Powerteam Blog http://powerteamblog.com Helping Small Business Make Big Profits Tue, 01 May 2018 16:58:29 +0000 en-US hourly 1 Monthly Content Compared: Text vs. Audio vs. Video http://powerteamblog.com/monthly-content-compared-text-vs-audio-vs-video/ Tue, 01 May 2018 16:57:28 +0000 http://powerteamblog.com/?p=67 When you’re running a content-based membership website or posting content online to build you brand, one of the first things you’re going to have to decide is the format of the content.

Will it just be text? Will it be audio, in the form of recordings or interviews? Or will it be a video of you talking?

The two most important things to evaluate for each choice are its ease of production and its perceived value.

Ease of Production 

What should you consider when you’re trying to gauge how easy or hard the content is going to be to produce?

First, evaluate any “additional” tasks that need to be done in order to fulfill on one product.

For example, with DVDs, you’ll need to edit the video and coordinate with fulfillment in addition to filming the product. Text, on the other hand, doesn’t have that additional task.

Then consider whether or not outsourcing is possible. Video, especially of you, pretty much can’t be outsourced.

Audio, on the other hand, can take the form of interviews or even audios of other people, so long as they’re recognized or are perceived as a credible source of information in your industry.

In other words, if you can have someone else do the hard work every once in a while, that can make it a lot easier in the long run.

As a rule of thumb text will be the easiest to produce, followed by audio and finally video.

Perceived Value 

There’s an almost inverse relationship between perceived value and the ease of production.

In other words, a video has the highest perceived value, audio next and text the lowest.

People will only be willing to pay as much as they believe something is worth; usually a bit less.

In other words, you need a perceived value of at least $50 a month if you want to charge $35 for a membership site.

If your using content to build your brand, (which you should), then you can get a competitive advantage by posting more videos then text.

The videos can give you and your brand a higher value rating, vs you just posting text or some pictures.

A solid strategy would be a combination of text, images, audio and video with video being the highlight and a video posted at a minimum once a week. The other days you can post text, images and audios.

What else influences perceived value?

After all, one subscription might charge $20 a month for content, while another charges $200. It’s not just the format.

First and most importantly, what is the solution worth to the subscriber?

If you can solve someone’s marriage problems, that’s worth a lot more than teaching someone to perform magic, for example.

Who you are also plays a big role. How well known is your name in your industry?

A no-name financial analyst might only be able to charge $50 a month for a newsletter, while Warren Buffet could easily charge $5,000.

All that said, the actual format still plays a big role. You’ll be able to charge as much as quadruple for video than text.

At the end of the day, the two questions you should ask yourself are:

  • A) How much money do you want to make? And
  • B) How much work do you want to do?

Based on these two answers, pick the format that makes the most sense.

Use the Power of List Building to Generate Monthly Income http://powerteamblog.com/use-the-power-of-list-building-to-generate-monthly-income/ Tue, 24 Apr 2018 21:16:37 +0000 http://powerteamblog.com/?p=63 Building a responsive list is one of the most powerful tools available to entrepreneurs who want to get paying subscribers to a membership website. It can help you get new customers, keep old customers on longer and even make money from non-subscribers.

Here’s how to use list building to generate monthly income.

Increase Subscriptions to Recurring Billing Products

It’s a lot harder to get someone to agree to be billed once than it is to get someone to agree to be billed again and again, indefinitely.

This is especially true if they’re only hearing about you for the first time. If they land on your website from an AdWords ad, read a couple articles and see your sales page, there’s usually just not enough trust established to get someone to agree to be billed every month.

List building can change that.

By getting someone on your list, you can extend that sales process over the course of weeks and months. They’ll get to trust you, believe in you and believe in your products. This will increase your overall conversion many folds, even if it doesn’t increase your upfront conversion.

The “Monthly Push” Strategy

One time tested strategy to get people to sign up to a membership site is to do a monthly push, promoting whatever the product is this month, rather than the program itself.

For example, let’s say you’re in the “how to invest your money” market. Every month you send a different DVD out about various investing strategies. This month, you’re evaluating gold investing.

Instead of promoting your membership program, you send an email blast out promoting the virtues of gold investing. You talk about why most people make mistakes investing in gold and how the right investors with the right mindset can make it big. You sell this month’s program as if it were its own product.

Do this every month, for every different topic that comes out. Of course, the rest of the time you need to be providing valuable content to not burn out your list. But this “monthly push” strategy is incredibly effective if you’re putting out content on different topics every month.

Recurring Revenue Affiliate Products 

If you have people who aren’t signing up to your programs, if you have them on your list, you can promote affiliate products to them instead. In fact, you can even promote affiliate products to them even if they did sign up for your program.

Recurring revenue affiliate programs can be a nice supplement to your existing recurring income. In the above example, the investing newsletter’s owner might sell someone else’s newsletter that’s just focused on gold investing as an affiliate. He’d get a commission every month that buyer remains a paying subscriber.

These are just a few ways to take advantage of having an email list to generate recurring income. Setting up an email list just takes a few hours and the returns will be well worth your effort.

The “Solving Problems” Attitude V.S. The Quick Money Mentality http://powerteamblog.com/solving-problems-attitude-vs-quick-money-mentality/ Mon, 16 Apr 2018 19:08:52 +0000 http://powerteamblog.com/?p=54 There are two ways to approach the process of building wealth: Through “make money quick” schemes, or by creating value in the world and solving problems.

Businesses that work in the long run tend to fall in the latter category.

Is it Possible to Make Money with Quick Money Schemes?

I’m not going lie to you. It’s absolutely possible to make money with quick money schemes. In fact, some people make a lot of money from it.

That said, there are a few deadly drawbacks:

  • It doesn’t last. No matter how brilliant the scheme, if you’re taking value rather than providing value, if you’re creating problems rather than solving them, at some point the revenue will completely die out.
  • You’re hurting your reputation rather than building it. In the long run, your reputation in the business community and marketplace is more important than the short-term amount of money you make.
  • You risk permanently damaging traffic sources. For example, many blackhat marketers in the last few years have had their accounts with AdWords shut down, entire networks of sites delisted from Google and even personal Facebook accounts deactivated for violating Facebook PPC terms.

That said, let’s take a look at the “Solving Problems” mentality.

The Problem Solving Mentality

At the end of the day, people who solve problems and create real value are the people who make the most money. There are more benefits than pure profits, however.

Other people want to deal with you. You’ll be invited for interviews, to speak at conferences and to appear in other people’s products. In short, you’ll have both respect and money.

You’re also increasing your long-term prospects rather than decreasing it. A strong brand in and of itself brings in traffic and increases conversions.

People who think in terms of creating something valuable tend to think long-term. Instead of trying to find a loophole somewhere that’ll make some quick money for a couple months, they’re thinking of creating real businesses that’ll help real people and continue to bring in revenue for years and years to come.

Every highly successful business today, from Google to Facebook to Intel, all started with people who wanted to create something. They weren’t trying to make a quick buck; instead, they aimed to create something unique and valuable that the marketplace has never seen.

Take on this mentality for yourself and your business. It’s better for your customers, it’s better for you and it’s more profitable for your bank account.

Although it is important to understand the technical aspects of making money (i.e. conversion rates, SEO rankings, etc) it’s also crucial to have an underlying product that creates real value.

Do so and in the long run, you and your business will prosper.

If you need some help identifying, crafting and communicating your value proposition, then be sure to check out our Rainmaker Summit. We can help nail down the value you offer, craft your message and communicate it in a way that can have people literally banging on your door to do business with you.

Just give us a call at 866-238-5920, or go here to learn more about the Rainmaker Summit.

Strategic Thinking – The #1 Key To Rainmaking http://powerteamblog.com/strategic-thinking-the-1-key-to-rainmaking/ Mon, 19 Feb 2018 22:22:50 +0000 http://powerteamblog.com/?p=46 The first step to succeeding in business as a Rainmaker is to learn how to think strategically.

What I want to share with you here today is the cost that not thinking strategically.

In order to succeed, it’s essential to study those who have failed and thrived, as well as those who simply missed out on the opportunity.

Companies that missed out Kodak and Polaroid are two companies who missed chances to break out in their fields.

These two leaders in camera technology should have been the firsts to recognize and act on the opportunities of digital imaging. Because they sat on the sidelines rather than playing the game,

Sony was the breakout company that unveiled the very first digital camera. Undoubtedly, executives at Kodak and Polaroid have asked how many dollars their lack of strategic thinking cost them.

AT&T is another company that missed out. They completely missed the development of the cellular phone industry.

The startling component of their absence from the cellular field’s emergence is that AT&T actually invented cellular technology.

AT&T created the technology but it is Cisco’s technology that is driving 70% to 80% of the Internet’s backbone today.

AT&T had a huge opportunity to be in that position. Truly, they should be in that position; however, should doesn’t amount to much in the business world.

Due to AT&T’s negative paradigm, they weren’t thinking strategically. As a result, they gave up the opportunity. They could have been the ones to develop the hardware to drive the core the Internet but they missed out.

This mentality extends to virtually every type of business. Pharmaceutical companies like Merck and Pfizer completely missed out on the advent of biotechnology.

IBM missed out on the growth of personal computers. In a similar situation to AT&T, IBM was in the mainframe computer business but they completely missed out on the personal computer boom.

One would assume that the Swiss watch industry was responsible for the big spike in watch development and technology in watches but they weren’t. Remember Seiko digital watches?

The Japanese literally brought the Swiss industry to its knees with their innovative technology. It devastated the Swiss watch industry.

In 1997, the government auctioned off license positions for only two companies to provide satellite radio services.

The two companies who won, thereby obtaining the licenses were American Mobile Satellite, now known as XM, and CE Radio, now called Sirius.

Why didn’t Clear Channel and Viacom fight for licenses? At the time, both companies controlled close to 50% of the U.S. radio market. What were they thinking?

Instead, Clear Channel snapped up over 1,000 different radio stations while American Mobile Satellite and CE Radio were pursuing the satellite radio services licenses. Performance-wise, Clear Channel is not necessarily on a move up; it’s on a move down.

In the book industry, Barnes & Noble and Borders completely missed Amazon’s emergence.

With Amazon making it so easy to buy books online, Borders and Barnes & Noble’s traditional stores took a major hit.

Those companies should have been the ones to come up with the new method of doing business.

Since they didn’t, Amazon swooped in and took a major chunk from their bottom line.

In a similar manner, the major airlines did not foresee the extent of the digital move. As a result, they were completely devastated by Priceline.

Ford, GM and Chrysler displayed a major lack of strategy when they completely missed Toyota. The U.S. automobile industry underestimated the potential of these new, relatively affordable cars.

Perhaps at the time, the industry was right; Americans didn’t want these comparatively cheap cars at that precise moment. But that is incremental thinking and a perfect example of a situation in which it cost several companies dearly.

Instead, the industry allowed Toyota to develop its foothold in the U.S. market. As a result, Toyota was able to rapidly build up their technology, and now they have crushed the U.S. automobile industry.

All these examples are big companies and brands that got seriously hurt because of their lack of foresight. It’s no different for your company. If it can hurt the big guys, it can hurt any of us.

The preparation is the same for any size business—in order to succeed, strategic thinking must be in place.

So how many opportunities are you missing because you haven’t been properly trained to think strategically in business?

Chances are you are missing thousands of dollars… hundreds of thousands of dollars… perhaps even millions of dollars in revenue because your own current thinking is blinding you.

Smart business owners are expanding their strategic thinking skills by attending our Rainmaker Summit. Click here for full details and come join us to taking your mind from thinking like a business owner and start thinking like a Rainmaker… the king of all strategist!

The Face of Your Business http://powerteamblog.com/the-face-of-your-business/ Mon, 19 Feb 2018 22:18:08 +0000 http://powerteamblog.com/?p=38

Your  is what others use to identify you.

You see it every day when you look in the mirror.

Your eyes, nose, mouth, cheeks, and even your ears are all unique to you, serving to make up the exterior you show to the world.

Your business also has a face.

While it’s not as physically tangible as your personal face, it carries as much identifying importance.

The face of your business is designed and developed by four different elements: your products and services, your customers and users, your industry segments, and the different geographical areas you serve.

As you seek to mold your business’s face, there are a few questions you should consider.

  • What is driving you today?
  • What are your current products and services?
  • Who are your current customers?
  • What are your current industry segments?
  • What are the current geographic markets that you’re serving right now?

These questions are terribly important.

If you don’t understand what drives your company, you will likely drift from the course you should be on.

Strategy defines the rules

A strategy is essential for giving you a path to success.

While you must know what to do, knowing what not to do is just as important.

When we think about this in terms of our business’s lives, we can see how pervasive the issue is.

  • How many times have you bought something you had no reason to buy?
  • How often do you buy things you don’t end up using?
  • How many times do you find yourself trying to sell something that you had no business trying to sell?
  • How often do you attempt to sell to people outside your core market?
  • How often do you venture into places you shouldn’t be going?
  • Do you find that you are seduced or distracted by what other people are doing?
  • Do you chase new ideas because they’re interesting and exciting, or merely just popular?

The essential question

Oftentimes, we ask ourselves, “What is everybody doing?”

What everyone else is doing is irrelevant to your business.

The essential question to ask is, “What is going to help me accomplish the defined goals that are located in my strategic plan?”

Nobody wants to miss out on an opportunity.

There are all different kinds of software, seminars, programs, and home studies that relate to your business so you’ll never have a shortage of choices to distract you.

If you are unsure if you are on the right path I suggest you attend our Rainmaker Summit, and we will help you question the reason that you are pursuing a particular idea.

Match that idea with your strategic plan.

If it fits, continue on that path. If it doesn’t match up, you need to cease that pursuit and get back on track with your strategy.

One of the best things about a strategic plan is the simplicity it brings.

A lot of choices disappear because they’re irrelevant to your plan.

Remember, just because somebody puts an idea in front of you doesn’t mean you have to consider it.

You’ll find that your strategic plan clears away a lot of the irrelevant choices that clutter your mind.

With your strategic filter in place, you’ll know when a new idea fits with your plan.

Intuitively, it will feel right because it matches up with your business concept. In most cases, other essentials will accompany that intuition.

For example, the idea may have a buzz around it, or it may hold good pricing and stellar benefits for your company.

3M Company is a good example of a company that has had success in more than one arena.

They have their Post-It division, masking tape division, videotape division, and film division.

Even though they are completely different markets, they are all driven by their primary technology, polymer chemistry.

Despite the different divisions, they are all linked by their driving force.

Now, what would happen if they decided to get into the DVD business?

In order to achieve the same success in a new division, they would have to be true to that driving force.

If they merely tried to force a new division to fit into their company model, it would fail.

Even though DVDs seem related to videotape, it doesn’t fit with their driving force.

If they can’t use their polymer chemistry in it, there’s no need in pursuing it.

Even if something seems sexy, nice or even logical on the surface, if it doesn’t fit with your strategy and driving force, you absolutely should not do it.

This is why strategic thinking and driving forces are so important to your business.

They set the foundation. Once you have them in place, you can quickly separate the choices that are good for your business from those that aren’t.

Becoming an untouchable Rainmaker

When you know your company’s driving force, core competency and business edge, you become untouchable.

When you achieve that, you can start dominating in different areas.

You’ll find different pockets, such as reshaping competition areas.

David Glass, the former CEO of Wal-Mart, once said, “Our distribution facilities are the key to our success. If we do anything better than other folks, that’s it.”

Wal-Mart knows that their driving force is a distribution method, and they’ve mastered the areas of excellence there.

The former CEO knew where their competitive edge lay.

Because they mastered that core competency, there is not another company that would be able to get an edge on them.

Fred Smith, CEO of FedEx. He said, “The main difference between us and our competitors is that we have more capacity to track, trace and control items in the system.”

As far as driving forces and areas of excellence, FedEx is driven by a distribution method. One of the areas of excellence is their systems and they have mastered that.

There is no way anybody is going to be able to beat them in that game.

Your driving force will identify a lot for you. It will tell you what kind of products and services you should be developing.

It will dictate the kind of customers and users you should seek and the industry segments you should be pursuing.

Finally, it’ll lead you to the geographical areas you should be targeting.