Ryan Lee, best know as the Continuity King of Online Marketing with a reputation for over-delivering value (after more than 10 years of experience), did yesterday a free 1 hour webinar about 7 deadly and common mistakes that the novice Online Dreampreneur does.
This webinar was a way for him to increase the value that his giving to his audience with the free strategy calls program. After interviewing countless entrepreneurs (I was one of them!) he noticed a common trend of deadly mistakes that people are doing.
So, if you missed this webinar (unfortunately Ryan said that there will be no replay), here’s the next best thing: a review of the key ideas and strategies that he shared!
1. Don’t quit your day-job (yet)!
Ryan’s first advice for his audience was to NOT quitting their job (yet)! He even told us a story about how told one of his clients, that we wasn’t going to accept them on a private coaching group because that person told his boss that he was going to quit in 6 months. “I’m not going to allow you to take that kind of pressure on you! Tomorrow, you’ll meet your boss and you’re going to say that you’re not going to quit in 6 months!”
This advice is supported with the results of a research by NYU psychology professor Peter Gollwitzer. “Four different tests of 63 people found that those who kept their intentions private were more likely to achieve them than those who made them public and were acknowledged by others”. Why? Because “since both actions and talk create symbols in your brain, talking satisfies the brain enough that it ‘neglects the pursuit of further symbols'”. That’s what I’m helping people with at LeadingLifeBeyondGoals.com but that’s another story.
So the trick here is to not become, like Jonathan Mead says, a “naive quitter” but to become a “strategic quitter”.
Both Jonathan and Ryan only left their jobs after having months (6 for Ryan and 3 for Jonathan) of proven recurring revenue streams from their businesses! There’s plenty of keywords worth repeating because repetition is the mother of all learning:
- Proven – Proven doesn’t equal “I have a business plan” nor “This idea will change the World”. Proven means that they actually took ACTION and DID it!
- Recurring – This wasn’t a one time thing. This wasn’t a shot in the dark. Again, they proved themselves by serving their audience, that their customers were supporting them month after month.
- Revenue – This equals MONEY not “this will give more exposure” or “it’s great marketing” or anything else! If your customers aren’t “voting” with their wallets: you don’t have a business. I love how Ken Blanchard talks about money because to him “money is the applause you get by how well you take care of your people and how well you serve them”.
Until you have those three things working for you, it’s not yet the time to quit your day-job! Until then, use this as the motivational fuel you need to MAKE THE TIME (not find the time) to work on your day-job escape platform – your business!
2. Don’t be too broad!
Remember that old saying – “if you try to please everyone, you please nobody”? Well, it happens to be true.
Ryan said that this worked really great for him in the early days when he worked as a fitness coach. The more specific he was about
- What we was offering
- Who we was helping
- Who would they become in the process
- How will he do it
… the bigger the results!
Guy Kawasaki (you can still catch my latest review about his webinar on how to publish a book) also agrees with this strategy and commands: “NICHE THYSELF!
I’ve also struggled with this on TheRabbitWay.com. First I was only writing posts as a way for me to share my Life philosophy. Then I took things more seriously (with Jonathan Mead’s Trailblazer) and I figured it out that I wanted to help Dreamers. Then, it became Dreampreneurs (Entrepreneurs with a worthwhile Dream to make a meaningful impact in the World). And now, they became Online Dreampreneurs – that’s the most powerful way I can use ALL my skills and experience to help those I serve make a meaningful difference in the World.
How can you do this? Ryan says that you should think about who do you want to serve and then narrow it down 3 times.
My piece of advice on this is that it isn’t enough for you to choose who you want to serve. You must also understand how you can make an IMMEDIATE, MASSIVE and MEANINGFUL difference in their lives!
3. Don’t fall in love with your product!
Being passionate about what you’re creating is an absolute MUST! However, it stops being that great when it stops you from seeing when things aren’t working.
Persistence and the ability to overcome adversity is a great skill to have but you also have to know how to pick your battles!
Last year, I was posting weekly about anything that could help people create a Life worth dying for.
This year, I changed because I wanted to increase both the Reach and the Impact of my Mission! Again, I noticed what was working and what was not and changed it!
Don’t be afraid to try or to fail. Be afraid of not trying, settle for what you’ve already done and then wake up one day with the torturous thought of what you could have become instead and how the World could be a better place because of you.
This is one of my weaknesses. I have too many “great” ideas and so few time to make them happen. Does this sound familiar?
Well… you DO have time. What you don’t have is priorities and you’re probably forgetting about THE BIG WHY that made you start working on that idea in the first place!
5. Pick your battle!
Ryan advice is for you to pick a product (that your audience told you that they wanted) and pick one of these 3 price categories to start working on:
6. Deliver 10x Value!
This is THE THING that differentiates Ryan from the his competition. He makes a conscious commitment FIRST to himself and then to his audience that he will OVER-DELIVER.
What does this mean?
It means that if you’re selling a 10$ e-book, it’s real value should be worth (at least) 100$!
This also means that instead of asking “what’s the least amounts of pages I should write to sell a 10$ e-book”, you should ask “How can I pack this e-book with so much value that my customers had to be INSANE not to BUY this”!
By doing this over the years, Ryan has earned a reputation for over-delivering with every product. He earned his customer’s trust (and, of course, their wallets too).
7. Don’t price it too low!
This one sounds like it’s going against what Ryan just said on the previous points but it’s not.
You can package your product with 10x Value (let’s say it’s worth 100$) but if you price it as 1$, you would be communicating the wrong message!
Price is a way for you to communicate the value of your product and it’s also a way for you to help your audience to be fully committed with the product. People tell this story to themselves all the time: “if I just spend 1$ on an e-book, it’s ok for me to not read it because something more interesting appeared”. That’s so easy to do that with a 1000$ e-book.
Ryan’s advice on this is for you to position yourself closed to the high-end offers (communicating quality) but still win the market-share using the 10x Value rule!
I want to hear from you!
That’s it! The 7 Deadly and Common Mistakes that the Novice Online Dreampreneur does and that now, hopefully, you don’t have to make anymore!
QUESTION What topic captured your attention the most and that you wanted me to create and find great content for you? Share it on the comments (and it can be as simple as one word)!
P.S: 16-01-2012 – Ryan published the replay of the event!