Where To Put Your Money - Why Marketing And Sales Are The Lifeblood Of Your Business | Josh Pocock

[Music] what's going on guys it is josh pocock here founder and ceo of executive stride and in today's video i wanted to do a quick video kind of just touching on what you should do with your money now if you have money uh if you have you know money to spend you're just kind of letting it sit in the bank obviously there's different investments and things like that we're not going to touch on in this video but if you run a

Business you should be putting a good chunk of your money back into the business now this may sound like common sense for some people um but we're going to talk about where you should actually put that money within the business so majority of the money should go back into marketing and the importance of marketing marketing is the lifeblood of your business now a lot of people just think that they can you know have a good product have good branding have a

Good offer and not worry about too much about the marketing or they're not fully putting and enough emphasis within the marketing or they're you know just optimizing all their stuff on the back end trying to get it perfect and whatnot let me tell you this you don't have a business if there is not income and consistent income and leads and prospects and new customers coming into the business now how do you get that you get that from marketing so that is

The first thing that you should be the number one priority all right yes you need to have a good back and yes you need to have a good offer yeah you want to have good branding and all this stuff but that stuff is secondary to the primary objective of income coming in prospects new customers coming in all right once you have money you can always make sure that a lot of the stuff on the back end is taken care of like

New branding new this new that you want to make sure that you're constantly growing the income and revenue of the business all right so now it's obviously a double-edged sword because you don't just want to blanketly go out there and market something and have nothing to sell and you know you're just basically running like some sort of it's not that's still also not a business right um a legitimate business so you want to ha like the reason i'm saying what i'm

Saying is because i see so many people that we work with here that are constantly just stuck in perfecting and optimizing certain things in the back end or their offer all right and the thing is the the name of the game in this industry is all about taking action all right being ruthless and getting things to the market as soon as possible getting uh feedback from the market so you can iterate and improve all right that's the whole concept of product

Market fit you want to solve product market fit as fast as humanly possible all right now if you're not familiar what product market fit is we'll touch on that in a different video but briefly it's basically uh the equation or the concept of solving you know your your niche your offer your target market and your price point and the actual mechanism that your you know mechanism or offer the niche the transformation so you're actually able to get them the result so

Solving all the equations and variables within basically having a legitimate business having a legitimate offer that you can sell at a good enough a high enough price point for you to get an economic benefit as well as the customer obviously to receive that transformation so that's kind of a gist of product market fit we'll touch maybe more on that in different videos but the name of the game is speed because the market is always changing so you need to get things

Out there as fast as humanly possible and uh iterate so get feedback from a market and have a very close tight feedback loop and be able to optimize that way if you're not getting feedback from the market you're just optimizing something first of all you don't have a business because there's no income coming in and you're not able to actually basically make those iterations and optimizations in the most strategic way possible so you can work months and years even some people

Do on optimizing something that just isn't even viable people don't want it right you may think oh this is the best thing people want it but they actually don't that's why you see these people that go on you know certain shows like shark tank or this and that and sometimes they the investors are just like hey like no one wants this like did like you just hear the most absurd business strategies that they put into play like oh yeah we've been

Working on this but we have zero sales it's like you've been working on this for how long oh you're still working on this we saw you last time two years ago and you said you were still working on this you should you know you should have a few mills or at least a few hundred thousands in the bank from this but they don't right so people are perfectionists at the end of the day people are slow people procrastinate you need to

Be different you need to take your money you need to take your money and your energy and your time and put it fully into marketing and getting those tight feedback loops you can't just market and then just do that and not worry about the back end because you're gonna get a lot of people wanting refunds you're not going to be able to deliver a product all right some of you already have a great back end and then all you need to

Do is go full force into marketing uh obviously still you know stay cognizant and make sure the back end is delivering and scaling and being optimal at scale um there's certain systems and and uh you know processes that you need in order to for the machine not to break especially when you're getting a high volume of new customers but most people you know most people are stuck in though and just moving too slow all right an opportunity there's a there's there's

A short window of opportunity that you can uh you can you can really attack something at the optimal time right there's certain things that if you would have done that business model two years ago or really just went full force yeah you could maybe still make money now but you would have been super super rich and cashed out if you started back then and really went full force instead of just worrying about oh trying to get it better than all these

Other guys but they're the ones pumping out into the marketplace and they're iterating from the actual feedback not just from what you think people want all right so you can think people want something but ultimately the niche and the market knows more than you do now some of the best people who see the best success and the quickest way when penetrating a new niche is if they actually are the niche where you can kind of then interpret a lot more because

You are that person of what you actually are looking for which i've done multiple times and it works really well but you still want that feedback from the market because the market's always changing there's also different uh different personas in the market and this and that so the the basis of this message and this video is to stop over optimizing and being a perfectionist and get in the game if you're just sitting there working on something for a year three months

Whatever you should already be making money like the first week if you're a real savage you should be able to even if you have to price it lower initially get the few beta test like that's fine but you need to be going out into the market consistently all right it's like door knocking when i did door knocking you always have to be prospecting always have to be marketing yourself and selling because sales is the lifeblood marketing is the lifeblood sales and

Marketing are very intertwined all right there there's there are two faces of the same coin all right so that is the basis of this message if you're someone that's just working on something go take action start setting up email marketing campaigns start messaging or uh facebook groups setting up systems hiring growth specialists sdrs all right training them all right hiring sales reps and and uh end-to-end sales reps that can do mass prospecting all right if you're wondering why am i why

Is my business not hitting this revenue goal say let's say for example just keep it keep it simple a million a year well it's very simple you need eighty two thousand dollars uh roughly a month u.s all right and in order to get that you need to break down okay what my offer is let's say 10k maybe you also have some additional up sales or this and that higher level masterminds for like 30 50k but let's say to keep it simple

It's like 10k then you need to break down the math um of how many sales how many new customers you need if it's just a one-time off fee you're gonna have to factor that in and pulls from if say if it's a monthly month-to-month thing you're gonna have to factor that in with what uh the retention rate which we can talk about the actual uh not more numbers numbers and different videos but let's say it's 10k one-time fee uh that means

You basically need on average about eight clients uh eight new clients per month right then you need to take that number eight and you need to say how do i get eight new clients guaranteed well it's literally just a numbers game it's like door knocking how many doors are you gonna knock obviously you could get lucky and you could maybe just message eight people and all of them sign up which is probably never going to happen it's maybe a 0.000 one

Percent in some alternate universe that could happen but realistically you're probably going to have to message maybe or dm or or cold email or run ads to x a number of people right so you're going to have to understand the conversion rates that you're seeing on certain platforms you can obviously optimize these uh different platforms have different things saying if you're doing cold email you may you're going to have to send a lot more a post from something like linkedin because

The inboxing rate but linkedin is harder to scale than cold email uh youtube like then there's organic such as youtube or instagram or then youtube ads facebook ads uh instagram ads there's something like that but let's say for example a hundred thousand you need to touch you need to have a hundred thousand people see your offer and then you're going to get i don't know or maybe even ten thousand ten thousand uh let's say thirty thousand thirty thousand you need people

To see your offer 30 000 on different on a range of different platforms now this this number definitely probably isn't accurate i'm just pulling it out of my head because you have to factor in kind of whatever platforms you're you're using you have your own math would be customized to what your marketing strategy is which we help our clients kind of articulate and get an understanding of so they can ensure that they're hitting on those numbers to virtually guarantee the revenue

Once you have that idea of how much outflow you need to be doing you need to factor in your conversion rate so how many people are going to book a call let's say you get 100 calls a month then you're able to close you should actually be able to close more than eight leads especially if they're quality quality bookings um you should at least especially if you have a good sales team or you're doing the closing yourself as a founder should

Minimum be closing out like a 30 to 40 percent closing rate and after very qualified leads it can be as high as 50 60 70 even 80 potentially percent uh closing rate if if it's very qualified leads through something maybe like a book funnel or something like this maybe a facebook group but uh you need to factor in the conversion rate the close rate and then you can basically backwards reverse engineer the math to ensure that you hit that goal and

Then you just need to go full force on making sure you're hitting those numbers every single day it's like going to the gym there's not one day where you can just kind of skip out and say well i wake up i don't feel like it or i wake up and i don't feel like getting on a sale a team meeting and motivating your sale your sales team or your growth team to go out there of growth specialists and just be hammering

Messaging people dming people or running or you don't can't pay run paid ads that's what you need to do every single day all right or have someone doing that you know a manager whatever so that's kind of morally story make sure you're doing that if you have any questions on how to actually implement this because yeah you cannot have the understanding of you need to take action but if you need the actual road map first of all there's a few videos

Um maybe i'll link some around here about basically going over the stride six step stride uh road map uh to from zero to a million dollars a year um but if you need extra help with that you can watch some of my other videos somewhere around here or you can book a call with us and fill that application down below all right and speak from either myself or someone from my team where we help coaches consultants marketing agencies b2b service based

Businesses accelerate their stride uh in 90 days or less and give them an exact roam up on road map on how to do so and either myself or someone from our team will be able to help you on that and happy sunday guys make sure you're working make sure you're taking action and of course subscribe turn on the post notification notifications like this video and stay tuned for tomorrow's video because we upload every single day and subscribe to my other social

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It's literally a lot of strategies that people will make you pay ten thousand or a thousand five three thousand four thousand five thousand dollars for a course or coaching program we're putting all that all those goodies as well as more into our five to ten dollar book um and there's also upsells and uh bonuses that you can get along with that um that are very very affordable and value-packed so stay on the lookout for that and uh and then that's pretty

Much it join our facebook group and discord to get some extra free resources templates and and frameworks but other than that guys have a great day and i'll see you guys tomorrow