May 19, 2020
Many businesses across this country are dealing with varying degrees of profit loss over the first and second quarter, which is to no fault of their own in most cases. That’s true for many advisors and it’s important that the second half of 2020 brings much better results.
So we want to discuss how to make that happen on this episode of the Profitable Advisor podcast. We’re going to tackle this topic from multiple angles. First up, it’s important to reiterate the goal of profitability. For Dan, it’s always been to hit a ration of 60% and you should have similar goals. Let’s talk about the characteristics of businesses that are doing this and those that are not and provide some advice along the way. Pair this advice with Mike Michalowicz’s strategy in this Profit First book and you’ll be in a strong position.
Next, we want to talk about using intelligent marketing tactics to help make up ground. One way to do this is through target marketing, which we’ll explain in detail on the show along with examples of businesses that have done this. By making yourself an expert among a certain group of people, you’re able to capitalize on this position and increase business.
Finally, let’s talk about a new strategy to really take advantage of this tactic. Spoiler, it includes starting your own podcast. But not just any podcast. Dan will lay out the format for the show, which you can add to your marketing efforts immediately.
We’re excited for the possibilities with this new idea and hope you see it the same way.
But before we get all this started, Dan has an important announcement to make about the future of this show.
For more on this topic and other strategies to growing your business, join us over at RenegadeAdvisor.net.
Today's show schedule:
0:39 – An update on the future of the podcast.
1:47 – Format changes that we want to install.
3:21 – What we want to address on this show.
5:10 – Let’s start with the issue of profitability.
7:00 – The fact is your business has likely been impacted due to no fault of yours.
8:05 – Reiterating Dan’s thoughts on profitability.
8:46 – Dan’s typical recommendation is a profit ratio of 60%.
10:19 – What characteristics do businesses with small ratios usually have?
11:07 – As we head into the second half of the year, vendors will be pushing hard.
13:34 – A great year isn’t measured by revenue, it’s profit.
14:19 – Now it’s very important to be smart about marketing. So start with target marketing.
16:00 – Two examples of successful marketing.
18:52 – Steps to begin positioning yourself as that targeted expert.
20:30 – Here’s a great podcast strategy to use to build your target market.
25:19 – The goal of this podcast
26:00 – A great new service that Dan has found during his time traveling.
28:57 – Here’s what you’ll get from us moving forward.