Doing Every Channel Is Doing None of Them

0:00Hold on. My name is Jake. I sell professional book publishing services to entrepreneurs and executives. We do a million dollars in revenue. I would like to be at 3.2 million in revenue. And >> I just turned 32. >> [laughter] >> That is That is This is the best This is the best explanation for a revenue goal I've ever had. That's great. Yeah. >> There's There's other reasons but that was I got to it there. >> Okay. >> What's stopping me and I've got a lot of great feedback from your team and from people here. Um what's stopping me is I'm at the stage where I need to make more money before I think about other things. And the challenge I'm facing is uh a lot of things have worked for us up to this point but I need to know what to I need clarity around what to do more of. And I know what to do more thing.

0:43It's just about to do more of what and how to use the resources we have. >> So what's the input? So what's the thing that drives the business? >> Uh the biggest thing that drives the business right now is referrals. >> Okay. >> biggest thing is related to organic in the form of speaking, social media, and guest coaching. And then we have a split between cold email outbound and Facebook ads. >> Hm. You're doing all the acquisition channels. >> All of them and we didn't even mean to do all of them. We just kind of tried them all and they all seemed to work enough.

1:11>> Okay. Which one works the best? >> Uh referrals >> Well, not besides referrals. >> I would say in terms of when you say works the best >> What's the greatest percentage of your customers? What channel they come from? >> percentage of the customers be after referrals would be organic. >> Okay. Um and that's Now you you put that both in organic concept but also like speaking and things like that. Okay. How many speaking things are you doing on like a monthly basis?

1:39>> Uh it was about one per year last year. >> Okay. So, I have an idea. >> [laughter] >> Um So, I would [clears throat] I would ask the question like how like I think I might have told this in a short but a really close friend of mine um he took over Real which is a publicly traded um estate brokerage. And um their primary way of getting more agents is him speaking at real estate events.

2:02And so in Q4 he did 66 speeches and um in 24 months he took it from 200 million to 1.2 billion in revenue. And so he's doing, you know, 270 plus events per year uh in person. And so um we were having dinner and he was like, "No one gets it." He was like, "No one understands how much more we do than them." And I'm I'm I'm only telling this story not to make hopefully it comes across the right way. Um because I think you just you like if if and I'm guessing if that event generated business for you.

2:36>> Yeah, I mean every time I speak we make a significant amount. >> Well, yeah. So I'd be like let's like how do we go from, you know, one a year to one a week and start there. Just like target 50 next year. >> Cool. Easy. Thank you. >> Yeah. No problem. >> [laughter] >> Hey Alex, how's it going? Um first off I have to say thank you for taking me out for dinner last time. That conversation that we had literally changed my life and changed my business.

3:02So yeah, appreciate that. Um >> Can you tell the story of what happened? >> For sure. >> So um So uh we had an event that was scheduled and uh had to get moved and uh the memo got passed down and everyone found out except for uh one sales guy and he sold six people into an event that didn't exist.

3:26And so on like a random Monday we had six people showing up. Came from Israel during like bombs and stuff that was happening. Like for sure yeah. Um and he was like, "Hey, I'm here for the workshop." Um and I was like, "This looks awesome for us. I'm really happy I'm really happy that we that we're in this situation." Um and so, you know, we're we're we've always tried to come from the perspective of like when you when you have something that gets messed up, um like you can't just like refund somebody cuz you they're still net negative, right? Like he still flew from Israel.

3:59If I'd said, "Hey, my bad. Here's the money back." he'd still be like, "Screw this guy." Right? And so, um we had the team spend the day with the the six uh people and then we took them out to dinner. And I I bring that up just because it was a great like example um of like something that took me too long to learn was that like you can't just make it right. You have to make it more than right um in order to actually make it right. Uh so anyways, I thought that might be valuable for for someone else.

4:26Anyways, tell me about the business. What happened? >> Definitely. And and it definitely made it a a magical moment for me. So I definitely uh taught me that lesson of of making those same sort of things for my my uh customers. Um okay. So basically where where we left off was um I had to do 100 sales calls myself and then hire the sales team. Um I've done 300 sales calls, hired six sales uh professionals. Where we're stuck at right now, so we're selling the back end offer for 195 a month

4:56>> Yeah. >> um for semi-private >> Okay. >> um or 4 months for 595. Um and uh our churn for both of those is 50%. So weighted it's 30% churn. And the reason why we've got such terrible churn is nobody shows up. Like 7% of our student body actually shows up to the calls and actually gets the value from the thing they purchased.

5:21>> What's the onboarding look like? >> So we have the closer um get them to see the calendar of we have eight sessions a week that they can join. So they show them the calendar. They say, "Okay, which one of these do you think you can come to?" And then they get them to say, "Okay, this one." And then the closer says, "Okay, I'm going to tell Jenny who's the coach on that call. She's going to be expecting you." So it's a relatively new rollout. Um so we'll see where that goes, but

5:47>> So, okay. So, there's there's two there's two kind of like different angles to attack this. One is the kind of like logistics side, which I'm going to cover first cuz it's easy and just process stuff. And the other is kind of like the bigger more amorphous stuff, which is like how do I make our thing easier? Uh and easier and more enjoyable for people to kind of experience. Um on the logistics side, I'm sure that you're on my email list. If we had dinner, you better be on my email list. By the way, if you got Anyone here read the Mosey Minute?

6:14Anyone? >> I think it's the best like I think it's some of the best stuff I put out. Anyways, it's really good. I think it's really I spend like my Sundays on it. Um anyways, so bam fam is a way of life. So, book a meeting from a meeting, right? And so, the sales guy should obviously book to the onboarding call, right? Or the whatever. I do think that you probably need to add one onboarding call that's specific to the person, not just have them drop in um to the like the group thing. And so, um I would I would I would basically how much do you want this to work?

6:44>> Really bad. >> Okay. So, this is what I would recommend doing. You'll probably want to do something in the neighborhood of four to six sessions that are one-on-one. I'm just being like Now, if you need to adjust price in order to do it, fine. But, it's four to six sessions of one-on-one before they kind of like qualify to go into the kind of the group setting. And so, it's like you you will personally onboard them so that they have this way better buy-in. They're way like they don't feel like they're just like in no man's land and just getting tossed in the middle of a conversation, but you kind of like on-ramp them.

7:13After you have the onboarding, we should be And you can you can cut I mean, at the very beginning, just do two. You know what I mean? Just to start, and then you can kind of see how it goes. Um from there, you basically want to keep bam famming um per session. So, all the people are showing up, the last 5 minutes, I would say, "Okay, everybody, let's pull up the calendars. When are you guys showing up again?" Great. And I would book it with everybody so that I'm keeping people forward. And you have to back that up with probably the reminder sequence that they're going to get because it's actually a scheduled session. So, they should get automated reminders and they should probably get a manual reach out from the person who's running the session if the people are supposed to who are supposed to attend. Um at the very least do the automated one.

7:51And that would probably get a huge amount of like that will probably do a lot. And so, this is actually believe it or not this is an onboarding process for a gym. So, if you have large group training, if you take people and just toss them into the group, it's much harder than having kind of a more dedicated onboarding experience. The ideal is you do like six one-on-one sessions with someone. They feel more comfortable in the gym. They understand people. They understand what kind of vibe the culture is. And then they kind of graduate into the group sessions. And so, what happens also is that the group sessions are now on a pedestal. It's like you're not you're not ready for that yet. Right? It's like you got to earn that. And all of a sudden it becomes the prize that they earned. And now they got on board. Does that make sense? Can you see how that would work?

8:26>> For sure. >> Yeah. So, this would probably be the >> up as like a big head long tail sort of pricing system? >> Okay. >> It lends itself really well to that. >> Okay. >> And the question that you'd ask um if you want to give an AB close for this is you would say um And so, would you rather train uh you know, start your start your thing in a group or uh one-on-one with me? Now, that's if you're selling. If it's somebody else or one-on-one with John. And they're a lot of times they're going to be like I'd rather do it with John.

8:53You're like, great. So, this is the price for that. And then you just go for that sale. If it sounds like, no worries. We can just start you here. Not a big deal. And then if you want if normally you sell six, you can say, you know what? I'm still going to give you one if you do that cuz it's going to be way better for the experience for you. So, then it feels like a gift and it doesn't feel like they're like Well, now Well, now I don't want the group thing. Right? So, just give them one or two if you if you sell the six for example. Does that make sense? >> Can you just repeat that last one one more time?

9:19>> So, So, it's like you get six you know, at 100 bucks each, whatever. I'm just making this up. All right? Uh or if they say no if they say yes, sell them. Great. If they say no, then it's like I'm going to give you one or two for free because I still think it's the most important thing for you. But now you're giving them like a nice like it's a it's a nice gesture and they still need to do this cuz you got to solve this problem.

9:43>> And the back end BAM fam, that's at the end of every group coaching call. >> you just keep them keep them going. And I think um finding out cuz the thing is is like you attendance cuz I the thing about anybody's read Jim Wentworth Secrets by the way like highly recommend if you do any kind of service business. Um the thing you can find is that people will churn they will churn after they stop consumption. And so you can track it in a CRM. It's like three workouts a week, three workouts a week, two workouts a week, one cancel.

10:12Versus you have 3 3 2 then we do an escalation process. So basically it's the reverse of working a lead. So when you work a lead it's like you call a bunch of times and then a little bit less and a little bit less and a little bit less over time. With a customer it's the reverse. You call once and if they don't show up it's like you call twice and they don't show up you call three four times. And so you actually escalate the amount of reach outs to get them back on track. And so when you actually put that process in place you'll see it go like three workouts a week, three workouts at two three three and you save the churn. And that's what it looks like from like a data perspective.

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