March 3, 2025 • 51 mins
In this follow-up to our popular "Stop Making these $100,000 Mistakes" episode, Michael Barbarita and Chuki Obiyo dive deeper into three more costly mistakes business owners make. Discover how undervaluing yourself, not knowing your numbers, and misunderstanding the buyer's journey could be silently draining $100,000+ from your business each year. You'll learn actionable strategies to correct these mistakes and transform them into profit opportunities your competition isn't seeing.
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Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).
Powerful Business Strategies Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
Become a supporter of this podcast: https://www.spreaker.com/podcast/powerful-business-strategies--6198916/support.
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Episode Transcript
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Speaker 1 (00:00):
The topics and opinions expressed in the following show are
solely those of the hosts and their guests, and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W FOURCY Radio
or its employees are affiliates. Any questions or comments should
be directed to those show hosts. Thank you for choosing
(00:21):
W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here's your host,
(00:47):
President of Next Step CFO Michael Barbarita, and joining Michael
for today's show as an executive moderator is Chooky Obia.
Speaker 3 (01:00):
We're welcome to Powerful Business Strategies. You know, the reason
why you don't hear that more energized voice of Chucky
Obio welcoming you all to the show is because Chucky's
wife and Chucky recently welcomed their first baby, chelseydese Obio,
to the world, So congratulations to Chucky and his wife,
and Chucky will be on leave for a while in
the meantime. My name is Michael Barber Rita, President of
(01:22):
NeXTSTEP CFO, and next Step CFO is a fractional CFO
and strategic implementation firm. Business owners hire us the double
and triple their profit through implementing business and financial strategies
that their competition isn't doing. Our vision is to ensure
overwhelmed business owners achieve the time, freedom and consistent profits
to build a legacy and the life the desire and
(01:45):
our mission is dedicated to guiding those small business owners
to leveraging their time, exploding their profits, and building a
meaningful legacy. So the show powerful business strategies in our
book of the same name is a step toward accomplishing
that vision and mission. Chocky and I are both affiliated
with a number of different organizations. Chocky currently serves as
(02:07):
the managing director of business development for Better Price, a
global business focused law firm, and in addition to that,
Cheecky and I collaborate to moderate business roundtables around the
country and around the world and document those insights as
part of our book Powerful Business Strategies. But please note
that the views expressed on this show are our personal
(02:30):
views based on our own successful experiences, and it's something
that i'd like to share that I've announced previously. If
you have a business problem that you'd like us to answer,
or a question, a business question or a strategy that
you'd like to ask about, please email us at ask
at NEXTSTEPCFO dot net. Now it doesn't matter what the
(02:52):
business problem is or what the question is, and we
will answer it for you. And there are a couple
things that we ask them. One, please state whether it
is something we can answer on the air or if
it's confidential. Of course, if it's confidential, we won't put
it on the air. And number two, please provide your
phone number because business problems can be complex and so
(03:12):
we might need a little bit more context or clarity.
That email address again is ask at NEXTSTEPCFO dot net.
And I want to point out that we've had a
couple of people with questions that we were able to answer,
but they did request confidentiality, which we will always honor.
(03:33):
You know, we business owners wake up each morning, most
of us think about our goals, our struggles, our own journey.
We make lists of what we need to accomplish, worry
about our deadlines, and focus on our personal growth. And
while self improvement and personal growth is very important, I
want to challenge you today to think bigger, to think
(03:53):
beyond yourself, because here's the truth that many of us overlook.
Every skill you're developing, every obstacle you're overcoming, every lesson
you're learning, it's not just for you. The universe has
a bigger plan for your talents. Think about it. Why
were you given your specific abilities? Why do you have
(04:16):
your unique combination of experiences. Why do you feel drawn
to certain paths while others don't. The answer is deceptively simple,
yet very profound. You were built to be the solution
to someone else's problem. Your struggles are preparing you to
(04:37):
understand someone else's pain. Your victories are teaching you how
to guide others to their own success. Right now as
I speak, someone out there is facing a challenge that
only your unique perspective can help them overcome. You are
the prescription for someone's pain. You know. Every morning, entrepreneurs
(05:02):
across the country wake up facing the same question is
it all worth it? The late nights, the constant pressure,
the never ending challenges. Sometimes it feels like pushing a
boulder uphill. But here's what separates extraordinary business owners from
the rest. They understand that challenges aren't obstacles. They're opportunities
disguised as problems. Every successful business owner I've ever worked
(05:27):
with didn't succeed because they avoided mistakes. They succeeded because
they learned to convert those mistakes into stepping stones. Today,
we're continuing our journey into the costly mistakes that could
be draining one hundred thousand dollars or more from your business.
Not to make you feel bad about these mistakes, but
(05:48):
to show you how to turn them into your greatest
competitive advantages. Because when you fix what your competition doesn't
even realize is broken, and breakthrough and success really happens.
So today we're continuing our explanation of one hundred thousand
dollars mistakes that could be silently draining profits from your business.
(06:12):
Last week, we covered three major mistakes not speaking your
customer's language, not doing things in the right or doing
things in the wrong order, and having no way to
separate yourself from your competitors. The response was overwhelming, so
many of you reached out to share how identifying these
mistakes has already begun to improve your business. So today
(06:35):
we're going to dive into three more critical mistakes that
could be causing you one hundred thousand dollars or more
each year. First, we'll explore how undervaluing yourself and your
services is creating a profit leak that most business owners
don't even realize. We'll show you a conintuitive approach to
pricing that actually attracts better clients while increasing your profit margins. Second,
(07:01):
we'll tackle one of the most yet well most common,
yet devastating mistakes, not knowing your numbers. Now, most business
owners are flying blind when it comes to their financial metrics,
making decisions based on good feeling rather than concrete data.
We reveal the vital five numbers every business owner should
(07:23):
know and every business owner must go and I understand
how understanding these numbers can dramatically improve your decision making.
And Third, will uncover how not understanding the bias journey
is causing you to leave ninety seven percent of your
potential market untapped. We'll show you how to capture prospects
(07:45):
at every stage of their buying decision, not just the
small one to three percent of people who are ready
to buy the day. And these mistakes on theory, they're
real issues. They're real issues that we've encountered working with
hundreds of businesses across dozens of industries. And here's the
good news. Like we said last week, they're completely fixable.
(08:10):
These mistakes are completely fixable. What's truly exciting is that
when you correct these mistakes, you're not just saving money,
you're creating new opportunities for growth that competition is even
aware of. And this is this is about turning problems
into profit centers. So grab that pen and paper, because
(08:31):
you're about to discover why everything you've ever learned about
growing your business is wrong, and more importantly, what to
do about it. Remember, if you're driving, don't grab that
pen and paper. Listen to the recording at Powerful business
Strategies dot com. So, as I mentioned, we talked about
three major mistakes, so let's dive in. We've already talked
(08:53):
about the three major mistakes last week, so let's dive
into that fourth major mistake, costing businesses one hundred thousand
dollars more, and that's undervaluing yourself and your services. This
is perhaps the most persuasive mistake I see across, pervasive
mistake that I see across nearly every industry and business size.
(09:15):
And here's a startling fact. According to our research, over
eighty percent of businesses are underpricing their products or services
by at least five to twenty percent. So for a
business doing a half a million in annual revenue, that's
twenty five thousand to one hundred thousand dollars right there.
So let me share a recent example that really drives
(09:37):
this home. A consultant in the manufacturing space was charging
one hundred and twenty five dollars an hour for his services.
This rate was considered to be the industry's standard, and
it was what everybody else was charging. And when he
analyzed the value he was delivering to his clients, he
discovered his that he was regularly saving them between fifteen
(09:58):
one hundred and fifty thousand operational cost. Yet he was
pricing his services based on his time, not the value
that he delivered. And this is where most business owners
are wrong. They price based on the cost or their
time rather than the value they create for their customers.
(10:19):
It's a fundamental misunderstanding of how pricing actually works. So
let me be crystal clear about this. Customers don't say
no to you, They say no to themselves. People only
say yes to themselves when the value they believe they're
getting exceeds the price that they're paying. The key word
(10:39):
here is believed, because it's about perceived value, not just
the actual value. And this is why demonstrating value is
so critical to your pricing strategy. Most of the business
owners simply state their prices without properly building the value first.
When you've failed to build value, twce becomes the only consideration.
(11:02):
So here's a framework for building value that allows you
to charge premium prices. First, identify and quantify the specific
problems that your product or service solves. Second, demonstrate the
cost of those problems going unsolved. Third, show the unique
(11:24):
approach you take to solving those problems. Fourth, provide proof
that your approach works. And five only then should you
present your price, which should now seem not only reasonable,
but a bargain in comparison the value that you're delivering.
And so let me give you a real life example
(11:45):
of how this works. A marketing agency was charging three
thousand a month for their services, right in line with
their competitors. But by implementing this value building framework, they
were able to increase their prices to five thousand a
month while actually in increasing their closing rate. Wow, how
do they do that? Well? They stop talking about deliveris
(12:06):
like deliverables like social media management and email marketing, and
instead they focused on business outcomes that they created, like
we help manufacturing companies generate between fifteen and twenty five
qualified leads per month with an average client value of
twelve thousand dollars. Suddenly, five thousand seem like a value
(12:27):
compared to the sorry, it seemed like a bargain compared
to the value that they were delivering, and of course
they were able to prove that in their presentation. And
this brings me to an important point about pricing psychology.
There's a concept called price anchoring that dramatically affects how
(12:49):
people perceive your prices. When you present a price without context,
people will compare it to whatever reference point they have
available and usually guess what it's their competitives prices. But
when you control the reference point by establishing the value,
you deliver First, you change the entire dynamic, the entire
(13:14):
context of the price discussion. For example, if you're a
business coach, let's say and you say my coaching program
is ten thousand dollars, Well, that might seem expensive in isolation,
but if you first established that your typical clientcy is
a fifty thousand dollars increase in profit after working with you, well,
suddenly ten thousand seems not only like a reasonable investment,
(13:36):
but like a bargain. We're getting a question from a listener, Michael.
Many business owners worry that raising their prices will drive
away customers. Oh yeah, how do you address that concern? Well,
that is a common fear. But here's what's interesting. When
you raise your prices strategically, you typically lose the clients
(13:59):
you don't want to anyway, The price sensitive clients who
demand the most time, cause the most headaches. Theyre usually
the first to go, and they're replaced by clients and
customers who value quality, results and expertise. Clients and customers
who are actually easy to work with and more appreciative
(14:22):
of what you do. Remember, your goal is it to
work with everyone, is to work with the right people
who value what you deliver. And here's the other thing.
If you were with NeXTSTEP CFO, we have a spreadsheet
that will show you how many customers you can afford
to lose and maintain the same profit you had before
the price increase. Many business owners overcome their fear of
(14:46):
driving away customers when they understand how many customers they
can afford to lose. So here's another critical aspect of
value based pricing. Different customers perceive value differently. This is
why a one size fits all pricing is almost always
a mistake. So instead, consider implementing tiered pricing options that
(15:13):
allowed customers to self select based on their perception of value.
Some people call this a good, better best model. A
software company implemented this strategy by offering three different tiers
of service. What was a basic package, which was their
good nineteen ninety seven per year, a Premium package which
was there better at three thousand, nine ninety seven per year,
(15:36):
and their best was a VIP package at seven nine
and ninety seven dollars per year. Before this change, they
were offering only one option at twenty five hundred dollars.
After implementing this tiered pricing, their average sale increased of
forty two hundred dollars, a sixty eight percent increase. Why Well,
(15:58):
because different customers value different things, and tiered pricing allows
them to choose based on what they value the most.
But here's where most businesses make another costly pricing mistake.
They focus only on the price itself and ignore the
payment terms. The way you structure your payment terms can
(16:19):
have a massive impact on both your close rate and
your cash flow. There was a business consultant who was
charging twelve thousand dollars for a six month engagement, all
due upfront. By simply changing to a monthly plan of
twenty two hundred dollars a month, which is slightly higher
than the total of twelve thousand dollars spread out over
(16:41):
the six months, they increase their clothes rate by thirty
five percent. Same same service, same value, just different payment terms.
The bottom line is this undervaluing yourself isn't just about
leaving money on the table with each sale. It's a
compounding negative effect on your entire business. It attracts price
(17:05):
sensitive clients who tend to be more demanding. It forces
you to take on more clients to make the same profit.
It creates cash flow problems that limit your ability to
invest in growth. It positions you as a commodity rather
than a premium provider, and it creates a vicious cycle
(17:26):
where you feel you need to work harder for less money.
Here's a question from a listener, Michael, what's the first
step of business owners should take if they suspect they're
undervaluing their services? The question The first step, Well, that's
what I call the first step is what I call
(17:48):
a value on it. You make a list of the
specific outcomes that your product or service creates for your customer,
and you'd be as detailed and quantifiable as possible. Sample,
don't just say it saves time, say it saves five
hours per week. And don't say increases revenue, say increases
revenue by fifteen to twenty percent. Then calculate the monetary
(18:12):
value of these outcomes, and once you see the actual
value creating, you'll have the confidence the price accordingly. Another
question from a listener, what about businesses in highly competitive
markets where customers seem extremely priced sensitive, how can they
(18:34):
implement value based pricing? Well, that's where your position of
market dominance becomes absolutely crucial. So instead of competing in
the same market space, as everyone else cover a unique niche.
For example, instead of being just another accountant in a
crowded market, become the account who specializes in helping e
commerce businesses reduce their tax liability by twenty five percent
(18:56):
or more. Suddenly you're not competing with every account You're
the specialist with specific expertise and proven results. This allows
you to command much higher prices, even in supposedly high
sensitive markets. So before I continue this discussion, we're going
(19:19):
to take a ninety second break. Hey, their business owners,
let me ask you something. Are you tied of blending
in with your competitors, frustrated with slow growth and slim margins?
Speaker 4 (19:30):
Well, I've got news for you.
Speaker 3 (19:32):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (19:37):
Don't worry.
Speaker 3 (19:38):
I'm here to let you in on a secret weapon,
your position of market dominance. It's what sets you apart,
makes you irreplaceable, and has customers lining up at your door.
My name is Michael Barberrita from NeXTSTEP CFO. I know
what you're thinking. Sounds great, Michael, How do I find
my position of market dominance? Well, that's exactly why we
(20:00):
created our game changing implementation program called next Step to
market dominance in just ninety days. We'll guide you step
by step to a position of market dominance by encovering
your unique strengths that competitors can't touch, by crafting a
message that resonates deeply with your ideal customer, by building
a strategy that turns you into the go to.
Speaker 4 (20:20):
Expert in your field. Now this is in theory.
Speaker 3 (20:23):
These are battle tested strategies that have helped businesses like
yours double, triple, and quadruple their revenue. Don't let another
quarter go by struggling to standout. It's time to dominate
your market. Period. Go to NEXTSTEPCFO dot net forward slash contact.
Fill out the form and in the message section put
(20:43):
the word dominate or call us at seven eight one
three two six three A two two. That's next STEPCFO
dot net forward slash contact or call us at seven
eight one three two six three A two two back.
So now let's tackle the fifth major mistake costing businesses
(21:06):
one hundred grand or more each year. And this one's
kind of close to my heart because as a CFO
as well as a strategic implementation strategist, not knowing your
numbers is the mistake and it might seem basic, but
if you'll be shocked how many successful looking businesses are
flying blind when it comes to their finances. And let
(21:29):
me also share this. When we survey business own owners,
only fifteen percent can tell us what their gross profit
margin is off the top of their head. That's really
really bad. By the way, only five percent know their
customer acquisition cost, and fewer than five percent can tell
us what the lifetime value of our customers. Yet these
are the fundamental metrics that should be driving every business decision.
(21:53):
So here's a startling example. We recently worked with a
company that was spending twenty grand a month on a
marketing camp campaign that they thought was working well. When
we dug into those numbers, we discovered that they were
spending three hundred and twenty dollars to acquire each customer,
but the average initial purchase was only two hundred and
eighty dollars. Well, at first glance, they're losing forty dollars
(22:16):
on every new customer, and actually they're actually in this
particular case, they're they're really losing more. Because you lose
your gross you have to start with your gross profit
when you compare it to your customer acquisition costs. But
the only way this could possibly make sense is that
they had a clear understanding of their customer lifetime value
(22:37):
and retention, which they did not. Let me give you
a great personal example. So when I was in the
frozen cookie dough business, the problem that the customer had
was they didn't want to waste valuable oven space baking cookies.
(22:57):
You're a pizza polla. You want to focus on the
pizza in the oven, not cookies in the oven. So
what we did to solve that problem is with each
opening order, we gave them a free convection oven, which
so they could bake the cookies and not utilize that
(23:19):
valuable oven space. Oh boy, but here here are the metrics.
The opening order of these companies averaged between fifty and
one hundred dollars, while the convection oven, which I gave
to them right up front, cost US two hundred dollars.
(23:40):
So we had the same situation as the marketing company
just described. However, we knew what the lifetime value of
a customer was. It was five grand. So based on that,
and we were confident in our product based on that,
we'd do that all day long because we know that
the customer would keep reordering, and that the bad to
the customer was without weigh our initial investment in the
(24:04):
convection of it up by a lot, by the way,
So here's something you must do at a minimum. I
know you all hate numbers, and I tell every business
owner that they must know what I call the vital
five numbers. Fiales second gross profit, third gross profit percentage,
(24:27):
fourth net profit, and five your current cash balance. These
five numbers should be burning in your memory. You should
know these numbers as well as you know your own birthday.
And if you don't, you're making decisions based on guesswork
(24:48):
rather than data. And let me put this in perspective.
So imagine driving a car with a sphaenomenon. The fuel
gauge and all of their instruments are completely covered up.
Now you might be able to drive for a while,
but eventually you're going to run out of gas, you
get a speeding tech it or worse. And that's exactly
(25:08):
what running a business without knowing your numbers is like.
But knowing these basic numbers, this vital five, is just
a starting point. But at least get those down. But
to truly optimize your business, you need deeper financial clarity,
and here's some of the key metrics every business should track.
(25:28):
Number one is customer acquisition cost. If you watch Shock Tank,
they're always asking what the customer acquisition cost is because
it's a decision making metric. Second is the lifetime value
of a customer. How much revenue does that customer average
over a lifetime with you? And then there's a ratio
(25:49):
called lifetime value to divided by customer acquisition cost. It's
called the LTVDAC ratio. Some people call it the LTV ratio.
A healthy business typically has a long term value that's
three times their customer acquisition costs, but it does vary
between industries. Gross profit margins, So for every dollar of revenue,
(26:14):
how much is left after the direct and variable costs
of selling that product? Net profit margin? For every dollar
of revenue, how much is left after all costs? Conversion rate?
What percentage of leads become customers? Average transaction value how
(26:35):
much does the average customer spend per purchase? And frequency
of purchase? How often does the average customer buy from you?
Getting a question from a listener there it is, Michael,
This is a lot of numbers to track, but for
a business owner who's currently tracking nothing, where should they start? Actually,
(27:00):
should start by hiring us, because this is what we
go over all of these numbers in our sessions. But
generally start with that vital five no question, and then
graduate to what I call the revenue triangle. That's your
conversion rate, your average transaction value, and the frequency of purchase.
(27:21):
These three numbers are easy to calculate, and understanding these
three numbers will immediately show you where the biggest growth
opportunity lies. You know, is it converting more leads? Is
it increasing your average fail or getting customers to buy
more frequently? The answer will tell you exactly where to
(27:41):
focus first. And here's the thing. Small changes in these
numbers can have a leveraging effect, a massive impact on
your bottom line. And let me show you how that works.
So stay the course with me on this because this
is really vital. Let's say you have let's say hypothetical
business has a twenty five percent conversion rate, So they
(28:03):
have they have one thousand leads, that's two hundred and
fifty new customer, an average transaction value of five hundred dollars,
customers who buy two times per year for frequency, and
you have that thousand leads that I mentioned, So your
annual revenue would be one thousand leads times twenty five
percent conversion times a five hundred dollars average sale times
(28:29):
two purchases per year, it goes about two hundred and
fifty grand. Now get this one, no, stay the course
on this, because what happens if you improve each metric
by just ten percent, So your conversion rate goes from
twenty five percent to twenty seven and a half percent,
Your average transaction with the customer goes from five hundred
(28:50):
to five point fifty customers who will buy to point
two instead of two, It goes up to two point
two times per year. That's a ten percent increase of
the two. And then it's eleven hundred leads per year
instead of one thousand, once again a ten percent increase. Well,
your new annual revenue would be eleven hundred leads times
(29:11):
to twenty seven and a half percent conversion rate times
a five hundred and fifty dollars average sale times two
point two purchases a year. That equals three hundred and
sixty eight thousand. That's a forty seven percent increase from
just a ten percent improvement in those three areas. This
is the power of understanding and leveraging your numbers. Not
(29:33):
just knowing your numbers, but leveraging them. This is understanding
the compound effect that's small incremental changes can have in
just these few areas. But here's the thing. When you
understand your numbers, you can make strategic decisions about way
to invest your resources. So here's an example a service
(29:56):
business that was considering two different growth strategies. One was
increasing their marketing budget to get more leads, second investing
in training to improve their conversion rate. And so when
we analyze these numbers, we discovered that at one percent
increase in the conversion rate would generate more revenue than
(30:18):
a ten percent increase in leads, and at a fraction
of the cost, And so the insight completely changed their
growth strategy. Another critical number most businesses tracked is their
sales per direct labor hour, and this is particularly important
for service businesses and businesses in the grades. When we
(30:39):
analyze where time is being spent in a business, we
often find that certain services, clients, or activities actually losing
money when you factor in the true cost of time.
The roofing company offered three different service packages, and when
they calculated their sales per hour for each package, we
(31:00):
discovered that their entry level package, which they used primarily
as a lead generator, was actually losing money. But slightly
restructuring this package and raising its prices, they turned it
from a money loser into and raising its price. They
turned it from a money loser into a profit center
(31:21):
while still maintaining its role as a lead generator. And
this brings me to another crucial point about knowing your numbers.
They tell you which clients, products or services you should
focus on and which ones you should consider picking to
the curb or eliminating. A retailer carried over two hundred
different products. When she analyzed her profit her product she
(31:47):
discovered that just thirty seven products generated eighty three percent
of our profits. Many of the remaining products were either
breaking even or losing money. And when you factor it
in inventory cost, shelf space, and management time. By eliminating
that bottom fifty percent of products and expanding the top performers,
they increase their profits by forty percent without adding a
(32:10):
single new customer. Got to know your numbers, There's a
question from a listener, Michael. Many business owners find financial
numbers intimidating. I agree, How can they overcome this fear
and stop making data driven decisions. We'll start with what
(32:34):
I call number one I'm sorry, what I call the
one number challenge. So you pick just one metric. I
recommend gross profit margin because it's really revealing. If you
just track track that daily for two weeks, understand what
your gross profit marget is on each sale for two weeks,
(32:55):
just that single number every day, you'll quickly see patents patterns,
you'll develop insights, and once you're comfortable with that, just
add another metric. Soon you've developed this financial rhythm that
becomes second nature. You've got to remember that financial clarity
(33:16):
isn't about becoming an accountant. It's about having the data
you need to make confident and strategic decisions. Another question.
You mentioned the vital five numbers, but what about cash flow?
How important is that for a small business? Well, it's critical.
(33:39):
In fact, poor cash flow management kills more businesses than
poor profitability. But that's why the current cash balance is
one of your vital five. But beyond that, every business
should have a thirteen week rolling cash flow forecast. And
this is a week by week projection of your expected
cash flows and outflows, sorry, expected inflows and outflows. And
(34:02):
it gives you an early warning of potential cash crunches,
and it allows you to take proactive steps. It gives
you time to make those steps instead of to all
of a sudden waking up one morning and you have
nothing in the company bank account on Wednesday, in a
payroll door on Friday. Got to remember, profit isn't the
same as cash. Many profitable businesses have gone under because
(34:26):
they ran out of cash. I always tell clients revenue
is vanity, profit is sanity, but cash is reality. So
before I continue the discussion, we're going to take a
ninety second break. Hey, their business owners, let me ask
you something. Are you tied of blending in with your competitors?
(34:48):
Frustrated with slow growth and slim margins?
Speaker 4 (34:51):
Oh, I've gotten news for you.
Speaker 3 (34:53):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (34:58):
Don't worry.
Speaker 3 (34:59):
I'm here to let you went on a secret weapon.
Your position of market dominance. It's what sets you apart,
makes you irreplaceable, and has customers lining up at your door.
My name is Michael barber Rita from Next Step CFO.
I know what you're thinking. Sounds great, Michael, how do
I find my position of market dominance? Well, that's exactly
(35:20):
why we've created our game changing impleitation program called Next
Step to Market Dominance. In just ninety days, we'll guide
you step by step to a position of market dominance
by encovering your unique strengths that competitors can't touch, By
crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go to.
Speaker 4 (35:41):
Expert in your field.
Speaker 3 (35:42):
Now this is in theory. These are battle tested strategies
that have helped businesses like you as double, triple and
quadruple their revenue. Don't let another quarter go by struggling
to standout. It's time to dominate your market period. Go
to NEXTSTEPCFO dot Nex forward slash Contact. Fill out the
form and in the message section put the word dominate
(36:06):
or call us at seven eighty one three two six
three eight two two. That's next STEPCFO dot Net forward
slash Contact or call us at seven eight one three
two six three eight two two. Welcome back to powerful
business Strategies, and once again, remember you can catch all
of our replays at Powerful Business strategies dot com. So
(36:28):
now let's explore the six major mistake that's causing businesses
one hundred thousand dollars or more, and that is misunderstanding
the buyer's journey. This mistake is so costly because you're
missing out on ninety seven to ninety nine percent of
your potential market. And here's that startling fact that most
business owners don't realize at any given moment, in any market,
(36:52):
at any time, only one to three percent and by
the way, any industry, only one to three percent of
your potential market is ready to buy. Now. Everybody's going
after that one to three percent. We call these people
the now buyers. The remaining ninety seven to ninety nine
percent are somewhere in their journey. They're researching, they're considering
(37:14):
their options, or maybe not even aware they have a
problem yet until somebody makes them aware they have a problem.
Think about that. But here's where most businesses go wrong,
and I just said that earlier. They focus on their
all their marketing efforts on capturing that one to three
percent of now buyers, completely ignoring the ninety seven to
ninety nine percent who will eventually buy, just not right now.
(37:38):
So let me give you an example. All Improvement Company
was spending thousands on direct response advertising with offers like
call today for a free estimate, which, by the way,
is I hope so marketing that everybody. Everybody says that,
And this approach was targeting only those homeowners who were
(37:59):
ready for a price right now, the now buyers. When
she analyzed her market, she discovered that the average homeowner
only does a major renovation every seven to ten years,
and by focusing only on now buyers, they were ignoring
ninety percent plus of their potential market. And so to
(38:19):
understand why this is such a costing mistake, you need
to understand the four stages of the buyer's journey. But
it stops without awareness. The prospect realizes they have a
problem or opportunity and they look at what's out there,
so they're just really an investigation phase. Second is consideration,
so the prospect begins researching potential solutions and asking themselves
(38:45):
why they should buy, what are the benefits. That's the
next step in this information gathering, this journey that buyers
go down. Third is objections. Well, you know, the prospect
evaluates specific objections and providers and starts thinking about what
the objections are and why they shouldn't buy, and finally
(39:08):
they're ready to take action. And the prospect not only
makes a purchase decision, but they decide who they should
buy from. And most businesses only market to prospects who
are at the end of the journey. But by the
time a prospect reaches these stages, they've already formed strong
opinions and preferences. If you haven't been part of their
(39:31):
journey from the beginning, you're going to be fighting an
uphill battle. This is why understanding and marketing to all
stages of the body's journey is so critical. And so
let me show you how to do this effectively. So
to do this effectively, you need to use what's called
a drip campaign. Now a drip campaign. And by the way,
there's a lot of people who are against all this,
(39:52):
but we've seen this work time and time again. This
is a very productive strategy. A drift campaign is an
automated seat when it's evaluated, communication sent directly to the
prospect or client or customer or patient. And the drift
campaign follows the buyer's journey and communicates with customers or
prospects on a predetermined and scheduled basis that nurses the
(40:17):
relationship through the various stages of education to purchase the
bias journey. So, now here's the most critical part. Your
drift campaign needs to use the conversion formula throughout the
campaign in order to get a faster decision and conversion
from the prospect to be a customer. You see, what
we found is that it takes up to one hundred
(40:38):
touch points to convert someone to a customer while they're
on the buyer's journey. But but if you use the
conversion formula, which we've talked about time and time again
in previous shows, and we have a show strictly dedicated
to it, If you use a conversion formula in the
drift campaign, eighty percent of the time the touch points
(41:01):
reduced to between five and twelve touch points versus eighty
to one hundred. So you must use the conversion formula.
Captivate the problem the customer has doesn't want fascinate the
solution they want they can't find, educate why your solution
works so famously, and then close, I offer that's so
(41:21):
compelling that they can't say no. For a question from
a listener, Michael, this makes so much sense. But how
can a small business with limited resources effectively market to
all these stages? Well, simply setting up a drip campaign
on a constant in constant contact or mail chip or
(41:44):
any other mailing platform that can give you the metrics
that you need, like open rates and click through rates
and those types of things. It's very cost effective. It
is the messaging that's important, and using the conversion formula
will give you the right messaging. In addition, by the way,
one of the most powerful tools for capturing prospects early
(42:06):
in their buyer's journey is generating a lead magnet. So
a lead magnet is a valuable piece of information that
you'll offer for free in exchange for their contact information,
and this allows you to begin building a relationship with
prospects long before they're ready to buy. For example, that
of the home improvement company I spoke of earlier created
(42:30):
a guide called seven critical Mistakes to avoid when planning
your home renovation. This resource was valuable the homeowners in
the early stages of thinking about a renovation. No they
weren't ready to buy now, but became part of their
knowledge base and research base. The awareness and consideration stages
(42:50):
of the buyer's journey and by capturing these prospects early,
they were able to nurture the relationship until the inspect
was ready to move forward with a project. And so
let me share a case study that shows the power
this approach to A B to B software company was
(43:11):
spending ten grand a month on Google ads targeting now buyers.
Their conversion rate from an ad click to sale was
about a half of a percent, meaning that ninety nine
and a half percent of their ad spend was generating
clicks but no immediate sales. When they implemented a comprehensive
(43:32):
lead magnet and a drip campaign strategy to go along
with it, using the conversion formula, they were able to
capture contact information from fifteen percent of those ad clicks,
and over the next twelve months, their drip can campaign
converted twenty percent of those leads into customers. This increased
their overall conversion rate from half a percent to three
(43:54):
and a half percent, which is a six hundred percent
improvement without spending at this without spending an additional penny
on advertising. And here's what makes drift campaign so effective.
They establish you as a trusted advisor early in the
buyer's journey. They allow you to stay top of mind
(44:15):
until the prospect is ready to buy. They educate prospects
on the value you provide, They frame the buying criteria
in your favor, and they position you as the logical
choice when the prospect is ready to buy. But here's
where most businesses go wrong with their drift campaigns. They
(44:38):
make them two sales focused. Effective drift campaigns to be
eighty percent education twenty percent promotion, and they should provide
genuine value at each stage of the journey. And remember,
if you use the conversion formula by Osmosis, you should
be able to accomplish those percentages. Another question from a
(45:00):
a listener, UH, Michael, you mentioned the importance of capturing
prospects early in their buyer's journey. What types of lead
magnets work best for small business as well? That's a
that's a good question. The most effective lead magnets directly
address a specific problem your ideal client's face. You notice
(45:23):
a pattern and identifying that the problem the customer has
doesn't want throughout these series of shows, and and and
even even in this UH discussion that we're having today,
they should be quick to consume these these lead magnets,
but provide a meaningful solution or insight for service businesses.
(45:44):
I recommend we call the perfect lead magnet magnet formula.
So you identify the biggest mistake your prospects make, create
a guide on how to avoid it, and offer it
for free. For example. This is really this is something
that's worked very effectively the five costly this mistakes business
owners make when selling their company. That's just one example.
This type of lead bad magnet not only attracts prospects
(46:07):
but also preframes them to value your expertise. Another question,
can you review the conversion formula again? Well, that's a
great question. By the way, we have an entire show
on the conversion formula at Powerful Business Strategies dot com.
But here's the cliff notes version. The key to successful
(46:31):
marketing is you have to get into the minds of
your prospects. How do you do that? We'll not mind meetings.
So getting into the mind of your prospects is based
on two emotional issues. That's the problem they have they
don't want, and a solution they want they can't find.
If you accomplish that, you get into the mind of
your prospect So we created the conversion formula, which is
(46:51):
a formula that has to be done in the exact
order or it doesn't work. For example, water, as we
all know, the formula is H two oh pot's hydrogen
one pot oxygen. If you have one pot hydrogen and
one pot oxygen, you don't have water. So, like any
other formula, the conversion formula has to be followed in
the exact order, and it starts with to captivate, which
(47:13):
is the problem that the customer has. It doesn't want.
It's usually a problem or frustration they have with the industry.
Look there. First, there's a systematic way that that we
use to identify this problem by the way. Next step
is in the formula is captivate, where we identify the
unique solution to the problem that they can't find. Next
(47:34):
step is educate, where we now educate the prospect on
how the solution works and why it's so effective. And
then the final step, which is an offer that has
to be so compelling that the prospect can turn it down.
We have a whole show on what makes up a
compelling offer. So before I continue this discussion, we're going
to take a quick ninety second break. Hey, their business owners.
(47:56):
Let me ask you something. Are you tied of blending
in with your editors, frustrated with slow growth and slim margins.
Speaker 4 (48:03):
Well, I've got news for you.
Speaker 3 (48:05):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (48:10):
Don't worry.
Speaker 3 (48:11):
I'm here to let you in on a secret weapon,
your position of market dominance. It's what sets you apart,
makes you irreplaceable, and has customers lining up at your door.
My name is Michael Barber Rita from Next Step CFO.
I know what you're thinking. Sounds great, Michael, How do
I find my position of market dominance? Well, that's exactly
(48:32):
why we've created our game changing implementation program called Next
Step to Market Dominance. In just ninety days, we'll guide
you step by step to a position of market dominance
by uncovering your unique strengths that competitors can't touch, by
crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
(48:52):
to expert in your field.
Speaker 4 (48:54):
Now this is in theory.
Speaker 3 (48:56):
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
let another quarter go by struggling to stand out, It's
time to dominate your market period. Go to NEXTSTEPCFO dot
net forward slash contact. Fill out the form and in
the message section put the word dominate or call us
(49:19):
at seven eight one three two six three A two two.
That's next STEPCFO dot net forward slash contact or call
us at seven eight one three two six three A
two two. Welcome back to powerful business strategies. And as
we wrap up today's show, let's summarize the one hundred thousand
dollars mistakes that we uncovered in the second part of
(49:39):
our series, and more importantly, the solutions that can transform
these costly mistakes into profit opportunities. First, we discuss the
expensive mistake of undervaluing yourself and your services. Remember, customers
don't say no to you, they say no to themselves.
People only say yes when the value they perceive exceeds
the price they're paying. By building value before presenting price,
(50:02):
implementing tiered pricing options, and focusing on the outcomes you
deliver rather than the time you spend, you can significantly
increase your prices while actually improving your closing rate. Second,
we uncovered how not knowing your numbers is silently draining
profits from your business. Remember your vital five. Every business
owner must know fales, gross profit, gross profit percent, net profit,
(50:24):
and your current cash balance. Beyond these basics, understanding metrics
like customer acquisition costs and lifetime value and your revenue triangle,
the conversion rate, average transaction value, frequency of purchase. This
gives you the insights you need to make data driven decisions. Third,
we tackle the most costly mistake of misunderstanding the buyer's journey. Remember,
(50:46):
only one to three percent of your potential market is
ready to buy now. By creating marketing strategies that capture
prospect every stage of their journey, can build relationships with
a ninety seven ninety nine percent who will eventually by
use lead magnets and drip campaigns to let you do this.
To get a copy of the book Powerful Business Strategy,
(51:08):
simply go to our website www dot NEXTSTEPCFO dot net.
It's totally complementary and until next Monday at noon Eastern time.
But chuky obio. My name is Michael Barberita, and remember,
don't keep doing what your competition is doing.
Speaker 2 (51:25):
You have been listening to Powerful Business strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on w four CY Radio with your host Michael
Barberita of Next Step CFO and moderator chugy Obio
The topics and opinions expressed in the following show are
solely those of the hosts and their guests, and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W FOURCY Radio
or its employees are affiliates. Any questions or comments should
be directed to those show hosts. Thank you for choosing
(00:21):
W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here's your host,
(00:47):
President of Next Step CFO Michael Barbarita, and joining Michael
for today's show as an executive moderator is Chooky Obia.
Speaker 3 (01:00):
We're welcome to Powerful Business Strategies. You know, the reason
why you don't hear that more energized voice of Chucky
Obio welcoming you all to the show is because Chucky's
wife and Chucky recently welcomed their first baby, chelseydese Obio,
to the world, So congratulations to Chucky and his wife,
and Chucky will be on leave for a while in
the meantime. My name is Michael Barber Rita, President of
(01:22):
NeXTSTEP CFO, and next Step CFO is a fractional CFO
and strategic implementation firm. Business owners hire us the double
and triple their profit through implementing business and financial strategies
that their competition isn't doing. Our vision is to ensure
overwhelmed business owners achieve the time, freedom and consistent profits
to build a legacy and the life the desire and
(01:45):
our mission is dedicated to guiding those small business owners
to leveraging their time, exploding their profits, and building a
meaningful legacy. So the show powerful business strategies in our
book of the same name is a step toward accomplishing
that vision and mission. Chocky and I are both affiliated
with a number of different organizations. Chocky currently serves as
(02:07):
the managing director of business development for Better Price, a
global business focused law firm, and in addition to that,
Cheecky and I collaborate to moderate business roundtables around the
country and around the world and document those insights as
part of our book Powerful Business Strategies. But please note
that the views expressed on this show are our personal
(02:30):
views based on our own successful experiences, and it's something
that i'd like to share that I've announced previously. If
you have a business problem that you'd like us to answer,
or a question, a business question or a strategy that
you'd like to ask about, please email us at ask
at NEXTSTEPCFO dot net. Now it doesn't matter what the
(02:52):
business problem is or what the question is, and we
will answer it for you. And there are a couple
things that we ask them. One, please state whether it
is something we can answer on the air or if
it's confidential. Of course, if it's confidential, we won't put
it on the air. And number two, please provide your
phone number because business problems can be complex and so
(03:12):
we might need a little bit more context or clarity.
That email address again is ask at NEXTSTEPCFO dot net.
And I want to point out that we've had a
couple of people with questions that we were able to answer,
but they did request confidentiality, which we will always honor.
(03:33):
You know, we business owners wake up each morning, most
of us think about our goals, our struggles, our own journey.
We make lists of what we need to accomplish, worry
about our deadlines, and focus on our personal growth. And
while self improvement and personal growth is very important, I
want to challenge you today to think bigger, to think
(03:53):
beyond yourself, because here's the truth that many of us overlook.
Every skill you're developing, every obstacle you're overcoming, every lesson
you're learning, it's not just for you. The universe has
a bigger plan for your talents. Think about it. Why
were you given your specific abilities? Why do you have
(04:16):
your unique combination of experiences. Why do you feel drawn
to certain paths while others don't. The answer is deceptively simple,
yet very profound. You were built to be the solution
to someone else's problem. Your struggles are preparing you to
(04:37):
understand someone else's pain. Your victories are teaching you how
to guide others to their own success. Right now as
I speak, someone out there is facing a challenge that
only your unique perspective can help them overcome. You are
the prescription for someone's pain. You know. Every morning, entrepreneurs
(05:02):
across the country wake up facing the same question is
it all worth it? The late nights, the constant pressure,
the never ending challenges. Sometimes it feels like pushing a
boulder uphill. But here's what separates extraordinary business owners from
the rest. They understand that challenges aren't obstacles. They're opportunities
disguised as problems. Every successful business owner I've ever worked
(05:27):
with didn't succeed because they avoided mistakes. They succeeded because
they learned to convert those mistakes into stepping stones. Today,
we're continuing our journey into the costly mistakes that could
be draining one hundred thousand dollars or more from your business.
Not to make you feel bad about these mistakes, but
(05:48):
to show you how to turn them into your greatest
competitive advantages. Because when you fix what your competition doesn't
even realize is broken, and breakthrough and success really happens.
So today we're continuing our explanation of one hundred thousand
dollars mistakes that could be silently draining profits from your business.
(06:12):
Last week, we covered three major mistakes not speaking your
customer's language, not doing things in the right or doing
things in the wrong order, and having no way to
separate yourself from your competitors. The response was overwhelming, so
many of you reached out to share how identifying these
mistakes has already begun to improve your business. So today
(06:35):
we're going to dive into three more critical mistakes that
could be causing you one hundred thousand dollars or more
each year. First, we'll explore how undervaluing yourself and your
services is creating a profit leak that most business owners
don't even realize. We'll show you a conintuitive approach to
pricing that actually attracts better clients while increasing your profit margins. Second,
(07:01):
we'll tackle one of the most yet well most common,
yet devastating mistakes, not knowing your numbers. Now, most business
owners are flying blind when it comes to their financial metrics,
making decisions based on good feeling rather than concrete data.
We reveal the vital five numbers every business owner should
(07:23):
know and every business owner must go and I understand
how understanding these numbers can dramatically improve your decision making.
And Third, will uncover how not understanding the bias journey
is causing you to leave ninety seven percent of your
potential market untapped. We'll show you how to capture prospects
(07:45):
at every stage of their buying decision, not just the
small one to three percent of people who are ready
to buy the day. And these mistakes on theory, they're
real issues. They're real issues that we've encountered working with
hundreds of businesses across dozens of industries. And here's the
good news. Like we said last week, they're completely fixable.
(08:10):
These mistakes are completely fixable. What's truly exciting is that
when you correct these mistakes, you're not just saving money,
you're creating new opportunities for growth that competition is even
aware of. And this is this is about turning problems
into profit centers. So grab that pen and paper, because
(08:31):
you're about to discover why everything you've ever learned about
growing your business is wrong, and more importantly, what to
do about it. Remember, if you're driving, don't grab that
pen and paper. Listen to the recording at Powerful business
Strategies dot com. So, as I mentioned, we talked about
three major mistakes, so let's dive in. We've already talked
(08:53):
about the three major mistakes last week, so let's dive
into that fourth major mistake, costing businesses one hundred thousand
dollars more, and that's undervaluing yourself and your services. This
is perhaps the most persuasive mistake I see across, pervasive
mistake that I see across nearly every industry and business size.
(09:15):
And here's a startling fact. According to our research, over
eighty percent of businesses are underpricing their products or services
by at least five to twenty percent. So for a
business doing a half a million in annual revenue, that's
twenty five thousand to one hundred thousand dollars right there.
So let me share a recent example that really drives
(09:37):
this home. A consultant in the manufacturing space was charging
one hundred and twenty five dollars an hour for his services.
This rate was considered to be the industry's standard, and
it was what everybody else was charging. And when he
analyzed the value he was delivering to his clients, he
discovered his that he was regularly saving them between fifteen
(09:58):
one hundred and fifty thousand operational cost. Yet he was
pricing his services based on his time, not the value
that he delivered. And this is where most business owners
are wrong. They price based on the cost or their
time rather than the value they create for their customers.
(10:19):
It's a fundamental misunderstanding of how pricing actually works. So
let me be crystal clear about this. Customers don't say
no to you, They say no to themselves. People only
say yes to themselves when the value they believe they're
getting exceeds the price that they're paying. The key word
(10:39):
here is believed, because it's about perceived value, not just
the actual value. And this is why demonstrating value is
so critical to your pricing strategy. Most of the business
owners simply state their prices without properly building the value first.
When you've failed to build value, twce becomes the only consideration.
(11:02):
So here's a framework for building value that allows you
to charge premium prices. First, identify and quantify the specific
problems that your product or service solves. Second, demonstrate the
cost of those problems going unsolved. Third, show the unique
(11:24):
approach you take to solving those problems. Fourth, provide proof
that your approach works. And five only then should you
present your price, which should now seem not only reasonable,
but a bargain in comparison the value that you're delivering.
And so let me give you a real life example
(11:45):
of how this works. A marketing agency was charging three
thousand a month for their services, right in line with
their competitors. But by implementing this value building framework, they
were able to increase their prices to five thousand a
month while actually in increasing their closing rate. Wow, how
do they do that? Well? They stop talking about deliveris
(12:06):
like deliverables like social media management and email marketing, and
instead they focused on business outcomes that they created, like
we help manufacturing companies generate between fifteen and twenty five
qualified leads per month with an average client value of
twelve thousand dollars. Suddenly, five thousand seem like a value
(12:27):
compared to the sorry, it seemed like a bargain compared
to the value that they were delivering, and of course
they were able to prove that in their presentation. And
this brings me to an important point about pricing psychology.
There's a concept called price anchoring that dramatically affects how
(12:49):
people perceive your prices. When you present a price without context,
people will compare it to whatever reference point they have
available and usually guess what it's their competitives prices. But
when you control the reference point by establishing the value,
you deliver First, you change the entire dynamic, the entire
(13:14):
context of the price discussion. For example, if you're a
business coach, let's say and you say my coaching program
is ten thousand dollars, Well, that might seem expensive in isolation,
but if you first established that your typical clientcy is
a fifty thousand dollars increase in profit after working with you, well,
suddenly ten thousand seems not only like a reasonable investment,
(13:36):
but like a bargain. We're getting a question from a listener, Michael.
Many business owners worry that raising their prices will drive
away customers. Oh yeah, how do you address that concern? Well,
that is a common fear. But here's what's interesting. When
you raise your prices strategically, you typically lose the clients
(13:59):
you don't want to anyway, The price sensitive clients who
demand the most time, cause the most headaches. Theyre usually
the first to go, and they're replaced by clients and
customers who value quality, results and expertise. Clients and customers
who are actually easy to work with and more appreciative
(14:22):
of what you do. Remember, your goal is it to
work with everyone, is to work with the right people
who value what you deliver. And here's the other thing.
If you were with NeXTSTEP CFO, we have a spreadsheet
that will show you how many customers you can afford
to lose and maintain the same profit you had before
the price increase. Many business owners overcome their fear of
(14:46):
driving away customers when they understand how many customers they
can afford to lose. So here's another critical aspect of
value based pricing. Different customers perceive value differently. This is
why a one size fits all pricing is almost always
a mistake. So instead, consider implementing tiered pricing options that
(15:13):
allowed customers to self select based on their perception of value.
Some people call this a good, better best model. A
software company implemented this strategy by offering three different tiers
of service. What was a basic package, which was their
good nineteen ninety seven per year, a Premium package which
was there better at three thousand, nine ninety seven per year,
(15:36):
and their best was a VIP package at seven nine
and ninety seven dollars per year. Before this change, they
were offering only one option at twenty five hundred dollars.
After implementing this tiered pricing, their average sale increased of
forty two hundred dollars, a sixty eight percent increase. Why Well,
(15:58):
because different customers value different things, and tiered pricing allows
them to choose based on what they value the most.
But here's where most businesses make another costly pricing mistake.
They focus only on the price itself and ignore the
payment terms. The way you structure your payment terms can
(16:19):
have a massive impact on both your close rate and
your cash flow. There was a business consultant who was
charging twelve thousand dollars for a six month engagement, all
due upfront. By simply changing to a monthly plan of
twenty two hundred dollars a month, which is slightly higher
than the total of twelve thousand dollars spread out over
(16:41):
the six months, they increase their clothes rate by thirty
five percent. Same same service, same value, just different payment terms.
The bottom line is this undervaluing yourself isn't just about
leaving money on the table with each sale. It's a
compounding negative effect on your entire business. It attracts price
(17:05):
sensitive clients who tend to be more demanding. It forces
you to take on more clients to make the same profit.
It creates cash flow problems that limit your ability to
invest in growth. It positions you as a commodity rather
than a premium provider, and it creates a vicious cycle
(17:26):
where you feel you need to work harder for less money.
Here's a question from a listener, Michael, what's the first
step of business owners should take if they suspect they're
undervaluing their services? The question The first step, Well, that's
what I call the first step is what I call
(17:48):
a value on it. You make a list of the
specific outcomes that your product or service creates for your customer,
and you'd be as detailed and quantifiable as possible. Sample,
don't just say it saves time, say it saves five
hours per week. And don't say increases revenue, say increases
revenue by fifteen to twenty percent. Then calculate the monetary
(18:12):
value of these outcomes, and once you see the actual
value creating, you'll have the confidence the price accordingly. Another
question from a listener, what about businesses in highly competitive
markets where customers seem extremely priced sensitive, how can they
(18:34):
implement value based pricing? Well, that's where your position of
market dominance becomes absolutely crucial. So instead of competing in
the same market space, as everyone else cover a unique niche.
For example, instead of being just another accountant in a
crowded market, become the account who specializes in helping e
commerce businesses reduce their tax liability by twenty five percent
(18:56):
or more. Suddenly you're not competing with every account You're
the specialist with specific expertise and proven results. This allows
you to command much higher prices, even in supposedly high
sensitive markets. So before I continue this discussion, we're going
(19:19):
to take a ninety second break. Hey, their business owners,
let me ask you something. Are you tied of blending
in with your competitors, frustrated with slow growth and slim margins?
Speaker 4 (19:30):
Well, I've got news for you.
Speaker 3 (19:32):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (19:37):
Don't worry.
Speaker 3 (19:38):
I'm here to let you in on a secret weapon,
your position of market dominance. It's what sets you apart,
makes you irreplaceable, and has customers lining up at your door.
My name is Michael Barberrita from NeXTSTEP CFO. I know
what you're thinking. Sounds great, Michael, How do I find
my position of market dominance? Well, that's exactly why we
(20:00):
created our game changing implementation program called next Step to
market dominance in just ninety days. We'll guide you step
by step to a position of market dominance by encovering
your unique strengths that competitors can't touch, by crafting a
message that resonates deeply with your ideal customer, by building
a strategy that turns you into the go to.
Speaker 4 (20:20):
Expert in your field. Now this is in theory.
Speaker 3 (20:23):
These are battle tested strategies that have helped businesses like
yours double, triple, and quadruple their revenue. Don't let another
quarter go by struggling to standout. It's time to dominate
your market. Period. Go to NEXTSTEPCFO dot net forward slash contact.
Fill out the form and in the message section put
(20:43):
the word dominate or call us at seven eight one
three two six three A two two. That's next STEPCFO
dot net forward slash contact or call us at seven
eight one three two six three A two two back.
So now let's tackle the fifth major mistake costing businesses
(21:06):
one hundred grand or more each year. And this one's
kind of close to my heart because as a CFO
as well as a strategic implementation strategist, not knowing your
numbers is the mistake and it might seem basic, but
if you'll be shocked how many successful looking businesses are
flying blind when it comes to their finances. And let
(21:29):
me also share this. When we survey business own owners,
only fifteen percent can tell us what their gross profit
margin is off the top of their head. That's really
really bad. By the way, only five percent know their
customer acquisition cost, and fewer than five percent can tell
us what the lifetime value of our customers. Yet these
are the fundamental metrics that should be driving every business decision.
(21:53):
So here's a startling example. We recently worked with a
company that was spending twenty grand a month on a
marketing camp campaign that they thought was working well. When
we dug into those numbers, we discovered that they were
spending three hundred and twenty dollars to acquire each customer,
but the average initial purchase was only two hundred and
eighty dollars. Well, at first glance, they're losing forty dollars
(22:16):
on every new customer, and actually they're actually in this
particular case, they're they're really losing more. Because you lose
your gross you have to start with your gross profit
when you compare it to your customer acquisition costs. But
the only way this could possibly make sense is that
they had a clear understanding of their customer lifetime value
(22:37):
and retention, which they did not. Let me give you
a great personal example. So when I was in the
frozen cookie dough business, the problem that the customer had
was they didn't want to waste valuable oven space baking cookies.
(22:57):
You're a pizza polla. You want to focus on the
pizza in the oven, not cookies in the oven. So
what we did to solve that problem is with each
opening order, we gave them a free convection oven, which
so they could bake the cookies and not utilize that
(23:19):
valuable oven space. Oh boy, but here here are the metrics.
The opening order of these companies averaged between fifty and
one hundred dollars, while the convection oven, which I gave
to them right up front, cost US two hundred dollars.
(23:40):
So we had the same situation as the marketing company
just described. However, we knew what the lifetime value of
a customer was. It was five grand. So based on that,
and we were confident in our product based on that,
we'd do that all day long because we know that
the customer would keep reordering, and that the bad to
the customer was without weigh our initial investment in the
(24:04):
convection of it up by a lot, by the way,
So here's something you must do at a minimum. I
know you all hate numbers, and I tell every business
owner that they must know what I call the vital
five numbers. Fiales second gross profit, third gross profit percentage,
(24:27):
fourth net profit, and five your current cash balance. These
five numbers should be burning in your memory. You should
know these numbers as well as you know your own birthday.
And if you don't, you're making decisions based on guesswork
(24:48):
rather than data. And let me put this in perspective.
So imagine driving a car with a sphaenomenon. The fuel
gauge and all of their instruments are completely covered up.
Now you might be able to drive for a while,
but eventually you're going to run out of gas, you
get a speeding tech it or worse. And that's exactly
(25:08):
what running a business without knowing your numbers is like.
But knowing these basic numbers, this vital five, is just
a starting point. But at least get those down. But
to truly optimize your business, you need deeper financial clarity,
and here's some of the key metrics every business should track.
(25:28):
Number one is customer acquisition cost. If you watch Shock Tank,
they're always asking what the customer acquisition cost is because
it's a decision making metric. Second is the lifetime value
of a customer. How much revenue does that customer average
over a lifetime with you? And then there's a ratio
(25:49):
called lifetime value to divided by customer acquisition cost. It's
called the LTVDAC ratio. Some people call it the LTV ratio.
A healthy business typically has a long term value that's
three times their customer acquisition costs, but it does vary
between industries. Gross profit margins, So for every dollar of revenue,
(26:14):
how much is left after the direct and variable costs
of selling that product? Net profit margin? For every dollar
of revenue, how much is left after all costs? Conversion rate?
What percentage of leads become customers? Average transaction value how
(26:35):
much does the average customer spend per purchase? And frequency
of purchase? How often does the average customer buy from you?
Getting a question from a listener there it is, Michael,
This is a lot of numbers to track, but for
a business owner who's currently tracking nothing, where should they start? Actually,
(27:00):
should start by hiring us, because this is what we
go over all of these numbers in our sessions. But
generally start with that vital five no question, and then
graduate to what I call the revenue triangle. That's your
conversion rate, your average transaction value, and the frequency of purchase.
(27:21):
These three numbers are easy to calculate, and understanding these
three numbers will immediately show you where the biggest growth
opportunity lies. You know, is it converting more leads? Is
it increasing your average fail or getting customers to buy
more frequently? The answer will tell you exactly where to
(27:41):
focus first. And here's the thing. Small changes in these
numbers can have a leveraging effect, a massive impact on
your bottom line. And let me show you how that works.
So stay the course with me on this because this
is really vital. Let's say you have let's say hypothetical
business has a twenty five percent conversion rate, So they
(28:03):
have they have one thousand leads, that's two hundred and
fifty new customer, an average transaction value of five hundred dollars,
customers who buy two times per year for frequency, and
you have that thousand leads that I mentioned, So your
annual revenue would be one thousand leads times twenty five
percent conversion times a five hundred dollars average sale times
(28:29):
two purchases per year, it goes about two hundred and
fifty grand. Now get this one, no, stay the course
on this, because what happens if you improve each metric
by just ten percent, So your conversion rate goes from
twenty five percent to twenty seven and a half percent,
Your average transaction with the customer goes from five hundred
(28:50):
to five point fifty customers who will buy to point
two instead of two, It goes up to two point
two times per year. That's a ten percent increase of
the two. And then it's eleven hundred leads per year
instead of one thousand, once again a ten percent increase. Well,
your new annual revenue would be eleven hundred leads times
(29:11):
to twenty seven and a half percent conversion rate times
a five hundred and fifty dollars average sale times two
point two purchases a year. That equals three hundred and
sixty eight thousand. That's a forty seven percent increase from
just a ten percent improvement in those three areas. This
is the power of understanding and leveraging your numbers. Not
(29:33):
just knowing your numbers, but leveraging them. This is understanding
the compound effect that's small incremental changes can have in
just these few areas. But here's the thing. When you
understand your numbers, you can make strategic decisions about way
to invest your resources. So here's an example a service
(29:56):
business that was considering two different growth strategies. One was
increasing their marketing budget to get more leads, second investing
in training to improve their conversion rate. And so when
we analyze these numbers, we discovered that at one percent
increase in the conversion rate would generate more revenue than
(30:18):
a ten percent increase in leads, and at a fraction
of the cost, And so the insight completely changed their
growth strategy. Another critical number most businesses tracked is their
sales per direct labor hour, and this is particularly important
for service businesses and businesses in the grades. When we
(30:39):
analyze where time is being spent in a business, we
often find that certain services, clients, or activities actually losing
money when you factor in the true cost of time.
The roofing company offered three different service packages, and when
they calculated their sales per hour for each package, we
(31:00):
discovered that their entry level package, which they used primarily
as a lead generator, was actually losing money. But slightly
restructuring this package and raising its prices, they turned it
from a money loser into and raising its price. They
turned it from a money loser into a profit center
(31:21):
while still maintaining its role as a lead generator. And
this brings me to another crucial point about knowing your numbers.
They tell you which clients, products or services you should
focus on and which ones you should consider picking to
the curb or eliminating. A retailer carried over two hundred
different products. When she analyzed her profit her product she
(31:47):
discovered that just thirty seven products generated eighty three percent
of our profits. Many of the remaining products were either
breaking even or losing money. And when you factor it
in inventory cost, shelf space, and management time. By eliminating
that bottom fifty percent of products and expanding the top performers,
they increase their profits by forty percent without adding a
(32:10):
single new customer. Got to know your numbers, There's a
question from a listener, Michael. Many business owners find financial
numbers intimidating. I agree, How can they overcome this fear
and stop making data driven decisions. We'll start with what
(32:34):
I call number one I'm sorry, what I call the
one number challenge. So you pick just one metric. I
recommend gross profit margin because it's really revealing. If you
just track track that daily for two weeks, understand what
your gross profit marget is on each sale for two weeks,
(32:55):
just that single number every day, you'll quickly see patents patterns,
you'll develop insights, and once you're comfortable with that, just
add another metric. Soon you've developed this financial rhythm that
becomes second nature. You've got to remember that financial clarity
(33:16):
isn't about becoming an accountant. It's about having the data
you need to make confident and strategic decisions. Another question.
You mentioned the vital five numbers, but what about cash flow?
How important is that for a small business? Well, it's critical.
(33:39):
In fact, poor cash flow management kills more businesses than
poor profitability. But that's why the current cash balance is
one of your vital five. But beyond that, every business
should have a thirteen week rolling cash flow forecast. And
this is a week by week projection of your expected
cash flows and outflows, sorry, expected inflows and outflows. And
(34:02):
it gives you an early warning of potential cash crunches,
and it allows you to take proactive steps. It gives
you time to make those steps instead of to all
of a sudden waking up one morning and you have
nothing in the company bank account on Wednesday, in a
payroll door on Friday. Got to remember, profit isn't the
same as cash. Many profitable businesses have gone under because
(34:26):
they ran out of cash. I always tell clients revenue
is vanity, profit is sanity, but cash is reality. So
before I continue the discussion, we're going to take a
ninety second break. Hey, their business owners, let me ask
you something. Are you tied of blending in with your competitors?
(34:48):
Frustrated with slow growth and slim margins?
Speaker 4 (34:51):
Oh, I've gotten news for you.
Speaker 3 (34:53):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (34:58):
Don't worry.
Speaker 3 (34:59):
I'm here to let you went on a secret weapon.
Your position of market dominance. It's what sets you apart,
makes you irreplaceable, and has customers lining up at your door.
My name is Michael barber Rita from Next Step CFO.
I know what you're thinking. Sounds great, Michael, how do
I find my position of market dominance? Well, that's exactly
(35:20):
why we've created our game changing impleitation program called Next
Step to Market Dominance. In just ninety days, we'll guide
you step by step to a position of market dominance
by encovering your unique strengths that competitors can't touch, By
crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go to.
Speaker 4 (35:41):
Expert in your field.
Speaker 3 (35:42):
Now this is in theory. These are battle tested strategies
that have helped businesses like you as double, triple and
quadruple their revenue. Don't let another quarter go by struggling
to standout. It's time to dominate your market period. Go
to NEXTSTEPCFO dot Nex forward slash Contact. Fill out the
form and in the message section put the word dominate
(36:06):
or call us at seven eighty one three two six
three eight two two. That's next STEPCFO dot Net forward
slash Contact or call us at seven eight one three
two six three eight two two. Welcome back to powerful
business Strategies, and once again, remember you can catch all
of our replays at Powerful Business strategies dot com. So
(36:28):
now let's explore the six major mistake that's causing businesses
one hundred thousand dollars or more, and that is misunderstanding
the buyer's journey. This mistake is so costly because you're
missing out on ninety seven to ninety nine percent of
your potential market. And here's that startling fact that most
business owners don't realize at any given moment, in any market,
(36:52):
at any time, only one to three percent and by
the way, any industry, only one to three percent of
your potential market is ready to buy. Now. Everybody's going
after that one to three percent. We call these people
the now buyers. The remaining ninety seven to ninety nine
percent are somewhere in their journey. They're researching, they're considering
(37:14):
their options, or maybe not even aware they have a
problem yet until somebody makes them aware they have a problem.
Think about that. But here's where most businesses go wrong,
and I just said that earlier. They focus on their
all their marketing efforts on capturing that one to three
percent of now buyers, completely ignoring the ninety seven to
ninety nine percent who will eventually buy, just not right now.
(37:38):
So let me give you an example. All Improvement Company
was spending thousands on direct response advertising with offers like
call today for a free estimate, which, by the way,
is I hope so marketing that everybody. Everybody says that,
And this approach was targeting only those homeowners who were
(37:59):
ready for a price right now, the now buyers. When
she analyzed her market, she discovered that the average homeowner
only does a major renovation every seven to ten years,
and by focusing only on now buyers, they were ignoring
ninety percent plus of their potential market. And so to
(38:19):
understand why this is such a costing mistake, you need
to understand the four stages of the buyer's journey. But
it stops without awareness. The prospect realizes they have a
problem or opportunity and they look at what's out there,
so they're just really an investigation phase. Second is consideration,
so the prospect begins researching potential solutions and asking themselves
(38:45):
why they should buy, what are the benefits. That's the
next step in this information gathering, this journey that buyers
go down. Third is objections. Well, you know, the prospect
evaluates specific objections and providers and starts thinking about what
the objections are and why they shouldn't buy, and finally
(39:08):
they're ready to take action. And the prospect not only
makes a purchase decision, but they decide who they should
buy from. And most businesses only market to prospects who
are at the end of the journey. But by the
time a prospect reaches these stages, they've already formed strong
opinions and preferences. If you haven't been part of their
(39:31):
journey from the beginning, you're going to be fighting an
uphill battle. This is why understanding and marketing to all
stages of the body's journey is so critical. And so
let me show you how to do this effectively. So
to do this effectively, you need to use what's called
a drip campaign. Now a drip campaign. And by the way,
there's a lot of people who are against all this,
(39:52):
but we've seen this work time and time again. This
is a very productive strategy. A drift campaign is an
automated seat when it's evaluated, communication sent directly to the
prospect or client or customer or patient. And the drift
campaign follows the buyer's journey and communicates with customers or
prospects on a predetermined and scheduled basis that nurses the
(40:17):
relationship through the various stages of education to purchase the
bias journey. So, now here's the most critical part. Your
drift campaign needs to use the conversion formula throughout the
campaign in order to get a faster decision and conversion
from the prospect to be a customer. You see, what
we found is that it takes up to one hundred
(40:38):
touch points to convert someone to a customer while they're
on the buyer's journey. But but if you use the
conversion formula, which we've talked about time and time again
in previous shows, and we have a show strictly dedicated
to it, If you use a conversion formula in the
drift campaign, eighty percent of the time the touch points
(41:01):
reduced to between five and twelve touch points versus eighty
to one hundred. So you must use the conversion formula.
Captivate the problem the customer has doesn't want fascinate the
solution they want they can't find, educate why your solution
works so famously, and then close, I offer that's so
(41:21):
compelling that they can't say no. For a question from
a listener, Michael, this makes so much sense. But how
can a small business with limited resources effectively market to
all these stages? Well, simply setting up a drip campaign
on a constant in constant contact or mail chip or
(41:44):
any other mailing platform that can give you the metrics
that you need, like open rates and click through rates
and those types of things. It's very cost effective. It
is the messaging that's important, and using the conversion formula
will give you the right messaging. In addition, by the way,
one of the most powerful tools for capturing prospects early
(42:06):
in their buyer's journey is generating a lead magnet. So
a lead magnet is a valuable piece of information that
you'll offer for free in exchange for their contact information,
and this allows you to begin building a relationship with
prospects long before they're ready to buy. For example, that
of the home improvement company I spoke of earlier created
(42:30):
a guide called seven critical Mistakes to avoid when planning
your home renovation. This resource was valuable the homeowners in
the early stages of thinking about a renovation. No they
weren't ready to buy now, but became part of their
knowledge base and research base. The awareness and consideration stages
(42:50):
of the buyer's journey and by capturing these prospects early,
they were able to nurture the relationship until the inspect
was ready to move forward with a project. And so
let me share a case study that shows the power
this approach to A B to B software company was
(43:11):
spending ten grand a month on Google ads targeting now buyers.
Their conversion rate from an ad click to sale was
about a half of a percent, meaning that ninety nine
and a half percent of their ad spend was generating
clicks but no immediate sales. When they implemented a comprehensive
(43:32):
lead magnet and a drip campaign strategy to go along
with it, using the conversion formula, they were able to
capture contact information from fifteen percent of those ad clicks,
and over the next twelve months, their drip can campaign
converted twenty percent of those leads into customers. This increased
their overall conversion rate from half a percent to three
(43:54):
and a half percent, which is a six hundred percent
improvement without spending at this without spending an additional penny
on advertising. And here's what makes drift campaign so effective.
They establish you as a trusted advisor early in the
buyer's journey. They allow you to stay top of mind
(44:15):
until the prospect is ready to buy. They educate prospects
on the value you provide, They frame the buying criteria
in your favor, and they position you as the logical
choice when the prospect is ready to buy. But here's
where most businesses go wrong with their drift campaigns. They
(44:38):
make them two sales focused. Effective drift campaigns to be
eighty percent education twenty percent promotion, and they should provide
genuine value at each stage of the journey. And remember,
if you use the conversion formula by Osmosis, you should
be able to accomplish those percentages. Another question from a
(45:00):
a listener, UH, Michael, you mentioned the importance of capturing
prospects early in their buyer's journey. What types of lead
magnets work best for small business as well? That's a
that's a good question. The most effective lead magnets directly
address a specific problem your ideal client's face. You notice
(45:23):
a pattern and identifying that the problem the customer has
doesn't want throughout these series of shows, and and and
even even in this UH discussion that we're having today,
they should be quick to consume these these lead magnets,
but provide a meaningful solution or insight for service businesses.
(45:44):
I recommend we call the perfect lead magnet magnet formula.
So you identify the biggest mistake your prospects make, create
a guide on how to avoid it, and offer it
for free. For example. This is really this is something
that's worked very effectively the five costly this mistakes business
owners make when selling their company. That's just one example.
This type of lead bad magnet not only attracts prospects
(46:07):
but also preframes them to value your expertise. Another question,
can you review the conversion formula again? Well, that's a
great question. By the way, we have an entire show
on the conversion formula at Powerful Business Strategies dot com.
But here's the cliff notes version. The key to successful
(46:31):
marketing is you have to get into the minds of
your prospects. How do you do that? We'll not mind meetings.
So getting into the mind of your prospects is based
on two emotional issues. That's the problem they have they
don't want, and a solution they want they can't find.
If you accomplish that, you get into the mind of
your prospect So we created the conversion formula, which is
(46:51):
a formula that has to be done in the exact
order or it doesn't work. For example, water, as we
all know, the formula is H two oh pot's hydrogen
one pot oxygen. If you have one pot hydrogen and
one pot oxygen, you don't have water. So, like any
other formula, the conversion formula has to be followed in
the exact order, and it starts with to captivate, which
(47:13):
is the problem that the customer has. It doesn't want.
It's usually a problem or frustration they have with the industry.
Look there. First, there's a systematic way that that we
use to identify this problem by the way. Next step
is in the formula is captivate, where we identify the
unique solution to the problem that they can't find. Next
(47:34):
step is educate, where we now educate the prospect on
how the solution works and why it's so effective. And
then the final step, which is an offer that has
to be so compelling that the prospect can turn it down.
We have a whole show on what makes up a
compelling offer. So before I continue this discussion, we're going
to take a quick ninety second break. Hey, their business owners.
(47:56):
Let me ask you something. Are you tied of blending
in with your editors, frustrated with slow growth and slim margins.
Speaker 4 (48:03):
Well, I've got news for you.
Speaker 3 (48:05):
Everything you've ever learned about growing your business is wrong.
Speaker 4 (48:10):
Don't worry.
Speaker 3 (48:11):
I'm here to let you in on a secret weapon,
your position of market dominance. It's what sets you apart,
makes you irreplaceable, and has customers lining up at your door.
My name is Michael Barber Rita from Next Step CFO.
I know what you're thinking. Sounds great, Michael, How do
I find my position of market dominance? Well, that's exactly
(48:32):
why we've created our game changing implementation program called Next
Step to Market Dominance. In just ninety days, we'll guide
you step by step to a position of market dominance
by uncovering your unique strengths that competitors can't touch, by
crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
(48:52):
to expert in your field.
Speaker 4 (48:54):
Now this is in theory.
Speaker 3 (48:56):
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
let another quarter go by struggling to stand out, It's
time to dominate your market period. Go to NEXTSTEPCFO dot
net forward slash contact. Fill out the form and in
the message section put the word dominate or call us
(49:19):
at seven eight one three two six three A two two.
That's next STEPCFO dot net forward slash contact or call
us at seven eight one three two six three A
two two. Welcome back to powerful business strategies. And as
we wrap up today's show, let's summarize the one hundred thousand
dollars mistakes that we uncovered in the second part of
(49:39):
our series, and more importantly, the solutions that can transform
these costly mistakes into profit opportunities. First, we discuss the
expensive mistake of undervaluing yourself and your services. Remember, customers
don't say no to you, they say no to themselves.
People only say yes when the value they perceive exceeds
the price they're paying. By building value before presenting price,
(50:02):
implementing tiered pricing options, and focusing on the outcomes you
deliver rather than the time you spend, you can significantly
increase your prices while actually improving your closing rate. Second,
we uncovered how not knowing your numbers is silently draining
profits from your business. Remember your vital five. Every business
owner must know fales, gross profit, gross profit percent, net profit,
(50:24):
and your current cash balance. Beyond these basics, understanding metrics
like customer acquisition costs and lifetime value and your revenue triangle,
the conversion rate, average transaction value, frequency of purchase. This
gives you the insights you need to make data driven decisions. Third,
we tackle the most costly mistake of misunderstanding the buyer's journey. Remember,
(50:46):
only one to three percent of your potential market is
ready to buy now. By creating marketing strategies that capture
prospect every stage of their journey, can build relationships with
a ninety seven ninety nine percent who will eventually by
use lead magnets and drip campaigns to let you do this.
To get a copy of the book Powerful Business Strategy,
(51:08):
simply go to our website www dot NEXTSTEPCFO dot net.
It's totally complementary and until next Monday at noon Eastern time.
But chuky obio. My name is Michael Barberita, and remember,
don't keep doing what your competition is doing.
Speaker 2 (51:25):
You have been listening to Powerful Business strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on w four CY Radio with your host Michael
Barberita of Next Step CFO and moderator chugy Obio
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My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com