What is the most important asset of your business?
This is one question that, if you asked 10 different people, they would probably give 10 different answers.
Some might think it’s the products or product lines of the business, or the ingredients and recipe (for consumables), or the patents, or the building and other landed property, or some “trade secret” …
The most popular answer I’ve seen online however is the employees.
You are probably thinking in line with some of the things I listed above. You probably also think your product or its formula is your most important assets – or, like popular opinion, your employee.
So you put all your energy into having the best product on the market and also making your employees happy.
But years later, you’re still struggling to remain profitable.
What’s the essence of an asset that can’t save your business?
The same people that tout employees as the most important asset are the first to lay people off when the going gets tough. So much for a “most important asset.”
The MVP
How about focusing on that ONE thing that ultimately decides whether your business would survive tough times or not?
The person that keeps the lights on at the office.
The person that has the power to fire even you as the business owner or founder…
Let me tell you a quick story that put things in perspective for me.
Saved from bankruptcy…2x
My mentor, Russell Brunson, says it a lot that there were two major times he faced bankruptcy and almost lost his business, but was saved by just ONE thing.
Wasn’t his expertise (not really).
Wasn’t the goodwill his company already built.
Wasn’t the products they had.
Wasn’t his workforce (in fact there was a time virtually all his employees dumped him when sh** hit the fan).
It definitely wasn’t the government or the bank that saved him (potential jail time loomed) …
So, what saved him these two times.
It’s an asset every smart entrepreneur must build.
It’s your own AUDIENCE!
Keyword: “own”
Not just the “market” or your “ideal audience”; I mean, those in your ideal audience that have become audience you own.
Your list.
Your contacts.
Your subscribers.
Whatever name you’d love to call them.
Both times Russell escaped bankruptcy, it was by creating an offer which he promoted to his existing audience – his email list.
They saved him. Even at the time when over 60 employees left him.
My experience…
Early November 2018, the week we made the biggest sale ever at BeauCrest, I got the worst business news I’ve gotten to date: the manufacturers of our hot-selling product told me they killed that particular product line.
Reason? It wasn’t selling well in their local market (in China).
This was after we’d sold about 1,500 pieces of this product, and it was already becoming a market favorite.
This was after I just launched a plan that was supposed to start generating sales worth $10,000+ per month. The test we launched already gave us over $4k in less than two weeks…and all I had to do was increase my ad budget to hit our goal. But they simply dashed my dreams and I almost went out of business.
I kept hoping they’d change their minds, and I kept contacting them till they stopped replying me.
March 2019, after 4 months of selling nothing, we decided to pivot into organic skincare and start making our own soap.
I collaborated with a botanist and skincare expert and then we did a test launch.
This launch was fairly successful, but it was all the confirmation I needed to go ahead with making our own soaps locally.
How was I able to run a test successfully without spending a dime on marketing?
During the one year we sold the Chinese product, we had built an email list of about 20k women.
Over 17k were active.
These guys gave us our test sales; validated our new product for us; gave us all the feedback we needed to adjust and perfect the product. And yes, when we launched out big, they were the same people that made up the first buyers…before we ever spent any money on advertising.
Did I say they also helped us to test our pricing and even our offer – for example, they later influenced our decision to add an organic moisturizer to our offer.
Recently, I told you how we activated about 100 buyers via email, just as the lockdown was eased.
Most valuable asset = audience list!
Sure you already get my drift: the best, and most valuable asset you can build for your business is an audience list.
Whether it’s a subscribers list or customers list (preferably both) or leads, whether it’s email or retargeting or social media list (preferably all); your business MUST have a pool of people you frequently communicate with and send offers to.
The only thing more important is the quality of your list.
That is, you don’t just buy email addresses or phone numbers from brokers or other third parties, and you don’t just collect emails just for the purpose of having a list.
You want to have a list of people interested in what you do, who gave you the permission to contact them by opting into your list.
They must be people you know so deeply, so much that you know what they’ll respond to…based on their desires, fears, wants, problems, etc.
No cap!
The audience is a part of business I don’t toy with, and in my coaching program, it takes an esteemed position: the foundational pillar that holds up all other pillars of business growth.
I work with my clients to make sure they get to know their audience well and create for them an irresistible offer, based on what they truly desire.
Most importantly, I ensure my clients build a list. If the funnel we work on doesn’t allow us to build a subscriber list, we at least build customers and retargeting lists. With automations and follow-up emails.
This is what you want to be doing in your business!
Do you?
Do you have a business in which you’re making sales, but not enough to be profitable…but really want to make as much profits as possible to be able to delegate more tasks and free up more time to do other things you love and spend time with the people you love?
Do you spend a lot of money on marketing and advertising your business but can’t make back in sales at least 4x your investment?
Then you’re the person I’d love to work with (yes, I love good challenges); I’ll not just help you nail the perfect offer and build an owned audience that will pay you for life.
And these are just a part of the Septuplar Sales System Coaching Program. We’ll still create your attractive messaging (that will draw your dream customers to you and repel others), build your funnels, create your sales scripts, create a traffic plan, optimize your campaign and funnels, and so on.
If this interests you, simply send me an email at me@oludami.com and let’s discuss to see if you’re a good fit for the coaching program.
Your business is about to take a new turn for good!
Talk later,
Oludami
