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PROFITABLE CONNECTIONS
SEPTEMBER 2020
The Power of the Podcast
WHY THIS TOOL SHOULD NOT BE IGNORED
Why podcasts? It’s a great question, and one both Dr. Jeremy Weisz and John Corcoran have thought about over the past decade. Rise25 was founded because of the power of podcasts. Podcasts bring people together and are an incredibly powerful business development and marketing tool that can be leveraged by anyone. Nearly 10 years ago, John was practicing law in Silicon Valley. A client came to him regarding a lease for a spare bedroom — simple enough. But as John got to know the client, he discovered that the man was a serial entrepreneur. In fact, some of his companies had become household names. John asked the client for 20 minutes to record a short Q & A so he could upload it to the web — again, simple enough. The simple gesture of taking the time to ask the client about his career had a profound impact, and when the interview was over, the client asked John to handle more legal projects. John was hooked. So, he kept going. Ten years later, he has interviewed thousands of entrepreneurs, industry peers, small-business owners, authors, venture capitalists, and many more. Podcasts are a marketer’s dream. They are a Swiss Army knife — capable of so much. This outlet is useful in business development, networking, nurturing referral partners, and up-leveling your network, your own learning, and professional development. The list goes
on. Podcasts can deliver personalized and professional content marketing to a targeted audience. But for John, it’s all about the connections. Through podcasting, he’s developed many amazing and lasting relationships. It also happened that John met Jeremy Weisz through podcasting. It was a match made in podcast heaven. Jeremy has a background in chiropractic and biochemistry — not necessarily a background you associate with podcasting. But Jeremy found himself quickly going down the podcast rabbit hole. In marketing his own business, podcasts made a lot of sense. Again, it’s about making connections. It doesn’t matter what industry you may be in or what type of business you run — a podcast gets your thought leadership and voice out there to be seen as the expert. And together, John and Jeremy made their voices heard. One particular podcast interview Jeremy conducted got the attention of an e-commerce conference. The head of the conference reached out to the duo asking them to run a podcast for the conference, among other things. This was a conference aimed at VIPs in e-commerce. John and Jeremy found themselves in front of many of the top 200 sellers on Amazon — people pulling in $30, $50, $100 million-plus in revenues through their e-commerce businesses.
In other words, through the simple act of podcasting — and featuring key people in interviews — they made some major connections. For any given business, these kinds of connections can be priceless. A podcast can be personal, as well — it can leave a legacy for you and your guest. In fact, Jeremy was inspired to start podcasting by his grandfather, David Danzyger, who was a Holocaust survivor. His grandfather’s story lives on, thanks, in part, to an interview by the Holocaust Foundation. You can view that interview on Jeremy’s podcast at InspiredInsider.com. Podcasts are a powerful tool. You can connect to great people, become an industry thought leader, and preserve legacies all in one. And when you get down to it, that is the “why” behind podcasts.
Dr. Jeremy Weisz & John Corcoran
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3 Data Points You Must Track Immediately to Monitor Your Business’s Health LISTEN TO THE NUMBERS
In business, numbers speak louder than anything else. Data provides an analysis of the health of a company. It can be one of the most important factors in decision-making for many entrepreneurs and one of the greatest indicators of growth. For these reasons and many others, you cannot ignore your numbers. If you’re not sure where to start, consider these three top data points to track the health and growth of your business. Churn: New customers provide an opportunity for a new revenue stream, but the startup costs and the timeline to turn a profit should make gathering new customers a second priority. Instead, it’s your regulars who can influence your regular cash flow, and when you’re having to fill gaps left by previous customers, you’re steering a sinking ship. By calculating churn, you can identify how much money is walking out the door each month and year. Once you know how much you’re losing, you can effectively establish a plan to keep your regulars and stop your revenue from leaking. Pipeline Revenue: This is how much money you would acquire if you landed every single sale. So, let’s say your
pipeline revenue for a single month is $100,000. You might actually only acquire $30,000, but you can use the pipeline revenue number to set goals for your sales team and track progress. If pipeline revenue is low, then your true revenue suffers. Annual Average Employee Revenue: You can track data to ensure your greatest resource — your employees — is valuable. This data point is what you get when you average your regular revenue among all your employees. For every employee, you should be making at least $100,000 in revenue. If your average is below $100,000, this may be
a sign of overstaffing or inadequate use of your resources.
The Numbers Combined: If you take these numbers at face value, then you’re not optimizing the usefulness they provide through tracking. For example, if your churn rate on a new product is low after one month of implementation, that data is skewed. You need more time to add more data on churn, satisfaction, and effectiveness before claiming this product is a success. If anything, that low churn rate tells you the implementation of the product was positive. The key is to keep that momentum going to maintain a low churn rate. Your industry can also influence the numbers you need to analyze. For example, if monitoring the annual average of employee revenue doesn’t make sense for your industry, don’t include it in your top three. Instead, find a metric that does work for your industry. The thing you cannot do is ignore the data. That’s a formula for disaster. The numbers tell a big part of the story when we contextualize them. With that information, business leaders can make informed decisions to push their companies forward.
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Change Can Be Easy Pam Marmon’s Outline for Effective Post-Pandemic Transformation
Pam Marmon understands what it means to adapt. After growing up in Bulgaria, Marmon had to modify her way of living when she emigrated to the U.S. Today, she’s a CEO, entrepreneur, wife, and mother who believes that change doesn’t have to be difficult. In fact, she’s mastered it. Marmon has even established a company, Marmon Consulting, that helps other companies develop strategies for executing transformation. In Marmon’s book, “No One’s Listening and It’s Your Fault: Get Your Message Heard During Organizational Transformations,” she outlines her proven methods for effective communication in any company setting, from a major corporation to a family business. Released on March 24, 2020, Marmon’s advice is timely in a period when many business owners are searching for proactive solutions and the next step in finding post-pandemic success. Marmon’s book is the perfect guide for business leaders who recognize the need for tangible change and want to execute it as effectively as possible. The key, Marmon explains, is to identify your company’s culture and cater your plan’s language to suit what will resonate with your employees the most. This will establish a sense of alignment with your business’s vision and direction, which can be one of the biggest hurdles to overcome. You cannot achieve success in a period of
change if your team is doubtful and unwilling. With your company united toward your vision, you can begin to enact real change. However, this is only the beginning. Marmon’s book also outlines how to connect with fellow leaders in your company to develop a framework for growth. By creating a stable
foundation and inspiring change, you’ll find this time of major transition to be much smoother than you may have anticipated. As a result, your company will come out on top at the end of the COVID-19 era. Marmon’s mantra is inspiring: “With the proper process, change is not hard.” And with her book, “No One’s Listening and It’s Your Fault,” business leaders can see just how simple change can be.
11 Days Short How the British Changed Their Calendar System and Caused Chaos
Rise25 Podcast Spotlight
For centuries, Europeans used the Julian calendar. However, significant dates “drifted” as centuries passed on the solar calendar. To compensate, the new Gregorian calendar was developed in 1582. But not everyone — such as the British — adopted it immediately, and Europeans were using two diverging calendars for over 200 years! Finally, the British chose 1752 to make the change. But they had to “jump” forward, which meant 1751 could only be 10 months long — starting with March and ending with Dec. 31, 1751. They also had to cut 11 days from 1752. The unlucky dates were Sept. 2–14, 1752. The people were not happy. English historians found research that British citizens chanted “Give us our 11 days!” in the streets. Several other historical accounts state that many people worried their own lives would be cut 11 days shorter. There was a lot of confusion and chaos, but over time, dates fell where they were supposed to, and everyone lived their full lives, those 11 days included.
"The Relationship Commerce" podcast with Dean Dutro of WorthECommerce.com Featuring: Top ecommerce entrepreneurs "The Nexxt Level Brands" podcast with G. Steven Cleere of NexxtLevelMarketing.com Featuring: CPG CEOs "Growth to Freedom Show" with Dan Kuschell of BreakThrough3x.com Featuring: Business leaders "In Your Face" podcast with Craig Weiss & Dr. Blair Feldman of RetainerClub.com Featuring: Orthodontic and dental leaders
"Lead Like a Woman" podcast with Andrea Heuston of ArtitudesDesign.com Featuring: Top women leaders "The Always Direct" podcast with John Rayyan of AlwaysDirectMail.com Featuring: Direct mail best practices "The Innovations and Breakthroughs" podcast with Rich Goldstein of GoldsteinPatentLaw.com
Featuring: SAAS and e-commerce founders
Go subscribe in iTunes!
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Inside This Edition
1.
Why Podcasts?
2. 3.
3 Data Points for Your Business’s Health
How to Enact Effective Change
How 11 Days Were Deleted From History
4.
2 Steps to Cultivate Leadership in Your Sales Team
Optimize Your Sales Team By Enhancing Their Leadership Qualities
Think about the traits of a leader. You may be thinking of someone who can take charge, isn’t afraid to fail, communicates clearly, has a passion for helping people, and is extroverted. Now, think of a successful salesperson. Do you see any overlap in characteristics? The answer is likely yes. Salespeople are natural leaders. They lead consumers to the best product or service, and they effectively push our economy and businesses forward. However, having multiple leaders on one team can create friction. As an entrepreneur or sales manager, you must create a work environment that nurtures your leaders in the sales department without causing issues. Those with an innate sense of leadership still need the right training and work environment to optimize their skills and excel. When you provide these, the confidence of your
team increases, their ability to sell effectively is boosted, and your sales numbers improve. It’s a win-win-win for you, your team, and the company.
You can create a plan for cultivating leadership with these two steps.
Provide Leadership Training Learning is an essential part of sales. Salespeople have to understand the demographic, cater to trends, and be the first to admit when a sales tactic is wrong. In addition to learning skills specific to their position, salespeople should also undergo leadership training. Many of these courses and teachings target managers who have employees, but when you encourage your team to apply these concepts to potential clients, they will learn what leadership skills they must nurture within themselves to get more sales. You can also take managerial leadership training and convert it into a program that targets your sales team.
Analyze Traits Leaders do have defined traits, but no two leaders are alike. Pinpointing the qualities that make each team member an effective leader — and therefore great at their job — can help you identify sales teams or partners that will function harmoniously. (Coincidentally, this process will also show you who should not work together.) The best pairs feed off one another. Maybe you have one salesperson who is the best at explaining the technical aspects of your product, while another is the most empathetic and emotional seller. Together, they’re a winning combination.
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