November 16, 2023 • 11 mins
Are you overwhelmed with the daily operations of your business and wish you could gain more freedom and flexibility? This episode sheds light on how smart marketing strategies can buy back your time. We walk through the intricate world of customer understanding, and how unraveling your customer's wants can skyrocket your sales. Remember how Disney cleverly packages their characters across different sets, compelling us to buy more than one set? We break down this strategy and how you can harness it in your business.
But it's not just about understanding what your customer wants, it's about reaching them too. We dive into the realm of Google Ads, Facebook, and Instagram campaigns, powerful tools that can supercharge your business. There's a common misconception about ad spends, and we aim to bust those myths. Investing in a marketing expert isn't a drain on your resources, instead it's a wise move that can exponentially lift your returns. So, tune in and let's reclaim your time!
Until next time... Follow on Instagram @buytimepodcast
Follow Jacob K. Mead on all the socials @jacobkmead
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Hey everybody, this is Jacob K Mead and this is the
Buy Time podcast, where wediscuss everything there is to
know about buying back your time.
Be sure to like and follow andshare with somebody who needs to
buy back their time.
Enjoy today's episode.
Welcome back to another episodeof the Buy Time podcast.
I'm your host, jacob K Mead,and I'm so excited that you're
(00:21):
here today because I want totalk to you guys about marketing
and why it's so important andhow to actually leverage it in
your products and the value thatyou provide, as well as
advertising.
But all of that's superimportant because it really goes
into the aspect of buying backyour time, because we all want
(00:41):
more time.
That's why you're here, becauseyou're looking to get your time
back where you're feelingoverwhelmed or you just want to
be able to have that freedom andflexibility.
But in order to get to thatpoint, you need to have your
business in a place where salesare coming in, you're able to
replace yourself with somebodyelse in the business to do most
of the daily operations or thedaily tasks that you're doing,
(01:04):
and then you might even look atadding in systems and processes
and automations, and all of thatcan actually cost money.
So what's a way around?
That is to actually leveragemarketing, to leverage
advertising, to leverage all ofthat to actually increase sales.
So it's actually ironic that Ihad this plan to do this podcast
today, because I did a videojust a couple of days ago on
(01:27):
marketing and a marketing tacticthat was used inside of Target
that Disney actually used.
So Disney actually packagedthese little individual
characters.
Now, the individual characterswere from multiple shows that
Disney puts on, but thisparticular one was from Monster
Inc.
Now, if you've ever seenMonster Inc, you know the main
characters are Soly, mike andthen the child Boo.
(01:49):
Well, they actually packagedthe little character Boo in with
a bunch of other randomcharacters from different Disney
shows.
Now there was no Mike and therewas no Soly.
So I was like man, that's abummer.
I think I would want the fullcharacter set.
Well, I was wrong.
There was a Sully and therewasn't Mike.
It was just in a differentpackaging.
(02:11):
Now, keep in mind, thesepackages for these little toy
characters were $19.99.
So now, if I wanted to get thefull Monster Inc set, because my
daughter right now she lovesMonster Inc.
She's about 13 months and sheabsolutely loves Monster Inc.
So I would love to have thefull character set, but I would
have to spend $19.99 on onepackage, then spend another
(02:31):
$19.99 on another package, so Iwould have to spend a total of
almost $40 to get this fullcharacter set, instead of just
being able to spend $19.99 toget the full character set
because they purposely separatethem.
Now, I understand this isn'ttargets doing.
This is definitely somethingthat Disney knows and they're
extremely good at marketing, sothey understand that this is the
(02:51):
way people are going to think.
Then most people are going towant that full character set and
they're going to purchase thepackages to actually get that
full character set.
So that's one way to thinkabout marketing.
When you're marketing aparticular item is what does
your audience, what does yourcustomer want?
Because that's going to bedifferent for every different
business industry.
I know some industries it'shard to figure out.
(03:12):
Okay, what exactly does thecustomer want?
What are they looking for?
Is it quality or is it quantitythat your customer is wanting?
I know there's a lot of peoplethat might say well, of course,
someone's out there looking forwhat's cheap and they're looking
for the cheapest, notnecessarily.
There's actually a lot ofclients and a lot of customers
that want quality over quantity,and that's important to
(03:35):
understand.
And a lot of the times, thosequality customers, those ones
that actually do care aboutquality versus the price,
they're going to be your bestclients.
They're going to be your bestcustomers because they're going
to be the ones that's going toleave your review.
They're going to be the onesthat share with their friends,
their family members.
They're going to be the onesthat actually help drive
business to you because theycare so much about the quality.
(03:57):
Now, it's always important tofigure out what your customer
wants, what your client wants,because if you're selling
something and nobody wants it,you're never going to be able to
sell it.
So figuring that sweet spot outis the most important thing.
Something I like to do and Ihelp my clients do this whenever
I'm doing any coaching is Ihelp guide them through this
(04:19):
process, and one thing we do iswe sit down and we write down
what their current clients are,and this is actually a struggle,
because sometimes they say,well, it's everybody, and then
we have to really narrow in thathey, it's not everybody.
This is the group of peoplethat you're actually truly
targeting, you're truly workingwith.
So it's important to actuallynarrow that down to figure out
(04:40):
exactly what your customer baseis like, who's your customer and
then from that, what do theywant.
Now, there's different ways youcan actually do this.
So I typically do it byobserving kind of the sales
process or customer interactionswith employees through
different businesses, and when Iobserve this, I will actually
take notes to figure out okay,where is the customer hesitant
(05:00):
on?
What is the customer confusedon?
What are they truly looking for?
Because it sometimes takes thatoutside view to figure out what
your customer truly wants.
And so I'll do that a lot formy clients and I tell them to do
the same.
Like, hey, do this and do thisprocess every few months because
it can change.
It can change based on theeconomy and where the economy is
(05:21):
at.
It can change based on a lot ofdifferent factors.
So make sure that you'rereevaluating this every few
months.
But trying to figure outexactly what your customer or
clients want is going to be thefirst step into actually being
able to sell them whateveryou're looking to offer.
Another thing in business is,once you do find out, okay, this
is my ideal client, this iswhat they want.
(05:44):
So now you have what yourcustomer or client wants.
You know they're demographic.
Now you're able to actuallytarget them.
Now how do you go abouttargeting them?
You can use various differentmethods, but the method that I
find to work the best is throughGoogle ads, facebook marketing
and Instagram ad campaigns.
Now, a lot of people look atthis as it's an expense.
(06:06):
I don't look at it as anexpense because in my business I
understand that it takes threemonths sometimes to actually
figure out whether or not theGoogle ads are working, whether
or not Instagram ads are working, and there is some money thrown
at it to just kind of figureout what's working, what's not
working is the offer okay, whatneeds to be changed and what
(06:28):
needs to be addressed?
And so whenever you'reconsidering marketing when it
comes to Google ads or Instagram, always go into it, knowing
that the first three months isnot necessarily to get customers
or clients though you will butit's more so to figure out what
ad campaigns work, what messageswork and what is your offer
(06:48):
selling, what exactly are youtrying to accomplish with it.
So you kind of tweak that inthe first three months.
But Google ads and Instagramads and Facebook ads they are so
powerful, but don't go in it byyourself.
By that I mean, if you're not amarketing expert, if you don't
understand Google Ads, facebookAds and Instagram Ads, don't
(07:08):
just try to go in and boost apost.
Don't try to just go in andmaybe change a custom audience
type, because that's not goingto work.
It's not gonna give you theresults that you want.
You may see a little bit fromit, but you're gonna be spending
a lot more on ad spend than youare getting back for your
return.
So hire someone that's in thatindustry it's in your industry
(07:30):
that works in marketing, thatactually works in those ads, and
pay their fee.
I mean for us I'm one of mycompanies we pay close to $2,500
a month just to have a full andmarketing team that actually
does all of this for us, andthat doesn't even include our ad
spend.
So then we have our ad spend ontop of that and one of our
companies.
The ad spend can easily reachabout $5,000 a month, which is a
(07:52):
small number compared to a lotof businesses, but for our
business it is a pretty high adspend.
But I also understand that themore that I spend on the
marketing side of things withFacebook ads and Instagram ads
and Google ads, the higher thereturn I am.
So I'm able to actually see allof this data.
I'm able to see how many clicksI'm getting, I'm able to see
how many conversions I'm getting, I'm able to see how many sales
(08:13):
that we're closing all throughthis data, and it gives me a
better understanding of how muchmore we should spend or if we
should cut back on our spending.
Another important thing whenyou're mentioning marketing is
to make sure that you'releveraging any promotional items
for your customers, and by thatI mean not necessarily
promotional stuff that you have,but promotional stuff that
other companies might give toyou.
(08:34):
So, for instance, we work withAsima on one of our companies,
and they are a financing firm,and so they will actually offer
a small amount of financing forour customers.
And so some of our customerscome in and that's the first
thing that they were asking usdo you have financing?
And we were telling them no, no, we didn't at first, and then
we looked into.
Okay, this is something ourcustomer wants, right?
(08:54):
So whenever you can find anarea that your customer wants
and you can provide a solutionto whatever they want, they're
gonna come back.
So my team came to me and theysaid, hey, we need to have some
sort of financing program inplace because our customers are
wanting this and they're askingfor it.
And so that got me thinking,okay, well, let's go out and
find it, let's figure out asolution, because if this is
something our customers arewanting, then we're gonna need
(09:16):
to provide it.
And that's something that's soimportant is making sure your
team understands that they cancome to you when your customers
need something.
If they need something andyou're not able to provide it to
them, your employee should feelcomfortable to come to you and
say hey, we're getting a bunchof questions for this, because
if you can figure out a solutionto that, you're going to
(09:37):
increase revenue in yourbusiness, and it's gonna
increase quicker than you canpossibly imagine.
And sometimes it does take thatoutside view to be able to
figure out okay, what are wemissing, what are we lacking in?
And that outside person canlook at that and actually
evaluate it.
So sometimes it does take theoutside view.
Now I talked a little bit onthe Google ads, instagram ads.
(09:59):
Again, don't go out there,don't go crazy, don't spend a
whole bunch of money, especiallydoing it yourself, because it's
not gonna pan out.
It's not gonna work the way youwant it to do.
But go in, actually evaluate howyou can advertise, figure out
who you're trying to advertiseto, what your offer is, what
you're looking to accomplishfrom it.
Are you looking to just getbrand awareness or are you
(10:21):
looking to get sales?
Most importantly, you'reprobably looking to get sales
because you need the cash flow,you need the revenue in order to
replace yourself.
But also go into this knowingthat you're wanting to better
the customer with your productor service and then that you're
also wanting to get more of yourtime back.
And in order to do that, youneed to have these systems, you
need to have structures, youneed to have marketing in place
(10:43):
so that way, you can hiresomeone in your place to
actually do the task that you'redoing.
It all starts.
I mean, if you don't have thecash flow, you're never gonna be
able to step outside of thebusiness because you're always
gonna feel like you need to workin the business.
So that way, you have cash flow.
So it's a circle and you needto break that circle.
And in order to break thatcircle, understanding marketing
is so important.
(11:03):
Well, thank you so much forlistening today.
Please let me know if there'ssomething you want me to go over
, if there's an area in yourbusiness that you're struggling,
if you just need help at all,please send me a message.
I love to connect, just chat,have a one-on-one conversation.
You can actually schedule afree consultation on my website
at jacobkmecom Absolutely free.
(11:25):
It's 30 minutes.
We can talk about anythingbusiness related.
I know a lot of people walkaway from that with so much
great knowledge and it'sabsolutely free.
There's no cost there for you.
I love just to be able to sitdown and talk with you.
Feel free to give me a followor a like if you really enjoyed
this episode or any of ourepisodes on the by Time podcast.
We're gonna continue to bringyou great content, great guests,
(11:45):
and thank you so much to all ofour listeners.
My name is Jacob K Mead anduntil next time.
Thanks for listening to today'sepisode.
My name is Jacob K Mead anduntil next time.
Hey everybody, this is Jacob K Mead and this is the
Buy Time podcast, where wediscuss everything there is to
know about buying back your time.
Be sure to like and follow andshare with somebody who needs to
buy back their time.
Enjoy today's episode.
Welcome back to another episodeof the Buy Time podcast.
I'm your host, jacob K Mead,and I'm so excited that you're
(00:21):
here today because I want totalk to you guys about marketing
and why it's so important andhow to actually leverage it in
your products and the value thatyou provide, as well as
advertising.
But all of that's superimportant because it really goes
into the aspect of buying backyour time, because we all want
(00:41):
more time.
That's why you're here, becauseyou're looking to get your time
back where you're feelingoverwhelmed or you just want to
be able to have that freedom andflexibility.
But in order to get to thatpoint, you need to have your
business in a place where salesare coming in, you're able to
replace yourself with somebodyelse in the business to do most
of the daily operations or thedaily tasks that you're doing,
(01:04):
and then you might even look atadding in systems and processes
and automations, and all of thatcan actually cost money.
So what's a way around?
That is to actually leveragemarketing, to leverage
advertising, to leverage all ofthat to actually increase sales.
So it's actually ironic that Ihad this plan to do this podcast
today, because I did a videojust a couple of days ago on
(01:27):
marketing and a marketing tacticthat was used inside of Target
that Disney actually used.
So Disney actually packagedthese little individual
characters.
Now, the individual characterswere from multiple shows that
Disney puts on, but thisparticular one was from Monster
Inc.
Now, if you've ever seenMonster Inc, you know the main
characters are Soly, mike andthen the child Boo.
(01:49):
Well, they actually packagedthe little character Boo in with
a bunch of other randomcharacters from different Disney
shows.
Now there was no Mike and therewas no Soly.
So I was like man, that's abummer.
I think I would want the fullcharacter set.
Well, I was wrong.
There was a Sully and therewasn't Mike.
It was just in a differentpackaging.
(02:11):
Now, keep in mind, thesepackages for these little toy
characters were $19.99.
So now, if I wanted to get thefull Monster Inc set, because my
daughter right now she lovesMonster Inc.
She's about 13 months and sheabsolutely loves Monster Inc.
So I would love to have thefull character set, but I would
have to spend $19.99 on onepackage, then spend another
(02:31):
$19.99 on another package, so Iwould have to spend a total of
almost $40 to get this fullcharacter set, instead of just
being able to spend $19.99 toget the full character set
because they purposely separatethem.
Now, I understand this isn'ttargets doing.
This is definitely somethingthat Disney knows and they're
extremely good at marketing, sothey understand that this is the
(02:51):
way people are going to think.
Then most people are going towant that full character set and
they're going to purchase thepackages to actually get that
full character set.
So that's one way to thinkabout marketing.
When you're marketing aparticular item is what does
your audience, what does yourcustomer want?
Because that's going to bedifferent for every different
business industry.
I know some industries it'shard to figure out.
(03:12):
Okay, what exactly does thecustomer want?
What are they looking for?
Is it quality or is it quantitythat your customer is wanting?
I know there's a lot of peoplethat might say well, of course,
someone's out there looking forwhat's cheap and they're looking
for the cheapest, notnecessarily.
There's actually a lot ofclients and a lot of customers
that want quality over quantity,and that's important to
(03:35):
understand.
And a lot of the times, thosequality customers, those ones
that actually do care aboutquality versus the price,
they're going to be your bestclients.
They're going to be your bestcustomers because they're going
to be the ones that's going toleave your review.
They're going to be the onesthat share with their friends,
their family members.
They're going to be the onesthat actually help drive
business to you because theycare so much about the quality.
(03:57):
Now, it's always important tofigure out what your customer
wants, what your client wants,because if you're selling
something and nobody wants it,you're never going to be able to
sell it.
So figuring that sweet spot outis the most important thing.
Something I like to do and Ihelp my clients do this whenever
I'm doing any coaching is Ihelp guide them through this
(04:19):
process, and one thing we do iswe sit down and we write down
what their current clients are,and this is actually a struggle,
because sometimes they say,well, it's everybody, and then
we have to really narrow in thathey, it's not everybody.
This is the group of peoplethat you're actually truly
targeting, you're truly workingwith.
So it's important to actuallynarrow that down to figure out
(04:40):
exactly what your customer baseis like, who's your customer and
then from that, what do theywant.
Now, there's different ways youcan actually do this.
So I typically do it byobserving kind of the sales
process or customer interactionswith employees through
different businesses, and when Iobserve this, I will actually
take notes to figure out okay,where is the customer hesitant
(05:00):
on?
What is the customer confusedon?
What are they truly looking for?
Because it sometimes takes thatoutside view to figure out what
your customer truly wants.
And so I'll do that a lot formy clients and I tell them to do
the same.
Like, hey, do this and do thisprocess every few months because
it can change.
It can change based on theeconomy and where the economy is
(05:21):
at.
It can change based on a lot ofdifferent factors.
So make sure that you'rereevaluating this every few
months.
But trying to figure outexactly what your customer or
clients want is going to be thefirst step into actually being
able to sell them whateveryou're looking to offer.
Another thing in business is,once you do find out, okay, this
is my ideal client, this iswhat they want.
(05:44):
So now you have what yourcustomer or client wants.
You know they're demographic.
Now you're able to actuallytarget them.
Now how do you go abouttargeting them?
You can use various differentmethods, but the method that I
find to work the best is throughGoogle ads, facebook marketing
and Instagram ad campaigns.
Now, a lot of people look atthis as it's an expense.
(06:06):
I don't look at it as anexpense because in my business I
understand that it takes threemonths sometimes to actually
figure out whether or not theGoogle ads are working, whether
or not Instagram ads are working, and there is some money thrown
at it to just kind of figureout what's working, what's not
working is the offer okay, whatneeds to be changed and what
(06:28):
needs to be addressed?
And so whenever you'reconsidering marketing when it
comes to Google ads or Instagram, always go into it, knowing
that the first three months isnot necessarily to get customers
or clients though you will butit's more so to figure out what
ad campaigns work, what messageswork and what is your offer
(06:48):
selling, what exactly are youtrying to accomplish with it.
So you kind of tweak that inthe first three months.
But Google ads and Instagramads and Facebook ads they are so
powerful, but don't go in it byyourself.
By that I mean, if you're not amarketing expert, if you don't
understand Google Ads, facebookAds and Instagram Ads, don't
(07:08):
just try to go in and boost apost.
Don't try to just go in andmaybe change a custom audience
type, because that's not goingto work.
It's not gonna give you theresults that you want.
You may see a little bit fromit, but you're gonna be spending
a lot more on ad spend than youare getting back for your
return.
So hire someone that's in thatindustry it's in your industry
(07:30):
that works in marketing, thatactually works in those ads, and
pay their fee.
I mean for us I'm one of mycompanies we pay close to $2,500
a month just to have a full andmarketing team that actually
does all of this for us, andthat doesn't even include our ad
spend.
So then we have our ad spend ontop of that and one of our
companies.
The ad spend can easily reachabout $5,000 a month, which is a
(07:52):
small number compared to a lotof businesses, but for our
business it is a pretty high adspend.
But I also understand that themore that I spend on the
marketing side of things withFacebook ads and Instagram ads
and Google ads, the higher thereturn I am.
So I'm able to actually see allof this data.
I'm able to see how many clicksI'm getting, I'm able to see
how many conversions I'm getting, I'm able to see how many sales
(08:13):
that we're closing all throughthis data, and it gives me a
better understanding of how muchmore we should spend or if we
should cut back on our spending.
Another important thing whenyou're mentioning marketing is
to make sure that you'releveraging any promotional items
for your customers, and by thatI mean not necessarily
promotional stuff that you have,but promotional stuff that
other companies might give toyou.
(08:34):
So, for instance, we work withAsima on one of our companies,
and they are a financing firm,and so they will actually offer
a small amount of financing forour customers.
And so some of our customerscome in and that's the first
thing that they were asking usdo you have financing?
And we were telling them no, no, we didn't at first, and then
we looked into.
Okay, this is something ourcustomer wants, right?
(08:54):
So whenever you can find anarea that your customer wants
and you can provide a solutionto whatever they want, they're
gonna come back.
So my team came to me and theysaid, hey, we need to have some
sort of financing program inplace because our customers are
wanting this and they're askingfor it.
And so that got me thinking,okay, well, let's go out and
find it, let's figure out asolution, because if this is
something our customers arewanting, then we're gonna need
(09:16):
to provide it.
And that's something that's soimportant is making sure your
team understands that they cancome to you when your customers
need something.
If they need something andyou're not able to provide it to
them, your employee should feelcomfortable to come to you and
say hey, we're getting a bunchof questions for this, because
if you can figure out a solutionto that, you're going to
(09:37):
increase revenue in yourbusiness, and it's gonna
increase quicker than you canpossibly imagine.
And sometimes it does take thatoutside view to be able to
figure out okay, what are wemissing, what are we lacking in?
And that outside person canlook at that and actually
evaluate it.
So sometimes it does take theoutside view.
Now I talked a little bit onthe Google ads, instagram ads.
(09:59):
Again, don't go out there,don't go crazy, don't spend a
whole bunch of money, especiallydoing it yourself, because it's
not gonna pan out.
It's not gonna work the way youwant it to do.
But go in, actually evaluate howyou can advertise, figure out
who you're trying to advertiseto, what your offer is, what
you're looking to accomplishfrom it.
Are you looking to just getbrand awareness or are you
(10:21):
looking to get sales?
Most importantly, you'reprobably looking to get sales
because you need the cash flow,you need the revenue in order to
replace yourself.
But also go into this knowingthat you're wanting to better
the customer with your productor service and then that you're
also wanting to get more of yourtime back.
And in order to do that, youneed to have these systems, you
need to have structures, youneed to have marketing in place
(10:43):
so that way, you can hiresomeone in your place to
actually do the task that you'redoing.
It all starts.
I mean, if you don't have thecash flow, you're never gonna be
able to step outside of thebusiness because you're always
gonna feel like you need to workin the business.
So that way, you have cash flow.
So it's a circle and you needto break that circle.
And in order to break thatcircle, understanding marketing
is so important.
(11:03):
Well, thank you so much forlistening today.
Please let me know if there'ssomething you want me to go over
, if there's an area in yourbusiness that you're struggling,
if you just need help at all,please send me a message.
I love to connect, just chat,have a one-on-one conversation.
You can actually schedule afree consultation on my website
at jacobkmecom Absolutely free.
(11:25):
It's 30 minutes.
We can talk about anythingbusiness related.
I know a lot of people walkaway from that with so much
great knowledge and it'sabsolutely free.
There's no cost there for you.
I love just to be able to sitdown and talk with you.
Feel free to give me a followor a like if you really enjoyed
this episode or any of ourepisodes on the by Time podcast.
We're gonna continue to bringyou great content, great guests,
(11:45):
and thank you so much to all ofour listeners.
My name is Jacob K Mead anduntil next time.
Thanks for listening to today'sepisode.
My name is Jacob K Mead anduntil next time.
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