Are mentally prepared, aggressively growing, and have the infrastructure that will future proof your agency from any Recession?
Mark Khoder is one of my students and you have to hear his success story! He lost 65 to 70% of his total revenue in a matter of three to five days after the pandemic hit Australia. Hear what he did and his advice on how to overcome this obstacle.
Mark Khoder, an agency owner out of Melbourne, Australia. He owns a restaurant digital agency. In other words, he does specifically social media for restaurants - talk about getting hit hard during Covid-19! Mark and I rolled our sleeves up and we got to work and the results are amazing. this episode is power packed with the tactics that work for any agency!
Takeaways From This Episode:
- You should look into a downside (not just in your business)
- Lead Magnets and having the right system in place
- Change begins at the end of your comfort zone
- Don't feel sorry for yourself
- B-I-T-E for your business
- The importance of having a coach in your business
You should look into in a downside (not just in your business)
The number one thing as a business owner is you should look into a downside. A downsize in your business and your life. Have the capacity and resources to sit there and downsize everything.Downsize your life, then go in and aggressively get business. Hear how Mark reLoaded and did what he had to to survive.
Lead Magnets and having the right system in place
A lot of restaurant owners had never even thought about takeout orders or curbside delivery. So many of Mark’s clients did not have a system or any strategy and how to get business or how to put themselves out there.
Things completely changed for the restaurant business and Mark jumped on that opportunity and it really paid off for him and for his clients.Then because of Mark being aggressive, something very interesting happened. Mark had people not even in the restaurant business reach out to him! They were not his ideal client, but they had a need for a delivery service. They found instant partnerships. All of this from Lead Magnets!!
Change begins at the end of your comfort zone
Change begins at the end of your comfort zone. Marks and I talk about things completely blowing up and how we had to get out of our comfort zone. Our income was gone! I was completely blown up.
Jay Conrad Levinson talks about how 70% of all fortune 500 companies were formed before or during the Great Recession. Think about that for a second -- 70%. It has been almost 100 years since the Great Depression, and 70% of those businesses are still in business. Why is that? Because obviously, during the Great Depression, they had to optimize, they had to figure out new lines of business and we are having to do the same thing now. We have to figure out new lead flows, we have to figure out everything. We are now diversifying our lead magnets. Just by diversifying his lead magnets, eliminating follow up failure through his emails in his Active Campaign he leads have been flowing in!
Don't feel sorry for yourself
Mark's advice: “The thing is today and the biggest secret in this business and in any other business is out working everybody else in the industry. Like, don't feel sorry for yourself because that's not going to get you anywhere. What's gonna get you anywhere is out working everybody else.” It's not the time to complain about being overwhelmed. It is time to help yourself. Get yourself out of trouble.
BUT I also want to say, in very difficult times like this, whenever you're seeing the world burn down around you, it is ok to get a little bit to not get down. So if you get down on yourself, that is normal. You need to channel that getting down on yourself. Let that become the fuel for the fire that helps you to reload, take a deep look at your agency, pull the emotion out of it and say, “Look, if I fix this one thing or these two things in the next 90 days, whenever I open up again, this is going to be a game changer for me! That's, that's what you got to do.
B-I-T-E for your business
Mark breaks down what “BITE” stands for and how it works.
- B is Brand or Branding
- I is Income
- T is Transition
- E is Ease Equity (the value of your business)
Mark looked at his business model and their process and they would get a client on board and then take from A to Z. First understand their branding and what and how they want to grow their brand. Then move to strategy and turn on advertising strategies that's going to generate income. After income, move to the T part which is transaction. From there, move into equity which means increasing the value of the business. Learn the Win-Win strategies and how to use all of the distribution channels!
The importance of having a coach in your business
The last advice from Mark is the importance of having a coach in your business. Most companies, most businesses, most most agencies, are not at a level where they can have a board of directors or shareholders. We do not have meetings with general managers and all of that comes in the big corporate world.
That is where a coach can come in. A coach can be your general manager or director but better. A good coach is a great sounding board, someone to listen to you and then give you advice. To lead you in the right direction. Having someone who has been where you are and helps you make the right decisions.
Mark Khoder is a stud!! He saw a problem and came up with a solution. He did not back down, he saw a need and filled it. You need to hear his story and his solutions - trust me - you will be inspired!
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