The Business of Authority
The Mid-Year Assessment
Mon Jul 17 2023business growthmarketing tacticsemail campaignsplatform evaluationpodcasting
Description
The episode covers a mid-year assessment discussion, strategic approach and long-term goals, reflecting on platforms and revenue streams, optimizing email campaigns and subscriber engagement, strategic thinking, focus, and experimentation, exploring new tactics and platforms, podcasting and its impact on business, and exploring different marketing tactics. The topics include evaluating progress, tracking metrics, migrating mailing lists, optimizing open rates, experimenting with new platforms, and seeking new marketing tactics.
Insights
Evaluate progress and track metrics
Assessing progress, tracking metrics like subscribers and open rates, and differentiating between revenue sources are crucial for a strategic approach.
Reflect on platforms and revenue streams
Reflecting on the effectiveness of platforms like Twitter, exploring new platforms, and monitoring revenue streams are important for business growth.
Optimize email campaigns and engagement
Hiring experts, implementing automation, pruning mailing lists, and focusing on open rates can improve email campaign performance and engagement.
Strategic thinking and experimentation
Strategic thinking, focus, outsourcing non-essential tasks, and experimenting with new platforms like LinkedIn are key to business success.
Explore new tactics and platforms
Considering new offerings, in-person events, running ads, and exploring video content can expand reach and engagement with the audience.
Podcasting impact on business
Podcasting frequently, building connections through podcast outreach, and leveraging the audio format for lasting impact can contribute to business growth.
Different marketing tactics
Exploring guest posting, affiliate marketing, sponsorships, and finding new tactics to increase awareness are important for business growth.
Chapters
- Mid-year assessment discussion
- Strategic approach and long-term goals
- Reflecting on platforms and revenue streams
- Optimizing email campaigns and subscriber engagement
- Strategic thinking, focus, and experimentation
- Exploring new tactics and platforms
- Podcasting and its impact on business
- Exploring different marketing tactics
Summary
Transcript
Mid-year assessment discussion
00:00 - 07:02
- Fall is a critical time for sales activity
- Reflecting on the year and evaluating progress
- Tracking newsletter subscribers and open rate
- Revenue and profit as key metrics
- Differentiating between easy and hard products/services
- Strategic decision to reduce intense one-on-one engagements
- Flat revenue compared to last year, but expected due to strategic shift
- Positive trend in easy product sales compensating for decline in hard engagements
Strategic approach and long-term goals
06:37 - 13:15
- Having a split between revenue sources allows for a more strategic approach and prevents panic.
- Increasing awareness is the theme for the year, and exploring different tactics to achieve this goal is necessary.
- Assessing what's working, what's not working, and what hasn't been tried yet is crucial in making informed decisions.
- Using indicators like subscribers, open rates, and revenue split can help evaluate progress.
- Including a subjective rating of fun factor or impact can provide a qualitative perspective on the business.
- Conducting assessments periodically helps identify what's working and what needs adjustment.
Reflecting on platforms and revenue streams
13:04 - 20:18
- Realizing that Twitter is no longer providing the same returns
- Experimenting with new platforms to replace Twitter
- Focusing on building relationships with people in her circle
- Starting a Slack channel for soloist women
- Monitoring revenue streams like coaching, consulting, book sales, and speaking engagements
- Balancing the desire to work with more people while still valuing one-to-one interactions
- Migrating from Drip to ConvertKit for her mailing list
- Experiencing complications during the migration process but eventually completing it
- Noticing declining open rates and addressing zombie subscribers
- Hiring an expert to help navigate ConvertKit and optimize email campaigns
Optimizing email campaigns and subscriber engagement
19:50 - 26:39
- Hired an expert to walk through ConvertKit and clarify doubts
- Expert provided guidance on metrics and automation setup
- Implemented re-engagement automation and saw improved open rates
- Pruned mailing list to prioritize quality engagement over quantity
- Open rates serve as a leading indicator of revenue
- Twitter followers are considered a vanity metric, while mailing list subscribers are more valuable
- Revenue generated from Twitter can be significant for some businesses
- 'Ninja Selling' book highlights the importance of statistics in real estate sales
- Finding connections and understanding subscriber behavior takes time and experience
Strategic thinking, focus, and experimentation
26:10 - 33:15
- Finding connections in business takes time and experience
- Understanding how subscribers relate to the business is important
- Measuring revenue alone is not sufficient, strategic thinking is required
- Focus is crucial for success, outside commitments can impact business
- Outsourcing non-essential tasks can free up time for business focus
- Consider tactics for the second half of the year, such as experimenting with LinkedIn
- LinkedIn stands out as a social network that feels less addictive and more useful
- Twitter's reach has decreased significantly, making it less valuable for engagement
- LinkedIn offers a connected and open environment with meaningful discussions
- Explore other untried or long-neglected strategies for experimentation
Exploring new tactics and platforms
32:50 - 40:01
- Considering developing a download for sale on website
- Thinking about hosting an in-person mastermind event in Palm Springs
- Considering running ads for the first time ever
- Interested in advertising a lead magnet instead of relying on social media platforms
- Experimenting with paid placement on Google or Instagram
- Sponsored podcasts in the past and had positive experiences
- Exploring more video content, either natively on LinkedIn or through live sessions on YouTube
- Planning to do live Q&A sessions that are streamed simultaneously to multiple platforms
- Podcasting frequently and enjoying it as it doesn't feel like work
Podcasting and its impact on business
39:34 - 46:14
- Podcasting constantly, recording four or five shows a week
- Podcasts have a long tail, takes weeks or months for episodes to go live and be heard by the right person
- Podcast outreach as part of daily to-do list, building connections and getting bookings
- Immediate book sales after podcast interviews, followed by long-term impact
- Audio format of podcasts creates lasting memory and impact on listeners
- Building an annuity through podcasting, but results are uncertain
- Seeking tactics with more immediate feedback loop to increase subscribers
- Considering guest posting on blogs like Forbes or HBR for wider reach
- Guest posting in the past was enjoyable but had limitations imposed by editors
Exploring different marketing tactics
45:54 - 52:09
- Having a column in a platform like Anchor Forms could be a sweet spot for the speaker.
- Some clients prefer guest posting to blogging for themselves, as it offers high prestige and exposure to their ideal audience.
- Editors can make writers more powerful by improving their work, but there can also be negative experiences with editors.
- 'Help a Reporter Out' (HARO) is considered outreach or doing one's own PR.
- Affiliate marketing can be successful for those selling products or services.
- Sponsoring someone's newsletter can be an effective way to reach a trusted audience.
- Easy money can be made through sponsorships if the list is highly targeted.
- The speaker is focused on finding new tactics that increase awareness and measure growth through mailing list numbers.
- Increasing the flow of people onto the mailing list in a predictable way is of interest.
- Having clarity on the primary focus of the business makes decision-making easier.