Doing One Thing Well is What Scales

It’s easier to serve 50 clients in the same industry, implementing the same package– than 50 random clients in 50 different industries.

Narrowing down to one industry can feel “limiting”–after all, if we offer everything to everyone, we can be bigger, right?

Being involved in many agencies, I can tell you the reality is that doing one thing well is what scales.

Don’t diversify until you have $20 million annual recurring revenue in ONE industry.

Besides the operational efficiencies of being able to do one thing really well for one type of client (SEO for law firms, for example), you also create the perception of excellence in that category.

After all, would you trust a doctor who says they can do 1,000 different types of surgeries or a doctor who has done 1,000 appendectomies?

You can always change your niche later.

Darryl Isaacs told me “the secret” to success

Wise men have told me about “The Secret”… the idea that positive thinking drives your beliefs, actions, and destiny.

That what your heart desires is limited only by your beliefs.

And for decades the engineer in me stubbornly clung to the safety of proof— repeatable science.

The woo-woo of manifestation sounded more like healing crystals and shakras than something I could rely on.

Darryl Isaacs told me how he gets the benefit of electricity without needing to understand how it works.

I look back with sadness at my life and see how many times I had massive opportunities placed in my lap, only to be rejected by me because I didn’t think it was possible or more commonly, because I didn’t think I deserved such a good thing.

I scoffed at entrepreneurs who paid $50,000 to attend mastermind groups, mainly to up their “mindset”.

Now that I’ve had a taste of success, I realize that I was the idiot all along.

++ Why hire only 20 people just for me when we can create a million jobs for all our friends?

++ Why believe I’m “too busy” to help a friend, when doing so will pay me back 10 times that in ways I’d never imagine right now?

++ Why not give generously not because you want the attention, but because it’s the right thing, which God will reward you handsomely later?

++ Why not drop the grudge against that jerk who screwed you over, not because you’re a saint, but for your own well-being?

++ Why not openly share everything you know how to do, even to direct competitors, since you know there is more than for everyone?

++ Why not be willing to learn from everyone around you, especially the young adults, since we don’t know everything?

My hope is that you realize and reap the rewards today of what has taken me a lifetime to finally be open to accepting.

Run Engagement Campaigns on Twitter

I’ve been testing Twitter ads for the last ten years, and here’s what I’ve learned.

engagement campaigns
The magic of Twitter campaigns

Engagement campaigns (boosted posts) are the only worthwhile campaign objective.

For example, in growing small Twitter accounts, don’t run follower campaigns with only a 0.3% follow rate.

Run engagement campaigns on high-value posts, giving you a 25% follow rate. Your cost per follower will be almost 100 times better.

Only follower look-alikes are worth targeting. Don’t use interest or demographics, which are faulty and sparse.

I typically get a 10% engagement rate on my ads, meaning 1 in 10 people will click. It is 50 times better than average ads. My video campaigns get a 50% or higher watch rate. Not because my video is killer or edited fancy, but because I target the followers of the people in the video.

People will watch those they’re already familiar with.

Think about what this means for your podcasting strategy, especially to repurpose clips of people who have interviewed you and vice-versa. Thus, leverage your podcast and those you’ve been on.

Twitter has been notoriously bad for referral traffic (website clicks). You could choose website clicks or slightly better visits (pixel fires to confirm visits).

But you’ll still be better off with an engagement campaign. The CPC (Cost per Click) will be slightly higher, but it’s worth the extra engagement and organic reach.

Do you think this will change with Elon making adjustments on the platform?

It will get better!

Has immediate ad monetization on Twitter ever worked?

The answer is no.

The Dollar a Day Strategy works perfectly on Twitter since you can still target even the smallest handles. And the price is still super low ($2-6 CPMs).

With Elon Musk now the owner of Twitter, expect it to be a better place for marketers who use the principles we teach.

Surround Yourself with Considerate People

considerate
Surround yourself with people who want to help.

A painful mistake that gives me grief and sleepless nights is working with people who don’t share the same values.

Your WHY is not just some fuzzy thing that motivational speakers say.

For example, I surround myself only with considerate people who want to help others.

I accidentally violated this rule this week and paid for it heavily.

You don’t have time to watch your back at every moment or argue with people who try to rationalize away poor performance— since they’re too lazy to level up.

Even if they’re super smart, don’t let these people into your circle.

People who have an abundance mindset won’t see their gain needing to come at your loss or be afraid of superstars joining the team.

Thus, share your values openly— not because you want to be famous but because you want to repel this cancer.

Effects of Good Hire And Bad Hire On Your Business

Don’t worry about overpaying for talent. The cost of a bad hire is 20 times that.

Mistakes cost you money, reputation, and sanity.

A bad hire infects the rest of your team.

When they finally leave, you also lose the investment you made in them, plus you have to rescue projects they abandoned.

On the other hand, a great hire takes the burden off your shoulders instead of creating more problems for you to solve.

Good Hire Bad Hire

They anticipate what’s needed and spring into action without you needing to initiate it for them.

Their value keeps multiplying over time since they know your business well and build up teams, scaling the goodness.

When this happens, reward them handsomely and proportionately to their value.

The most successful entrepreneurs I know are not the smartest or hardest-working people. They build up great teams around them.

Same mistake as hiring someone you like, whom YOU believe in, but they haven’t demonstrated that they are committed.

They will give up easily, causing you to lose the investment you’ve made in them.

Avoiding loss is the key to hiring instead of trying to give everyone a chance.

See my blog post on the “5 most important traits to run a successful business” and Having Good People Is Key to Your Business!