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Hello, and welcome to the Close the Loop podcast.

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Today, we're gonna be talking about the best marketing advice, according

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to Reddit, which is a social, sort of a online community network.

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Uh, it's a website that is mostly crowdsourced user generated

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content or user sourced content.

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Basically what Reddit is.

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If you haven't heard of that, if you wanna know more about it and go

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to reddit.com and look up what is Reddit or, or see what's on there.

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Um, a lot of times people haven't heard of it.

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It might be like a generational thing, but, uh, it is one

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of my favorite websites.

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And on there in the marketing community, a user asks the question, what's the best

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marketing advice you've ever received.

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And a lot of people weighed in and this post got a lot of people sharing.

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Okay.

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Here's a quote, here's an adage.

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Here's a thought, here's an idea.

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Here's something that I received that I found really helpful or

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impactful to help marketers or help businesses with marketing.

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So I was gonna, I decided to go through, this is a little bit of a

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different type of an episode to go through some of those things of.

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Share them.

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They're not, none of 'em are my advice, but I will talk about the advice.

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Maybe why, you know, there's something to it.

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Maybe why there's more that you need to understand about it.

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Add some context and just to focus this episode entirely on

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marketing advice for your business.

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So marketing, right.

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What is that?

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Why do we care about marketing advice?

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Well, marketing has the potential to do a lot for a business, not just in

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generating leads, which is generally the conventional way it's looked at or to, you

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know, put a commercial in the super bowl.

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Marketing can do so much around helping a business, reach its goals.

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You know, what is your business goals?

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What are you trying to do with your business?

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Can marketing help.

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Most likely.

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So that's what we're gonna be talking about.

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The other thing about advice, right?

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Advice.

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Isn't always helpful.

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so even though there could be a piece of advice, a marketing advice specifically

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isn't gonna be is every piece of advice gonna be great for your business.

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Doubtful some pieces of advice have to be used a certain way.

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It could be the opposite where, you know, if you don't follow this

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piece of advice, there could be a chance that things go wrong.

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When marketing doesn't go.

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What does it look like?

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Well, it looks like excessive spend wasted, spend wasted resources,

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get it gets in the way marketing processes that don't do anything.

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They don't provide any value.

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They just waste time.

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People who feel like marketing has never worked or can never work.

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That's sort of what happens when marketing doesn't do a good job

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when marketing doesn't do what it could be when it doesn't fulfill

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its potential, everything could be.

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Could go sour, everything in business, everything in life, right.

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Has a chance that, that there's something that goes wrong with it.

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So in marketing, that's usually what you'd expect to see.

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When we're talking about Reddit again, this was a post that

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someone else posted, and this are other people who commented on it.

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I found it and thought, wow, this is interesting.

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It'd be kind of cool to talk about.

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There's also an underlying idea here, which is, is there value in you

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sharing your advice in communities or online or with others or in events or.

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You know, mentoring or helping.

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So the other thing I'd want to, and we'll, we'll get to this probably

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closer to the end, uh, mention is the value in sharing the value in

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providing advice, the value in listening to the advice of others, right?

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There's a lot of not just meek or humble ideas there, but there could

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be something valuable in, in it, for you in taking things that have been

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successful for you, or even taking your failures, taking anything that you're

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trying to do and sharing it and having other people share their opinions.

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And obviously.

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Every business is unique.

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So that's one of the aspects of this episode we're gonna really talk about

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and focus on is that advice is advice, but how does it apply to your business?

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How does it become a practical thing to help, you know, your business

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improve its marketing or its growth or its agenda or what you're

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trying to do with your business?

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So let's dive right in.

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We'll go with one of the one of the pieces, the very top.

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So Reddit is organized by ranking, right.

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So when someone says, ask the question, what's the best piece of

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marketing advice you've ever received.

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Someone could post and say, here it is.

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Well amidst, all those, you know, comments or, or posts

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that people are commenting on.

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There has to be a way to know, well, which one is maybe the more popular ones,

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maybe which ones are more divisive, which ones happen more recently like date?

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So the default, I believe sorting system of Reddit is by rank, which

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is other people have voted that this.

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Submission, this comment is really good.

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So it goes up right.

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And so it's organized by how much other people like it.

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So it's like a crowdsourced in a way, right?

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So someone posts, this was the number one highest ranked submission.

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In regards to that question of best advice.

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It says when your copy or brand speaks to everyone, it actually speaks to.

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So I'll say that again, when you're copy or brand, when you're messaging, right.

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When it speaks or tries to speak to everyone, it actually speaks to no one.

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So this is an interesting piece of advice, right?

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Because this has to do with how a brand, how a company, how

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your company positions itself.

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If you say, well, could my company sell to.

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Maybe, but you might be, you might say, well, you know, if I'm a roofing

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company, I really only can do service and sell to people who have roof.

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So that again, narrows it down.

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You're not really speaking to everyone.

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You're speaking to people who have a roof.

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Now you might say, well, but not every person owns their roof, or it has the

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ability to do updates to their roof.

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So then you're like narrowing it down even more.

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Okay.

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Well, what people can have their roof worked on when.

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You get too generalized, too bland, too broad with your targeting.

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And they're talking when they say like, when it speaks to everyone, um, when

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you try to talk to everyone and treat everyone, like they're a potential

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customer, you ignore that someone maybe was a past client or past customer.

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When you ignore that this person had a rough time in the past,

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maybe they had a bad experience.

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People want to be treated as uniquely as possible.

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When you treat someone like everyone else, it sort of devalues that Interac.

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So, this is probably one of the top rated advice because it's

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something that is fundamental, right.

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So fundamental marketing tips or ideas in marketing that sort of are timeless that

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seem to persist across most industries.

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Most businesses.

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Those are like the deepest sort of truss of marketing, like the,

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the fundamentals of marketing.

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And this might be close to a fundamental, and I would say probably why it was so

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upvoted or most ranked, you know, in the suggestions is because it is something

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that can apply to a lot of businesses.

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And it is a very.

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Kind of concept that applies that is almost never not true that you wanna

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speak to people as personally, as you can, is an objective of marketing.

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Now, I think the most obvious other example of this is if you've ever

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been home during the day, Sick or whatever, watching TV and turned on.

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You know, this is maybe back in the day TV and you found out, wow, there's

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just lots of commercials for like wheelchairs and for the life alert

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devices and, um, for like a, a R P and all kinds of stuff like that.

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and, you know, when I was a kid, I'd watch that on TV and be like, man, staying home

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from school blows because there's nothing good on TV to watch while you're at home.

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You know, now there's Netflix and all kinds of stuff, but man,

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back in the day, you were stuck to whatever was on TV channels.

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And that's because the marketing, you know, was taking sort of the

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statistically more often than not the people who are at home are probably

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older, probably retired people who are staying home, you know, during the day,

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all day, that's probably the most people who are watching TV during the day.

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So let's.

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Since that's the audience, let's put these kinds of ads.

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Now, if you've ever seen an ad that doesn't align with you

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at all, it can be annoying.

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It's very annoying.

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It's one of the reasons why marketing has the reputation of being so

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frustrating, you don't wanna see ads that have nothing to do with what you

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want or what you don't care about.

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You just want to get, you know, ads are getting in the way of the content or

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whatever it is you want people really don't like commercials between their shows

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because of the reason that it's getting in the way of, you know, watching their.

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It becomes, you know, if they want to go to the restroom,

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they can just pause and go.

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They don't wanna have to be forced to take a, you know, two minute

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free minute or whatever it is, break to watch a bunch of ads.

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That's why.

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Marketing at its best.

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Its possibly best is like a unique experience for every single person.

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Now that becomes impossible.

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And, and here's why if you try to market specifically to each an individual

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person, it becomes insanely expensive.

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Imagine that you're about to send a bunch of postcards, right.

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And you're like, well, I'm gonna send it to the, the most recent

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hundred customers that I had.

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Well, would you.

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Or create an ad individual copy an individual post mailer that talks about

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what that customer maybe purchased or bought talks about them talks about the

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experience you had with them mentioned something that they brought up, maybe

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it was a school or a movie or something that happened in a conversation with

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your team or with your, you know, Salesperson or with your rep or with

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your technician or with your staff, or if, if you're a dentist and they

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came, they come in and your patients leave, you know, anything you talked

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about while they were in the chair.

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Can you imagine putting that into each individual direct mail piece?

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That'd be insane.

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It would take forever take a long time.

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It would take a lot of your time and you'd say, well, is this worth it?

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At some point, personalization in marketing sort of has to back off a little

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bit, and it has to meet the business where it can afford to spend the resources.

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Now a business that has almost no ability to spend any resources at all

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is gonna have probably a little bit more generalized type of marketing,

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a little bit more speak to everyone type, but you could still try to

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make it as specific as possible.

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Like I mentioned, with the roof, for example, , you know,

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someone doesn't have the ability to do anything with their roof.

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Probably not worth sending them if they don't even have a roof.

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So I'll be not worth sending them any marketing or doing any effort there.

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So you can try your best to try to put your marketing, your messaging,

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your best foot forward, but it has to kind of align with your customers.

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So that's why I think this one is really good.

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Now here's the second one using pain points at a customer's point of view,

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to understand their experience better.

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So I'll say it again, using pain points in a customer's point of view, to

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understand their experience better.

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So this gets at, you know, why do we care about what our customer's

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experience is working with us?

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What are they trying to solve for when we sell them something?

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So let's pick an example, right?

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So let's say that this, it is a summertime and this person's air

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conditioning just went out and it's.

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And they are just like, wow, this is unbearable.

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I have to fix this.

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I have to resolve this.

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I can't wait.

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I can't put this off for four, three or four months until

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the cooler weather comes.

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I have to fix this.

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Now this is unbearable.

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This is something that this are words that maybe like the customer

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may be maybe experiencing.

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They may go, this is bad.

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I have to figure out if this could be fixed.

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I have, I don't, I'm worried about the cost.

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Someone strange or different or someone I don't know is gonna have

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to come to my house to check it.

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You know, what's that gonna be like?

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Are they gonna come when I'm available?

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When, when I'm at, do I have to take a day off work for this to happen?

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Uh, gosh, like, you know, do I, is this gonna be something where, you

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know, maybe my warranty covers this, there's a lot of worries and concerns.

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Maybe do they take card?

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Do they take a check?

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you know what I'm saying?

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There's a lot that goes through a customer's mind and that experience.

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And then that.

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Five minutes.

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It may be different than the next 10 minutes of their experience.

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Being able to understand, okay, what is the problem?

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Pain points are things that are, what is the customer or the patient, or

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the ideal prospect suffering through.

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What's like something that's really painful for them and it, and yeah,

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it's like the heat in this example and it's discomfort, but it's also cost

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uncertainty, confusion, fear, anxiety.

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All those things.

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So how is a business gonna take advantage of that?

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How are they gonna help those problems and solve them?

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I've obviously even heard marketing described as all marketing is, is

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satisfying needs at the end of the.

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So like to a customer, that's what it's trying to do.

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So those are needs that need to be met.

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The better a business understands the pain and, and the experience of its customers.

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The better it can try to position itself to solve them, which is why

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I think this one at number two is very important or ranks up there.

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Really high understanding.

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A customer's point of view is helpful, especially when you craft

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marketing, you could say things.

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We position ourselves to help customers so that they don't have to take the day off.

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Or we have very, we have lots of available, lots of availability

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at all different times of the day.

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Some of the things that we can do allow for us to come and help you.

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With people who have mass and are protected and are secured

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and are background checked or, or there there's lots of things a

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customer may have anxiety about.

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So you can consider mentioning those or positioning them.

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Now here's the thing.

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Most of these advices have a limit or have a, a point in them that becomes an issue.

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Let's say you come up with a list of like all the things I just listed

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and there's at least eight of them.

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Eight pain points right there.

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Should I put all eight solutions in one?

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Can I even fit all of those into a single ad and ad has to

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capture someone's attention.

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It's what it, that's what marketing or an ad, maybe a, a post direct mail,

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something that is positioned itself in front of a customer and customer

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visitor potential customer, right.

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Is all the messaging, all the visuals.

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So can you communicate all eight of those things succinctly without

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confusing them and still position yourself in the right way?

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You may say here's all the things we help with, but it doesn't

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actually say what you actually.

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You know what I mean?

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Like, it's very easy to take this too far.

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Maybe you focus on one or two of the top pain points or two or three,

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or, or the ones that best align with your business and focus on those.

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And so that's what you become your reputation is that's

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what you become really good at your unique, let's say value.

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Your unique proposition can come out of the types of things that, that your

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types of customers are dealing with.

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I've heard of dentists who.

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Their main marketing pitch is look, we use gas.

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Like we help people who have anxiety about the dentist.

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That's the thing we do the.

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and anyone who has issues or anxiety with the dentist has

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fears about that can go, Hmm.

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I'd rather go to a dentist like that.

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Maybe spend a little more than one that I'm terrified and, and worried that

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they're gonna judge me or say something or, or when I see, you know, the tooth

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drill or scraper, I'm gonna freak out.

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Those are the types of things that really can set a business uniquely apart.

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And that's why I believe this one.

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Number two is pretty, pretty high up there and pretty important.

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All right.

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So here's number three.

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Customers are now marketers customers who leave a review who like comment

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post, but tags shares, et cetera.

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They're more like user generated content now.

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So there's a little bit to this.

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It sounds a little confusing, but here's basically what I'm hearing

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here that customers generating content for a business could be

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considered the, the next wave of.

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That's pretty important.

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Reviews are a really good example of this, right?

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If customers are leaving reviews and talking about your business,

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other customers will see that.

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And that's sort of like marketing other customers.

Kevin Dieny: 00:15:33

Look at reviews more often than not, especially when

Kevin Dieny: 00:15:35

they're looking at a business.

Kevin Dieny: 00:15:36

Well, how is this?

Kevin Dieny: 00:15:37

How are other customers.

Kevin Dieny: 00:15:39

Finding this business, what are, what experiences are other

Kevin Dieny: 00:15:41

customers having with this business?

Kevin Dieny: 00:15:43

You know, are, are they saying things that would scare me away?

Kevin Dieny: 00:15:46

Like for instance, some customers may be saying repeatedly, you know, they're

Kevin Dieny: 00:15:49

more expensive, but they're worth it.

Kevin Dieny: 00:15:50

They're more expensive, but they're worth it.

Kevin Dieny: 00:15:52

But if you're very, very price sensitive, you may say, whoa, you know, I just can't.

Kevin Dieny: 00:15:56

I have to take more risk.

Kevin Dieny: 00:15:57

You know, I can't, I can't be all on quality.

Kevin Dieny: 00:16:00

I have to take a little more risk.

Kevin Dieny: 00:16:02

And so I have a cheaper price, things like that happen.

Kevin Dieny: 00:16:05

And they guide the customer in their research phases of deciding who's

Kevin Dieny: 00:16:10

gonna be the one they call or who's the one that they give a chance to.

Kevin Dieny: 00:16:13

You may see a couple reviews where it's like this business

Kevin Dieny: 00:16:15

is really hard to get a hold of.

Kevin Dieny: 00:16:17

And you say, you know what?

Kevin Dieny: 00:16:18

I don't care.

Kevin Dieny: 00:16:18

I have lots of time.

Kevin Dieny: 00:16:19

I'll just call them over and over again.

Kevin Dieny: 00:16:20

But if someone else may be like, look, I have just 10 minutes at lunch to

Kevin Dieny: 00:16:23

call a business, get something booked.

Kevin Dieny: 00:16:25

And then I go back.

Kevin Dieny: 00:16:26

So I really need this to work.

Kevin Dieny: 00:16:28

So that might scare them away.

Kevin Dieny: 00:16:30

Right.

Kevin Dieny: 00:16:30

There's lots of unique things like that.

Kevin Dieny: 00:16:32

That can come from user generated content.

Kevin Dieny: 00:16:34

You can ask people to.

Kevin Dieny: 00:16:35

Leave a review.

Kevin Dieny: 00:16:36

Great.

Kevin Dieny: 00:16:37

You ask people for testimonials recorded video testimonials.

Kevin Dieny: 00:16:41

You could take pictures of job sites, uh, pictures of, you know, your dental

Kevin Dieny: 00:16:45

practice, pictures of your business, what you know, what your employees are doing.

Kevin Dieny: 00:16:49

Uh, your employees can share, you know, I love working here, this great experience.

Kevin Dieny: 00:16:53

It helps you with hiring.

Kevin Dieny: 00:16:55

There's a lot of potential for, let's say, a business to generate.

Kevin Dieny: 00:16:59

On a different way than they've ever done before, which is

Kevin Dieny: 00:17:02

considered user generated content.

Kevin Dieny: 00:17:04

It's very interesting.

Kevin Dieny: 00:17:06

And it's sort of daunting cuz you're like, well, how do I how do I get a,

Kevin Dieny: 00:17:10

a customer to, you know, get on video?

Kevin Dieny: 00:17:12

How do I ask them for a review?

Kevin Dieny: 00:17:14

How do I do any of this?

Kevin Dieny: 00:17:15

And that's pretty daunting.

Kevin Dieny: 00:17:17

Honestly, it's, it's tough.

Kevin Dieny: 00:17:19

It's also, you know, you're like, well, does my plumbing company have to now

Kevin Dieny: 00:17:23

be sort of like a production company?

Kevin Dieny: 00:17:24

Do we need to have cameras and video?

Kevin Dieny: 00:17:26

And I need to train everyone to take pictures and ask permission so I can,

Kevin Dieny: 00:17:30

you know, posts on social media or post out there here's, you know, a successful

Kevin Dieny: 00:17:34

job done or put it on my websites, like some recent projects or how do I prove to

Kevin Dieny: 00:17:39

people that I am, what I say I am, which is a lot of times what content's all.

Kevin Dieny: 00:17:44

And that's, that's difficult to get to.

Kevin Dieny: 00:17:46

So that's one about this, like yes, user generate.

Kevin Dieny: 00:17:49

Content's amazing.

Kevin Dieny: 00:17:50

Is every business able to pull that out of their pocket every single time?

Kevin Dieny: 00:17:54

Is it really that easy to get?

Kevin Dieny: 00:17:56

Yes and no.

Kevin Dieny: 00:17:57

Right.

Kevin Dieny: 00:17:57

Like some businesses have a great reputation and, and have a good

Kevin Dieny: 00:18:00

relationship with their customers.

Kevin Dieny: 00:18:02

And it's not so bad.

Kevin Dieny: 00:18:03

So that one is so powerful, but also ha can be very difficult.

Kevin Dieny: 00:18:09

And when it's like, well, maybe just once a year is enough.

Kevin Dieny: 00:18:12

I don't know, you know, the, the wave of user generated content.

Kevin Dieny: 00:18:15

It seems to be that it's satisfying the needs of consumers who are

Kevin Dieny: 00:18:19

researching and the more the merrier.

Kevin Dieny: 00:18:21

Right.

Kevin Dieny: 00:18:21

The more reviews they see the more responses to reviews.

Kevin Dieny: 00:18:24

They see the more videos, testimonials, images, experiences shared.

Kevin Dieny: 00:18:29

The more sort of raw experiences that they're seeing are really leading to

Kevin Dieny: 00:18:34

consumers being like, this is, this is so much better than a business that

Kevin Dieny: 00:18:38

doesn't do it at all, or doesn't do it as much and it helps 'em stand out.

Kevin Dieny: 00:18:42

So how important is it to stand out?

Kevin Dieny: 00:18:44

You know, that's the difference?

Kevin Dieny: 00:18:46

More customers and less higher quality customers and less

Kevin Dieny: 00:18:48

quality customers typically.

Kevin Dieny: 00:18:50

So it could be very impactful for marketing.

Kevin Dieny: 00:18:53

All right.

Kevin Dieny: 00:18:53

So now we've gone through three.

Kevin Dieny: 00:18:55

Okay.

Kevin Dieny: 00:18:55

So now I want to touch on.

Kevin Dieny: 00:18:58

You know, there's something about, I haven't mentioned, which this was

Kevin Dieny: 00:19:01

advice posted by random people on the internet, into this question

Kevin Dieny: 00:19:07

on Reddit and other people.

Kevin Dieny: 00:19:10

Again, random people, again, voted that some of these suggestions and

Kevin Dieny: 00:19:13

pieces of advice up to the top.

Kevin Dieny: 00:19:15

So if you think about it, Can we really trust any of the things, any of the advice

Kevin Dieny: 00:19:20

from random strangers on the internet?

Kevin Dieny: 00:19:22

Right?

Kevin Dieny: 00:19:22

It sounds a little bit sketchy.

Kevin Dieny: 00:19:25

, here's the thing, right?

Kevin Dieny: 00:19:26

Whenever I'm going through anything, any piece of advice I'm trying to

Kevin Dieny: 00:19:30

help you understand my take on it, but it's also really important.

Kevin Dieny: 00:19:33

You have your opinion on it and what you think advice from other people,

Kevin Dieny: 00:19:37

whether you trust it or not sort of like.

Kevin Dieny: 00:19:39

A trust limitation you that you may have.

Kevin Dieny: 00:19:42

Is it possible you can learn something that you didn't know before from

Kevin Dieny: 00:19:45

someone totally random on the internet.

Kevin Dieny: 00:19:46

Sure.

Kevin Dieny: 00:19:47

But the world, the internet, especially is just over stuffed with advice.

Kevin Dieny: 00:19:53

So how do we figure out whether the advice is important, worthwhile, helpful, right?

Kevin Dieny: 00:19:58

Not just gonna waste our time.

Kevin Dieny: 00:20:00

Like I've, um, something happens a lot of times when, um, companies go to an.

Kevin Dieny: 00:20:05

Or they read a book or tend a webinar, right?

Kevin Dieny: 00:20:07

They go, they hear something new and interesting, and it's

Kevin Dieny: 00:20:10

in this great environment.

Kevin Dieny: 00:20:11

And everyone's like, yeah, this is amazing.

Kevin Dieny: 00:20:13

This is helpful.

Kevin Dieny: 00:20:14

Like, this advice is fantastic.

Kevin Dieny: 00:20:16

This will help me transform my business.

Kevin Dieny: 00:20:18

And then they come back, they come back into their business, they walk in and

Kevin Dieny: 00:20:21

they maybe share that with their team or they think about it a little bit.

Kevin Dieny: 00:20:24

And then they, they kind of feel like maybe it's not as good as I thought it

Kevin Dieny: 00:20:27

was, you know, or six months down the road, they look back and go, why didn't I.

Kevin Dieny: 00:20:31

No, why didn't I do anything with that advice?

Kevin Dieny: 00:20:32

It seems so helpful.

Kevin Dieny: 00:20:33

And so good.

Kevin Dieny: 00:20:34

Why didn't I apply it?

Kevin Dieny: 00:20:36

why didn't I do anything with this advice?

Kevin Dieny: 00:20:38

It's because advice.

Kevin Dieny: 00:20:41

It's sometimes really hard to apply.

Kevin Dieny: 00:20:43

It's also, you know, some things just help us feel better.

Kevin Dieny: 00:20:46

Some things are not our advice that we hear and just sort of confirms

Kevin Dieny: 00:20:51

our confirms, like exactly what we were thinking, what we thought.

Kevin Dieny: 00:20:54

So it's like, yeah, this is great.

Kevin Dieny: 00:20:56

I feel better because it just confirmed what I already knew.

Kevin Dieny: 00:20:59

so.

Kevin Dieny: 00:21:00

That's why advice can be sort of difficult and hard to weed out and, and

Kevin Dieny: 00:21:03

really, really valuable or good advice.

Kevin Dieny: 00:21:06

You have to take it and go, how does this really apply to my business?

Kevin Dieny: 00:21:09

How could this change my day to day?

Kevin Dieny: 00:21:10

Right?

Kevin Dieny: 00:21:10

My week to week.

Kevin Dieny: 00:21:12

Month to month, can this even help me improve my goals?

Kevin Dieny: 00:21:14

What's the cost to get this going?

Kevin Dieny: 00:21:16

What are the requirements they may say, follow these five steps and

Kevin Dieny: 00:21:19

your business will double in, in, you know, in a year and you go, oh, wow.

Kevin Dieny: 00:21:22

Double.

Kevin Dieny: 00:21:22

That sounds great.

Kevin Dieny: 00:21:23

But you look at the steps and the requirements are just

Kevin Dieny: 00:21:25

things that you can't do.

Kevin Dieny: 00:21:27

You can't have, you just can't put into practice.

Kevin Dieny: 00:21:30

So that's sort of how we should be evaluating advice as.

Kevin Dieny: 00:21:33

And I think how a business can sort through some of the craziness, there's

Kevin Dieny: 00:21:36

a ton of books on business, right?

Kevin Dieny: 00:21:39

, there's a lot of events, a lot of, um, speakers, influencers, people

Kevin Dieny: 00:21:43

out there that can guide your business in the right directions.

Kevin Dieny: 00:21:46

But how do you really figure out what's great from what's just mediocre.

Kevin Dieny: 00:21:50

That is very difficult to do.

Kevin Dieny: 00:21:52

So with that, we'll kind of go right into the next one.

Kevin Dieny: 00:21:55

Number four, new customer acquisition is the goal.

Kevin Dieny: 00:21:59

So think of retention as a way of paying for.

Kevin Dieny: 00:22:03

I'll read that again, new customer acquisition is the goal.

Kevin Dieny: 00:22:08

Then think of retention as a way of paying for it.

Kevin Dieny: 00:22:12

So this is sort of similar to that.

Kevin Dieny: 00:22:16

I don't know if you've heard this, uh, idea that keeping a customer is a lot

Kevin Dieny: 00:22:21

cheaper and a lot more valuable than trying to find new customers co so

Kevin Dieny: 00:22:27

retention is holding onto the customers.

Kevin Dieny: 00:22:30

You've already worked hard to.

Kevin Dieny: 00:22:32

Right.

Kevin Dieny: 00:22:32

So the goal is oftentimes let's get new business in here.

Kevin Dieny: 00:22:36

Let's get more new revenue, more, you know, sometimes a bus, a customer doesn't

Kevin Dieny: 00:22:39

need your services again for a while.

Kevin Dieny: 00:22:41

So let's get more nuance.

Kevin Dieny: 00:22:43

That's that's a lot of times probably the most common goal in a business

Kevin Dieny: 00:22:48

in, in its use of marketing is in finding the filling its new revenue.

Kevin Dieny: 00:22:54

New customer stream, new acquisition, right?

Kevin Dieny: 00:22:57

How do you get new acquisition of anything in your business?

Kevin Dieny: 00:22:59

So that's, that is often the goal.

Kevin Dieny: 00:23:03

So, but what you do with those customers you acquire, or what you do with the

Kevin Dieny: 00:23:06

leads, you get, what you do with the opportunities you have, you know, you

Kevin Dieny: 00:23:11

work so hard and spend so much to get this person on the phone or get this

Kevin Dieny: 00:23:15

person to set an appointment with you or get this person in your office or,

Kevin Dieny: 00:23:18

you know, or get this project paid for.

Kevin Dieny: 00:23:21

And you're finally there.

Kevin Dieny: 00:23:22

And then.

Kevin Dieny: 00:23:24

What, what happens does the ball drop and that could be so much worse

Kevin Dieny: 00:23:28

cuz you have to total up all the resources spend up to that point, right?

Kevin Dieny: 00:23:32

Maybe this person was a customer in the past and they come back and you

Kevin Dieny: 00:23:37

treat them like they're just totally different and new again, that could,

Kevin Dieny: 00:23:41

that's a lost opportunity right there.

Kevin Dieny: 00:23:43

And so.

Kevin Dieny: 00:23:44

Focusing.

Kevin Dieny: 00:23:46

I, I, it almost sounds to me like this, one's focusing on segmenting

Kevin Dieny: 00:23:49

segmentation now for marketing purposes, segmentation is when you take groups

Kevin Dieny: 00:23:53

of your consumers, prospects, clients, anything you separate them into more

Kevin Dieny: 00:23:59

homogenous, very similar groups.

Kevin Dieny: 00:24:00

Like all the clients, all the prospects, all the leads

Kevin Dieny: 00:24:03

everything's separated, right?

Kevin Dieny: 00:24:04

Maybe clients that, uh, had six months ago, clients that you just finished

Kevin Dieny: 00:24:08

a project last month, and you may have maybe messaging, marketing,

Kevin Dieny: 00:24:11

something designed for that specific.

Kevin Dieny: 00:24:14

And so each group you make, you've decided I'm gonna message

Kevin Dieny: 00:24:17

them or have a unique messaging, positioning something for that group.

Kevin Dieny: 00:24:21

You know, like maybe this group is for these types of products and this

Kevin Dieny: 00:24:24

group is for that type of product.

Kevin Dieny: 00:24:25

So that's what segmentation is.

Kevin Dieny: 00:24:26

So this one is all about, you know, this, this one, when you

Kevin Dieny: 00:24:30

know, new acquisition is your goal.

Kevin Dieny: 00:24:31

So new would be new leads, new business, something like that,

Kevin Dieny: 00:24:34

maybe selling a new product.

Kevin Dieny: 00:24:35

If that's the goal.

Kevin Dieny: 00:24:37

Also, it's equally important to wonder, not only how are you gonna get

Kevin Dieny: 00:24:40

them to that goal, but what are you gonna do with them after you've done?

Kevin Dieny: 00:24:44

Are you gonna turn them into repeat customers, stuff like that.

Kevin Dieny: 00:24:46

That is also very important.

Kevin Dieny: 00:24:48

And probably why this one has voted so much is that if you

Kevin Dieny: 00:24:50

just focus on one segment, right.

Kevin Dieny: 00:24:52

And ignore all others, you kind of do so at your payroll.

Kevin Dieny: 00:24:56

So that's fascinating.

Kevin Dieny: 00:24:57

And that's also a very common marketing foundational concept.

Kevin Dieny: 00:25:00

I've heard that a lot.

Kevin Dieny: 00:25:02

So that's a good one.

Kevin Dieny: 00:25:04

Number five in most online businesses.

Kevin Dieny: 00:25:07

Attributing revenue based on last click is like allocating sales to the

Kevin Dieny: 00:25:12

left and right doors of your shop.

Kevin Dieny: 00:25:16

okay.

Kevin Dieny: 00:25:16

I'll say this one again.

Kevin Dieny: 00:25:17

Cause some, I wanna make sure you understand what it is.

Kevin Dieny: 00:25:19

Some of these are like more than a sentence in most online businesses.

Kevin Dieny: 00:25:23

So online businesses, attributing revenue based on last click is like allocating

Kevin Dieny: 00:25:30

sales to the left and right doors of your.

Kevin Dieny: 00:25:33

. So this is a little bit more of a complex one.

Kevin Dieny: 00:25:35

So let me, let me just break it down for you.

Kevin Dieny: 00:25:37

What it's trying to say is if you are attributing revenue back to like a channel

Kevin Dieny: 00:25:42

or a campaign, if you're saying this campaign drove this revenue, anytime

Kevin Dieny: 00:25:46

you say this thing did that, right?

Kevin Dieny: 00:25:48

Cause and effect, let's say this ad that we ran two weeks ago

Kevin Dieny: 00:25:53

is what led to this sale today.

Kevin Dieny: 00:25:56

What it's saying is if you look at just the last thing the consumer customer

Kevin Dieny: 00:26:01

did, then you're misattributing it.

Kevin Dieny: 00:26:03

You're doing it wrong.

Kevin Dieny: 00:26:04

So let's say you ran this, you ran an ad a month ago, and then you ran

Kevin Dieny: 00:26:09

an ad a different ad two weeks ago.

Kevin Dieny: 00:26:11

And then you ran another ad today.

Kevin Dieny: 00:26:13

And let's say from the ad today, you got a couple signups and you thought,

Kevin Dieny: 00:26:16

wow, the ad we ran today is so good.

Kevin Dieny: 00:26:18

So great.

Kevin Dieny: 00:26:20

right.

Kevin Dieny: 00:26:21

But it could be, this person saw the.

Kevin Dieny: 00:26:23

A month ago, clicked on the ad two weeks ago, clicked on the ad again

Kevin Dieny: 00:26:27

today, but converted today, right?

Kevin Dieny: 00:26:29

So that's the miss and mix and problem and issues all wrapped up in attribution.

Kevin Dieny: 00:26:36

So one of marketing's greatest struggles, one of its most difficult

Kevin Dieny: 00:26:42

and hardest to solve problems in all of marketing is being able to say.

Kevin Dieny: 00:26:48

I put a dollar in here and I got three, five, $10 out over there.

Kevin Dieny: 00:26:54

That's it that's like the hardest thing to do because it's because

Kevin Dieny: 00:26:57

consumer behavior is so crazy.

Kevin Dieny: 00:26:59

Is it the direct mail piece that you sent to their home?

Kevin Dieny: 00:27:02

The thing that really caused them to want to do business with you.

Kevin Dieny: 00:27:05

Right.

Kevin Dieny: 00:27:06

That's always very difficult.

Kevin Dieny: 00:27:07

Some people think, well, none of the marketing is having really an

Kevin Dieny: 00:27:10

influence, so I don't do marketing at all, but that's also not true.

Kevin Dieny: 00:27:14

Right.

Kevin Dieny: 00:27:15

It's very, very well studied.

Kevin Dieny: 00:27:17

Scientifically proven that there's a saturation effect that

Kevin Dieny: 00:27:21

marketing does have an influence.

Kevin Dieny: 00:27:23

In fact, it can be great.

Kevin Dieny: 00:27:24

There's a lot of robust research and insights into the in fact, an influence

Kevin Dieny: 00:27:30

of marketing and it's, and it's high.

Kevin Dieny: 00:27:32

It, it impacts people's E every aspect of people's lives.

Kevin Dieny: 00:27:35

There is a lot of opportunity in marketing to influence a business, and

Kevin Dieny: 00:27:38

it, it can be tr it can be traumatic.

Kevin Dieny: 00:27:41

So the funny thing about this one, right last click is, is making, is

Kevin Dieny: 00:27:47

allocating sales to the left and right doors of a business, because, you

Kevin Dieny: 00:27:50

know, it could be the ad they saw.

Kevin Dieny: 00:27:52

And then their friend told them about it.

Kevin Dieny: 00:27:54

They looked online, saw the good reviews were like, okay, now I'm

Kevin Dieny: 00:27:56

willing to go down to the business.

Kevin Dieny: 00:27:57

So all those things have had influence.

Kevin Dieny: 00:27:59

They get to the business and they go through the doors

Kevin Dieny: 00:28:01

and someone's at the doors.

Kevin Dieny: 00:28:02

It's like, aha.

Kevin Dieny: 00:28:03

The doors are . The, the doors is what got them in.

Kevin Dieny: 00:28:06

Right.

Kevin Dieny: 00:28:07

Um, that's why it's, it's making it kind of a funny joke about it and

Kevin Dieny: 00:28:11

also describing how silly it is to say that the last thing someone did

Kevin Dieny: 00:28:16

is the entirety of all the impact and influence marketing has had on that.

Kevin Dieny: 00:28:22

Right.

Kevin Dieny: 00:28:22

That's equally silly but it's a little more complex, cuz it

Kevin Dieny: 00:28:26

requires some understanding which hopefully you have now about why

Kevin Dieny: 00:28:29

last click attribution can be silly.

Kevin Dieny: 00:28:31

Now it's still important.

Kevin Dieny: 00:28:33

It's sort of like, uh, something that's interesting to know.

Kevin Dieny: 00:28:35

But it's not the end all be all, you know, in terms of like, if you pour,

Kevin Dieny: 00:28:40

if you have a hundred dollars and the last thing someone did is come to the

Kevin Dieny: 00:28:44

doors, just be like, wow, I'm just gonna make my doors really fancy instead of

Kevin Dieny: 00:28:47

spending money on the ads and everything else that brought them to the doors.

Kevin Dieny: 00:28:51

I'm just gonna spend all my money on the doors.

Kevin Dieny: 00:28:52

Cuz that's the last thing they did.

Kevin Dieny: 00:28:54

So you have really fancy doors in your shop, right?

Kevin Dieny: 00:28:56

That's why it's, it's a sort of a metaphor of attribution and taking in considering

Kevin Dieny: 00:29:02

things incorrectly, by the way, last.

Kevin Dieny: 00:29:05

Is the terminology for when you take the last thing that someone did in

Kevin Dieny: 00:29:08

attribution, in a marketing touch or influence and give the allocation of, you

Kevin Dieny: 00:29:14

know, this is what caused that this, this door is what caused the revenue, right?

Kevin Dieny: 00:29:19

There's other models like first click what's the first thing they did.

Kevin Dieny: 00:29:22

There's other things like let's give value to all the things they did.

Kevin Dieny: 00:29:25

There's lots of different types of modeling for that.

Kevin Dieny: 00:29:28

And that's why it's one of the struggles of marketing.

Kevin Dieny: 00:29:31

And one of the things that is most difficult to solve.

Kevin Dieny: 00:29:34

Every by default everything's last click because it's, it's very clear.

Kevin Dieny: 00:29:37

Here's the last thing, you know, you saw, if someone come through the doors, you're

Kevin Dieny: 00:29:41

a hundred percent sure they did that.

Kevin Dieny: 00:29:42

So that's why it's, it's generally the default attribution

Kevin Dieny: 00:29:45

model, cuz it's accurate.

Kevin Dieny: 00:29:48

Right.

Kevin Dieny: 00:29:48

We can see that they did that.

Kevin Dieny: 00:29:50

We may not be able to see all the things they did before because

Kevin Dieny: 00:29:53

of privacy and other issues.

Kevin Dieny: 00:29:55

And we don't know, and we may ask 'em what, you know, when they come in the

Kevin Dieny: 00:29:57

store, well, what brought you here today?

Kevin Dieny: 00:29:59

And they go, I Don.

Kevin Dieny: 00:30:01

They forgot or they don't wanna tell you, you know, , you know, if

Kevin Dieny: 00:30:03

you ask someone on the phone, how did you find us or hear about us?

Kevin Dieny: 00:30:06

Like they, this is gonna say something or say, I don't know, you know,

Kevin Dieny: 00:30:09

like most often they, they're not gonna remember everything they did.

Kevin Dieny: 00:30:12

So it's very unreliable in terms of things to, in terms of the entire

Kevin Dieny: 00:30:16

marketing mix to associate that.

Kevin Dieny: 00:30:18

Um, so anyways, that's why that one is very interesting and probably why it's a

Kevin Dieny: 00:30:22

reminder why that one is, you know, voted.

Kevin Dieny: 00:30:24

Fairly high hundreds of people voted on these types of things.

Kevin Dieny: 00:30:28

So why people thought this is a good thing that everyone should know.

Kevin Dieny: 00:30:31

Let's stop for a second again and go, okay.

Kevin Dieny: 00:30:34

So far, is there anything that could be applied to your business?

Kevin Dieny: 00:30:37

Or what you do, you know, or, or consider like, how is, is there any

Kevin Dieny: 00:30:42

similarity to anything so far, any piece of advice that you've heard

Kevin Dieny: 00:30:46

that you're like, that's pretty good.

Kevin Dieny: 00:30:47

Or maybe it's something you're like, that's garbage that has

Kevin Dieny: 00:30:50

nothing to do with me at all.

Kevin Dieny: 00:30:53

So that that's really important.

Kevin Dieny: 00:30:54

Be.

Kevin Dieny: 00:30:55

Be thinking about like how this applies to you.

Kevin Dieny: 00:30:57

And then the next thing is, there's a question I'd have, right.

Kevin Dieny: 00:31:00

Is it good for a business or someone let's say someone's about to start a

Kevin Dieny: 00:31:04

new business to be really dependent on the advice of other people?

Kevin Dieny: 00:31:08

Like if they just start a new business, they've never done that before.

Kevin Dieny: 00:31:11

They don't know all the mistakes that they're going to make.

Kevin Dieny: 00:31:13

You know, like if they were to say fast forward me, 30

Kevin Dieny: 00:31:16

years, you know, that wiser.

Kevin Dieny: 00:31:19

Older experienced version of themselves, of their business is gonna know what

Kevin Dieny: 00:31:23

has a lot of learnings and failures and successes throughout the time.

Kevin Dieny: 00:31:26

Right.

Kevin Dieny: 00:31:27

And also there's just a different timeframe.

Kevin Dieny: 00:31:28

Someone who started a business 10 years ago, you know, is gonna ha

Kevin Dieny: 00:31:31

had different struggles than, than med business that starts out today.

Kevin Dieny: 00:31:35

So how dependent should we be on advice?

Kevin Dieny: 00:31:39

Right people.

Kevin Dieny: 00:31:41

Some I know of people who soak up everything, they take all

Kevin Dieny: 00:31:45

the advice to the full extent they possibly can all the time.

Kevin Dieny: 00:31:48

And there's a problem with that.

Kevin Dieny: 00:31:50

Some advice doesn't make sense anymore.

Kevin Dieny: 00:31:52

It has to be applied to this business and does it, it has to

Kevin Dieny: 00:31:55

be applied to this situation.

Kevin Dieny: 00:31:56

Can it be.

Kevin Dieny: 00:31:57

Another area of issue is someone who ignores all advice.

Kevin Dieny: 00:32:01

someone who's like, I'm just gonna figure it all out on my own.

Kevin Dieny: 00:32:03

I'm not gonna take any advice from anyone else.

Kevin Dieny: 00:32:05

I'm just gonna figure this out.

Kevin Dieny: 00:32:06

I'm tough enough.

Kevin Dieny: 00:32:06

I'm strong enough.

Kevin Dieny: 00:32:07

I can handle it.

Kevin Dieny: 00:32:08

And there is an issue with that as well, because there is value in wisdom

Kevin Dieny: 00:32:12

and experience some other people.

Kevin Dieny: 00:32:14

It, it varies and you have to be able to just.

Kevin Dieny: 00:32:16

Dilute down or filtered down.

Kevin Dieny: 00:32:18

Okay.

Kevin Dieny: 00:32:18

Here is the gems in what I'm hearing, you might read an entire book on how

Kevin Dieny: 00:32:22

to run a business and only take out a couple things and go, you know,

Kevin Dieny: 00:32:25

I got a few things out of this and I think that that's perfectly fine.

Kevin Dieny: 00:32:29

So the idea that we want to be not entirely dependent, but still have,

Kevin Dieny: 00:32:35

you know, leave the doors open, like still stay humble and meek and, and keep

Kevin Dieny: 00:32:39

the door open for, to learn something because we don't know everything.

Kevin Dieny: 00:32:42

That's what this is all about.

Kevin Dieny: 00:32:43

I don't know everything at all.

Kevin Dieny: 00:32:45

, I'm sharing my opinion on some of these things to tell you, like, you know,

Kevin Dieny: 00:32:47

this is how I'm seeing it, but there's lots of very interesting things that

Kevin Dieny: 00:32:51

can come out of sharing, uh, advice that you have with other people that

Kevin Dieny: 00:32:55

may go, you may say here's an experience I had and they go, this is great.

Kevin Dieny: 00:32:59

And you talked about this and that, but you know, while you were saying

Kevin Dieny: 00:33:02

that this other thing popped into my head and it has nothing to do with

Kevin Dieny: 00:33:04

what you said, but it's gonna help me.

Kevin Dieny: 00:33:05

You're like, well, that's great.

Kevin Dieny: 00:33:07

, I'm glad it helped you, even though it has nothing to do with what I said, you

Kevin Dieny: 00:33:10

know, things like that happen, so, okay.

Kevin Dieny: 00:33:12

We'll go to the next one.

Kevin Dieny: 00:33:14

This one's about content content without reach is like building

Kevin Dieny: 00:33:17

cathedrals in the desert.

Kevin Dieny: 00:33:19

Again, content without reach is like building cathedrals in the desert.

Kevin Dieny: 00:33:28

I love how some of things are written.

Kevin Dieny: 00:33:29

This is great.

Kevin Dieny: 00:33:30

Okay.

Kevin Dieny: 00:33:31

So content right.

Kevin Dieny: 00:33:32

Is blog posts, videos, uh, web website pages, website articles, a webpage

Kevin Dieny: 00:33:39

that helps people with a calculator.

Kevin Dieny: 00:33:41

Let's say like, figure out how much, you know, something's gonna cost a tutorial.

Kevin Dieny: 00:33:45

You may post on social media.

Kevin Dieny: 00:33:47

That's content.

Kevin Dieny: 00:33:49

So content but making content, but without reach right, is like

Kevin Dieny: 00:33:54

building cathedrals in the desert.

Kevin Dieny: 00:33:55

So what's reach.

Kevin Dieny: 00:33:56

That's reach is describing the people, the eyes, those visitors,

Kevin Dieny: 00:34:01

those targeted people that you want to read it to consume the content.

Kevin Dieny: 00:34:06

It's sort of like another way of describing this one is like baking

Kevin Dieny: 00:34:09

all this great food without anyone.

Kevin Dieny: 00:34:13

To experience it or taste.

Kevin Dieny: 00:34:14

It is like throwing all the food that you've made right into the trash.

Kevin Dieny: 00:34:18

That's kind of what it's saying now.

Kevin Dieny: 00:34:20

There's still value in making content.

Kevin Dieny: 00:34:21

So it's not entirely true here.

Kevin Dieny: 00:34:24

It, it's just making the distinction that if you don't have

Kevin Dieny: 00:34:26

a purpose for the content that you're producing to reach people.

Kevin Dieny: 00:34:30

To be able to put this content you've made in front of people.

Kevin Dieny: 00:34:33

That's a problem.

Kevin Dieny: 00:34:34

So whenever you make content, you've got to have a plan and how this is gonna reach

Kevin Dieny: 00:34:38

the people you want to, to reach you.

Kevin Dieny: 00:34:40

Don't just go, wow, we're gonna make the best video ever,

Kevin Dieny: 00:34:42

but then never publish it.

Kevin Dieny: 00:34:43

So anyone can actually see it, right.

Kevin Dieny: 00:34:45

Just stays in a flash driver on your computer.

Kevin Dieny: 00:34:47

That's a waste that's wasted.

Kevin Dieny: 00:34:49

So that's building a cathedral in the desert.

Kevin Dieny: 00:34:50

Like you may have this amazing palace, but no one will ever be there or go there.

Kevin Dieny: 00:34:54

Cause no one can, no one, no one even knows that it's.

Kevin Dieny: 00:34:57

So content without some spend or without efforts to help that content

Kevin Dieny: 00:35:03

reach the right people is waste.

Kevin Dieny: 00:35:05

And the most common place that this shows up right is, is from experiences in the

Kevin Dieny: 00:35:12

field that come back into marketing.

Kevin Dieny: 00:35:14

So for instance, let me, lemme explain this someone.

Kevin Dieny: 00:35:18

Who works in the field, maybe a sales person, maybe someone who's a project

Kevin Dieny: 00:35:22

manager, a coordinator, someone who deals directly with the customer or

Kevin Dieny: 00:35:25

whatever, they may go out, talk to, or have an experience with them and go,

Kevin Dieny: 00:35:30

man, this customer said, it'd be really helpful if we had this, you know, we

Kevin Dieny: 00:35:33

had a video showing them how to do this.

Kevin Dieny: 00:35:35

And so they come back and tell marketing, yeah, let's make this and marketing

Kevin Dieny: 00:35:38

makes it and says, here you go.

Kevin Dieny: 00:35:39

Now, anytime someone says, you know, do you have a tutorial on how to make this?

Kevin Dieny: 00:35:42

You can share it with.

Kevin Dieny: 00:35:43

Well, what sometimes happen is they don't remember.

Kevin Dieny: 00:35:47

They have the video, you know, they forget about it and, or they don't

Kevin Dieny: 00:35:50

get asked about it for a long time.

Kevin Dieny: 00:35:52

And then the video literally goes nowhere.

Kevin Dieny: 00:35:55

Uh, you look at what happens on a lot of calls to your business.

Kevin Dieny: 00:35:58

And it may say, you know, I was looking on your website,

Kevin Dieny: 00:35:59

but I didn't see any pricing.

Kevin Dieny: 00:36:00

I don't know how much things cost and you go, Hmm, let's put this on

Kevin Dieny: 00:36:04

the website or let's put this let's, let's give a link to the people on

Kevin Dieny: 00:36:07

the phone so that they can share this.

Kevin Dieny: 00:36:08

And then what happens is those people forget about the link or

Kevin Dieny: 00:36:11

don't know where it is or , it never gets shared, or it never gets found,

Kevin Dieny: 00:36:15

or the pages aren't easy to find.

Kevin Dieny: 00:36:16

And so the page gets, you spend all this time and resource to make the

Kevin Dieny: 00:36:20

content, and then it goes nowhere.

Kevin Dieny: 00:36:24

You know, in marketing it's it just feels terrible to put time and resources

Kevin Dieny: 00:36:28

research to get everyone approved on checking everything off, you know,

Kevin Dieny: 00:36:32

and making sure this thing looks good.

Kevin Dieny: 00:36:33

It's on brand.

Kevin Dieny: 00:36:34

It's gonna be helpful.

Kevin Dieny: 00:36:35

You put a lot of time into this and then, uh, no one, no one sees it.

Kevin Dieny: 00:36:40

No one knows anything that's going on with it.

Kevin Dieny: 00:36:42

It's a complete bust.

Kevin Dieny: 00:36:44

So that happens way more than it.

Kevin Dieny: 00:36:48

Unfortunately.

Kevin Dieny: 00:36:49

So if it was me, I'd put this one a lot higher um, this one was really good.

Kevin Dieny: 00:36:54

Probably one of my favorite, you know, content without reach is like

Kevin Dieny: 00:36:56

building cathedrals in the desert.

Kevin Dieny: 00:36:58

Probably one of my favorite pieces of advice, especially for, for companies who

Kevin Dieny: 00:37:02

are wanting to, to make more content, but really haven't thought through, well, how

Kevin Dieny: 00:37:05

are we gonna get eyeballs on this content?

Kevin Dieny: 00:37:07

Right.

Kevin Dieny: 00:37:09

all right.

Kevin Dieny: 00:37:09

Next allocating marketing budgets between channels hiring staff, buying stock

Kevin Dieny: 00:37:15

are all about taking risks with cash.

Kevin Dieny: 00:37:17

Learning how to mitigate risk.

Kevin Dieny: 00:37:18

As you grow will tell you how to proceed.

Kevin Dieny: 00:37:21

So why is this one marketing piece of advice?

Kevin Dieny: 00:37:23

Read it again.

Kevin Dieny: 00:37:24

It's kinda long allocating marketing budgets between channels hiring staff.

Kevin Dieny: 00:37:27

Buying stock are all about taking risks with cash market.

Kevin Dieny: 00:37:31

Like, it's all about taking risks with cash, to some extent.

Kevin Dieny: 00:37:34

So learning how to mitigate risk as you grow will tell you how to proceed.

Kevin Dieny: 00:37:38

Here's my take on this one.

Kevin Dieny: 00:37:40

It's saying that marketing right is a risk.

Kevin Dieny: 00:37:43

There's some risk in marketing.

Kevin Dieny: 00:37:44

You could be spending that money elsewhere.

Kevin Dieny: 00:37:46

So why would you spend it in marketing?

Kevin Dieny: 00:37:47

Well, cause marketing has the potential to take a dollar today and give you four,

Kevin Dieny: 00:37:51

five, $1,000 from that single dollar.

Kevin Dieny: 00:37:55

You know, maybe not tomorrow, but down the road.

Kevin Dieny: 00:37:57

So it's an investment, right?

Kevin Dieny: 00:37:59

So risk reward is basically the, the adage for investment.

Kevin Dieny: 00:38:04

So the higher, the risk, generally the higher the reward, but in

Kevin Dieny: 00:38:07

marketing, it's not always exactly the way it is as a business investment

Kevin Dieny: 00:38:11

of its capital into marketing.

Kevin Dieny: 00:38:13

It's hoping for.

Kevin Dieny: 00:38:14

Right.

Kevin Dieny: 00:38:16

as much as it can hope as many as well as it can hire the best people, the

Kevin Dieny: 00:38:20

best agency, the best support, you know, put its best resources and processes

Kevin Dieny: 00:38:25

and capabilities into marketing.

Kevin Dieny: 00:38:27

It's hoping that every dollar and every bit of resource it puts in there,

Kevin Dieny: 00:38:30

that the processes will turn into a tremendous multiplier of value at the.

Kevin Dieny: 00:38:35

So that the return on their investment will be substantial.

Kevin Dieny: 00:38:38

Cause otherwise they could have just taken that money and invested it somewhere.

Kevin Dieny: 00:38:40

You know, it's like, oh, I could put this money into place for 10%.

Kevin Dieny: 00:38:43

So you think about it?

Kevin Dieny: 00:38:44

You're like, well, if I could put it over here for 10%, then

Kevin Dieny: 00:38:46

from marketing, I need at least.

Kevin Dieny: 00:38:48

Let's say 11 or 12 or 14%, you know, depending on the type of risk it is or

Kevin Dieny: 00:38:53

the type of return that is possible there.

Kevin Dieny: 00:38:55

So those are just economical things.

Kevin Dieny: 00:38:58

It's probably more suited toward the owners and business

Kevin Dieny: 00:39:00

owners than anyone else.

Kevin Dieny: 00:39:02

Cuz it's trying to convince them to just put some capital,

Kevin Dieny: 00:39:04

some cash toward marketing than to put it somewhere else now.

Kevin Dieny: 00:39:09

That's not just marketing that has to apply to every department, right?

Kevin Dieny: 00:39:12

Every department has to be considered whether it's ROIs and there are profit

Kevin Dieny: 00:39:16

centers, which are things like marketing, where you put money in and it's expected

Kevin Dieny: 00:39:20

that the money you put in will grow.

Kevin Dieny: 00:39:21

And there are also things that are set up like cost centers.

Kevin Dieny: 00:39:25

A cost center in a business is anywhere you put money in and you don't expect

Kevin Dieny: 00:39:28

any money to come back, but it's like an essential operational cost.

Kevin Dieny: 00:39:31

Sometimes I I've heard accounting is, is viewed this way, right?

Kevin Dieny: 00:39:34

The business has to be able to collect cash, you know, receive it and make

Kevin Dieny: 00:39:38

payments and then be able to deposit it.

Kevin Dieny: 00:39:40

And someone needs to keep track of that.

Kevin Dieny: 00:39:42

And their goal is not to, you know, somehow swindle it into much more money,

Kevin Dieny: 00:39:47

you know, like in a legal sense there.

Kevin Dieny: 00:39:51

Expected to just do that function operationally.

Kevin Dieny: 00:39:53

And there's nothing tied to their, you know, take this dollar from the

Kevin Dieny: 00:39:56

customer and print two out of it.

Kevin Dieny: 00:39:57

It doesn't work like that.

Kevin Dieny: 00:39:58

It's just keeping things accurate and accounting for them.

Kevin Dieny: 00:40:01

And that's why that that department is oftentimes looked at as like a

Kevin Dieny: 00:40:04

cost center, but an essential, right.

Kevin Dieny: 00:40:06

That's usually what cost centers are.

Kevin Dieny: 00:40:07

They're essential.

Kevin Dieny: 00:40:08

Otherwise, why would you have, why would you even do it if it's just a

Kevin Dieny: 00:40:11

dump, if it's just, you know, money is.

Kevin Dieny: 00:40:13

Literally poured into fire.

Kevin Dieny: 00:40:14

So that's not what's happening.

Kevin Dieny: 00:40:16

Uh, in a cost center, profit centers are ideal the way to set up departments,

Kevin Dieny: 00:40:20

not everything can be set up that way.

Kevin Dieny: 00:40:21

The actual goal of that department, the key performance, the measurements,

Kevin Dieny: 00:40:25

everything around that department is set up to be profitable.

Kevin Dieny: 00:40:29

The dollar in, you know, you spend it on, you have to total up your labor costs,

Kevin Dieny: 00:40:32

operational costs of that department.

Kevin Dieny: 00:40:34

Everything, you know, the total investment in has to be less

Kevin Dieny: 00:40:38

than the return from them.

Kevin Dieny: 00:40:40

That's a profit center.

Kevin Dieny: 00:40:41

That's what it's trying to say here, I believe is that marketing has to be

Kevin Dieny: 00:40:44

looked at as an investment and as a profit center, there's a lot of risk there.

Kevin Dieny: 00:40:49

Yes.

Kevin Dieny: 00:40:49

That's not be, it's not kid ourselves, but there's a lot of potential return,

Kevin Dieny: 00:40:53

except especially when people who, you know, you employ people who know

Kevin Dieny: 00:40:57

what they're doing, and there's a lot of like intelligence, capital, or

Kevin Dieny: 00:41:01

wisdom or experience capital a lot.

Kevin Dieny: 00:41:03

Like, like the advice here, there's a lot of value in people with

Kevin Dieny: 00:41:06

experience coming in and being able to help your business grow.

Kevin Dieny: 00:41:09

Next one, it's a quote.

Kevin Dieny: 00:41:11

And I like this one.

Kevin Dieny: 00:41:12

Quote, the second you try to sell something.

Kevin Dieny: 00:41:15

You're doing it wrong.

Kevin Dieny: 00:41:16

Close quote.

Kevin Dieny: 00:41:17

I'll read again.

Kevin Dieny: 00:41:18

Quote, the second you try to sell something.

Kevin Dieny: 00:41:22

You're doing it wrong.

Kevin Dieny: 00:41:24

Close quote.

Kevin Dieny: 00:41:26

this is a very good, almost like something you'd put on, on a

Kevin Dieny: 00:41:30

post-it note on your computer.

Kevin Dieny: 00:41:31

Whenever you're about to write anything, don't make everything

Kevin Dieny: 00:41:35

in that you say a sale.

Kevin Dieny: 00:41:37

Before someone's willing to buy, they have to see the value and

Kevin Dieny: 00:41:40

the other thing they have to.

Kevin Dieny: 00:41:41

So have you ever heard of no, like trust, right.

Kevin Dieny: 00:41:44

So they have to know that there's value.

Kevin Dieny: 00:41:45

They have to like who you are and they ultimately have to trust that the risk

Kevin Dieny: 00:41:50

or that the return that there's some confidence in achieving whatever it is

Kevin Dieny: 00:41:53

with, with what they're buying from you.

Kevin Dieny: 00:41:55

Right.

Kevin Dieny: 00:41:55

So if they're buying.

Kevin Dieny: 00:41:57

DEC clog of their pipes.

Kevin Dieny: 00:41:59

Right.

Kevin Dieny: 00:41:59

Do they know that you can do that for them?

Kevin Dieny: 00:42:02

That there's value in that?

Kevin Dieny: 00:42:03

Yes, because their, their drain is probably clogged.

Kevin Dieny: 00:42:05

And do they see that you have the equipment and that you're, you're capable

Kevin Dieny: 00:42:09

and you've been around for a while?

Kevin Dieny: 00:42:10

Yes.

Kevin Dieny: 00:42:11

Do they like you?

Kevin Dieny: 00:42:11

Maybe not yet, but they want to, right.

Kevin Dieny: 00:42:13

They hope that, you know, the experience you provide is

Kevin Dieny: 00:42:16

helpful as courteous kind is, is.

Kevin Dieny: 00:42:19

Give them the assurance that, okay, this people know they're not just scamming me.

Kevin Dieny: 00:42:24

, you know, they're not just like running a drain clog scam or something.

Kevin Dieny: 00:42:28

And then trust is what comes at the end of the day.

Kevin Dieny: 00:42:31

Sometimes after they've purchased and they say, okay, yeah, these guys did.

Kevin Dieny: 00:42:35

Do what I asked them to do in the way that I wanted and expected.

Kevin Dieny: 00:42:38

And so that's why a lot of times a business comes down to like providing

Kevin Dieny: 00:42:41

its value first in the sales later.

Kevin Dieny: 00:42:44

And it's a, it's a positioning, you know, if you say, buy this

Kevin Dieny: 00:42:47

versus here's how this helps you.

Kevin Dieny: 00:42:49

It's a very different, you expect a different reaction

Kevin Dieny: 00:42:52

you've ever been sold to hard.

Kevin Dieny: 00:42:54

You know, that it's kind of an uncomfortable situation.

Kevin Dieny: 00:42:57

You feel like you're being.

Kevin Dieny: 00:42:58

Right.

Kevin Dieny: 00:42:59

There's peer pressure or that there's like, you feel like you're a idiot.

Kevin Dieny: 00:43:02

If they don't do what they say or you don't feel cool if you're not

Kevin Dieny: 00:43:05

wearing the latest thing or there's lots of weird ways that sales

Kevin Dieny: 00:43:09

makes it stamp in a negative way.

Kevin Dieny: 00:43:12

Now it could be very positive.

Kevin Dieny: 00:43:14

Generally sales is in a positive way.

Kevin Dieny: 00:43:16

The best way I've heard sales described is we're helping people.

Kevin Dieny: 00:43:21

That's it.

Kevin Dieny: 00:43:21

That's what sales is.

Kevin Dieny: 00:43:23

. So how do you help people?

Kevin Dieny: 00:43:24

Well, you understand their needs, their problems, their

Kevin Dieny: 00:43:26

struggles, and then you help them.

Kevin Dieny: 00:43:28

Right.

Kevin Dieny: 00:43:29

And, uh, as a sales for any company, you only have a few options to help

Kevin Dieny: 00:43:33

them, but if they've come to you or for, you know, if there's anything,

Kevin Dieny: 00:43:36

any opportunity there, you can sniff it out without it coming across.

Kevin Dieny: 00:43:40

Like you're just there to, you know, dig in their wallet and get out.

Kevin Dieny: 00:43:45

. That's why I like this.

Kevin Dieny: 00:43:46

Okay.

Kevin Dieny: 00:43:47

Um, an expensive an because of time.

Kevin Dieny: 00:43:50

I'm just gonna quick, like name a few more because these ones are getting down to

Kevin Dieny: 00:43:54

the less ranked ones and just say a few things and then we'll kind of close out.

Kevin Dieny: 00:43:59

So next one is follow up.

Kevin Dieny: 00:44:02

That's gold without following up.

Kevin Dieny: 00:44:04

Even the customers may forget that they need something from.

Kevin Dieny: 00:44:07

Very important to follow up, right?

Kevin Dieny: 00:44:09

A one touch, one call, any kind of single interaction close is very likely in, in

Kevin Dieny: 00:44:14

very possible in a lot of businesses.

Kevin Dieny: 00:44:16

But if you follow up, if you retarget, if you remarket, if you, you know,

Kevin Dieny: 00:44:20

have follow up calls, follow up interactions, the chances of you

Kevin Dieny: 00:44:23

getting that business goes up a lot.

Kevin Dieny: 00:44:25

Brian dice from digital marketer has a quote that says the company that spends

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the most to acquire the customer win.

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If you think about that, you know, oh crap.

Kevin Dieny: 00:44:34

I don't wanna spend the most, but when you win the customer, you

Kevin Dieny: 00:44:38

win it and other people lose it.

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So there's value in that.

Kevin Dieny: 00:44:41

Right.

Kevin Dieny: 00:44:41

So following up is very.

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Next talk to your customers.

Kevin Dieny: 00:44:46

Next one, which even goes along with it, you are not your customer.

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So talk to your customers.

Kevin Dieny: 00:44:51

You're not your customer getting to know your customer and their pain points.

Kevin Dieny: 00:44:54

Like we mentioned earlier.

Kevin Dieny: 00:44:55

That's why these things tie in is very, very helpful.

Kevin Dieny: 00:44:58

And if they say something, sometimes a customer will say something you're like,

Kevin Dieny: 00:45:01

I'm gonna use that quote on the website.

Kevin Dieny: 00:45:04

or I'm gonna put that in the video, or that's really powerful.

Kevin Dieny: 00:45:06

I bet I've heard that before.

Kevin Dieny: 00:45:08

You know, things like that.

Kevin Dieny: 00:45:09

Customer research.

Kevin Dieny: 00:45:11

Very hard to get sometimes and, and feels difficult.

Kevin Dieny: 00:45:14

But again, just like we mentioned earlier, there's value.

Kevin Dieny: 00:45:17

Um, I like this one.

Kevin Dieny: 00:45:20

You can persuade your customer to the degree.

Kevin Dieny: 00:45:22

You understand them?

Kevin Dieny: 00:45:23

I'll say it again.

Kevin Dieny: 00:45:24

You can persuade your customer to the degree that you understand them.

Kevin Dieny: 00:45:28

So persuading a customer is valuable, right?

Kevin Dieny: 00:45:30

you want them to take an action?

Kevin Dieny: 00:45:31

There's something you want them to do.

Kevin Dieny: 00:45:33

So how do you persuade them to do that?

Kevin Dieny: 00:45:34

But you do that best and you understand them better and

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where they're at in that moment.

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That's what helps you.

Kevin Dieny: 00:45:40

And that's very valuable for marketing.

Kevin Dieny: 00:45:41

Obviously it's a crystal.

Kevin Dieny: 00:45:42

Marketing's not a crystal ball.

Kevin Dieny: 00:45:44

There's no silver bullet.

Kevin Dieny: 00:45:45

There's nothing here.

Kevin Dieny: 00:45:45

That's gonna.

Kevin Dieny: 00:45:47

A hundred extra your business, just in and of itself, it has to apply to your

Kevin Dieny: 00:45:51

business and you won't know everything.

Kevin Dieny: 00:45:52

So you have to, you know, yes, you wanna be exactly and know exactly where your

Kevin Dieny: 00:45:56

customers are at, but you're not going to.

Kevin Dieny: 00:45:58

You're gonna know maybe.

Kevin Dieny: 00:46:00

Right?

Kevin Dieny: 00:46:00

So you do your best.

Kevin Dieny: 00:46:02

That's that's a lot of what marketing is, is trying testing,

Kevin Dieny: 00:46:04

applying over and over again.

Kevin Dieny: 00:46:06

So I love this one, blame, anything that goes wrong on seasonality , uh, blame

Kevin Dieny: 00:46:14

the problem on something else, right?

Kevin Dieny: 00:46:15

Anything that goes wrong in marketing?

Kevin Dieny: 00:46:16

Just blame it on something.

Kevin Dieny: 00:46:18

That's uh, unhelpful, right?

Kevin Dieny: 00:46:20

When you don't know when you don't have the feedback or the knowledge

Kevin Dieny: 00:46:22

of what really happened, maybe a seasonality was the cause um, but

Kevin Dieny: 00:46:27

it's also possible that, you know, there's other things that went wrong.

Kevin Dieny: 00:46:30

So just leave it at that last I'll just say this is the last one.

Kevin Dieny: 00:46:34

All right.

Kevin Dieny: 00:46:35

Don't let perfect be the enemy of good.

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And I think this is a good one to end on because marketing, when, when

Kevin Dieny: 00:46:42

you try to do everything in marketing perfectly, you're wasting time.

Kevin Dieny: 00:46:45

Don't do.

Kevin Dieny: 00:46:47

Right.

Kevin Dieny: 00:46:48

The only time I can possibly see that making sense is like a super bowl ad.

Kevin Dieny: 00:46:52

You have one chance to get it right.

Kevin Dieny: 00:46:55

And so in that sense, it's gotta be done really, really perfectly get one chance.

Kevin Dieny: 00:47:00

But a lot of times a business can deploy and ad a social post something, and then

Kevin Dieny: 00:47:06

say, okay, maybe this worked and maybe this didn't, let's try something else.

Kevin Dieny: 00:47:08

Or let's deploy an EB test or let's, let's just ask people what they

Kevin Dieny: 00:47:12

think of this before we run it.

Kevin Dieny: 00:47:15

Things like that is how marketing really should be done.

Kevin Dieny: 00:47:17

If you put a ton of resources, designing something without testing

Kevin Dieny: 00:47:20

at first, it could go wrong.

Kevin Dieny: 00:47:21

Okay.

Kevin Dieny: 00:47:23

so just test something, simply just put the bones together and get it out there.

Kevin Dieny: 00:47:26

Just get things out, get things made, get things going, and then you have

Kevin Dieny: 00:47:30

the opportunity to learn from them.

Kevin Dieny: 00:47:31

And then all of a sudden, you, you arrive at a really near perfect

Kevin Dieny: 00:47:35

version of their marketing and you can.

Kevin Dieny: 00:47:38

And then after that you take your learnings and apply them in another thing.

Kevin Dieny: 00:47:40

Go forward.

Kevin Dieny: 00:47:41

That's how it's done.

Kevin Dieny: 00:47:42

Don't let perfect be the enemy of good.

Kevin Dieny: 00:47:44

So that's a very good one to end on again, advice from other

Kevin Dieny: 00:47:49

people who we don't know, complete strangers post it on Reddit.

Kevin Dieny: 00:47:52

So that's where I got this.

Kevin Dieny: 00:47:53

If you're curious about Reddit, you should go check it out, go

Kevin Dieny: 00:47:55

look it up, go see what it is.

Kevin Dieny: 00:47:56

A lot of these are tactics, so they have to fit into the complete business.

Kevin Dieny: 00:48:00

Marketing plan that you have in and of themselves.

Kevin Dieny: 00:48:03

They're probably not that amazing, but some of the things that I mentioned

Kevin Dieny: 00:48:06

today in the marketing advice could be very helpful for a business where

Kevin Dieny: 00:48:10

that does align, if it can align.

Kevin Dieny: 00:48:11

So really figure out when and where you can apply any piece

Kevin Dieny: 00:48:15

of this advice to your business.

Kevin Dieny: 00:48:16

And you'll be better off, or maybe as a marketer, you know, maybe some of

Kevin Dieny: 00:48:19

this, all of this you've heard before.

Kevin Dieny: 00:48:21

So I'd say to all.

Kevin Dieny: 00:48:23

If you have advice, if there's something you'd really, really like

Kevin Dieny: 00:48:26

to share something you find, you know, here's a piece of marketing

Kevin Dieny: 00:48:29

advice or business advice that I've heard that's really helped me.

Kevin Dieny: 00:48:32

I really encourage you to share it.

Kevin Dieny: 00:48:34

Put a video together, maybe go comment on, on this somewhere.

Kevin Dieny: 00:48:38

Anything you can do to, to take any information, knowledge and share it,

Kevin Dieny: 00:48:42

cuz it's so valuable in sharing it that other people can benefit from it.

Kevin Dieny: 00:48:47

And that it helps you.

Kevin Dieny: 00:48:49

Because we don't know everything.

Kevin Dieny: 00:48:51

Right.

Kevin Dieny: 00:48:51

So let's keep pushing forward and keep trying things.

Kevin Dieny: 00:48:55

Thank you for listening to the close loop podcast.

Kevin Dieny: 00:48:57

I'm your host, Kevin Dieny and I hope you stay tuned for next time, thank you, bye.