The Business Creator's Marketing Mastermind #04

Dan Prudhomme | April 30, 2023

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WHO I’M QUOTING:

"Success is not final, failure is not fatal; it is the courage to continue that counts."-Winston Churchill

WHAT’S ON READING RADAR:

"Grit: The Power of Passion and Perseverance" by Angela Duckworth

This book explores the concept of grit, which is the combination of passion and perseverance that leads to success.

"The 10X Rule: The Only Difference Between Success and Failure: by Grant Cardone

This book emphasizes the importance of persistence and taking massive action in order to achieve success.

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STAR OUTLINING SYSTEM:

Situation

• IT company has seen a decline in revenue over the past few quarters.

The 5 Whys

• Why has revenue declined? 

• Because of the loss of several major clients. 

• Why were the customers lost? 

• Competitors offered them more competitive pricing and a wider range of services.

• Why can't we match our competitors' pricing and services? 

• Because of no investment in new technology or offerings in a long time.

• Why hasn't there been an investment in new technology or expanded offerings? 

• Focus has been on maintaining the current services and hasn't prioritized innovation.

• Why hasn't innovation been a priority? 

• Because it is not a company-wide goal nor allocated the necessary resources. 

Analysis

• The company must prioritize innovation and invest in new technology and expanded offerings to compete with rivals. It needs to set company-wide goals around innovation and allocate resources to achieve those goals. 

Revenue

• Revenue has declined by 20% over the past six months, resulting in a loss of approximately $250,000 in revenue. 

ACTIONABLE TIP:

The company could create a video series called "Tech Talk: where they explore new technologies or share tips for optimizing IT infrastructure.

The videos could include humourous skits, visual aids, and interviews with industry experts to keep the content engaging and informative.

It could use this series to position itself as a thought leader in the industry and to attract potential clients who are looking for IT solutions.  

The company could leverage the skills and personalities of its employees to create content that is unique and memorable. 

For example, if they have a team member who is particularly charismatic or funny, they could feature them in the videos to add a personal touch and make the content more relatable to the audience. 

SUCCESS STORY:

ABC IT Solutions, a leading provider of IT services, was struggling to attract new clients and differentiate itself from competitors in a crowded market.

They decided to launch a new content strategy that incorporated elements of edutainment to showcase their expertise and innovative approach to IT solutions.

One of their most successful initiatives was a series of webinars focused on emerging technologies and best practices in IT infrastructure.

The webinars were hosted by ABC's top experts and featured interactive Q&A sessions and real-world case studies.

The webinars quickly gained popularity and attracted a wide range of attendees from across industries.

As a result, ABC IT Solutions was able to increase its client base and establish itself as a thought leader in the industry.

Thanks to its successful content strategy, ABC IT Solutions was able to not only differentiate itself from competitors but also establish itself as a trusted partner for companies looking to optimize their IT infrastructure.

Q&A:

Last week, I received topics regarding real estate, law firms, and accounting for professional services SMBs. While I will address other questions in the future, I found the themes of the IT company persistence had relevance and interest for other business owners as well. 

If you have any questions, please feel free to DM or email me at [email protected]. I'm always happy to connect, impact, and share.

UNLEASHING YOUR INNER MASTERMIND:

One of our fellow Masterminds sent me an example of an IT company situation that highlights the importance of persistence in adversity to try new things, understand the facts, and pivot accordingly. 

To become a mastermind of any scenario, it is essential to solve problems, take actionable steps, implement SMB tips, evaluate the success of those implementations, and learn lessons from them.

Think Strategically, Act Purposefully. 

DP\

RESOURCES

Revolutionize Your SMB's Social Media Game - The "Must Have" 10 Growth Strategies to Check Off Now!  Download now

Read past issues of The Business Creator's Marketing Mastermind in The Business Creator's Marketing Mastermind Newsletter. 

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