In episode #19, Wilco shares his mastermind experience and ways to grow a business.
Time Stamped Show Notes:
00:40: Went to Boise in Idaho for a Mastermind together with my coach and mentor, Russell Brunson.
01:28: It’s not always easy to find the right people who I can sort of still learn from.
01:30: When I go to an event, I prefer to be the dumbest guy in the room.
02:41: That’s currently the path I’m currently on, as well, to move my business from a seven figure into an eight figure business.
03:18: There’s only three ways to generate more revenue in your business.
03:47: You need to get customers in, otherwise you’re not gonna make it.
04:10: In order to scale, it’s not always matter of just getting more customers in.
04:26: That’s number one, get more customers.
04:30: The second thing is, get those customers to spend more.
06:12: Thirdly is get them to buy more often.
06:20: Try to get them to buy something with you every single month.
07:32: But what I’m gonna be focusing on more from now on, is also to get them to spend more.
Hey, hey, it’s Wilco de Kreij here, and it has been an amazing week. But I’m not gonna lie, I am exhausted right now. I just came back from the United States. I went to Boise in Idaho for a Mastermind together with my coach and mentor, Russell Brunson. He’s the founder of ClickFunnels. For the last couple days we’ve basically been in a room with 25 like-minded entrepreneurs who are all rocking things out of the water. They all have an awesome business, and we’ve just been sharing about what works, what doesn’t work, on both strategic level as well as a tactical level, so more or less on a high level like, where are we going, where are we headed? As well as things like what Facebook ads work? Or what’s the latest kind of promotion that’s working? Or on a webinar, and all these kind of things.
We’ve been basically giving each other feedback on how we can all grow our businesses. What was great about this Mastermind is that … I basically go to quite a few Masterminds and events and things like that, and to be completely honest with you, it’s not always easy to find the right people who I can sort of still learn from. When I go to an event I prefer to be the dumbest guy in the room, but that’s not always easy. If I am the dumbest guy in the room it means there’s a lot for me to learn, and that’s what’s great about this group, is that, like I said before, this group of people, they’re all smart people, first of all, but they all have big businesses. That means that they’re sort of going through the same stages as I am in our business.
One of the things we were talking about is, how to sort of move from a seven figure business into an eight figure biggest. In order to get to seven figures there’s obviously different things you need to do than to go from seven to eight figures. There’s different steps you need to take. You can go to seven figures … Well, let’s just say that … How do you say that? I think in order to get to seven figures you need to … That’s the stage where you create your product and you start to create processes, and then from seven to eight figures, then you really need to think about building a bigger team, think about … You need to have multiple levels in your team. There’s all kinds of different things you need to do. You sort of need to work on a different level. That’s currently the path I’m currently on, as well, to move my business from a seven figure into an eight figure business. I’m not there yet, but that’s the course I’m currently headed.
Of course, we also discussed about how to go from eight to nine figures, because some people where already in that stage. But to be honest, that for me … We’ll tackle those steps after I hit eight figures. First, let’s do it one step at a time, I’d say. One of the things we talked about is, what could you do to grow your business? What it really comes down to is that there’s actually only three ways to grow your business. There’s only three ways to generate more revenue in your business, and that is it. This might seem super obvious, but once you focus on these three things, that’s where all the magic happens.
Like I said before, in order to go from zero to seven figures, what most people do is they focus on getting more customers in, and that’s always, because that’s where it all starts. You’re focusing to get more customers into your business, but that’s basically the most important thing. You need to get customers in otherwise you’re not gonna make it. In order to go from a seven to eight, usually a lot of people who are at seven figures, they have a ton of customers coming in, they sort of figured out where they’re getting their customers from. They got, for example, Facebook ads running, maybe they’re working with affiliates. They have a source of traffic, have a source of customers, so they know how to get customers into their business. Now, in order to scale, it’s not always matter of just getting more customers in. There’s other things you can, actually should do.
The three things … The only three ways to basically grow a business are these. First of all, like I said, get more customers. That’s number one, get more customers. The second thing is, get those customers to spend more. So instead of just having, for example, a product that is, let’s say, a couple hundred dollars, also have a higher-ticket product which is, for example, a couple thousand dollars. If there’s one thing I learned in this group, is that a ton of people, big businesses, they’re not just selling something for a couple hundred dollars, they’re also selling something for a couple thousands, or even 15, 20, $30,000. First time I heard it I was like, “What? You’re selling a product for like $30,000, and people buy that?” They’re like, “Yeah.” They sell a ton of those. I’m like, “What?” That for me is just way outside of my comfort zone, but it really opened my eyes of what’s possible.
A lot of those people, they’re doing exactly that. They have various products who are like a couple hundred dollars. Then they have other products that are thousands or even tens of thousands of dollars, and they sell … Obviously they don’t sell it as much as their cheaper products, that would be crazy, but it does bring them in the biggest return. Let’s say you’re selling something for $20,000, even though I know for a lot of you it might be way outside of your comfort zone. For me, it actually is as well. But let’s say you’re selling something for $20,000, and you’re selling a hundred of them. That two million there right there. Is that correct, two million? Let me just … Yeah, that’s two million. I was just checking.
That’s number two. First one is to get more customers. Second one is to get your customers to spend more, to have something that people … THere’s always a group of people within your customers who are willing to spend more money with you. Now, what’s the third thing? We get more customers, get them to spend more. Thirdly is get them to buy more often. Get them to buy more frequently. Instead of just buying … Instead of having just … Having them to buy, I don’t know, once a year, maybe twice a year, try to get them to buy more often. Try to get them to buy something with you every single month, for example. There’s obviously multiple ways you can do that. You can offer something more frequently, which is the obvious thing. If you have more things to offer, they’re able to buy more frequently from you, as well.
That’s one thing. Also, obviously recurring. As you all know, I’m a big fan of recurring, which means, for example, selling something on a monthly basis because that way, once someone is locked in at a monthly basis, they’re gonna basically guy something from you every single month. They’re gonna send you money every single month. That’s another way. By really focusing on these three things, that’s really how you can scale your business even further. These are basically the only ways how you can actually grow your business. You can get more customers in. You can get them to spend more with you, and you can get them to buy more frequently. The first two … The first one is something I’ve been focusing on for a long time, and I still am. Obviously it all starts by getting more customers in. Getting your Facebook ads out, work with affiliate, doing content marketing. Doing all these kind of things to get more customers in.
But what I’m gonna be focusing on more from now on, is also to get them to spend more. I’d love to actually offer some higher-end packages as well inside of our business, as well as getting people to buy more frequently. Wanna roll new offers out more frequently, because that way you can actually leverage your existing customer base even better, which is a great way to add more revenue into your business. That’s one of the many take-aways actually had over the last couple days. I think I made like 50 pages of notes, which is insane. This was a big notebook, and I’ve been writing all day long. There’s so many golden nuggets I got there, it’s insane. I’ll probably share some later on with another episode, as well, because there’s just way too much to just cover in one episode.
Besides even just the insights I got and the actual clarity I have now in my business, it’s also just a big source of inspiration and motivation, to just be along sides other entrepreneurs who are all crushing it. People who are running seven, eight figure business. It’s been awesome, we had a blast, and a lot of fun as well. It’s not just about strategic and tactical things, there’s also just being around awesome people who understand the mindset that I think a solo entrepreneur should have. People who actually understand what you do, instead of just saying, “Oh, yeah, that’s cool,” and they have no clue what it’s all about. This whole online world is a bit different compared to many of the other industries. It’s just good to be around good people who sort of get that. Anyway, I think that is it for today.
Once again, if you wanna grow your business, the three things … Just to make sure you’ve gotten them all. Get more customers in, and then get those people to spend more with you. Thirdly, get them to spend more, basically things more frequently with you. Those are the three things that you can do to grow your business. I hope it helps, and I hope you have an awesome day. Bye-bye.
[tweetthis]”If I am the dumbest guy in the room it means there’s a lot for me to learn.”[/tweetthis]
[tweetthis]”There’s always a group of people within your customers who are willing to spend more money with you.” [/tweetthis]