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This is in response to a gentleman’s email that comes in named Tate. Tate says, “I’m a farmer’s insurance agent in Southeast Missouri. I’m 23 years old. I’ve been in the insurance business for a few years.” He bought his own book of business, but he’s got some very specific questions such as, “Is it possible to go into hyper-growth mode but still be conservative with capital? I’m on a tight budget and tend to find myself having an internal argument on whether or not I should invest in certain marketing strategies. My biggest problem is having limited capital, but my second biggest problem is not knowing how to market my agency. Do you have any suggestions on what I can do to generate sales as quickly as possible? I just finished 166, Getting Clients, and I have a few questions.” This is in response to Tate and I’ve got it all bulleted out here.
First, this is sponsored by our Digital Footprint Conference coming up in Atlanta. We locked in two more absolutely incredible speakers, as well as who the entertainment are going to be for Saturday night. I will tell you this, you do not want not to have a nice suit, possibly a tux, get all decked out and witness the wine experience. We are going to start at around 6:00 or 7:00 PM. We’re going to have a world-class vintner come in and teach everybody how it is to drink high-end fine, expensive wine truly. We’re going to go right into the entertainment and then the red carpet extravaganza for two and a half hours. It is going to be obnoxious. Let’s jump right in and you can find that info at DigitalFootprint.net. It will sell out as it has for the last few years straight. Here we go.
Tate read episode 166 in which I covered three different ways to get clients. Number one, you’ve got to have a success wheel. I talked about what does that mean in how do you become magnetic, how do you attract business by being that magnet? Number two, you have to be found in your customer‘s flow. I went into the details of how to do that on Facebook and pay-per-clicking, even with an organic website. I talked about developing what’s called a right to succeed business. I went into how episode 40 goes into the minutiae on what is and what does it mean to have a right to succeed website. What I’m going to do here, because Tate’s express question is, is there any way to get the results of episode 166 of the long–term success wheel, which could take you 6 to 30 months to get the results from getting found in your customer’s flow? That’s going to take a couple of few months to find out where your clients actually hang out and then developing a right to succeed business.
Obviously, that’s going to take some time as well. Tate’s wondering, “I’ve got limited capital. Is there anything I can do while I’m building out steps one, two, three, which are the proper long–term ways to create a magnetic company that just continually attracts new clients?” Usually, when it comes to growth, the shortcut is usually the long cut. Meaning, and I’m sure Tate knows this, if you try to test a bunch of shortcuts to growth in a bunch of shortcuts to getting a bunch of clients, you’re going to waste a lot of time. You’re going to find out that the shortcut is always doing the right thing and taking the long cut. It is a legitimate question. We’re in our 25th year and I’m constantly battling the guy on my left shoulder who’s talking directly to the guy on my right shoulder, “We should do this. No, we shouldn’t do this. We should gamble and try this. No, we shouldn’t gamble and try that.” I, as a 25-year business owner, am actually having the same conversations with myself that Tate is having.
I always wonder is there a faster way to test or grow? I do want to bring to the table, and this is my direct answer to Tate’s direct question. I did episode 83 and 84 called the $50 Marketing Trial and The $50 Follow–Up for the reason of one of my most commonly requested emails and direct questions are what is the fastest way to grow my business in ten days or what is the fastest, best legitimate way to set a campaign over a six to eight–week period of time? Inevitably, my answer revolves around the best way is always some form of a minorly paid program, like a Facebook Ad campaign or a pay-per-click ad campaign in which you purposefully test six to ten channels for a very little bit of money. You take the top one–third performing channel and then you split test that into ten ways. I took a decent amount of time and explained how we started with a $50 and then a $250 and a $500 budget and how we broke it into ten pieces. We launched the campaigns. I remember that one where we had a female photograph and we had a different female in the caption said this and we had another female holding her hands to her temples and shaking her head at a frustration, looking down at her desk with a caption.
I remember, to our shock, the ad that pulled the best for us was the one we thought would be the worst that nobody would pay attention to. Until you do these $50 trials, you’re never going to know. I also want to speak to something before I get to the actual one, two, three answers for Tate here. This goes for everybody reading. If you think you have a limited budget, you do. If you think you have an unlimited budget, you do. I’m going to tell you, Tate does not have a limited budget. Here’s what I mean by this. It’s semi-sarcastic, but it’s very real. If somebody called up Tate and I’m just making this up. He’s 23 years old. Let’s say Tate’s monthly budget for advertising is $400. Somebody calls Tate and says, “Tate, I know this is short notice, but in three weeks you could speak onstage as an insurance agent to 5,500 people currently looking for insurance in Kansas City, but they all live in your area, Southeast Missouri. It would cost you $2,500 in airfare hotel and this and that. Would you do it?” Everybody reading knows, Tate somehow magically would find $2,500 to speak to the 5,500 people that live right in his zone of influence and present.
Everybody knows a percentage of those people are going to resonate with Tate’s message, resonate with Tate’s personality, and he’s going to make that 2,500 back in 90 days. It’s going to be compounded progressive profit from there. The point is this. When you ever speak of a budget, especially a marketing budget, that is always a mindset. It’s not the actual finite number in your account. I want Tate and everybody reading this to understand one of the reasons we succeed here at Income Store is I am always and perpetually expanding my marketing budget even when it doesn’t exist. We’re on national radio. We’re doing I don’t know how many trade show types of operations. We’re sponsoring events. I want to be clear, we do not have the budget for this, but what we do is we expand and force the budget to happen. We take monies out of different accounts. We force the budget to happen because within 30 to 60 to 90 days, that new business creates the actual net profit to then pay for itself, to self-perpetuate to a larger amount. In the early days, Tate’s budget is his time. Let me directly answer this in the way that Tate wants it to be answered. Understand, I did the precursor that the budget for whatever Tate wants to do is absolutely there if he wants it to be.Always and perpetually expand your marketing budget even when it doesn't exist. Force the budget to happen. Click To Tweet
Number one, Tate, I recommend you go back to episode 83 and 84, but then I need you to reread episode 166 because I actually already answered this with number three. I’m going to go through it slowly. Number one, episode 83 talks about the $50 marketing trial because I know Tate can scratch together a $50 follow–up. I know Tate can scratch that together up to ten times over. It talks about what you do if you have a tiny budget. That $50, if done appropriately, will turn into $250. You’ve got to be smart. It’s like priming the pump. If you’re in the middle of the desert and you walk up to a pump and there’s water, you’re thirsty and you’re going to die. There’s a half–a–bucket of water there and it says with a big sign, “You’ve got to prime the pump with the first waters that come out of the pump.” It’s a quandary. Do you prime the pump or do you drink the first waters that come out of the pump? You’ve got to weigh that. The answer of course is you prime the pump.
Number three, this is my third direct answer to how do you shotgun and get into hypergrowth without a budget? I answered this in episode 166, I’m going to answer it again. You get what is called a right to succeed business, which I cover in episode 40, but you deliver your right to succeed business through the accomplishment model I covered in episode 166. In episode 166, my third response was, “You switch your company from an activity–driven model for leads to an accomplishment model. I walked through how I recommend Tate goes to Google, types in leads groups Southeast Missouri. Whatever the three to five biggest cities where Tate can drive within a three-hour drive to, and then he’s going to book himself into meetups, into SCORE.org, into Tuesday morning breakfast meetings.
He might have to wake up at 4:30 in the morning and drive three hours. Who hasn’t done that? What’s going to happen is for a couple of weeks, Tate is going to book himself silly through the 16th through the 30th of the month, so the first two weeks, all Tate is as an appointment setter for his own insurance agency. He’s going to do nothing being an appointment runner and an appointment presenter for the second half of each month. If he does this and he does it a few months in a row, he’s going to have a number of new clients and then he’s going to realize this works. He’s going to start the whole 90-day process all over again with an assistant or an intern being the ones doing the presentation for a cut of the action. I hope this helps. That is a very long answer to a direct question. The direct answer again is the $50 Marketing Trial, The $50 Follow-Up, episodes 83 and 84. The same as number three from episode 166 is develop a right to succeed business. The details are in episode 40 and deliver your new right to succeed business through an accomplishment model.
- Getting Clients – past episode
- 40 – past episode
- $50 Marketing Trial – past episode
- The $50 Follow-Up – past episode