Join marketing guru William “Bill” Bronson and successful sports podcaster Jeffrey Cooperstein as they dive deep into the world of marketing and chase squirrels in all directions.
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This is Bill Bronson and my trusty sidekick Jeffrey Cooperstein hello this is squirrel marketing where we fill your brain with all kinds of useful things and some not so useful let’s kick it off let’s go well cool so we’ve got a new microphone we set it up right it’s a blue yeti that’s cool so uh what are you thinking about well i um the first episode we were talking a lot about the swot analysis but we talked about what was marketing and the second one i kind of forgot we talked about a swot analysis so we talked about the swot analysis yeah and then we kind of added to it yeah so i guess which is fine but um you know i thought i was thinking about the swot analysis and a lot of people are confused by how to do it they can’t really do it well and so they may not do it at all you know if they don’t fully understand it right so what i did and what i recommend that people do is google it i mean just type it in the search engine how to do a swot analysis and look at examples yeah um but i went ahead and did a hypothetical one like for an insurance person and um and it was interesting i i actually reminded myself of some things and so like on the internal stuff the strengths part i i put top contracts with major carriers a good core group of management team spirit of helping others work ethic we’re friendly that kind of stuff yeah and weaknesses we don’t spend enough time planning we don’t follow the plans that we do make uh we’re inconsistent in our direction lack of capital you know the office is in a bad part of town that kind of stuff gotcha now external uh opportunities and threats i put and this is all hypothetical right but i put expanded retail opportunities like with stores maybe kroger hebs cvs whatever a new shopping center going in across town so there may be some opportunities to get a storefront there Medicare supplement plan f is going away that may help us have a reason to reach out to the community and to help them replace it with something else or whatever so these are that’s a fiat opportunity if you told john it was going away he’d tell you it’s not going away it’s only going away for people who haven’t turned 65 before january i believe first of 2020. that’s if you want to nerd out i believe that’s the future we’re not nerding out we’re using it as a a reason to reach out to people so these are they’re not necessarily gimmicks they’re what do we call them um moments there are opportunity moments there’s things that happen that compelling events is what you call it compelling events so for instance like um if your doctor changes from cigna to humana yeah that’s a compelling event that compels people to change from signature but then they need a special enrollment period for that don’t you or no uh that may qualify for a special enrollment period yeah i mean if your doctor changes plans yeah um but anyway so compelling event is what that is um and you could nerd out on it if you wanted to or you could just use it as an excuse to reach out to people yeah and i find that the most successful sales people don’t need much of an excuse at all yeah to reach out to somebody um but if it’s a toe in the door if it’s just a pinky toe in the door that’s all they need that’s all you need absolutely it just it cracks the door open a little bit gives them a little bit of an excuse to say hi uh to give somebody some free information or something and that opens a conversation so it’s like an icebreaker but finishing this this example swot analysis on the threats part i put something that is a huge problem right now and that is that walmart yeah one of our biggest retail opportunities opened their own insurance company to compete with the people that they were partnering with yep it’s isn’t that crazy i can’t i don’t know that i would ever buy insurance from walmart but some people will and um so yeah that’s a threat um i don’t think that it’ll go away i don’t think that they’ll say all this was a mistake i think that these businesses like walmart and uh especially amazon and google are they’re absorbing market share going into other markets uh we’ll talk about alignment in strategy uh at some point and they’re going into horizontal markets this is a horizontal situation for them that’s not going vertical right i mean because walmart vertical it would be merchandising uh it’d be no they’re just going straight in tires yeah no they’re just hopping to a different industry altogether and just stealing stuff you know basically and i don’t understand why a company would segment that far i mean amazon started doing it but amazon never really did have a niche anyway except they began with books you know the kindle just past that yeah they quickly became a platform for every industry so by becoming a platform for every industry then they diversified their focus that way right and then of course you know then there’s the uh the old uh let’s compete with everyone who’s doing business with us and shut them down or buy them essentially that’s really crazy but that’s why jeff bezos is like probably the richest guy on the planet so it’d be nice to be him i don’t know i don’t know i don’t i i don’t know though it’d be nice to have his money they would it would they would yeah i i don’t think i would be the kind of person who would want to go into every industry and strip mine it yeah i’m not that kind of person i want everyone i actually like people around me to be successful yeah i like to have friends who are successful at their thing that i don’t have a part of you know and um and i like to be around people like that i don’t want to be the guy who shut everybody down and now i’m king of the world that’s just narcissistic but so uh we talked about the swot analysis and we talked about a vision statement last time and i was listening to it and i was thinking you know part of this that most people won’t really understand what to do or how to do is to define their market a lot of people and we don’t have to spend much time on this because defining your market is pretty simple who are you going to help what are you going to give them yeah with what yeah and what are you going to give them so don’t be afraid to focus though i think a lot of people feel like they have to be a jack of all trades and this comes from a lack mentality and be very careful about making decisions based on a lack mentality because if you say for instance like in the insurance business i offer everything under the sun related to life and health insurance everything medicare everything health dental uh life annuities i’m a financial planner too you know what do you sell wedding dresses and manure as well i mean right because seriously uh there’s two mindsets on this um one that i’ve heard which is offer everything because you don’t want to send your clients to anybody else and the other is specialized and let other people earn their living too and i think there’s a huge benefit to specializing while having access to other specialists under the same roof that’s kind of over again that’s what we do here and but we promote something different which is weird we promote that you have uh you be able to help everyone with anything they need but what we actually practice is that we have specialists under the same roof right so what i would tweak it a little bit i would like to tweak it a little bit is to say recruit a variety of people who want to specialize in the things that you don’t want to specialize in let you specialize in what you love and have your team come in and help that client with things that they need so that your agency provides a well-rounded service but you have specialists who can focus and that’s i’ve seen that happen i’ve seen that be very successful you know but you can you can be an expert in a variety of things um just not very many yeah you know so i don’t think you can be a financial planner and be really good at medicare advantage no no absolutely um but anyway so what does that what do you what does that tell you do you want to go into that i didn’t yeah no i think that’s good i basically the whole idea i had for this in general was me just shepherding the conversation and you being the expert dissecting okay you know give me a scalpel yes you need a scalpel real quick i’m sure yeah so um all right well with that in mind um i think the next basic thing to think about is the action plan because we talked about the vision we talked about a swot analysis yeah so you need the swot analysis so that you can analyze where you are now but i think most people are more excited about thinking about the future how are we going to do it yeah so that’s called an action plan and typically that’s where you look at where you are now and where you want to go and in between those two points a and b that line that goes there whether it’s straight or wavy that’s what an action plan is how do you get from point a to point b and an acronym that i learned uh that’s really interesting is called smart so so your action plan has to be smart your goals have to be smart and uh that’s it that has a double meaning of course and they need to be based on intelligence um but they also need to be as the acronym says specific measurable actionable uh actionable reasonable and time bound yeah so for instance um specific we will place two we will place facebook ads measurable might be we will place two facebook ads yeah you know actionable uh we will place two facebook ads with a large budget you know starting tomorrow reasonable we will place two facebook ads with a 500 a month budget and then time bound when you wrap it all together bob will place two facebook ads a and b that we decided upon in the meetings with a 500 a month budget beginning october 15th evaluating effectiveness each monday until december 15th so i mean you go from here’s here’s the action plan um and that’s just a little small piece of it but you’ve got to develop it to the point where you know exactly when it’s going to start who’s going to do it what kind of resources are you putting into it um all of it yeah and so it takes time to do that and it got me thinking you know a lot of people a lot of people they fail forward have you ever heard of that yeah and that’s great uh it’s better than being stagnant not doing anything right exactly but failing forward a lot of that kind of means that you just you just put the effort in the raw effort you just do and then you somehow make it yeah well that’s kind of goofy i mean when you think about it it’s better than uh being stagnant but it’s a ship without a rudder you’ve got no map you’ve got no direction yeah you’re kind of just experimenting you’re not steering right and a lot of people do that and they do it all the time and they become a habitual non-steering effort person and i call that running towards income and i did that for so many years i did it um i was running towards income i had no idea how to get there i didn’t know how much income it was going to be all i knew was i was going to give it everything i got every single day as much time as i can put into it yeah and it caused me to be kind of a workaholic and even to kind of forsake my family yeah and to be annoyed when i had to stop for dinner or that kind of thing right because i had no goals i had no plan all i knew was i was going to work as hard as possible perpetually and that’s really difficult over time where is you down so i developed something when i was in the mortgage business and i i backed into my effort i backed in to what effort it would take to make what i need to make and i did that through with math because math doesn’t lie right so so i looked at it um what does it take for me to earn a dollar right and so i determined it’s uh say for instance uh 10 appointments i get 10 appointments for 100 calls so my closing ratio on appointments is 10 right and then i get two sales for every 10 appointments that’s a 20 closing ratio on sales to appointments and then i knew i made 400 bucks a sale let’s say i made a whole lot more than that on on mortgage but for the sake of this so if i know my gold for the month let’s say is eight thousand dollars and if i make 400 a sale that’s 20 sales so 20 sales is 100 appointments 100 appointments is a thousand calls so if you do the math 1000 calls divided by 20 working days is 50. that means i can make 8 000 a month based on the numbers now these are numbers that you get from your actual numbers right so you go back like three months and you calculate how many calls did you make each week how many sales how many appointments how many how much money was that you divide it all in and you come up with this ratio this formula and then you put that formula in here and you say okay based on what i just told you i gotta make 50 calls a day five days a week and based on the ratios i’m gonna make eight thousand dollars so now you know if you’ve made 60 calls today um or let’s say 60 conversations because i don’t like calls those can be voicemail but so now you know 50 is going to make you the money so if you’re at 60 you can stop for the day you can go have dinner and play with your kids and wait for tomorrow and live your life right so and if you think about it you can do 50 calls kind of quick well 50 conversations takes all day yeah yes you’re right yes absolutely um but you’re segmenting your goals because the calls you want one thing you want the calls to turn into conversation right so if someone answers your only goal is to turn that answer into a conversation well then once it’s a conversation then you change your goal right there on the fly while you’re talking to somebody because now that conversation you’re wanting one thing from that conversation and it shouldn’t be a sale you’re wanting that conversation to turn into an appointment yeah so you’re giving someone just enough of of a lure you’re giving them just enough meat you’re giving them just enough to hit that goal because if you lay someone laid on somebody really thick and they just answer the phone and your only goal is a sale you’re going to lay it on way too thick their wall is going to go up and you’re not going to make a sale in fact you won’t even have an appointment they’ll shut you down really quick so when you first call somebody this is not marketing this is sales now this is you’ve got to turn that call into a conversation you’ve got to turn that conversation into an appointment that appointment so it makes you the sale so you back into it and most people don’t do that most people run towards their income they have no idea what it takes they don’t do the math and they work too much they burn themselves out and what’s funny is most of the really truly successful people i know back into it yeah i mean success takes time and if you look at it they back into it and they look like it’s effortless because they don’t have to bust their butt all day long yeah they’ve done their thing now it’s time for them now it’s time to go to the gym now it’s time to go to dinner watch a movie with the kids they’re not worried about work right because they’re working their plan period and so it looks like man you’re making 300 000 a year and you don’t look like you’re working that hard but i know the other side of it i know people making 300 000 a year that never stop working right they’re divorced their kids don’t know them they can’t use their money for it’s so it’s horrible because they never made a plan right there’s not something fundamentally wrong with them they just didn’t do the math they didn’t work it right you know it’s funny uh my wife we were putting these lights on the pergola on our back porch and so she just buys them out of the blue no research oh it’s totally opposite from me yeah so i’ll research things to death and then i’ll order the best thing right no no she looked it up she’s like i like the way those look bought them and then so um i saw these boxes when i got home that i’m supposed to install or she didn’t say that she’s gonna install them but but her back kind of hurts and so i’m like was your backstarting why do you think you’re gonna be installing these so let me help well so she’s out there no plan not a plan these are okay it’s a static length these things are 50 50 or 60 and 60 feet long and the pergola is a certain dimension right so the pergola is 10 by 14. and these things are 60 feet long yeah well if you’re angling how you’re going to string them that’s not 10 feet that’s probably 11 feet so you could even kind of estimate but you still got to do the math right and so i kept telling her you don’t know where to start you don’t know where you’re going to end up and we’re hammering these big old brads into this wood and i’m like we’re going to have to pull these brass back out and move this thing around as you figure it out we’ll just do the math i have a i’m a measuring tape let’s do the math anyway so she got on this kick kick about teasing me oh let’s just do the math well so what happened was she went and got this chalk you know the kids chalky draw on the sidewalk yeah she eyeballs it she walks over there draws an x on my flagstone which oh it irked me because i just finished the patty you just put it so she draws these x’s on my flagstone our flagstone but you’re flagstaff yeah so she draws these x’s and then she just sort of lays this thing out oh willy-nilly and she’s like okay that’ll work i did the math like no you didn’t even use a measuring tape i mean you didn’t you don’t have any clue so when it was all done it worked out to the inch perfect and i was that’s not good because i mean you know it didn’t make my point right exactly it worked but it didn’t make your point it worked i ended up being wrong she’s always right and it looks great but anyway all right so what do you think what else do you want to talk about what are you doing this weekend not a thing nothing watching football you look tired i am very tired yeah why would you start gaming last night no i wish i the whole like weather mood oh just drains me so yeah it looks like it’s 5 a.m outside it’s dark and it’s not right now it’s 9 45 and um no sun it’s just rainy and nasty outside so good time to plan though absolutely that no those these are the best cleaning days good time to sit down and plan and i recommend people just take a piece of paper and dream think about where you are now and then put that behind you say okay that’s where i am now that’s a great idea what do i want my life to look like next week next month in january in june and kind of say you know be realistic and that’s the easy way to do it you don’t have to memorize these acronyms or anything just say okay by this time next week i want to be you know rolling out of bed doing 50 crunches right they read it every morning on the weekdays and then just make that little thing happen it’s kind of like those facebook ads i want to i want to decide on and place two facebook ads i’m going to set it for a 500 budget for the for the month and i’m going to do that by this time next week set that little goal and do it if you’re moving forward that’s a good thing and then as far as your effort level goes uh if you have leads to call or uh you’ve got something measurable i’m back into it yeah i understand yep so hope everybody enjoyed that little tidbit we’ll think about next uh next time and we’ll see you then and we’ll see you then have a good weekend see ya you Up next
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TopLocal.org is an advertising co-op grass-roots movement to help locally-owned businesses develop a non-competing group of business owners in a particular zip code to increase traffic and sales. https://www.toplocal.org/
The Mortgage Millionaire Book – Sales and Life Strategies That Can Take You To The Next Level. https://www.barnesandnoble.com/w/the-mortgage-millionaire-william-b-bronson/1115389914