Black Entrepreneur Blueprint 543 - Jay Jones - The Game Changing Power Of Owned Media And How To Create It

[00:00:12] Welcome to Black Entrepreneur Blueprint, the number one podcast and resource for black entrepreneurs.

[00:00:19] 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] 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] 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] Welcome to the BEB family and get ready to elevate your entrepreneur IQ.

[00:00:56] Welcome to the Black Entrepreneur Blueprint episode number 543.

[00:01:07] I'm your host Jay Jones and today we have another outstanding and informative show in store for you.

[00:01:13] Today we're going to be discussing the game changing power of owned media and how to create it.

[00:01:20] The game changing power of owned media and how to create it.

[00:01:25] So today I'm going to divulge the number one factor guys to build a successful, sustainable business that all multi-million dollar businesses know and use.

[00:01:35] And you probably don't unfortunately, but that's why we're going to discuss it today.

[00:01:41] We're going to discuss and dissect the power of owned media and I'm going to explain to you what it is.

[00:01:47] I'm going to give you several examples and finally I'm going to give you the steps to create your own owned media.

[00:01:54] And we'll break this down in a minute.

[00:01:56] But before we get to today's show content, let me just share a few things with the Black Entrepreneur Blueprint family.

[00:02:03] First and foremost, I want to welcome all first time listeners to Black Entrepreneur Blueprint.

[00:02:08] Welcome to the BEB family.

[00:02:11] Please stick around until the end of today's broadcast.

[00:02:13] And I'm going to share all my social media contact information and resource links such as the link to our new revised revamped website, blackentrepreneurblueprint.com, where you can get your free entrepreneurial resources.

[00:02:28] Guys, take advantage of the website.

[00:02:32] Go to the website, blackentrepreneurblueprint.com, hit the learn tab and we have all types of resources on scaling your business, mindset, side hustles, marketing, e-commerce, everything that you need to elevate your entrepreneur IQ.

[00:02:48] So make sure you go to blackentrepreneurblueprint.com.

[00:02:53] Now, if you're a first time listener, please, however you're listening to this podcast or watching it, make sure you hit that subscribe button.

[00:03:01] We drop every Monday morning, 5 a.m. Eastern Standard Time with some new heat from Jay Jones and Black Entrepreneur Blueprint.

[00:03:09] So let's get ready for today's show content.

[00:03:12] Today, we're going to be talking about the game changing power of owned media and how to create it.

[00:03:19] So as I mentioned earlier, guys, in order to build a successful, sustainable business, it's not just luck.

[00:03:26] And what most successful businesses do, they create their owned, O-W-N-E-D, owned media.

[00:03:34] Now, first thing we're going to do, we're going to discuss what are the three types of media.

[00:03:40] Then we're going to talk about why you need owned media.

[00:03:44] And then I'm going to show you how to create your own owned media.

[00:03:49] So off the top, the biggest factor for most successful companies is, is they have media or a way to connect with their audience that nobody can stop.

[00:04:00] Now, I talked briefly about this last week on last week's episode, but Amazon, Amazon owns the customers.

[00:04:09] They own that media.

[00:04:11] So when Amazon wants to connect with their customers, nobody can stop them.

[00:04:16] As long as you have an Amazon account and an email address, Amazon is going to mail, email you periodically about their prime days, about specials and all types of things.

[00:04:27] So for example, if you've been shopping for a particular item, they have that in their database.

[00:04:33] They have that Intel.

[00:04:35] So something comes up, they may shoot you an email.

[00:04:38] Hey, you looked at this six months ago.

[00:04:41] There's a sale on this product.

[00:04:42] So that is owned media.

[00:04:44] And we're going to talk about the three types of media first.

[00:04:47] And I'm going to save owned media for last.

[00:04:51] Now, the number one type of media that you're probably familiar with is called paid media.

[00:04:57] Okay.

[00:04:58] Paid media.

[00:04:59] Now that's media that you pay for.

[00:05:01] So if you want to run advertising on Facebook or Instagram or native advertising or on YouTube or whatever, that is called paid media.

[00:05:12] Okay.

[00:05:12] You are paying to be on somebody else's platform to get your message out.

[00:05:17] It could be a television ad.

[00:05:19] So when you watch the Super Bowl or you're watching NFL football, you see all of these sports betting agencies on there.

[00:05:27] Now, sometimes they have a collaboration with the NFL, but I guarantee you they're paying a huge sum of money to be on the NFL broadcast as a commercial.

[00:05:38] So paid media could also be in addition to social media, radio, TV, and even newspaper or podcast advertising, which is super popular right now.

[00:05:49] Now, let's talk about some of the pros and the cons of paid media.

[00:05:54] The pros with paid media is you can run ads at any time as long as you have the money to pay for them.

[00:06:01] So when you come out with a new product or a new offer, all you got to do is go on the platform that you want to run on, pay the money.

[00:06:09] And guess what?

[00:06:10] Your ad is going to run as long as number one, you have the money and it fits the terms of service of that particular platform.

[00:06:18] And we'll talk about that a little bit later in today's show and why owned media is super important for certain verticals or certain types of products that you're trying to sell.

[00:06:30] So that's one of the pros for paid media.

[00:06:33] One of the cons is your ad campaigns may not be profitable.

[00:06:38] And this is a major issue.

[00:06:40] So if you're spending $10 a customer to sell a $5 product, guess what?

[00:06:46] You're losing $5 every time you sell one.

[00:06:49] So you have to be profitable.

[00:06:51] And that's where many businesses get into a problem because they spend too much money and don't make enough return on that investment.

[00:07:00] Okay.

[00:07:01] You also may not be able to target your audience as efficiently as you want to.

[00:07:06] So if you're running ads and you're looking for a specific market and you can't hone in or pinpoint in on that market on Facebook or Instagram or whatever, then guess what?

[00:07:18] You're going to be spending money for people that actually aren't in the market for your products or services.

[00:07:24] So if you're looking to sell products to somebody with one leg that only has a right leg, guess what?

[00:07:31] It's probably going to be pretty hard to find that marketplace.

[00:07:34] Okay.

[00:07:35] So those are some of the cons when we talk about paid media.

[00:07:39] The pros are as long as you got the money and you meet the terms of service with your ad, you can run.

[00:07:45] One of the biggest cons is, and I'm not going to give you all, but one of the biggest cons is your ads aren't profitable.

[00:07:51] And that comes down to marketing.

[00:07:53] So what happens if you could take that out of the equation?

[00:07:56] And that's what owned media does when we get to that point.

[00:07:59] So media type number one that we're all familiar with is paid media.

[00:08:05] You pay to be on somebody else's platform.

[00:08:09] You're paying to be on somebody else's media platform.

[00:08:14] The reason you're advertising on somebody else's Instagram page with a post or whatever,

[00:08:20] or you're doing Facebook ads is because you're trying to attract somebody for your product or service offering.

[00:08:26] So that's paid media.

[00:08:28] Now let's look at the second type of media, which is earned media, E-A-R-N-E-D, earned, like you earned something.

[00:08:37] Earned media.

[00:08:38] Earned media is media that you earned.

[00:08:41] So say for example, a website like Essence reaches out to you to do a story about your business.

[00:08:48] That's what's called earned media.

[00:08:51] So you've earned that because somebody wants to run an article or promote your business.

[00:08:57] Okay.

[00:08:57] You earned media mention or a story on somebody else's platform that you did not pay for.

[00:09:04] So that is called earned media.

[00:09:06] So we have paid media, obviously, that you pay for.

[00:09:09] You have earned media.

[00:09:11] Let's talk about some of the pros.

[00:09:13] Some of the pros are, or the number one pro is, you get free media attention.

[00:09:17] So you're not paying for the media.

[00:09:19] If somebody thinks so highly of you or your business, your product or service or whatever, they want to do a story about you.

[00:09:27] They want to talk about you.

[00:09:28] So that is called earned media.

[00:09:30] So that's a great pro.

[00:09:31] So now here's a con.

[00:09:34] You can't control when you get the media attention and you can't control if it's good or bad media attention.

[00:09:42] So when you're trying to build a business, yes, you can have a PR person that's sending out press releases.

[00:09:47] That's going to help.

[00:09:48] But you can't systematically, when you have a new product, service or offering, you can't guarantee and make sure that this earned media necessarily coincides with your product launch.

[00:10:03] So the con is you can't control when you get the media attention and you can't control if it's good or bad media attention.

[00:10:11] So, for example, you could have some media attention on your product because people are complaining to the Federal Trade Commission, the FTC, that this product is no good.

[00:10:22] And your local newspaper or the Philadelphia Inquirer or whatever, Daily News, does an article that people in Philadelphia are complaining about this product that's based here.

[00:10:34] People in Philadelphia are complaining about this landlord's slum rentals.

[00:10:38] So media attention is great, but you want to make sure it's the right type of media attention.

[00:10:44] So that's called earned media.

[00:10:47] Earned media you don't pay for.

[00:10:50] It's free, which is obviously a plus.

[00:10:53] The cons are number one, you don't know when the media is coming out.

[00:10:57] You can't time it or at a particular time and you don't know if it's going to be good or bad press.

[00:11:03] OK, so that's earned media.

[00:11:06] Now, let's talk about the big dog in the room.

[00:11:09] That's owned media.

[00:11:10] Now, owned media is simply media that you own and control.

[00:11:16] Media that you own and control.

[00:11:19] All right.

[00:11:20] You don't own YouTube, guys.

[00:11:22] You don't own Facebook.

[00:11:23] You don't own Instagram.

[00:11:24] You don't own TikTok or any other social media platform.

[00:11:28] That's rented land.

[00:11:29] You don't own that.

[00:11:31] And I've seen people build businesses and connect with their audience solely on social media.

[00:11:38] And when that social media platform cuts them off because they broke the terms of service,

[00:11:44] now they can't get in touch with their audience.

[00:11:46] And guess what happens?

[00:11:47] They go out of business.

[00:11:49] Happened to a coaching student of mine, was in the cannabis business or that space.

[00:11:55] One of her competitors got her Instagram account banned.

[00:12:00] And guess what?

[00:12:01] She damn near was out of business.

[00:12:03] Every time the Instagram account came back up, this guy who was selling similar products

[00:12:09] would tell his followers, go and complain about her Instagram account.

[00:12:13] And it would get banned and banned and banned because the only communication was on rented land.

[00:12:20] It was on somebody else's platform.

[00:12:22] So you want to leverage social media to build your own owned media platform or platforms.

[00:12:30] And we'll get into that a little bit later.

[00:12:33] Now let's talk about some of the pros of owned media and some of the cons.

[00:12:38] So nothing is everything.

[00:12:39] Everything isn't always all sweet, right?

[00:12:42] There's pros and cons to everything.

[00:12:44] So pro number one, it's free to connect with your audience.

[00:12:48] You have full creative control of your content, guys.

[00:12:53] And that's big.

[00:12:55] So it's free to connect with your audience.

[00:12:57] You have full creative control of your content.

[00:13:01] Now let's take a look at why this is super important.

[00:13:05] On many platforms, you're not allowed to sell or market anything like alcohol or weapons, right?

[00:13:13] So I don't care if it's Google, I don't care if it's Facebook, Instagram.

[00:13:18] You can't advertise alcohol, tobacco or firearms, right?

[00:13:24] So now just imagine if you sell cigars.

[00:13:28] You can't even run cigar ads for your business on Facebook or many other platforms.

[00:13:34] So what are you supposed to do?

[00:13:36] Oh, let me think.

[00:13:37] Well, if I listen to Jay Jones, maybe I would create a cigar newsletter where I talk about

[00:13:45] different cigars, the art of picking out the best cigars, doing all types of tips and things

[00:13:52] for cigar aficionados.

[00:13:54] So when they sign up online for my newsletter, that is allowable.

[00:13:59] You can create a cigar newsletter and have the landing page on Facebook.

[00:14:04] Hey, interested, you know, like cigars, learn more with cigar aficionado.

[00:14:10] I'm just making up a name.

[00:14:11] It probably does exist somewhere, a magazine called Cigar Aficionado.

[00:14:15] But now once you get that information and you have the name, email address and the text

[00:14:21] and the phone number to be able to SMS text people, guess what?

[00:14:25] When your newsletter drops every week and you have your own brand of cigars,

[00:14:30] guess what you can do in that newsletter?

[00:14:33] Ding, ding, ding, ding, ding.

[00:14:35] Yeah, that's right.

[00:14:36] You can advertise your own products.

[00:14:39] So one of the pros is, guys, you have it's free to connect with your audience and you have

[00:14:44] full creative control of the content.

[00:14:47] OK, so that is huge.

[00:14:50] So when you have a product that's prohibited from being advertised on a lot of these sites,

[00:14:55] set up a newsletter, set up a magazine, set up a podcast, whatever it is,

[00:15:01] a platform that you can control.

[00:15:04] Now, let's talk about one of the biggest cons or the biggest con when it comes to creating

[00:15:09] or owning your own media.

[00:15:11] It takes time to build owned media.

[00:15:15] And in today's microwave world, that's where a lot of us have problems.

[00:15:20] So it could take three months, six months, 12 months, two years, three years.

[00:15:25] But you have to understand what this is going to do for the sustainability and success of your

[00:15:31] business.

[00:15:32] And I'm just going to stick with, for this example, a cigar newsletter.

[00:15:37] All right.

[00:15:37] I had a BEB coaching student that years ago was into the cigar space and he was trying to

[00:15:43] figure out how he could advertise.

[00:15:45] And this is something that I expressed to him.

[00:15:48] You need to build your own platform, not on social media, but leverage social media for

[00:15:55] to build your own platform.

[00:15:56] Now, let's talk about what are some of the owned media platforms that you can own and control.

[00:16:03] So you're listening to one right now.

[00:16:05] Black Entrepreneur Blueprint.

[00:16:06] This is my podcast.

[00:16:08] Nobody can stop this podcast from going out unless I don't pay my hosting bill.

[00:16:14] All right.

[00:16:15] But I can pretty much say anything I want without worrying about somebody censoring me or shutting

[00:16:22] me down.

[00:16:22] Okay.

[00:16:23] I own this platform.

[00:16:25] Podcasts are owned media.

[00:16:27] Newsletters, as I mentioned in the example of the cigar aficionado, that's owned media.

[00:16:33] Once you get them on your database and they subscribe to your newsletter, you can say anything that

[00:16:39] you want to say.

[00:16:40] Okay.

[00:16:41] A blog, a website that is owned media.

[00:16:45] Nobody can stop you from putting stuff up unless it's, you know, something crazy where

[00:16:50] you're threatening to kill the president or something like that.

[00:16:53] But you own that.

[00:16:55] All right.

[00:16:56] So if you have a radio show, a terrestrial radio show over the air that is owned media.

[00:17:04] Now you do have FCC regulations where that comes into play depending upon what you're

[00:17:10] trying to market or advertise.

[00:17:12] Okay.

[00:17:12] You also have video options.

[00:17:16] I'm not talking about YouTube, but you can create your own website that hosts its own

[00:17:21] videos.

[00:17:22] And those videos you can put up as long as there's no infringement on anybody else's rights

[00:17:28] and you can host them there.

[00:17:30] Now, of course, you're not getting the traction that YouTube will, but still, if you want to

[00:17:35] communicate to your audience through video, that is your own platform.

[00:17:39] Okay.

[00:17:40] Okay.

[00:17:40] Also, people have apps, right?

[00:17:43] So a lot of podcasts have apps, different types of software and things have apps.

[00:17:49] So you can create your own app to communicate with your people.

[00:17:53] Say you want to create a community of black women that are into golf, right?

[00:17:59] You can create a community with an app called Circle and Circle is an app that allows you to

[00:18:05] create a community almost like a Facebook type community.

[00:18:09] But it's on a different platform that you control.

[00:18:12] Now, if you don't pay, you know, for the, for the monthly subscription, you getting shut

[00:18:17] down, but pretty much you can put anything you want in your community.

[00:18:22] So these are some examples of owned media.

[00:18:26] Think about everywhere that you want to advertise.

[00:18:29] It's somebody else's platform.

[00:18:32] It's somebody else's media platform.

[00:18:34] And I'm talking about even as simple as going on to, uh, Instagram and DM and somebody, Hey,

[00:18:40] how much do you charge for a post?

[00:18:42] Now, remember that's rented land.

[00:18:45] But if somebody has a big social media following, you can, you know, ask, you know, how much is,

[00:18:51] is, is a post maybe 30 or $40.

[00:18:54] But what you want to do is you want to have that post lead people to build your database.

[00:18:59] And we'll talk about that, uh, in terms of how to create your own media.

[00:19:04] So these are the three types of media paid media, where you pay to get on somebody's platform,

[00:19:11] earn media, where somebody likes what you're doing or dislikes what you're doing so much

[00:19:17] that they're going to write about you, or they're going to talk about you on YouTube or whatever.

[00:19:23] And then you have owned media where you control everything.

[00:19:26] Okay.

[00:19:27] And we're not talking about social media platforms.

[00:19:30] You leverage those to build your own media platforms.

[00:19:34] All right.

[00:19:34] Now let's talk about why you need owned media.

[00:19:38] The short and simple answer guys is control.

[00:19:42] Owned media allows you control.

[00:19:45] It allows you to control what you say to all of your audience and nobody can stop you.

[00:19:52] Also, it's free to connect with your audience.

[00:19:55] All right.

[00:19:55] So this podcast is free.

[00:19:58] I drop it every Monday morning, 5 a.m.

[00:20:01] Eastern standard time.

[00:20:02] Nobody can stop me.

[00:20:03] If I wanted to, I could do a podcast every day.

[00:20:06] All right.

[00:20:06] It's free.

[00:20:07] I've built up an audience over 10 plus years, 543 plus episodes.

[00:20:13] And now when I want to market something, guess what I do?

[00:20:18] If it's something that, that relates to the BEB family, all I do is, is, is talk about it on the show.

[00:20:25] And guess what?

[00:20:26] Sales happen.

[00:20:28] All right.

[00:20:28] If it's a good product or service that meets the needs of the customer base, and it makes sense,

[00:20:33] the BEB family supports my products and services.

[00:20:36] Okay.

[00:20:37] So that's why you need to have your own media.

[00:20:40] It also allows you to build a sustainable business because you own the platform, guys.

[00:20:47] Sustainability.

[00:20:48] Most businesses are built on short-term strategies or this new social media platform came out.

[00:20:56] Yeah.

[00:20:57] I'm building my, my business on Vine.

[00:21:00] Yeah.

[00:21:00] Guess what?

[00:21:00] If you built your business on Vine, you're not in business right now.

[00:21:04] Okay.

[00:21:05] I built my business on MySpace.

[00:21:07] All of these things are going to change over time.

[00:21:10] So you need to have something that's going to sustain you.

[00:21:14] All right.

[00:21:14] Leverage the technology and the social media.

[00:21:17] But remember, in order to build a sustainable business, you need to own the platform.

[00:21:23] Also, another benefit or a reason you need owned media is you have full creative control of your content.

[00:21:29] We just talked about that.

[00:21:31] If you're in a space that is prohibited from advertising, alcohol, firearms, tobacco type products, guess what?

[00:21:39] You need a newsletter or something else that's going to be able to allow you to get in touch with those people.

[00:21:45] All right.

[00:21:46] Build your own platform.

[00:21:47] Also, you own and control what you communicate to your audience.

[00:21:51] When you communicate to them and whatever call to action you want them to take.

[00:21:56] Buy now.

[00:21:57] Sign up here.

[00:21:58] Free consultation, newsletter, whatever it is.

[00:22:02] So you control everything.

[00:22:04] You own and control the communication to your audience.

[00:22:09] Once again, think about all the major companies.

[00:22:12] And I'm going to give you some examples out there.

[00:22:15] When they want to turn the faucet on, guess what?

[00:22:18] It makes some quick money.

[00:22:19] They're going to email you or text you about a sale, a flash sale that they have.

[00:22:24] That's literally being able to turn on a faucet in a minute's notice because they have a platform to connect with you.

[00:22:32] Okay.

[00:22:33] That they can control.

[00:22:35] If you sign up for SMS text and an email database you sign up for.

[00:22:40] I just signed up because my daughter wanted some pair of shoes or something.

[00:22:46] So I signed up to the DSW website.

[00:22:49] Email, text and all that.

[00:22:51] And these fools are getting at me because I left the cart empty because I didn't buy it.

[00:22:56] They're getting at me every other day.

[00:22:59] You know, that is their platform.

[00:23:01] They're able to communicate with me at any time.

[00:23:04] Okay.

[00:23:05] So these are the reasons or some of the reasons why you need to have owned media.

[00:23:11] Okay.

[00:23:12] Now, so we talked about what are the three types of media?

[00:23:16] Why you need owned media.

[00:23:18] Next, we're going to talk about how to create your own owned media.

[00:23:22] But before we do that real quick, guys, let me give you my social media contact information and resource links.

[00:23:28] I'm going to keep it super short and simple.

[00:23:31] Everything I'm about to tell you is on the website, blackentrepreneurblueprint.com.

[00:23:35] If you're lazy, type in bebconnect.com.

[00:23:39] It'll take you right to the website.

[00:23:41] I mentioned at the top of the show, guys, make sure you utilize the website and get your free resources to help you elevate your entrepreneur IQ.

[00:23:50] Go on blackentrepreneurblueprint.com.

[00:23:52] Hit the learn tab.

[00:23:53] Any subject matter that you need help with, click on it.

[00:23:57] It could be mindset and strategy.

[00:24:00] It could be e-commerce.

[00:24:01] It could be marketing.

[00:24:02] It could be side hustles.

[00:24:04] Whatever it is, click on it and you'll have all types of resources.

[00:24:08] Now, guys, if you want to connect with me, anything long.

[00:24:11] And I get a ton of DMs and emails like every day.

[00:24:15] So anything long, guys, hit me on my email at jjones at blackentrepreneurblueprint.com.

[00:24:21] J-A-Y-J-O-N-E-S at blackentrepreneurblueprint.com.

[00:24:26] Facebook, blackentrepreneurblueprint.

[00:24:28] Instagram, I have two IG accounts.

[00:24:31] The first one is jjonesforreal.

[00:24:33] J-A-Y-J-O-N-E-S.

[00:24:36] The number four.

[00:24:37] R-E-A-L.

[00:24:38] Second one is blackentrepreneurblueprint.

[00:24:41] Also, don't forget to connect with me on LinkedIn.

[00:24:44] Go there.

[00:24:45] Type in jjonesblackentrepreneurblueprint.

[00:24:47] Connect with me on LinkedIn.

[00:24:50] Also, YouTube, guys, make sure you subscribe to the YouTube channel.

[00:24:54] I have additional content on YouTube that does not come out on the other platforms.

[00:25:00] So yes, the show does come out on YouTube, but I have additional content there.

[00:25:05] So make sure you go to YouTube, search Black Entrepreneur Blueprint and hit that subscribe

[00:25:09] button.

[00:25:10] And also on Twitter or X, whatever they're calling it now, you can connect with me at jjones001.

[00:25:17] J-A-Y-J-O-N-E-S-0-0-1.

[00:25:22] So that's all the ways to follow and connect with me and basically connect yourself to the

[00:25:28] whole BEB ecosystem because we're trying to elevate your entrepreneur IQ and move you

[00:25:34] guys from point A to point B, wherever that may be.

[00:25:38] It's all about the progress.

[00:25:39] But let me talk about how to create owned media.

[00:25:43] Now, this is a high level overview.

[00:25:46] So if you guys want more details and specific instructions, just email me.

[00:25:51] All right.

[00:25:51] Email me at jjones at blackentrepreneurblueprint.com and put in the subject line owned media consultation,

[00:26:00] owned media consultation.

[00:26:02] Just email me because I'm going to give you the thousand foot or 10,000 foot overview because

[00:26:09] I can't go super deep on it right now.

[00:26:11] But let me just give you guys a little incentive about owning your own media.

[00:26:17] And I'm going to give you a couple of examples.

[00:26:19] There was a crypto or is a crypto newsletter called Milk Road.

[00:26:26] And this came out probably about two years ago, right at the height of all of this crypto

[00:26:32] fanfare.

[00:26:33] And so within 10 months, not even a year, 10 months, they were able to get 250,000 subscribers

[00:26:40] and they actually sold the newsletter for $10 million in 10 months.

[00:26:47] That newsletter had 250,000 subscribers for crypto that were interested in crypto.

[00:26:56] That is owned media.

[00:26:59] So you're building up an asset.

[00:27:01] It's equity.

[00:27:02] You're owning that media.

[00:27:04] Okay.

[00:27:05] Recognize and understand that.

[00:27:08] So that's an example.

[00:27:09] Another example is you can go on this site right now.

[00:27:13] Now you probably have been on it before called bankrate.com bankrate.com each year.

[00:27:20] Bankrate.com, which is a basically a financial information website that will direct you to

[00:27:28] different offers, affiliate offers.

[00:27:31] They grow $750 million per year, $750 million per year.

[00:27:38] Bankrate.com.

[00:27:39] You can check all mortgages, credit card rates, all of that good stuff.

[00:27:43] And if you're interested, they're going to be selling your information to mortgage companies,

[00:27:49] credit card companies, and they're making affiliate commissions and advertise.

[00:27:54] Okay.

[00:27:54] So one of the things that you have to understand too, guys, is when you own the media, in addition

[00:28:01] to the, with the monetization aspect, and we'll talk about that, you can sell advertising, but we'll,

[00:28:07] we'll get into that when I talk about how to create owned media.

[00:28:12] But once again, if you're interested in a more detailed conversation, just email me,

[00:28:18] jjones at blackentrepreneurblueprint.com and put in owned media consultation in the subject

[00:28:26] bar and we'll connect.

[00:28:28] And then we can, we can chop it up if you're seriously interested in owned media, creating

[00:28:34] your own media platform.

[00:28:35] Now, after today's show, if you're not convinced, then I can't help you, right?

[00:28:41] It may not be the time to start, but guess what?

[00:28:43] It really is the time to start.

[00:28:45] There's no time like the present.

[00:28:47] If you could start something about building your own, uh, owned media platform, it should

[00:28:52] have been yesterday.

[00:28:54] All right.

[00:28:54] I don't care what type of business you're in.

[00:28:56] You can create your own owned media platform, something that you own and control.

[00:29:03] And you want to have that for longevity and sustainability as an entrepreneur.

[00:29:09] Now let's talk about how to create your own owned media platform.

[00:29:14] Number one, identify what medium you want to use to build your owned media.

[00:29:19] Now you can use platforms, as I mentioned, such as a blog, a podcast, newsletter, terrestrial

[00:29:25] radio show, magazines, uh, TV, uh, TV shows, whatever videos that are not on YouTube.

[00:29:34] All right.

[00:29:35] Remember social media.

[00:29:36] You don't own that land.

[00:29:37] You rent that.

[00:29:38] You want to bring people and D platform them from social media.

[00:29:43] And I did a show about this a couple of weeks ago, D platform them from social media onto

[00:29:48] your own owned media platform, your podcast, your newsletter, your website, whatever it

[00:29:55] may be.

[00:29:56] All right.

[00:29:56] So step one, number one, identify what medium you want to use to build your owned media

[00:30:02] platform.

[00:30:02] A lot of that may determine or be determined about what you're comfortable with.

[00:30:08] Okay.

[00:30:08] So if you're comfortable with writing, it could be a blog or a newsletter.

[00:30:12] If you're comfortable, more comfortable talking, it could be a podcast.

[00:30:15] Uh, if you'd like to be on camera, it could be videos, not YouTube videos, but videos that

[00:30:21] you host on your site.

[00:30:23] Okay.

[00:30:23] Or that you release to your, to your followers or your audience.

[00:30:28] Okay.

[00:30:28] So that's step number one, identify what medium you want to use.

[00:30:32] To build your own owned media platform.

[00:30:36] Number two, I talked about it all day today.

[00:30:39] Use social media and other platforms to drive traffic to your email database.

[00:30:46] Yes.

[00:30:46] I said email, your email database.

[00:30:49] Email is not dead family.

[00:30:51] I'm telling you right now, I'm telling you right now, do not sleep on email.

[00:30:58] It studies have shown that more transaction take place with email more than social media.

[00:31:04] And the reason is because once somebody is in your database and you know what you're doing

[00:31:11] and you're consistently marketing to them, then they have a high propensity.

[00:31:15] If you're offering the right products and services for them to buy.

[00:31:19] Okay.

[00:31:20] So use social media and other platforms to drive traffic to your email database.

[00:31:26] So leverage that social media to build your database and you must have an email database

[00:31:31] for your audience.

[00:31:33] Now the database should be email based and you should try to get as much information as you

[00:31:38] can.

[00:31:39] Not crazy at first, but first name, email address, and a mobile number if possible.

[00:31:45] So you can SMS text them.

[00:31:47] Okay.

[00:31:48] You can use tools such as ConvertKit, which is one of my favorite email automations.

[00:31:53] It's called KitNow, K-I-T, but just type in ConvertKit and it'll pop up.

[00:31:59] All right.

[00:31:59] So you want to build your email database with email automation.

[00:32:03] So when somebody signs up for your newsletter or your lead magnet or whatever, it's an automation

[00:32:10] that goes out.

[00:32:11] Hey Jay, thanks for downloading this free case study, blah, blah, blah.

[00:32:16] You know, and then after that, there's probably 10, 15, 20 more emails in that sequence to get

[00:32:22] me to do whatever that call to action can be.

[00:32:25] All right.

[00:32:26] So you want to make sure that you have an email database, email automation.

[00:32:31] Every call to action guys from your social media posts should drive them for a sign up to your

[00:32:38] platform.

[00:32:39] So if you have a newsletter, if you're advertising or you got a social media post on Instagram,

[00:32:46] tell them to go here to sign up for your newsletter.

[00:32:50] You know, if you're on Facebook, Hey, here's the link.

[00:32:52] If you want to sign up for, you know, my, my free, whatever it is, newsletter or podcast

[00:32:58] on LinkedIn, you know, here's the link to sign up for whatever it is, but to build your database,

[00:33:05] that's what you have to do.

[00:33:06] So you need to use a call to action in your social media posts to drive people to build

[00:33:13] your email database.

[00:33:15] That's step number two.

[00:33:16] Step number three, consistently communicate with your audience.

[00:33:21] Use your owned media guys to connect with your audience on a regular basis.

[00:33:26] Now at the top of the day show, I mentioned for all first time listeners, I drop a new episode

[00:33:32] every Monday morning, 5am Eastern standard time.

[00:33:36] And I have done so for 543 plus weeks in a row.

[00:33:40] So long time BEB family members know if they're driving into work Monday morning, pissed off,

[00:33:46] they know they got some new heat from Jay Jones and black entrepreneur blueprint every Monday

[00:33:52] morning to help them get through the week.

[00:33:54] Right?

[00:33:54] So consistency, consistently communicate with your audience.

[00:33:59] If you choose a podcast, you got to drop an episode at least once a week.

[00:34:05] Okay.

[00:34:06] Once a week is fine, but I've heard people say, yeah, I'm gonna start a podcast.

[00:34:10] I'm gonna go every two weeks or when I feel like it, save your energy because it ain't gonna

[00:34:15] work.

[00:34:16] People want to know that they can come to a specific location to get the content that

[00:34:21] they want to hear at a specific time at a specific interval.

[00:34:25] So make sure guys that you're consistent with that.

[00:34:29] All right.

[00:34:29] So your audience is going to anticipate that communication.

[00:34:33] You know, it's funny because I've had people reach out to me.

[00:34:37] If there was a glitch going on Apple, Apple music, you know, my podcast for some reason

[00:34:42] got out late.

[00:34:43] I've had people DM me.

[00:34:45] Yo, man, you ain't done the podcast in two weeks.

[00:34:48] Nah, bro.

[00:34:48] It's there.

[00:34:49] And it may just be a glitch or they have to, you know, rehash their Apple musical or whatever

[00:34:54] platform.

[00:34:55] I know it used to happen a lot with Stitcher.

[00:34:57] When Stitcher was around it, the podcast would come out a little bit later on Stitcher, even

[00:35:02] though it was scheduled to come out at 5 a.m.

[00:35:05] So that's step number three.

[00:35:06] Step one, identify what medium you want to use to build your own owned media platform.

[00:35:11] Number two, use social media and other platforms to drive traffic to your email database.

[00:35:17] Number three, I just talked about consistently communicate with your audience.

[00:35:21] And number four, this is super important.

[00:35:24] Learn to monetize your communication.

[00:35:27] Now, not everything that you say you want to be asking for money, right?

[00:35:32] Because you got to provide value.

[00:35:34] So whatever platform that you create, whatever owned media, you know, platform you create,

[00:35:41] it has to add value, right?

[00:35:43] I know people that have been listening to this podcast since it started because it adds value.

[00:35:49] If I'm just up here, you know, talking dumb stuff, you know, uh, people are going to drop

[00:35:55] off.

[00:35:55] But I have a very specific audience.

[00:35:58] I know my audience.

[00:35:59] I have an audience that it wants to be educated and wants to grow and elevate their entrepreneur

[00:36:06] IQ for their business.

[00:36:08] I'm not out there like some of these other cats that may have a lot more popularity, but

[00:36:13] once again, you know, selling all kinds of BS, you know, hustling, hustling the people, hustling

[00:36:19] the folk.

[00:36:20] That's not me.

[00:36:21] If you want that, I'm not, I'm not your guy, you know, cause I'm going to give it to you

[00:36:25] straight uncut.

[00:36:26] And I'm going to tell you what I've done, not what I'm thinking about what, you know,

[00:36:30] what could have been.

[00:36:31] I'm talking about things that I have done from experience.

[00:36:34] I'm giving you to know how, not just the knowledge.

[00:36:38] Knowledge can be acquired by reading a book, be acquired by watching a movie, listening

[00:36:44] to somebody, whatever.

[00:36:46] But if I, if I, and I use this example all the time, if Jay Jones sat down in front of

[00:36:52] an F-16 fighter pilot, you know, a simulator, and I'm doing that, I'm reading the manuals,

[00:36:58] I'm looking at somebody fly, I literally could be in the back of the cockpit with somebody

[00:37:03] and you know, that's knowledge.

[00:37:06] But if they said, all right, Jay, do you know how to fly this F-16 fighter jet?

[00:37:11] Hell no.

[00:37:13] Know how comes from doing.

[00:37:15] So that's what you want to be able to acquire.

[00:37:17] I know I got off on a little tangent, but you need to learn to monetize your communication.

[00:37:22] So when you have the ability to communicate with your audience on a consistent basis, they

[00:37:27] will tell you what they want.

[00:37:30] Okay.

[00:37:30] So you want to create products or service that your audience wants and needs and market

[00:37:35] to them on your platform.

[00:37:37] Just like once again, this platform is free.

[00:37:40] When I have a new course out or whatever, what do I do?

[00:37:43] I market it on the platform.

[00:37:46] Guess what?

[00:37:47] It's free to do because I built up this audience over 10 plus years.

[00:37:52] So that's what I'm talking about.

[00:37:54] It's not going to happen overnight.

[00:37:55] Okay.

[00:37:56] Okay.

[00:37:56] Now, if you have, I mentioned a cigar part podcast, market your cigar brand on each podcast

[00:38:02] episode, right?

[00:38:04] If you're a wine, a Somalia, or you have your own brand of wine and you got a wine podcast,

[00:38:10] podcast, you know, this show is sponsored by Jay Jones wines.

[00:38:14] Make sure you get your, you know, uh, whatever Merlot, whatever I'm selling, uh, right here

[00:38:20] on the podcast.

[00:38:21] Okay.

[00:38:22] Go to this website, but bop, bop, bop, bop.

[00:38:25] So you have to have a monetization aspect.

[00:38:29] Okay.

[00:38:30] So it just makes sense guys.

[00:38:32] When you have owned media, you can literally turn on the faucet anytime you want.

[00:38:38] As long as you're giving your audience the products and services that they want and or

[00:38:43] need.

[00:38:44] Now, many times from a psychological standpoint, people will buy what they want before they'll

[00:38:51] get what they need.

[00:38:52] Case in point.

[00:38:53] And I'm not trying to go off into the, the, the psychology of selling, but many times,

[00:38:59] you know, this is a story I've told before, man, 20 something years ago, I was over one

[00:39:04] of my boy's houses, uh, and I stopped by his mom's crib.

[00:39:08] Now he was pretty successful and, uh, his mom was a little older at the time.

[00:39:13] And, uh, you know, his mom wanted a BMW.

[00:39:15] So he bought her this nice BMW and we were going into her crib to watch a fight one night,

[00:39:22] Saturday night.

[00:39:23] So we go to the crib.

[00:39:24] She got a fat BMW outside, big ass TV in there.

[00:39:29] And the ceiling was leaking, right?

[00:39:33] I'm like, damn, I ain't say anything, but I'm like, you may want that BMW.

[00:39:38] You may want that big ass TV, but you need to fix your roof, right?

[00:39:43] So sometimes you got to give people what they want versus what they need.

[00:39:48] All right.

[00:39:49] So that's just a little psychology of selling.

[00:39:51] But number four, learn to monetize that communication with your audience.

[00:39:56] You get a dialogue, you, you find out what they want to need, and then you provide it.

[00:40:02] So for example, with black entrepreneur blueprint, I didn't start monetizing the podcast for almost

[00:40:07] three years.

[00:40:08] I was putting out good content, but I needed to find out, yo, what, what do they want from

[00:40:14] me?

[00:40:14] What do they need from me?

[00:40:15] And people kept reaching out, yo, I like this e-commerce thing you've been talking about.

[00:40:20] Can you, uh, you know, go deeper into that.

[00:40:23] And I created my educated e-commerce course and I use my experience, my know-how from selling

[00:40:30] millions of dollars online now, but not at that time, hundreds of thousands of dollars,

[00:40:36] you know, per year back then, uh, online.

[00:40:39] And I created educated e-commerce.

[00:40:41] So I walked people from A to Z, how to pick out a product, uh, market it, and then to be

[00:40:47] successful with it.

[00:40:48] So I had to listen to my audience and let them tell me what they wanted, you know, and

[00:40:54] then I provided that.

[00:40:55] I wasn't out there every week.

[00:40:57] I wasn't selling something new, you know what I mean?

[00:41:00] So I was listening to what the BEB family had to say, and I was trying to provide products

[00:41:05] and services that made sense.

[00:41:07] Okay.

[00:41:08] So you need to number four, learn how to monetize your communication.

[00:41:13] Before we close it on out, guys, I want to give you just one last example about the, uh,

[00:41:19] the power of a platform.

[00:41:21] And today we're talking about the game changing power of owned media and how to create it.

[00:41:26] Now, uh, I don't know if you guys have ever heard of the website called nerd wallet, N

[00:41:31] E R D wallet, W A L L E T.

[00:41:36] Nerd wallet is like a financial, uh, financial hub for people.

[00:41:41] It was kind of similar to bank rate, but it's more robust financial hub for people that are

[00:41:46] looking to get credit cards, mortgages, car loans, uh, handle and manage their finances

[00:41:52] and things of that nature.

[00:41:54] And it was started, I believe around, uh, don't get me to lie.

[00:41:59] It was a 2009.

[00:42:00] I think, I think it was 2009, but it was one guy that's actually two guys that started

[00:42:06] it.

[00:42:06] And the way they were making their money initially was with affiliate products, you

[00:42:12] know?

[00:42:12] Oh, you know, you have bad credit.

[00:42:14] Here's three credit card options for people with bad credit.

[00:42:17] You click on that link, you put out the application and they get compensated.

[00:42:22] Same thing with insurance and all types of other products that they have.

[00:42:26] Now in 2023, they bought in $599 million, $599 million from a website that pretty much doesn't

[00:42:39] really have any of its own products.

[00:42:41] I think it has a few of its own products now, but before it was all affiliate type stuff.

[00:42:46] So that is owned media.

[00:42:48] Remember when you own the media guys, just like the milk road crypto newsletter, you can

[00:42:54] sell that media.

[00:42:56] It is an asset.

[00:42:58] So as opposed to building just a business where you're selling product or services, build an

[00:43:05] owned media platform where you can actually sell and monetize that.

[00:43:10] So with milk road, right?

[00:43:12] Or whatever newsletter or podcast that you have, or whatever owned media you have, if other people

[00:43:18] want to connect with that audience, guess what they're going to do?

[00:43:21] They're going to ask you, Hey man, can I run an ad in your milk road newsletter?

[00:43:26] Oh, of course you can.

[00:43:28] That'll be $2,500 or whatever.

[00:43:30] Right.

[00:43:31] And so you have to understand not only are you getting out your information for your product

[00:43:37] or service, which is basically free.

[00:43:39] You can also monetize it by selling advertising space, putting affiliate products in there like

[00:43:46] nerd wallet and bank rate, putting your own products in there.

[00:43:50] And also if you eventually want to sell that asset.

[00:43:54] Okay.

[00:43:55] Now people, if you have that, it's a money printing machine guys.

[00:43:59] It's like having your own mint.

[00:44:02] All right.

[00:44:02] If you do this strategically, you can literally create money on a whim.

[00:44:08] Um, and that's what I, I, I wanted to mention again, one more time.

[00:44:12] If you're interested, uh, and you want to speak more specifically about building your platform,

[00:44:18] just email me jjones at black entrepreneur, blueprint.com.

[00:44:22] And then the, uh, subject box put owned media consultation and I'll get back to you and then

[00:44:28] we can talk further, but I didn't want to create a big, uh, landing page and all of that stuff.

[00:44:33] I want to find out if people are serious about this or have an interest in it.

[00:44:38] And if it makes sense, um, you know, I'll, I'll create something for it.

[00:44:43] But if you want to talk about your ideas or whatever, or you need some help, just reach

[00:44:47] out to me and we'll, we'll make that happen.

[00:44:50] All right, guys, I say this each and every week because it's true.

[00:44:53] We get more and more downloads because of you, the B E B family.

[00:44:58] I appreciate you guys so much.

[00:45:00] Please continue to spread the word about the podcast.

[00:45:03] The website, the new revised refresh website, elevate your entrepreneur IQ guys and hit that

[00:45:10] website, the ecosystem, all the online courses, the books, everything designed to elevate your

[00:45:17] entrepreneur IQ.

[00:45:19] Remember, it's not about me.

[00:45:21] It's not about you.

[00:45:22] It's about us.

[00:45:23] It's about building an economic power base in the worldwide black community by building

[00:45:28] and supporting black owned businesses.

[00:45:30] Love you guys.

[00:45:31] See you same time next week.

[00:45:33] Peace.