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Episode 2046 · 4 months ago
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Episode 2046 · 4 months ago
Why You Should Have a Good Product Ecosystem
ABOUT THIS EPISODE
Yeah, what's up B two B growth. Welcome backto another episode. I'm your host, timmy Bauer on the content strategisthere at Sweet Fish. And my guest today is Nick Bradley. He is the co founderat scale up your business and the host of the scale up your business podcast.Nick, Welcome to the show. High To me, it's a pleasure to be here, mate.Thanks for having me on. Yeah, I'm excited to talk to you. We're gonna betalking about something that's, you know, not super duper in my wheelhouseof understanding. I asked you last time we talked Nick, which was quite a whileago, I said what what is in your opinion, the most underrated B two Bmarketing tactic? And you said not having a good product ecosystem? So I'mcurious. First off, what do you mean by that? Yeah, I think when we talk aboutB to B and we talk about particularly bigamy marketing, a lot of people starttalking about funnels and they talk about being really clear on your avataror your archetype and all that and I'm very much into this concept calledcustomer or client creation and that's that's very much about having a magnet,right? And so part of having a podcast is the beginning of that journey orcould be having a book is the beginning of that journey or could be, but it'smaking a logical sequential step around an ecosystem that if people like you,they begin to know and trust you. A lot of the reasons why we do our contentmarketing and all that sort of stuff means that they have a very logicalsequence of how they can increase that relationship with you both in a deeperway, but in a more commercial intent. So that's what I mean by a productecosystem and having that very well fleshed out and why do you think that'ssuch an underrated tactic? Because I think a lot of times people only focuson what I call their core product or service and, and there's a bit of apsychological thing here. To me, we want people to buy the thing that'sgonna be the best in terms of...
...monetization or income. And it's alittle, it's a little bit about like trying to be too eager to get to themain course, right? You know, enjoy the starter, right, enjoy the conversation,all that sort of thing before you kind of, you know, get to the main event and,and I think you have to change your thought pattern, your belief system alittle bit around what you want, your ideal client or customer to do, Asopposed to just getting them to the thing that you want them to do. Andthere's a difference between two points and why do you think this is not widelyadopted belief? I think it's becoming a little bit more talked about, but thereason I don't think it is, it comes back to what I said before hand. Youknow, you're we have a business and we want to sell something right and wewant to create value for someone that we can monetize. And so a lot of theway we measure our performance and our success in business is in the revenueand therefore the profit that we can make. So how do you do that by sellingthe core product or service? But you know the way I think about it is you'vegot to slow down to speed up a little bit here and sometimes, well in mymodel, like I I put out a lot, I'm gonna I'm gonna break this down becauseI think it's easy for people to understand as opposed to me just ramblein my Australian accent. I put out a lot of stuff for free, Lots and lots ofit. So 24 podcasts a month, Multiple interviews, clubhouse, two or threehours a day, all this sort of stuff, right. People, why are you doing, whatare you doing it? Because it's a seven figure business, Right. And people gowhat? I don't understand this. The way you go from all of that front end toall that, that kind of monetization is the ecosystem, the intentional journeyin the middle. So the way to think of this is to think of breaking your thatsort of journeying into a number of components steps. So the way I talkabout is you've got to have some form of ascension around how you build thatrelationship with your ideal customer.
So the way I think of is the firstthing you've got to have at the very, very front end is you've got to havesomething which is going to get them to first know that you exist. And for me,what I do is I have mainly the podcast, scale up your business. The secondthing I have is I go on other people's podcasts and I add value. Now I don'texpect, let's say listen to this right? I don't expect to have a commercialrelationship with any of them, Okay. Might do. But I've got lots of peoplewho come into my ecosystem that heard about me 23 years ago, right? And thenthey'll start, you know, wanting to know a little bit more, dig a bitdeeper. So the way it works is you've got the thing that you're giving outfor free, but it's part of the ecosystem, then obviously you want tobring people into something which is high value, but low cost. So a book,for example, having a book is a really, really doesn't cost very much money,You might even get it for free, but it provides a lot of value and provides adeeper immersion into into the business or the products and services that youultimately want to sell. Got it. And once you've got that you can start tomove into maybe a richer conversation. So quite often that front end, I mightnot even none of my team or my may not speak to a prospect, but they'restarting to learn about me. Once they start to go a little bit deeper, theymay want to engage in a conversation, they may want to come to a webinar thatI've got in, they may want to turn up to something where they can have aninteraction and it's only at that point in time after I've done two or threestages ahead that I then want to introduce a core product or service. Now for me that could be coachingprograms, it could be group mentoring programs, it could be consultancy, allthe different things that I do around buying businesses scaling them all that.But I'm not going to introduce that core product until there's been anumber of stages before that, that someone has the ability to kind of makethat decision that they want to move further. So the way I think about thisis I'm never selling, I'm providing the opportunities through the ecosystem forpeople to then choose to buy when they...
...are ready to do so. Hi dan Sanchez herewith a quick break from this episode, sponsor Vidyard. If you haven't startedusing personal video yet to enhance your marketing campaigns, you'remissing out having the ability to quickly capture video and record mycomputer screen or both helps me not only create marketing assets faster, itmakes them way more personable. I use personal videos and social media emailblast landing pages and even on our website, Vidyard makes it easy torecord host in bed and share videos to more deeply engaged with your idealbuyers, prospects have told me repeatedly that they are blown awayevery time they get one for me. So sign up for Vidyard free today by going toVidyard dot com slash GDP growth. And just like you guys, the team at Vidyardcan't keep up with all these promo codes on podcasts so they are makingsigning up as easy as possible, so no promo code needed. Just go to Vidyarddot com slash GDP growth. So start using vidyard completely free and as abonus, get their 2021 B two B video trans guide. Is there a like a perfectamount of this or you named a number of different things? What would youconsider to be the core starting set of? Like you you must have something likethis, you must have something like this and then it's okay to have Be drivinginto five components to it in my in my opinion. So you have to have somethingthat you're prepared to give away for free or the perception of free. So ithas to be something that has extreme. It has no commitment per se and youcould argue that some people that don't pay, they don't pay attention but Idon't believe that, but it has to have value. Okay, so that's stage one thenyou need to have something that people are prepared to pay a little bit ofmoney for. So it has higher value than you're free. But there's a tinycommitment. But there's the...
...psychological barrier has now changed.Okay, so that's the second piece. The third piece is where you have your yourcomplete what I would call your complete and remarkable solution thatyou drive the majority of your profit or income from Now. That's where youcould have a range of different things. I recently had a program called theEmpire Creation accelerator, which is teaching people how to buy businesses.I sell that for around $2,000 as a five week intensive. But the people who cameinto that had been interacting so 80% 90 of the sales came from the podcastof which I measure everything of which the majority of people had listened to.At least 10 episodes. Mm Okay. And then the final part and this is quiteimportant as well is that you've got to have something after you've sold themyour core product or service that they can buy, which is a new solution mightbe an extension of fixing the problem they initially came to you for or itcould be something that's totally new in your ecosystem. So again, I'llexplain what I've got to make sense of it. If someone comes along and learnshow to buy businesses from me, the logical step from them is to learn howto scale them to grow them so that they can create more income and profit fromthe business. They have a quiet, Yeah, so I sell that as a additional piece.So I've got four or 5 stages there, which means that the journey is superclear and so I don't really have to spend money on marketing all myproducts and services because there's a very clear journey, a sequentialjourney which saves on my marketing costs but increases the conversion rateof what I'm trying to build ultimately across that ecosystem. I love it. Nick,I'm gonna ask you one of my favorite questions to ask and that is, let's say,somebody who is trying to grow a B2B business is listening and they honestlywant to follow your advice. What is the easiest way that they could screw it up?I love that question, overthinking it.
Overthinking it. Like listening to mykind of thing. If you think about what I've just described, it's quite logical,right? There's universal laws, right? One of the universal laws is the law ofreciprocity. Okay, if you give something to someone else, they feelthat they need to give something back. Could be just a thank you. If you dothat at scale, right? No expectation, I'm just going to give you stuff, I'mgonna give you stuff then just by the Quantum's of those things, thedimensions, you're going to get value back. All this is, is starting withthat serve first method and then being clear about how you bring people onthrough that journey. So simplification is the way not to screw it up. Don'teverything item nick, I love it. Thank you so much for being on this podcast.How should listeners connect with you? Yeah, absolutely, been been absolutepleasure to me, Listen to scale up your business, we cover up this and moreover,hundreds of episodes. Now, they can also connect with our community onfacebook, which is the scale of your business community with quite a few1000 people there now and then our website is S U Y B dot global scale ofyour business. But yes, you yb dot global when we talk about variousprograms around all this stuff and more so the best way for people to get intouch on. I love it man, Thanks for being on. Hey, no problem, thank you For the longest time. I was askingpeople to leave a review of GDP growth in apple podcasts, but I realized thatwas kind of stupid because leaving a review is way harder than just leavinga simple rating. So I'm changing my tune a bit instead of asking you toleave a review, I'm just gonna ask you to go to be be growth in apple podcasts,scroll down until you see the ratings and reviews section and just tap thenumber of stars you want to give us no review necessary. Super easy. And Ipromise it will help us out a ton. If you want a copy of my book, contentbased networking, just shoot me a text after you leave the rating and I'llsend on your way, text me at 4074 and I know 33 to 8.
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