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Consulting Accelerator Livestream Q&A, October 27th, 2018

Consulting Accelerator Livestream Q&A, October 27th, 2018

Summary

Livestream Q&A call recording for October 27th, 2018. 

Transcript / MP3

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Sam: All right, I can see a few people jumping on here. Just let me know in the comments box if you can see my screen. Or, not my screen, sorry, if you can see my video and you can hear me speaking. Just make sure we've got audio and video, and then we'll get started. Can see we've got Sev, Berkeley, Sam Bragg, Michael, Bo Hans. Welcome, good to see you guys on. Chris. If someone can just let me know that audio and video is good, then I know it's good. All good. Thank you. Last thing I want to do is start talking for like 20 minutes and then later on find out that it's not even working. The only way I can actually know is if someone tells me. Sam: So, let's go ahead and get started. If it's your first time on one of these calls, how they go is I do one of them almost every Saturday. So about three out of four Saturdays in a month. And they happen pretty much every Saturday at 3 p.m. eastern time. It's the time in New York. And you can just google time in New York to find out when that is. But every Saturday, 3 p.m. til 5 p.m. eastern time. And I recommend just putting it in your calendar, just on repeat, so that you can remember. And how they go is, you can just ask me a question in that comment box, and I will just go through them one by one, like in sequential order, by the order in which they're asked, and just answer them. And we'll just do that, hang out for like two hours. So, let's go ahead and get started. Sam: Berkeley Robinson says, "Facebook ads question. If someone clicks on a cold traffic ad, with a seven day conversion window, doesn't buy, clicks retargeting ad within seven days, buys, does that count as a purchase in both the cold and retargeting campaign, which ultimately inflates the sum purchases and revenue numbers from the combined campaign data?" So, when you are reporting we get you to use that PPC tracking spreadsheet. That spreadsheet is everything. You have to use that spreadsheet. And you put in the total number of sales from Facebook. And that is the total number of sales you got. You can't possibly have duplicate counts of sales units. So that's how it works. And whether it's attributed to hot or cold, well Facebook will make that decision with its algorithms and things. And what is doesn't do is it doesn't double report things. Especially sales things. It'll probably give it to the hot retargeting campaign. Because Facebook uses the last touch attribution method. Which means that whatever the last touch was on what campaign, or what ad, Facebook will attribute the conversion to that. So, first of all, if you're using that tracking spread sheet, this will not be an issue. Second of all, there won't be an issue even in Facebook. And if you want to know how Facebook will crunch that data, and output the result, that's how. Sam: So Sam Bragg says, "I'm having a nice amount of success with my LinkedIn direct outreach and I'm able to book several sales calls a week. I'm afraid to send connection requests to more than 30 people a day in case my account gets shut down. How can I best go about scaling up my LinkedIn outreach?" Well, I don't know. Because this kind of has a limit there. I mean, you could test going higher than 30, and see what happens. Typically these platforms will give you a warning sign before they cut your access or something like that. So you could try and stretch it and see where that limit is, and just stay on the knife's edge of that limit. That could be one thing. Otherwise you're just going to have to find another channel to use. Like you'll have to use Facebook or email, or another channel. That's what I would do. Sam: Michael Bohan says, "I help small companies get new customers by attracting them with interesting content. I'm a content marketing agency. So far I've only gotten hired to create content. However, couldn't get anyone to hire me for the other more lucrative parts of content marketing like strategy, and promotion, and conversion. So chicken and the egg problem, no experience in these three areas, don't get hired. I see three options, build my own audience in the content marketing niche, plus I learn a lot about content marketing myself. Which path would you choose, or do you see or do you see another path?" Sam: So, what I see here is, just you're looking at it with an incredible bias. So the only thing that you can see is content marketing. That's like the lens that you have over your eyes, and it just makes everything look like content marketing. So you have to forget about content marketing. And you have to look at who is your niche. Well you said small companies. Is it really small companies? Because there's a lot of small companies. Small companies compose probably 95% of all companies in the world. So that means that your market is 95% of all companies on earth. I don't think that's true. So it's already showing some issues at the niche level. So you need to start there and make that more refined. Second of all, you need to find out what their problem is. So what is the problem of your niche? You know, what do they wake up in the middle of the night sweating about? You need to define that clearly. And then you need to look at the niche, and their problem, and then what the best possible solution could be for that niche to solve their problem. And that may or may not be content marketing. And if it is, then that's okay, but if it's not, then ... Sam: But right now what you're doing, is you're just looking at content marketing and assuming small businesses want it. And then trying to work around all of this, trying to just do anything to make this fit. And that's leading you into the issues that you're facing. Which the issues you're facing is, people won't trust you with the strategy, or the promotion, or the conversion. That's because, probably that strategy, promotion, and conversion aren't really functions of content marketing. Content marketing is about creating content and that's what people are hiring you for. Now you're trying to get into some functions that don't really belong to content marketing. And so, this is why it's happening this way. And it's because you're just looking at it the wrong way. You need to just forget about content marketing, and just go back to the first principles, the niche, the problem, the solution. And when you see things like that, it will make it very clear to you and you'll know what to do. Sam: Pia Torre says "My niche is helping women find the right guy. I cannot reach out to my ideal client, even not for interview. I found one of them randomly. They are not in specific groups on Facebook, and there are no specific articles about them. There are no specific places to find them. There are no specific dating app to talk to them. Generally they run away from questions. And I cannot spend anymore on Facebook ads to find it. How to find this ideal client?" Yeah, well this is what's happened here. The process you're supposed to go through, is you're supposed to start with picking a niche, which in your case is women who want to find the right guy. So you're supposed to pick that niche, then understand them and talk to them, and really get to know their problems from their point of view, and their perspective, not your perspective. Sam: And then you're supposed to come up with a solution to their problem. And then the nature of doing it in that order, is that when you come to market the solution to them, you know exactly where to find them because you had to have found them to have talked to them. And so if now you can't find them anywhere, then that kind of shows me that you never have found them. And if you've never found them, then you have never talked to them, then you have never actually found out what their problem is and who they even are. And so this problem that you're facing now, it stems from pretty much the first and second steps that you were supposed to do in the process. So you need to just start back from there again. You need to identify this market, like who are they? Define it. And then talk to them, and understand it from their point of view. And then see what their problem is. And then if what you want to do is a solution to that, that's good. And then you'll know exactly how to find them, because you've already found them. Sev Rogulev says, "You have fun on the rollercoasters?" Yeah, that one I was one I was on. There was only like one rollercoaster there, which was pretty fun. What I was trying to figure out is how could you ... It's an interesting optimization problem. Yesterday I was at Disneyland with my wife. And you've got a lot of people coming into this place, and you've got a lot of different rides, and these rides have different capacities. So if you think about it, you've got, let's say 20 rides, each ride can have, let's say 50 people on it. So that's the total capacity of rides. And then you've got at any given moment, so many people eating, so many people in commute to other rides, and so many people coming in or leaving, and so many people eating, or at the bathroom or something. And so, I was trying to figure out, how could you load balance all of this? Because what you get is really extreme long cues, at the good rides. And then there's no cues at the bad rides. And it seems just very ... There has to be a better way to solve that. Sam: And so the whole time I was there, I was trying to think of a way to optimize the distribution of humans between rides, and nodes between rides so that we could get like a load balanced thing, because it gets quite extreme there. That was probably more fun for me to try and solve, than being on the rollercoaster itself. But that's what I always do when I'm with my wife, and she's taking to things like that. I always just try and solve the little problems. The best thing I came up with was, if when everybody came in to the theme park, they could choose their top three rides that they absolutely wanted to go on in order from one down to three. Sam: And then the other rides they wanted to go on. And how long they were going to be in the park for. And whether they wanted to eat or not. And if they just input those variables, then a machine could calculate the optimal path for them to go through the amusement park on. And it would also be dynamically adapting. So every new person that comes in, it's re-running the computation tables and trees, and figuring out what's the best optimal path. That insures that everyone at least gets to go on their top three. And it makes sure it load balances it better. That was the best thing I could come up with in that small amount of time. But that's what I do for fun. Sam: Brandon Morriden says, " With my Facebook ads, after the initial conditions, my relevance score is usually an eight or nine, and then dramatically drops for a five or a six for a few days later. What would be causing them?" I think you're looking at the wrong thing honestly. Like, you don't really look at relevance. You only really look at ROI. And if you're not getting ROI, then you might then look at relevance. But if an ad was making money anyway, and if it was profitable, then you wouldn't care about the relevance. Like I would be happy to run an ad with a zero relevance all day long if it made a really good ROI. So I think you need to take your eyes off of that, put them on ROI, and don't put your eyes here. Because you can confuse yourself looking at this. Sam: James Mcbain says, "Is it a waste of time for an aspiring entrepreneur to go to university?" Yes, definitely. The real world is a way better teacher than the classroom. And so, university I think is only really good if you don't know what you want to do. It's good for that. Because if you don't know what you want to do, then it's better to be doing something, than nothing. Because otherwise you might just end up playing Xbox and smoking weed all day, because you're just so bored and you don't know what to do. And it's better to be at university than doing that. But, if you know what you want to do, and if what you want to do is be an entrepreneur, then you should start a business. That'll teach you much more than any university, even Harvard. Sam: Sterling Coley says, "Wanting to go back to week one. Can you walk through the process of asking cold leads more about their biggest problems? This has always been my biggest problem and challenge, is talking to a new niche." Well it's easy. You just talk to people, and you just understand them. Like what it's like being them, and doing their job or living their life. Like, just ask the details. Just ask why, why, why, why, why? Tell me about that? How does this work? How would your time be distributed week by week, month by month, day by day? What problems pop up on a monthly basis, a weekly basis, a daily basis, an hourly basis? What fears do you have? What do you really want? If you could wave a magic wand and have anything, what would it be? Just all of these different questions. You're just discovering everything you can. Just extract the detail, and just pull anything you can. Just learn everything you can about each person you talk to, and you'll find a lot of stuff. Sam: David Martin says "Hey Sam how are you?" I'm good. "I've got a question for you. In week two, you talk a lot about our brain algorithm, about quantum physics applied to ourselves and our paradigms, about some psycho cybernetic concepts, et cetera, all of which trends to show us that our brain and even our word itself is very much like a computer or a program. My question is, what do you think of the simulation theory? Some thoughts to share about it?" I don't really like theories to be honest, because they're just theories. And anyone can form a theory on anything. I think it's kind of silly to be like, are we in a simulation? Are we not in a simulation? Depends how you define the simulation and all of that. And so that's about the end of my thinking on that topic, because I don't see much benefit in going any further than that. But, I think the problem that a lot of people have with their minds, and their thinking, is that they see everything as a solid material thing that is the way that it looks. So like that table over there, that is solid, and that is separate from me. Sam: And they see a separation between subject and object, and then they see separation between all different objects. And they think there is no interrelationship between the objects. So these people have a bias towards material things, and their separation, instead of looking at the space in between the things. And I like to look at the space in between the things, and the relationships between the objects. That tells me a lot. And that's the thing that I'm trying to get people to do more of. Because when you start looking at everything as separate and material, then you start thinking of yourself as static. So you'll think, oh I'm just born this way, this is all I can do. This is the extent of it, because it is the way it is. Because that's what a table is like. It is the way it is. And it's not like that at all. You can make it whatever you want. And so, that's why I go into all of that stuff in the mindset training, just to kind of break peoples minds. Because it's kind of like chemistry. If I want to change the state of something, I first have to apply a lot of energy to it, to get it to change state. I have to take water, boil it into gas, and get it chaotic so that I can reassemble the pieces and then freeze it back down to its new state. Sam: And so that's what I'm basically doing in the mindset thing, is I'm trying to shake it all up and get it out, and then break it, and get it back in place. Because you can't change the state of something when it's still in its current form. And so that's why I go over those different topics, just to shake everything apart. Sam: So David Martin says, he starts his 30 day attack on Monday. And then he says, "Number one, after a cold email, do you suggest to follow up by phone if the person opens the email?" That's up to you. I think it's worth a try. And then see if it works better or worse. There are some instances where you might do cold email, and not need to follow up with the phone. Or there's some where you might do cold email, follow up with the phone, and it works way better. Try both, see which one works best, and then do that. Sam: Sterling Coley says, "In an alternative reality, how successful would you be now if you had just started as a mindset coach?" Probably not very successful at all. Because I wouldn't have known anything about mindset. I don't learn about mindset stuff by studying mindset stuff. I learn about mindset, as a byproduct of trying to do other things, and coming up against mindset obstacles, and solving them. And so business has taught me a lot about mindset, because you have to keep changing, and keep going through harder, and harder problems, and keep going through more and more harder environments, and your mind keeps playing tricks on you. And you have to learn how to solve it. And so I've learned a lot about mindset by not studying it, by really studying business and observing what happens in my mind. Sam: Sam Bragg says, "Do you plan to move back to New Zealand, or have you decided to stay in the states permanently?" I don't know. I think I'll probably be in the states permanently. Because I like it over here. And it's just a lot bigger than New Zealand. And there's just a lot ... If I ran my company in New Zealand, there's less talent available to hire. It's also slower moving. There's also, all of the supplies of everything would be over in America. Like the software companies that we use. All of these different things we use, they're all over here, so it's a pain in the ass to deal with all of that. For my business it makes more sense for me to be here. Sam: Jawad says "How do you deal with frustration and disheartening feelings when you've worked hard and applied yourself with testimony by accountable people, and had a whole system in place, including waking up early, being disciplined and organized, planning ahead, and executing violently et cetera? Seeing that I haven't had great results, I self sabotage the whole thing. How do I prevent that from happening again?" Yeah, well what your fault and your thinking here is that you've said that you've worked hard and applied yourself, and you've even got proof of that with testimony by accountable people. And you've had a whole system in place, waking up early, being disciplined, executing and everything, and you haven't had results, and you self sabotage the whole thing. So, where you've broken down in your thinking here is that, what you were doing, was enough. And so what your trap is that you thought you'd done it right, and nothing's happened. But the reality of it is, is you haven't done it right, because nothing happened. And it doesn't matter what you think about what you did. And it doesn't matter what anybody else think about what you did. Because it wasn't enough, because it didn't work. And so you can never ever think like that. Sam: That's like handing out achievement awards at school. And those things I think are stupid. Because you either win, or you don't. And the achievement thing is kind of giving someone belief that they've arrived when they haven't. So, never think like that. I really dislike people that say good things about me, or that are flattering, or anything like that, because it's the last thing that you ever want to listen to. But I just keep my eyes on the results. And I know that if I'm getting good results and we're growing, I must be doing some good stuff. And if we're not, it doesn't matter what other people think about me, they're delusional if they think I'm doing great, if I'm not. So you weren't doing enough, or you weren't doing what you were doing for long enough. One of those two things. And so you just need to get back to it. And just keep going. And don't care about your opinion, whether you're doing enough or not, and don't care about other people's opinions about whether you're doing enough or not. Just keep going until it works. Sam: Jawad says, "Should I charge my clients 10% of the value they're getting, even if the industry standard is 20%? Would that elicit doubts from my prospects as to the quality of the services I'm providing?" Charge what you think's fair. And if 10% is less than what other people are charging, then charge that. For a lot of my courses, my prices are way cheaper than other peoples. And that doesn't make me feel like ... I don't think people look at that and think oh, this can't be any good, because it's cheap. That is stupid. It's either good, or it isn't. And the price variable has nothing to do with that. The price variable is a perception. But the quality variable is a reality. And you want to focus on the quality variable. And I really like the idea of having something amazing, that's a good price, instead of having something that's amazing and ridiculously expensive, or shit and ridiculously expensive. I would rather choose that other option. Sam: Joshua Westover says, he's looking to move away from his hometown early next year. "However the place I'm planning to go to currently is way quieter than where I am now. Do you think your environment can affect your energy levels in business? For example, a busy city, versus a quiet village?" Yeah, so I think moving is a great thing to do to just kind of shake things up, and just create some change. It's a new environment, and that often help you change. As far as where you're moving to, I think if you go to a really kind of ... If you go to a place that's very quiet and way out from civilization, I don't think that's a good idea for most business people. I think it's a great idea for like an author or something. Like if you're going to write books or novels or something, I think that's a great idea. Just get the hell out. And just go somewhere real quiet, no distractions. Sam: But what you'll find ... And I've experimented with this too, like going to far away places. Is you're just too disconnected. Like you're too disconnected from the main network of things. And you need to have a good sense of how things are going in this main network. Because you're basically a contributor to it, and a problem solver, providing services to it. And you need to be in tune with it, and you need to have good contact with it. Like I went from New Zealand to New York. And that was definitely a good move for me. Because it just got me way more connected, and I was way more in it than I was in New Zealand. I was quite disconnected from it. And then I went bam, right into the middle of it. And that was a good move. Sam: But then when I moved from New York to California here in Venice, that was getting out of it a bit, but still connected to it. And so, California is still a New York. California is still a major state in a major country. So it's still pretty well connected. It's just a little bit less crazy than New York. I hope that answers your question. I wouldn't go too far away, like out to some farm town or something. I would stay in a main city that's going to have at least some entrepreneurs in it. At least some businesses in it. And good internet, and it's still going to be connected to things. It's not going to be kind of disconnected. Sam: Paul Rosin says "What's your opinion on subscription based services and how should I price them?" It depends on what you're selling. If the nature of the thing that you're selling makes sense for a subscription, for example like, ongoing management of digital marketing, ads or something like that. Like AdWords, or SEO, or Facebook ads management. That kind of isn't a one off thing. It's more of an ongoing thing. So it makes sense for that. But if what you're selling doesn't make sense as a subscription, then you shouldn't charge it as a subscription. You should just choose the one that makes sense. William Holland says "UX design can be stepped up into strategy design. Good luck." I don't know what that means. It looks like just a statement. I don't know the context of that, or whether that's a question or anything. Sam: Allan Cone says, "In response to a question you were asked about LinkedIn. I have seen daily over 100 connection requests per day without being looked at. I was locked when I had over 3,000 requests still waiting for response. I was told by LinkedIn to go withdrawal the invites you sent if they are over two weeks old. I am now keeping three to four weeks old invites with no problems." That's a good piece of feedback. Thanks for that. And the dude who asked the LinkedIn question, find that in the comments, and read that. That's good advice. Jawad says "In the alchemy workbook, is it better to add your next milestones as goals, or just put in who you eventually want be? Sometimes I feel the goals I have in my vision board are a long shot, and want to pick ones that are more possible or easier to reach. Is that the right mindset?" Yeah. So you've got your vision, which is far out into the future and lofty, and massive, like crazy stuff. That's fine. It should be like that. But then you break it down into smaller pieces. And the small pieces, the immediate next steps, the action steps, the things you're going to be doing this week, this month, this quarter, and even this year, they're more just believable, actionable steps. But the vision you can have can be bold and grand, provided you break it down into real actionable steps. Sam: Doville says, "Hey Sam, what do think the best way to attract customers to your clients? Everyone focuses so much on digital marketing. Is that really the only effective way to do it?" No it isn't. What you want to do, is look at whatever your niche is. Because every niche is different. Digital marketing is like ... If we want to just generically rate digital marketing. Yeah, it's popularity has gone up. It's popularity will probably continue to go up, because things are more digital. But that doesn't mean that it's the best solution for every business in the world. And so whatever your niche is, you want to find the people in your niche who are doing the best. Identify the absolute best of the best of the best in your niche. Find the top five, or the top 10 and then study them and what they're doing. And then look at the general trend and pattern between those top three people. And then do that. That's what you should do. Raf says, "I was on a quick chat, and when I asked how much revenue are you making every month and he responded very uncomfortable to that question and hung up. What's a better way of asking that question?" So, you just probably had someone who ... There's nothing wrong with asking that question. Seriously. It sounds like that person just wasn't interested. So don't worry about it. You don't need to change your approach, because one person hung up on you. Just keep doing it. Sam: Sev says, how do I know whether to do Facebook ads or Google ads for my niche? It's digital marketing. My niche is using both Facebook and Google ads, but you say to stick with one platform. Which one should I use? Your course is great on Facebook, but I'm leaning more towards Google AdWords because my market seems to be more comfortable with Google ads." You don't provide both because it is pretty much impossible to provide both. They're very intense. What you want to do is look at what your niche is, find the best people in your niche, see what they're doing. And if they're all doing AdWords, then there's probably a high chance that AdWords would work. But if some of them are doing Facebook, then there's probably a high chance Facebook would work. Or you could try both yourself as well. You could do an experiment and try both. You want to provide what works best, not just what people are most comfortable doing. Sam: Because what people are most comfortable doing is actually nothing. That doesn't mean that everyone should just do nothing. Because people's comfort is not the variable that we're actually using to optimize. It's people's results. Not comfort. Sam: Raf says he's trying to find a Facebook ads manager and he asked the people who reached for the jobs screen recording of them going into the ads accounts and most people refused. Is this normal or are they just trying to screw you over? Yeah, those people don't know what their doing. When you ask someone for proof and they don't want to give you proof, it means they don't have proof and they're faking. So they're faking. That's the end of the story. That's why we're ask them for that, to filter. So you just want to keep looking. And expect to look long and hard because people that actually know what they're doing, they're extremely rare. So expect it to be hard. Sam: Raf says "After the prospect gives you their number, after a direct outreach, what's the best time to give them a call?" Usually you would ask them what time works best for a call before they gave you their number. If you're not doing that then do that before. Because usually someone gives you their number when they know when you're going to call. So just do that. Sam: Mikel says "Content marketer here. Another definition. My niche is small companies who sell B2B and need to be perceived as experts by their clients. I.e. no ice cream wholesalers. Yes engineering firms, SaaS companies, specialized consultants. Most of them do a poor job in content marketing. I.e promoting themselves by juicing and promoting great content. So I help SMEs who need to be perceived as experts to grow their business by doing great content marketing." This is the thing. So now we've gotten better. We've gotten better at defining a niche. So it sounds like it's ... You said engineering firms, SaaS companies, specialized consultants and B2B. So it sounds like you're helping more enterprise level business ... You're helping companies that sell things directly to other businesses or enterprises or something like that. So more complicated, things that require more complexity than the standard consumer thing. Sam: So that's better. We did that well. But then you said that their problem is they need to be perceived as an expert by their market. And this is where it gets interesting. Because is that really their problem? Did they really tell that to you? Because I highly doubt that. And I doubt that because I think a lot like an engineer and like scientists and when I hear the word perception, that has no value to me. I don't care about what people's perceptions are of what I do. I just care about what it is. So I don't really care about trying to work on perception. No engineer would like to work on perception because to them perception is not anything. They only care about the reality. So that's just my guess at that. I really do doubt that those people told you that that was their problem. So now it looks like you might have assumed that that is their problem and now you're trying to sell these people a solution to a problem they don't even believe they have. And that's going to be hard. So you need to find out what their problem is. Really. From their mouth, not your opinion looking at them. Sam: J. Ana says "What is the recommended budget to test the Facebook golden mean?" I show you that in the training. I give you a spreadsheet that you can use to calculate the right budget given all sorts of variables. So it's in the training. Just go find it. Sam: Ales Stuart says "What would you recommend for someone who has an agency making 80 grand per month who wants to run their own course through Uplevel but faces impostor's syndrome as they're standing on the shoulders of giants and can't see what they can teach hasn't already been done?" It sounds like you're looking at it the wrong way or something because what you're doing for your clients, if that produces results and the clients are willing to pay you money for that then it means that you've got something of value there. And you could teach those same clients how to do it themselves instead of paying you. And that's of value to them, to those people. But what you're looking at is you're looking other people in the industry and you're thinking well, I've got to come up with something that's got to be better than everyone. But that's going to be impossible first go. You can't do that. You can't start with the premise of I'm going to make the best course in the world and teach the best information ever taught ever, on your first go. That does not work. Sam: So you're just looking at things the wrong way. You need to just look immediately at your clients. Obviously there's something you're doing for them that adds value and solves a problem that they find valuable because they're paying you for it. And they chose you to do it out of everyone else that could have done it. So whatever that thing is in there, there's something there. And I'd recommend joining Uplevel and we can flesh that thing out and turn it into something. So if you want to learn more about Uplevel go to week seven in the consulting accelerator program and you can learn more about it. Sam: Raf says he's in Canada but he wants to move to the states. "How did you go about getting American citizenship?" I'm not a citizen of America. I don't have a green card. I have a visa. So you can just look at visas. There's lots of different visas they give to people. And it depends what country you're from and what visas you can get. So just google it. Or you can talk to a US visa expert and you can find one who just deals with getting Canadians into America, a US visa expert for Canadians, and they'll give you a free consultation call and tell you what your options are. I would just go do that. It's probably way quicker than doing the research yourself and it's free. Sam: Greg says "On the alchemy of client attraction lesson right now. Will tune in again next time." Cool. Sam: Sev says "Should I stick to round numbers like 1,500 or something like Walmart, 1,497, for my digital marketing?" I honestly don't think it makes much of a difference. Just decide. Whatever you want to do, do that. It's not going to make much difference. Companies don't beat other companies and companies aren't successful based on the mechanism of their price. Whether it's 497, 500, you're splitting hairs. It doesn't matter. Sam: Patrice says "Hello Sam." How's it going? Sam: Jawad says "As above, so below. This means for every happy person there will be a sad person on this earth. Or is it possible that everyone is going to be positive at some point? Where could the negativity or sadness go in that case?" No. It just means that every individual person is going to have both happy times and sad times. Which is true. No one just stays permanently happy all the time and no one just stays permanently sad the entire time. Some people spend a lot more time sad and a lot more time happy than other people but they all swing. They all oscillate between these two things. That happens. So you're looking at it the wrong way. It's within every person. Not there's happy people and there's sad people. There's a bit of that too but it mostly happens on the individual level. Sam: Sophia said that she purchased the consulting accelerator program in July with the intent to not stress out with investing time because now she's finished her degree. Not that I need it but two exams to go. And work also. Do you think I should try to invest more time in establishing my own business at that point? I really want to enjoy the work with your program and building a business I really love but I am a little concerned about holding my motivation high for it. Now it hasn't changed. I finished week two and talked with one niche which is in the field of her degree but found that I basically lied to myself that I like it and approaching another niche with something totally different which I do really love. Should I try to invest more time now or finish what I started? Clear my life, my mind, and then really rev up. Sam: Well, if you're right in the middle of exams then I'd just finish those exams. Because you're right in the middle of it. It's kind of silly to just do a whole bunch of stuff all at once. Just finish those. Close that out and then do consulting accelerator at the same time as you're starting your business. This program isn't like university. I don't just teach you stuff and get you to take notes. I teach you stuff and then you take action. And I teach you stuff and then you take action. So the two happen at the same time in parallel. Starting a business and going through the course. That's what I do. Sam: David Lawrence says "I have two offers that are similar to the digital marketing example you provided in the DM bonus. Weak websites and DM retainers. When on a strategy session how would you state the author when you have two packages? One being priced at 3.5 and the other priced at 2K but slightly less comprehensive." I would just say it like it is. Look, I basically have two options. Option number one is this, and you get this, and it costs this. Option number two is you get this and it gives you all of this. And then I'd just shut up. And then I'd get them to select what one they want. And if they ask you for your advice I would give it honestly. If they don't need the expensive one just say the cheap one. If you think they've got massive benefit on the expensive one, say the expensive one. Sam: David Tan says "Bluffing, yes or no? I help B2C lawyers to get more clients with digital marketing but I have no skills yet. Shall I bluff and then learn it while I help the niche?" It's better to not really fully bluff. You want to learn a little bit about it so that you can have a conversation with them. And this program will teach you a lot about it so that you can actually have a conversation with them and have a conceptual view of how you might go about doing it for them. Even though the only thing missing is that you haven't done it for them. That's a good start. Then you can talk to them and you can just be honest about it and you can find somebody that's willing to work with you. A lot of the time when consumers hire lawyers, the lawyer hasn't done a case like this before and it's kind of an experimentation. And they have to work together as a team to figure it out. So it's completely normal. That happens all the time. And you'll be able to find some clients that are willing to take a chance with you and experiment and find out what works. Sam: David Martin says "I'm confused with the 15 minute call that you suggest to do during the direct outreach phase. So this call aims to schedule a strategy session right? But what to say during this call that will convince the person to schedule a strategy session without solving the problem on the call? What questions to ask, things to say, I'll take all the info you can give." What you want to do is you basically want to ... If you look at our fragmentation funnel, our value video funnel, we have a survey there. That survey asks them for some information and then that information enables us to know whether we should do a strategy session with them or not. We are basically doing the 15 minute chat to learn that information that we would typically get from the survey. Because we don't have a survey function in the direct outreach process. So the 15 minute chat is kind of taking the place of the survey in this method. So you ask different questions, you learn about them. You're basically trying to understand enough information to see whether it's a good fit and whether there should be a strategy session or not. If the output of it is no they shouldn't then don't do one. If it is yes they should then you should tell them "Hey, you should do a strategy session with us. Let's schedule a time." Do that. Then do the strategy session. David Tan says "Just make sales and then learn" ... So replying to David. "Just make sales and then learn along the way." Yeah that's one way to do it. I recommend that's a great way to do it. But there's some people who just don't have the courage and they want a midway step. And there's nothing wrong with taking a midway step if you have to. If you wanted my advice, I'd go straight for it and just jump in the deep end and learn how to swim. But that midway step, you can still end up very successful starting there. And that's like getting a client for free and just learning with them and then jumping out to a paid client. Sam: Herby Gerzer says "How would I implement the testing and scale phase for Facebook ads with a local business that only has about 500 to 750 monthly budget? Is it still worthwhile to run Facebook ads?" Yes it is. It depends on the market and on a whole bunch of things, on their product or service, how expensive it is. It depends on all of those. If you're selling into a hyper competitive industry with that much budget, then it might not be worth it. But if it's more localized, or specialized, or not much of a industry that's adapted to digital marketing, you can do a lot of damage with 500 or 700 bucks. So, yeah you can still make it work. It depends a lot on those things I just said. But give it a try, and you just have to reduce the amount of things that you're testing. So you might only test two angles with five audiences. And you're just going to have to test with smaller budgets over a longer period of time. Like you've just got to make it work. Sev Rogulev says, "Does it make much sense to start building a war machine if I don't have a paying customer yet? I'm just not sure if I can justify the ClickFunnels fee, or the registration, or business fee and so on, before I have a paying customer. I do have a niche, and I am building my audience. Should I wait for someone to at least be interested?" I think that either way, you should just do it, honestly. The ClickFunnels fee is just a monthly fee. So you might not get an ROI on it in your first month, but it'll put the pressure on you to make it work. And if you buy a domain, that's like 10 bucks. And so I would just do it anyway. And registering your business, it doesn't matter if your niche changes or anything, you can still use that same registered business. And registering a business is very cheap. So it's like a commitment thing. At least you're putting some chips on the table. And I reckon it's good to put some chips on the table. It shows that you're serious, and you're not trying to play without putting any chips in. Sam: So Roheme says, "When doing Facebook ads for a local gym, would you get more high ticket leads if you target affluent zip codes in Facebook, or just targeting the city with a seven mile radius from the gym and let the Facebook algorithms take care of it?" Gym is a lot about proximity. I would just use the radius. Having a gym that's close is very attractive. So just do that. Sam: David Lawrence says, "What's your opinion on the performance based pricing for lead generation?" I don't like it. I don't like it at all. Because it's just incentivizing the wrong thing. Leads aren't customers, and if you're getting paid for getting leads that aren't customers, then it incentivizes you to try to get more, more, more leads. It's just work. It's shouldn't be like that. That's why like the monthly fee, and you just do what you're supposed to do, and they just trust you to do what you're supposed to do. And you don't have to worry, they don't have to worry, it works better like that. And you don't have to police these things. Sam: Edwin says, "What do you think of polyphasic sleep?" I have no idea what that is. I'll have to google it. What is polyphasic sleep? Monophasic sleep is when you have a single sleep. Biphasic is when you have two. Polyphasic is when you ... four to six sleeps during the day. A long sleep time of three hours with approximately three 20 minute naps throughout the day. And then only three hours of sleep per day, in the form of ... Yeah, this sounds like a gimmick man. It just sounds gimmicky. All you really need is just a nice square eight. Done. And the best time to have it? When there is no light. That's when your body produces all of the melatonin. As soon as the sun goes away, you start producing melatonin, you start getting tired, and you want to go to sleep. And that basically lasts until the light comes up. And so, I think it's best to just have eight hours of sleep a night. Go to sleep when it's nighttime, go to sleep before midnight. Because your body spikes like ... What's it called? I've forgotten the chemical. It's the one that makes you more awake. Sam: If you're still awake at about midnight, your body spikes certain chemicals in your brain that make you more alert. Because if you think about it, if you're still awake and it's late, then your body's probably thinking okay, we have to do something important. Like you imagine back into the old times, if you were up at that time of the night, it's probably because you were hunting, or you're evading danger or something like that. And so you need to have some alertness. And what happens if you try to go to bed after midnight, it's very hard because your body's spiked that chemical and it's hard to then go to sleep. But if you go to sleep as it starts to get dark, you get the melatonin, and then if you go to sleep ... I find I'm perfect in between 10 and 11:00 at night. And then I have eight hours, wake up in the morning, and just do my work. I wouldn't want to screw around with a gimmicky sleep thing like that. Just keep it simple. Sam: Chris says, " Best resources on building a great team, and hiring the right people? Netflix book." You said in brackets Netflix book. Yes the Netflix book is a good one. Also you learn mostly through experience by actually hiring people and trying to build a great team. That Netflix book is a good resource though. Any new documentaries you would recommend? [inaudible] ones was great. I haven't really watched any new ones recently. But some great ones are just watching athletes documentaries. So like Michael Jordan, Kobe Bryant ... Kobe Bryant's Muse is good. Michael Jordan to the Max, that's a good one. Usain Bolt's one's good. The best athletes in the world, just watch their documentaries, they're great. Can learn a lot from that. Business has a lot in common with sports. Sam: Jordan says, "Hi Sam. Just into the first couple of days of consulting.com training. I'm focusing on my niche, but I'm also excited on where I believe it could go. Should I pump the breaks and focus on the first steps, or is it a good idea to consider where things will go in the future?" Just focus on the first steps. They will dictate where you go in the future. Not thinking about the future. So, stare at your boots, not the summit. Like mountain climbers, that's a saying that they have. Don't stare at the summit, look at your boots. Because people who just stare at the summit never make it. But the people who look at their boots and keep going step, step, step, they're the ones that make it. So look at your boots. Sam: Anu Raj says, "Hi Sam. I joined consulting accelerator program this month, and now I'm in week one, fifth day, video niche 2.0. I asked the people what they need with their opinions. I find my niche but I don't know how to execute in it." Okay, so it sounds like you found a niche which might be like, just a group of people. Whatever that is, you haven't defined it here, but you need to define it. Then you need to talk to them, and don't ask them what they need. People don't know what they need. They are not very good at knowing that. And don't ask them for their opinions. Don't ask them for the things like that. Ask them about their problems. They are very good at understanding those. And get to know their problems. And the solution to their problems is what you could offer them. As so you just do it a different way. And if you haven't found that yet, you just got to keep looking. Sam: Chris Hader says, "I'm setting up Facebook ads for a business with an engaged list of 65K. 1k buyers of the product they wanted to sell more of, and at least 10K conversions for opt-ins. I plan to test cold traffic ad audiences following the golden mean as one approach. I think I have enough data for lookalikes and custom audiences from the start. Am I smart doing a duel approach of lookalikes plus custom audiences as one test, segment audience and cold audience by interest as the other segment? Reviewing ratcheting up the kingdom you talk about lookalikes as a great scaling method. So I'm wondering if I can start there?" Sam: So you can't start scaling. You have to start properly, and then scale once you've started. But you can test both audience interests and some lookalikes initially in your golden mean test. You can just consider your lookalikes as different audience interests. They're just different audience variables. And what we're doing in the golden mean is we've got audience variables, and then we've got angle variables, and then we've got image variables for each angle. So each angle ... Like we've got five angles, each one of those five angles beneath it has a sub category of four images, which means it's 20 possible combinations here. And then we have like 30 audiences. Now within that population of 30 audiences, there could be 26 interests and 4 lookalikes. And then the possible combinations now is like ... What is it? How many? 20, and then we've got 30. So we've got like 600 possible combinations there. Some of them lookalike, some of the specific interests, across different angles, across different images. You can mix what you want to do. What you want to do with the lookalikes, you can mix that in. Just put it in and put it as the audience variable. That's all you need to do. Sam: Anna says, " Sorry Sam. I missed that before. Something about find the best in your niche, and then do." Yeah, so I just said, find the best people in your niche, and look at what they're doing. And then look at what they have in common between all of them. That passion is probably going to tell you a lot. Then you should do that. Sam: Sterling Coli says, "Are you familiar with Dave Asprey, the bulletproof health guru? He is doing great now. But how could someone replicate his results using organic methods?" I don't understand this question. So what does the bulletproof guy ... How does his results have anything to do with organic methods? I am totally confused. Man this question makes no sense. Like he's got good results, okay cool. Then if you want those results, that's cool. But then, organic methods has nothing to do with his results or him. So I'm confused. Sam: Monica says, "I sent a few emails to people in my niche, pro violinists. We have physical pain and nerves. Two replied. One interviewed but didn't close. Instead four people found me on the internet. I had three interviews who became clients, so I think I should just start running ads on Google, since they found me on the internet. What do you think?" I would retrace exactly how they found you on the internet. Because you've found something which is good. So, people find you on the internet, that's a good thing. Therefore you should run Google AdWords? I don't know if that makes sense. You can't abstract that from that. You need to trace the exact steps that happened for those people to find you on the internet and do more of that. But you need to find out what that is first. It might not have had anything to do with Google. Sam: Mike Chapman says, "I'm meeting with managers and business owners to get feedback on their needs. When I present my offer, they all tell me it fits their needs. I help managers achieve strong results and build better organizations. Question one, should I target managers in priority? Two, should I target HR managers and HR staff in priority? And three, should I target all of them equally? And right now, one the foundations of my business are good, my mindset is good, but I'm having difficulty, three to attract in order, four to convert. What's your advice?" So, you're basically asking me, who should you target. That's the question here. There's a lot of other information, but the question is, who should you target. And who you should target is who your niche is. So you said "I help managers achieve strong results." When you were doing your market research you would have identified the managers and then you would have talked to them to find out what their problem is and create your solution. So who are those managers? Who did you talk to? Who told you their problems? Whatever that person is, target them. That's what you should do. Sam: Yeah, so Sterling Coley says "Anas you can just write down the time he said it, about 40 minutes into the video and go back and re-watch." Yeah, that's a good piece of feedback. Someone before said they missed the thing I said. So it was like an answer to their question and they missed it. These livestreams, they're recorded and then they're just available in the Facebook group immediately after we're done. So if ever you miss anything, that's a really good idea, just write down the minute that we're at in the livestream and then you'll be able to find it in the recording. Real simple. Sam: Harkan says "You mentioned in an interview that your sales staff aren't paid commissions but stock options. Can you explain how this works exactly and the difference in behavior compared to paying someone commission on sales?" Yeah, we do pay our staff commissions. Our sales staff. So I'm not sure where you heard that one. But we do also ... Like we're rolling out stock options. We haven't actually done it yet but we're doing it before the end of the year. I wouldn't have said that, that we don't pay sales people any commissions at all. Because we've always done that. But for a long time we didn't have any sales people. So there wasn't anyone getting commissions. You've got to be careful with incentives because they're very strong drivers of human behavior and they can cause a lot of corruption. The ants go where the sugar lies. And you got to be careful where you lie that sugar because they'll go there. And I think companies that have lots of commissions for every different person, they turn into a mess. Some of the best companies in the world don't do commissions anywhere. And it's because it gets everyone to start peddling in the same direction instead of trying to be selfish. At the individual it melds them together as a team. Roheme says "In your experience does long or short videos make more money on Facebook ads?" Dude, that's like asking in your experience do tall or short people make more money on Facebook ads. It's irrelevant really. I mean, it's got nothing to do with anything. It should be as long as it needs to be to make the point. So if the point needs five minutes or 10 minutes or 30 minutes to be made then it needs to be that long. But if the point only needs three minutes and you make it 30 that's unnecessary. The time variable is not important. Forget about that. Just make it as long as it needs to be to do the job. That's all. Diaka ... Sorry. Don't know how to say that name. Apologies for that. But you said "I want to help unemployed people to get a new job in 30 days by mentoring them from A to Z. It will contain two white Skype interviews." I don't know what a white Skype interview is. But "Review of the CV and cover letter and unlimited mails until the job is obtained. How to speak, get dressed, and stand. With a Facebook group dedicated to people taking the program. All for 147 euros for the test. Question one, what do you think? Question two, how much could I charge? They are unemployed." Let's start with the niche. So who is the niche? It's unemployed people. So that's good. That's clear. And what is their problem? They're unemployed. Is that a real problem? Yeah it is. So that's good. We got the niche. We got the problem. What is the solution? You're going to help them get a job. That does match to that problem. Which is good. And now you have hypothesized that the best way to help them achieve that is with mentoring them from A to Z on how to dress and all of this. Sam: That all sounds like it could work or it might not. We don't know that yet. We don't know if the only reason why they're not getting hired is because they're dressing poorly. I guess it totally depends on the type of job they're trying to get. I guess if they're unemployed and they can't get any job then the types of jobs they're trying to get don't require them to be really skilled. Like they just require them to have their shit together and you're kind of helping them get their shit together. Which that's a pretty cool offer. If the only requirements of getting a job at this level is just to look good and speak properly and have your shit together then you'd nail that. Sam: And then you said your price is 147 euro. I have no idea how you came up with that number. It sounds quite cheap but if you want to do it as a test, you can do it as a test. Because I think the only thing that you're missing right now is, is it going to work or not? And the only way to know if it is is to do it. So I think you should just go ahead and do it. It's actually quite well thought through. It actually makes sense and it's rare that we find one, or I find one, that makes sense. It actually goes through the tree properly. So yeah, give it an experiment and see how it goes. And then if it starts working and you can actually help these people get jobs, then you can charge a lot more for that, which is pretty cool. I think you should go for it. Sam: Sterling Coley says "What do you have to say to people trying to sell to unconfident newbies in your consulting accelerator?" What do you have to say to people trying to sell to unconfident newbies? I don't know what I have to say. I don't even know what that means. "As soon as I rang the bell I had lots of people wanting to practice with me who were legit trying to sell me more sales training stuff." Yeah, well if anyone ever tries to do that to you then just tell Nick Hauser. Message him. If anyone ever tries to pitch you some shit just report them. Because sometimes it can help the person. If you say oh my problem's this and this person's like oh, you should try this because it would solve your problem, that's different. But if people are just trying to be sleazy and try to position it as something that it's not and then try to pitch you, then that's not cool and those people will be eliminated. So report them. Flush them out. Sam: Niko Ford says "Do you still read your manifesto every morning? Also what specific part works best in your morning routine? Do you read it multiple times during the day and do you think about it often throughout the day?" For me, when I was just getting started it was very important for me to read my whole mindset pact every morning and every night. That had to happen. Because my emotions were all over the place. And I didn't have any results. So I had to have some sort of stimulus to keep me motivated and focused. Now it's a little bit different in that my emotions aren't all over the place and stuff. So I still look at my mindset stuff every morning and every night and it happens more towards looking at my wall map calendar and looking at exactly what my goals are for the year and then breaking them down into the months and the quarters and then what I'm doing this week and what I'm doing this day. Sam: I look at that every morning and every night as well as my vision and my mission. I look at that a lot. And also it's such a vivid picture in my brain. Like what I want, the future that I want, and the milestones. The vision is so crystal clear in my brain that it's always being thought about and it's always being worked towards. And it's always a central focus point. So it morphs a bit with time but I still look at it every morning and every night. And I don't think you need to read it multiple times throughout the day unless your emotions are running riot and you really need to self regulate, then sure, look at it multiple times. But if you're just focused and in the zone and doing good work, then just stay in there. Stay in, keep doing the good work. And then twice a day is as much as needed. Sam: Doville says "How can you see what other companies and people are doing to find customers? You can see what Facebook ads they're running but how can you see other marketing things that they are doing?" I guess this depends the context in which you're asking this question. I think it's because earlier on in this call I said identify the people who are doing the best in your industry and then look at what they're doing. Now how you do that is you ask the people in the industry, the participants in the industry. When you ask participants in an industry who is doing the best, they all know. They all know who those people are. So you don't have to go and do all of this work on looking at their Facebook things and looking at all of this data all over the internet. Sam: You don't need to do that. You just ask the participants in the industry who is the king and they will all know. Because these people, that's their little world. They know what goes on in their world. So you can ask them and they'll tell you and then you can find these five people at the top and then you can look at what they're doing. And how you can look at what they're doing is you can look at their website. If they've got opt-ins or something you can go and opt-in to different things. You can also look at how they're pricing things and all of that and then you can look at their Facebook to see if they're running Facebook ads. You could try typing in different keywords into Google to see if they're running AdWords. You could look at their SEO rankings in different things. You could look at all of that stuff. And once you know who the people are it's very easy to find out how they are doing it. The hard part is knowing who and the easy way to achieve that is to ask the participants. Sam: Alex Andry says "I have a 197 euro course, music production niche, that I sold 200 times already. Should I try to go back to the first stage, making a high ticket program and selling it with strategy session before trying to scale it through webinars? That's how I currently sell." I would look at doing the strategy session model for sure because you have a product that's working and it's selling, that's great, but it's a low ticket product. So I'm guessing you joined this because you wanted to learn how to make a higher ticket product. And you can and that's probably going to be discovered and first executed with strategy sessions. So yes you should go back to do strategy sessions, talk to these people, find out the problem. Sam: There will be a different segment of the market in the music production niche that want a higher level of help and a higher level of service and are willing to pay more for it. That will be true. So the phone will bring those people out of the woodwork. So that's how you should do it. It doesn't mean you have to stop what you're doing now. It just means that you need to get on the phone to discover this group of people. And you should also check out ... Because you're already doing a course and you've already sold 200 times already, sounds like you should be in Uplevel, which is my program that shows you how to sell a lot of courses and it's all about courses. So if you want to learn more about that you just go to week seven. In consulting accelerator go to week seven and it will tell you all about Uplevel and how you can get involved. Sam: Raf says "When I was trying to hire a contractor I asked them for their testimonials. Is it bad to use their testimonials for my own clients?" It is if you don't ask for their permission or anything. You'd have to talk to them and see if it's okay to do that and stuff. Otherwise that's pretty sketchy. Just talk to them. They'll be happy to have conversations with you. Janana says "Thank you. I just saw the calculator in the next training. Amazing. You thought about everything. With that tool I will take it to the next level." Yep. I saw that as a potential problem so I solved it. Sam: Mark Chapman says ... He's replying to somebody else. Cool. So Mark Hoss says "What would you do if you're working with a client that doesn't stop adding more products into their business and doesn't focus on making their services the best? The service is fixing electronics. He makes almost six figures a year. I really enjoy fixing electronics. Something I'm currently helping him with are Facebook ads but he won't stop thinking of the next new big gadget or online tool and wants me to do more. What would you do about this? I really just want to take his process and make it into my own but I need advice." I would just consult him. I'd be like "Hey dude, what you're doing is stupid and here's why." And explain your point of view. And if you have a very good argument about why he shouldn't be doing all of these things then he'll probably listen to you. But if you have a very good argument and he doesn't listen to you and he doesn't give you a better argument then you should not work with him because he's stupid. And you don't want to work with people like that. Sam: It's all about who's got the best data backed argument. So even in my company it doesn't matter what I want to do, if someone actually has a better argument than what I have and I can't beat it, then we have to do that. Because it's like a meritocracy. So it's never about just what I want to do or it's never about just what someone else wants to do. We have to present our logic and our data and our argument for it and we will do whatever one is best. So that's what I would recommend you do with your client. Bring it to the table and say "You should do this. Here's why." And if he thinks no we should actually do this then he has to provide why. And if he can't provide why and he won't listen, leave him. Sam: Latisha says "Hello Sam. My niche is wellness or wellpreneurs, health coaches, and I want to help them to escalate their business with Facebook funnels and Facebook ads. My sister is my first client. Does that make sense that I start with family member and is wellpreneur even a good niche?" Yeah, I think wellnesspreneurs and health coaches and all of that, that's a fine niche. They might want more customers. It sounds like it could be true. Then your hypothesizing that the solution should be Facebook ads and funnels, which may or may not be true. We'll only know through experimentation. So now you've got a client and we will see if it's true or not. The fact that she's family doesn't really matter. Provided she's a wellnesspreneur and she wants more clients then she fits. And if you can get her more clients with Facebook and funnels then that's good. Then you should go out and get more clients. Sam: Roheme says "Thanks to your awesome program Sam, family and friends are really noticing my financial success now. They keep advising me not to rent but to invest in real estate. Might buy a house or buy a house to rent out to somebody else. I only take financial advice from successful people like you so what would you recommend when it comes to real estate?" I would recommend just saving the money and keeping it in cash. Seriously. Because I bet you don't have a huge amount of cash in your bank account. A lot of people think that if you just have even 100 grand in cash in your bank account that that's dumb. You have to have that in an investment or in some real estate or something. Which is madness. I would be freaking the hell out if I had a few million dollars in my account. So having money sitting in an account doesn't mean you have to put it into real estate. That's stupid. That makes no sense. Sam: You should just keep building up the cash. Because cash is valuable. And it doesn't give you high interest rates but it also gives you confidence and it also gives you a lot of options about how to deploy it and all of these different things. Whereas if you tie up that capital in a fixed asset then there's a high chance the market swings and you're stuck holding a shitty asset that you can't liquidate and you now are out of cash. And cash is more important than assets. If you've got a lot of assets but no cash, you're worthless. You will be taken out. But if you have a lot of cash and not a huge amount of assets, you can buy everybody else's assets when they put themselves into that stupid position by not holding enough cash. So that's why you should just focus on holding the cash. It's counterintuitive. Most people will tell you go and put into real estate and don't have cash in your bank account but most people don't know what they're doing. Sam: And if you want proof of this from someone more successful than me then look at Warren Buffet. Read Berkshire Hathaway's latest shareholders. Look at any major hedge fund. Look at anyone really successful in the investment world and they do the same thing. A lot of hedge funds ... A lot of people would think they probably have all of their money invested into different stocks. Lots of different stocks. It's not the case. They hold, most of the time, 50% of their total value in cash. So if they've got 100 billion they'll hold 50 billion in cash and they'll only have 50 billion invested in positions. And then they don't have 50 billion invested in 200 different stocks or positions. They'll only have like three. So heavy concentration on a small number of things. And lots in cash. So that's how you do it. Sam: That's the smart way to do it but what most stupid people do is they have zero cash and all of it invested into all of these different positions and then when the market moves, which it always does, it's like musical chairs and the other one's still standing without a chair. And then they get screwed. And then the people who hold the cash come in and buy all their assets off them for like really cheap prices and then when the market moves again those same stupid people come and buy the assets that they sold to that other person off them for a markup. That's how it works. So just don't listen to the common advice and look at what really successful people actually do. Hold a lot of cash. Invest in very few things and concentrate heavily. Diversification is a strategy only deployed by people who don't know what they're doing. The theory behind diversification is that you should just put your eggs in multiple baskets. But that's only a smart strategy when you have no idea what you're doing. Because if you don't know what you're doing then you shouldn't really do anything in the first place, but if you are going to do something and you have no idea what you're doing, we're already in dangerous territory. And if we're in this situation the best thing we should do is spread our money evenly across everything. Sam: Because it's like playing ... what's that game ... roulette. You know how you can place those chips across the board on all of those different things? That's like a diversification strategy. It's putting them across lots of things because you don't know what it's going to hit. And that's diversification. But when you know what it's going to hit you do not diversify. You concentrate. And if you don't know what it's going to hit you shouldn't even be playing. So hold the cash, don't play, and when you do know what to put the money on put it heavily on. But still always hold at least half in cash. That's how you play. Ana Choi says "What resources do you recommend for building YouTube subscribers?" I don't recommend trying to grow YouTube subscribers. That's a false metric. I recommend trying to get customers. And that's what I recommend. Look how many YouTube subscribers I have. I think I got 30,000. So I have 1,000 YouTube subscribers per one million dollars in revenue I make per year. So 30 million a year revenue, 30,000 subscribers. There are people out there with a million subscribers who make 100 grand a year. There is no correlation and causation between number of subscribers and revenue. In fact it's actually inverse. So the more subscribers you have on YouTube, probably the least likely you are to be making a lot of money. Because you're focusing on the dumb ass thing instead of focusing on a smart thing. And that can only end one way. So focus on the right thing. Sam: Grant Cooper says "Should I do a contract for a payment plan? Do you do that for your programs?" It depends what you're selling a higher ticket program over the phone then yeah a contract can work well. If you're selling an automated product through a webinar or something then it doesn't really make much sense to do that. Totally depends on the context. And if you want to see the contract that we use typically, you can just look at week six. Consulting accelerator week six. One of those modules shows an agreement or something that you can use and you can adapt that one. Sam: Chris Spilo says "Sam what percentage of leads are you getting in from your current marketing if it's on other channels? YouTube, LinkedIn, Instagram, et cetera versus Facebook. What percentage of leads are coming in organic vs paid for 2018?" Sure. So first of all paid is the vast majority of everything. Organic exists but is very small. And if I was only doing organic I'd be in trouble. So it's heavily paid. And then it's mostly Facebook. Then the next runner up would be YouTube. Instagram pretty much does nothing and then LinkedIn pretty much does nothing. And everything else pretty much does nothing. Seriously. Sam: And I even experimented with this thing. I was doing Instagram stories for a long time. Not actually a long time but for a while because I wanted to see. So we were tracking all of that. And it does do something. But it does not do enough to warrant its effort. It's asymmetric. The amount of effort that goes in is ridiculous and the amount of output that comes out is ridiculous. There are a lot of other things that I can put into and get way more out. So it got cut. And you saw that happen in front of your eyes. Most of it comes from Facebook ads. Then after that would be YouTube. And then that's really it. And I would just recommend focusing solely on Facebook ads but starting with organic. You want to start with organic because that's how you get money and you prove your concept then you move to ads, then do a combination of organic and ads. That's the way. Sam: Joshua Westover says "Sam is it a common thing for entrepreneurs to feel guilty when they're not doing some kind of work? I seem to struggle with relaxing properly more recently. Do you have any recommendations on handling this?" Yeah, well it's all about scheduling. Because if you don't schedule things out properly and have a routine then you'll be in this weird state where you're guilty because you're not sure if you're supposed to be resting or working. And that's a hard place to be because you're confused. So instead you schedule it all out. I'm going to work really hard from here to here and here to here all week but then after those hours I'm not and on this day I'm not. So then it's different. Because when you get to that you know it's okay and then you don't worry about just resting. Like yesterday when I was at Disneyland with my wife I didn't feel guilty at all about not working because it was scheduled in, I knew it was coming. And it was fine. Sam: Audry says "What are your thoughts on LinkedIn for lead generation?" Depends if you're talking about organic LinkedIn or LinkedIn paid ads. I think LinkedIn paid ads aren't very good. If you're going to run any sort of paid ads it should probably be Facebook. And then if you mean organically, organically it works very well. Sam: Sterling Coley says "What do you think about hiring subcontractors outside of the digital marketing niche? Such as electrical engineering or product design type of work." This makes no sense. It's out of context. Why do you need electrical engineering? Why would you need product design? I need context to be able to answer this question. Sam: Doville says "How do you like California so far? Was it difficult to come back to your daily routine after moving there? When is your team moving to California?" Yeah I like it so far. It was difficult at first, just for like the first two weeks because we didn't have all of our furniture, my trainer wasn't here, and we didn't know where to get the food from so that was kind of a mess. And then you've also got the adaption timeline. When you're adapting and you don't know where things are and things aren't as automatic. You have to consciously think about everything a lot. And so that time period was challenging. It wasn't really that challenging in the grand scheme of things but it was more difficult than just staying in New York. And then my team is moving. They're currently migrating. Team by team they're moving over. Some already have. Some are in the process. Should all be done by the end of the year. Sam: Raf says "I've been making a huge change to my current character by changing habits. By stopping smoking and going out to clubs on the weekend and reducing watching porn." Those are some good things to stop doing because those are very stimulating things. When you do those things your mind just needs mass stimulation. And trying to do anything that isn't mass stimulation, it's like you can't do it. So it's good. You're sharpening your senses. Sam: "And I'm at the point where a girl DMed me on Instagram at 2 a.m. on a Monday to come over and I said no because I have to be up early to attack the day. And I was afraid of getting on the phone so I decided that day to make 60 cold calls every week and I'm no longer afraid of getting on the phone. Is there any quick tips to make a faster change so I can become the person I need to be to get my goal of 60 clients per year?" No. What you're doing sounds good. It sounds like you're doing some big things. Those are some big changes. Going from smoking to not smoking, that's a big change. My main concern right now would be to stick to it. Don't worry about adding more, worry about doing it consistently. Because if all you do is those things you just changed there, then just do it for a long amount of time. The time function is harder than the number function. Holding change consistently over time, that's the challenge. It's easy to do these miracle efforts for a single day but trying to do them every day, that's different. So just focus on doing it consistently over time and then all of the change will just start avalanching. Sam: Chris says "Curious, what are your thoughts on buying vs leasing houses, cars, et cetera?" I think that if you're an employee and you plan to always be an employee then you should probably buy a house because it's a decent investment vehicle for an employee. But if you're an entrepreneur then you probably shouldn't buy a house. Because you're going to have a lot of different investments available to you that will produce a way better yield than a house. And also you have a massive need to have more liquid assets than a house. So for entrepreneurs I don't think you should buy a house. The only time I would buy a house is if I lived in a zone where it made more sense to get a mortgage than to rent. Because basically the only time that would be true is if the mortgage was equal to or less than the rent. Then I would buy. So what typically happens is that I like to live in nicer places. Like nicer houses and things. In general, quite popular locations. And what happens then is if you're in a popular location in a nicer house, the price is just stupid. It's like $5 million or something. Sam: And I don't want to pay $5 million for a house. That's stupid. Because the market for a $5 million house isn't very big. And also it's very volatile. The luxury housing market is not where you want to be. It's better to buy the things where there's lots of movement, which is in between 500 grand and a million bucks. That's a good place to buy and sell but it's not ... I don't want to own one of those houses. I don't want to live in one of those houses. I want to live in a nicer one. So just given all of those variables that I just told you here it makes no sense financially to buy. If I rent it's cheap and I can be in a place that's nice and I get to expense it too. And then I invest my money through my company because it makes way more than a real estate transaction. Sam: Sterling Coley says "Dave Asprey, bulletproof started by blogging about all types of random health improvements and is now seen as an expert after five years of grinding and burning through his savings. Now people pay him as a health coach. My question is could he have skipped the five years by doing direct outreach and saying hi, I help people get more performance by helping their body's metabolism?" So here's where you've gone wrong with this, is you think you know the causal element of Dave Asprey's success. So we have Dave Asprey. He started as a normal person. Now he is quite successful and famous. And in between these two states that he's been through, you have attributed the causal element of that to him blogging for five years. And that probably has nothing to do with it. Seriously. You got to be very careful with what you assign the causal thing to. And I don't think it's that. And I don't think I could possibly give you an answer that has any sort of truth in it about whether he would be better of today or worse if he had done direct outreach. I've no idea. Sam: And I wouldn't even look at this. I think if you're going to learn anything from Dave Asprey, I think it's that what made him successful was one, he didn't give up. That tends to always work in your favor. And you eventually find something that works when you do that. So he had that. He was probably very determined and worked hard. So not giving up, determined and worked hard, and he stuck to this thing that he obviously has a lot of passion about which is hacking nutrition and diet and all that. So he stuck to his thing, he had passion in it, he didn't give up, he worked hard for the long term, and that's what worked. So that's what I would emulate from him. And that's about all I would think about. He also found some counterintuitive things. I think one of the main causal elements in that equation would have been that Bulletproof Coffee. That went almost viral because it was so weird. It's like butter in this coffee and that caught a lot of attention and so I think that was a huge part but you can't necessarily engineer that. If you're trying to engineer that you would think what is something that is counterintuitive that is true? And if you found something like that it's more likely to gain traction. Sam: But you've got to be careful with what you assign as the causal thing because you can get very confused. I would say your best bet is just to stick to what you are passionate about, work really hard, keep going for a long period of time, never give up, and look for those counterintuitive things that people aren't aware of and you can use those as tools. Sam: Ela says "What are good ways to get total control of your character? I think you mentioned to read the alchemy of self, cold showers, jumping out of bed in the morning and exercise. Are there any other ways? Because I want to have total control like you." Well first of all I don't have total control. There are some situations you can put me in where I would probably break down. Like if you put me into an enclosure with a lion or something, I'm definitely not prepared for that. So I'm only really good at the things that I'm prepared for and have worked and practiced towards. And those are like in the realm of business. But if you put me out into another field where I don't have much practice, I won't be in total control. So you never have total control of everything all the time ever. That doesn't happen. You have total control of the situations that you've really practiced and trained for. And the main ingredient, honestly, that you're probably missing is time. And people always screw this one up. They think that the only ingredients is just the actions. Sam: So you're reading your alchemy of self thing, you're having cold showers, you're jumping out of bed in the morning, and you're exercising. And you're thinking what more can I do? The answer isn't to do more. It's just to hold that for a long period of time. The time element is more powerful than all of the other elements. Time is the big one. Most people get crushed by time. So if you just do that every day consistently. Don't miss a beat for a long time, you will find what you're looking for. Sam: David Lawrence says "How many clients should we acquire organically first before running Facebook ads to our offer? I currently have four clients but organic outreach response rate has slowed down as have strategy session bookings. Thoughts?" I think you should gain at least three to five clients and I would try to figure out why it has slowed down first and troubleshoot that, maybe try increasing volume up again, troubleshooting it. Solve that. If I was you I'd get at least two more clients before doing ads. I wouldn't decide to do ads at the time that the organic has dipped because you don't go to ads when it dips, you go to ads when you're confident that it's going to work. So this isn't the right time to go to ads. Fix that then do it. Lucio says "When you say target audience in week five of the consulting accelerator you mean to target everybody and not filter anyone. My niche is I help parents build their skills they need to raise healthy and confident children. So do I have to target only parents on Facebook or everybody?" So I don't say to target everybody. That's not even targeting. That's anti-targeting. Which I definitely don't say that. I think what you have confused is you said you've got the keyword filter in here. And when I use that word in the program I'm referring to overlaying things on top of the audience. So income, I don't overlay income. Don't overlay all of this crap on top of the base audience. Find the audience interests and target them, but don't overlay crap on top of this because it just messes everything up. So that's when I use that word. Sam: And if your niche is helping parents build skills they need to raise healthy and self-confident children, I would say you need to identify ... Yours is interesting. I don't know if you can target parents or recent parents or something. But I would probably target ... Wherever you've done your research and you have found all of this and if you're doing ads now then you already have organic clients because that's what you're supposed to do. So I'd look at your organic clients and see what country are they from and all of that. If they were from America you could target America and then you could target the age range that your organic clients typically fall between. Target their age band, you might be able to overlay parent or something on top of that. And then that could be a good start. But that's very broad still. Sam: Otherwise you could look at different audience interests. I'd try that broad one because that one would be interesting. But I would also try some different audience interests that relate to parents caring about raising children. Because you're trying to find people who, they're a parent and that means that they're a person with a child that cares about their child's upbringing. So those are the three things that make up the individual. Parent, has a child, or human with a child that cares about its upbringing. And you can find the different Facebook interests. They're going to probably be authors on different parenting books. They might be different mainstream brands that produce toys and learning materials and different information about upbringing children. Identify those things and target those different interests as well as a broad match interest with a cross section of the country that's got the age band that reflects what was going on organically and some attribute that assigns the variable that they are a parent. And I'd test those. Daniel says "I'm currently doing proof of concept for my high ticket program. I do however, already have a 100 euro mental training course that has great proof of concept, many sales, and great reviews. But so far I have only sold it to my email list. It's not the same niche as my new thing but it's the same ballpark. Would you spend some time to set up a Facebook funnel with that course? Haven't done anything like that yet so I feel it still has a lot of potential. Or should I just focus 100% on my new niche. I'm a little afraid that this thinking is a classical case of avoiding to stick out of my comfort zone." Yeah, it is. That's what you're trying to do. So just do it. You probably joined this course because you wanted to do a high ticket program. You want to do this thing. The way you got to think about it is you may as well try. You've got to try it. Otherwise it's always going to be on your mind. Sam: So we can't take some steps towards it and then run home. Because then it's always going to be in your mind. You're never, ever, ever going to be able to forget that. You're always going to wonder what would happen if I did that. So you have to do it. And now that we're halfway there we just have to go the whole way. So just do it and stop trying to retreat. And see what happens. Sam: Joe Mia says "I loved the Lego block video. I bought some to put in my office to constantly remind me of the things I forget about." Yeah. I used to play with Lego a lot and it's a really good way to actually ... It really helps your brain work properly. Playing with it is a very good thing for children to do. Because you're playing with parts and assembling parts to be different things. And that's basically what you're doing in every field of life all the time. Every different field has building blocks. And it's about assembling them in the right way. So it is a good way to think and make things simple. Sam: Bill Hall says "Who can I hire? Someone that actually knows how to run a Facebook campaign." First of all it's hard because almost no one knows. So if I was going to give you honest advice I would say first of all you have to learn how to do it. Because if you don't learn how to do it you'll never know how to see somebody who does and you'll probably get taken for a ride. Because there's a lot of people out there that say they can do something and they don't know how to do it. And no one knows how to fact check them because they don't know either. So someone has to know to be able to see. So I'd learn it yourself first and then find someone else and if you can't find someone else, find someone who knows a little bit and teach them and then get them. That's pretty much what we had to do. We had to home grow our people. Because we couldn't find people that knew what to do. So we found people that knew some of what to do and then we turned them into knowing a lot. And now they're really good. So that's what I'd do. Sam: All right. Well, we're at the end of our time. I do these pretty much every Saturday and they go from 3 p.m. til 5 p.m. eastern time. That's the time in New York. Are we going to have one next week? Let me look at my calendar. So that would be November the 3rd. Yes. So there is one happening next week. So you can put that on your calendar. November 3rd, Saturday, 3 p.m. to 5 p.m. eastern time, there will be one of these. And if you have asked a question and I haven't been able to answer it it's because you showed up late. And so if you want to get your question answered just show up on time and you'll be able to ask multiple questions. And if you enjoyed this just click that like button. Click like, let me know what you think and I look forward to seeing you on the next one next Saturday. Have a good weekend.

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