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welcome to episode 14 of the viral marketing show you're going to learn why we don't like doing trade show booths and maybe why you should have woods into I also have a great story to share with you how to think about marketing dollars I mostly to show you an example recruiting your letter that you can model to build your recruiting database of talent [Music] welcome back the viral marketing show my name is Frank closet this is my power are here I do items new set how to do business and sales got Larry at viral marketing and it's our mission on the show to help you learn how to attract more customers and clients by publishing educational video content each other educational content that is this yourself as an expert demonstrate your expertise help people would still trust so it's easier for people to come towards you and seek you out as a professional and then the show we're going to cover some pretty cool topics actually some more stories that I think you might find interesting but before we get into that like I stand every show I want you to go to our website get viral com on the very homepage you can get a copy of the video marketing plan we recommend for every new client viral marketing actually all of our clients are all all of our clients with viral follow this core plan of reconnecting with your database your number one business asset publishing to educational videos a month to stay top of line to position yourself as expert and then prioritizing your follow up with the people that watch those videos that's the plan that you see all over our website the old our clients execute here on the show we like to share some ideas a compliment that plan in some ways to help you take it to the highest level so Scott we just recently got back from a event we did we did we went to a Kevin Williams had a wonderful conference event in Las Vegas we took our team down there way I could get about six people down there and we work the event and at many events over the years of buildings I'll marketing you probably have options to do a trade show booth or an event those at event and if you've done them before you probably are no surprise that they get very expensive only do you have the sponsorship see that's going several thousand dollars they charge you for power they charge you for internet access they charge you to probably stand there and trust me they know how to make their money very well the hotel's up if you would booth but not only with the booth you have the fees incurred with that you have the trade show display that you have to buy you at the ship get the ship back right it's an employee's goes well it only needs about maybe two to three people that you have to fly down put up you know pay for meals at least yeah we guys you to see any God is crazy yeah we did we did an event last year I think it cost all in with just the flights in the hotels and and and the the spot shipping everything is about twenty-five thousand dollars is both that we paid and I will be happy to save from that event we got zero business one now we do get along yeah one day on area one but I'm nice and close get enough positive and I think it's interesting story because instead of taking that money out of those and there's a point I'm getting at here with this instead taking that money and spitting out of those what we would rather do is offer our services for free in some way to help promote the event for the vendor you know to bring value to them there's always it's always something you could do it had access to the event because you don't spend the money on sponsorship they're getting up that we took all that money with to their clients of the dinner yeah big amounts of nightclubs and got some bottle service we met 11 and bottom launching drinks and we went to the event and we met with our clients what I want to strengthen the relationship there's a couple of key insights that I think I want to share with you as a professional service provider if you happen to go work an event that is very successful for us and I like the the why we don't like trade show booth as adjusted position to just feel meeting your clients at an event right a couple things I want to share you know whenever you make a marketing decision the decisions that we make your at viral marketing is what our clients and our customers approve of the marketing expense think of it this way if you're a customer of viral marketing would you approve that took all of that money that you're essentially paying us to help you get results and blow it all and boosts to help us get more customers no and there's the simple reason of that right it's because it's not really adding value to our customers it's not me do that right now and also to like you know I want to create marketing that's so useful that people want like the show for example this cost is good money to put this together and to get the video equipment everything together but it's something that you actually like so I always look at our marketing expenses saying it's just something that the clients actually improve I look at our clients or customers i will as investors in our company right right giving us money and saying would they approve that expense it's been a guide that has guided us well too grown to what it is and it could be a great guide for you as well especially with the viral marketing program you know you pay us or pay whoever spend the time to publishers educational videos that's something people want there's value there something that has utility something will be paid money to earth receiving right so we went there with our clients and open relationships and you know I think probably the biggest distinction and when you build a professional firm or a long-term business it's about the relationship with your customers about the relationship with the clients about the relationship with you the viewer it's not so much about the specific product or service the price you want to move away from the product and service and price of what do you do how much does it cost what results do I get you want to try to move away from those types of questions 2 questions more about relationship and Trust and that's the premium is to be guided by someone higher from a higher company that will guide you and what you've found is you walked around the the booth at the event I did and what are all the questions people ask me welcome to do it how much of the cost what do you do what makes you different than this person right well product related right yes all properly and look I get if you have a booth in your you're selling something very tangible like a like a software you know there's certain things that game well yeah and they save it if it's a business center to the worst service and a professional service and our businesses in the relationship like you said and just doesn't make sense for certain business you gotta going to evaluate like what could business are you like what's of the company are you if you're gonna be doing and putting dollars to it something like that right so specifically like I said this is the professional services for your professional service by watching us so what we found is like at the dinners at the events or when we met people outside the event there was no even with prospects there was no conversation about price or what we did was a relationship yeah but we go to the booth it's all about price and what you do right and that was a really interesting distinction with our interns that we brought down they so that was a huge difference yeah so anyways something I want to share with you something to think about is your marketing so good that people do willing to pay for it and would your customers and your clients approve with the marketing spend that you're doing again at your professional service to bring in your business and if you can hit those standards you really have such a strong long-term business if you had those bands and standards with your marketing like I said to dig a show I've got some interesting stories of some concepts as to get with the interesting to share with you our viewers today our audience at the event late at night yeah we have 12 in the morning when you get back after work in the whole night right Las Vegas right I was actually hanging out with a mortgage broker friend of mine that like Frank you know I really want to grow my business I really want to do more deals or write more loans how can I what do i do what do i do to grow right Michael oh man I don't know much about mortgage and specifically when I want to talk about here today is you know how to think about marketing dollars into the business that's cause a whole point of story I said well what do you love the most about your business it's like you know I love having these deep relationships with a few people that I can do a really good job with I just hate having to spend like you know a large percentage of my time trying to find new business and dealing with this one-off deal and one-off deal and one-off deal it's not about the relationship and you keep grinding I each other on price I really want like to invest and really likes a 5 really good real estate agent again this is a mortgage professional 5 really good real estate ins that can maybe send me 03 the old month right as i get 5 real estate agents yes 15 love me ma there's only three deals a month is referral partners that would change my life Frank yeah right I'm like okay well you know if you want to do that is probably to take some resources to secure those relationships and which is either money your time right so let me just ask you first and times it's easier to do it with money if you had the right mindset which is we're going to get to how much you're in business are you doing what's your total commission dollars at your earnings selling mortgages e says two and a thousand otters it's great to ourselves another fantastic yeah it's a great mortgage professional then I asked them well how much money are you spending on marketing to acquire those relationships that would change your life the who I don't like marketing marketing is bad you know I've gotten burned on marketing I'm models doing I was doing yell pad right or I was doing uh I don't know print compress add something like that like come lose me i'm a warded guy right and hopefully you see the insight from my store earlier you know what his customers with his real cadence approve and being on Yelp or spending money on that whoever things yeah right so kind of you this is a test I said okay well what's holding you back and spending more money on marketing as well the returns one thing but you know no it's just very scary right what if it doesn't work it's okay well if you want to grow your business typically you spend ten percent of your revenue on marketing so if you're doing two hundred thousand dollars business you would spend say twenty thousand dollars a year on marketing to acquire more business ten percent of your revenue that's a lot of money twenty thousand dollars but you know if I were to tell you to save ten percent of your income but ten percent of your income to retirement yeah that'd be pretty typical all right so really point invest ten percent of let's say that 200,000 ology which is twenty thousand bucks well it's reinvesting it into your business which is into yourself you can make sure you're investing it in the right things that you can get behind right correct now if you have to get behind so we'll talk about what the recommendations where they like well here's the challenge with the money and someone talk about investing marketing dollars as I asked them no well why don't you spend that twenty thousand dollars a year on market if you're doing two hundred thousand I mean that's about 1600 hours a month so here's hoping to check for sixty nine dollars a month he's like home and I don't know I gotta put that in my savings account I gotta face my kids college I gotta do all these things that money that's it really started freaking them out spending that kind of cash on the marketing so I asked them what are you afraid of like well I'm afraid of the deal don't go through i don't have enough money to be able to pay my bills I don't have enough money to to live like another couple months or whatnot so my next question I ready and yet already how much money do you have in savings it's like thirty thousand dollars like that's a lot of money that's plenty of money my thirty thousand dollars will ask you how long it lasts a couple months if I don't do any deals how likely is that yeah and here's a question here's the statement I want you to hear because this was shared with me that helped us grow viral i think i can share this insect with you in the story i asked him what's it costing you to keep putting money in your savings account what's it costing you to keep making it to 40,000 50,000 60,000 70,000 hundred thousand dollars I don't you want savings in perpetuity of a certain amount well at some point it's costing you something because that money could be invested someplace else after you hit your security threshold rush is easily at 30,000 when you think about it yeah make sense like wow it's really interesting way of thinking about it said yes to it and just think about this how much money theoretically would you be willing to spend to acquire a real estate agent that will refer you three deals a month forever the gold man a lot like let me ask you this would you spend twenty thousand dollars like well I guess if you think of it that way if they would actually send me that business forever I guess it would make sense I could spend twenty thousand dollars to acquire that agent to be able to do it yeah make sense to acquire that customer right so here's what we thought up we said okay I want you to start stop thinking about money being an asset and thinking about relationships being an asset this is a mortgage person you know the balance sheet has access liabilities I said I want you to start writing on your balance sheet not just savings accounts or retirement accounts but start we're putting relationships of agents that will consistently refer you in good times with that and on the aspect column of your balance sheet and just like you invest in your savings account you're going to invest in those relationships on your balance sheet and the asset for those of you that has study robert kiyosaki rich dad poor net is somebody but money puts money in your pocket that fits definition of a good relationship right yeah so I got us you're interesting so we did is he built Easter he's building a list of all the agents in his area that has consistently in good times a dad for the most part have done you know three deals a month well there's this list a great place to start then like you said in previous episodes what what does he need to break into those relationships well I said if you could show up with some buyer leads that agent there make them really happy once you take that sixteen hundred dollars a month and invest it in some type of buyer lead generation to bring buyers to agents want to work with you and say hey agent I understand you have a current relationship with some of the mortgage person but here's a buyer lead can I just write the luminous deal by bringing the business now like I said before I use this metaphor Fox in the henhouse but now if you're the mortgage person you're writing a loan for that mortgage that real estate agent if you write another loan for that real estate with you showing up with the buyer leave that relationship and get pretty strong your way to win that person over is it make sense yep and that's what we thought about and I think there's a lot of good lessons in that story yeah of how to think about money how to think about when you want to invest in your business what cost needs to keep it in savings after a certain security threshold as well as the concept of investing in relationships and something your customers would prove of because i'm sure the real estate agents would say yes i'd much rather you focus on bringing me buyers than spending on yelp right so anyways again for the shell i guess i want to share with you some stories I hope that kind of opened your mind a little bit just to kind of think about how marketing dollars work and maybe it's something you apply for you in your business so finally for the viral marketing show this week I want to share with you something that we're doing here at viral marketing it again that you can employ again all this kind of fits the theme of oral about here at viral marketing we're about investing money marketing dollars into marketing your expertise publishing educational information to help you become the sought-after expert and investing in relationships which is your database you know I don't think we ever really define a database database is kind of like like a computer program like bin sounds like when the database really is a spreadsheet of named the list of names you have a relationship with right so really in the previous segment when I was talking about building relationships as real estate agents that's really building your database a really good relationships of the right people yeah that's right Lou so here at viral marketing as you watch in previous episodes that we have a great internship here in San Diego where I could take out any college graduate college student and in six months I'm pretty confident we can train them to be a great marketing professional and we have a promise that if you could succeed at the internship will give you a fifty-thousand-dollar your job offer at the completion of your internship it's a pretty cool USP unique selling proposition unique recruiting propositions yeah you are p and that just made that one up the you RP your wall you know for a perfume right or anyone wants to apply it could be you'll have to the Soviets did because an internship right so one of the things that we do here at viral is every week our interns get together and they write like a 500 word blog post about their experiences past week what they learned here and you actually go to our website go to get barrel calm click on the blog and on the upper right-hand side you should see something like a careers or internship you can click that you can read all the blog posts but what all of our interns are writing with their learning for the process of the internship right right because you keep asking I always ask the interact like what you know who is the person you have to become to earn for detailed knowledge here and you'll hear those stories throughout the weekly write ups well not only does a given time every week to sit down and reflect to be able to say okay let's take some time every Friday and let's reflect what happened to sleep what did I learn and you write this like you know journal entry for yourself but such great recruiting content right so obviously that content goes up on our website and on YouTube and Facebook I actually here in San Diego we have SDSU State San Diego State University USB there's a couple other colleges but I can actually target everyone between the ages of 21 and 24 that education the marketing was in one mile around campus it can't beat that right facebook so I'll show a couple examples the ads here as they kind of roll on the screen you know we have some facebook ads we have some banner ads you have a youtube dad but that's being targeted right to that age group of people interested in marketing within one mile of campus you can't beat that right to get that type of exposure yeah and not only with the blog post as I'm sure you saw there they also make like a weekly video I get together they record footage of their whole week and they edit it together to create like a video of their experience of the week which is great which teaches them how to create content so I put them in your shoes having a great content know how hard of this hopefully is with us but you have a point all right now I want to show you this newsletter okay this is something to totally do if you have employees working for you you can have them you know write something up and create some great concept what they're learning working for you at your farm or your business where it may be but you can also take those write ups and turn it into a newsletter yeah well it can track their success again part of your team as you occurred you know we talk a lot of different businesses out there but as they come on you train them you can track their progression that can be a really good story to tell someone out there trying to accrue at a later time yeah right so what you could do is I recommend every corner you have to do it every month once a quarter you should have someone goes through defies the names of all the professors that have the students mythologies that you want so far in case it's business and marketing right if you just go to all the colleges websites all the names the professors are up on there it could copy and paste job is not that difficult yeah right so it's about maybe 90 professors on our mailing list and every quarter we just take copies of some of the best right up and we put them in a newsletter this is just a print off my printer but it's just a nice newsletter and it gets mailed out and what this gets you is the professor's will hand it out to their students but put up on the board you put on there call me to speak so you can speaking invitations at school they'll come to you for like sponsorships for stuff the access the students it is such an amazing thing I mean this is about a 20 page newsletter that goes every quarter to say like 90 100 people or so it should cost you maybe 300 bucks three to four hundred dollars will cost you to submit every single quarter and again minimal what this does is the inside i want you to see here the practical application the principal is you can go out and build your database directly which is what we're doing by having job ads online for recruiting or you know reaching out speaking directly with colors didn't let but what if you could go through somebody else who has access to those students which is the professor like a referral relationship much like the mortgage person i share with the early has a referral relationship with the buyer and sellers with the agent right so i think that no matter where you're at if you have school the trade school the university college you can certainly find the name of the professor's they're usually right up on the website have your staff have your employees your interns whatever just write some strings what they're learning don't need to do anything put together a simple newsletter mail it out the opportunity for the come from that is fantastic again if you pay attention here i just simply shared the viral marketing plan apply in a different way yep those database consistently communicate with educational content and prioritize follow up in this case the prank you can't prioritize follow up but i can probably show i can probably call haiti professors so you get my newsletter about the students yeah wow crazy I've often what you're doing great i can speak tool now who do you know who's your top talent to send my life so as I think you could hear I'm sorry something I like to share with you I think you might be able to use it and it's kind of a cool tip of how to play apply the concept of education based database marketing for recruiting to bring talent to your firm your company or your professional service that's it for the viral marketing show this week I hope you enjoyed some interesting stories and want to share with you I enjoy the stories Frank well that's what's important class most important yes so I hope you enjoyed the stories this week if you want to subscribe to future episodes right on iTunes we get updated right on iTunes go to our website sign up for our VIP list that's right the very bottom in the footer of our website I'll get a weekly newsletter every Saturday of our latest share with full show notes app and watch the whole thing I kind of write-up show notes story that are really good youtube obviously facebooking and subscribe to us on there like us on our page and if you have a question you'd like us to answer in the show we didn't have you today but you have a question you like to answer like us to answer for you on the show active email estimate on social me to make sure we see it in some way of your client let your marketing specialist who you're working with your now and if we answer the show if we answer the question here on the shell $25 gift card your way as our ethical bribe to get some interaction from you and hear from you because one answer your real question we're really what you're thinking about like and we can help you out hurt by all markings so thanks for watching this week we'll see you next [Music] you