As I referenced last time, business has most likely taken a permanent shift to online dominance.
And again as I mentioned, this is not a bad thing.
Business simplified: getting your offer in front of buyers.
Successful business: getting your offer in front of buyers consistently
A great concept by Myron Golden: Wealth is built when we can collapse time.
What does that mean?
He explained it this way: Say Susie makes $1M, would she be wealthy? What do you think? Depends. If she makes that Million over 40 years, that means she made $25k a year. Would knowing that change your answer?
Now, if Susie made that $1M in 40 weeks, would she be wealthy?
Most people would say yes.
Creating a profitable business and building wealth right now and moving forward will be closely tied to this concept.
The only difference between the two scenarios is that time collapsed.
Now, let’s talk about your business…
How can you collapse time to hopefully build a profitable, scalable, and successful business?
Get in front of more buyers, faster.
And I’m sure you’re not surprised that I’m going to mention webinars again. They are simply leveraged sales tools, or simply a sales conversation one to many…
And a great way to collapse time.
Great, how do I do that, Ginny? Do I need to spend a ton of money advertising on FB?
It’s your business and you’re an adult… you can do whatever you want.
But I don’t recommend this to my clients. I have done this for some clients in the past but I typically don’t see the numbers net out in their favor. Here’s why…
Let’s just take a look at some numbers:
On average, people say it costs $10 in FB ads to get someone registered for a webinar.
About 10% attend, these are cold registrants. So, your cost per attendee is $100
Let’s say 10% buy, again we’re talking about a cold audience. That one buyer costs you $1000. If you’re offering something for $997 you just lost $3 for your efforts.
Awesome, Ginny! Thanks for sharing about webinars that just end up costing people money…
Obviously, this is just one way people attempt to fill their webinar and why I think so many people give up. The shiny idea that half of the planet can be reached by an ad is pretty enticing. But I hope to make that case that there are better ways in 2020 and beyond to be smarter and savvier businesspeople.
And, of course, this is just the front end offer but I don’t like investing that kind of money or effort on a razor-thin margin or a slight loss.
There are much better ways… Smarter, more profitable ways.
I can’t in good conscience recommend a method that will cost someone $1,000 to acquire a customer.
What if I told you there was a way that you could get in front of tons of your ideal audience members without spending any money upfront?
Ditch that expensive customer acquisition cost of $1,000 and your business is already looking a lot more profitable!
For the rest of this quarter, I’ll be talking more about that and other time-tested strategies for building a profitable business while still retaining your time freedom.
Also, it might be obvious, but what I’m talking about here is building a profitable business… people can always make top-line revenue but if their expenses are out of control and the owner isn’t taking anything home, the top line doesn’t really matter.
I actually have a spreadsheet I use to run numbers and find my outer edges of profitability to see where I need to be and where I WANT to be from a revenue and profitability perspective.
If you think this would be valuable, send me a DM on Instagram @itsginnytownsend https://instagram.com/itsginnytownsend and let me know.
Because, for me, if I can see the numbers, I feel pretty dang clear on what needs to be done.
So, again. To circle back, I think one of the most valuable ideas I’ve heard in a long time – and it’s what can allow businesses to become more profitable this year and beyond – is to collapse time.
To collapse time simply means getting your offer in front of more people in a shorter amount of time. With our ever-digitizing world, this is now more possible than it ever was before. So, thanks again to Myron Golden who provided this language.
How can you go collapse time in your business this week?
How can you make more offers to your audience or network?
Ponder that for now and until next time, continue to be up and to the right!
What’s up Podcast Nation? Welcome to another episode of up level with Ginny Townsend. I’m Ginny and I couldn’t be more ecstatic that you’re here. Now. Let’s Dive Right In if you are looking for a predictable and successful business this year and Beyond I have the secret for you how lovely right and I do want to note that like it says in the title, it’s not what you think. So as I Reference last time business has most likely taken a permanent shift.
Online dominance, right? We become more online-dependent than we have ever been and as I mentioned again in the previous episode, that’s not a bad thing. So if we were to boil down business really just simplify the idea it would be getting what you offer in front of buyers, right and then a successful business we could call that is getting your offer in front of buyers consistently.
So simple, right it always sounds so simple So I listened to a podcast the other day by someone who I really respect. His name is Myron golden and he was talking about this idea that I have been just kind of nine on and it has I think gay it gave me the language I think to be able to have a couple of conversations with some potential clients about growing their business and I want
Actually mentioned it to you today and what he shared is that having a predictable successful business is all about the ability to collapse time.
It’s not what you thought was right. So what does that mean? So Myron explained it this way. Let’s say Susie makes a million dollars would she be wealthy? What do you think? Why is it depends if she makes that million dollars over 40 years that means she made $25,000 each year? So it knowing that change your answer now instead of making a million over 40 years. What if Susie made that?
Million dollars in 40 weeks now would she be wealthy I think most people would say, yes, obviously, there’s always the kind of like the conversation about okay like profitability. What are her expenses whether taxes? Okay, but yes, I again I am acknowledging that this is Top Line, but the idea of collapsing time makes the entire difference from a perception of oh, I can make a million dollars over 40 years to like what if we could make a million dollars in 40 weeks.
So creating a profitable business in Building Wealth right now and moving forward I think will be closely tied to this concept of whoever can collapse time will be able to be successful. So the only difference like I said, the only difference between the two she made a million dollars in both scenarios is that the time was collapsed. So let’s talk about your business. How can you collapse time to hopefully build a profitable scalable and
and it really is as simple as this gets in front of more buyers faster.
Sell what you sell to more people and I’m sure you’re not surprised that I’m going to mention webinars again, but I feel like they are such a powerful and I think sometimes even underestimated tool for getting your message your offer in front of more people faster. It’s the ability again to collapse time and again webinars of that word kind of triggers you like kind of twitching because you
Cheesy terrible webinars in the past again. Just think of it as a leverage sales tool or you know, you’re simply having a sales conversation one too many rights we can use whatever vernacular we want. But I still believe that they are one of the best ways possible especially in an environment where we’re not having Live Events where you can talk one too many webinars Remain the best way I think to collapse time and make your offer to more people.
In a short amount of time, right? So okay. Wonderful. How do I do that? Ginny? Do I need to spend a ton of money advertising on Facebook now, obviously, it’s your business and you’re an adult so you can do whatever you want, but I don’t actually recommend this to my clients. I have done this for some of my clients in the past, but typically it just I just haven’t seen the numbers net out really powerfully it so here. How about I just take you through some numbers and I’ll just tell you
Use some assumed numbers that are kind of industry averages for let’s cold audiences because okay if we’re at like if you’re going to advertise on Facebook, we can assume that they probably don’t already know you right so that’s a fair assumption. So for a cold audience, let’s say on average and this is a very common number people use it costs $10 to get someone registers for your webinar using Facebook ads and at the top will like well just $10 that actually
Doesn’t sound bad, right? Okay, let’s continue to work through the numbers. So if about 10% attend which might actually be generous again, these are cold registrants. Then your cost per attendee is now a hundred dollars ten times ten, right? Okay. So of those attendees, let’s say 10% by again that might be pretty generous with a cold audience but again easy round numbers.
The cost for that one buyer is now a thousand dollars. So if you’re offering something for a dyke 997 you just lost $3 for your efforts that man awesome Ginny. Well, yeah, thanks for sharing about webinars. It just ends up costing their creators money now, obviously, this is just one way people attempt to get webinar registrations. And honestly, I think it’s stories like this that I’ve heard about so often and I’ve also
Seen clients just break even using Facebook ads. It’s I think this is why a lot of people give up on webinars. It’s the shiny idea of it. You can get access to half of the planet by just placing an ad, you know, you don’t have to have any phone conversations. You don’t have to do whatever it’s just oh I can access almost anyone in the world, but I hope it does make sense that this is probably the least effective.
An effective way to get people I think to your leveraged sales tool in 2020 and I hope you know that there are many more effective ways.
To move you forward in your business and to collapse time and also just for anyone else out there thinking like but wait a minute, you know this says it’s a $997 offer. All right, and someone they lose $3 on their efforts. Okay, but this is maybe just the front end offer like perhaps you’re going to upsell Beyond a thousand dollar product. Yes. I think that’s one. Yes, that’s great to think in mind, but I like to be profitable from day one, right?
I just think that there are smarter and better ways to go about growing a business in 2020 and I can’t honestly really in good conscience recommend a method that will cost someone a thousand dollars to acquire a customer, especially if what they’re selling is a thousand dollars, right? So what if I told you there was a way that you could get in front of tons of your ideal audience members without spending any money upfront.
And you might think like oh my gosh, how long will it take for me to build this email list or whatever like no, that’s actually not it. That’s not it. Yeah, that’s always a part of business right but
If that’d all intrigue you stay close. I’m going to be unpacking that strategy and so many more this fall, right? So this quarter Q4, right we want to end 2020 strong. I am focusing on getting you some strategic marketing that will allow your business to be profitable from day one.
How amazing is that right while still retaining time Freedom? Holy cow. Hmm. Now it might sound obvious. But like I just mentioned a profitable business. I am talking about a profitable business like people can always make top-line Revenue, you know impressive top-line Revenue that they talked about in feature and whatever, you know have a Lambo photo or a private jet photo whatever but if their expenses are out of control and the owner isn’t
taking anything home the Top Line in my mind doesn’t matter. So I hope you know, that’s not the type of business that I’m talking about growing here. It’s a business where the owner takes the money home. And again, there is still time for Freedom. So and actually if I have this spreadsheet that I adore and I use it to run my numbers to find the outer edges of profitability on different products to see where I need to be and where I want to
Be so like that scenario. I walked you through with Facebook ads. I was able to see very quickly that obviously, this is just not a good scenario at all. But if you would like that spreadsheet to go ahead and DM me on Instagram my handle over there is it’s Ginny Townsend and I’ll link that in the show notes and just let me know. I’ll send it your way because for me if I can see the numbers I Feel Pretty doing clear.
Iran what needs to be done? Right? So again to Circle back. I think one of the most valuable ideas I’ve heard in a long time and it’s what can allow businesses to become more profitable this year. And Beyond is to collapse time simply means getting your offer in front of more people in a shorter amount of time and with our ever digitizing world. This is now more possible than it ever was before. So thanks again by the
To Myron golden for providing this language. I hope this idea really gets into your mind and then you start gnawing on it. Like I have so how can you collapse time in your business this week? How can you make more offers to your audience or your network this week or this month? How can you collapse time in your world now Ponder on that for now and until next time continue to be up into the right?