- March 6, 2018
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THE QUESTIONS LIST
The Links below are just so you can jump straight to the discussion, its highlights and comments.
- Question #53: Anybody have tips on promoting events?
- Question #52: Is Advertising through Google or social media more effective?
- Question #51: What about this level of debt? What about the student loan bubble?
- Question #50: How can that be monetized or made into a career?
- Question #49: #Edmylett can you clarify the difference between Repetition and Practise?
- Question #48: How do I combine digital marketing strategy with offline marketing strategy?
- Question #47: How do I get more people to pay attention to my social media posts?
- Question #46: What are the positive impacts of using social media for marketing?
- Question #45: How can I quantify sales from social media marketing for my company?
- Question #44: Where can I find a marketing expert to profit share?
- Question #43: How can grow a big brand without spending a penny on marketing?
- Question #42: Do you think one to many or one to one marketing gets better results? Why?
- Question #41: How much does it cost to start a creative/branding agency? What does it entail?
- Question #40: What are some common branding mistakes?
- Question #39: What are the characteristics of a genius CMO?
- Question #38: How do I start creating a personal brand?
- Question #37: Help me set the expectations correctly: Chatbots
- Question #36: Tips for creating a Business Facebook page?
- Question #35: Lack of performance and pay transparency in UK tech consulting
- Question #34: How would you get $20k a month in my position?
- Question #33: Personal name or other for blog/brand?
- Question #32: How to get started/popular once your app is ready?
- Question #31: Months into developing a product and suddenly a different idea hits…
- Question #30: What should a startup expect of their head of marketing (VP/CMO)?
- Question #29: What are millennials doing wrong when it comes to their careers?
- Question #28: What is the best advice for first-time entrepreneurs?
- Question #27: How do you know if a startup is a failure and that it’s time to quit?
- Question #26: Pat can you plz tell me the difference between scaling and growing?
- Question #25: Why do consultants get paid so much?
- Question #24: How do some people like David Rubenstein, speed reads 4 books a week?
- Question #23: Question. Why are people afraid of having robots do this kind of work?
- Question #22: Whom should brands target? Millennials or the older generation?
- Question #21: What kind of services can an agency provide in times of economic depression
- Question #20: How do you stay informed about the industry?
- Question #19: How do the wealthy stay wealthy?
- Question #18: I Have Been Promoting Blogs and Articles but didn’t Get Any Engagement
- Question #17: How is becoming a billionaire even possible, chronologically?
- Question #16: Facebook’s algorithm isn’t surfacing 1/3 of our posts. And it’s getting worse
- Question #15: What a Minute, Why Am I Not Consulting? Am I missing a Huge Opportunity?
- Question #14: Need Help: Market research for service-based business
- Question #13: If You Have Started a Business, What Would be Your Biggest Piece of Advice?
- Question #12: Snapshot of my Current Small Business; Looking for Advice on How to Scale
- Question #11: 80/20 Digital Marketing
- Question #10: Is using Wix to Create a basic (but great looking) website for a biotech ok?
- Question #9: Has Inbound Tanked? How Would You Scale a New Adopter Today?
- Question #8: The most important things to concentrate on while marketing your startup?
- Question #7: Trying to grow a startup men’s clothing business and we need some advice.
- Question #6: What are some interesting psychological marketing tactics?
- Question #5: I Need Some Help.
- Question #4: Thoughts on Failure
- Question #3: Lost and need help. How to get over a failed company?
- Question #2: Building a startup with no money, no experience and little skills.
- Question #1: I am struggling to promote my new launched first ever music rating web-service.
QUESTION: Anybody have tips on promoting events? I have an open mic night and I’m working on an effective approach.
Peterson Teixeira here.
I’ll give you some quick tips on promoting events.
#1 – FIND LOCAL BUSINESSES NEARBY THE EVENT LOCATION AND USE A COMBINATION OF QR CODE + ADVERT WITH AN EASEL – The goal here is to do the following: 1) Create a QR CODE for the URL of your event then print it to put it on a smart, creative, enigmatic easel advert. 2) Talk to those local business owners to do some sort of deal with them, where they let you promote your easel advert in exchange for something you may offer in return. I recommend places where people sit down to eat, like bars because whenever some customer is bored at the table he/she may pick his smartphone and scan your QR Code to see what it’s all about. Of course, this has to match your target audience. The size of the easel needs to be big enough to force people to notice it. That’s a must. And if you have the money to display a GIF-like advert, here’s an idea: http://petersonteixeira.com/market-news#market-news12. One more thing: use Google Street View to check for the businesses nearby, it will save you time.
#2 – FIND RELEVANT LOCAL MEETUPS AND TALK TO ITS LEADERS – Meetup website: https://www.meetup.com. This one is quite simple. See what kind of groups gather around the event location you’re promoting and see if there’s any connection between them and your event. Maybe you may find entrepreneurial groups, startup groups, marketing groups having weekly gatherings that you can easily find through Meetup. Then approach the leaders and show them what you have. You may find people to sell your event in these groups by the way.
#3 – FIND RELEVANT SLACK GROUPS AND CONNECT WITH PEOPLE THAT MAY HAVE INTEREST – Nowadays, Slack is becoming more and more a place for communities of all kinds of people, from marketers to freelancers to fitness people. Just do some research online in the niche of your event and see if you can find some quality slack communities that may have your target audience. You can start here: http://petersonteixeira.com/resource-page#recommended-slackcommunities.
#4 – PROPOSE A DEAL TO MICRO-INFLUENCERS – Micro-influencers are gaining attention because their followers are usually REAL 90% of the time, which means no robots. See if there are any relevant influencers that reach your event location and pitch them a deal in exchange for some shoutouts. Maybe money, maybe getting a speaking gig, maybe a promotion etc. They’ll likely be glad to help you because they’re also far less expensive since they’re still at a micro level. Propose to pay for a paid post to their audience so you can reach almost everybody of their following otherwise social media algorithms will cut down the reach of your message to a single digit (probably 1%). Therefore, you may find useful micro-influencers that have a following of 3000 real followers, which you can reach by the price of [YOUR DEAL WITH THE INFLUENCER] + [THE PRICE OF A PAID ADVERTISING ON THE SOCIAL NETWORK].
QUESTION: Is Advertising through Google or social media more effective? What would be the difference in cost?
Thanks for the direct question, Melanie.
Well, that depends on your marketing goal: Brand Awareness or Sales?
I’ll give you the important talk about human behavior and human psychology and then I’ll address your true question because this is important to know. It saves a lot of time and money.
SOCIAL MEDIA – Use it for Brand Awareness. It’s much more effective to use social media to make people realize about some product or content you want people to know about, but conversions are not as close as in Google if you want to sell something. That’s because people when browsing social media is just there to check what their friends are doing or to scroll through an endless video newsfeed (Facebook), or to see some pretty pictures, fitness stuff, food porn, traveling stuff and animal videos (Instagram), or to check the news and manage your PR (Twitter), or to watch some entertainment or the news (Youtube). Therefore…you’re interrupting. And that doesn’t work very well for businesses. UNLESS you just want people to notice your brand and remember it.
Here, I’ll give you some real-life situations for a better perspective.
Watch this quick Tai Lopez advert:
URL: Original video.
Now watch a video from Cody Ko talking about it:
URL: Original video.
Are you getting the idea? People are NOT in a shopping mentality on social media. They HATE interruptions. They don’t respond well to it. But you do get brand awareness. By the way, many others followed:
URL: Direct Search link.
But like I said, you do get Brand awareness.
Finally, I want your answer about this question:
How many times have YOU bought something by
clicking on an advert on Social Media?
Not many, right?
That’s because you’re NOT on social media to spend money.
You’re there to entertain yourself and talk to other people.
Now let’s continue.
GOOGLE – Use it for boosting Sales. Just think: When a friend of yours talk about a product, a service, or a brand, where do you go first to check it out? When you have some money to spend, where do you start your research before buying anything? Where do you start researching for prices and reviews? Answer: Google. You may even say Amazon, but it’s still mostly Google because Google shows articles, videos and comments from real people about what you want to buy. Therefore, an advert on Google is LESS LIKELY to be an interruption, right? If you’re searching for some brand of shoes and you see an ad from a shoe store, with a direct link to the shoe you just searched, you’ll click on it. In fact, some even click just to make the company pay for that click given (seriously, people are weird). But I’ve seen it several times.
So here there’s no need for additional examples.
I just have the same question, but modified:
How many times have YOU bought something
by clicking on an advert on Google?
This is why you need to define: Brand Awareness or Sales.
Got it? Remember the impact human behavior has behind those channels.
Now let’s quickly talk about cost differences.
Brand Awareness on Social Media is cheaper because you just want views, which is something easy to deliver for Social Networks. They just have to make sure that no bots were viewing your ads and their job is done. Also, people stay on social media a lot which increases the probability of more ads viewed per hour. Google doesn’t have this edge since people search for something and leave. They don’t stay around.
Boosting Sales on Google on the other hand, is more expensive because if you want to drive sales (which is usually via clicks from relevant users) then you’re actually telling Google: “Hey, send me traffic only from people who have money and that are about to buy a product like mine or that is related to it”. Google then, will gather as much data as possible to deliver your ads specifically to those who are about to buy what you sell, or that have likely bought something just like it in the past (or related products). This is why Amazon sits on precious data because they can actually see what you bought. Google can just infer it, by checking your browsing patterns, browsing history, search history, clicks on Ads etc.
The very reason why Google will be more expensive than Social Media is simply because it drives more sales, because of the critical human behavior pattern I explained before that changes everything. You want to shop something, you’ll likely go to Google to search for it. Not Social Media. Besides, Google is perfecting the ability to reach the same person across different devices, which means that a Google Ad can be shown to you while you’re on your laptop, and hours later the same brand can continue from there while you’re browsing on your smartphone.
Finally, to put some actual prices on your head to give you an idea of how much money you may need to invest, I recommend using Growthbot. Here’s what it does:
Here’s almost the same example but using Uber:
Those screenshots are from my Slack channel.
You can find growthbot to plug-and-play here: GrowthBot (https://www.growthbot.org/)
There are many other interesting features you may want to use before you decide to put your money on Ads by the way:
QUESTION: Wait, what about this level of debt? What about the student loan bubble? We didn’t have those in the last recession. What about the loss of savings that is insured by the FDIC? How are they going to generate that cash during a global recession anchored down by failed socialist states?
Correct, my friend.
But here’s the cold harsh reality.
This below is just some of America’s debt.
CREDIT CARD DEBT – 911 Billion dollars ($50.000 per household)
MORTGAGE DEBT – 8.9 Trillion dollars
AUTO LOANS – 1.2 Trillion dollars
STUDENT LOANS – 1.4 Trillion dollars
But that’s just the tip of the iceberg.
Here are some cute things we also need to worry about:
OBS: Because I don’t want to post too many links, just Google search my name then
find these articles in The Market Mastery section.
1. Google’s New Algorithm Creates Original Articles From Your Content (A.I Article #57)
2. Amazon’s Clever Machines Are Moving From The Warehouse to Headquarters (A.I. Article #55)
3. Suncor to Cut 400 Jobs as It Rolls Out Self-Driving Trucks (A.I. Article #40)
4. What News-Writing Bots Mean for The Future of Journalism (A.I. Article #24)
5. A World Without Work (A.I. Article #14)
6. The Chinese Government’s, Long, Sordid History of Data-doctoring (Secrets of The Market #78)
7. China Ups Military Spending 8% Amidst Ambitious Modernization Drive (Business Article #135)
8. China Has 9 of The World’s 20 Biggest Tech Companies (Business Article #132)
9. China is Weaponizing Capital (Business Article #134)
10. Mashable and Buzzfeed Are More Bad News for Online Media (Business Article #88)
11. Israel’s Ailing Teva to Cut 25% of Global Workforce in Recovery Effort (Business Article #77)
12. Whitney Tilson to Shut Hedge Fund After Sustained Poor Returns (Business Article #94)
13. The ECB Morphs into the Mother of All “Bad Banks” (Business Article #79)
14. Supermarkets Bankruptcies Are Beginning to Pile Up (Business Article #170)
But wait, there’s more. We now have the problem of natural resources becoming more scarce.
15. Is The World Running Out of Sand? (Business Article #112)
CONCLUSION: There’s definitely a “Black Swan” coming, which will likely be triggered by a USA x China conflict resulting in World War III. Because once you put all these facts together: Global economic crisis + huge piles of debt + geopolitical conflicts + too many bubbles (stocks, loans, crypto, government debt etc)…there’s no way out. This obviously WILL…
QUESTION: I ALWAYS get this deep personal story and some issues, which I can resolve quite fast with some innate insight that just flows out of me. How can that be monetized or made into a career?
Hmmm…..that depends on the kind of insights you have.
Are those Business insights? Relationship insights? Creative or Marketing insights? That changes things a little bit because a business consultant has to know about laws, the market, competition, M&A, marketing, innovation and everything else that impacts a business in order to deliver a very good insight that can solve a real, big problem (which is what consultants are hired for, usually). But if you have powerful creative insights, then you can quickly jump to the marketing side which involves in understanding people’s mindsets at a given time and crafting a powerful message to make them pay attention. There’s obviously a lot more to marketing, but if you have those two natively then you’re 50% ahead of everyone else. I assure you.
You obviously can monetize this as a Consultant or Coach, but you have to narrow it down a bit better in order to see what resources you actually need to start a business and monetize your gift.
There’s also the possibility of…
QUESTION: #Edmylett can you clarify the difference between Repetition and Practise?
Not Ed Myllet here (obviously) but I’ll answer your question.
REPETITION = You repeat a proven solution over and over to achieve a business goal, like more sales, more reach, more website traffic and so forth.
PRACTICE = You repeat a task over and over to discover and master a solution, hoping to achieve a mature process that you can repeat, to then achieve your business goal.
Repetition is about executing what works.
Practice is about learning what works.
QUESTION: How do I combine digital marketing strategy with offline marketing strategy?
Hey friend, let me answer this one for you.
First of all, Marketing is Marketing. There’s no “digital” marketing or “offline” marketing. Everything is Marketing. You just have more mediums at your disposal nowadays. Now let’s cut to the chase.
The very first thing you need to know is that people think digital first when they see something advertised offline. If you’re at an airport and you see a great ad on an outdoor somewhere while waiting for your plane, you’ll look up the brand/product/service ONLINE. Probably on your smartphone or laptop. People will rarely pick up the phone to CALL the company or go directly to its physical store (even if they’re near the store), but they’ll do a google search about it. That’s imperative to know because it’s the new user behavior towards the whole marketplace. You may advertise offline but it’ll result in online behavior 99% of times.
REMEMBER: People crave speed. That’s the only reason why this new behavior took over.
Now that’s out of the way, let’s go to the actual marketing.
DIGITAL MARKETING – The secret to mastering digital marketing lies in one thing: The Product. Why? Because users HAVE CONTROL over what they want to access and see when they’re online. We as brands have no control, ZERO control, and no saying in pushing content to people. None. Even Social media + Google cannot force you into watching something because you’ll ultimately decide whether you want to continue watching/reading something or not. They control browsers, Youtube, when to show ads, algorithms, but you are the one who will ultimately decide what you want your eyes to keep seeing. Therefore, The Internet is like the yellow pages in terms of Marketing (!). The user decides what he wants to read and watch. Period.
OK. So what is a Product today (in business terms)?
Answer: Website, Articles, Videos, Imagery, Webtools.
That’s where you put your money: YOUR DIGITAL CONTENT.
Your Website is ultimately content.
Your Articles is content.
Your Videos is content.
Your Images is content.
AND EVERYTHING is just….a Product.
Therefore it’s your goal to better your product so you can force people to remember your brand and keep returning for more. Why am I saying all this? Because many brands are putting much more money into gaining quick/temporary attention and renting traffic to their websites, but it has no point if your product sucks (website, articles, videos etc). The ultimate reason for marketing something must be to show something awesome that people want to buy/consume/read/watch.
Why do you think Netflix is sitting on huge debt?
Because they want to better their product (the content) up to the point that their marketing becomes mostly word-of-mouth marketing. And that’s what’s happening. After all, that’s what makes you say to your friends: “Hey, have you watched that new show on Netflix? It launched this month”.
But it’s just content.
DIGITAL content. But that the user decided to watch.
Therefore, Product development comes before anything else, before you use any possible way to get attention and traffic. Ok? Now let’s talk about the REAL “links” between the offline world and the online world.
OFFLINE MARKETING – Remember the rule: People crave speed. So if your marketing asks for little action from people, then they’ll likely do it. So how do you combine digital marketing strategy with an offline marketing strategy? Easy. Using what people see as a quick way to access the digital front of something:
– Google Search
– Messengers (Facebook Messenger, Whats App)
– QR Codes
– Website name
Something like this below can easily be put on a billboard:
URL: Market News #12.
So think of ways you can “force” people to engage on these channels: Clothing (T-shirts, Pants etc), Outdoors/Billboards, TV & Radio Ads and general Adverts. Example: You can buy many customized, branded T-shirts with a QR Code on them, or with a phrase: “Have you searched ‘X’ on Google? Get ready for a surprise”. Think about some message that will push people to take action. Something that instigates CURIOSITY, which is a strong emotion that forces people’s actions. Play with that while using the 4 quick ways to access digital that I mentioned above and you’ll integrate offline + online marketing.
You can even use shortened links for a certain campaign.
Say, for example, that you want to test two different main messages via T-shirts.
You can print a message (or a QR Code) on T-shirts and give it away on the north side of a country, and on the south side you use a completely different T-shirt. That way you can see what message is more successful. Just a quick example.
Finally, forget about “super-tracking”.
New laws like GDPR will kill many of those Martech options. Plus, PEOPLE themselves HATE being tracked (http://bit.ly/2PgjrqU). The number #1 reason why Adblocking software exploded is that people got mad at retargeting campaigns (http://bit.ly/2OvuJSS). That’s why adblockers took over the market. We don’t like tracking. We hate it. Even marketers hate it. How many times do you accept “Allow this website to track my location” when the alert pops up?
However, Marketing will…
QUESTION: How do I get more people to pay attention to my social media posts?
Thanks for the direct question, Shayan..
Well, technically the answer is:
– Top level design (for your images)
– Very strong/bold copy (for your headlines)
– Interesting preview (for freezing people’s attention)
At the same time, you have to understand the reality of today’s massive level of competitiveness on social platforms. That’s your real problem, and not just yours, but a problem MANY major brands now have. So besides all these Top #3 must-haves above, you also need the Marketing strategy to get a window of attention from people, taking into consideration:
1. How people use social networks
2. What people use it for on a daily basis
3. What brands are doing (IMPORTANT!)
The last point above is critical to know and I’ll show you why.
Here, take a look at some of the latest videos published by The Tonight Show:
QUESTION: Why is that important?
Simple. Because brands like The Tonight Show are breaking down large videos and turning them into small, snackeable pieces of content. The reason for this? DOMINATE your feed or homepage. Get it? So if they have a 40-min video, they will break it down to many videos of 2 minutes and publish them all, which will dominate every space on your screen.
One reason why many brands are doing this is that there’s already massive competition. Another reason is that people don’t waste more than 5 seconds with content anymore, which means you have exactly that (or less) to get people’s attention or else, you lose. Jason Bourne’s movie trailer was a 5-second advert (!) already and so was Netflix’s House of Cards Season 4 Teaser, and the movie Sing was also promoted by a 5-second trailer.
But the ULTIMATE reason is that social media algorithms are working against businesses. But there’s no point in repeating myself here. Just CTRL+F and type “Facebook” on these URLs below where there are plenty of recommended articles you should read:
QUESTION: What are the positive impacts of using social media for marketing compared with other traditional approaches?
Thanks for the direct question, Christine.
Here are the positives:
BRANDING: YOU HAVE INTERNATIONAL REACH – For a brand, is extremely easy to reach other countries thanks to Social Media because all those big social networks are like a country in themselves, but that unite different people from different countries altogether. That’s very good because there’s a lot of testing you can do to find out more about how to reach your target audience, how they behave online, shopping / social / business patterns etc, just by using social media. For instance, some countries in Europe don’t use Whats App much, they use Facebook Messenger instead (England is one of them). The majority of Nordic countries don’t use Facebook, especially for business and networking, they choose Linkedin instead. So it’s a pretty good way to find out more about your customers at a worldwide level. And you can do it without spending any considerable amount of money.
BRANDING: YOU CAN OBFUSCATE HUGE COMPETITORS LIKE TV CHANNELS – Now with Smart TVs taking over the market, people are using Youtube and Netflix as their go-to place when they turn on their TVs which is killing normal channels pretty rapidly. That gives those brands who are thinking about creating a Youtube channel an edge because brands can now reach many living rooms directly, which is where you’ll almost definitely get a whole family’s attention. Plus, did you see what Youtube did recently? Youtube can now deliver Ads SPECIFICALLY to its TV viewers. THAT’S VERY SMART. And the little guy now has a chance again because of it.
BRANDING: YOU CAN SAVE PRODUCT DEMONSTRATIONS IN VIDEO ON YOUTUBE – Just think. What’s the first place you go online if you want to see a video of a certain product? Answer: Youtube. Therefore, for e-commerce websites for example, it’s a very smart marketing move to have many reviews of their products in video, stored on Youtube, so people who are thinking about buying a certain product can quickly find those and see how the product really looks (and works) in real life. So it’s great for branding.
MARKETING CAMPAIGNS: YOU GET VERY SPECIFIC FEEDBACK VERY QUICKLY – After a few hours or days running a marketing campaign on social media, you can clearly see what people are actually thinking and interpreting about your marketing, and how they’re reacting, which gives a quick and more clear perspective on the effectiveness of your creative works (which is something hard to measure) plus your overall marketing strategy (what social channels to use + what time to post + what creatives to use + what audience to target etc). For big brands that’s very important because the next big hurdle for marketers is the rising cost of Customer Acquisition, so it’s a good thing that you can test and “feel” whether you’re on the right track or not very quickly. Marketing Ideas are validated within days instead of months now.
MARKETING CAMPAIGNS: YOU CAN LEVERAGE YOUR TARGET AUDIENCE’S CONTENT TO YOUR FAVOR – Traditional Marketing didn’t have this massive advantage, I have to admit. Before it was all about shouting to your customers but now you can use what your own customers are saying and publishing as part of your own marketing campaign. A great example is something recently done by Coca-cola which I quickly talked about here in the Marketing Article #96. By promoting on their own channels the artwork of their customers, Coca-cola made some customers (who were professional designers) “famous”, pushing more of these customers to create something to promote the Coca-cola brand. And since social media algorithms are against businesses (http://bit.ly/2RztdB6) now, Coca-cola ended up “forcing” their branded content through personal profiles (because it was created by their own customers) without spending any money. That’s something that didn’t exist years ago.
However, keep in mind that in business terms, there’s not that much gain (money) overall in using Social Media all the time thinking you’re building a big brand / business, which is why I recommend reading this: Social Media Marketing is Completely Useless. The title is a big harsh, but it’s the reality. You’ll understand once you read it. Yes, social media is useful for knowing more about your target audience, see how they behave, what common interests they have, and to test your marketing quickly. But real conversions from social media (traffic that turns into money) is a whole different beast. Do you follow or interact much with Netflix on Social Media? Nope.
Social media is not that good for making real money. You can argue that influencers do make money on social media but that’s also a rare thing, or didn’t you know that most Influencers Are Getting Long-term Contracts and Brands Are Bringing Influencer Marketing in-house? From a business standpoint, social networks DO NOT want businesses making money from free traffic, which is why they change algorithms. They design these algorithms to keep engaging people but to block businesses from getting real business via organic (FREE) traffic at the same time.
Another reason why social media is not a place to make money is simply because people, while on social media, are usually there to…socialize. Period. They aren’t in a “shopping” mentality. Even some particular social networks like Pinterest which tend to work more for selling goods to women, are not the top channel for that. Instead, people use Google way more when they’re thinking about buying something because on Google they can check for Reviews, Pricing, Articles / Videos about a product, and…
QUESTION: How can I quantify sales generated from social media marketing for my company?
Thanks for the direct question.
That’s Easy. Use QR Codes and/or shortened links then link each one of those to just one post on social media, creating a simple one-to-one relationship. That way you’ll know which particular posts are giving you more traffic. Of course, those can be bypassed (as any tech that tracks customers can, including Google Analytics) because some stupid person can use robots to access your URL (inflating your data) or post these links/QR codes elsewhere to make you think that the place where you posted it, is exploding in terms of traffic etc.
Leaving that issue aside, you then add a different PROMO CODE to each post so you can better “track” a sale. You can use promo codes on the images of those posts and ask for the customer to put that same code before he buys. That way you can track which post became a sale. Again, this is not perfect. Someone can screen shot your post on social media then send to a third person by email and that person buys from there, giving you false assumptions and conclusions in the end (after you analyzed your data).
But that’s why I say that NO DATA is perfect.
Don’t always trust data to make Marketing decisions.
Anyway, there are more ways to…
QUESTION: Where can I find a marketing expert to profit share?
Thanks for the direct question.
Well, you might find a marketing expert that may want to team up with you in these places:
– Slack channels (link here: Ultimate Resource Page for Businesses)
– Facebook Groups (Private/Secret groups are better)
– Instagram Profiles (send DMs to marketers)
– Marketing Events (just talk to people directly)
There’s always the option of reaching out to website owners as well.
If you found a marketing expert’s website then just shoot him a quick e-mail and expose your business idea. Is that simple. Many experts have their own personal websites and sometimes the only way to get their attention is by sending a direct message to them. Other channels like social media are possibly being flooded with work-related notifications and your message might get “lost in the crowd”. Their website may be a different story.
However, one of the best ways to find great marketers today is definitely through Slack groups (hence why I mentioned it first) because many marketers are using it as a way to reach out to key business people. They’re marketing their slack groups with some value proposition like “get in this group and get marketing consulting 24/7 on a live chat with selected consultants” and talking directly to the decision-makers of companies and organizations.
Just read this card and all the links in it (especially the article): http://bit.ly/2DcDpMX
QUESTION: How can grow a big brand without spending a penny on marketing?
Thanks for the direct question.
Answer: No, you cannot grow a big brand without spending a penny on Marketing. Actually, you cannot build any brand (big or small) without spending money on Marketing. First of all, I understand that you meant “Advertising” which means to pay someone (a website / a blog / influencer) to borrow their audience so you can promote your products and services for a determined period of time. So you confused Marketing with Advertising here, but ok.
Nonetheless, Marketing also costs money.
The issue here is that companies/entrepreneurs forget the business side of associating an “online marketing effort” to money. For example, if you’ll be posting 10 times per day on 3 different social networks, you’ll have to prepare the design of those posts, write the articles or record the videos, edit all that, promote it etc. Therefore there’s lots of manual labor involved, which is a man-per-hour cost that business people tend to forget (especially solopreneurs). Big companies have the exact same issue. If you’re a big company and you don’t want to spend a penny on Marketing then forget about it. Forget it. Because you’ll have to STOP your current marketing team (which you already pay on a monthly basis) and stop whatever they’re currently doing, to allocate those RESOURCES to your marketing campaign. It doesn’t matter if we’re talking about “posting on social media to get organic traffic”. You’re using your resources that were once working on something else.
Now that this is out of the way, let me partially answer your true question.
I say partially because there needs to be a throughout investigation involving your market, your customers, your competition, your available resources and so forth. Hence why there’s no way to give a more complete answer.
Basically, what you need to do is:
CENTRALIZE all traffic back to your company website.
That means putting a lot more effort into your brand, building your company website than building a social following. Sounds contradictory for getting attention, I know. But do you follow Netflix a lot on social media? No. Customers always access netflix.com. Likewise, you need to “become” Netflix (content-wise and brand-wise) in your industry. People need to remember your brand and keep checking your website for updates, instead of you constantly wanting to bypass social algorithms that change all the time and that may kill all your months of effort. There are many brands taking a big financial hit because they prepared a big 6-month marketing budget that involved social media and now they’re harvesting monstrous additional costs due to updates like this: http://bit.ly/2D5ewCM.
Trusting social networks today is a mistake because you have no control over what the algorithms decide. Plus, they’ll become a subscription-based business. All major social networks will, that’s practically 100% sure. To understand why you can start by reading all cards that have “Facebook” on the headline here on these sections below:
Likewise, you should not trust search engines as well (but mostly, Google).
These three cards are a good place to start:
91% of Content Gets No Traffic From Google
Google Shows Answer Without Any Search Results
Google Makes Push to Turn Product Searches into Cash
Finally, you must also take into account that the government (no matter what country) is going against you. Here are some of the reasons why: http://bit.ly/2OM2FzA (but you’ll have to click on each link on the comment to fully understand why).
Lastly, be prepared to also buy social media posts packages if you plan to put some money on social. This means that companies will have to pay X dollars in order to post Y times on social media. The ability to…
QUESTION: Do you think one to many or one to one marketing gets better results? Why?
Thanks for the direct question.
Answer: That obviously depends on your goals.
If you’re aiming for Brand Awareness then One-to-Many Marketing will do the job because the goal is to make the whole market understand that there’s a new player in town and that he wants to show you his brand new product or service, so a portion of those people will stop, investigate your brand and maybe buy. Although, I should add, the true goal of a Brand Awareness campaign is to stay hammering people’s minds so they won’t forget you so soon. Furthermore, if you repeat this strategy too often, and to a wide range of people, it’ll look like your brand is winning and you’re the top of your industry (assuming your brand has no negativity attached to it, like Facebook and Google now have because then that doesn’t work that well).
You use one-to-many when you have:
1. Extreme value ready to exchange for money on the market
2. Quick-to-read and quick-to-understand advert
That’s it. Because then it’s just a numbers game. Example: Imagine a 3-year Netflix subscription at $199 price point. A mass marketing campaign of that and you’ll definitely collect tons of money. Extreme value. Quick to understand ad. Done. Get it?
However, if you’re aiming for getting Next-level Strategic Value on the market then One-to-one Marketing makes obviously more sense.
EXAMPLE #1: You want to take your business to the next level and for that you need your first 7-digit contract (more money / revenue / income). That means either more clients or a whale (a really big client). I think it’s easier to go after the whale because you just have to find out what they need and see if you have the solution to their problems. However, trying to mass marketing every CEO out there is definitely a lot harder, but if you narrow down to 10 CEOs, and investigate what their individual companies need, it gets a lot easier to craft a more personalized message and market THAT to them (assuming you have the actual solution). Those high-level people crave comfort (actually everybody does, but those who “won” in life like it even more because they know how it feels) so all that you have to do is find a solution to their problems, personalize a marketing message and show it to them. People also tend to respond better to personalized marketing because it makes them feel more special, and important. But doing this for a customer that will only give you a $1,000 contract is a failed business strategy because there’s a lot of costs involved in doing great One-on-One Marketing today, especially nowadays when the next big hurdle for companies is The Rising Cost of Customer Acquisition: http://bit.ly/2O0zLGS. Many marketers and companies think that a new piece of software will give them ultimate one-to-one marketing and you just have to sit and watch the money coming in after you plugged your data. Wrong. The truth is that only the biggest tech companies – Google, Facebook, Apple, Netflix etc – can do truly powerful automated one-to-one marketing because they have monstrous amounts of your personal data. Why do you think Netflix is about to try PERSONALIZED trailers for movies: http://bit.ly/2D24qCv? It’s not because of AI – because your AI is as good as your data – but rather because of the personal data they own. Therefore, for other businesses, one-to-one marketing really needs to be used only when there’s a possibility of getting a bigger strategic value on the market because you’re playing chess here and you don’t have the advantage (which is the tremendous amounts of personal data + the distribution channels). That marketing shift needs to be well-thought out.
EXAMPLE #2: You want to bring a powerful influencer to your team so he/she can promote your products/services because you want a quick Brand Awareness campaign to get a quick response from the market (something that startups do a lot). The fastest way here is to market to these influencers something that they may want, to then ask for a partnership deal. Although you want the money of that influencer’s audience, you do the one-to-one marketing to the influencer and he/she will do the rest. This is why many brands give things for free to those who have a big following on social media. They market to the influencers, and the influencer is the one that will create the artwork and content to promote whatever the brand needs. Your marketing targeted the influencer, not your direct customer. Sometimes that comes down to reaching out to 20 accounts on social media, or 50 blogs on the internet with exclusive deals (marketing) to each of…
QUESTION: How much does it cost to start a creative/branding agency? What does it entail?
Thanks for the direct question.
Answer: Ultimate effort and high levels of faith and guts, which is basically what is necessary to build ANY business in today’s extremely competitive world. Money? Not much. You’ll only need the basics:
A Web Hosting service
A Great Domain name
A Good Notebook/Laptop
A Professional Email
Contracts (for dealmaking)
The ability to sell (to get customers)
A Basic Understanding of the Laws that rule your industry
That’s all it takes today.
The rest is just maximum effort because while is extremely easy to start a business today, you’re playing in a very very very competitive…
QUESTION: What are some common branding mistakes?
Branding mistakes are easy to identify.
Here are the critical ones:
1. [BRAND -> PRODUCT???] CUSTOMERS DO NOT ASSOCIATE YOUR BRAND WITH YOUR PRODUCT – Big red alert. There’s a huge brand called Condor here in Brazil (https://www.condor.com.br/) that basically dominates the market for household products. The thing is… customers buy their products but have no idea they belong to Condor. Many products have no logo on them, making them look just like any other product or even very similar to those of competitors. It’s like if Coca-cola was selling soda in a can without the logo (!). This is a pretty big Branding mistake because once you got the hard path right (building a great product) branding helps you establish it on the market faster, enabling you to open new lines and explore new markets as well. Some supermarkets here in Brazil like Pão de Açúcar own an exclusive brand like Qualitá (http://www.gpabr.com/pt/negocios-e-marcas/marcas-exclusivas/qualita/) which has over 1000 products. People remember that they liked Qualita’s milk, and because of the brand, they trust the same will happen if they buy its juice. And it has been working for Qualitá because I remember when they first came out back in 2008. But Condor has been doing business in the gigantic brazilian market without this major advantage in the last years. Big branding mistake.
2. [BRAND -> GOOD VALUES???] CUSTOMERS CAN’T TELL WHAT GOOD VALUES YOU REPRESENT – Does your brand cares too much about building high-quality products up to the point that customers notice that this is a mandatory law of yours or they think you’re just in it for the money? Apple has extreme quality on its products. Microsoft does not (although they have been IMPROVING lately) but Windows was (and still is) branded as the “Blue Screen of Death” system. We still have that in Windows 10. It’s part of their brand. Microsoft’s browser – Internet Explorer – was so bad that it crashed all the time, and it was a major issue for website developers because they had to create a different website version just for IE due to how it interpreted code, and many other things (this is also why the new browser from Microsoft is called Edge, to distance itself from that brand). That’s just the product argument. There’s much more. For instance, your brand still needs to display moral values as well. Today we see journalism going down the hill because journalism integrity is definitely going away, with people running newspapers and reporting the news choosing to defend their own agenda instead of reporting true facts. The Condor brand I just used as an example on the 1st point, did a very good job by putting the following note on its e-commerce website, which is the first thing you see as soon as you visit it:
Translation: “Condor supports and promotes free will, political or philosophical convictions, intimacy, private life and rejects any form of coercion or discrimination because of political opinions. In these elections we hope that everybody will vote freely and consciously.”
Why is that important? Because Brazil is extremely polarized due to the 2018 elections. People are fighting everywhere, on social media, at work and on the streets. Although there’s the obvious business gain in putting out that note (because people from both left and right will keep buying) that’s the right thing to do because it reinforces Democracy. Plus, it protects the business against possible fake news that may trigger a boycott, ultimately hurting sales, jobs, families etc. People will trust a brand that has similar values, even if that means paying more money. Now showing what good values you represent is a branding mistake (high-quality products only, pro-democracy, premium customer service, great work/life balance for employees etc).
Zappos is famous for its stellar customer service.
Amazon is famous for its horrible ways of treating its employees.
Both are a Branding case-study.
Good values will help you sell and retain customers. Bad values will just hurt your business.
This is why customers don’t believe when a bad company does promotions, for example.
Because they know that the values of that company are not good at all, they’re only after money, so there’s always a “catch”. Customers don’t buy it.
3. [BRAND -> IMAGE & VOICE?] CUSTOMERS CAN’T UNDERSTAND YOUR OVERALL MESSAGE & IDENTIFY YOUR BRAND ON THE CROWD – This has to do with Marketing (although branding IS marketing). If customers cannot understand what your brand ultimately sells through your articles, videos, images and website in the first 10 seconds of seeing your website, then you already have a big branding mistake. A dumb person must be able to understand what you sell quickly, without reading too much and without thinking too much. If you’re putting the customer in a position where he has to THINK harder in order to understand what you’re selling, you lose. Just have a look here: petersonteixeira.com and see if you can figure out what is being sold before you count to 10 (or 5). Also, overall consistency matters too. Meaning, if your brand publishes content about just five subjects, once you decide to add another subject it will create confusion for your audience. This is why big news brands like Wall Street Journal, BCC, and The Guardian separate their twitter accounts that deal with business: https://twitter.com/WSJbusiness | https://twitter.com/BBCBusiness | https://twitter.com/BusinessDesk. Finally, layout and design are obviously a major part of your brand. Every image, every thumbnail, every image of an article has to have some sort of PATTERN to it for people to recognize it as a BRAND. Today this last point is actually one of the most important things in order for people to quickly identify your brand in the midst of a crowd of content.
I’ll give you some quick examples.
A while ago I found ZEST, a genius Chrome Plugin that steals your attention because it displays curated marketing content the moment you open a new tab, showing what the marketing industry is likely reading and promoting: Zest.is. Now, from the recommended articles below, which publisher is instantly recognized as a brand by you?
Probably the one on the right: Hubbub Labs
Why? Because they’re putting a pattern (the same top image) in the midst of a crowd of articles. If they have 5 articles being shown on Zest you’ll still be able to easily spot them, because of that particular pattern.
Here’s another example.
Quickly, where is my company link?
QUESTION: What are the characteristics of a genius CMO?
There are a few characteristics for sure:
1. STRONG UNDERSTANDING OF HUMAN BEHAVIOR – The CMO who is pretty great at his job understands deeply how people work. He knows the difference between how a C-level executive thinks, perceives a message or the promises in your marketing, along with the overall message, if compared to an 18-year old kid. He understands the humans behind the business that interferes in your company’s marketing pretty well, ranging from the customer service team, to the marketer, to the client which allows him to spot marketing problems (long-term or short-term) with little effort. Finally, he also understands the unspoken rules of business which are things like how a person will feel if something good/bad happens when interacting with the business, and how that will also impact the image of the company and what you should do to fix the situation. He/she masters PR, Marketing and Branding at the same time just because of the strong understanding of human behavior.
2. EXTREMELY CREATIVE BEHAVIOR – The genius CMO also has a wide range of marketing ideas, many that may look way too crazy for most executives to buy. He’ll find many solutions just by exploring his creativity, regardless of the problem (and many solutions WILL work). You may hear guerrilla marketing ideas combined with advertising ideas combined with copywriting and more. Talking to this CMO inspires you to jump out of the meeting just to go do the hard work to see what could happen with that certain creative idea. This CMO will also make you feel like the competition doesn’t matter because they may seem too boring in comparison, and therefore, irrelevant.
3. ENJOYS WORKING AND TESTING THINGS HIMSELF – The drill to see the results from that rare great idea pushes this CMO to do the work himself, forcing him to execute part of the idea/strategy with his bare hands just because it’s… fun. There’s a passion for executing Marketing here. A passion for stressing different scenarios to find the best possible marketing messages for a campaign.
4. KNOWS HOW TO ADD ENTERTAINMENT TO THE OFFICIAL MARKETING – Like mentioned on point #1, this CMO knows people. He knows how a certain segment, or persona usually thinks. He knows the kind of message that works. But the edge is that he knows what kind of entertainment can be used that will capture that particular persona’s interest in his target audience. He knows how to “play” with customers and still get away with it, without hurting the brand while boosting sales at the same time. Everybody may know how to present their product or service, but turning it into something fun to watch or fun to experience is a very very rare skill.
5. CHOOSES MARKETING OVER ADVERTISING – The challenge of getting customers without using advertising is a very addictive game to the “gifted” CMO, especially because he respects himself for his ability to get attention without paying for it. It’s a game. A game that centers around stealing people’s attention through different, creative, and unpredictable ways that costs much less money and that involves pure skill, and creative thinking. Advertising is branded by this CMO as…
QUESTION: How do I start creating a personal brand?
You’ll have to follow these guidelines for building a professional personal brand in an Era where the market shifts like crazy, and brands are dying for attention:
1. A PROFESSIONAL ENVIRONMENT: 90% OF YOUR WORK MUST GO TO AN ENVIRONMENT YOU CONTROL – Website ou App. Although websites are under the control of a browser which is ultimately owned by a company (like Google Chrome which is owned by Google), and in countries like the US you have Net Neutrality killing the prerogative that every traffic going to a website is of the same speed http://bit.ly/2CQBWvA, a website must be the number #1 place you put your focus on because you completely CONTROL that environment. No other business can dictate the rules to how you operate. Apps follow the same line of thinking, although they’re more vulnerable because all that it takes to remove your brand from the market is a change in Policies or Terms & Conditions. So the very first rule in building a brand today starts with not relying on other businesses because one change in how they operate can take your whole business (and your whole effort) away. Quick real-life example happening today with businesses: http://bit.ly/2RZ7fbw.
2. UNIQUE VOICE: ALWAYS SHOW WHO YOU REALLY ARE – Take any human being on Earth, and he/she has a particular gait pattern, a fingerprint pattern, a retina pattern, and a voice pattern. Everything about you is unique, so why wouldn’t your work be unique? The next step for building a powerful personal brand is always delivering your voice and your own truths, which translates into unique content/voice (which is the work you publish) because deep down every person is interesting, once they kill their own insecurities and live freely, speaking and defending what they think is important to the world. Pay close attention to those who have a strong personal brand and you’ll notice they’re ALWAYS the ones who talk what they wanna talk, how they wanna talk, and don’t really care about what other people think, often approaching controversial topics without fearing angry crowds. And it works. Because when you’re publishing content that is YOU, you’re right because no one is better at being you. That’s what you need to explore and present to the world. Therefore, show who you truly are through your brand. That’s key to get remembered, especially today when there’s massive chaos and competition online. Remember: If you’re not being you then YOU’LL LOSE. Promise. So tell your truths through your content because humans are always interesting once they’re unafraid to speak their minds. Those who are not hated aren’t exploding. If people don’t talk about you then you’re completely irrelevant.
3. BRANDING STRATEGY: MAKE YOUR WHOLE CONTENT EXTREMELY PROFESSIONAL – When you find a new Youtube Channel that has the same layout, the same thumbnails, the same headline pattern, you instantly associate it to a brand. Right? But why? Because there’s a pattern. And Brands have patterns. It displays professionalism. Well-thought processes to building the content you’re now seeing which translates into…”hmm, that’s a brand. They’re serious”. That’s a powerful attention grabber because people just know that they’re seeing a brand. Instantly. Therefore, your content needs a certain pattern of colors, typefaces, layout, voice, goals, and agenda in order for people to associate it with a brand. Anything less will get you nowhere because people only take seriously those who behave like a brand. If I know that you’re very obsessed about delivering the best pieces of content with the best design possible, and if it even extrapolates my own content quality standards, I’ll definitely trust you. I’ll sell you. I’ll defend you. Finally, you know Branding is being done right when people easily remember your brand, even if you don’t publish often.
4. MARKETING STRATEGY: EXPLORE THE RIGHT CHANNELS + EXPLODE YOUR CREATIVITY – You have to know where your audience is looking in order to get their attention, and you have to understand those who you are truly competing with for your audience’s attention. Quick example: If your target audience has the habit of watching Netflix on his/her Smart TV while browsing his iPhone, then who is your true competitor here? Who are you fighting for his/her attention? Answer: Netflix. It’s not another random website showing on Google search results of the same niche as yours. It’s not ads on his phone. It’s Netflix. That’s the biggest competitor of yours because they have far more potential when it comes to monopolizing your audience’s attention. Therefore, you have to make him stop watching Netflix on his Smart TV to watch your content. So maybe the right channel is a Youtube Channel, and a creative way to explore that may be an online series (just like Netflix shows) but on Youtube. Get it?
5. ADVERTISING STRATEGY: ENTERTAINMENT + CREATIVITY + THE RIGHT CHANNELS – People instantly associate ads with some product/service coming from a company, a brand because no one is stupid enough to spend money to deliver ads to prospects if they aren’t themselves… a brand. That’s why advertising works. You communicate “Hey, I’m serious” instantly. This is why when you see some professional ads you instantly assume there’s a brand, a company behind it. Someone is running that brand and putting money on it. However, advertising should be your last move because, in essence, you’re just temporarily…
QUESTION: Help me set the expectations correctly: Chatbots — I was tasked with checking the current state of Chatbots in my company. Theres almost too much information and products and is hard to have a “big picture”. Help me here. So, chatbots in the current state, they can understand natural language enough to figure out from a list of “intends” what one can be attributed to the user. So, If I understand this correctly, in the current state of technology, with technologies like API.AI you can write a serie of “commands” and people will talk to the bot, then you will… uuu… get a callback to the right “command”? Is this simple and limited? I need to communicate this to other people so they don’t set unrealistic expectations to what a chatbot can do.
Basically yes if you’re using all these famous platforms like API.AI (it was bought by Google recently, because they knew its potential). But for a better idea of how to actually create a robust chatbot, just read this article. There’s everything you need there.
There’s A LOT of hard work involved. And if your bot makes two or three mistakes in a row when someone is talking to your chatbot, you’re out. The person talking to your chatbot will misjudge the bot. So basically the brand/company needs to decide whether they want a ridiculous, basic chatbot, something that just does a single activity like answering a set of FAQ. Or a “celebrity chatbot”. A bot that becomes famous (like the ones from Microsoft).
If you’re a business, you should always invest on the latter because it takes tons of work anyway and you’ll need maintenance + lots and lots of data (i.e. conversations) to turn it into a robust extension of your…
QUESTION: Tips for creating a Business Facebook page? — Hello, my brothers and dad are starting a BBQ catering business and I’m in charge of marketing and social media. I only have experience on the personal side of FB and marketing on a personal and social level. Any advice would be appreciated, thanks!
Here’s a tip: DON’T. You’ll only waste time & effort.
Facebook Overhauls News Feed in Favor of ‘Meaningful Interactions’
The Publications That Have Most to Lose from Facebook’s New Algorithm
Facebook Is Making It Harder to Reach Audiences Without Paying
QUESTION: Lack of performance and pay transparency in UK tech consulting? — I’m a tech consultant based in the UK. I enjoy my role (clients, projects, perks) immensely. However, I’m struggling to marry that with a general sense of discontentment around my employer’s lack of transparency around performance management, remuneration packages, promotion criteria, etc.
I’m also female.
The industry role I joined from paid the same as my starting salary. My starting salary has not risen by much in the 2.5 years I’ve been here (a small below inflation increase, then a salary bump on the scale from a promotion). Every year I get stellar performance ratings, captured formally in the company tools/formally for HR. I have excellent client feedback. I have excellent peer feedback. Every year, I compile an evidence report to demonstrate this, and every year I have no real insight into exactly who got consulted to rank me among peers, when, what criteria they discussed, or how that’s reflected in what I was awarded. Don’t even get me started on bonuses – for all I know they just threw a die towards a sharpie drawing of a hopscotch and noted where it landed when they got to my name. Every year I’m left almost totally in the dark about what happens, despite following the firm-mandated process down to a tee. It wouldn’t surprise me if my bonus this year is either a token to the Jelly of the Month club or a ten grand cheque.
Clearly, there’s always going to be a difference between what the formal processes are vs. how things happen in reality, but more and more I feel like there’s people like me who plod along following the HR process.. and people in the same peer group who are playing a performance and pay game that I don’t know the rules for, and I don’t think it’s entirely due to my aspie tendencies. The brogrammer culture here is quite strong.
Does anyone have some advice on how to either learn to accept the lack of transparency or butt my head more effectively into the “talent process” without being seen as pushy/quarrelsome in the process? Short of making another promotion (not realistic within the next couple of years), I see another couple of rounds of below-inflation pay rises coming my way for the next couple of years, with no real insight into how things around pay awards work.
Understand this: Corporations use a SUBJECTIVE system as a reward system. It’s not supposed to be transparent at all. Quick story: I once had a job as a consultant working for a multinational consulting corporation and a co-worker there who became my friend, was one of the best in his area. I asked him how many years he was working there. His answer: 4 years. I then asked how much his paycheck had increased. His answer: around $400 bucks.
“Ok, so you gave up 4 years of your youth for 400 bucks?!”
I then asked why he wasn’t promoted in one of the last annual meetings (the company used to do this to “clarify” promotions). His answer: because his manager said he wasn’t “sympathetic enough” to people for a few days.
This is what they do in order to main their workforce in a slave-like mentality. They play the subjective card. That’s how they control the workforce. Therefore, don’t play by the rules. What you need to do next is simple: find a way to centralize everything on you, and make them dependant on you, then ask for a raise. I did this when I worked as a Project Manager and after just 2 months working for my company, I increased my own paycheck by 90%.
But I fixed all the technical problems, did some relationship-building with customers so they would always ask for me, and I locked the whole project on me as much as possible. I had massive responsibilities, but I also became a key piece in a very expensive project. But as a result, I had “control” over my rewards.
No one will care about you in this game.
You better take care of yourself. That’s how this works. Make some bold moves or you’ll never get what you want.
Like I said, you need to….
QUESTION: How would you get $20k a month in my position? — My name’s Kay. I often get inspired by what you publish and share here. Your every comment brings something to the table, ideas that I hadn’t thought of. Now I’m here to ask for your advice.
I’m a full-stack designer and software developer. I’m capable of designing, building and deploying impressive interfaces, performant and scalable APIs. For the last four years I’ve been working on a freelance/contract basis and my income hasn’t exceeded $9k while averaging at $5k. Five months ago I’ve decided to pursue business ideas that would allow me to build my own products thus bringing me new sources of income and growth. Now, after five months I’m admitting to myself that I lack so needed skills or some character treat that would allow me to grow past my glass ceiling. Now I’m here to ask the community for an advice. How would you approach breaking this ceiling and doubling the maximum point to achieve a $20k/month income given skills and background of a highly skilled IT professional in a distributed/online manner?
The answer depends on what you’ll respond: What are your greatest weaknesses? Things you would change in yourself in a heartbeat (business-wise) if you had the chance?
ORIGINAL POSTER’s REPLY:
My greatest weaknesses are:
– not seeing the value of my skills
– inability to sell at high prices
– understanding marketing and psychology behind it
I’d change all of these.
PETERSON TEIXEIRA’s REPLY:
PROBLEM #1: Not seeing the value of my skills
R: Ok, here’s how you can solve this scenario:
You can do a massive market research and compare your skills to your competition to first see if you need to improve your skills or not. With preparation, comes confidence. Then you need to assess whether you’re at a good level to deliver results that will make your customers save MORE MONEY than if they pay you $20,000. Reverse engineer this part. Put yourself in your customers’ shoes and see what it would need for you (who is the customer) to pay YOU (now yourself), $20,000. Of course, you can break down $20,000 to 4 customers per month paying you $5,000 but I recommend you to have as few customers as possible because you’re a one-man army. The perception of “lack of value” regarding your own skills is also because you lack a bit of knowledge of how businesses work. The practical, day-to-day stuff. For instance, a big brand recently got busted for buying likes but the problem was the employer who demanded likes from an employee or else he would be fired. Since the employee didn’t know how messed up social media marketing is nowadays, he put some effort but got no results. But since his job was on the line, what do you think he did to make his boss happy and save his job? He bought likes. This is the “practical, day-to-day” stuff that I’m talking about. So do you know how businesses try to solve things in wrongful ways on a daily basis so you can provide your services as a good, clean fix? Do you know how companies work behind the scenes on…
QUESTION: Personal name or other for blog/brand? — I would like to start a blog in the realm of business and entrepreneurship but I can’t decide on whether to use my personal name some other title. I also want to eventually branch to use it for a brand. What are your thoughts?
The only thing you actually need to worry about when it comes to this subject is whether you’ll sell the blog later or not: Why you should never name a company after yourself. A personal brand is better in my opinion because you can stretch the brand by using yourself as a celebrity. The face of Virgin is Richard Branson for example, but that’s because he did many crazy things by himself which obviously brought attention to the brand. So if you make yourself a celebrity, then it will…
QUESTION: How to get started/popular once your app is ready? — You finished your app. You’re ready to launch. Now what? What did WhatsApp do to get their first users, and then how did it spread? Do you hustle to get people to use it initially, then rely on word of mouth? How do people find out about your app on day 1, when you launch your app?
Secondly, how important is it to get funding from VCs and/or angel investors, initially? Does the capital really help with marketing? My app is basic enough to use, but I have no idea how to “get it out there” to the public. Any help would be most appreciated.
“In 2007 Koum and Acton left Yahoo. But they weren’t sure what to do next. Over tea in his Russian friend’s kitchen Koum explained his idea: show status updates next to people’s phone number’s in the address book. The statuses would show if the person was available, away, the battery was low, etc. No one, not even Jan’s friends, were using the app until in June 2009 Apple launched push notifications…”
SOURCE: Too Poor To Succeed? WhatsApp Story
The Timing is critical as you just saw from the preview above. The reason why Jan Koum – the founder of Whats App – succeeded was simply because he jumped on his idea as quickly as he saw a new trend coming our way. However, even by doing so he still needed one more push he hasn’t predicted (which in his case was push notifications). Therefore, innovation itself takes care of your Marketing because innovation is…rare.
If you want to use the same strategy (although what happened to him was a blessing/luck factor), you need to study the marketplace and try to predict where everything is going, what trends may arise, how user behavior may change etc, so you can…
QUESTION: Months into developing a product and suddenly a different idea hits… what do you do? — 1) So, do I just leave him gradually and try to do this on my own (i.e find a dev, figure if he’s my kind of person, and do this)? We’ve been partners for about 7-8 months, meeting a few times a week. We’ve gotten pretty close as friends (the team I met them through him, they all live together and I drive down to them to get stuff done). AND very important detail, it’s his idea too. I know he doesn’t feel passion for it though and see’s it as another one of his ideas.
2) Do I keep trying to persuade him? I feel like if I do this it’s just going to be an uphill battle trying to work on this product (my vision vs his). Then again, who am I to think I’m a know it all? All I know is I can figure this product out one way or another. I don’t want to do this with him and feel like its a giant roadblock to my dream.
I always try to see what I’m doing wrong first when I hit the wall regarding a difficult decision. You may be lacking some persuasion skills, which could improve your relationship with him. Also, you’re not considering the “next team” as a possible source of new problems. There’s the possibility of having management problems, other personality problems, SKILL problems etc.
I believe the progress you guys made so far should weight a lot more than anything else, because he seems like a legit, brilliant, considering partner. And that’s hard to find. This is why people say building a business with another person is just like a…
QUESTION: What should a startup expect of their head of marketing (VP/CMO)?
Basically these things:
- A POWERFUL & BOLD MARKETING STRATEGY ‐ A startup doesn’t usually have much gas (money) to use, giving it just one or two shots to make the market aware of their product. An ideal CMO would bring a fusion of Creativity + Strategy to the table after understanding the audience, the product, the business and the culture. If the CMO is being too mainstream, and not innovative enough, then it’s probably a waste of your money.
- MARKET AWARENESS — The CMO needs to be aware of everything involving Marketing from a wider perspective, as if he/she was looking at the whole board and seeing the holes that can be exploited with marketing strategies. And the CMO also needs to know about the dirt happening behind the scenes in the industry, like The Black Market of social media that famous people buy and use, or how companies secretly buy their way into Forbes, Fast Company, Huff Post etc to get PR, or Facebook’s 10 measurement errors that obviously will mess your marketing report with fake numbers. JP Morgan & Chase had ads on 400,000 websites, then just on 5,000, and got the same results. That’s MASSIVE ad fraud. That’s dirt in the system. The CMO needs to be aware of all that. Otherwise a simple marketer would do the job. You need someone with the skills of a marketer, but who also has the…
QUESTION: What are millennials doing wrong when it comes to their careers?
BIG MISTAKE: Thinking about the professional journey as “a career” instead of one big skill-building project. There’s no career anymore. Today is about building YOU. Here’s what younger generations need to understand:
- THE MARKET IS CHANGING TOO FAST — Why is that important? Simple. Because no remarkable company will wait for you to finish your degree to hire you (especially nowadays). Companies need high-skilled workforce now, so degrees are only used as a way to filter bad people. Thanks to the exponential evolution of technology, we’re seeing massive changes in 3–6 months in the marketplace and workers aren’t catching up. Universities aren’t catching up. NO ONE is catching up. That’s reality. Why do you think Tech Giants are paying up to 500,000/year + company’s stocks for A.I. talent? Because the Education System doesn’t keep up with the pace of our current market. In 2016, Online Marketing was one thing. In 2017 was something else. And from now on it will be something completely different! All because the market is changing too fast. There are too many laws, too many startups, too many economic meltdowns, too many people starting businesses online etc. As a result, companies need to adapt to all that and do you think they’ll hire the guy who has been hustling for 4 years for a diploma or the guy who has many online courses that are up-to-date and understands today’s market? Therefore, millennials and Gen Zs need to get jobs that will either give them more money OR a new skill. With a new skill you can make more money, and with more money you can buy a great, valuable course to acquire a new skill. If you’re not getting any of these two while working for a company, then you’re wasting your time! Because wages aren’t growing, there aren’t enough jobs for everyone, it’s harder to be great at your job than never before and we are less likely to collaborate in bad economic times. Add A.I. to the mix and you’ll understand the urgency.
- THINKING CERTIFICATIONS AND DIPLOMAS ARE IMPORTANT — Companies care only about…
QUESTION: What is the best advice for first-time entrepreneurs?
- 1. ALWAYS TRUST YOUR GUT FEELING — In the beginning you won’t be a professional businessman so you’ll likely do a lot of crazy stuff and create work based on dreamy ideas. And other days you’ll find yourself jammed, hoping for an answer for some sort of annoying problem and you’ll come with a solution “out of nowhere”. These 2 scenarios have one thing in common: Gut Feeling. Always trust your gut over anything else. And I mean anything. Sometimes you’ll be right and even the most respected experts won’t. Sometimes you’ll have to ignore everybody else and acknowledge that your solution is THE SOLUTION and no one else has a say. Your gut feeling will be like a superpower. Make sure to trust it all the time.
- 2. REALITY IS SUBJECTIVE — After while on the entrepreneurial journey, you’ll eventually hit the wall. You’ll have ZERO progress. Your days will be the worst days you’ve ever lived on Earth. You’ll lose that confident, dreamy spirit for a while and you’ll have doubts about your work, your business, your future and everything else that you’re putting on the line. When these days arrive, make sure to understand one simple rule: Reality is subjective. What you sell yourself about you is CRITICAL to success. If you start believing the negative thoughts that pop up on those bad days, you’ll lose. You’ll work less. You’ll believe less. You’ll take fewer actions. And you’ll get crushed by…yourself. If you’re struggling, sell to yourself that “you’re the entrepreneur about to explode” as opposed to “I’m just another stupid, lost entrepreneur who got excited with no real experience for business”. You’re not lost. You’re the next guy. The next big company. The next one to make the headlines. And everything you’re enduring is a test. Just some weak barriers trying to stop you over and over without any success.
- 3. WORK, WORK, WORK — The faster you can bring your idea to reality, the better. If you’re anxious like me, then having a 16-hour workday is awesome in the beginning because by the end of a few months, you finished the workload of a whole year. But make sure to make your body ready for this agenda. Some tools you can use are: Sleep Hacks, Intermittent Fasting, and great food that you can consume quickly. For hacking your sleep use Sleep Cycle, and for Intermittent Fasting and food that you can consume quickly just read this comment + article. Also, always try to shift gears and “stop working” to learn something that will have a great impact on your final product. Maybe learning a new programming language will make your product 3x better. Do it. Maybe learning a bit of marketing will 2x your sales. Do it. Because the more skills you acquire the faster you’ll come up with even better solutions in a heartbeat. You’ll think faster. And move faster.
- 4. REST — I once worked for 15 days straight in my 1st year. Don’t do that. That will give you the famous burnout experience. You’re not a machine. You need to stop and reload your energies properly. Make sure to hit the gym, sleep the number of cycles your body needs in order to maintain your productivity high, and enjoy some entertainment to unplug from everything else. Working all the time is not healthy. It’s a sacrifice. But you cannot live in sacrifice-mode for years and years. Make sure to relax. I like watching business-related movies (like GOLD, a great movie!), or go to the gym, or go for a swim in the pool etc. But that’s just me. Find your own ways to live and reload because the journey will demand A LOT from you. That’s for sure. And when in a more advanced stage, you’ll probably need to rest for 2 or 3 days straight (but that’s probably way ahead, after years working hard). Make sure to rest what you need without any guilt so you can keep producing great work. Remember: the market cares about quality, not quantity.
- 5. MONITOR AND KNOW THE MARKET — This isn’t the same old advice. You need to understand that today the market behaves like a shapeshifter. Some company/entrepreneur in a garage may be exploding as we speak after inventing and bringing to the market a great tool that can cut your costs in half or automate much of your work. The market is changing EXTREMELY FAST! And now with A.I. coming to play, this will only get worse. Know the game you’re about to enter. Try to monitor the market as much as possible because you may save yourself some time by finding solutions that can reduce your…
QUESTION: How do you know if a startup is a failure and that it’s time to quit?
When you’re 100% sure that you have tried everything within your reach. Sometimes you’ll need to change your approach. Many entrepreneurs don’t do that because sometimes a different approach is usually outside their comfort zone, so they choose to accept defeat. A founder who is a programmer and can’t sell won’t likely try to learn sales just to try a different approach. Get it? Maybe you’ll need to jump into personal development JUST TO TRY your next approach.
Yes, it gets too hard sometimes, there’s no arguing against that. But regret is far worse when you look back in life. That’s why you need to make sure you actually tried everything within your reach.
And don’t forget that the desert in Entrepreneurship is a pattern:
“Our 1st day we sold $7 bucks. Our 2nd day we sold zero. Our 3rd day we sold $22 bucks. And it went like that for literally years.”
— Andy Frisella
You need to make sure how much you’re willing to pay for what you want. There’s already too much competition, and if you listen to your mind on bad days, you may waste a great opportunity. And a great business.
QUESTION: Pat and team can you guys plz tell me the difference between scaling and growing?
QUESTION: Why do consultants get paid so much?
Because they’re providing crucial business advice. The type of advice that saves a business tons of Money and Time which may impact how the business is run, the company’s stocks etc. A simple example: A company is about to invest thousands of dollars in a Digital Marketing project without knowing all the apocalyptic-like problems happening in the industry.
As a result, MONTHS after wasting their money they find out about all those bad things the industry has been going through, but with one tiny detail: they’ve already wasted time, money, and resources into a project that wasn’t going to give the company any progress at all in the first place. Executives’ heads start rolling, management misses sales goals, employees feel demotivated and stressed after seeing so much work resulting in nothing, layoffs may happen, and finally, the competition may eat one more chunk of the marketplace. All thanks to basing a project execution on wrong information.
Stupid example: Just imagine preparing yourself for a very long trip where you’ll go to another city far away. You’ll waste time, money and effort and the trip will last about 18 hours. At the end of those long hours, there’s another transportation waiting for you to take you to your final destination. You planned the whole year for this moment, and it finally comes. Then, you get your car and jump on the road all happy and cheerful because this is your time to relax and forget about work. You waited the whole year for it. But then, after driving for 17 hours and when there’s only 1 hour left, you suddenly discover that your GPS was giving you the wrong destination as soon as you left. You just went the opposite way thanks to the bad information your GPS was giving you, and now you’re much further from your destination than when you started your trip. Now you lost your time, your money, and the transportation as well.
Question: How much would you pay to know beforehand if your GPS was right or wrong in the first place? Answer: a lot. That’s what consultants do, they provide critical information to (usually) large companies to avoid a series of chaotic events like massive drops in stock prices, layoffs etc. Because a company makes decisions on pieces of information, and if the information is not accurate, the whole company may suffer huge losses in a short amount of time.
QUESTION: How do some people like David Rubenstein, co-chairman of the Carlyle Group, speed read 4 books a week? What is the speed reading technique like?
THE SPEED READING TECHNIQUE
There’s much noise about speed reading but very little actionable information about it online. Speed reading consists in reading rapidly by assimilating several phrases or sentences at once. The goal is to read CHUNK of words or even complete sentences instead of a word-per-word reading style, which is the normal speed most people use for reading.
So in practice, speed reading is highly beneficial because it gives the reader the crushing advantage of reading AT LEAST 700 words per minute whereas normal reading speed usually doesn’t surpass the mark of 150-200 words per minute. Powerful.
And yes, without losing text comprehension. Promise.
The simplistic definition of Speed Reading is this:
Now let’s get into the technical side of it.
First of all, there are 3 types of reading process we humans adopt:
- MENTAL READING — This is also called SUB-VOCALIZATION. Here the reader reads a word and speaks it internally, inside his head, when reading to himself. Every word has to be spoken first before he continues to read on to the next word. This is the slowest pace possible a person can have in reading.
- AUDITORY READING — This is a better process, but not a perfect one yet. The auditory reading style consists on the person HEARING the words being read internally, which means the person doesn’t repeat (speak) the word inside his head but still hears it after reading it. The reader reads a word but still hears it internally.
- VISUAL READING — The experts world. Here the reader reads a word and never speak or hear it internally, he only processes it on his brain to understand its meaning and move on. The moment the reader’s eyes hit a specific word, he automatically understands its meaning like if he was seeing an image. Words become images. So you read the word “HOUSE” and instantly the brain understands house, exactly like when you see a picture. That’s visual reading.
So now that’s all clear, the actual technique to teach yourself speed reading is as follows:
- PART 1 — Minimize the number and duration of fixations per line. When you’re reading a line of text, stop focusing on EACH WORD gradually until you completely ease fixation on every word.
- PART 2 — Eliminate reading regression (re-reading). Every word you already read must be forgotten and you can’t get back to it. Compromise understanding first so you can learn the mental rule to not do any regressions, which means, not read again the same sentence or word even if you lost content comprehension. The goal is to fixate this rule in your mind when you enter reading mode because the faster you implement this, the more you can focus on the next critical and final method of speed reading.
- PART 3 — Maximize the number of words you read at once per line. The goal here is to read more words at once until you can read FULL sentences in one or two chunks of words. Put your effort on amplifying your peripheral vision, reading more words in just one fixation. A trick I personally use is fixing your eyes in the middle of 6 to 8 words (but not so much) because that way you peripheral vision does the rest of the job.
Alright, now you learned the technique.
Next, you need to apply the following steps:
LEVEL 1 – Practicing the technique (dominate the skill)
LEVEL 2 – Practicing the technique with more speed (read faster!)
LEVEL 3 – Practicing the technique while boosting comprehension (comprehend faster!)
And just to make things a bit simpler regarding the visualization reading process, here’s how you should focus on the text when reading it:
“[Word1 Word2 Word3 Word4 Word5] Word1 Word2 Word3 Word4 Word5 ″
“Word1 Word2 Word3 Word4 Word5 Word1 Word2 Word3 Word4 Word5 ”
The bold part is CHUNK Nº1.
Next, you go to CHUNK Nº2
(always focusing on the middle to maximize the peripheral vision):
“Word1 Word2 Word3 Word4 Word5 [Word1 Word2 Word3 Word4 Word5]”
“Word1 Word2 Word3 Word4 Word5 Word1 Word2 Word3 Word4 Word5”
Regarding practice, to optimize and maximize the learning process of this motor skill I recommend you to...”
QUESTION: Question. Why are people afraid of having robots do this kind of work? — I don’t think there is a factory that has fired all it’s workers and replaced them with robots. Now in the future, if there is going to be a new factory, and it has only robots. Who cares? No jobs were lost and maybe going for the career of a factory worker isn’t a great idea. Am I missing something?” [comment]
“The problem is the Bad Domino effect that will happen to the economy. If you have less workers in factories this means you also have less people with buying power, and unable to give money to other businesses like supermarkets, dentists, lawyers etc. Therefore a huge chunk of the money flying around in the economy vanishes and goes to the hands of dominating companies, decreasing the ability of smaller businesses to compete since they lost blue-collar customers.
And yes, there are Chinese factories operating with only 10% of human workforce, and 90% robots: http://bit.ly/2zFIlrk.”
QUESTION: Whom should brands target? Millennials or the older generation?? — Came across this amazing article about retail future. While reading the article, one thing I realized that millennials are loyal to change and they are “the trendsetters.” Whereas, the older generation is more loyal to brands and easy to build relationships with. So what do you think, should retailers target millennials or the older generation? Here is the link to the article: https://www.forbes.com/sites/richardkestenbaum/2018/02/18/what-the-futurists-are-saying-about-retail/#72ff99a41505
“You provided little information about your business but from a business standpoint, older generations. The reason why is simple: Money. For example, Americans over 50 years old control 70% of America’s wealth. Therefore, they have far more chance of growing your business (i.e. giving you money) as opposed to Millennials and Gen Zs.
Marketing to Youngsters is Narcissism Disguised as Strategy — “If over 50s in the US were their own country, they would be third largest economy in the world,” Hoffman says.
Another important point that I see many people forgetting about, is
The Rising Cost of Customer Acquisition
Brands are making too much effort for one customer, which is having a negative impact at the end of the day. Now, more than ever, that’s a reality. So imagine going after…”
QUESTION: What kind of services can an agency provide in times of economic depression?
Extremely specialized content creation. Agencies will become something like movie producers. They’ll only focus on content since the strongest part of a great agency is its creative juice. Because besides the economic crisis + the duopoly hitting media publishers in the face, now with huge consultancies entering the Marketing game they’re about to shrink really really fast. Bloomberg just expanded into consulting recently. The Rise of paywalls is another factor that shows how the web is about to change big time. Mostly, you can bet that almost every high-quality content will be behind a paywall soon, but eventually, that won’t work out as we need each other to survive (whether you’re a big brand or not).
Therefore, the only way out is something I call pay-per-content because…”
QUESTION: What are your daily resources? How do you stay informed about the industry? — I’m early in my career and would love to know what you consider to be your daily resources as a marketer, or any general informational resources or communities that you frequent.
Well, I’m actually in Marketing Consulting and everything is interconnected because other areas may change how marketing works. Therefore you have to pay attention to everything in order to be a great marketer. But anyway, here you go:
1. BUSINESS – Bloomberg
2. BUSINESS – CB Insights
3. BUSINESS – News Picks
4. BUSINESS – Market Watch
5. BUSINESS – Nanalyze
6. BUSINESS – Quartz
7. BUSINESS – South China Morning Post
8. BUSINESS – The Information
9. BUSINESS – The New York Times
10. BUSINESS – The Times of Israel
11. BUSINESS – Watchdog Public Integrity
12. BUSINESS – Wired Magazine
13. BUSINESS – Zero Hedge
14. BUSINESS – PageFair
15. MARKETING – Adweek
16. MARKETING – The Drum
17. MARKETING – Digi…”
QUESTION: How do the wealthy stay wealthy?
Basically through Tax Evasion and Tax Avoidance. The system we currently have is against the people and in favor of rich people. And I’m a Capitalist saying this, by the way. Don’t get me wrong. The reason behind this is simple: Banks + The Government don’t want people with too much freedom in society, creating disruptive businesses and paying less tax and fees to them.
Since they – Governments & Banks – have little value to provide they make things a lot more difficult if you want to get richer. But once you’re there, it’s easy to bypass both (something they don’t want because they want to control/choose those who can bypass the system).
“IF you work for MONEY, you’re TAXED.
As an Entrepreneur, I have more CONTROL over my income, how much I make, and how much I pay in taxes”
(Video interview – Patrick Bet-David)
—- Robert Kiyosaki
Put money in the hands of the people and suddenly you get businesses popping up, building something better to serve other people while crushing their corrupt system. The less disruptive our society becomes, the better for government and banks because they get to stay at the top as leechers. So once they’re at the top, they have to have loopholes for themselves to avoid losing their own wealth just like ordinary people lose theirs on a monthly basis. That’s where tax avoidance and tax evasion comes in to play.
However, companies and individuals who get to a certain level of prosperity use the same loopholes in tax law to avoid paying taxes as well. And the loopholes are EXTREMELY EFFICIENT. Here are some hardcore facts:
- Two Glencore companies managed to exterminate ALL profit and ALL tax on $22 billion in income.
- Shell Energy paid ZERO on $4.2 billion in revenue
- Chevron nothing on $2.1 billion
- Viva Energy paid ZERO on $16.8 billion
How do they do that in practice? How does it work? Well, I definitely recommend reading this incredible article by The New York Times: How Corporations And The Wealthy Avoid Taxes. It shows the tax loopholes companies use (Google is in the article) involving Tax havens.
Here are some highlights from the resource above:
“In 2015, $15.5 billion in profits made their way to Google Ireland Holdings in Bermuda, even though Google employs only a handful of people there. It’s as if each inhabitant of the island nation had made the company $240,000”
“A car manufacturer might shift profits by manipulating export and import prices – exporting car components from America to Ireland at artificially low prices, and importing them back at prices that are artificially high.
“63 percent of all the profits made outside of the United States by American multinationals are now reported in six low or zero-tax countries: The Netherlands, Bermuda, Luxembourg Ireland, Singapore, Switzerland.”
There’s a complex way to use many other countries’ tax law to get your taxes down to zero. And then, with so much money on the table what happens next? Market domination. OBVIOUSLY. If I have more money than you then I can already hire top talent up. Big advantage. With better resources, I have better odds of making more money while my competitor bites the dust. Here’s a true story from Israel proving this point: David vs Goliath; Israeli Entrepreneur vs Amazon in Brawl for Brains. Amazon has more money. Employees want more money. Now what?
At the same time, the government has been increasing its taxes over time making the market a too difficult game for new businesses to be born, up to the point that becomes completely unfair to grow and become an actual competitor. Yes, even with technology available (because it’s available for big and small companies). This increases the probability of crushing any new competition right at an early stage.
Therefore, the bigger companies who are using tax avoidance/evasion tricks get to gather more money from the market, making the rich….richer. Wealth is basically distributed through businesses. If a business is making too much money it can transfer wealth to other people through donations to poor people, higher salaries to employees, bonuses, prizes, whatever. But if the wealth is being concentrated in fewer hands, the rich just get richer because they get to buy the best resources available to grow while using those tax tricks at the same time to bypass government resistance. And LEGALLY.
That’s how the wealthy stay wealthy.
QUESTION: How do I start a social media strategy on Twitter for my company? I have been promoting blogs and articles but didn’t get any engagement. I need recommendations
Friend, pay close attention to what I’m about to say.
Ok, first and foremost, you need to understand the following rule:
money at the end of the day.”
The whole “use the platform to market to your customers for free” is OVER. This is why organic reach is around 1% in places like Twitter, Facebook, Youtube and others if you don’t put any money. There’s no reach. For example, Facebook delivered another punch in the face of organic reach saying it wants more “meaningful social interactions” in its News Feed. Ridiculous. We all know what that really means.
Now here are a few other reasons why you’re lacking engagement/reach:
- TOO MANY PEOPLE — In the last 2 years the amount of businesses PER user has increased exponentially (mostly due to massive layoffs – look how many people got fired recently | and as a chain reaction many of those people fired became entrepreneurs). The consequence? All those businesses are doing the same thing: jumping on well-known social networks and promoting their content. Obviously it creates one big problem: TOO MUCH NOISE. You tweet and seconds later there’s another tweet competing with yours. Plus, since Twitter is more like a News App, the lifetime of a tweet usually lasts 3 minutes now (it used to last 18 minutes). Then, it’s lost in the digital haystack and you have to tweet again, and be smart about it to avoid damaging your brand. Tweet. Be smart about it. Promote valuable content. Repeat. Every 3 minutes.
- TOO MANY ROBOTS — Twitter bots are being weaponized to spread information on The French presidential campaign: “Five percent of the accounts tweeting #MacronGate make up 40 percent of Tweets.”. You probably heard about hacking bots, russian bots and other types of bots populating twitter and tweeting all the time right? Well, guess what? That’s just MORE noise.
- ALGORITHMS — Twitter wants money. It doesn’t want business people promoting freely in its platform. Therefore, a way to control and cut down the marketing efforts of companies who aren’t giving any money is through changes in algorithms. Facebook bought Instagram and not too long afterwards, it sliced organic reach by removing the chronological feed (angering users in the process). Why? Money.
However, there’s hope.
You can still use a few moves:
- EXTREMELY TIMELY INFORMATION — There’s a mysterious Twitter user in Japan who got the financial market’s attention because the account was extremely fast in delivering trading advice. The account has a following larger than the Bank of Japan. So if you have timely information to provide to customers, this is a way out.
- COMMENTING ON PINNED TWEETS — Find brands that your brand can relate to, and also prospects/customers on Twitter, and see if they have a pinned tweet. Craft a smart/funny/valuable tweet and comment on those pinned tweets. Then make sure your profile’s news feed displays what you want those people to look at first. Using Twitter Moments is a very good way to do this because you can bulk many valuable tweets in one tweet (VERY GOOD examples by The New York Times and Business Insider). Then just tweet the link to the Twitter Moment to set up your news feed. Then reverse engineer how often they pin new Moments to stay ahead of anyone else. Of course, doing this will be easier with brands because they have a marketing budget behind every change. So since it’s a marketing plan, it usually has patterns.
- VIRAL TWEETS — If your brand has connection points with ordinary people, and if you are a B2C brand, then you can set up Google Alerts starting with these options: “A Viral Tweet” | “This Viral Tweet” | “Tweet Went Viral”. Then, as soon as the alerts come to your email, see if it there’s anything that fits your brand and jump on the thread to make a contribution to it (without sacrificing your brand’s reputation). PS: Usually very stupid tweets go viral, be warned. But there are some viral tweets that are all about ordinary people making honorable deeds as well. Like someone getting the headlines for stopping a robbery, or for defending a homeless person, or for rescuing a dog/cat/person from a fire etc. That’s how TV shows track and invite interesting but ordinary people to their shows (in order to bring attention). Check it out.
That’s what I got to say to you at first.
There’s much more but I’d have to write a book here.
Hope this helps,
QUESTION: How is becoming a billionaire even possible, chronologically?
“Chronologically”? I’m pretty sure you were thinking with the mind of an employee when asking this. Right? Well, basically like some folks already told you, making more money is about SCALE. This is why companies with too many people working for them usually make more money. But nowadays, that’s not entirely true anymore. Why? Because of Tech. “In 1964, the nation’s most valuable company, AT&T was worth $267 billion in today’s dollars and employed 758,611 people****. Today’s telecommunications giant, Google, is worth $370 billion but has only about 55,000 employees — less than a TENTH the size of AT&T’s workforce in its heyday.”
The 1st TRILLIONAIRE in history will be an AI entrepreneur
That’s because AI can do what most humans can do now, whether we’re talking about a white collar job or a blue collar one. Or haven’t you heard about all this below?
- 1. Chinese Factory replaces 90% of Human Workforce with Robots
- 2. New AI Tech can mimic ANY Voice (examples with Obama, Trump etc)
- 3. What News-Writing Bots Mean for The Future of Journalism
- 4. A New AI Can Write Music as Well as a Human Composer
- 5. For The 1st Time A Robot Passed A Medical Exam
Therefore, since computers are nothing but a tool that speeds up human procedure, allowing us to do many tasks/roles exponentially faster, you can now scale a business using mostly AI instead of humans. And that’s how you can chronologically get to the billionaire status today.
QUESTION: Facebook’s algorithm isn’t surfacing one-third of our posts. And it’s getting worse — So, is anyone else experiencing this situation, and if so, does anyone know why and how to compensate? Because if 1 of 3 Facebook posts isn’t going to be surfaced by the algorithm to a significant degree, that would change how we play the game.
“I recently made a big decision: No more posts, except through Facebook Messenger. The only way to actually reach your entire audience is through Messenger now and thanks to https://api.ai/ you can create a powerful bot that can interact with each user without much effort and deliver content to them.
Well, for sure Facebook is manipulating its entire algo to benefit the brands that are feeding them. Since thousands of brands are doing massive layoffs worldwide, and the majority of these people are becoming online entrepreneurs, the amount of business PER user has increased A LOT. Therefore, Facebook has to push brands to pay because after all, we’re using its business. But I believe there’s way more to this. Recently I saw on…”
QUESTION: What a minute, Why am I not consulting? Am I missing a huge opportunity? — I work for a fortune 500 company and save them over $10MM in their packaging costs annually (My job is dedicated to reducing packaging spend). At my previous fortune 500 company (P&G) I saved several million a year as well. This seems like a great consulting opportunity to be paid a % of my savings, instead of my current salary. Do you think this is something worth pursuing? Am I being realistic thinking I could be successful doing this or even possibly building a Multi-Million dollar consulting business over the next ~5 years. Any feedback would be awesome!
“I’d worry about whether Robots/A.I. can do what you do because it seems very analytical, and analytical jobs will go out first. I can assure you that you’re being completely unrealistic when it comes to thinking as a goal of “the next 5 years” because A.I. is evolving exponentially. Some resources to help you quickly understand:
AI Will Obliterate All Jobs, Starting With White Collar, says Ex-Google CEO
For The 1st Time A Robot Passed A Medical Exam
A World Without Work…”
QUESTION: Need Help: Market research for service-based business — How to survey potential customers to determine the viability of a residential service business: Whole-house exterior management (think lawn & landscape maintenance + gutter & window washing + holiday lighting + snow removal + roof/house/patio wash + irrigation & exterior lighting maintenance). How? What approach/tools?
“Ok, If I got this right you just want to know if you have a viable business in all those services you mentioned, using entrepreneurial actions and possible web tools. Well, you can start by buying customer data of a ZIP code just to see which products match your lines of service. If someone is buying a product you use on your services or other product that’s somehow related, then they might need someone like you but can’t find anyone to hire. Here you find places to buy customer data: http://petersonteixeira.com/resource-page#recommended-buycustomerdata
Then, I’d use Google Street View to have a view of all…”
QUESTION: “If you have started a business, what would be your biggest piece of advice or something you wish you would have known early on?”
“Knowing how different industries interconnect and influentiate each other is the ultimate skill. Read 50x more than…”
QUESTION: Snapshot of my current small business; looking for advice on how to scale — Hi all. I’d like to share the current state of my small business in hopes that those of you who have more experience may point out obvious actions I can take in attempt to expand. Started an audio engineering business on the side in 2012. It wasn’t until late 2016 that it became my full-time focus. Currently, I find clients primarily via freelance platforms, mainly Thumbtack. For local clients in need of recording, I use a local, modest studio where the owner and I have an agreement set; he currently receives $25/hr from the $55/hr I charge the client. From time to time, the studio owner gives me sessions from artists that reached out to his studio. Sessions are typically 2-4 hours, sometimes longer.
“Well I was about to answer this with a question about what do you want first, but I’ll take your final words as the answer: Two of my objectives: 100k net as soon as possible, and renting commercial space and opening my own studio. Is it practical to believe this can be done in 2-3 years, or should I slow down? If you want more revenue you should DEFINITELY pursue the whales and maintain smaller customers to a minimum, just to keep you alive. However, making this shift will require that you…”
QUESTION: 80/20 Digital Marketing — Hi guys, I just started my Shopify dropshipping store of watches a few months ago. I’m trying to drive more traffic to my website. I currently have performed some basic SEO, Instagram marketing and am experimenting with low-cost ads at the moment. In hindsight before I venture off into other types of marketing techniques or spend money unnecessarily, I would like to ask you guys on your experience in the best practices of starting off your marketing efforts for a new e-commerce store, what type of marketing should I focus on that gives the most traffic, with least effort and if there are any resources that you guys are able to share as a guide will be great. Thanks!
“Look friend, the market isn’t the same as the one we had 2 years ago. Organic traffic is getting crushed by all major social networks because…..well…..they DON’T WANT to give you any organic traffic. They want you to pay: http://petersonteixeira.com/recommended-marketing-articles#marketing-article76.”
I recommend reading whatever you need in these links below:
Then just CTRL + F “Instagram” or…”
QUESTION: Is using Wix to create a basic (but great looking) website for a biotech ok? — Hello everyone! I am in the process of starting a biotech(about to incorporate and have a bit of investor interest already due to some of my personal history) and am wanting to start a website. Based on my prior experience with Wix (minimal but great) and things I’ve heard from friends, it looks like a great and relatively cheap resource to use compared to say paying a few thousand for a developer.
“I wouldn’t recommend getting near Wix. Here’s what I recommend:
Then you pay a developer to make it unique, meaning, to alter the professional template so it can become very different and attractive. A website is the core part of a brand today. If you neglect the importance of your website, very soon you’ll feel the market (in a bad way). Remember that Google, Social Networks and other big tech companies are closing the…”
QUESTION: Has Inbound Tanked? How Would You Scale a New Adopter Today? — Believe it or not, we’re a Hubspot agency and this is a serious question. Let me clarify by sharing a generic case: A lead contacts you and says, ‘I’m a 500,000 company, and I want to scale as quickly as possible to become a $750k company.’ You run an exploratory / audit. Goals and expectations are reasonable, product is viable, but: While their website is decent, there is no blog, no conversion paths, and domain authority as well as traffic are not great.
Most leads are referral leads; a few drift in from finding the company’s website. They are pre-sold on Inbound from reading Hubspot blog articles and tell you, ‘I want to grow my company through Inbound marketing, and getting many more good quality leads through my website.’ What would you propose? If you sold them a $5k / mo retainer, just doing Inbound, how would you handle this client’s goals? Would you say, “You may hit your growth goal in 5 months, 5 years, or whatever…” what would you say and how would you close this sale and maintain retention?
I’m assuming you’re talking about Inbound Marketing, correct? Because when I opened the email, I thought this was about this community. Nevertheless, let me give you some hardcore truths as I’m a consulting business.
First of all, there’s A LOT of dirt in our digital industry:
- Twitter accidentally inflating its users for 3 years
- Facebook’s 10 famous metric errors
- Facebook’s ad reach estimative inflated in the millions
- Google Adwords giving you fake traffic (robots) over the last years (check the last highlight)
- Instagram Influencers using Comment Collusion to game the algorithm
- Reddit being manipulated by big financial services companies
- Reddit CEO admits editing redditors’ comments because of political reasons
- Facebook cutting organic reach on purpose
- Instagram removing the chronological feed, blocking organic content marketing strategies
- Brands secretly buying their way into Forbes, Fast Company and Huffpost
- Fake Influencers deceiving many brands
ENORMOUS ad fraud: JP Morgan & Chase had ads on 400,000 websites. Then just on 5,000 websites. And go the very same results. The extremely famous Methbot ad fraud, which made hackers 5 MILLION DOLLARS per DAY by faking 300M video views. The fact that only 48%…”
QUESTION:“What are the most important things you need to concentrate on while doing marketing for your startup? — We are developing a fintech startup and my background is in Finance. It seems to me that marketing is all about creativity and you have to come up with top quality content that’s valuable to your target audience and you always need to keep up with that.
So I have two questions: 1) Do you plan your marketing strategy in advance for some foreseeable future and then just execute it every day according to your plan? 2) Is there any particular standard strategy that any startup can apply which will work best, if so what would be that strategy?”
“I need to make a comment on what you said here:
“Maybe marketing is actually a slow game and you work on it and build up slowly over time? Actually, I am not quite sure about it. So what I am doing is that I am writing blogs related to our product, creating content and posting on different social media such as FB, Twitter, Instagram etc.” R: It’s actually not that slow anymore because there are many tools available that can automate your marketing, there are influencers, native ads, paid ads etc, and within days you’ll see results. You just need to know what buttons to push and where they are. However, it LOOKS slow (slower than ever) because of two factors: extreme competition for attention AND problems with the overall market.
ABOUT YOUR QUESTIONS
Yes and No at the same time. YES because you do have to predict where exactly the market will be 6 months from now because you’ll be spending money, time and effort into executing your plan. But NO to the…”
QUESTION: Trying to grow a startup men’s clothing business and we need some advice. [e-commerce] — We are asking and trying to get help for growing our business and we need your help! We started a men’s clothing business in online last year. It’s called “Honorable Beast” https://www.honorablebeast.com. All the products are imported from South korea, Japan, Italy, France etc. Items are very high quality and rare design in North America. We are working with 50 different designers, we only select and bring exclusive products which are produced limited quantity. Target price is somewhere between Zara and Club Monaco brand. The quality is equivalent or better than Club Monaco for sure. However, we are looking at lower than them. We need some feedback regarding website, products, marketing strategy, how to grow this type of business in this field, how to get better shipping deal with shipping companies etc. Any advice or review will be very helpful and we would like to hear your voice and learn alot. Please give us some help.
“Ok, I’ll give you some things to worry about. This is one. Watch yourselves when using the gifting + influencers combo because this happens:
Also, the whole market is a lot worse than…”
QUESTION: What are some interesting psychological marketing tactics? — I was reading about NLP or Neuro-Linguistic Programming and found it interesting that you can influence others by understanding how the mind stores and processes information. What are some other little-known psychology tactics? Simply put, marketing products and how psychology plays a role here?
“Hey Dennis, how are you today man? I’m an Entrepreneur and Marketer and I’ll give you some powerful resources that literally will make you jump in years regarding Persuasion. First of all, one of the fastest ways to understand how other minds work in terms of Marketing is through Copywriting. Copywriting is the Art of writing marketing messages in a way that persuades users to take some sort of action. To master this Art, you should read the following book:
1. CA$HVERTISING: How to Use More than 100 Secrets of Ad-Agency Psychology to Make Big Money Selling Anything to Anyone
Every single page of this book is PURE GOLD. Trust me on this. If you read just this book you’ll evolve your marketing years ahead. This was very well researched, with several case studies and examples, which is why every page of it is truly powerful food for marketers. Another powerful book is from Ogilvy, which people call “The Father of Advertising”:
1. Ogilvy on Advertising
Once you dive in into the world of Copywriting, the next level I recommend you to study is Neuromarketing. Just so you can understand the basics behind Neuromarketing today, there are companies that put devices on a small part of their target audience to read their brain waves when they’re watching different ads, to know beforehand if a certain advert will work or not in the whole marketplace. But this is just one side of it. You have the Psychology of Colors, How fonts affect conversions, How The Five Senses affect your Marketing, Social truths and much more.
For this field, here’s what I recommend:
1. Brainfluence: 100 Ways to Persuade and Convince Consumers with Neuromarketing
2. Brand Sense: How to Build Powerful Brands Through Touch, Taste, Smell, Sight and Sound
QUESTION: I need some help. — I’m currently a freshman in college and I want to get into marketing, or maybe market research analyst. I’m currently doing a Bachelors in social science with a major in applied research and a marketing minor. I can’t do a B in business administration because I’m broke and I’m not able to receive Financial aid. And I can do the BSS with around 30k So with that degree is it a good stepping stone into the marketing world? Thanks.
“Forget about degrees. They’re useless (especially nowadays). I recommend you start putting your creative mind to work and build something like a website/blog/etc to prove that you can bring people’s attention and (retain it!). Trust me, that’s what brands care about today. The educational system is broken, this is why Udemy, Coursera and other online courses blew up really quickly. Because once you graduate from college, you’re already extremely outdated in market terms. And now that Artificial Intelligence is coming to the game, the market is about to change every 2-3 months.
I’d hire 100x someone who has a blog with 300 posts showing some expertise, than someone with a piece of paper of a fancy college. There’s a reason why the top minds drop out of college and why Elon Musk stated that degrees are completely useless to him when it comes to hiring someone: https://www.youtube.com/watch?v=vqcdF1oWaD0. PROVE that…”
QUESTION: Thoughts on Failure — You know, I never thought I’d fail. All through the ups and downs, I thought I’d be able to work it out, I even thought I’d work it out when the ups and downs turned into downs, downs and more fucking downs.Perhaps it was arrogance and cockiness but I think it was largely just stubbornness. I was willing to throw myself at it until either me or it broke, and I am tough, so it didn’t look good for it. It was tough too. Tougher than I’d thought. I was so proud of my little company, I thought it represented something good. It was hard for me when it went under. I never jumped ship on it, even after everyone else had and it was clearly going under. Even as it went under the waves I tried to pull it back up, with it just dragging me under with it.
“First of all, RESPECT for sharing this my man. Seriously. Why do you think people created Startup Anonymous: https://startupsanonymous.com/confession/cant-take-anymore-dont-know-trust-anymore-decent-person-want-dissolve-startup-now-feel-like-total-adult-failure-must-come-across-rea/ ?
It takes balls to go past pride after putting everything you got. And I know EXACTLY what you mean by being “tough”. I trust a lot in myself and in my ability to overcome any and every obstacle. Like A LOT. I have a pretty looooooooOOOOOonng story with many obstacles, so this is why. However, like Tony Robbins says:…”
QUESTION: Lost and need help. How to get over a failed company? — I put about a bit more than 3 years and over $100k into a business during my ages 25-29 and recently decided to call it quits because my company went nowhere. It was my fault. I was not working hard enough. I was not a good face of the product I was representing. Overall, I thought I was doing things nearly right instead of exactly right, but instead I did things completely wrong.I’ve been so depressed lately about being a failure. It feels like my kid died because I really did put my heart into this project, but it wasn’t enough and I killed my kid. It also feels like I went through a divorce because I have all this baggage from what I learned along my journey, which is affecting me negatively moving forward.
I’m still glad I tried this, because I know if I was still at my previous job all I would be thinking of is what would happen if I started my own company. Now I know I wasn’t good enough.
“Three years today feel like a lifetime, I’m so sorry man. About your working hard enough, be careful with what you tell yourself. The “truths” you tell yourself because they block exactly that: your future actions.
Just to clarify for you. If you were living hell working for corporations, with they sucking your life and soul out of you (while the government takes your money via taxes) on a daily basis, and if you faced too many…”
I love technology especially when it comes to Software and Artificial Intelligence. Since the 1st year of college I’ve been studying programming but with little progress and also I am bad at Math so it is one of the hindrances to me. Also, I am not a native English speaker nor fluent with it. I live in the Philippines and in my situation where I don’t have a job yet I don’t even have a credit card.
“Ok my friend, here goes my answer to you. First of all, you really need to know what’s the “solution” teachers need. That you can do just by interviewing them. But you better make at least 50 interviews to spot all patterns, problems etc.
Once you have the core problem at hand, you’ll have to think/visualize the ideal solution. A SaaS website? Maybe a simple App? Maybe just an algorithm? That’s your second step. The 3rd step is finding out what are the NECESSARY SKILLS and TOOLS you’ll need in order to turn that into a reality. Maybe you just need to learn Java and Eclipse. Maybe you just need VIM and Python. I don’t know.
Then, once you got that out of your way, you go after acquiring those skills/tools.
Now, to solve this part you can:
- Make a partnership with someone
- Learn the skills and…”
QUESTION: I am struggling to promote my new launched first ever music rating web-service. What am I doing wrong? — I have outreached and sent my post release to over 500 contacts of music journalists, online music magazines and blogs. This is my press release at my website’s blog. My release was only posted on two websites: at allaccess and skopemag. I have posted on Linkedin and on Medium. I have posted some articles as well on both latest platforms but traffic is almost zero as I do not have followers, and my friends are not with that kind of music passion to support it. Posting my launch at other places is quite a problem because most of them consider that as self-promotion and spam…
I even tried a mega-post that I wrote ‘How to rate music’ and it doesn’t show up on Google search even with that exact title and with the name of my website…Rules are very strict at almost every single relevant website. How can I get some traction and exposure? I would appreciate any kind of practical help.
Thanks, For the Love of Music.
I liked your post Nissim and I felt obligated to help here, because I know how hard the game has become for new brands in today’s online marketplace. Therefore, let me address each point:
YOU: Back to Google results – why is my long post, on my website where they both (post, and website) match in relevance, why am I not being discovered on a simple search for whoever wants to know how to rate music? (your response to Keri)
R: Because first of all, it takes about 6 months to rank. You can create content TODAY that will only rank in October, get it? There are ways to “bypass” this and here they are:
- NEWS JACKING
- VIRAL CONTENT
Besides all that, you need Content Promotion, but on the right places that already has reach. I checked the two websites you presented and they have very good domain authority, Allacess – Domain Authority 61 and SkopeMag – Domain Authority 41. But there’s one more thing: Are you reaching your target audience just in those places?
Look, think about Context. I for instance, like to read:
- Harvard Business Review
Therefore, I bet that your “power listeners” may be checking out those places as well. Daily. Land a guest post in any of those places (see how here: petersonteixeira.com/resource-page) and you may get TONS of targeted traffic with very little effort. The 80/20 Rule, you know?
Also, you need to go where your guys at trying to discover new talents because it’s related. Therefore, I recommend creating an account in the App Musical.ly and reaching out to influencers and create a marketing strategy to promote your business. Musers (Musical.ly users) are very young and influent increasing the likelihood of accepting you (you know, everything is fun). Also, Musical.ly is a social network that actually generates REAL engagement too which will definitely help you spread your work. Doesn’t have bots like Instagram. I talked about Musical.ly expert marketing strategies here. It will help you for sure.
Now let me address two more points.
YOU: I have outreached and sent my post release to over 500 contacts of music journalists, online music magazines and blogs. R: Look, you need to understand is that the marketplace…”