Video Tutorial Part 2
Tim Ferris’ is widely considered one of the most innovative business personalities on the planet. He is an established author, angel investor, and public speaker. Tim’s eminence as an entrepreneur is predicated from his book “The 4-Hour Workweek.”
It wasn’t a coincidence that his book was on the New York Times bestselling list for an unprecedented four years in a row. Tim’s message resonated with a vast number of marketers and business owners across industry lines, and to date his book has sold over 1.35 million copies and been translated into 35 different languages.
In this video tutorial, Daniel Faggella explains how to use some of Ferris’ strategies to illustrate how to increase your bottom line by spending far less time on the monotonous activities that are required in any business.
Make More Money by Doing Less Work
There’s a distinct difference between doing “less work” and “no work.” If something sounds too good to be true, then it’s usually the case.
If you want to make 6 figures in consulting, you’ll need to incorporate a business model that is scalable. You’ll need to determine your target audience, and then create marketing systems around your core value proposition.
But what about the mundane, trivial tasks with which you want absolutely nothing to do? If you emulate the systems outlined by Ferris, you won’t have to engage in this type of work at all.
I’ll be referencing specific techniques that Dan implemented in 2015 to build a 6-figure consulting business, by working less than 7 hours per week.
In this article, you’ll also discover:
How to leverage “kickoff coaching calls” to increase the retention rates of your clients
Why offering multiple services can actually impede your business growth
Tested and proven strategies to organically build your email list
How to produce high-prquality articles without ever typing a word
Find A High-Value “Productized” Service Model for Sales and Delivery
Most consultants tailor their services to accommodate the various needs of their clients. Although this may sound intuitive, it is seldom a scalable business model.
If you scatter your efforts across a multitude of endeavors, you’ll likely never be positioned as an expert. More often than not, this approach adversely affects the quality of a business’ services and eventually stagnate the growth of the business.
Before you start taking on clients, you need to cultivate a skill that has a high-perceived value in your niche. If possible, you want these skills to be based on tangible results that you have garnered with your business. Then, you need to determine the target audience that you can serve.
The primary focus of CLVboost was to succinctly deliver a highly-valued result that was conducive to core skill sets. For Dan, this meant leveraging the email marketing automation techniques that he used to scale his eCommerce business, Science Of Skill, to its present annual 7-figure benchmark.
Growing his own business with this strategy allowed Dan to transfer that expertise to CLVboost and assemble an exclusive package for other service- and eCommerce-based businesses.
Figure out what your unique core value proposition is in your niche, and start brainstorming on how to apply that in your own business.
Every niche is different, and some obviously have higher price points than others. Your prices should directly reflect the value of your services. If you’re selling “money at a discount” (business training that might have an immediate, profitable return on investment for the client) then you’ll have the luxury of charging more than a personal trainer in the fitness industry.
I’ll give a brief overview of CLVboost’s former pricing structure for consulting services and value proposition to help demonstrate how to choose a best-fit pricing structure.
When a client signed up for CLVboost’s consulting services, he/she invested an initial payment of $4,000. This secured a spot in the consulting services’ group, along with an initial 2-hour in-depth coaching call. During this time, Dan helped meticulously map out the entire automation architecture over the next three months, which required the client to gather pertinent data on their customer base through surveys and other methods.
After the kickoff coaching call, a client received monthly personal coaching calls and weekly webinars. The ongoing coaching required monthly payments of $1,500, and CLVboost clients had the option of cancelling anytime after the initial three-month period.
Having a minimal commitment ensured that CLVboost was doing business with serious clients, but limiting that commitment to three months kept the barrier to entry low and let clients make their own decision after the short contractual period.
The lesson here is to determine a lump sum price for a concrete consulting deliverable that will provide immediate and obvious benefit to the client. Combined “big win” early action steps with a clear path for future success gives clients a sense of tangible value and a pre-framed anticipation for future benefits. The key is that the initial deliverable and the monthly consulting service are priced consistently and require a steady and limited amount of hands-on labor.
Terms and Conditions
Your consulting business should be based on your innate strengths and skills. The second step is to make sure you’re transparent about the terms and conditions.
One way to deliver this information is to include a kickoff coaching call, which also allows you to make a more in-depth analysis of your client’s business – existing structures and strategies, strengths, and gaps. Often times, having this conversation serves as a catalyst to putting in place strategies that bolster a client’s initial growth.
In addition to your terms and conditions, you also want to be candid about your availability, which correlates with your ability to deliver quality services. With CLVboost, Dan never worked with more than 12 clients at a given time. One of the best ways to deal with more requests that can be handled is by implementing a waiting list. When someone drops out of your consulting lineup, you can gradually add new clients, without it negatively impacting your bottom line.
Whenever you’re doing consulting, you’ll inevitably run into people that demand more of your time; however, if you deviate from the initial arrangement, it can potentially cause friction amongst your coaching members and diminish your integrity in offering fair services.
Your Value Should Lead Your Marketing Regimen
There is a myriad of ways that you can market your consulting services, including:
Again, you should leverage the mediums that are conducive to your strengths and skills. If you’re an introvert that is apprehensive to get on camera, then try delivering your content through articles, case studies, and testimonials (or, take a risk and set up an interview on a radio or podcast show – if you decide it’s not for you, at least you can say you tried). If you’re an extrovert that enjoys interacting with others, then you’ll likely be drawn to marketing yourself through speaking engagements, interviews, and videos.
The next step is to determine the themes of your content. Your marketing campaigns should never be based around the topics that only you feel are pertinent. If you want to position your brand as an authority in your niche, then you must appeal directly to the benefits that your audience is looking to gain.
This requires you to take the initiative and find out the desires, goals, and problem sets shared by your target audience.
What is the most effective way to go about finding out this information? To start, ask your existing clients that are paying you each month.
Here are some questions that you can use to gather this information:
What is the number one topic that you are interested in learning about?
What is the number one frustration that is impeding your progress?
How would your business change if you were able apply (topic of interest/solution to frustration)?
Your client base should become the primary source of information for your content creation ideas. Next step is developing an inbound marketing regimen that educates your prospects about the topics they are looking to learn about.
Nail your traffic sources
Once you determine the theme of your marketing regimen, you should optimize your traffic sources accordingly, starting with an assessment of the traffic mediums that resonate with your potential clients.
The vast majority of traffic that comes to CLVboost is generated from relevant publications in the industry (such as MarketingLand, Business2Consumer, Boston Business Journal, and others), radio and podcast shows, and client testimonials. The content Dan has contributed on these mediums was strictly based on the criteria that his clients had expressed an interest in learning.
These mediums catered to similar audiences that were looking to achieve similar objectives (for example, Dan’s MarketingLand column is specifically around email marketing and marketing automation). As a result, CLVboost has been able to garner qualified traffic outside of using paid media sources.
If you have a particular marketing savvy with a certain channel of paid advertising, affiliate marketing, or otherwise, then by all means leverage it. The takeaway from ClVboost growth, however, has been that it’s possible to grow a consistent 6-figure consulting income by simply sharing excellent content on your own website (and elsewhere) that helps prospects with the same business goals as your own current clients.
Delegate repeatable processes, administration, and social media
If you want to grow your business by working less than 10 hours per week, the reality is that you’ll need to delegate most of the day-to-day administration tasks. This is arguably the most important part of scaling your consultancy to the 6-figure benchmark.
In general, you should plan to hire someone who work approximately 10 to 14 hours per week focusing solely on administrative tasks. Outsourcing presents you with a multitude of different options to choose from. When someone is responsible for posting content, you need to ensure that they are trustworthy and proficient. If this requires you to pay a premium, then it will be well worth your investment.
If you bring someone on board domestically, you’ll most likely be paying them anywhere between $15 to $20 per hour. However, there is a plethora of outsourcing websites that can make content marketing work for small budgets.
As you continue to put in place systems that help your business run more efficiently, you’ll notice that the investment is worthwhile i.e. the revenue generated by your business because of the extra time that you’re able to spend making strategic decisions in the driver’s seat.
Choose the right channels
The next step is to choose the social media platforms that are most conducive to reaching the audience in your niche. There are many options (growing by the day), and each of them presents its own appeal to users. Your goal is to convey your message within the unique context of each delivery channel.
It’s helpful to think of social media as resembling a cocktail party-like atmosphere. You wouldn’t overtly pitch someone that you just met at a festive business function, right? The same relative mindset needs to be applied to your social media regimen.
One other common mistake that marketers make is to disperse their efforts across too many social channels at one time. Before you start creating compelling content, you need to figure out the best places to find your target audience, and this means narrowing your choices down.
If you’re in the education industry for example, then the vast majority of your content will likely involve images and videos. Therefore, you want to leverage channels that offer an engaging and interactive experience to users. Websites such as YouTube, Instagram, and Facebook may be the most viable options for social media lead generation in this type of an industry.
Do some market research and analyze the authorities in your industry. Once you have chosen two to three social media platforms, then it’s time to determine your posting frequencies.
Determine your weekly regimens
The frequency of your content will largely depend on the nature of your niche. Often times, more professional and service-based industries like law, accounting, insurance, or finance will involve less frequent communication with prospects. On the contrary, eCommerce and other businesses selling products or skill-based services will most likely be posting and exchanging commentary much more frequently with potential buyers.
When you have a good understanding of the general rhythm of your industry, determine your posting frequency (again, this varies depending on industry and social media channel).
The content you create can be classified into three main categories:
Rich Content – videos, interviews, and webinars
Written Content – articles, guest blogs, and case studies
Email Content – broadcast messages and auto-responder sequences
For some basics tips on developing frequency in your social media regimen, you can start with this video about social media for lead generation on the CLVboost YouTube channel.
Serialize your content
Rich content creation typically involves more time and effort from marketers and business owners. Written content can be delegated and responsibly repurposed to elaborate on main concepts that you’re looking to communicate, and can often be bottled from the videos and interviews on hand.
Articles can also be serialized into succinct email newsletters. Headlines and subject lines can be used interchangeably, and email body copy can summarize the core tenants of an article.
If you spend a couple of weeks training an employee to emulate your unique style, you can essentially free yourself from the entire writing process. Always ensure that you’re documenting the weekly activity of your inbound marketing regimen so that you can hold staff members responsible for accomplish social media and marketing tasks.
Track your metrics
A weekly social media regimen will likely yield little if you don’t implement systems to track your core metrics. This is arguably the most important part of the process, and requires you to carefully think about which metrics correlate with generating the most revenue.
Create a spreadsheet listing these metrics and track these on a weekly and/or monthly basis. Example stats that CLVboost tracks every week include:
Total deliverable email-list size
Number of new subscribers (and lost subscribers)
Open rate and click-through rate for broadcast messaging
Total number of consulting clients currently enrolled in the productized service offering
Number of signups and drop-offs for the productized service offering
As the saying goes, what “gets measures gets managed”. By consistently looking at a weekly metrics dashboard, you’ll see the immediate benefit or detriment of individual marketing initiatives.
If you want to free yourself from being tied down to the more time-consuming aspects of your consulting business, then commit to spending 60 to 90 minutes each week to adequately train someone to master the systems discussed above.
During the first four to six weeks, focus on developing that person’s skills and a sense of loyalty to your brand. Take the time to give real, constructive feedback and inspire them to learn the fundamentals.
It’s important to note that the first step we covered in this process is determining a strong, unique value proposition. If you have a service that can deliver results more effectively and possibly more enjoyably
Than your competition, you’ll have the only real foundation for the growth of a services business. CLVboost advisory services wasn’t the cheapest on the market, but we focused on a specific result for our clients: implementing profitable, automated email marketing systems. By developing a process to deliver this result to clients consistently, we had a consistent flow of referral clients – one of the surefire signs that a service business is poised for growth.
While CLVboost no longer offers one-on-one consulting, we offer a variety of products that teach similar marketing concepts, including our complete online library at the CLVboost academy.
These systems will help you maximize your bottom line and minimize the time spent doing mundane tasks. Perhaps your ideal workweek won’t be precisely “4 Hours”; however, if Tim Ferris titled his book, “The 7 Hour Workweek That Made 6 Figures”, it would have sold more than a few copies.