WEBVTT 1 00:00:00.000 --> 00:00:05.040 Even in a local marketplace, do you know how many businesses are advertising on Facebook for the 2 00:00:05.040 --> 00:00:09.600 same 7 mile radius? Welcome to the game where we talk about how to get more customers, 3 00:00:09.600 --> 00:00:12.880 how to make more per customer, and how to keep them longer, and the many failures and lessons 4 00:00:12.880 --> 00:00:16.880 we have learned along the way. I hope you enjoy and subscribe. What's going everyone, 5 00:00:16.880 --> 00:00:21.280 happy Wednesday? I'm excited to make this podcast for you because this is probably one of the 6 00:00:21.280 --> 00:00:25.920 number of mistakes that I think that I made early on in my career that hopefully I can help 7 00:00:25.920 --> 00:00:32.320 avoid or help you avoid in yours. And I've written about this and I call it the size of the pie 8 00:00:32.320 --> 00:00:39.680 fallacy. And what the fallacy kind of states is that the size of the pie for most people is not 9 00:00:39.680 --> 00:00:45.040 just twice as big or five times as big, but probably a hundred to a thousand times as big as you 10 00:00:45.040 --> 00:00:51.920 actually think it is. And where this comes into clarity is that so many of us live in these tiny 11 00:00:52.000 --> 00:00:57.440 little ponds. We live in these little ponds, these little buckets of people. We live in two or 12 00:00:57.440 --> 00:01:03.840 three Facebook groups and that's honestly what makes up the majority of our news. We only get news 13 00:01:03.840 --> 00:01:10.400 from a handful of sources and that's what curates our context in the world. And so we think that if 14 00:01:10.400 --> 00:01:17.040 someone knew was coming into our marketplace, all of a sudden everyone knows about that and everyone's 15 00:01:17.040 --> 00:01:22.000 trying to, it's going to leave us to go to this other person. And this happened for me when I was 16 00:01:22.000 --> 00:01:26.400 in my gyms. This happened for me when we started gym launch. It's just happened over and over. And I've 17 00:01:26.400 --> 00:01:32.480 seen it on the outside with agencies and I've seen it literally at all levels. And what I can tell 18 00:01:32.480 --> 00:01:38.640 you is when I, this is probably two years ago, there was, and actually I'll tell you first one is when 19 00:01:38.640 --> 00:01:44.640 I said my gyms. I had a new guy show up on the marketplace and I was like, oh my god, what are we 20 00:01:44.640 --> 00:01:46.960 going to do? All these people are going to try it. They're going to leave me to go to this other 21 00:01:46.960 --> 00:01:52.560 person, whatever. But the reality was that most people didn't know I existed and most people didn't 22 00:01:52.560 --> 00:01:56.560 know they existed, right? Because most people don't care. And because the size of the pie is so much 23 00:01:56.560 --> 00:02:02.400 bigger than just the two groups of people that I know on Facebook that exist, right? And what was 24 00:02:02.400 --> 00:02:06.400 even more is that I looked at all the stuff he was doing. I remember this like then I was like, okay, 25 00:02:06.400 --> 00:02:10.800 I'm going to, I'm going to model everything that he's doing, right? To try and beat him. And after 26 00:02:10.800 --> 00:02:15.840 I'm out on everything, one, it didn't convert like ours did. And then two, I found out later, 27 00:02:15.840 --> 00:02:21.360 and this was like six months plus later, that he was making less than we were. And so this whole time, 28 00:02:21.360 --> 00:02:27.920 I built up this, this fictitious thing in my mind, I was eating and occupying all of my thoughts, 29 00:02:27.920 --> 00:02:32.800 and A, it wasn't doing as well, and B, it wasn't even making as much. But the thing is, is that what it 30 00:02:32.800 --> 00:02:37.040 did hurt me for is all the time and effort it detracted for me, just focusing on the customers 31 00:02:37.120 --> 00:02:41.520 that I had in front of me, who were already there, happy to be working with me and paying me and 32 00:02:41.520 --> 00:02:46.480 all that stuff, right? And so that was when I had my gyms, right? Later on in gym launch, we had a 33 00:02:46.480 --> 00:02:51.600 similar thing happen, right? You know, new guru pops up, like he's got something hot and sexy, right? 34 00:02:51.600 --> 00:02:56.640 And then what do you know? 16 weeks later, he's gone, right? And the thing is, is that like, I've 35 00:02:56.640 --> 00:03:00.640 seen the cycle happen enough, and I've been reactive to the cycle, and then been like, oh no, we 36 00:03:00.640 --> 00:03:04.480 incorporate something like that, hard thing, blah, blah, blah. But what ends up happening is that 37 00:03:04.480 --> 00:03:08.080 you end up shifting directions really quickly, you end up being really reactive, your customers get 38 00:03:08.080 --> 00:03:12.800 confused. And ultimately, the real real is that the marketplace doesn't even know that either of you 39 00:03:12.800 --> 00:03:17.040 exist, right? And so we think about this within the context of gyms, here's a fun one for you. 40 00:03:17.680 --> 00:03:24.640 I just recently found out that there's a company that I have just barely heard of, okay? And they sell 41 00:03:24.640 --> 00:03:28.240 a software product that kind of does like some sort of fitness stuff for gyms, all right? I'm not 42 00:03:28.240 --> 00:03:35.120 going to say the name of them. And they don't run any ads whatsoever. And they have a massive 43 00:03:35.120 --> 00:03:41.200 outbound sales team, right? Cold, cold, cold email, that's it. And these guys are doing 10 million 44 00:03:41.200 --> 00:03:48.080 a month, okay? I have never heard of them. I have never heard of them, right? I haven't seen 45 00:03:48.080 --> 00:03:51.680 their ads, I haven't seen anybody ever talked about them and any of the groups that I live in. 46 00:03:51.680 --> 00:03:56.640 And yet, they are bigger than we are. There are three times ourselves, right? And so it was just 47 00:03:56.640 --> 00:04:03.360 a humbling reminder for me that again, the size of the pie is so much bigger than we can ever 48 00:04:03.360 --> 00:04:06.880 fathom, right? When people were like, well, there's two of us, and we're competing its debts. I'm like, 49 00:04:06.880 --> 00:04:12.000 even in a local marketplace, do you know how many businesses are advertising on Facebook for the 50 00:04:12.000 --> 00:04:18.000 same seven mile radius, right? I go into groups and, you know, in groups of people who teach 51 00:04:18.000 --> 00:04:23.760 local businesses, right? And they're hairstyles. There's insurance agents. There's, there's real 52 00:04:23.760 --> 00:04:29.120 filters. There's gyms. There's personal traders. There's storage facilities. There's like literally 53 00:04:29.120 --> 00:04:33.760 everything, you know, everything you have mattress stores, car sales. There's so many people 54 00:04:33.760 --> 00:04:39.360 that are marketing to the same thing that you think that one more gym on Facebook is going to 55 00:04:39.360 --> 00:04:46.240 somehow cut cut what you're doing in half, right? And so anyways, I say all this to say, 56 00:04:47.200 --> 00:04:51.280 you don't need to worry about that stuff. It's it's the size of the pie is so much bigger. 57 00:04:51.280 --> 00:04:56.160 And what you're looking at is also just like Facebook, right? There's also, there's yellow. There's 58 00:04:56.160 --> 00:05:00.640 Google. There's Google display networks. There's organic. There's email marketing. There's outreach. 59 00:05:00.640 --> 00:05:04.960 There's cold calling. There's so many ways. There's direct mail. So many ways to acquire customers 60 00:05:04.960 --> 00:05:11.280 that we just get stuck in this tiny viewpoint that that it's somehow just what we're doing. And 61 00:05:11.280 --> 00:05:17.520 it's this tiny little slice when in reality us and a hundred other businesses are just splitting 62 00:05:17.520 --> 00:05:22.320 this one slice of Facebook. And there's all of these other slices that exist and all we have to do 63 00:05:22.320 --> 00:05:25.600 is open up our minds to it and not be reactive to it. And simply think, how can I over-deliver 64 00:05:25.600 --> 00:05:29.360 my customers? And then how can I add channels over time, right? 65 00:05:32.960 --> 00:05:37.440 Most of the nation real quick, if you are a business owner that has a big old business and wants 66 00:05:37.440 --> 00:05:42.880 to get to a much bigger business, going to $50, $100,000 plus we would love to talk to you. And if 67 00:05:43.200 --> 00:05:46.480 you like that, we would like to hear more about it. Go to acquisition.com and you can plan 68 00:05:46.480 --> 00:05:50.400 anywhere on the page and talk to one of our team and see if we can help you get there. 69 00:05:53.280 --> 00:05:59.360 And for me, it was just yet another humbling example of hearing that this guy was doing 10 70 00:05:59.360 --> 00:06:03.360 million a month in my space and even heard of him. And so it's just this brilliant, beautiful 71 00:06:03.360 --> 00:06:07.520 reminder of how small we really are and to just continue to focus on the game that we're playing 72 00:06:07.520 --> 00:06:11.920 and continue to get better at the game that we're playing and not worry about other people. 73 00:06:11.920 --> 00:06:15.520 Because at the end of the day, all the matters is the value that you're brought in the marketplace 74 00:06:15.520 --> 00:06:20.160 that I use to provide in the customers and the mouth strap that you've devised for monetizing 75 00:06:20.160 --> 00:06:25.280 the value. So anyways, I hope that serves somebody. Somebody who's been worried about a competitor 76 00:06:25.280 --> 00:06:29.520 or somebody's in the area and they get this fear and anxiety. And I feel like I've had it happen 77 00:06:29.520 --> 00:06:33.760 enough times and I've been disproven so many times that my level of reactivity has continued 78 00:06:33.760 --> 00:06:38.080 to go down and down and down over time. To now, I just kind of shrug a little bit because I've 79 00:06:38.080 --> 00:06:42.880 seen so many people take direct shots at us and then disappear within nine months. And so, 80 00:06:43.520 --> 00:06:47.760 now we just continue to focus on our game, continue to do, make gym owners money, 81 00:06:47.760 --> 00:06:52.000 do it better than everyone else can, and run a good business. And that's entire goal. And I think 82 00:06:52.000 --> 00:06:56.240 that if we can translate that over, then we own the things that we can control and that are accountable 83 00:06:56.240 --> 00:07:02.720 for. So anyways, lots of everyone, hope this makes sense. And I hope you have amazing hump day, 84 00:07:02.720 --> 00:07:06.720 happy Wednesday. And don't think about anybody else. Don't worry about anyone else. Don't worry 85 00:07:06.720 --> 00:07:09.760 about what your trainers are saying. Don't worry about the guy across the street. Just remember 86 00:07:09.760 --> 00:07:14.720 that basically no one knows who exists. Even when you think everyone does, no one does. And there's 87 00:07:14.720 --> 00:07:19.120 another guy who's 20 times bigger than you who also that you don't even know exists, who's the same 88 00:07:19.120 --> 00:07:22.480 marketplace as you. So sometimes it's just humbling reminders that there's a line of ways to 89 00:07:22.480 --> 00:07:26.800 work our customers. And our tiny little fish bowls that we live in are not the fish bowls that 90 00:07:26.800 --> 00:07:35.520 are for the world. So anyways, keep being awesome and I'll catch you guys soon. Bye!