As I considered the topic that would best serve entrepreneurs, business owners, and marketers alike — all of whom I am — I mused over what I needed most throughout the last year.
I needed to take back control of my business.
And I am charging you to do the same.
While I have provided two strategic ways to do so, the first outlined below and the second outlined in this blog post, it is critical that we first identify the root issue.
Why are you and I not operating in the driver’s seat of our marketing and/or businesses?
Three fundamental core challenges come in the form of 3 Cs: Competition, Colleagues, and Customers.
Who Are You Listening To?
1. Competition
We know the feeling all too well.
We feel a pit in our stomach or a slight racing of the heart when our competitors’ ads or organic content seem to be taking over social media and the internet: Google Ads, YouTube, TikTok, newsletters, LinkedIn, programmatic…
And don’t forget traditional advertising.
Especially if you are in the home services or specialty services spaces where direct mail is 100% where you need to be, but don’t forget the QR code and UTMs and unique landing pages and geotargeted ads and email nurturing sequence for a holistic approach.
Our competition’s budget appears never-ending, and their marketing team must be fantastic.
Is theirs the strategy we should adopt, deviating from our carefully charted course agreed upon at the outset of the year?
2. Colleagues
Or perhaps it’s that of the peers in our Masterminds or networking groups or online communities.
After all, within these groups resides a wealth of knowledge and expertise, tried-and-true insights, and wins. I am guilty as charged — my talk at T&C 2024 was chock-full of recommendations guiding marketers on their path to generating over 800% ROAS…
Should our marketing strategy or business’s bottom line deviate then?
3. Customers
Oh! But the power of our customers…when their phone call just after 5:00 PM because they saw their competitor’s ad and want to change course.
Or when our customers’ higher-ups ask why you didn’t generate enough leads last month and how the bottom line is threatened if we don’t do something fast.
And how they joke about your job being on the line if numbers don’t change.
Do any of these resonate?
If you are a human with a soul that cares about your business, team, and customers, I anticipate your hand is raised alongside mine.
Friends, it is time we unbuckle the seatbelt of the 3 Cs and graciously escort them out.
It’s time for you to regain control.
How to Regain Control of Your Business: Knowing What You Want
I cannot tell you how many times my question, “What do you want?” is met with blank stares.
Such a simple question with such significant ramifications.
To assume control, we must know what we want for the following three reasons.
1) Knowing what you want keeps you focused on the bottom line.
So many of us fail to regularly take stock of where we are actually going.
Our heads are down, focused on tasks before us, rather than heads up, looking to the finish line yet equally aware of how our strategies today are or are not moving us closer to that target.
With our heads down, the focus is on the key performance indicators (KPIs) of the necessary activations to achieve the bottom-line goal rather than the focus being on the goal itself.
The trick is maintaining clarity of the goal and bottom line to then inform the strategic direction.
EXAMPLE: The Knowing Agency serves as fractional CMO for a waterproofing company. A major — colossal, even — KPI is lead generation.
This KPI is obviously important because you need leads to get customers.
However, in 2023, our lead count was down significantly.
With the 3 Cs close at hand, I questioned myself: Am I leading the team in the wrong direction!?
We must be willing to ask tough questions and pursue the truth, even if it may prove that we are heading in the wrong direction — especially then!
For we must first know the truth to then be changed by it.
But I had to zoom out in order to know.
With the bottom line as the primary focus, I then considered the KPI.
When we zoomed out and measured that KPI in light of the bottom line, revenue, rather than as a standalone metric, we actually saw a significant increase in overall revenue and profits despite a lower lead count.
This means that while we were driving fewer leads, they were much more qualified, hence driving higher revenue.
My question for you is: Do you know what you want?
And do you know your bottom line goal and the KPIs necessary to get there?
2) Knowing what you want protects you from the 3 Cs.
The bottom-line goals of your company or department serve as guardrails to keep you on the straight and narrow when one of the 3 Cs comes calling.
Protection from Competitors: Their bottom line could very well be entirely different from yours. Perhaps you seek to expand into a new region and must allocate funds by cutting budgets on top-of-funnel brand awareness tactics. Yet your competitor is dominating TV. Don’t deviate; your bottom line is at stake.
Protection from Colleagues: Perhaps your bottom line is similar, but your target audiences are different. They are finding wild success with newsletters reaching an older demo while your audience is highly engaged with podcasts. Yes, perhaps explore newsletters, but not at the expense of your engaged audience on your podcast.
Protection from Customers: Hopefully, you both have the same bottom line! However, when my client called with concerns about the KPI of lead numbers, which is indeed important, my ability to maintain focus on the bottom line guided their right thinking about what matters most: Revenue.
Protection from the 3 Cs does not mean turning a blind eye or ignoring what is working for them. But it does keep your bottom line as the chief focus.
3) Knowing what you want protects you from running on auto-pilot.
Knowing what you want maintains momentum and breathes energy into tasks that otherwise would be monotonous.
Lead yourself or your team in revisiting the vision for the company regularly.
Nine-to-five employees increasingly seek to align with impact-driven organizations, and keeping the transformation the company aims to procure top-of-mind will drive motivation.
The transformation is always emotional, even surrounding a product or service.
EXAMPLE: Returning to the waterproofing company our team supported. Waterproofing a basement transforms the customers’ emotional states from one of anxiety or worry into one of peace or assurance.
What once was: We are a waterproofing company servicing homeowners in Destin, Florida, for 54 years. Trust our team to waterproof your basement!
Turns into: Our company cares for your family. Our company preserves homeowners’ greatest investment. Our company, ultimately, protects your home, which is where life happens.
Suddenly, a waterproofing company has empathy.
Just like that, we are serving families and homes, not just servicing a basement.
But before you can truly know what you want, you first have to know who you are.
Head on over to Part 2! (Coming soon…)
[TAG1]The post 2 Ways to Take Back the Power in Your Business: Part 1 appeared first on DigitalMarketer.
Frequently Asked Questions
What are the motivations of entrepreneurs?
There are three main motivations for entrepreneurs. Each type is unique and has its strengths, as well as its weaknesses.
External motivation is the most popular form of motivation. This motivates people to earn more. This motivation usually stems from financial concerns.
Motivation is externally driven by personal ambition, desire, and interest. This type motivation is more goal-oriented.
This is a rare form of motivation. People with inner motivation are less likely to seek wealth. Instead, they aim for other goals, such as self-development or fulfillment.
People with internal motivation are frequently called "passionate" since they find satisfaction from their work.
Finally, intrinsic motivation is the least popular type of motivation. Intrinsic motivation refers only to people who are motivated by the satisfaction and enjoyment that comes from working towards a particular goal.
Motivation from within is stronger than external motivation.
Inner motivation is a result of the inner self. It is based the belief people are endowed with certain talents and capabilities. These talents and abilities enable them to achieve feats that no other person could ever do.
When we realize our talents and abilities, we feel satisfied and fulfilled. We feel like we're doing important work.
We are happy when we have intrinsic motivation. That happiness comes from knowing that we can accomplish anything we put our minds to.
This feeling of accomplishment keeps us going, even when it is difficult.
In fact, if you don't enjoy what you're doing, then why bother doing it at all?
Click here to find out more about entrepreneurial motivation.
What are 6 essential questions that entrepreneurs must ask to be motivated?
Motivation is the main ingredient of any business. You won't get out of bed each morning if you don't have motivation. Without motivation, you'll struggle to finish projects. Without motivation, you can't even reach your goals. So, how do we find our motivation?
You may wonder, "What motivates my mind?" You might be surprised at the answer. Maybe you've been asking yourself this same question for years. If you don't ask yourself this question, then you are missing out on one the greatest rewards of your life: the opportunity to discover your motivation.
It's the most motivating thing to discover why you are here. When you discover what drives you, you can finally feel fulfilled. Your purpose becomes clearer and more meaningful. What are you passionate about? It will be much easier to stay motivated once you understand this.
Looking within is the key to unlocking your motivation. These are your questions:
- What is my passion?
- What makes my heart beat so fast?
- What makes me feel alive?
- What gives you butterflies in your stomach?
- What makes me feel alive
- What makes you come back to your project again and again?
Once you know the answers to your questions, you will be able identify your true motivations.
You can find your motivation to get through tough times. It will give you strength when you need it. It will encourage you to work harder. It will inspire you to be successful.
You'll never stop wondering what your motivation is if you are like me.
Spend some time today reflecting on your motivations. You might be surprised by what you discover.
What are the three motivations for an entrepreneur?
Entrepreneurs' three most important motivations are freedom, money, and knowledge.
- Freedom is the freedom to do what you want, whenever you want. This is why we become entrepreneurs when constrained by our current job or life situation.
- We wouldn't consider opening a business without money. Money is essential for survival.
- The third motivator is knowledge. Entrepreneurship requires that we continue to learn. That is why we frequently find ourselves reading books and attending seminars.
This is what motivates and drives us to reach our goals. It gives meaning and purpose to our lives.
These are the three main reasons we started our business. They are our main driving force that keeps us going day in and day out.
If we don't have these three things, we may pack up our bags and head home. We will never be truly happy if these three things are missing.
What is your greatest motivation?
What is my favorite motivation in life? Let me tell you. It is the best motivator in my life to make people feel better. They will be amazed at how amazing they truly are. They are worthy and deserving of love.
They are entitled to happiness.
It is important to feel great about yourself. Nothing. And I will do everything in my power to change the world.
When we feel good about our own self, we are more open-minded and compassionate to those around us. We stop judging one another based on superficiality. Instead we see the person as they are.
To motivate someone, it is important to let them know that they already have all they need.
They might not have realized it yet but they know that this is why their struggle with something has been so prolonged. They knew deep within that they were able to heal.
They needed the right environment. The right support system. And the right mindset. However, they forgot to see that.
Why did they lose sight of it? Because they were too busy trying figure out what the problem was. They were too busy trying to fix the problem, when they realized that they had all of the tools needed to solve it.
But they forgot that the true reason they couldn't solve the problem was because they didn’t know what the answer was.
So I am here to remind you that you have the ability to create an entirely new reality. You only need to learn how to tap into your inner genius.
All will be well once you do that. It will be a joy to realize your dreams.
You see, I believe everyone has access to their own unique superpower.
We only need to learn how it works.
How can entrepreneurs motivate employees?
Motivation can come in any form. Motivation can come from anywhere. Motivation is key for any business, whether it's a carrot or stick approach.
Employees are more motivated if they feel happy. This makes them more likely to do their best. Give your team the tools they need to feel empowered.
It is important to make sure they feel valued. A place where they can grow and learn. Where they can contribute ideas without fear of punishment.
They need a company culture that encourages them to succeed. That's how you keep your best talent happy, loyal and productive.
To maintain the culture, you need to reward those behaviors that help you succeed. This can include bonuses when goals are achieved, training opportunities, raising pay raises, and providing perks like insurance.
Also, you must communicate clearly with everyone. Everyone should know what's expected of him and why.
Make sure your policies and procedures are written down and communicated. It is important that you designate someone to ensure that your policies and procedures are being followed.
Communication is essential. Keep your team informed about what's going on in the organization. Let your team know about what's happening.
Communication is key, and you can help your team stay ahead of your competition by looking after them. They will take good care of you.
You could end up spending a lot of money if your employees don't get along well. Studies show that companies with high levels of employee engagement enjoy higher productivity and profitability than those who struggle to retain their top performers.
It's important that employees understand that they don't all want to work at the exact same pace. Some prefer to work independently while others like to work in a team. Each person can be motivated in different ways, so it is up to you which one works for you.
Some people may be more responsive to rewards than others, and some might prefer recognition. Whatever you find works best for you, make sure it's in alignment with the company’s goals.
The leader is ultimately responsible for setting the tone. Open-mindedness is key. Listen to your team. Don't forget to listen.
How to motivate yourself as an entrepreneur
Finding someone who is motivated to do the same thing as you is the best way to motivate yourself. Ask someone who's working hard to reach his goals for how he achieved them.
Ask for advice, listen, learn and most importantly follow it. If you find someone who is successful, emulate them.
You can do whatever it takes to be that person. Learn from them. Take their lead. Follow their example.
Keep pushing forward. Keep moving. Never stop learning. Never give up.
Never let anyone tell you that you aren't capable. Don't listen to anyone who tells you there is no path.
You might fail but that doesn’t mean you’re a failure. Failure is an opportunity to grow stronger. To learn more. To push harder.
Failure is just another step on the road to success.
Let's get started! Start today to move closer towards your dreams.
What are you waiting to do?
Statistics
- Our 10 years of research also shows that 75% of mentored entrepreneurs increased their revenue, and 82% of their businesses survived the first two years. (carolroth.com)
- I shifted my motivational point from something huge (and undefined) to improve by just 1% each day. (carolroth.com)
- According to analysts, Johnson has high appeal in all four quadrants tracked at the multiplex: male, female, over-25 and under-25. (forbes.com)
- That means for $150,000, you could have bought 10 percent of Airbnb." (entrepreneur.com)
- "If you improve by just 1% every single day, in several months, you will have improved by 100%. (carolroth.com)
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How To
These are 10 ways you can motivate your employees
Motivating employees is one the most difficult tasks you will ever face. It requires a lot of patience, perseverance, sacrifice, and effort. You need to know how to motivate people so that they work hard.
If you don't know what motivates someone, you won't be able to get him/her motivated. If you have no idea why he/she wants to change something, then you can do nothing to help him/her. This article will show you how to motivate your employee through different methods.
1. Make Them Feel Important -One of the best ways to motivate your employees is to let them feel they matter. This feeling will make them feel valued and special. They should feel that they are doing good work and that their efforts make a difference.
2. Give them recognition - People appreciate being acknowledged. The more they receive it, the happier they become. Recognize your employees from time to again if you want them to be motivated.
3. Respect them - Respect is an important component of any relationship. Respecting your partner is key to motivating them. Respecting others will show them that they are important too.
4. Open Communication with Your Employees - Openness is a great way for people to feel motivated. When you share information with your employees, you encourage them to learn new things. They feel proud and happy when they learn new information.
5. Reward people for doing good work. This encourages them and motivates them to continue working hard. However, it is important to verify that they did a good work before you reward them.
6. You should set clear goals. This will motivate your employees and give them something to work towards. Giving them a goal also makes them better workers.
7. Tell Your Employees What's Happening - You may be concerned that telling employees about company plans will waste their time. It's an effective way to motivate your employees. It helps them to know where they should be focusing next by telling them about the company’s plans.
8. Give Feedback - Feedback can be a great way for employees to feel better. Although giving feedback can take some time, it is worthwhile.
9. It's important to let your employees know who their bosses is. This will help motivate them. If they are aware of their boss, they will know where to find them if they have any questions.
10. Ask for Help - This is another way to motivate employees. When you ask them for help, you tell them they can rely on you. They know you care about them, and they trust you.
