10 Millionaires Asked Me How to Get Richer

Summary

• I believe in always being ready to pivot and adjust the business model to better match the market and resources available.
• When facing issues with marketing, you should consider creating more ads and improving the quality of those ads.
• Present different pricing options but ensure you understand the most popular packages so you can optimize those.
• Transition from selling programs to selling goals. This helps in increasing conversion rates and can improve lifetime value (LTV).
• Adding supplement sales through affiliates can substantially increase revenue with minimal extra effort.
• When experiencing issues scaling ads and remaining profitable, remember that quality creative is key, and sometimes bringing in a sales team can help manage this.
• Understand that if you are receiving low-quality leads, sometimes it's about targeting higher salaries and more senior profiles, which can involve changing the ad platform or improving your ad content.
• Always test new platforms while continuing with what already works and optimize ad spends to ensure profitability.
• If faced with a team restructuring crisis, like losing key sales personnel, it might be essential to step into sales temporarily and ensure structured training and processes.
• New sales team members need immediate corrective roleplay and continuous drilling of scripts to improve.
• Dividing roles between co-founders and ensuring accountability is crucial for managing responsibilities efficiently.
• Be aware of the pipeline sources and continually add value to the customers to retain them.
• Constantly evaluate the price and value offering; often, you can simply charge more for the value you bring.
• If facing high lead acquisition costs, fix your business model first to either increase pricing or make delivery more efficient.
• For content and marketing, begin by tackling immediate revenue opportunities like enhancing Google Ads and then gradually expand into broader content marketing.
• Studying past successful models like Disney might offer valuable insights on combining media and commerce effectively.
• Always look for inefficiencies within the business operations; sometimes it’s about making processes more efficient rather than expanding immediately.
• In service-based businesses, consider consulting as an offering to extend lifetime value and build stronger relationships with clients.
• Hiring the right people at the right time and ensuring they have space to show return on their roles can significantly enhance business performance.
• Continue educating yourself on critical business functions like marketing and finance to effectively delegate and manage these areas.

Video

How To Take Action

I would suggest implementing these strategies for small businesses, entrepreneurs, and individuals interested in personal growth:

Pivot and Adjust

When your current business model hits a roadblock, be ready to pivot. Always look at the market and resources available. For example, if internal referrals and Google Ads have been your main sources of clients, but the quality is dropping, try adding social media ads or partnering with companies that can drive more quality leads.

Improve Marketing

If marketing is your issue, focus on creating more ads and improving the quality. Tweak your ads regularly and test them on different platforms. For instance, overly relying on one platform like Meta could be limiting. Explore LinkedIn or other professional networks if you target a higher-income or senior audience.

Optimize Pricing

Offer different pricing options but know which package is the most popular and why. If a six-month program at mid-tier pricing is popular, focus on that and transition to selling goals instead of programs. This approach can significantly improve your conversion rates.

Add Supplementary Sales

To increase revenue with minimal effort, consider affiliate sales for supplements or related products. Introduce these in follow-up consultations to provide recommendations that fit naturally into clients' routines.

Content and Marketing

Start enhancing immediate revenue opportunities like better Google Ads, then gradually move into broader content marketing. Use data to continually optimize ad spend, making sure every dollar counts.

Educate and Delegate

Continue learning fundamental business functions like marketing and finance. This will allow you to delegate tasks more effectively as your operation scales. Real training and script drilling for new team members improve efficiency and performance.

Team Roles and Responsibility

When faced with a team crisis, step in temporarily but ensure structured training. Dividing roles between co-founders and ensuring strict accountability helps manage responsibilities efficiently.

By focusing on these low-cost, high-value items first, you create a strong foundation to implement more complex strategies as you grow.