Connect With Tim: https://linkedin.com/in/timothydick http://twitter.com/timothydick Ads management by Tim & Team: https://www.profitlayer.com
18 minutes | Jul 6, 2020
ProfitLayer Podcast Season 2 Preview
We're back! On this episode, Timothy Dick shares a preview of what's coming for season 2 of the ProfitLayer podcast. This season, we'll be sharing experiences and lessons learned in a turbulent 4th quarter and some of the unique situations Tim found himself in during that time. We'll also be sharing how experiences and lessons while successfully navigating the pandemic in the first quarter of 2020 and how we're thriving now. Finally, we have a great guest lineup that we'll be bringing on to get their perspectives and learn from their experiences. Thank you for listening! Resources: ProfitLayer: https://www.profitlayer.com Timothy Dick: Connect with Tim on LinkedIn: https://linkedin.com/in/timothydick or reach out at https://timothydick.com
4 minutes | Aug 19, 2019
EP22: Maximum Achievability and Maximum Maintainability
On this episode, Nic Peterson shares a simple but profound and often overlooked concept that should absolutely be applied to your life and business. "The number one thing that all repeat achievers and high impact business owners understand: Your maximum achievability is not your maximum maintainability. The greats optimize for the latter." - Nic Peterson Work with ProfitLayer: To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com. If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us! Resources: MasteryMode: https://masterymode.com Velocity Method Course: https://unicorncourse.com/ ProfitLayer Group: https://www.profitlayer.com/group
11 minutes | Aug 7, 2019
EP21: Social Proof and Testimonial Sequencing
Testimonials, reviews and social proof are very important. On this episode, we talk about the importance of sequence and collecting testimonials for the entire user journey and not just from clients at their finish line. We learned about this from Justin and Michelle Demers of SocialProofClub and encourage everyone to join Justin live for free training on this in our group each week and to check out the SocialProofClub course. Work with ProfitLayer: To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com. If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us! Resources: SocialProofClub - https://www.socialproofclub.com ProfitLayer Group: https://www.profitlayer.com/group
49 minutes | Jul 24, 2019
EP20: The Power and Importance of Messaging
Messaging expert Sani Nielsen talks with Tim about the power and importance of messaging. “All marketing is messaging, but not all messaging is marketing.”Sani Nielsen (5:32-5:36) Learn More Learn more about Sani at http://www.saninielsen.com or find her in our free Facebook group every Monday for ProfitLayer's Messaging Mondays at https://profitlayer.com/group. If you would like more information about Timothy Dick or ProfitLayer, visit https://www.ProfitLayer.com. --- Messaging Course Sani just released an amazing new digital course called Minimize the Message Gap and is offering all ProfitLayer listeners a $50 discount. For all ProfitLayer listeners, Sani is giving us a special discount code for anyone who wants to jump in and learn how to identify and extract your ideal client’s own words to use in your messaging. Enter the discount code: PROFITLAYER for $50 off the regular price! https://saninielsen.com/MinimizeTheGap Learn how to increase your message “connection” and “impact” by identifying and using your ideal client's OWN WORDS. This program is six video modules and worksheets to help you identify who you want to serve, how you want to serve them, and where to go to find and extract the EXACT words they use to describe their problems, pain points, and the emotions involved at each stage of the client journey. --- If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
5 minutes | Jul 10, 2019
EP19: Two Types of People
“A business needs two types of people to achieve a mass scale without everything going all crazy - the starter and the scaler.”Timothy Dick (00:55-1:20) There are two archetypes necessary to scale a business to a high seven or eight figures. While it’s possible to build a business to a certain point with only one type - whether that’s one person or multiple people of one type - to achieve mass scale without the overwhelm and headache, a business needs both types. Type One: The Starter Most entrepreneurs and visionaries are Starters who have created things that never existed before. Starters do a lot of “ready, fire, aim.” They’re involved in market sell. They test, test, test. But after a while, entropy sets in. While testing and trying a million new things, a Starter can be in danger of losing control on the backend of the business. Type Two: The Scaler A Scaler (or Operator ) is typically either a CEO or COO who manhandles the day-to-day operations of the business. Because they’re addressing the nitty-gritty details on a daily basis, they’re able to make tiny little tweaks that move the business forward. “The Scaler has the ability to just make a little tweak and make end-over-end growth. But they need the momentum that the Starter is creating.” -Nic Peterson (3:11-3:21)The Benefits of Having Both Types When an entrepreneur who is a Starter wants to double their business, they have to create twice as much stuff and do double the work On the other hand, while a Scaler has the ability to make one little tweak and create end-over-end growth, they lack the momentum that the Starter creates. I’ve gone it alone multiple times. I’ve had five companies that reached high six or seven figures. But I eventually wanted to burn them all down because I was trying to play both roles and hated doing the things that a Scaler does. After accepting my position as a Starter and operating only in that role while my business partner operates as a Scaler, I now love what I do. Our business and revenue grew, my responsibilities decreased, the headaches left, and I sleep better. It’s the best decision I’ve ever made to just play the role of a Starter and allow someone else to be the Scaler. “I could be a Scaler. I have the ability to learn that. But it would come at the expense of my strength.” - Nic Peterson (3:34-3:41)Know Which You Are The best thing you can do right now is to determine if you are a Starter or a Scaler. Which one is your strength? If you’ve started your own business, it doesn’t necessarily mean that you’re a Starter. You could potentially be an Operator/Scaler. Do you like to ready, fire, aim? Do you like to create and test stuff? Then you might be a Starter. Or do you prefer maintaining a slow, methodical control of the business as you grow it bigger? If so, there’s a good chance you're a Scaler. Determine which is your strength and then start building around that. You Don’t Have to Have a Partner While it’s necessary that you have both of these archetypes in your business, you don’t have to have a partner. If you’re a Starter, you could hire a COO. That’s exactly what ProfitLayer does for people. We act as the Scaler role. Or, for those who are already Operators, we can act as the Starter role. If you’d like to learn more about this, join our free group, or if you’d like to talk to Nic directly, you can schedule a free call here or here. If you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
11 minutes | Jul 9, 2019
EP18: Your Marketing Budget
“You can't scale your winning ad campaign in a linear straight line. You have to be methodical about it.”Timothy Dick (9:51-10:00) Managing your marketing budget is essential to getting the most out of your campaigns and remaining profitable along the way. The algorithms used by Google, Facebook, and other platforms give today’s businesses the power to reach their target audiences and convert them into paying customers. But these algorithms are complex, and there’s a common mistake that businesses make when their ads are doing well. Thinking you can scale your marketing in a linear fashion can cause you to lose money and get worse results from the same campaign. “Facebook, Google, and other platforms have complex algorithms behind them. There are many variables that go into how your ad is shown, the cost per click, and who sees it.” - Timothy Dick (0:53-1:21) There are many variables that determine how your ads are shown. A Facebook pixel can have more than 150,000 variables that have to be analyzed to determine who sees your ad and who doesn’t. Increasing your budget doesn't necessarily mean your returns will scale proportionately. These algorithms ensure that your best ads are shown to online users who are interested in your product or service. This makes your marketing messages relevant to users and maximizes the return you get on your ad spending. The Biggest Mistake Businesses Are Making With Their Marketing Budget But most business owners make the mistake of thinking they can scale their advertising in a linear way. If a business is getting $11 back on every $1 they spend, they assume that spending ten times that much will yield ten times the return. But it doesn’t work that way. Algorithms take time to learn how to present your ads in the most profitable ways. The results you get from an ad are specific to that campaign. Throwing more money into it won’t necessarily mean you get the same results. In fact, it can reset the algorithm in a way that forces it to re-learn how to achieve results with new parameters. These algorithms typically search for the lowest hanging fruit based on your budget and target market. That’s why a successful campaign may slow down or stop producing the same results over time, even when you don’t change anything. It becomes more expensive and less effective. Making a drastic change to the budget gives the algorithm more money to work with. But it will look at more variables and different combinations, which can confuse the algorithm and hurt your results. More importantly, you may not be able to scale back and get the same results you once were when you started. The Right Way to Scale Your Marketing So rather than increase the size of a campaign’s budget, you can get better results by creating multiple campaigns and leaving the existing one alone. You can duplicate your campaign based on the results you’ve achieved and create a new budget. This process is repeatable and more likely to deliver consistent results. You leverage what the algorithm has already learned, and you can incrementally increase your budget to scale results. Increasing the size of your original campaign can force the algorithm to go from looking for something that’s one out of 500 to something that’s one out of 10,000. That’s going to be a lot harder to do compared to looking for a one in 500 across multiple campaigns. “Advertising algorithms are really good for maximizing your return. But you have to know how to work with the algorithms and give them time to do what they need to do.” - Timothy Dick (1:47-2:20)Knowing how to scale your marketing campaigns helps you achieve consistent and predictable results. Trying to scale linearly is one of the biggest mistakes you can make. When you understand the variables involved in how algorithms work, you can see that it pays off to duplicate your campaigns and scale incrementally rather than just multiply the size of your original campaign. Taking a methodical approach like this will keep your campaigns profitable and grow your business faster. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
10 minutes | Jun 28, 2019
EP17: The Trichotomy of Returns with Nic Peterson
“One of the keys to becoming wildly more productive is understanding the concept of the trichotomy of returns.”Nic Peterson (2:49 - 2:54) Learn to be efficient with your resources as your business grows. When your business starts growing, your decisions become more critical. Ideally, you want to minimize your input for a specific return. To make decisions that enable you to maximize your output, you need to grasp the concept of the Trichotomy of Returns. “When making a decision, you have to decide if the expected return is worth your time, and how it affects your business overall.” - Nic Peterson (5:53 - 5:59) Everything you do should go into three different buckets, depending on the return you’re expecting, and the amount of work or resources you think it will entail. The three buckets in the Trichotomy of Returns. Disproportionate Returns - The things you do where the returns aren’t proportionate to the resources. The output can be either favorable or unfavorable. Maybe you put in twice the work and get four times the returns. Or you could 10x your investment and only get marginal benefits. An example of a favorable return is working overtime beyond a certain point. Your hourly return is disproportionately higher when compared to your benefit each regular hour. Proportionate Returns - This is where your results scale proportionately according to the effort or investment you put in. A good example is the case of an hourly employee. If you work double the hours, you’ll make twice the money (barring any overtime, of course). Proportionate returns rarely happen in business. If you double your ad spend, very seldom will your revenue double precisely. Binary Returns - This one is simple. You either get a result, or you don’t. It’s like a light switch. If you switch it on, you’ll have light. If you hit the switch harder, you’re not going to have more light. It becomes problematic in business when the switch is already on, but we keep pushing harder because we aren’t getting more in return. This is typically also where we have the most room to save time money and energy. “The concept of trichotomy of returns is really something to think about because if you put it into practice and apply it to your decisions, you really are going to be a lot more productive.” - Timothy Dick (7:52 - 8:06) If you can learn to discern between which bucket your decision falls into, you’re going to become a lot more productive. Remember, unfavorable returns are still returns, and it’s your job to decide if those results are the best use of your resources. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
16 minutes | Jun 12, 2019
EP16: Exclusions and Negative Targeting
“We talk so much about targeting what you want. But you need to go a little further and add a layer of what you don’t want or doesn’t make sense.”Timothy Dick (11:51-12:10) Exclusion and negative targeting are strategies that business owners often overlook when trying to grow and scale. But they can influence the results you achieve on any online ad platform you’re using to get the highest return on your ad spending. It takes time to figure out who you want to target with their messages with any advertising network or campaign. Targeting lets you determine who will see your ad and where you want them to appear. Common strategies include the use of customer lists and lookalike audiences. “You don’t want video ads showing up in gaming apps. You’re interrupting someone, and the odds of them looking at your offer is very low.” - Timothy Dick (3:23-3:51) Traditional targeting strategies can give businesses the results they need. But marketers may find that the costs of their ad campaigns are still too high. Exclusions and negative targeting can help trim the fat off your ad spending. Best of all, these features exist on almost all of the major ad networks available today. Facebook lookalike campaigns let you create groups that are similar to an existing group you’ve marketed to in the past. But you can use this same feature to create a group of non-buyers that you negatively target. This essentially tells Facebook, “Don’t show my ads to this group.” Being more specific in your targeting can allow you to exclude certain users based on factors such as: Apps Category Age group Genres Desktop vs. Mobile Devices Wi-Fi vs. Cellular Connection Ads that appear in gaming apps interrupt players, making it less likely that they’ll stop to look at your offer. For brick and mortar businesses, displaying ads in locations that aren’t relative to their target audience results in advertising to a larger audience than they can serve. Combine Targeting With Negative Targeting and Exclusion The best approach to combining both targeting and negative targeting is to target people in your area while also adding a negative targeting function that excludes users in other locations. Negative targeting prevents a user who lives in your target area from seeing your ad if they’re somewhere else. It doesn’t make sense for them to see your ad when they’re not in the location where they can take action. “Excluding the opposite of the audience you want enhances your targeting results.” - Timothy Dick (8:17-8:24) Most of the ad networks can display your ad in as many places that meet the criteria you’ve given them. But many default to including your ad in campaigns that reach people outside of those you want to target. It’s up to marketers to understand when those defaults are in place so they can disable them. Context Matters in Online Advertising and Targeting Online users are in different states of mind depending on the platform they’re on. Instagram and Facebook users may be standing in line somewhere scrolling through their feeds. Someone searching on Google may be actively looking for a product or service like yours, so they’re more likely to learn about your offer. Exclusion and negative targeting work best when you understand the context of the ad networks you choose and identify who you want to see your ads and who you should leave out. When you optimize your advertising and exclude specific targets, you prevent unnecessary wasting of limited advertising dollars. Negative targeting and exclusion strategies trim the fat off your marketing campaigns. Your marketing becomes more efficient, cost-effective, and reliable, leading to consistent results that grow your business. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
42 minutes | Jun 5, 2019
EP15: Mental Health in Business
“Mindset and mental health are key layers in business. If your mind isn’t in the right place, and you’re not able to work through the issues that come up, it’s going to affect your business.”Timothy Dick (3:15-3:45) Mental health challenges can range from mild bouts of stress to crippling anxiety or depression. These and other mental health challenges affect people from all walks of life, educational backgrounds, and levels of success. “No matter how successful the business is, you can still run into issues if you don’t watch out for the signs of burnout.” - Timothy Dick (6:02-6:38)A growing number of entrepreneurs are opening up about the struggles they've had related to mental health. No matter how successful their businesses may be or how many resources they have available, they suffer the same problems everyone else faces. That's why it's important to look out for signs of burnout or destructive thinking. Getting Help With the Ups and Downs of Business There's a belief that if you're not "grinding" and "hustling" 24 hours a day and giving 150% then you're not doing it right. But this belief is just plain wrong, and entrepreneurs are becoming more aware of their own mental wellbeing and the need to care for others around them. Entrepreneurs don't always take advantage of the support they have available to them. It can be lonely at the top, and if you're struggling with burnout, depression, anxiety, ADHD, or substance abuse, then you need to get help. The people in your life will respect the fact that you're getting the help you need. “Anyone handling many things will deal with mental fatigue and use a lot of mental and cognitive energy. It’s okay to get help.” - Timothy Dick (40:40-41:08)Entrepreneurs at Risk for Mental Health Challenges Entrepreneurs face unique pressures that can contribute to mental health challenges. Stress levels are high, and business owners can struggle to unplug and disconnect from work when they should. It's estimated that 72% of entrepreneurs are affected by mental health issues. National health statistics show that these individuals are: 2x more likely to have depression 6x more likely to have ADHD 3x more likely to struggle with substance abuse 10x more likely to have bipolar disorder 2x more likely have some psychiatric hospitalization in their lifetime 2x more likely to have suicidal thoughts in their lifetime Today’s entrepreneurs are managing information and people, planning business strategies, and other cognitive-heavy mental labor. The physical health risks of the past may be lower, but new mental health risks are on the rise. Giving Yourself and Others Mental Health Support Mental health awareness can lead to a healthy environment at work and at home. Reach out to a mental health professional if you think it can be helpful. Some mental health challenges can be easily addressed, but others may require more extensive support. The following are some valuable resources that can help entrepreneurs overcome and prevent mental health challenges: Free Entrepreneur Group MindFix - Erin Pheil Malorie Nicole ClearMind Group ClearMind Free Challenge ClearMind Course Everyone gets overwhelmed in business. But surrounding yourself with the right people and resources will support your goals and position you for lasting success in everything you do. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
5 minutes | May 29, 2019
EP14: What is Broken in My Business?
“Sometimes things do work and we still say they don’t work. We need to identify what ‘working’ is.”Nic Peterson (1:28-1:36) There’s a big trap that many entrepreneurs fall into. They could be bringing in millions of dollars in revenue while wasting countless hours, money, and energy trying to fix things that are “broken” in their business. But what they think is broken, may not actually be broken. The same is true for entrepreneurs who are just starting out, which keeps them from gaining the traction and growth they need. We need to identify what “working” really looks like. How is it that a business owner bringing in a 5x return can still feel like things aren’t working for them? One of the biggest reasons could be that they’re trying to run someone else’s race. They look at other entrepreneurs who have podcasts, YouTube channels, and other business assets and think they should have all those things, too. “Just because somebody else has something you don’t… does not mean things are broken.” - Nic Peterson (2:52-3:00) But you can’t compare your business (or yourself) to others. Your business isn’t broken just because someone else has what you don’t. Yet, many entrepreneurs try to solve problems that don’t actually exist. This is common among Type-A entrepreneurs and anyone with a tendency to always operate in problem-solving mode. Step 1: Is there even a problem? The first thing you need to do is explore whether you have broken components in your business. Acknowledge those things that ARE working in case you’re looking at them as if they’re not. “When something is broken, make sure it’s broken first and then fix it.” - Nic Peterson (4:55-5:00) Step 2: What is the problem? The problem of not having what someone else has might be a sign of a more fundamental issue. Maybe you’re not able to fulfill your promises at scale. Maybe you don’t have the assets that others do because you don’t have the capacity for them yet. Once you decide if you have a problem and you identify what the problem is, you can remove the limiting factor and eliminate that problem. You can then identify the next limiting factor and remove that. This process keeps you from getting stuck on the hamster wheel of solving problems that aren’t there. Taking the time to ask, “Is it broken?” forces you to see what really is broken so you can then solve it. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. You can learn more about Nic and the strategies he uses to grow and scale businesses by visiting VelocityClass.com or book a call at VelocityCall.com.If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
8 minutes | May 15, 2019
EP13: Why Systematizing Usually Fails
“When you have momentum and your business is growing, stopping everything to build systems for things that don’t matter right now is the worst thing to do.”Nic Peterson (2:56-3:10) Building systems into your business saves you time and money. Systems let you automate repeated tasks at every stage of your sales process, which makes your daily operations more efficient and improves the experience of customers. But systematizing can hurt businesses when it’s done the wrong way. Most businesses focus on a “market then sell” approach that generates the revenue they’re after but leaves them overwhelmed when it’s time to fulfill those sales. So they try to build systems that alleviate the pain of fulfillment but end up wasting time, money, and other limited resources. “Systemize things. But do it in the right order because you have a finite amount of time, energy, and bandwidth.” - Nic Peterson (6:02-6:08)Most of the people who teach business owners how to systematize their operations have never actually grown a business themselves. So they either focus too much on systems or on marketing instead of understanding how the two work together. This has created two flawed business approaches. Market and sell, only to drown in the fulfillment process and piss off your customers when you don’t deliver. Create systems for problems that don’t exist yet and kill your growth momentum in the process. There’s a Better Way to Scale Your Business Entrepreneurs work hard to establish and build momentum. But when you stop everything to create systems for things that aren’t important right now, you pull yourself away from the things that actually lead to growth and increased revenue. Once you lose momentum, you’re dead in the water. There’s a better way to scale your business. Sit down and identify the limiting factors that are slowing down growth. Maybe your onboarding process takes too long, preventing you from selling more. Whatever the limiting factor is, that’s where you should spend your time as an organization. Address the problem by systematizing and optimizing a solution so you never have to address it again. “Build systems and operations for everything at the right time so you always have momentum. You grow by building systems as you remove the limiting factors.” - Nic Peterson (5:06-5:31)Find the next limiting factor to growth. Focus on that and do the same. This approach lets you build systems and operating procedures for the things that impact your growth without losing momentum. Your business grows as you develop its systems rather than repeatedly stopping your growth. Creating systems in order of importance makes more sense than trying to systematize everything. It doesn’t work to create and learn a new system when you can’t use it for another five years. Instead, you could be learning exactly what you need to grow your business right now, setting criteria for completion, and building systems that free up your resources. In the end, you’ll still have the systems and operating procedures for everything you need without slowing down or stopping momentum. Remember, momentum is everything. Focus on growth, and the systems will follow. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word! To learn more about Nic, visit VelocityClass.com or book a call at VelocityCall.com.
5 minutes | May 8, 2019
EP12: Complete Criteria
“It can often seem like your team is lazy and doing the minimum amount of work. But the fact is, you’re not setting complete criteria.”Nic Peterson (1:14-1:26) How do you know when a task is truly complete? Businesses grow and scale when they apply one key concept that most organizations miss. Understanding “complete criteria” can save your business hundreds of thousands of dollars. It eliminates the waste of time that occurs when your organization doesn’t know what “done” actually means. Parents tell their children to clean their rooms. But “clean” means different things to different people. This results in conflict, delays, and frustration. The same thing applies to your business. You might tell a team member to create a sales funnel or make calls to prospects. They do the task, but you come back to find it’s not complete according to your criteria. “Alignment happens when complete criteria have been identified, and everyone knows when the task is complete.” - Nic Peterson (1:40-1:49)Business owners often think employees are being lazy or just not doing complete work. But the real problem is that you’re not setting complete criteria. You have to align the entire team so everyone understands and meets the criteria for completion. This keeps you from having to do the same things over again, which wastes time and money. It lets you know when tasks are done so you take the next step in the process. Setting complete criteria means doing the task and then having everyone agree on what “complete” looks like. Complete Criteria Maximizes Profit in Your Business The few minutes it takes to establish complete criteria throughout your organization can save you time and thousands of dollars. You streamline your workflow when everyone knows they can do X only after Y is complete. A sales funnel isn’t complete if you leave out automations, split testing, and other important elements. Losing a week to go back and make corrections is costly when you’re spending large sums of money on driving traffic each week. “Some tasks might be two tasks. But you only know it when you establish complete criteria and a date of completion.” - Nic Peterson (4:16-4:25) Creating complete criteria means establishing a completion date. This allows you to start making the right decisions at the right times to avoid costly delays. “This is complete when…” should be the foundation of taking on or assigning any task within your organization. When you create complete criteria, you maximize profits while eliminating the delays that hold businesses back. You gain a leading edge over your competitors and put your business on the path to consistent growth for the future. How to get involvedIf you want to learn more about Nic Peterson and the strategies that help you grow and scale your business, visit www.velocityclass.com. If you would like more information about Timothy Dick, and the success businesses have gained through work with him, visit his website.
8 minutes | May 1, 2019
EP11: Prevent Business Failure
“We assume that regular functioning at regular times is enough to scale. But it’s not.”Nic Peterson (5:40-5:46) When it comes to failure, entrepreneurs need to understand the complexities involved in growing and scaling their businesses. Your business can achieve a 5X return on investment (ROI) and still be running out of money. This keeps business owners running on a hamster wheel that never gets them where they want to be. Businesses are complex systems, and thinking the results you achieve are linear is one of the biggest mistakes you can make. If you double the stimulus, you won’t necessarily double the response. Think of a busy highway. Increasing the number of cars by 10 percent might increase the time it takes to get to your destination by 60 percent or more. “A non-linear response means if you double the stimulus...you’re not necessarily going to get double the response.” - Nic Peterson (1:38-1:47)You can’t rely on a linear model when scaling your business. Things happen in business that make linear growth nearly impossible. Your marketing costs may go up or your market might become saturated. So doubling your marketing spending won’t mean that your profit doubles, too. Responses aren’t linear, and averages don’t matter as much as you think they do. Use Science of Hindsight to Prevent Business FailureAny errors in your business will only increase the time it takes to achieve a result. It will never cause you to get there faster. So entrepreneurs need to pay attention to what actually happens instead of relying on their assumptions. This is where the science of hindsight comes in. You need to measure, manage, and adjust when scaling your business. Hindsight lets you understand the responses more clearly. One of the biggest mistakes entrepreneurs make is assuming that normal function is enough to scale. But it only takes one error to show you how wrong that assumption can be. You can build a larger movie theater that fits more and more people. But if the size of the exit door stays the same, all it takes is for one person to yell, “Fire!” for you to see that it’s not equipped to serve all those people. So, as your business grows, you need to grow its “doors” before you encounter any of the endless issues that can catch you by surprise. “Errors can only increase a length in time. Errors will never cause you to arrive early.” - Nic Peterson (3:21-3:38) Don’t Just Optimize for the Good Times It’s easy to optimize based on the good times when everything is efficient and working smoothly. But when Facebook goes down or YouTube bans your ad account, you have to look at what happened so you can take the right steps to protect your revenue, scale your business for the long term, and achieve a positive ROI. Today’s entrepreneurs need to make business decisions that account for the asymmetry of errors and non-linear responses. When you understand this hard truth, you develop a profitable growth model that helps you get the returns you need to achieve lasting success. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
47 minutes | Apr 24, 2019
EP10: Facebook and Retargeting with Seth Pennington and Glen Hoddinott
“Organic and paid marketing are exactly the same. You pay for organic with time, and paid with money.”- Glen Hoddinott (39:25-39:30) When organic marketing isn’t enough, marketers look to paid ads on Google, Facebook, and other platforms. Facebook marketing is still one of the most effective ways for businesses to share their messages with their audiences. Retargeting strategies make it easy for you to reach more of the right customers with the right messages at the right times. Seth Pennington and Glen Hoddinott are two of the top media buyers at ProfitLayer with years of experience managing large marketing campaigns. Their success comes from understanding the importance of diversity in marketing. In order to succeed, businesses need to expand their marketing and find other profitable channels both online and offline. “Initial cold marketing convinces the audience that your product works. Retargeting tells them why it will work for them, while building trust to close the deal.” - Seth Pennington (27:18-27:36)Retargeting lets you appear in front of users who have seen your ads and visited your website and other marketing assets. It’s now extremely affordable to keep your business in front of people when you know how to implement retargeting campaigns. Retargeting Lets You Identify the Most Profitable Target Audiences There are too many factors that influence your audience’s response. Assuming that an ad or sales funnel has failed might cause you to pull the plug too early. Retargeting solves this problem by letting you appear in front of users who have seen you and are interested in your business. Many business owners run expensive cold traffic ads on Facebook for years before they set up a retargeting campaign. They think retargeting is too complicated. But in fact, you can get started by dropping a pixel on all of your online assets to help measure your Facebook ads and identify your target audience. Using the Facebook Ads Manager, you can market to anyone who’s visited your online assets. There’s no need for advanced segmentation. The goal is to remind people who have already seen you that you’re still there. You don’t need to allocate a large portion of your marketing budget either. “You can make a living on organic traffic. But when you start to value your time more than your money, you want to already be set up to pay for advertising.” - Nic Peterson (40:15-40:30) Seth and Glen recommend starting with 10% of what you’re already spending on all your traffic. You’ll need to analyze and adjust the frequency of your marketing for the best results. Facebook assigns a quality score to every Facebook page and ad account. High-frequency marketing may annoy users, causing Facebook to give you a low quality score. This could cost you more to advertise in the future. Keeping your quality score high is essential to long-term retargeting success. You’ll need to determine what messages to send to your audience. If a user has already seen your offer, then case studies and testimonials may be the most effective tools for moving them further into your sales process. If they’ve not seen the offer, then use your best performing ad. So understanding who you’re reaching is essential to getting the best results from your Facebook and retargeting strategies. Retargeting is one of the most effective ways to reach a larger audience and gain a leading edge over your competitors. It lets you address an individual’s pain points at each point in the process. You let them know why your product or service will work for them while building greater trust in your business. Today’s marketer needs to understand paid advertising long before they get to the point where they need it. Most people focus on organic marketing because it’s less costly. But organic and paid marketing each have a price. With paid marketing, the cost is money. But with organic you pay with your time. The successful entrepreneur is one who gets to a place where they value their time more than their money. Paid Facebook advertising and retargeting leverages the behaviors of your audience so you achieve maximum and predictable results at lower costs for higher profits. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website.
9 minutes | Apr 17, 2019
EP9: Forcing Business Growth
“Growth is a process of eliminating the friction and limits. It’s not about forcing the thing you’re already doing.” - Nic Peterson (7:56-8:06) Timothy Dick Profit Layer There are countless tools and tactics that business owners can use to build their clients, market their businesses, and generate more revenue. But service providers can struggle to grow their businesses, often trying to force their growth. If you’re a service provider, be careful with trying to force growth. There are certain skills required to grow a service-based business that are different from those used to scale a company. Growing your business comes down to validating your offer and removing limiting factors. When you know people want what you have, and you provide a great service, you no longer have to force your marketing message down people’s throats. You just have to remove the limits to growth. “You have to remove friction when scaling a business. You can’t just work harder and harder. It has to get easier and easier to do the same amount of work.” - Nic Peterson (3:03-3:11)Service providers need to simplify the sales process to avoid the common hurdles that stop them from reaching their goals. Many enjoy rapid growth when first starting their businesses. But they soon hit a ceiling, unable to generate new clients and high-ticket sales. Many turn to paid advertising and running more webinars in an effort to sustain growth. But there’s a different marketing approach that eliminates the hassles of growing a service-based business. Where are you losing sales? Where is friction getting in the way of your business growth? Service providers often lose sales at two points within the sales process - the initial sales call and at the end of the client’s program when there’s an opportunity to buy again. Unlike traditional marketers who follow the “market then sell” approach to growing their businesses, service providers may not get the same results from this strategy. Service-based business owners get better results with a consultative sales process, which starts by providing service and then letting that service make the sale for you. Once you’ve acquired the client, you continue providing service to maintain their business over time. But if you’ve sold a 12-week program, weeks 10 and 11 can feel like a countdown to doomsday. Your client may be dreading what comes next, and you may be dreading having to make another sale. This creates unnecessary friction. “If you’re a phenomenal service provider, market and sell once. But make it as easy as possible...and then provide service. Your clients will stick around forever.” - Nic Peterson (6:29-6:39) Stop trying to sell your prospects. Just serve them. They’ll soon ask you how much your services cost. But this approach isn’t what most service-based entrepreneurs are taught. They learn marketing strategies that are better suited for selling products. When you provide service first, you lower the entry point and increase the lifetime value of each client. You leverage your strength for providing high-level service. Your service does the heavy lifting for you. Achieving lasting growth for your service-based business comes down to marketing and selling your offer once and then letting your service do the rest. The more phenomenal service you deliver, the more likely your clients are to stick around. You eliminate the stress and friction that traditional marketing strategies can create. You're no longer forcing the things you’re already doing. When you lead with service, it’s easy to keep your clients forever. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
45 minutes | Apr 10, 2019
EP8: Accounting for Entrepreneurs with Dan Nicholson
“People want to build a balanced life. But you have to deconstruct what that means when you have a business.” - Dan Nicholson (17:05-17:14)Timothy Dick Profit Layer Having the right financial processes in your business is critical to your success. Failing to manage your money impacts your ability to market your business or deliver your services in a way that builds credibility and client loyalty. Dan Nicholson helps entrepreneurs get clear on their financial goals while helping them optimize the strategies they use to grow their businesses. Dan’s work has taken him to the intersection where money, wisdom, health, and human capital meet. This broader approach to money management is rooted in the idea that money can’t be separated from the other things that contribute to your quality of life. “Making a profit isn’t necessarily an end goal. At the end of the day, you have to do something with that profit.” - Timothy Dick (15:33-15:41)Most people put all of their time, energy, and attention into just one area of their life. Entrepreneurs typically focus on revenue goals without first identifying the driving force behind those goals. In most cases, they spend much of their time wondering if they’re going to be financially okay in the long run. By exploring the “why” behind their revenue goals, they find that their motivation actually comes from something bigger. That could be more time for themselves and with their families, creating a legacy, or supporting loved ones. When you look at profit as the end goal of your business, it’s easy to forget that ultimately you have to do something with the profit you make. Business owners realize that the game they’re playing is much bigger than they once thought. But they haven’t deconstructed what it means to live the life they want. Getting Clear on Your Profit PriorityYour financial processes will depend on your priorities. How much money do you really need to live the life you want? When do you need to reach that goal? These and other questions help you begin exploring what really matters. You can begin to create timelines for your goals and better determine where your money should be going. Chasing attention, fame, and other vanity metrics causes entrepreneurs to lose sight of what’s important. They start comparing themselves to others. They achieve a goal only to reposition the goal post and try to achieve more without defining what it is they really want. Instead, consider your own unique situation and establish what your priorities are. “The essential question everyone is asking themselves is, ‘Am I going to be okay, maintain the lifestyle I want, and achieve my goals?’” - Dan Nicholson (11:41-11:55)When you identify your true financial goals, you begin to get clear on the priorities and identify any financial issues that could be impacting your ability to achieve lasting success. Business owners can keep more of what they make just by optimizing the system they use and improving their cash flow. They can look at their taxes and asset utilization to reallocate money towards their bigger goals. Get Guidance for Your Financial Decisions When you manage your own financial operations, you can determine if you’re going to be okay in the long run, but you still need a partner to hold you accountable. Without ongoing support, most business owners spend their savings. The more they make, the more they’re likely to spend. Having someone alongside you who understands how you do business is essential to reaching your financial goals. Most business owners resist tax accounting. But you need to make sure you have the right business entity in place to meet your goals. Avoiding your financial wellbeing can get in the way of your ability to take action. Becoming revenue-focused helps you understand how much money you need to cover costs and meet your financial goals. When you’re clear about why you have your business, it becomes possible to be intentional in everything you do. Optimizing your financial systems gives the structure needed to put your goals into motion. The goals of your business are bigger than profit. When you align your actions with the purpose of your business, you position yourself to achieve new levels of success. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through working with him, please visit his website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word! Learn more about Dan and his work by visiting his website at nthdegreecpas.com.
51 minutes | Apr 3, 2019
EP7: Social Proof as a System in Your Business With Michelle and Justin Demers
“Part of your process as a business owner is celebrating your clients.” - Justin Demers (8:29-8:32)Timothy Dick Profit Layer Social proof is a powerful way to demonstrate the value of your services. Testimonials, reviews, and other forms of social proof give prospective clients the confidence to say “yes” to your offer. But business owners fail to use social proof in a strategic way, so they often struggle to increase revenue and retain clients over time. Michelle and Justin Demers help entrepreneurs systematize social proof and customize their marketing messages. Businesses typically ask for testimonials after they’ve delivered their services to clients. But this makes the process more transactional and less personal while hurting the relationships you’ve built over months and years. “Any business can pay for ads. But when you give the voice to the consumer, they become real.” - Timothy Dick (5:09-5:24)Referrals and testimonials give your marketing messages more power in communicating with your target audience. In today’s online marketplace, consumers turn to review sites to see what others are saying about your product or service. Many business owners collect testimonials and reviews from clients without knowing what to do with them. In order to get the best results from testimonials, identify the stories that drive actions and create meaningful change for them and your business. Celebrate Your Clients’ Big WinsSocial proof isn’t just about the value you provide. It’s also a way for you and your clients to communicate the transformation they go through as a result of working with you. This occurs along every step of the journey. Don’t wait until the end to ask for a testimonial. Your onboarding process is an opportunity to invite clients to celebrate their wins. This changes the conversation from “How can I get something?” to “How can I do something for you?” It creates a different perspective through which you and your clients view your relationship. It provides you with ongoing feedback throughout the entire journey, which helps you improve your offer and better meet the needs of your clients. “Capturing clients’ stories throughout their journey is not only a sales tool… it’s also a belief builder.” - Justin Demers (14:58-15:05) Prospective clients often struggle to believe they can achieve the same level of success as others. Showing the big wins of your clients over time helps them see it’s possible for them. It motivates your existing clients to finish what they started by giving them the opportunity to celebrate their accomplishments. Gathering social proof from clients shows them you’re listening. It builds empathy and strengthens your relationships with them. When clients struggle to overcome obstacles, the steps they took to overcome them can be powerful indicators to others who are also struggling. Systematizing social proof is the key to getting better results with your marketing. When you match the right stories with a prospect’s objections or limiting beliefs, they’re more likely to see the value of your services and how they can help them. Gathering social proof assets gives you a marketing arsenal you can use no matter who you’re trying to reach. It takes effort to gather and organize social proof assets. But with the right data management systems in place, delivering the most relevant social proof can be done in just a few clicks. Knowing how to use social proof in your marketing shows your target audience that you care about their success. It shows them that you do what you say when so many other businesses fail to deliver on their promises. You attract the right clients to your business and strengthen your position as the first and obvious choice for their needs. If you aren’t utilizing social proof in your current business strategy, it may be time to start strategizing how you can implement this powerful tool. Let the wins you’ve helped others achieve pave the way for greater success with prospective clients. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website. You can learn how to systemize your social proof at socialproofclub.com. If you would like to know more about how Justin and the team at Social Proof Club can help you use social proof as a powerful tool for your business, visit their website. If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!
59 minutes | Mar 27, 2019
EP6: Mindset and Mental Blocks with Malorie Nicole
“The mindset layer is one of the most important... At the end of the day, if your mindset isn’t optimized, you can’t provide the best service because you can’t show up in the best way for your business and your clients.” - Timothy Dick (2:57)Timothy Dick Profit Layer Malorie Nicole coaches entrepreneurs to help them remove mindset blocks and turn their stress into profits and fulfillment. Her clients include agency owners, copywriters, ad specialists, and even other coaches. Maximize your Business by Minimizing Stress In our culture today, entrepreneurship has become synonymous with stress. It is accepted that to “make it” as a business owner you’ll have to work extremely hard, sometimes at the expense of your health and relationships. Many entrepreneurs feel guilty if they don’t work as hard as their peers, even if they are getting good results. But is this mindset really productive? Does pushing yourself to the edge ultimately help you create a business that brings you fulfillment, and is it more profitable long-term? We are continually evolving as entrepreneurs and human beings. We need to periodically assess whether or not our business is moving in a direction that is in alignment with personal growth. Ignoring that aspect of self will eventually lead to burn-out. This is the reason why many entrepreneurs reach a stage where they may have achieved financial success but remain unfulfilled. They may think that they’re depressed, but in reality, they haven’t set clear boundaries with their clients, team members, or even themselves, and they’re just overwhelmed. “If you have residual stress and you put out thoughts of frustration, doubt, and fear, you won’t attract the things you really want.” - Malorie Nicole (23:59 - 24:22) Continual stress can result in a negative mindset that is harmful to your business, your health, and overall well-being. Often long-term stress will create an internal narrative that no matter how hard you try, you’ll never be able to live up to your own expectations. Such limiting beliefs will affect business operation and success. Mindset and Business Performance are Closely Connected People often dismiss the power of mindset and energy and its responsibility for abundance or lack in a business. It is seen as a non-scientific metaphysical concept, and many assume that success is found in intentional focus on the mechanical aspects of a business like ad campaigns, client retention, etc. However, energy is all around us. Whether we realize it or not, the vibration that we put out interacts with the universe, and it is responsible for the thoughts, people, and events that we attract into our lives. When you’re stressed, you activate the part of your nervous system that is known as the fight-or-flight mode. In this state, the vibration you put out is coming from a place of frustration and doubt, not from abundance and creativity, and you’ll attract results accordingly. Your mindset has a direct effect on how you perform as an entrepreneur, how you serve your clients, and ultimately your profitability. “In our culture, we have normalized stress, and we’ve done it in a way that is really harmful to our longevity what we are trying to create.” - Malorie Nicole (32:45 - 33:01) The stories we tell ourselves shape our beliefs and inform our actions. Being in a perpetual state of stress creates negative stories. Over time, these stories can result in a mindset that will block new opportunities from showing up. Removing those mental blocks, either on your own or with the help of a coach, will allow you to grow your business, and more importantly find fulfillment at the same time. It’s time to get out of your own way, change your story, and change your life. How to get involvedIf you would like more information about Timothy Dick and the success businesses have gained through work with him, visit his website. To clear mindset blocks, transform your relationship with money, and get out of your own way, check out Malorie’s course, or to book a chat with Malorie, visit her website. You can also connect with her on Facebook and Instagram.
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