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Hi, Anthony here today. I'm going to talk to you about how do I choose my
success.
So I want you to think about the scarce availability of your time and your
resources. What's really important is, you know, I guess you would think of
this analogy. We've only got so much gas to borrow so many pots, and where
you focus your energy to bring something to the boil is really, really
important. If you are trying to keep a lot of pots warm, then you're not
going to get the success that you really want.
I guess the point is it's better try and create a breakthrough by putting
your energy into one pot than trying to keep four or five pots lukewarm. It
certainly takes time.
You can see here my views for YouTube over the last 365 days. It's getting
better. I still haven't reached that breakthrough, but there's a nice
little kick up, and I'm hoping that's not too far away. Realistically, the
choices that I make today are really about my success in 6 months time,
maybe even 12 months time. So it does take time to get those breakthroughs,
but you've got to be making smart choices.
Just on that, this is an example of when you have made profits in one area,
you then need to use those to invest in the next. Just on screen you can
see my old camera versus my latest camera rig. I had a breakthrough that
let me allow to upgrade my equipment, and hopefully down the track that is
going to lead to bigger and better things.
I guess if you listen to the guys at I Love Marketing, they'll tell you
that you need to start with a single market and focus on that before you
move across to the next one.
Now, I've been doing that for a lot of years, and I'm going to show you
exactly how to do that with a little matrix I use. What I've done, I'm in
the previous business as a business coach. I had a whole range of segments
that I could serve. You can see those in a great big, long list there.
The red line is really showing you where my focus is now as a result of
making strategic choices. The most profitable market, attractive, and best
fit for my skills is in and around the time management area and marketing
with small and medium businesses. So that's exactly what I'm doing.
As an example, I now have two websites. I have the BalanceCoach.com.au
site, which is more so about time management, and the one
LocalVideoMarketing.biz is all about marketing small business using video
to market for their marketing.
If you want to create something like this, I'm going to show you exactly
how I did that in Excel, and you can download the spreadsheet from my
website.
Just to explain market attractiveness and business personal strength, the
two axes that were on that chart. Now, you can see that underneath market
attractiveness, I'm looking at overall market size. How big is this market?
Is it a growing thing? What is the buyer's ability and willingness to pay?
As a business coach, it's hard to say what the tangible outcome is. You're
going for results, like more time, more control, more growth, but you don't
actually have a product at the end of the day. Whereas, say, with videos,
you actually have a video that you can use over and over again. You can
tangibly see it and watch it, and it's much more tangible, so people are
more willing to pay for that.
Competitive intensity, how many competitors are in the marketplace? How
much does it cost to set up and enter the market? What's the seasonality
and nature of the market? Does it shut down over Christmas? How does that
market align with my interests and my passion? What's my ability to upsell,
sequence seel, ability to access the participants in the market, and what's
the cost of traffic?
Now for each one of those, I put a weighting to give a score out of 100%.
Then I've given each one of those factors a rating from 1 to 5, where 5 is
very attractive, 4 favourable, 3 acceptable, 2 of concern, and 1
undesirable. What I do is I've come up with an overall score for market
attractiveness out of five. For this particular example, I've come up with
3.5. This looks like this was more to do with building back in the day.
The next axis is business/personal strength. You can see, do we have a
market share, and is it growing? How good is the quality? What's the brand
reputation? How strong is my distribution network? How effective am I at
promoting the business? How much of this can I produce? What's my capacity
to produce? Can I do it efficiently? Am I competing against people that can
do things twice as fast? What's my unit cost? What supplies? Do I have
access to them? What's the R&D performance? How am I keeping on the edge of
industry? What's the talent of the managerial personnel? Being me because I
own the business.
Anyway, in the example here, again I've got a weighting that adds up to
100%, a score from 1 to 5 or a rating from 1 to 5, and then the orange box
is an overall score. So I can then plot that single point on that chart.
I take a new tab in the spreadsheet for each new market segment. Then I go
through this exercise for each of my potential segments. Then when I've had
a look at the overall picture, that's when I go back and I can select what
has the highest attractiveness and where is the best strength, knowing that
that aligns to my personal patient and my values and what I want to do.
That's a particular help.
Just a couple of other example of where I've done this before. I used to be
a general manager of a metal building company in the U.S. We picked the
target segments by strength that were geographically situated near nine
manufacturing plants. I think we used a 250 mile radius around each plant.
Then the next business strength was about or the market was about, we got
the Dodge forecast, and we knew what the projected project spend in each of
the states was going to be. So where the two overlapped was our particular
area of focus so we could choose our success. In terms of results, we
doubled our win-loss ratio, but ultimately, the global financial crisis
just killed that industry.
Now, just coming across to local video marketing, in this case, in this
example, I'm doing internet video advertising. I'm not out there doing
training videos. I'm not doing wedding videos. I'm doing internet video
marketing. That's because I have a Master's degree in Strategic Marketing.
I actually really enjoy small business and business. That's why I'm doing
local video marketing. The other thing is there's a large number of small
businesses, and, in and around that, some are more attractive than others.
Clearly, I will only work with a particular type of customer.
Anyway, I hope that's helped you. If it has, please subscribe to my channel
and give me a thumbs up or leave a comment below. You might like to go to
my website LocalVideoMarketing.biz/Choose-My-Success and you can download
my market segmentation tool so that you don't need to create your own.
Talk to you soon. Bye-bye.