Dan Martell - How To Fix Your Business Without Doing All The Work (Using 4 Powerful Tactics)

00:00:00.000 Hey there, I'm Dan Martell, serial entrepreneur,

00:00:01.940 investor, and creator of SaaS Academy.

00:00:03.400 In this episode, I'm gonna share with you

00:00:04.740 how to fix literally any area of your business

00:00:07.860 in the key without getting stuck doing the work.

00:00:11.140 And be sure, say the end, we're gonna tell you

00:00:12.700 how to get access to my precision scorecard framework.

00:00:16.120 This strategy is gonna require you

00:00:18.020 to measure accordingly in your business.

00:00:20.720 And if you don't have the template, the scorecard,

00:00:23.060 it's gonna be incredibly difficult, but let's dive in.

00:00:30.000 So a few months ago,

00:00:39.440 I was working with one of my private coaching clients

00:00:41.420 and they have a big business,

00:00:43.000 but they were having a really hard time

00:00:45.380 with the marketing team,

00:00:47.060 not necessarily with the person.

00:00:48.980 I always ask myself,

00:00:50.460 is it a people problem or a process problem?

00:00:52.540 They didn't have an issue with the person.

00:00:54.240 They thought that they're the right person

00:00:55.880 and that they had the right culture and drive

00:00:59.560 and they really wanna make it work,

00:01:00.740 but it was literally two months of missing numbers.

00:01:03.900 And at the end of the day, my world,

00:01:06.140 if you can't get a problem fixed within six weeks,

00:01:09.200 there's something wrong.

00:01:10.060 There's something wrong in your approach,

00:01:11.420 something wrong with the people.

00:01:12.720 We need to figure it out.

00:01:14.200 So I sat down with my client and I said,

00:01:16.140 look, here's the reality.

00:01:18.680 You may have a people problem, I don't know,

00:01:21.600 but you need to dive in.

00:01:23.800 You need to get involved in the business to do it,

00:01:27.700 but you need to do it in a way

00:01:28.880 so that you don't end up adding to your workload, right?

00:01:32.560 Like you wanna support the team, but you need to show them,

00:01:35.140 you need to coach them to success.

00:01:36.760 It's a big idea that I talk about often

00:01:39.260 with my coaching clients, which is we build the people,

00:01:41.020 the people build the business.

00:01:42.800 So they went in, followed the step-by-step process

00:01:46.340 I'm gonna share with you today.

00:01:47.800 And within two months, 3X the ROI or the return on ad spend,

00:01:53.080 that was their core metric,

00:01:54.020 the return on ad spend efficiency

00:01:56.100 for their paid ad acquisition.

00:01:58.980 Why was it that they learned some magical new tactic?

00:02:03.520 No, they just followed a process

00:02:06.420 for fixing a problem in their business

00:02:09.580 that is a skill, not a default character trait.

00:02:14.400 It's not something, if you don't know how to do this,

00:02:16.700 then it's not your fault.

00:02:17.580 So I'm gonna walk you through exactly

00:02:18.960 how to fix any problem in your business today.

00:02:22.020 Strategy number one, deep dive.

00:02:24.100 So the first thing I shared was the fact

00:02:27.640 that they need to get everybody on the same page, okay?

00:02:30.760 We need to deep dive into what's broken.

00:02:33.100 It doesn't matter if it's a sales funnel,

00:02:34.860 a marketing funnel, a product,

00:02:37.200 or whatever is broken in your business.

00:02:39.320 You need to get everybody involved.

00:02:40.620 So if you have agencies involved,

00:02:42.080 you have team members involved,

00:02:43.080 get everybody on the same page,

00:02:44.320 but ask them to bring all the information.

00:02:47.680 Ask them to bring the numbers,

00:02:49.280 get ready to talk to the reports,

00:02:51.440 get ready to show you the thing that seems to be broken.

00:02:55.680 If it's marketing, it's the ads, the landing page,

00:02:58.120 the copy, the emails,

00:02:59.840 just tell them to get full on ready

00:03:02.640 so that you can double click on different things

00:03:05.120 to get perspective, right?

00:03:07.180 And as the founder, you need to work with your leader

00:03:10.740 to show them how to do this.

00:03:12.740 Now, if you have other leaders on your team

00:03:14.440 that know how to do this well,

00:03:15.560 you can actually assign it to them

00:03:16.800 to co-collaborate with your leader.

00:03:19.060 But if you don't have a big team and you need to,

00:03:21.840 you could do this.

00:03:22.760 I know if as a founder, there's no,

00:03:24.240 you don't have a team if you're not good at solving problems,

00:03:26.740 but you need to coach your teams to success.

00:03:29.020 So step one is to go deep dive, look at it,

00:03:32.540 walk through it, like analyze it,

00:03:35.520 look at the creatives, look at the numbers,

00:03:37.540 figure out from your perspective,

00:03:39.660 working backwards from the customer's psyche,

00:03:41.740 what is off about this?

00:03:43.740 And just keep pulling the string until finally you go,

00:03:47.540 oh, I really think there might be something here,

00:03:50.920 here and here that's off

00:03:52.900 and we need to go and do some research around that, okay?

00:03:56.480 Number two, benchmark.

00:03:58.660 So when I say we need to go do research around it,

00:04:00.980 what I mean is we need to figure out

00:04:02.540 what the industry norms are.

00:04:04.340 So if we're like, hey,

00:04:05.660 we're not getting high click-through rates on our ads,

00:04:08.960 what's industry norm for our category, for our industry?

00:04:12.340 How do I find that?

00:04:13.780 Literally hitting Mr. Googs, okay? 1.00

00:04:16.480 Mr. Googs is Google and it blows my mind 1.00

00:04:19.680 how often people don't take the time

00:04:21.440 to search something as, you know, in our world of SaaS.

00:04:25.320 So SaaS conversion rates, SaaS LTVs,

00:04:29.600 SaaS churn numbers, like literally whatever it is,

00:04:32.960 where are you gonna find those answers?

00:04:34.440 Typically on Quora, typically on a blog post,

00:04:37.400 typically some research area.

00:04:39.860 And I call them benchmarks because if I know, for example,

00:04:43.420 my show up rate from a demo booked to show up is 30%,

00:04:49.460 but I learned that the industry norm is 70%,

00:04:53.280 then that is a huge gap.

00:04:55.700 Now, I don't know how to solve it at this point,

00:04:57.180 but at least I know where the gaps are.

00:04:59.360 If I look at any problem beginning to end

00:05:02.460 and look at all the steps involved

00:05:04.140 and get some data around percent conversions

00:05:07.000 and then go find out, either talking to colleagues,

00:05:10.740 ideally you're in a mastermind of sorts,

00:05:12.820 you have a coach that you're working with

00:05:14.220 that can give you that perspective,

00:05:15.660 you need to find the numbers.

00:05:17.040 You can hit Mr. Googs, 1.00

00:05:18.100 but what you wanna do is map out that funnel,

00:05:20.780 figure out where the biggest gaps are

00:05:22.800 and then go try to reverse engineer who's doing this well.

00:05:27.520 So the one way I do this that I share with my coaching client

00:05:30.920 was go to your competitors and get remarketed to,

00:05:35.740 go look at their ads.

00:05:36.740 You can go look on Facebook,

00:05:37.960 literally any Facebook page,

00:05:39.340 you can go find out what ads are being run

00:05:41.300 right now in the market and click the ad,

00:05:44.480 go through their marketing funnel to figure out

00:05:46.640 what are they doing that's different than you are?

00:05:48.880 It's the copy, it's the positioning, it's the prompts,

00:05:51.460 it's the landing page, the payoff page, the email sequence,

00:05:55.500 the phone call you got from a rep.

00:05:57.560 It's all these things that you just need to literally

00:06:00.100 go into the industry you're in and reverse engineer,

00:06:03.560 become an expert.

00:06:04.700 Now you can do this, you can ask your leader to do this,

00:06:07.320 but you need to figure out what the benchmarks are.

00:06:09.560 Once you have the deep dive, you have the benchmarks,

00:06:12.320 now we go into step three.

00:06:14.520 So the third tactic is to build a plan.

00:06:17.900 What does this mean?

00:06:18.860 So for me, building a plan is the strategy, okay?

00:06:23.260 So here's the strategy we're gonna use, okay?

00:06:25.540 Strategy means sequence.

00:06:27.300 Sequencing equals success.

00:06:29.440 If we don't figure out the right strategy and sequence

00:06:32.420 and get clear on the outcome goal,

00:06:34.640 then we could build a plan

00:06:36.020 that's not really gonna have a huge impact, right?

00:06:38.060 So I'm always looking, if we look at that funnel again,

00:06:40.960 maybe sometimes it's like we don't have the data.

00:06:43.100 So then you say, well, first plan is instrument the metrics.

00:06:46.920 And I would say that's true for 60% of the people.

00:06:49.760 They're trying to work on churn.

00:06:51.000 What's your churn at?

00:06:51.940 We don't know.

00:06:53.140 Why?

00:06:53.620 Because of the way our billing happens,

00:06:55.160 it's not clear.

00:06:56.280 Perfect.

00:06:56.780 Step one, figure that out.

00:06:58.660 Okay?

00:06:59.100 Step two, go test this idea.

00:07:02.300 So try to run multiple parallel tracks.

00:07:04.980 Again, don't lead any it.

00:07:06.740 Guide them to do that.

00:07:08.380 Your leadership team, your team,

00:07:10.320 guide them to go do it

00:07:11.420 and have them report back to you.

00:07:13.160 If you want an incredible book on this topic,

00:07:15.440 it's called The One Minute Manager Meets the Monkey.

00:07:18.140 And it's probably a 90 minute read that talks about,

00:07:21.120 you know, the monkeys on other people's backs

00:07:23.100 and to not accidentally take the monkey

00:07:24.900 and put it on your back 0.57

00:07:25.980 and then end up having a whole bunch of work to do.

00:07:28.040 It's definitely what happens to sole contributor people

00:07:32.220 in a business that get promoted to management

00:07:34.160 because they just, they feel like that's how I add value.

00:07:36.220 That's unhelpful.

00:07:37.180 It's actually harmful.

00:07:38.180 So building the plan, getting clear on the sequence,

00:07:41.120 getting clear on the areas of focus,

00:07:42.780 getting clear on the outcome goal

00:07:44.500 and the metrics that we should be hitting

00:07:45.920 based on your research from the benchmark.

00:07:48.060 That's how we start to at least find a go forward strategy.

00:07:52.760 Number four is probably the most important.

00:07:55.180 You could literally do none of the one to three.

00:07:57.880 And if you did four, you would be directionally better

00:08:00.320 and probably more productive

00:08:01.520 than what you've been doing to date if you're stuck.

00:08:04.340 And that is the review cadence, okay?

00:08:06.220 So the review cadence is saying to the team,

00:08:09.420 We're going to look at this problem

00:08:12.060 three times a week, potentially.

00:08:14.060 If it's a big problem, three times a week,

00:08:16.080 Monday, Wednesday, Friday, until it gets better,

00:08:18.460 until it starts to resolve itself.

00:08:20.400 Or maybe it's twice a week, Tuesdays and Thursdays.

00:08:22.920 Maybe it's Tuesdays and Fridays, whatever it is.

00:08:24.720 You choose the review cadence based on the importance

00:08:27.640 and the value and the ROI of it being solved

00:08:30.300 in your business.

00:08:30.960 If you're like, hey, if we crack the nut on this problem,

00:08:34.660 it's gonna unlock all of our revenue and growth potential.

00:08:37.660 It could be a marketing problem.

00:08:38.660 could be a CS problem, could be a product problem, could be a lead gen problem. If that is your

00:08:45.140 biggest opportunity, lever to pull in your business, then set it three times a week.

00:08:50.080 And the reason why is when people know they're going to be held accountable, okay? And I always

00:08:55.240 say there's this performance trial triangle of high performance cultures, okay? Three parts of

00:09:00.040 the high performance triangle culture or triangle is one, clear outcome. We're going to this

00:09:05.200 mountaintop. You got to be very clear on the outcome. Number two, who's accountable? You're

00:09:09.220 accountable for this. So like, you got to be clear on the team who's involved in solving this problem

00:09:14.520 and be clear about the accountability. And then third, here's the number or numbers, no more than

00:09:19.740 three ideally, but one that we're going to use to give us feedback to know if we're making progress.

00:09:24.160 If this number is going good, I'm going to be two thumbs up. If this number continues to go sideways

00:09:28.500 or declines, we're going to have an uncomfortable conversation. And we're going to review it on

00:09:32.340 Monday, Wednesday, and Friday until it resolves itself.

00:09:35.780 If you, again, if you just did that,

00:09:37.560 human nature would want people to perform.

00:09:40.900 So they're gonna try to figure out

00:09:42.160 all this stuff I just mapped out.

00:09:43.300 If you wanna get there faster,

00:09:44.660 follow these four steps to fix any problem

00:09:48.360 in your business within the next six weeks.

00:09:50.840 So quick recap of the strategies.

00:09:52.740 Number one, you gotta do a deep dive.

00:09:54.980 Number two, figure out the benchmarks.

00:09:57.920 Number three, build a plan.

00:10:00.160 and number four, review cadence.

00:10:03.100 As I mentioned at the beginning of this episode,

00:10:04.820 I wanna give you an exclusive resource

00:10:06.440 called the Precision Scorecard.

00:10:07.680 You can click the link below to get a copy of that.

00:10:10.660 It is the template that I use to run all of my companies

00:10:13.900 and it's literally a one-page scorecard

00:10:16.660 with the key metrics for every core area of your business,

00:10:20.440 the three to five numbers that you should be getting

00:10:22.740 on a weekly basis to align with the monthly

00:10:24.780 to hit your quarterly goals

00:10:25.800 so you can crush the next year in front of you.

00:10:28.300 So click the link to download your copy.

00:10:30.000 If you like this video, please smash the subscribe button.

00:10:33.380 Feel free to share it with somebody that you care about.

00:10:35.760 And as per usual, I wanna challenge you

00:10:38.060 to live a bigger life and a bigger business,

00:10:40.000 and I'll see you next Monday.

00:10:44.020 Boom, am I good?

00:10:45.020 Yep.

Dan Martell - March 15, 2021

How To Fix Your Business Without Doing All The Work (Using 4 Powerful Tactics)

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