Buy Time

Unlocking the Disney Strategy: How to Harness it in Your Business

November 16, 2023 Jacob K. Mead
Buy Time
Unlocking the Disney Strategy: How to Harness it in Your Business
Show Notes Transcript

Are you overwhelmed with the daily operations of your business and wish you could gain more freedom and flexibility? This episode sheds light on how smart marketing strategies can buy back your time. We walk through the intricate world of customer understanding, and how unraveling your customer's wants can skyrocket your sales. Remember how Disney cleverly packages their characters across different sets, compelling us to buy more than one set? We break down this strategy and how you can harness it in your business.

But it's not just about understanding what your customer wants, it's about reaching them too. We dive into the realm of Google Ads, Facebook, and Instagram campaigns, powerful tools that can supercharge your business. There's a common misconception about ad spends, and we aim to bust those myths. Investing in a marketing expert isn't a drain on your resources, instead it's a wise move that can exponentially lift your returns. So, tune in and let's reclaim your time!

Until next time... Follow on Instagram @buytimepodcast
Follow Jacob K. Mead on all the socials @jacobkmead

Speaker 1:

Hey everybody, this is Jacob K Mead and this is the Buy Time podcast, where we discuss everything there is to know about buying back your time. Be sure to like and follow and share with somebody who needs to buy back their time. Enjoy today's episode. Welcome back to another episode of the Buy Time podcast. I'm your host, jacob K Mead, and I'm so excited that you're here today because I want to talk to you guys about marketing and why it's so important and how to actually leverage it in your products and the value that you provide, as well as advertising. But all of that's super important because it really goes into the aspect of buying back your time, because we all want more time. That's why you're here, because you're looking to get your time back where you're feeling overwhelmed or you just want to be able to have that freedom and flexibility. But in order to get to that point, you need to have your business in a place where sales are coming in, you're able to replace yourself with somebody else in the business to do most of the daily operations or the daily tasks that you're doing, and then you might even look at adding in systems and processes and automations, and all of that can actually cost money. So what's a way around? That is to actually leverage marketing, to leverage advertising, to leverage all of that to actually increase sales. So it's actually ironic that I had this plan to do this podcast today, because I did a video just a couple of days ago on marketing and a marketing tactic that was used inside of Target that Disney actually used. So Disney actually packaged these little individual characters. Now, the individual characters were from multiple shows that Disney puts on, but this particular one was from Monster Inc. Now, if you've ever seen Monster Inc, you know the main characters are Soly, mike and then the child Boo. Well, they actually packaged the little character Boo in with a bunch of other random characters from different Disney shows. Now there was no Mike and there was no Soly. So I was like man, that's a bummer. I think I would want the full character set. Well, I was wrong. There was a Sully and there wasn't Mike. It was just in a different packaging. Now, keep in mind, these packages for these little toy characters were $19.99. So now, if I wanted to get the full Monster Inc set, because my daughter right now she loves Monster Inc. She's about 13 months and she absolutely loves Monster Inc. So I would love to have the full character set, but I would have to spend $19.99 on one package, then spend another $19.99 on another package, so I would have to spend a total of almost $40 to get this full character set, instead of just being able to spend $19.99 to get the full character set because they purposely separate them. Now, I understand this isn't targets doing. This is definitely something that Disney knows and they're extremely good at marketing, so they understand that this is the way people are going to think. Then most people are going to want that full character set and they're going to purchase the packages to actually get that full character set. So that's one way to think about marketing.

Speaker 1:

When you're marketing a particular item is what does your audience, what does your customer want? Because that's going to be different for every different business industry. I know some industries it's hard to figure out. Okay, what exactly does the customer want? What are they looking for? Is it quality or is it quantity that your customer is wanting? I know there's a lot of people that might say well, of course, someone's out there looking for what's cheap and they're looking for the cheapest, not necessarily. There's actually a lot of clients and a lot of customers that want quality over quantity, and that's important to understand. And a lot of the times, those quality customers, those ones that actually do care about quality versus the price, they're going to be your best clients. They're going to be your best customers because they're going to be the ones that's going to leave your review. They're going to be the ones that share with their friends, their family members. They're going to be the ones that actually help drive business to you because they care so much about the quality.

Speaker 1:

Now, it's always important to figure out what your customer wants, what your client wants, because if you're selling something and nobody wants it, you're never going to be able to sell it. So figuring that sweet spot out is the most important thing. Something I like to do and I help my clients do this whenever I'm doing any coaching is I help guide them through this process, and one thing we do is we sit down and we write down what their current clients are, and this is actually a struggle, because sometimes they say, well, it's everybody, and then we have to really narrow in that hey, it's not everybody. This is the group of people that you're actually truly targeting, you're truly working with. So it's important to actually narrow that down to figure out exactly what your customer base is like, who's your customer and then from that, what do they want.

Speaker 1:

Now, there's different ways you can actually do this. So I typically do it by observing kind of the sales process or customer interactions with employees through different businesses, and when I observe this, I will actually take notes to figure out okay, where is the customer hesitant on? What is the customer confused on? What are they truly looking for? Because it sometimes takes that outside view to figure out what your customer truly wants. And so I'll do that a lot for my clients and I tell them to do the same. Like, hey, do this and do this process every few months because it can change. It can change based on the economy and where the economy is at. It can change based on a lot of different factors. So make sure that you're reevaluating this every few months. But trying to figure out exactly what your customer or clients want is going to be the first step into actually being able to sell them whatever you're looking to offer.

Speaker 1:

Another thing in business is, once you do find out, okay, this is my ideal client, this is what they want. So now you have what your customer or client wants. You know they're demographic. Now you're able to actually target them. Now how do you go about targeting them? You can use various different methods, but the method that I find to work the best is through Google ads, facebook marketing and Instagram ad campaigns.

Speaker 1:

Now, a lot of people look at this as it's an expense. I don't look at it as an expense because in my business I understand that it takes three months sometimes to actually figure out whether or not the Google ads are working, whether or not Instagram ads are working, and there is some money thrown at it to just kind of figure out what's working, what's not working is the offer okay, what needs to be changed and what needs to be addressed? And so whenever you're considering marketing when it comes to Google ads or Instagram, always go into it, knowing that the first three months is not necessarily to get customers or clients though you will but it's more so to figure out what ad campaigns work, what messages work and what is your offer selling, what exactly are you trying to accomplish with it. So you kind of tweak that in the first three months. But Google ads and Instagram ads and Facebook ads they are so powerful, but don't go in it by yourself. By that I mean, if you're not a marketing expert, if you don't understand Google Ads, facebook Ads and Instagram Ads, don't just try to go in and boost a post. Don't try to just go in and maybe change a custom audience type, because that's not going to work. It's not gonna give you the results that you want. You may see a little bit from it, but you're gonna be spending a lot more on ad spend than you are getting back for your return.

Speaker 1:

So hire someone that's in that industry it's in your industry that works in marketing, that actually works in those ads, and pay their fee. I mean for us I'm one of my companies we pay close to $2,500 a month just to have a full and marketing team that actually does all of this for us, and that doesn't even include our ad spend. So then we have our ad spend on top of that and one of our companies. The ad spend can easily reach about $5,000 a month, which is a small number compared to a lot of businesses, but for our business it is a pretty high ad spend. But I also understand that the more that I spend on the marketing side of things with Facebook ads and Instagram ads and Google ads, the higher the return I am. So I'm able to actually see all of this data. I'm able to see how many clicks I'm getting, I'm able to see how many conversions I'm getting, I'm able to see how many sales that we're closing all through this data, and it gives me a better understanding of how much more we should spend or if we should cut back on our spending.

Speaker 1:

Another important thing when you're mentioning marketing is to make sure that you're leveraging any promotional items for your customers, and by that I mean not necessarily promotional stuff that you have, but promotional stuff that other companies might give to you. So, for instance, we work with Asima on one of our companies, and they are a financing firm, and so they will actually offer a small amount of financing for our customers. And so some of our customers come in and that's the first thing that they were asking us do you have financing? And we were telling them no, no, we didn't at first, and then we looked into. Okay, this is something our customer wants, right? So whenever you can find an area that your customer wants and you can provide a solution to whatever they want, they're gonna come back. So my team came to me and they said, hey, we need to have some sort of financing program in place because our customers are wanting this and they're asking for it. And so that got me thinking, okay, well, let's go out and find it, let's figure out a solution, because if this is something our customers are wanting, then we're gonna need to provide it. And that's something that's so important is making sure your team understands that they can come to you when your customers need something. If they need something and you're not able to provide it to them, your employee should feel comfortable to come to you and say hey, we're getting a bunch of questions for this, because if you can figure out a solution to that, you're going to increase revenue in your business, and it's gonna increase quicker than you can possibly imagine.

Speaker 1:

And sometimes it does take that outside view to be able to figure out okay, what are we missing, what are we lacking in? And that outside person can look at that and actually evaluate it. So sometimes it does take the outside view. Now I talked a little bit on the Google ads, instagram ads. Again, don't go out there, don't go crazy, don't spend a whole bunch of money, especially doing it yourself, because it's not gonna pan out. It's not gonna work the way you want it to do.

Speaker 1:

But go in, actually evaluate how you can advertise, figure out who you're trying to advertise to, what your offer is, what you're looking to accomplish from it. Are you looking to just get brand awareness or are you looking to get sales? Most importantly, you're probably looking to get sales because you need the cash flow, you need the revenue in order to replace yourself. But also go into this knowing that you're wanting to better the customer with your product or service and then that you're also wanting to get more of your time back. And in order to do that, you need to have these systems, you need to have structures, you need to have marketing in place so that way, you can hire someone in your place to actually do the task that you're doing. It all starts. I mean, if you don't have the cash flow, you're never gonna be able to step outside of the business because you're always gonna feel like you need to work in the business. So that way, you have cash flow. So it's a circle and you need to break that circle. And in order to break that circle, understanding marketing is so important.

Speaker 1:

Well, thank you so much for listening today. Please let me know if there's something you want me to go over, if there's an area in your business that you're struggling, if you just need help at all, please send me a message. I love to connect, just chat, have a one-on-one conversation. You can actually schedule a free consultation on my website at jacobkmecom Absolutely free. It's 30 minutes. We can talk about anything business related. I know a lot of people walk away from that with so much great knowledge and it's absolutely free. There's no cost there for you. I love just to be able to sit down and talk with you. Feel free to give me a follow or a like if you really enjoyed this episode or any of our episodes on the by Time podcast. We're gonna continue to bring you great content, great guests, and thank you so much to all of our listeners. My name is Jacob K Mead and until next time. Thanks for listening to today's episode. My name is Jacob K Mead and until next time.