Playing Out of Position


August 21st, 2012

My son, Jon-Jon, is on a new competitive baseball team (go Riptide!) and he had his first tournament this weekend. Normally Jon-Jon plays second base or short stop, but as the coach is still getting to know him, he was in left field for this particular tournament—which translated into several missed catches, not throwing the ball to the right cut-off man, not backing up the right person, etc.

As a parent, it was frustrating to watch, as my husband and I know that Jon-Jon is capable of a lot better fielding that he was showing.

And, by the last inning of the last game, it dawned on me.

Flashback to two weeks ago, when we were visitng our friends Bo and Dawn Eason (BoEason.com). If you don’t know Bo, he’s one of the best speakers I’ve ever seen. He also had a successful five-year career as a starting safety in the NFL, and has subsequently both written and performed his hit Broadway play. Point is, he’s an amazing man, and so is his wife, who handles 4,197 things on a daily basis as well.

As we were talking recently, we were sharing stories of customers who aren’t getting the results they want. In both cases, the customers were attempting to do something completely outside their core competency and experience.

In Bo’s case, he had a customer who built a successful business as a consultant, but was now trying to match his consulting income through speaking alone, with a vision of becoming a multi-million dollar speaker. This guy was decent on stage, but he was starting from scratch and just didn’t have the raw charisma or talent out of the gate to set him apart.

My client, who was an incredibly successful real estate broker, had created an awesome product in the real estate market, but was frustrated that she wasn’t making six or seven figures in passive product sales online during her first year.

What do these examples have in common? They are both people playing out of position.

What usually happens is that we see something working well for someone else. Being achievers, we dive in full-force to implement it for ourselves—often to the exclusion of all else—thinking that we can have a similar result in a short period of time.

There are two challenges with this approach:

1. The first challenge comes from our tendency to assume (and we all know how dangerous it is to assume!) that just because we had success in our current endeavor that this will translate to instant success in our new endeavor.

It reminds me of hiring creative staff members when I was at Tony Robbins. We’d always look for people who graduated top in their class from an A-level college, usually in the liberal arts or communications field. Of course, this translated into hiring people who were really smart and used to doing well at just about everything they tried, including test scores, extra curricular activities, sports, etc. All of a sudden, however, they were in a new environment that required an entirely new set of skills they had to learn from scratch. For the first time, many of these achievers had the painful experience of being temporarily “bad” at something.

One thing I learned from this experience is that achievers are typically not great at not being good at something. :)

I also learned that it is possible to shorten the learning curve on an entirely new set of skills, but it’s very tough to eliminate it altogether. Understanding this won’t necessarily help you achieve success any faster, but it will help you keep frustration down—and we all know that mindset is at least half the battle.

2. Our second challenge comes from falling into the trap of thinking there is only one way to do something. When you see something powerful that you want to model, the key is to find out the principles that made it work, but adapt the execution to your specific situation.

For example, by mastering his speaking and presentation skills, Bo’s client can significantly boost his consulting business by adding to his credibility, creating another powerful lead source for his consulting and building another stream of income that diversifies his business.

The distinction, however, is for him to add and develop his speaking and training skills to what he’s already doing instead of trying to replace his consulting entirely.
And if he’s 100% positive that he wants to entirely replace his consulting with speaking or something else, it’s possible, but it requires an effective transition, not jumping ship from one to the other overnight. He needs to grow into it.

In terms of my real estate client, it’s unlikely she will master online marketing and product launches to the tune of six or seven figures within her first year, especially without a list, or access to one. And, she’s not going to have the credibility in her market if she’s not an active broker who also doesn’t yet have any case studies of people who’ve successfully used her products and services.

However, by adding products and services to her portfolio while she’s still brokering, she can create additional income, build her platform, and extend her offerings by having an upsell (or downsell) for her clients. Creating a product or service will also establish her as the go-to expert in her region. It also creates all kind of possibilities for growth on topics such as “how to stage your house to sell it for 10% more,” “10 tricks sellers use to try to get you to pay more,” “how to select the right agent for your home,” etc. There’s also a huge opportunity for her to create training products and programs to help other real estate brokers maximize their businesses. Real estate training is a hot niche, with over 165,000 global monthly searches for that phrase alone. (And ultimately I think she should consider a Kindle book—more on that in an upcoming post.)

The key is for her to look at her business as a whole, and how adding products and services to her real estate sales business can extend her income and impact. Building products shouldn’t be her way out of real estate sales tomorrow.

My point in all of this is to be careful not to play out of position in your business. You’re an expert in your specific area for a reason, and you won’t get to the next level by changing your core focus for your business overnight.

Use the new strategies, tools and technologies you have access to as a way of extending what you’re already doing and what you’re already great at. And, if you want to do something new, find a way to elegantly transition to the new thing.

In Bo’s case, it wasn’t a 180-degree shift to go from the NFL to Broadway. It was a continuation of his self-expression in a way that could massively help other people. He used his NFL experience (and still does) as the jumping off point for the next phase of his career, which is speaking, performing and training.

In sports, when you’re not where you’re supposed to be, it hurts the team. In business, it robs you of the momentum gained by building on what you’ve already mastered.

So what happened with my son?

Sure enough, in the next inning, the coach put Jon-Jon at second base, and on the next play he made a diving catch and got the out. Go Riptide!


The One Thing That Will Give You the Greatest Results and the Most Joy


July 16th, 2012

My dad used to say that the way to achieve balance was to spend equal time at the extremes.

Since I’ve grown up and have my own family, business and all the other responsibilities that come with these things, I’ve realized that it’s impossible. I spend all my time at the busy extreme and almost ZERO time in the other. Can you relate?

In talking with other business owners juggling the same things, I realize that there is an epidemic of sorts based on some crazy expectation that we need to be all things to all people, all the time. I call it the “disease of constantly doing!”

I recorded this short video for you about the single most important thing I think you can change in your business (and your life, for that matter) to avoid this crazy trap.

I also invite you to join me in my own 10-Day Challenge—to make sure I’m walking my own talk! I’d love to hear what you decide—and the results you experience in the process. Leave me a comment and let me know.


The Five Keys to Finding Leverage in Your Business


May 24th, 2012

Perspective is a great thing. My husband and I just finished an intense four-month push to launch our new product and business (Make, Market, Launch IT). In my last post, I shared my biggest mindset lessons. Now, I want to share some distinctions around the business side of things—and where the biggest points of leverage are for you.

First of all, information product/online marketing industry is a crazy one. Those of us in the industry are so conditioned to think, and even expect, that a new product launch will do millions of dollars in revenue. (And that a launch is a failure if it doesn’t!)

Hopefully by now, you are well aware that the margins don’t play out the way we’re often led to believe, and that even the gross revenue numbers aren’t what they used to be just a few years ago. For a variety of reasons, it’s just harder to make money in today’s market—but it’s still possible.

To me, this is a good thing. Making money in today’s online world requires better business discipline, sound marketing and sales execution, and quality products and services that really do solve a problem for their target markets. It also requires doing the right thing for your customers consistently.

For those who have these things, it’s an incredible competitive advantage!

And, because the market requires us to do things the right way, we’re all primed to succeed in any market condition.

So as I think about the biggest business lessons of the last four months, I put it in this context: Are we running our business based on good practices? Are we measuring my results to maximize the most effective levers in our businesses? Is our execution based on solid marketing logic and detailed metrics?

In other words, it all boils down to these five keys:

1. The process doesn’t end when you launch your product or service to the market.

That’s when it begins. To think that you’ve done all this work to get your product done and you can now sit back and watch the money come in, is naïve at best. Marketing is science: You have a hypothesis, you test it, you measure the results and then you change your approach based on the results. You can only begin the process of maximizing your marketing when you go to market.

2. Know your numbers: You need to understand the right statistics to monitor.

What are the core metrics that give you a picture of the overall health of your business? It’s easy to drive yourself crazy with meaningless statistics if you aren’t clear what matters and what doesn’t up front.

Eric Ries’ book, The Lean Start-Up, distinguishes vanity metrics and actionable metrics. Vanity metrics feel good but don’t give you any information about what to do next. Actionable metrics tie specific, repeatable actions to a result—i.e., they help you understand the impact of taking a certain action, thereby giving you information about whether you should do more or less of that action in the future.

So where do you start? Here’s my take on metrics that matter, divided by channel:

Website:

  • Unique Visitors/Traffic to Website
  • Opt-In Rate = Traffic to Website ÷ Number of Opt-Ins
  • Cost of Lead Acquisition = Total Marketing Cost ÷ Number of Leads
  • Average Value Per Visitor = Conversion Rate x Price of Product
  • Gross Revenue (raw sales income) = Number of Products Sold x Price of Product (Your metrics don’t mean anything if you’re not ultimately bringing enough money in the door.)
  • Refund Rate = Number of refunds ÷ Number of purchases

Individual Emails:

  • Open Rate: Did your subscribers open your email to read it? This is directly related to your subject line.
  • Click-Through Rate: Did your subscribers clink on the link in the body of your email? This is directly affected by your body copy. (Note: You want to be looking at the Unique Click-Through which measures how many different people clicked on a link in your email.)
  • Conversion Rate: Did your click-throughs purchase your product? This is directly related to your offer.

Paid Advertising/Purchased Traffic:

  • Cost Per Click (CPC): Refers to ads purchased on a per-click basis. Total Cost = Cost Per Click x Number of Clicks. This is as opposed to…
  • Cost Per Thousand (CPM): Refers advertising bought on the basis of impressions. Total Cost = CPM Rate (what the advertiser is charging for 1,000 impressions) x Number of Units (i.e. – if you want to reach 2,000 people, the Unit number is 2.)

Overall Email Deliverability & Branding:

  • Inbox Delivery: Are your emails actually getting through to prospect’s inboxes?
  • Complaint Rate: Are your customers actively clicking a link to report your emails as junk or spam?
  • Active List Size: It’s not about the total number of subscribers on your list; it’s more important to know how many of these people on your list are active and responsive.
  • Bounces (Hard vs. Soft): The standard rule of thumb here is to remove people from your list after one hard bounce, or after 3-5 soft bounces.
  • Unsubscribes: How many people unsubscribed from your email campaign as a direct result of your email? This is not as actionable as your other statistics, however, it is good to monitor to make sure you aren’t seeing any spikes, etc.

Here’s an example of why these metrics are important: If your lead capture page (also called your “squeeze page”) is converting at 30% (meaning 300 out of 1,000 people who come to your web page choose to opt-in) and you can increase this to 40% by making a few changes to the page, this means you’re now getting 400 people to opt in out of 1,000—an extra 100 people per 1,000 visitors.

If 10% of the additional people who opt in ultimately buy your product or service, this is the difference of 10 sales of your product or service! In short, testing your website to increase your conversion on your opt-in page has a direct impact on your bottom line revenue.

Here’s another example of how knowing your metrics affects your bottom line. If it’s costing you $1.50 to bring a lead into your funnel and you find a way to reduce this to $1 per lead, you can instantly boost your profits. To illustrate: 1,000 leads will cost you $1,000 vs. $1,500, increasing your profit by $500.

During our product launch of Make, Market, Launch IT, we did a split test between two separate opt-in/squeeze pages. By doing this, we learned that one of our pages converted at 17.5% higher rate than the original. Of course, we then stopped using the original squeeze page and only used the one that converted the highest. It was the cleaner, simpler page that converted better:

Squeeze Pages

Had we not been monitoring our metrics, though, we never would have known.

3. Change your approach based on your results.

As you learn what works and what doesn’t in your business, the obvious solution is to do more of what gives you the best result and to stop doing what isn’t converting for you. I know this sounds incredibly simple, but it’s amazing to me how many people fail to follow this advice.

There’s only one caveat: make sure that you only test one thing at a time. Otherwise, you don’t know what, specifically, is producing your results. Also, rather than driving yourself crazy trying to measure every last thing, focus on the 3-5 metrics that matter most and maximize them.

The key is to keep making these incremental improvements through time to your business. They will add up to a substantial increase in your results sooner than you think.

4. Do a periodic leak detection audit.

Go through your entire process as a customer from beginning to end. Look at every touch point and determine where you’re losing opportunities to get value. Where in the process are you losing customers? Where you can maximize your returns?

5. Based on your numbers, push the appropriate levers to drive marketing and sales.

It’s so easy to get caught up in the “doing,” and lose the forest for the trees when running your business. If you can keep a high-level view, and measure the things that bring you the greatest results—and the greatest joy—in your business, you’ll not only make significant progress, but you’ll fulfill your true mission of why you got into business in the first place.

Looking back on our launch, it’s easy to see the things we’ll do differently the next time around. (I’m sure we’ll say the same thing every time we launch a new program.)

My greatest vision for this industry is that each product or program that’s released is better than the one that came before it.

Thank you for being part of this mission to create outstanding products and services that make a difference in our customers’ lives.

Let’s continue to advance our industry—together.


What’s the Single Biggest Commodity in Your Business Today?


March 12th, 2012

I’ve been dark these past few weeks after finishing my first major launch. I wanted to have some time to both recover and think through what I could share that would have the most value to you.

MML Squeeze Page

Of course, what immediately comes to mind are all the distinctions about how to maximize squeeze pages, split test your offer, use webcasts to increase sales, manage affiliates, and so on.

But as I was thinking about this, I realized that there’s something deeper I want to share – something that I believe is the single most important thing in your business today.

The launch was one of the most intense projects of my business career – and that is saying a lot after 20 years with Anthony Robbins :) – and I came out of it a changed – and hopefully evolved – person.

I’ll be honest, the process wasn’t always pretty behind the scenes. As I’m sure you’ve done on big projects, my husband and I both sacrificed sleep, food, time with our kids, time with each other, exercise and gave pretty much all our waking time to this launch. The tougher part, however, was trying to process the vulnerability, fear, frustration, disappointment, loss of certainty, and still figure out how to show up at a peak performance level.

And then came the feedback, mostly from well-intentioned people, but it came from every direction and at all levels of intensity.

In the words of the late Coach John Wooden, “It’s what you learn after you ‘know everything’ that really counts.” Truer words were never spoken.

So here are five lessons that I hope help you think BIG as you build your business – and stay sane. (And, in my next blog, I’ll be sure to tackle some of the marketing and sales lessons that can increase your bottom line.)

1. Put yourself in situations that will stretch you, not only from a business perspective, but on an emotional level as well.

This is one of those “easier said than done” elements. It all sounds good until you have tears streaming down your face, need to be on camera in 6 minutes, and you have one person screaming at you to be more vulnerable on air and another telling you not to feel anything. (True story.)

Pam at Digital Cafe

But, when you do something requires more of you than you’re used to giving or that necessitates you executing at another level, a whole new world of things that used to seem impossible suddenly becomes possible – or even easy.

On a spiritual level, I believe the universe responds when you take that leap of faith to get to the next level. Of course, you’re going to experience road blocks on that path. The secret is to see those road blocks as the real value in the journey, not the ultimate destination.

2. Know your strengths and build on them.

I’m not fond of admitting my weaker areas. More to the point, I hate having my weaknesses thrown in my face. One of the biggest challenges with the way we set up the launch is that it put me in a position of doing things that weren’t consistent with my strengths.

Now, I’m not just talking about skill sets. I’m all for learning new skill sets, as long as I’m not going to blow things up. I’m talking about roles that challenged my emotions and need structurebecause I needed to “be” or “feel” a certain way to pull off what we were trying to do.

Part of knowing your strengths is understanding who you are and what you need emotionally to feel strong, centered and happy. You cannot try to push down parts of yourself or change how you’re wired emotionally based on the context.

What you can do is make sure that you put yourself in situations where your true nature is reinforced
. Then it’s easy to be who you really are.

In the future, I’ll continue stretch myself, but I’ll make sure that the environment around me 1) reinforces my true nature and 2) consists of positive people who understand my psychology and can help bring out my best.

3. Build a support network.

If you’ve ever been through a tough time – whether it be the loss of a loved one, lost your job or ended a relationship — you know the power of a support network to help pull you through.

Yet we don’t tend to think about setting up our business community so we have the support we need as we grow. The biggest gift you can give yourself is to make sure you’re not going the path alone.

My customer support system

First, identify your support system, which may include (1) your family and close friends, (2) your business associates, (3) people within your business community, including your customers. (The only caution here is that you don’t want to be bearing your soul to your customers—but it is valuable to know who you can count on to help spread the word, and go to bat for you online.)

Second, reach out. When times get tough, bring more people to the table who can help you break through.

People want to help. They love to feel needed. They appreciate being stretched by helping solve new problems that can move them forward as well.

You cannot build your product creation business in a vacuum. You have to do it from within a support system that will help you maximize your potential and help you conquer the inevitable challenges along the way.

4. Declare your boundaries.

I met a new coaching client last week, one who came to me as a result of our launch. I like him a lot and he has a great business model. I agreed to accelerate his progress by letting him pay for three hours of my time in one chunk.

He sent me a 42-page questionnaire, a 200 page manual, and six audios that I was asked to review prior to our session, which took 90 minutes of my time. I ask for 5-7 pages max, and no audio or video, only text or web links.

Because this person flew into town to meet with me, we agreed to go to an early dinner afterwards.

Of course, our meeting went over by 30 minutes. After a late start to dinner, I declared that I had to leave dinner by 7:45pm to be home in time to put my kids to bed.

Over dinner, I continued to be pounded with questions. At 7:35 I gently reminded him that I had to leave in 10 minutes. At 7:44, I was asked a really difficult, long question, onethat was a repeat of a lot of what we did during the session. I left at 8:05.

Now whose fault was this? Entirely mine.

I made the requests that would support my time, but I didn’t take the next step and set clear boundaries for what I was willing to accept.

I should have returned this person’s materials and let them know that he needed to resubmit them in the format I requested. I should have gently reminded him that dinner was not meant to be a continuation of the coaching. When I was asked the first question, I should have stuck to my guns. I should have stood up at 7:45 pm and left, on time, which is what really supported me and my family.

When I let him over-step my boundaries, it didn’t just affect me. It affected my family and my other clients, both of whom I now had less time with.

You must participate in your own rescue.

I can tell you this: my future clients will continue to get a ton of value from me, but when it steps over my boundaries, I’m going to speak up for myself, my family and my other clients.

5. Fight for what you really want.

I love to work. But I love to play even more than I love to work (although the play feels better after you’ve earned it).

The lifestyle

It’s been a journey to figure out the role that work really plays in my life and how to balance it with my husband and two elementary-school-age boys, not to mention my friends, my health and the things I want to experience, share, enjoy and give.

But what this launch did is it forced my hand. I had to give up the last things I was holding onto out of fear — the areas where I was trading time for money, playing small and holding back.

The greatest irony is that I have never felt more uncertain and vulnerable in my business career, but now that it’s over, I have a new level of faith, certainty and personal power. I’ve also got incredible clarity moving forward.

It’s so easy to get caught up in valuing so what we believe to be the most important commodities in our business: our products and services, our cash reserve, our email list, our website, etc.

But the real commodity in your business? You.

You can’t be replaced.
You are what your kids want when they wake up from a bad dream or when they get hurt. You are who your spouse wants to connect with at the end of the day. You are the one who can help solve problems for your clients. You are the ideas, creativity and caring in your business – and in the other parts of your life.

You are the entity that everything else needs to be set up around to support. Otherwise, you won’t be able to maximize what you’re here to share, be, do, have and give.

So my real question is, have you set yourself up so that your most important commodity is taken care of at the highest level? Have you put the stake in the ground for what you want? For what you enjoy? For how you want to spend your time adding value to others?

I’d love to hear your thoughts, so please share them with me in the comments below.


The 5 Most Important Things to Focus on Right Now


January 23rd, 2012

We are well into the New Year, and I wanted to help you keep your momentum by sharing some keys to set yourself up for a happy, successful and prosperous year.

I’ve been spending a lot of time lately talking with customers and colleagues–and let’s face it, working on my own business as well.

If I were to boil it all down to the five most important things to focus on right now, I would point you to these:

For me, #5 is the one I need to focus on. I guess we all teach what we need to learn most! What it is for you? Share your thoughts with me in the comments section.

Also, I promise in the video to post a link to Frank Kern’s State of the Internet address:
Frank Kern’s State of the Internet 2012


Holiday Bonus: 21 Tips for Moving Your Business Forward


December 20th, 2011


Change Your Thinking


November 23rd, 2011

Even though it’s the holidays, the lessons never stop, so I also want to share what I learned from what I’m now referring to as the “Great Transcription Debacle of 2011.”

This is (big surprise!) related to another mistake I made in my own business. This time, however, it wasn’t a strategy mistake, it was disconnect related to how I was thinking about my business.

. . . which of course reminds me of a great principle I learned from the field of NLP (Neuro-Linguistic Programming). It’s all revealed in this video:

What’s weird is that this time I actually was on track but thought I wasn’t.

In this video, I also give the details of a free webinar I’m doing on Monday, December 5th. Because space is limited by the technology, be sure to grab your space before this invitation goes out to the general public!


When Times Get Tough


October 28th, 2011

As I was preparing my usual strategy training for you, I hit a small rough patch in my business . . . or so I thought.

So rather than pretend I’m feeling great and do my normal thing, I thought I’d bail on my plan and tell you what’s really been on my mind.

Of course there are some good lessons here (including what happens when you buy your Halloween candy too early). I’ll also share the mindset strategies that helped me stay productive and focused during this rough patch (and tell you where to find the BEST video game ever when you need a break!):

How do you pull yourself up when you get in a downward spiral? Leave me a comment below. I’d love to know.


The 3×3 Format


September 30th, 2011

To get what you want in this business, you have to keep your eye out for the fastest path to results. If you’re not churning out small chunks of quality content on an ongoing basis, you’re likely not keeping up with your competition.

So how do you create short bits of content that add maximum value to your clients in the minimum amount of time?

My “3×3″ system will help you create meaningful content—fast:

Handout: The 3×3 Format for Creating Quick & Useful Content Bites


3 Keys to Impact


August 21st, 2011

If I had only one opportunity to share the most important thing I’ve learned in my life about creating content that connects deeply with your audience, this is what I would tell you. It came to me from the person who’s had the most influence on my philosophy as a teacher, parent, business person and just about every other major role in my life.

It’s a bit of a departure from how I usually share information, so I hope you enjoy it.