Apr 1, 2020
Summary:
Are you worried about how you’re going to make payroll? Are your prospects not buying? Are you afraid current clients will put things on hold? Are you unsure how to keep SELLING?
We have the same questions.
While these questions are real, the key is to LEAD well through the turmoil and find the opportunity in it. Doing that will separate you from the rest. When everyone is running around in chaos, it may feel counterintuitive to be calm, but that is where the opportunity lies.
Resources Mentioned:
Top 3 Curtain Pulls in this episode:
About The Guys:
Bob Hutchins: Founder of BuzzPlant, a digital agency that he ran from from 2000 -2017. He is also the author of 3 books. More on Bob:
Brad Ayres: Founder of Anthem Republic, an award-winning ad agency. Brad’s knowledge has led some of the biggest brands in the world. Originally from Detroit, Brad is an OG in the ad agency world and has the wisdom and scars to prove it. Currently that knowledge is being applied to his boutique agency. More on Brad:
Ken Ott: Co-Founder and Chief Growth Rebel of Metacake, an Ecommerce Growth Team for some of the world’s most influential brands with a mission to Grow Brands That Matter. Ken is also an author, speaker, and was nominated for an Emmy for his acting on the Metacake Youtube Channel (not really). More on Ken:
Show Notes:
[0:35] Bob welcomes us and speaks on the purpose of this episode. “We want to chat and do what we normally do on the podcast and talk about some things that we’re all dealing with as a business owner, former business owner, current, whatever you’re dealing with… Speak about how current business owners are responding to the current crisis.
[1:10] Ken: This is a quickly changing landscape for businesses… we wanted to discuss what we’re all seeing… and how can we navigate this, not make rash decisions and actually, find the opportunity in all of it, which I think is the key.”
[2:00] Brad discusses being reactive versus proactive and being ready to make that switch in the midst of the chaos that’s happening in the world. “What do we do now? How do we prepare for the future? What can we do currently to prepare for Q3, Q4?”
[3:02] Bob: “Let’s start with square 1- mindset. There’s this idea of everyone, specifically our clients, wanting to pull back. Wanting to like put everything on hold. And I think that can carry through to our mindset as well.”
[3:57] Ken adds that a lot of businesses are being directly impacted, and they have to react quickly and take massive action. The ripple effects of that impact all of us and our clients feel that as well.
[6:47] Brad asks Ken: “How are you personally keeping a mindset that is positive? Instead of thinking about the worst, preparing for the future in a positive way.”
[7:00] Ken speaks about how important it is to control what you’re allowing to clutter your mind. He limits news intake to a need-to-know basis.
[8:50] Bob reflects on the instructions that are given by flight attendants on an airplane- that in the case of emergency, put on your mask first before those around you, as you cannot assist others if you are not properly prepared.
[10:31] Bob: “I think that’s square one for business owners and solo-preneurs and whoever may be listening- just make sure you have some sort of routine and put your mask on first every day.”
[10:57] Ken speaks to the lack of routine that can happen when you’re working from home. It’s easy to never get out of your pajamas, to work for 15 hours a day, to never go outside. This is why during this time more than ever it is vitally important that you’re taking care of those things. When so much of our day to day routine is gone, it’s easy to lose that for ourselves.
[11:47] Brad adds: “You hear people say they either work really well at home or they don’t… half the country is probably struggling working from home while the other half is getting a lot done.”
[12:51] Brad continues: “You have to have a strong plan, right? It’s good to know the what if’s- not from a place of fear but based out of a clear idea of what you need to do. So if you do get to the point where next month, you’re not able to make payroll, are you going to let people off or are you going to take a personal financial hit yourself and try to take that on…”
[15:42] Ken: Having a better understanding of your “Why” through this can allow you to market better and grow through this as a business as well.
[17:00] Ken: “We even grappled a bit with the idea of explicity selling your products right now… you have to do it. You can’t be opportunistic or anything like that, but there’s a right way to do it. Ultimately, the way the economy works is by money exchanging hands and people selling and people buying.”
[18:01] Brad talks about a commercial he saw recently. Cadillac has expanded interest-free financing, they’re delivering a new vehicle to you directly. They’re marketing “We’re all in this together” and that is a message that is positive and impactful during this time.
[19:41] Brad: “I think for all of us in our businesses, how do we provide win-wins for our customers?”
[20:29] Ken adds that aside from explicity selling something of value by reducing the prices of all of their educational products, Metacake is also offering free coaching sessions. That’s not so much part of lead generation as just sharing their strengths.
[22:30] Ken continues to share the ways that Metacake is changing their mindset around the situation. “It’s important that you keep selling, that you keep doing this stuff and you don’t just slow down because of other people, because there’s chaos going on around you. That’s the way I believe we’re going to get through on the business side, by continuing to move the market forward despite the pain and chaos.”
[22:52] Bob: “Since all three of us have experience on the Digital Marketing side, let’s talk a little big about some, many of our clients are using paid media, online ads, whether it be Google or YouTube or Facebook or Instagram… there’s probably a pull to hold back on advertising… but more people are online now than ever before. And so there’s a HUGE opportunity- for those who do the majority of their work online- to actually focus on the current customer LTV, etc. How have you guys been approaching that?”
[24:15] Brad speaks to his experience so far. “We are talking to our clients about it and trying to have a short term and a long term goal with our media spend and whether or not we will need to continue marketing a product that they currently can’t sell.”
[25:36] Ken asks if Brad has experienced clients pulling back on their spending.
[25:41] Brad speaks to certain types of clients. Some are projects where Brad’s company is marketing events around the world that have now been cancelled.
[27:28] Bob: “We’ve had a question come through, Kyle says ‘Now seems like a good time strategically to up our marketing as a content production firm, however we’re also worried about keeping cash in the bank.”
[27:42] Ken responds that financial stability is the most important thing, as Metacake does a lot of content and that financial stability is important. “We’re investing into creating content and in general we’re seeing consumption of that content going up, and we’re seeing ad costs go down.”
[30:31] Bob adds that tweaking the messaging slightly, not to be opportunistic, but to be genuine and authentic in response to people’s concerns.
[31:39] Ken: “Another idea is recycling things that you’re good at that you don’t typically sell.” He has gotten a lot of questions about how Metacake works from home and the processes/systems in place that makes that easier.”
[33:00] Brad asks a question from the live feed: “How much money do you think an agency needs to have to get through this as a company? Where do you find sources to make sure you have cash flow on your balance sheet?”
[36:13] Ken adds: “If you’re not doing electronic payments, or if your accounts receivable is really big and delayed, this might be a lesson that after all this you should be switching to electronic payments.”
[37:40] Brad reflects on the fragility of many businesses in America. “60% of American live paycheck to paycheck, and so if you’re one paycheck removed, you’re in a world of hurt.”
[44:00] Ken speaks on a “new normal”. Amidst all of the anxiety in our world right now, customers aren’t making purchases as frequently and quickly, but ads are doing a lot better.
[45:37] Brad adds that he has clients who have slowed down, but eventually there will be a new normal… right now it feels like week by week. “Even my sentiments last week are different than this week. This Monday I suddenly got a charge, a new energy. I’m more in a rhythm now, more of a new normal.”
[50:24] Ken adds: “As a business owner, it’s our job to continue to help them [clients] make the right decision- which is moving forward, in the right way… if you believe in what you do, and you believe in the results that you can create, that will help you be in a position to make the right decision.”
[51:45] Bob suggests reaching out clients that you know are struggling and offering to get on the phone and talk through some ideas and let them air their thoughts. “I think this is where as agency owners and creatives, we can really shine.”
[52:52] Brad speaks on the importance of being heard during this time. Some of your clients may not have support at their company, you may be working with a marketing manager who has no access to financial information on their end, who has no support from their higher-ups. This is a time for us to say “hey let’s be a part of your solution, let us help you become a part of the solution for your business as well.”
[55:00] Bob: “I think this is a great time to be investing in giving back to your customers through content, especially helpful content.”