The Three Solutions To Fix Your Underperforming Business
Is your business underperforming and you don't have a clue as to why? Imagine your business is a car. You want your car to run at maximum efficiency but for some reason, you're sputtering along down the road. Your check engine light comes on, but you don't know what the problem is and how to fix it.
Join Jay on his latest Black Entrepreneur Blueprint podcast episode # 533 as he discusses the three most common issues that underperforming businesses have and how to fix them. If your business is underperforming or you're about to go out of business, make sure you listen to this episode.
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[00:00:12] [SPEAKER_00]: Welcome to Black Entrepreneur Blueprint, the number one podcast and resource for black entrepreneurs.
[00:00:19] [SPEAKER_00]: I'm your host Jay Jones and Black Entrepreneur Blueprint was created specifically to educate and inspire black entrepreneurs to launch, build and grow successful, sustainable businesses.
[00:00:32] [SPEAKER_00]: Join us as we help build an economic power base in the worldwide black community by building and supporting black-owned businesses.
[00:00:41] [SPEAKER_00]: If you're currently an entrepreneur or want to be an entrepreneur, you're invited to join us each and every week here at Black Entrepreneur Blueprint.
[00:00:50] [SPEAKER_00]: Welcome to the BEB family and get ready to elevate your entrepreneur IQ.
[00:01:00] [SPEAKER_00]: Welcome to the Black Entrepreneur Blueprint, episode number 533.
[00:01:07] [SPEAKER_00]: I'm your host Jay Jones and today we have another outstanding and informative show in store for you.
[00:01:13] [SPEAKER_00]: Today we're going to be doing a rebroadcast of one of our most downloaded and impactful shows from September of 2022 titled Is The Check Engine Light On In Your Business And How To Diagnose The Problem.
[00:01:27] [SPEAKER_00]: Now let's get ready for today's show content.
[00:01:30] [SPEAKER_00]: Today's show topic is, Is The Check Engine Light On In Your Business And How To Diagnose The Problem?
[00:01:37] [SPEAKER_00]: Is The Check Engine Light On In Your Business And How To Diagnose The Problem?
[00:01:42] [SPEAKER_00]: So if your business is underperforming and you don't have a clue why, make sure you stay tuned for today's show.
[00:01:49] [SPEAKER_00]: So I just want you guys to imagine that your business is a car and you always want your car to run at maximum efficiency.
[00:01:56] [SPEAKER_00]: But for some reason you're sputtering a little bit, you're going down the road, your car is misfiring and it's not working at maximum efficiency.
[00:02:04] [SPEAKER_00]: So your check engine light comes on but you don't know what the problem is.
[00:02:08] [SPEAKER_00]: So on today's show we're going to talk about three of the most common problem areas that underperforming businesses and failing businesses have.
[00:02:18] [SPEAKER_00]: And we're going to diagnose them and also give you the solution for them.
[00:02:22] [SPEAKER_00]: Before we jump into today's content I just want to share a few things with the Black Entrepreneur Blueprint family.
[00:02:28] [SPEAKER_00]: First and foremost I'm going to welcome all first time listeners to Black Entrepreneur Blueprint.
[00:02:33] [SPEAKER_00]: Welcome to the BEB family.
[00:02:35] [SPEAKER_00]: Please stick around until the end of today's broadcast and I'm going to share all my social media contact information and my resource links such as the link to my new book A New Black Wall Street.
[00:02:46] [SPEAKER_00]: Circulating the Black Dollar Worldwide by building successful e-commerce businesses.
[00:02:50] [SPEAKER_00]: Two platforms I've created to help circulate dollars in the black economy.
[00:02:55] [SPEAKER_00]: Be Smart, BuyBlack.com and HireBlackFreelancers.com.
[00:02:59] [SPEAKER_00]: Also don't forget to get your three day free access to BEBacademy.com.
[00:03:05] [SPEAKER_00]: It is an online learning portal for entrepreneurs.
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[00:03:30] [SPEAKER_00]: We have the show notes in each episode.
[00:03:33] [SPEAKER_00]: So just go to BlackEntrepreneurBlueprint.com.
[00:03:36] [SPEAKER_00]: Look at the bottom of any of the pages and it will say newsletter or join us.
[00:03:41] [SPEAKER_00]: And the newsletter comes out every Monday and Thursday morning 10 a.m. Eastern with all of the show notes for the latest episodes.
[00:03:49] [SPEAKER_00]: So this way you don't have to write anything down if you're in the car.
[00:03:52] [SPEAKER_00]: If you're working out, lifting weights or whatever, you'll have the show notes and the links.
[00:03:58] [SPEAKER_00]: All right, let's get ready for today's content.
[00:04:00] [SPEAKER_00]: So as I mentioned at the top of the show, our topic is, is the check engine light on in your business and how to diagnose the problem?
[00:04:08] [SPEAKER_00]: So on today's show we're going to discuss and diagnose three of the most common problem areas that are underperforming and failing businesses have.
[00:04:16] [SPEAKER_00]: And I told you guys before, I really want to start focusing on impactful topics to help you guys level up your business.
[00:04:23] [SPEAKER_00]: I know there may be some sexier topics out there.
[00:04:26] [SPEAKER_00]: You know, a lot of podcasts are using click bait and all that stuff.
[00:04:30] [SPEAKER_00]: But I really want to focus on what's impactful and what's going to move your business from point A to point B.
[00:04:37] [SPEAKER_00]: Now, some of these components or most common problems you've probably heard me talk about in previous episodes.
[00:04:43] [SPEAKER_00]: But I need to make sure that I drill this into you guys because like I said, I want to give you impactful information that you can take action on.
[00:04:53] [SPEAKER_00]: OK, and so we're going to talk about the three biggest problems when your check engine light is on.
[00:04:57] [SPEAKER_00]: A lot of times we don't know what it is when your check engine light comes on, but we know there's a problem.
[00:05:03] [SPEAKER_00]: So if your business is underperforming, if it's not performing the way that you think it should be, this episode is for you.
[00:05:10] [SPEAKER_00]: If your business is failing, if you're about to go out of business, this episode is definitely for you.
[00:05:16] [SPEAKER_00]: And it's really a good episode for any entrepreneur because these three components need to be checked on a very frequent basis.
[00:05:25] [SPEAKER_00]: And we're going to start off with problem number one.
[00:05:28] [SPEAKER_00]: Not enough qualified leads to sell to and we're talking about is the check engine light on in your business and how to diagnose the problem.
[00:05:36] [SPEAKER_00]: Problem one, not enough qualified leads to sell to.
[00:05:40] [SPEAKER_00]: I say this all the time ad nauseam, but I say it because it's so critical and so important to have this this component to be a successful entrepreneur.
[00:05:51] [SPEAKER_00]: No leads equals no sales equals no business.
[00:05:55] [SPEAKER_00]: It's pretty simple, guys. It's as simple as that.
[00:05:58] [SPEAKER_00]: If you don't have enough qualified prospects to sell to, you're not going to make any sales and you're not going to make any money.
[00:06:04] [SPEAKER_00]: Very simple. But for the life of me, there are probably people listening to this podcast right now that don't have a lead generation system.
[00:06:14] [SPEAKER_00]: They don't have a consistent way to generate qualified leads.
[00:06:19] [SPEAKER_00]: And if you don't have that system, guys, I'm telling you it's going to be very hard for you to be successful.
[00:06:25] [SPEAKER_00]: And I'm not talking about some very complicated system and I'll go into the solution in a minute.
[00:06:31] [SPEAKER_00]: But you don't have a lead generation system.
[00:06:34] [SPEAKER_00]: And guys, this is an important this is a necessity in any business.
[00:06:40] [SPEAKER_00]: I don't care what you sell be it a product or service.
[00:06:43] [SPEAKER_00]: This is the bottom line. It is a necessity to be able to generate qualified leads on a consistent basis.
[00:06:52] [SPEAKER_00]: Remember, no leads equals no sales equals no business.
[00:06:56] [SPEAKER_00]: So if you don't have a lead generation system, if I ask you that question and you say no, you might as well just get out of business right now.
[00:07:04] [SPEAKER_00]: That's how serious this is because you have to be serious about your business for the life of me, guys.
[00:07:12] [SPEAKER_00]: This is something I really don't understand.
[00:07:14] [SPEAKER_00]: So when I talk to prospective coaching clients of mine that want my one on one coaching, that's one of the first questions I asked.
[00:07:22] [SPEAKER_00]: Do you have a lead generation system?
[00:07:24] [SPEAKER_00]: Do you have a way of getting enough qualified leads to sell to?
[00:07:29] [SPEAKER_00]: And people will give me answers like, yeah, I do this, this and that.
[00:07:32] [SPEAKER_00]: But it's almost like throwing crap against the wall and seeing what sticks.
[00:07:37] [SPEAKER_00]: You need to have a system, a process to always be generating qualified leads to sell to.
[00:07:44] [SPEAKER_00]: So that's problem number one.
[00:07:46] [SPEAKER_00]: Not enough leads to sell to.
[00:07:48] [SPEAKER_00]: The solution, guys, is pretty simple.
[00:07:49] [SPEAKER_00]: As I mentioned, you want to create a lead generation system and you want to drive traffic to a landing page.
[00:07:56] [SPEAKER_00]: And a landing page is just a page up on the net.
[00:08:00] [SPEAKER_00]: And on that landing page, you want to have a lead magnet.
[00:08:03] [SPEAKER_00]: And a lead magnet is a piece of desirable content that that prospect will want.
[00:08:08] [SPEAKER_00]: So let me give you an example.
[00:08:10] [SPEAKER_00]: So say you own a solar panel installation company.
[00:08:13] [SPEAKER_00]: You're running traffic down to a landing page that has a checklist, which is your lead magnet, that discusses how to save, say, 70 percent off your electric bill.
[00:08:23] [SPEAKER_00]: All right.
[00:08:23] [SPEAKER_00]: Now you have that new prospect who you just put into your marketing system and now you can continue to market to them so you can drive traffic.
[00:08:31] [SPEAKER_00]: It can be paid traffic.
[00:08:33] [SPEAKER_00]: If you have free traffic that you can drive, that's even better.
[00:08:37] [SPEAKER_00]: If you have a podcast, a newsletter or some way that you communicate with your audience, driving them to that landing page with that lead magnet, which in this case obviously is a PDF checklist.
[00:08:50] [SPEAKER_00]: It discusses how to save 70 percent on your electric bill.
[00:08:53] [SPEAKER_00]: Now, you know people are interested and what that lead magnet is going to talk about obviously is solar panels.
[00:09:00] [SPEAKER_00]: And then after that, there's going to be a call to action.
[00:09:03] [SPEAKER_00]: If you want to learn more, set up a one on one free consultation or whatever your call to action needs to be.
[00:09:10] [SPEAKER_00]: But guys, that is a simple lead generation system.
[00:09:13] [SPEAKER_00]: It's something that's working all the time.
[00:09:16] [SPEAKER_00]: 24 7.
[00:09:17] [SPEAKER_00]: So if you're running traffic to that landing page with that lead magnet on it, you're always going to be getting leads.
[00:09:23] [SPEAKER_00]: So problem number one, not enough qualified leads to sell to today shows not going to be that long to forgot to mention that at the top of the show because we're going to get right to the point.
[00:09:32] [SPEAKER_00]: Guys, problem number two.
[00:09:35] [SPEAKER_00]: And we're talking about is the check engine light on in your business and how to diagnose the problem.
[00:09:40] [SPEAKER_00]: Problem number two, your product or service is not profitable enough.
[00:09:44] [SPEAKER_00]: Your product or service is not profitable enough.
[00:09:48] [SPEAKER_00]: And what we have to understand and learn, guys, is net profit.
[00:09:52] [SPEAKER_00]: A lot of times we think about the gross profit.
[00:09:54] [SPEAKER_00]: OK, but we don't put in the ancillary costs that it takes to actually sell your product or service.
[00:10:01] [SPEAKER_00]: So business owners, once again, don't take into account the additional cost of selling your product or service.
[00:10:07] [SPEAKER_00]: That's why your lead generation system, guys, is so important.
[00:10:10] [SPEAKER_00]: It can reduce acquisition costs.
[00:10:13] [SPEAKER_00]: All of these things are combined.
[00:10:15] [SPEAKER_00]: Like I said, not having enough qualified leads, guys, that's the foundation of any business you've got.
[00:10:22] [SPEAKER_00]: It's a necessity. You've got to have qualified leads and problem to your product or service isn't profitable.
[00:10:28] [SPEAKER_00]: So one of the reasons your product or service may not be profitable is because you can't acquire leads at a good cost because you don't have a lead generation system.
[00:10:38] [SPEAKER_00]: Also, you want to find a product or service profitable enough to absorb marketing and advertising costs.
[00:10:44] [SPEAKER_00]: And I'm going to give you two examples.
[00:10:46] [SPEAKER_00]: OK, I'm going to give you a low price product example and also a higher price product example.
[00:10:52] [SPEAKER_00]: So, say, for example, you sell T-shirts, you're selling T-shirts for twenty dollars.
[00:10:56] [SPEAKER_00]: It costs you seven dollars to produce that T-shirt.
[00:11:00] [SPEAKER_00]: So you have a gross profit of twenty minus seven is thirteen dollars, right?
[00:11:05] [SPEAKER_00]: Sounds pretty good off the muscle, right?
[00:11:08] [SPEAKER_00]: But what happens if it takes you ten dollars to acquire one new customer?
[00:11:14] [SPEAKER_00]: So now you've got a twenty dollar sale cost you seven dollars to produce the T-shirt and another ten dollars to market and advertise the T-shirt to get a sale.
[00:11:24] [SPEAKER_00]: So that means you spend seventeen dollars to make twenty, meaning you've only made a three dollar net profit.
[00:11:30] [SPEAKER_00]: The problem there, guys, is even though it looks like from the beginning with the gross profit that you're going to be super profitable, in reality, you're only making three dollars a shirt.
[00:11:40] [SPEAKER_00]: And it's going to be very hard to scale a business when you're not making that much money off of each unit.
[00:11:47] [SPEAKER_00]: Now let's take a look at another example with a higher price point product.
[00:11:52] [SPEAKER_00]: Okay, say you're selling watches.
[00:11:54] [SPEAKER_00]: You retail your watch for a hundred dollars, right?
[00:11:57] [SPEAKER_00]: The manufacturing cost for that watch is fifty dollars.
[00:12:01] [SPEAKER_00]: Your shipping costs from the manufacturer to you is ten dollars per watch on average.
[00:12:06] [SPEAKER_00]: And the marketing cost to sell that one watch is twenty dollars, right?
[00:12:11] [SPEAKER_00]: Now don't forget, you also have to ship that watch out back to your new customer and that costs you fifteen dollars.
[00:12:18] [SPEAKER_00]: Alright, so really if you look at the numbers here, guys, you're selling a hundred dollar product, but you're only netting five dollars per watch.
[00:12:27] [SPEAKER_00]: You sold it for a hundred dollars.
[00:12:28] [SPEAKER_00]: The manufacturing cost costs fifty dollars, right?
[00:12:32] [SPEAKER_00]: It costs you ten dollars per watch from the manufacturer in China to ship it to you.
[00:12:37] [SPEAKER_00]: It costs you twenty dollars to market that watch to get one customer.
[00:12:41] [SPEAKER_00]: Then it costs you another fifteen dollars to ship that watch out to your new customer.
[00:12:45] [SPEAKER_00]: Okay, so literally you're not making any money.
[00:12:49] [SPEAKER_00]: You're making five dollars even though you have a one hundred dollar price point on that product versus a twenty dollar price point on the t-shirts.
[00:12:58] [SPEAKER_00]: So that's the problem.
[00:13:00] [SPEAKER_00]: You have to really understand your numbers.
[00:13:02] [SPEAKER_00]: How profitable are you?
[00:13:04] [SPEAKER_00]: And that all comes to the fact, guys, that you need to have a lead generation system that has predictable numbers.
[00:13:12] [SPEAKER_00]: So now you know if you spend X amount of dollars, you're going to get X amount of leads and you're going to convert a certain percentage of those leads.
[00:13:21] [SPEAKER_00]: So you can understand what your overall cost is in terms of selling one unit of product or service you're selling.
[00:13:28] [SPEAKER_00]: Now let's talk about the solution if your product or service isn't profitable enough.
[00:13:33] [SPEAKER_00]: Now I did an episode probably about a year ago and it talked about product perception, pricing, and profitability.
[00:13:44] [SPEAKER_00]: Now all four of these components guys have to be aligned in order for you to create a profitable product or service.
[00:13:52] [SPEAKER_00]: Okay, we're going to break them down.
[00:13:54] [SPEAKER_00]: Product perception, pricing, and profitability.
[00:13:56] [SPEAKER_00]: Number one product.
[00:13:57] [SPEAKER_00]: Do you have a product that people want or need?
[00:14:00] [SPEAKER_00]: Is it desirable?
[00:14:02] [SPEAKER_00]: And I have to let you guys know a lot of times we as the business owners, we fall in love with the product or service that we're selling.
[00:14:10] [SPEAKER_00]: And there's really no market for it.
[00:14:13] [SPEAKER_00]: You know I've told stories many a time about a good friend of mine who was into this home automation right in the middle of a financial crisis and nobody wanted that service.
[00:14:26] [SPEAKER_00]: Nobody cared about turning their lights on in their house before they got into the house.
[00:14:31] [SPEAKER_00]: They were worried about paying bills.
[00:14:33] [SPEAKER_00]: So your product or service, do people want or need your product or service?
[00:14:37] [SPEAKER_00]: Is it desirable?
[00:14:38] [SPEAKER_00]: And there are many factors that come into play.
[00:14:43] [SPEAKER_00]: The second part is the perception.
[00:14:45] [SPEAKER_00]: What is the perception of your product or service?
[00:14:47] [SPEAKER_00]: Is it high end, is it mid level, or is it economy?
[00:14:51] [SPEAKER_00]: So your product and your perception have to be aligned.
[00:14:56] [SPEAKER_00]: And I'm going to give you some examples of that.
[00:14:58] [SPEAKER_00]: Your pricing.
[00:15:00] [SPEAKER_00]: Is your product or service priced?
[00:15:02] [SPEAKER_00]: Is it aligned with the actual product and perception?
[00:15:06] [SPEAKER_00]: Okay?
[00:15:07] [SPEAKER_00]: Now, if you're selling headphones, and I always use this example because everybody knows it.
[00:15:14] [SPEAKER_00]: Beats headphones, right?
[00:15:15] [SPEAKER_00]: So you can buy a pair of Beats for what, $149, $299, whatever it is depending on what type you want.
[00:15:23] [SPEAKER_00]: Okay?
[00:15:23] [SPEAKER_00]: That's a higher end headphone.
[00:15:26] [SPEAKER_00]: Okay?
[00:15:27] [SPEAKER_00]: Now, what is the product?
[00:15:29] [SPEAKER_00]: It's the Beats.
[00:15:30] [SPEAKER_00]: The perception is this, that it's a quality piece of equipment.
[00:15:34] [SPEAKER_00]: Dr. Dre, you know, everybody's wearing the Beats.
[00:15:37] [SPEAKER_00]: What is the pricing?
[00:15:38] [SPEAKER_00]: The pricing is aligned with a high end headphone, right?
[00:15:42] [SPEAKER_00]: So the perception and the pricing are aligned with the product.
[00:15:46] [SPEAKER_00]: So is the packaging.
[00:15:48] [SPEAKER_00]: So you can also go into Walmart and you can get headphones that are in clamshells that may cost $29 or $30.
[00:15:56] [SPEAKER_00]: They don't have the packaging or the presentation that the Beats do.
[00:16:00] [SPEAKER_00]: So if the Beats headphones were sold in clamshells, which is that clear plastic stuff you see hanging up,
[00:16:08] [SPEAKER_00]: you think they'd be able to get $149 for them?
[00:16:11] [SPEAKER_00]: $299, whatever price it is?
[00:16:13] [SPEAKER_00]: No.
[00:16:14] [SPEAKER_00]: Because it's product, then the perception and the pricing have to be aligned.
[00:16:19] [SPEAKER_00]: Okay?
[00:16:20] [SPEAKER_00]: And that all boils down to the fourth P, which is profitability.
[00:16:24] [SPEAKER_00]: So your profitability is determined by having all of these things aligned.
[00:16:28] [SPEAKER_00]: Your product has to be aligned.
[00:16:30] [SPEAKER_00]: Okay?
[00:16:31] [SPEAKER_00]: Your perception of your product is a high end, mid-level or low end.
[00:16:35] [SPEAKER_00]: The pricing has to be aligned.
[00:16:36] [SPEAKER_00]: If it's a high end product, the pricing must be aligned with the high end cost.
[00:16:42] [SPEAKER_00]: So if I'm selling Beats, if you go into a store and you see Beats headphones for $15,
[00:16:48] [SPEAKER_00]: you're going to be like, damn, what's wrong with these?
[00:16:51] [SPEAKER_00]: Because the perception is that these things cost a way, you know, are more expensive than that price.
[00:16:57] [SPEAKER_00]: You're going to think they're knockoffs or something else.
[00:17:00] [SPEAKER_00]: That's just like if you go in the store and you see a Timex watch for $15,000.
[00:17:07] [SPEAKER_00]: You know, you could buy a Rolex, your perception that a Rolex will cost 15 grand, right?
[00:17:12] [SPEAKER_00]: But not a Timex.
[00:17:13] [SPEAKER_00]: And it works in both ways.
[00:17:15] [SPEAKER_00]: Reverse, you know, high end versus low end perception and pricing.
[00:17:19] [SPEAKER_00]: So it works both ways.
[00:17:21] [SPEAKER_00]: So everything needs to be aligned.
[00:17:23] [SPEAKER_00]: Okay?
[00:17:23] [SPEAKER_00]: So number two, your product or service is not profitable enough.
[00:17:28] [SPEAKER_00]: Now, how can you increase your pricing?
[00:17:32] [SPEAKER_00]: Okay.
[00:17:33] [SPEAKER_00]: In addition to having everything aligned, your product perception, pricing and increasing your profitability,
[00:17:39] [SPEAKER_00]: there's several ways you can increase your price.
[00:17:41] [SPEAKER_00]: You can do such things as using scarcity or exclusivity.
[00:17:46] [SPEAKER_00]: So, hey, this limited edition watch is only going to be available for the next 15 days.
[00:17:54] [SPEAKER_00]: So supply and demand.
[00:17:56] [SPEAKER_00]: So now you're going to sell it at a higher price.
[00:17:59] [SPEAKER_00]: Exclusivity, scarcity.
[00:18:01] [SPEAKER_00]: You can also bundle products or services together.
[00:18:04] [SPEAKER_00]: So with your headphones, you may bundle another complimentary product or something like that.
[00:18:11] [SPEAKER_00]: Buy one at full price.
[00:18:13] [SPEAKER_00]: Get the second one off at half price.
[00:18:15] [SPEAKER_00]: Whatever.
[00:18:16] [SPEAKER_00]: Or have some type of complimentary product and or service.
[00:18:19] [SPEAKER_00]: You see that all the time.
[00:18:21] [SPEAKER_00]: And also, guys, you can change your target customer.
[00:18:25] [SPEAKER_00]: This is a way to increase pricing without changing anything about your product,
[00:18:30] [SPEAKER_00]: the physical product or your service.
[00:18:32] [SPEAKER_00]: Now, you may have to change your marketing around selling that product or service.
[00:18:37] [SPEAKER_00]: Here's a simple example of changing your customer and being able to increase your price.
[00:18:42] [SPEAKER_00]: So say I sell insoles for your shoes.
[00:18:44] [SPEAKER_00]: If I'm selling to somebody that is in a retail business that's on their feet all day,
[00:18:50] [SPEAKER_00]: then, yeah, my pricing is probably going to be low to mid level.
[00:18:54] [SPEAKER_00]: But say I create the same insole, but I market it to long distance runners,
[00:19:01] [SPEAKER_00]: you know, people that compete in competitions.
[00:19:04] [SPEAKER_00]: Now, the benefit to them for these insoles is going to be a lot different
[00:19:08] [SPEAKER_00]: than the benefit for somebody who's in the retail business.
[00:19:11] [SPEAKER_00]: Now, as a competitor, you want all the advantages that you can get.
[00:19:16] [SPEAKER_00]: So now when you market this insole to these high performance athletes,
[00:19:21] [SPEAKER_00]: it's going to make a difference with their time,
[00:19:23] [SPEAKER_00]: which is obviously the most important thing to them.
[00:19:26] [SPEAKER_00]: So now you can sell these high performance, quote unquote,
[00:19:30] [SPEAKER_00]: insoles to these athletes at a higher price.
[00:19:33] [SPEAKER_00]: So all you're doing is changing your customer.
[00:19:36] [SPEAKER_00]: You're not changing the product.
[00:19:38] [SPEAKER_00]: And smart entrepreneurs understand that if you can sell your product to multiple verticals,
[00:19:44] [SPEAKER_00]: you're going to want to have different conversations with each vertical.
[00:19:48] [SPEAKER_00]: So these are some of the ways, guys, that you can increase your pricing.
[00:19:53] [SPEAKER_00]: OK, and what we're talking about today, guys, is the check engine light on in your business.
[00:19:57] [SPEAKER_00]: And how do you diagnose the problem?
[00:20:00] [SPEAKER_00]: Problem number one is not enough qualified leads to sell to problem number two.
[00:20:05] [SPEAKER_00]: Your product or service is not profitable enough.
[00:20:07] [SPEAKER_00]: And problem number three, understanding who your optimal audience is.
[00:20:13] [SPEAKER_00]: And I want to highlight the word optimal, not understanding who your audience is.
[00:20:19] [SPEAKER_00]: Who is your optimal audience in the definition of optimal means best or most favorable?
[00:20:26] [SPEAKER_00]: Who's your best audience or most favorable audience?
[00:20:30] [SPEAKER_00]: The audience that's going to convert into sales.
[00:20:33] [SPEAKER_00]: OK, so what you want to do is you want to speak to the optimal audience,
[00:20:37] [SPEAKER_00]: just not the right audience.
[00:20:39] [SPEAKER_00]: So once you diagnose your optimal avatar, who is that?
[00:20:43] [SPEAKER_00]: Now you can dial in the language you need to speak to them for them to respond to you,
[00:20:47] [SPEAKER_00]: how they like to communicate, where they can be found, et cetera.
[00:20:52] [SPEAKER_00]: So if you're selling hearing aids, you're probably looking at an older demographic.
[00:20:57] [SPEAKER_00]: How do they like to be communicated to?
[00:21:00] [SPEAKER_00]: Probably in written form, be it newspaper, magazines, it might be television, might be direct mail.
[00:21:06] [SPEAKER_00]: So if you're talking people 75 years old, they may not be on the Internet or Instagram a lot.
[00:21:12] [SPEAKER_00]: OK, so you have to understand who your optimal audience is.
[00:21:17] [SPEAKER_00]: OK, the reason, guys, that you don't have this data is because you don't have a database.
[00:21:22] [SPEAKER_00]: You're flying by the seat of your pants.
[00:21:24] [SPEAKER_00]: And that's why I keep telling you guys about building a database, having qualified leads,
[00:21:31] [SPEAKER_00]: understanding who your true customers are.
[00:21:34] [SPEAKER_00]: Because if you don't understand that, you're going to be wasting a lot of money on marketing
[00:21:39] [SPEAKER_00]: and advertising to places and verticals that don't make sense.
[00:21:44] [SPEAKER_00]: Once you understand this, now you know where to allocate your resources.
[00:21:48] [SPEAKER_00]: So if your vertical is at this place and they're on this medium and you can connect with them here
[00:21:54] [SPEAKER_00]: and it's the optimal place or your optimal audience, that's where the resources need to go.
[00:22:01] [SPEAKER_00]: So here's a real life example.
[00:22:02] [SPEAKER_00]: When companies come to me to advertise, they always ask me my demographics.
[00:22:07] [SPEAKER_00]: And so I can tell them my demographics are the highest listening demographic is the age 35 to 44,
[00:22:16] [SPEAKER_00]: followed almost identically by 25 to 34.
[00:22:21] [SPEAKER_00]: I know my average income household income is over $100,000.
[00:22:25] [SPEAKER_00]: I know the podcast skews 53% men, I believe 47% women.
[00:22:33] [SPEAKER_00]: And so I have all of these demographics.
[00:22:35] [SPEAKER_00]: I know who my audience is.
[00:22:37] [SPEAKER_00]: Obviously they're entrepreneurs of color that want to level up their business,
[00:22:42] [SPEAKER_00]: but I have even more details.
[00:22:43] [SPEAKER_00]: And what I do is I look at the commonalities of my customers.
[00:22:48] [SPEAKER_00]: And we're going to get to the solutions right now of creating or finding or understanding
[00:22:53] [SPEAKER_00]: who your optimal audience is.
[00:22:55] [SPEAKER_00]: So you got to understand the characteristics of who and what your best customers are.
[00:23:00] [SPEAKER_00]: Remember, guys, the money is in the data.
[00:23:03] [SPEAKER_00]: The money is in the data.
[00:23:05] [SPEAKER_00]: I just did a show the other week.
[00:23:07] [SPEAKER_00]: All right.
[00:23:08] [SPEAKER_00]: Ninety nine percent of the people don't know where the money is in their business.
[00:23:12] [SPEAKER_00]: The money is in the data.
[00:23:14] [SPEAKER_00]: Give your current customers a survey or questionnaire to learn more about them.
[00:23:19] [SPEAKER_00]: Who are they? Where are they?
[00:23:21] [SPEAKER_00]: Where do they live?
[00:23:22] [SPEAKER_00]: What's the age group?
[00:23:23] [SPEAKER_00]: What's the income demographic?
[00:23:25] [SPEAKER_00]: So once you understand your optimal audience, not your general or good audience,
[00:23:30] [SPEAKER_00]: your optimal audience, that's when you're going to be able to level up.
[00:23:34] [SPEAKER_00]: And you definitely won't have that check engine light coming on.
[00:23:38] [SPEAKER_00]: All right. Let me give you guys an example.
[00:23:40] [SPEAKER_00]: So episode 423 is what I was talking about.
[00:23:44] [SPEAKER_00]: OK, I talk about the money is in the data and I use Amazon and a touch of modern as an example.
[00:23:50] [SPEAKER_00]: So the data Amazon is probably king of data.
[00:23:55] [SPEAKER_00]: Netflix is also up there, too.
[00:23:57] [SPEAKER_00]: They know what you watch.
[00:23:59] [SPEAKER_00]: So they'll be suggesting stuff to you.
[00:24:01] [SPEAKER_00]: But Amazon, they know pretty much everything about your payment methods,
[00:24:05] [SPEAKER_00]: what you like to buy, your history.
[00:24:07] [SPEAKER_00]: So they can pretty much calculate what you're going to spend each year,
[00:24:13] [SPEAKER_00]: what you're going to buy.
[00:24:14] [SPEAKER_00]: So in episode 423, I talked about how Amazon uses the data that they have
[00:24:21] [SPEAKER_00]: to create their own product brands to sell products that other people or third party sellers are selling
[00:24:29] [SPEAKER_00]: and take some of that market share.
[00:24:31] [SPEAKER_00]: So there is a company called Allbirds, A-L-L-B-I-R-D-S.
[00:24:36] [SPEAKER_00]: Allbirds sells these like sneakers that are very popular in Silicon Valley.
[00:24:41] [SPEAKER_00]: They're like woven sneakers, very comfortable.
[00:24:44] [SPEAKER_00]: Now Allbirds brand sells anywhere from like 85 to 135 dollars
[00:24:50] [SPEAKER_00]: and they have all types of different models.
[00:24:53] [SPEAKER_00]: Amazon saw that Allbirds was selling like crazy on the Amazon platform.
[00:24:58] [SPEAKER_00]: So what did Amazon do?
[00:25:00] [SPEAKER_00]: They created their own version of Allbirds under their own name brand
[00:25:04] [SPEAKER_00]: and they're selling pretty much the same sneaker or shoe, whatever you want to call it,
[00:25:09] [SPEAKER_00]: for 55 to 65 dollars.
[00:25:13] [SPEAKER_00]: So they're undercutting Allbirds because they have Allbirds customer list.
[00:25:18] [SPEAKER_00]: You see, Allbirds doesn't get that data.
[00:25:21] [SPEAKER_00]: Allbirds will get the name, but they won't get the email and all of that stuff
[00:25:26] [SPEAKER_00]: because Amazon is shipping out the product.
[00:25:30] [SPEAKER_00]: Amazon tells you if you're a third party seller and you sell on Amazon,
[00:25:33] [SPEAKER_00]: they tell you that these are our customers and we're just going to let you borrow them
[00:25:38] [SPEAKER_00]: and for getting on our platform, we're going to charge you if you do FBA,
[00:25:43] [SPEAKER_00]: fulfillment by Amazon, anywhere from 15 to 30 percent of that sale price
[00:25:47] [SPEAKER_00]: because these are our customers.
[00:25:49] [SPEAKER_00]: The money is in the data and you have to understand your optimal audience.
[00:25:55] [SPEAKER_00]: I also gave example, make sure you go listen to episode 423.
[00:25:59] [SPEAKER_00]: I also gave the example of my cousin who has a high-end cognac business.
[00:26:04] [SPEAKER_00]: He was approached by a company called Touch of Modern
[00:26:07] [SPEAKER_00]: and Touch of Modern is a website, a membership site,
[00:26:11] [SPEAKER_00]: which is free to be a member that basically caters to men and man cave type stuff.
[00:26:17] [SPEAKER_00]: So what they did was they were like, hey, we want to feature your cognac on Touch of Modern
[00:26:23] [SPEAKER_00]: and the way their business model works is they would pre-sell the cognac.
[00:26:28] [SPEAKER_00]: Say my cousin says, yeah, we'll be able to give you a sale on 250 bottles.
[00:26:33] [SPEAKER_00]: Great. They come to a price, pre-sell the cognac on a seven day sale on Touch of Modern.
[00:26:39] [SPEAKER_00]: Once the seven days is up, then they'll go back to my cousin and say,
[00:26:43] [SPEAKER_00]: all right, we sold 195 bottles.
[00:26:45] [SPEAKER_00]: Here's the money for 195 bottles.
[00:26:48] [SPEAKER_00]: My cousin then ships the 195 bottles to Touch of Modern's warehouse
[00:26:52] [SPEAKER_00]: where then Touch of Modern ships the bottles to their customers.
[00:26:57] [SPEAKER_00]: So once again, my cousin has no idea where these bottles are going.
[00:27:02] [SPEAKER_00]: Now, what can Touch of Modern do with that data?
[00:27:06] [SPEAKER_00]: So when they have another customer that's selling high end cognac,
[00:27:10] [SPEAKER_00]: guess who they're going to reach out to?
[00:27:12] [SPEAKER_00]: They're going to reach out to the 195 people that bought my cousin's cognac.
[00:27:17] [SPEAKER_00]: And if they sold other cognacs or any other type of products,
[00:27:21] [SPEAKER_00]: then whatever they bring to market, they're going to have a database
[00:27:25] [SPEAKER_00]: and they know who buys what.
[00:27:27] [SPEAKER_00]: And that's why I'm telling you guys the money is in the data.
[00:27:32] [SPEAKER_00]: So problem number three, understanding who your optimal audience is.
[00:27:37] [SPEAKER_00]: How simple do you think it would be to sell cognac to people that buy cognac all the time?
[00:27:44] [SPEAKER_00]: Probably pretty simple, right?
[00:27:46] [SPEAKER_00]: Versus selling cognac to people you know absolutely nothing about.
[00:27:51] [SPEAKER_00]: You don't know the average age.
[00:27:52] [SPEAKER_00]: You don't know the geography, the income, the demographics, none of that.
[00:27:58] [SPEAKER_00]: So understanding who your optimal audience is guys, and that's problem number three.
[00:28:04] [SPEAKER_00]: And what we're talking about is your check engine light on your business
[00:28:08] [SPEAKER_00]: and how to diagnose the problem and solutions for those problems.
[00:28:12] [SPEAKER_00]: Now before I get to the last quarter of the show guys,
[00:28:15] [SPEAKER_00]: let me share all my social media contact information and resource links.
[00:28:19] [SPEAKER_00]: I'm going to keep it super simple.
[00:28:23] [SPEAKER_00]: Go to blackentrepreneurblueprint.com.
[00:28:27] [SPEAKER_00]: We spend a lot of time and resources on the new website.
[00:28:31] [SPEAKER_00]: If you want to connect with me, go to the About page.
[00:28:35] [SPEAKER_00]: At the bottom of the About page,
[00:28:37] [SPEAKER_00]: you'll be able to find all my social media contact information.
[00:28:40] [SPEAKER_00]: I'll give it to you real quick though.
[00:28:42] [SPEAKER_00]: Facebook, Black Entrepreneur Blueprint.
[00:28:45] [SPEAKER_00]: Twitter, Jay Jones 001.
[00:28:47] [SPEAKER_00]: Anytime I say Jay Jones, it's spelled out.
[00:28:51] [SPEAKER_00]: J-A-Y-J-O-N-E-S.
[00:28:53] [SPEAKER_00]: Instagram, I got two IG accounts.
[00:28:55] [SPEAKER_00]: The first one is Jay Jones for real.
[00:28:57] [SPEAKER_00]: J-A-Y-J-O-N-E-S.
[00:28:59] [SPEAKER_00]: The number four, R-E-A-L.
[00:29:01] [SPEAKER_00]: Second one is Black Entrepreneur Blueprint.
[00:29:04] [SPEAKER_00]: LinkedIn, Jay Jones, Black Entrepreneur Blueprint.
[00:29:08] [SPEAKER_00]: YouTube, please make sure you go to the YouTube channel.
[00:29:10] [SPEAKER_00]: I have additional content on YouTube that drops, that does not drop on the show.
[00:29:15] [SPEAKER_00]: Yes, the show does come out on YouTube every Monday morning,
[00:29:19] [SPEAKER_00]: 5 a.m. Eastern Standard Time,
[00:29:21] [SPEAKER_00]: just like it comes out on all your major podcast platforms.
[00:29:25] [SPEAKER_00]: And if you're on Clubhouse, you can connect with me at IAMJJones.
[00:29:30] [SPEAKER_00]: All right, so those are the ways you can contact me.
[00:29:33] [SPEAKER_00]: Now, resources.
[00:29:35] [SPEAKER_00]: Go to Black Entrepreneur Blueprint.
[00:29:37] [SPEAKER_00]: Hit the Learn tab, and we have all types of resources, online courses,
[00:29:41] [SPEAKER_00]: B-E-B Academy dot com, Brand Builder Academy Elite.
[00:29:46] [SPEAKER_00]: We have Pinpoint and Monetize Your Genius.
[00:29:49] [SPEAKER_00]: In addition to that, guys,
[00:29:51] [SPEAKER_00]: we have resources to help you elevate your entrepreneur IQ.
[00:29:55] [SPEAKER_00]: When you hit the Learn button,
[00:29:57] [SPEAKER_00]: you'll be able to find things such as marketing.
[00:29:59] [SPEAKER_00]: If you need help with marketing, financing,
[00:30:02] [SPEAKER_00]: scaling your business, strategy and mindset,
[00:30:06] [SPEAKER_00]: anything you need to elevate your entrepreneur IQ is on the website,
[00:30:12] [SPEAKER_00]: BlackEntrepreneurBlueprint.com.
[00:30:13] [SPEAKER_00]: If you're lazy, just type in B-E-B Connect,
[00:30:16] [SPEAKER_00]: and it'll take you to BlackEntrepreneurBlueprint.com.
[00:30:19] [SPEAKER_00]: But hit the Learn tab, and you'll see all the resources there.
[00:30:23] [SPEAKER_00]: Or if you want to connect with me via social media,
[00:30:26] [SPEAKER_00]: hit the About tab, and under my bio,
[00:30:29] [SPEAKER_00]: you have all my social media contacts.
[00:30:33] [SPEAKER_00]: BlackEntrepreneurBlueprint.com.
[00:30:34] [SPEAKER_00]: We want the website to be the website
[00:30:36] [SPEAKER_00]: and resource for all black entrepreneurs.
[00:30:39] [SPEAKER_00]: All right, let's get ready for the last quarter of the show.
[00:30:43] [SPEAKER_00]: And what we've been talking about today, guys,
[00:30:45] [SPEAKER_00]: is that check engine light.
[00:30:46] [SPEAKER_00]: So you know when you're driving around
[00:30:48] [SPEAKER_00]: and that check engine light goes on, man,
[00:30:50] [SPEAKER_00]: your heart starts beating because you're like,
[00:30:52] [SPEAKER_00]: damn, what is it?
[00:30:53] [SPEAKER_00]: You have no idea what the issue is.
[00:30:55] [SPEAKER_00]: You have no idea what it's going to cost you.
[00:30:58] [SPEAKER_00]: You have no idea if you can even drive another five miles, okay?
[00:31:03] [SPEAKER_00]: Because all your engine is telling you is something is wrong.
[00:31:07] [SPEAKER_00]: And your check engine light comes on in your business
[00:31:10] [SPEAKER_00]: when you're underperforming
[00:31:12] [SPEAKER_00]: and when you're about to go out of business.
[00:31:14] [SPEAKER_00]: And it's unfortunate because many times we don't even realize it.
[00:31:19] [SPEAKER_00]: We think we're doing okay, but in reality,
[00:31:22] [SPEAKER_00]: you're not working at maximum efficiency.
[00:31:24] [SPEAKER_00]: And that's what every business strives to do,
[00:31:27] [SPEAKER_00]: to work at maximum efficiency.
[00:31:29] [SPEAKER_00]: It's just like a manufacturing facility.
[00:31:32] [SPEAKER_00]: So if you own a manufacturing facility
[00:31:34] [SPEAKER_00]: and you manufacture cups, right?
[00:31:38] [SPEAKER_00]: If your factory isn't running 24 hours a day,
[00:31:41] [SPEAKER_00]: seven days a week,
[00:31:42] [SPEAKER_00]: that means that you're not running at maximum efficiency.
[00:31:45] [SPEAKER_00]: So if your factory is down for Saturday and Sunday,
[00:31:48] [SPEAKER_00]: you're not doing any business,
[00:31:50] [SPEAKER_00]: then you're not maxing out.
[00:31:53] [SPEAKER_00]: And that's what you want to do with your business.
[00:31:55] [SPEAKER_00]: You want to run at maximum efficiency, okay?
[00:31:59] [SPEAKER_00]: So your check engine light may be on.
[00:32:01] [SPEAKER_00]: You may not even realize it's on.
[00:32:03] [SPEAKER_00]: But if you have a feeling that your business isn't doing for you
[00:32:07] [SPEAKER_00]: or giving you what you need,
[00:32:09] [SPEAKER_00]: there's three things that you need to check.
[00:32:12] [SPEAKER_00]: Okay? And these are three of the biggest problems
[00:32:14] [SPEAKER_00]: that any business is going to have.
[00:32:16] [SPEAKER_00]: I don't care if you're a $100 business,
[00:32:19] [SPEAKER_00]: a $100,000 business,
[00:32:20] [SPEAKER_00]: million-dollar business, or a billion-dollar business.
[00:32:23] [SPEAKER_00]: There's certain things that are commonalities
[00:32:26] [SPEAKER_00]: with all successful businesses.
[00:32:28] [SPEAKER_00]: Problem number one, not enough qualified leads to sell to.
[00:32:32] [SPEAKER_00]: I'm tired of saying it, family.
[00:32:34] [SPEAKER_00]: If you don't have a lead generation system,
[00:32:37] [SPEAKER_00]: you're not going to make it.
[00:32:40] [SPEAKER_00]: You're throwing stuff on the wall.
[00:32:42] [SPEAKER_00]: It may be good here and there,
[00:32:44] [SPEAKER_00]: but you need consistency to build and scale a business.
[00:32:47] [SPEAKER_00]: The consistency comes with systems.
[00:32:51] [SPEAKER_00]: The number one system you need is a lead generation system.
[00:32:55] [SPEAKER_00]: No leads equals no sales equals no business.
[00:33:00] [SPEAKER_00]: And I can't get that through to your heads fast enough.
[00:33:04] [SPEAKER_00]: I'm telling y'all, if you don't have a systematic way
[00:33:06] [SPEAKER_00]: of generating qualified leads every day,
[00:33:10] [SPEAKER_00]: then you shouldn't be in business, and that's real talk.
[00:33:14] [SPEAKER_00]: You shouldn't be in business.
[00:33:15] [SPEAKER_00]: Just build a simple lead generation system, okay?
[00:33:19] [SPEAKER_00]: Running traffic to a landing page with a lead magnet
[00:33:22] [SPEAKER_00]: and grabbing that data, getting that customer information,
[00:33:26] [SPEAKER_00]: put them in your lead generation system,
[00:33:28] [SPEAKER_00]: nurture them from prospect to paying customer, okay?
[00:33:32] [SPEAKER_00]: That's problem number one.
[00:33:33] [SPEAKER_00]: Problem number two, your product or service
[00:33:36] [SPEAKER_00]: is not profitable enough.
[00:33:38] [SPEAKER_00]: Many times, once again, we look on the outside.
[00:33:41] [SPEAKER_00]: We look at gross profit of our product,
[00:33:43] [SPEAKER_00]: but we don't count the marketing and advertising
[00:33:45] [SPEAKER_00]: and other ancillary costs it takes to deliver
[00:33:48] [SPEAKER_00]: that product or service to the end customer.
[00:33:51] [SPEAKER_00]: And that's why many people think they're profitable,
[00:33:54] [SPEAKER_00]: but once they start looking at their real numbers,
[00:33:57] [SPEAKER_00]: they'll learn, damn, this product isn't profitable at all.
[00:34:01] [SPEAKER_00]: This service isn't as profitable as I thought it was.
[00:34:03] [SPEAKER_00]: That's why you need to understand and know your numbers, okay?
[00:34:07] [SPEAKER_00]: So if you use software like I do, like QuickBooks,
[00:34:11] [SPEAKER_00]: it shows me what my marketing cost is,
[00:34:13] [SPEAKER_00]: my advertising cost, my shipping cost, my ancillary cost.
[00:34:17] [SPEAKER_00]: I know to a penny, well, within a penny or two,
[00:34:21] [SPEAKER_00]: of what it really costs me to sell any product
[00:34:24] [SPEAKER_00]: or service I'm selling out of any one of my businesses.
[00:34:27] [SPEAKER_00]: Because if you don't know the numbers, guess what?
[00:34:30] [SPEAKER_00]: You can have a false sense of security, okay?
[00:34:33] [SPEAKER_00]: You can have money coming in every day,
[00:34:35] [SPEAKER_00]: but are you profitable?
[00:34:37] [SPEAKER_00]: You don't want to spend $100, you know,
[00:34:40] [SPEAKER_00]: to make $95 because you losing,
[00:34:43] [SPEAKER_00]: you're only losing $5 a day, but guess what?
[00:34:47] [SPEAKER_00]: That adds up.
[00:34:47] [SPEAKER_00]: You have to understand if your product or service
[00:34:50] [SPEAKER_00]: is profitable.
[00:34:52] [SPEAKER_00]: And the solution to that is, guys,
[00:34:53] [SPEAKER_00]: product perception, pricing and profitability.
[00:34:56] [SPEAKER_00]: All of those four things need to be aligned, okay?
[00:35:01] [SPEAKER_00]: Your product, once again,
[00:35:02] [SPEAKER_00]: don't fall in love with your product, okay, or your service.
[00:35:06] [SPEAKER_00]: Just because you love the product or the service
[00:35:08] [SPEAKER_00]: doesn't mean everybody else is,
[00:35:09] [SPEAKER_00]: and I always talk about testing.
[00:35:11] [SPEAKER_00]: So make sure that your product or service is desirable, okay?
[00:35:16] [SPEAKER_00]: Do people want it, need it, or do they desire it, okay?
[00:35:20] [SPEAKER_00]: Perception.
[00:35:21] [SPEAKER_00]: What's the perception of your product or service?
[00:35:23] [SPEAKER_00]: High-end, mid-level, or low-end, or economy.
[00:35:26] [SPEAKER_00]: What's the perception of it?
[00:35:28] [SPEAKER_00]: Your pricing.
[00:35:28] [SPEAKER_00]: Your pricing needs to align with the perception,
[00:35:32] [SPEAKER_00]: with the wanted perception.
[00:35:34] [SPEAKER_00]: So you may think you have a high-end product,
[00:35:37] [SPEAKER_00]: but if people perceive it as low-end, guess what?
[00:35:40] [SPEAKER_00]: That alignment isn't there and you're not going to sell.
[00:35:43] [SPEAKER_00]: And then profitability.
[00:35:45] [SPEAKER_00]: Once again, your profitability is determined
[00:35:47] [SPEAKER_00]: by having all of these things aligned.
[00:35:49] [SPEAKER_00]: Product, perception, pricing, and profitability.
[00:35:54] [SPEAKER_00]: So everything has to be aligned.
[00:35:56] [SPEAKER_00]: That's number two.
[00:35:57] [SPEAKER_00]: And problem number three,
[00:35:58] [SPEAKER_00]: we just got over talking about it,
[00:36:00] [SPEAKER_00]: understanding who your optimal audience is.
[00:36:03] [SPEAKER_00]: Not a good audience, the optimal audience.
[00:36:06] [SPEAKER_00]: Who is that avatar?
[00:36:08] [SPEAKER_00]: If there's one person, if you could describe one person,
[00:36:12] [SPEAKER_00]: you know, if you're selling luxury watches,
[00:36:14] [SPEAKER_00]: my avatar is a 48-year-old black executive
[00:36:20] [SPEAKER_00]: that makes over $200,000 a year,
[00:36:23] [SPEAKER_00]: tends to live in the Northeastern United States
[00:36:26] [SPEAKER_00]: or in California, whatever.
[00:36:28] [SPEAKER_00]: So if you understand and know those demographics,
[00:36:31] [SPEAKER_00]: now you can target specific customers.
[00:36:34] [SPEAKER_00]: So for example, there's a difference in geography, right?
[00:36:38] [SPEAKER_00]: So if I ran a car wash business,
[00:36:41] [SPEAKER_00]: there's a difference in my seasons in the Northeast
[00:36:45] [SPEAKER_00]: than it is in Florida.
[00:36:46] [SPEAKER_00]: Florida, you can run a mobile car wash business
[00:36:49] [SPEAKER_00]: probably all year.
[00:36:51] [SPEAKER_00]: In the Northeast, you're not going to be as profitable
[00:36:54] [SPEAKER_00]: in the winter and fall time, okay?
[00:36:56] [SPEAKER_00]: So understanding your demographic,
[00:36:58] [SPEAKER_00]: where people are, how much money they make,
[00:37:00] [SPEAKER_00]: what their desired outcome is.
[00:37:02] [SPEAKER_00]: You need to know that so you can tap in
[00:37:05] [SPEAKER_00]: and connect with that optimal audience.
[00:37:09] [SPEAKER_00]: Once again, when you have a shotgun approaching,
[00:37:11] [SPEAKER_00]: you're just throwing crap against the wall,
[00:37:13] [SPEAKER_00]: you're not working at maximum efficiency.
[00:37:17] [SPEAKER_00]: And that's what real entrepreneurs try to do.
[00:37:21] [SPEAKER_00]: Guys, we all want to work at maximum efficiency.
[00:37:24] [SPEAKER_00]: So if your business right now is sputtering,
[00:37:28] [SPEAKER_00]: you're about to stall out,
[00:37:30] [SPEAKER_00]: if your business is underperforming,
[00:37:33] [SPEAKER_00]: if your business is not at the point that you think it is,
[00:37:36] [SPEAKER_00]: if your business is about to fail,
[00:37:39] [SPEAKER_00]: then you got to check these check engine lights.
[00:37:42] [SPEAKER_00]: And these are the three most common things
[00:37:44] [SPEAKER_00]: that are going to go wrong
[00:37:46] [SPEAKER_00]: that are going to cause those lights to come on.
[00:37:49] [SPEAKER_00]: And until you address all three of these,
[00:37:52] [SPEAKER_00]: then you're probably always going to have problems, okay?
[00:37:56] [SPEAKER_00]: Now as we close out, guys,
[00:37:57] [SPEAKER_00]: I say this each and every week,
[00:37:58] [SPEAKER_00]: we get more and more downloads because of you,
[00:38:01] [SPEAKER_00]: the BEB family, I appreciate you guys.
[00:38:03] [SPEAKER_00]: Please continue to spread the word about the podcast,
[00:38:07] [SPEAKER_00]: about the new blackentrepreneurblueprint.com website
[00:38:10] [SPEAKER_00]: where we want to be the resource for black entrepreneurs
[00:38:14] [SPEAKER_00]: and also the ecosystem around Black Entrepreneur Blueprint
[00:38:18] [SPEAKER_00]: with all the online courses, resources,
[00:38:22] [SPEAKER_00]: and trainings available.
[00:38:23] [SPEAKER_00]: I want you guys to always remember what the mission is.
[00:38:26] [SPEAKER_00]: Black Entrepreneur Blueprint was created
[00:38:28] [SPEAKER_00]: to help launch, build, and grow successful, sustainable businesses.
[00:38:32] [SPEAKER_00]: And the whole impetus was that in order to close
[00:38:36] [SPEAKER_00]: that racial wealth gap, in order to create independence,
[00:38:41] [SPEAKER_00]: we need to build and support our own businesses.
[00:38:44] [SPEAKER_00]: And like I said at the end of every show,
[00:38:46] [SPEAKER_00]: it's not about me, it's not about you, it's about us.
[00:38:49] [SPEAKER_00]: It's about building an economic power base
[00:38:51] [SPEAKER_00]: in the worldwide black community by building
[00:38:54] [SPEAKER_00]: and supporting black-owned businesses.
[00:38:56] [SPEAKER_00]: Love you guys, see you same time next week.
[00:38:59] [SPEAKER_00]: Peace.