Wisdom from Wizard Academy

A good ad makes one point and one point only.
 
For example, if you have great rates, huge selection, and convenient hours; that’s at least three different ads. One ad for each thing. (Not that I would recommend wasting your ad dollars saying those things. These are just illustrative.)
 
To try and make more than one point in an ad is foolhardy.
 
Why?
 
Because it’s asking too much from your listener.
 
As the delightful and talented Chris Maddock likes to say – and I paraphrase – picture a mother of three sitting in her Volvo in the drive through at McDonalds. Her kids are yelling. The baby’s spitting up. Fries are being thrown at the back of her head. And then your ad comes on the radio.
 
This is not an unrealistic landscape.
 
Of everything going on in this mom’s world, how many things do you want to add to her mental plate?
 
One. At most.
 
So, to keep your ads on track, ask yourself; once I’ve gotten someone’s attention, what one thing do I want them to take away?
 
And then drive that one thing home.
 
– Zac Smith, VC

“The final signing will be on a Friday at noon and the check will be smaller than was agreed upon.” 

That’s what I learned in class this week in, How to Successfully Sell Your Business, taught by Gary Bernier.

If you’re selling your business to a Private Equity firm (PE), there is a predictable sequence of events. 

It starts when they schedule the closing paperwork to be finalized on a Friday afternoon. 

You’ll show up feeling good because you’re about to get the big fat check that everyone agreed to. You’ve got plans for the weekend. The deal is basically done.

Oh, but it’s not.

It’s just getting started. 

At the closing table, they’ll bring a check, filled out and signed, for a lower amount than you were expecting.

They’ll offer an excuse as to why the check is smaller. But you and I know that this is just a play to pay you less.

Will you take the lesser check? Or will you, knowing this was coming, counter? Or walk away?

There isn’t a wrong option. You should pick what’s best for your situation.

And whatever you choose, own it.

Because at least now, you’ll walk into that room knowing what to expect.

– Zac Smith, VC

Step one, read a lot. (Or watch a lot of random YouTube videos.)

The goal is to learn a little bit about a lot of different topics. Not so that you can show off your knowledge, but so that you can ask good questions. 

Which means you just have to know enough to be entry level on a given subject.

Step two, when you’re talking with someone, after the obligatory small talk, find out what they’re interested in. 

One question you can ask to find this out is: If you could have a whole weekend unencumbered to research something, what would it be?

Step three, be curious.

This is where you start asking questions about the topic they’re interested in. If you don’t know what kind of question to ask, a good place to start is to ask: If I was just starting out learning about this subject, where would be a good place to begin?

Step four, genuinely listen.

Eye contact is usually ideal. You can also throw in a head nod here and there for good measure. And an assenting “hmmm…” never hurts either.

Once you’re done talking, thank them for the nice conversation and comment on how much you learned. 

Repeat steps one through four for the next person you talk to.

Soon you will be the talk of the party. People will comment on what an interesting person you are and how you were the best conversation they had all night.

– Zac Smith, VC

You have done and had more interesting experiences than you know.

No, I’m not saying your experiences were more interesting than you’ve given them credit for. 

What I’m saying is you don’t remember having them.

Memory, as it turns out, is terrifyingly fragile.

“The vast majority of the things that are happening to me in my life — the conscious experience I’m having right now — I’m most likely not going to remember when I’m 80.” – Michael Anderson, memory researcher at the University of Cambridge.

Not only do we not remember everything, our memories can also be altered. 

“Memories aren’t static. If you remember something in the context of a new environment and time, or if you are even in a different mood, your memories might integrate the new information.”  – Donna Bridge, postdoctoral fellow at Northwestern University Feinberg School of Medicine.

“When you think back to an event that happened to you long ago – say your first day at school – you actually may be recalling information you retrieved about that event at some later time, not the original event.” – Ken Paller, professor of psychology at Northwestern in the Weinberg College of Arts and Sciences.

So, what are we to do? What bulwark exists against our memory altering and erasing minds?

Journaling.

The shortest pencil is better than the longest memory.

But you already knew that. 

In fact, you probably already have a journal somewhere. A book of sporadic entries; oft begun but seldom continued. 

Well, this is your evocation to pick it up again.  

Commit the tidbits of your life to paper. And remember, you’re not writing for anyone else but you. So, don’t worry about style, quality, or formatting. Just write. 

Write about chocolate dipped ice cream in the park; the joy of Autumn colors; the copper penny in the parking lot you didn’t pick up, and how eight-year-old you wouldn’t believe it; the first wear hole in your favorite grey hoodie; the dining room chair that rocks because one leg lost its felt pad; the little yellow flowers growing from the cracked concrete; the rainbow you saw driving to work; and how you were two states away when grandma passed before you could make it home to say goodbye.

Write about big and small matters. Write odd thoughts and disjointed beliefs. And write like your life depends on it. 

Because it does. 

Your brain is erasing your life. 

And once gone, your journal is the only place you’ve lived.

– Zac Smith, VC

In this month’s Ask the Wizards program, one of our subscribers, who’s around the radio industry, wrote in a timely question.

They asked:

“Our retail advertisers are starting to be distracted with headlines of high inflation, rising interest rates, markets tumbling and the ‘R’ word being predicted. What would you say to your own clients during these times?”

In its simplest form, the question asked is really, “What do you do when it feels like everything is stacked against you?”

And that question reminds me of the last five hundred years of Scottish whisky history.

By all accounts, Scotch whisky shouldn’t exist. 

Between wars, famine, prohibition, constant regulation changes by the government, greed, extortion, and global economy collapses; it’s a miracle we still have this fine drink.

For almost all of Scotch’s history, the deck has been stacked against it. And to be fair, hundreds and hundreds of distilleries didn’t make it. 

But, what about the ones that did? How did they hold on?

Grit and adaptability.

To be successful in business is to accept the fact that there will always be obstacles and that nothing ever stays the same for long.

The ability to pivot and overcome, coupled with the knowledge of how to exist in both plenty and scarcity, are of the greatest advantage.

Now, back to the original question. 

It’s true. We are currently facing high inflation, rising interest rates, and slowing markets. So, what would you say to that?

To that, I would clap my hands together and say, “Wow! What an opportunity!”

When things shake up and other companies hunker down, it creates openings for gritty, adaptable, little businesses to leapfrog over their competition in a way that wouldn’t normally be possible.

Now’s the time to stay awake and stay ready.

– Zac Smith, VC

I realize that title sounds rather definitive.

It’s not.

Really, this is about how writing works for me. How I go from blank page to finished product.

Writing something is like building a dry stacked stone wall.

They’re called “dry stacked” because there’s no mortar in between the stones. Everything is held together by friction and gravity. 

When well done, each stone looks as though it was purpose made for the space it fills.

This, of course, doesn’t happen by accident. The stone mason’s job is to turn a pile of stones into a wall. This is accomplished by careful selection. 

Once the cornerstone is laid, the next stone to follow must make sense. And so on and so on. One after another, the mason sifts through the available stones to find the next one that fits.

There is a stone for every gap that needs filled. Sometimes, it’s just a matter of trying several stones until you find the right one.

And so, stones are your words. They come in all sizes, shapes, and weights. 

Writing is simply a matter of turning words over in your hands, feeling the shape and weight. You try it in a space. If it fits; great. If not, you try another, and another, until each word belongs as if it was always meant to go exactly where you placed it.

It takes time and is the real work of writing.

But here’s the encouraging part.

The only real difference between a master mason and a novice is the speed with which they evaluate the suitability of a given stone. 

It’s not that master masons have better stones. They’re just more efficient at sorting them.

And so too you can write. It might not happen as fast as you would like it to. But if you try enough words on for size you’ll eventually arrive at the right ones.

– Zac Smith, VC

Do people have a kneejerk reaction, good or bad, when they hear your company name? 

If they do then you have a strong brand.

Are people indifferent to the pronouncement of your name? 

If yes then you might have a weak brand.

If that’s the case and you’re interested in strengthening your brand, here’s the big picture, 3 step roadmap to getting there.

Step 1: Figure out what makes you special. 

I’m not talking about a Unique Selling Proposition (USP). 

99% of the time, how you sell your products isn’t all that unique. But why you sell your products? Now that’s something people will pay attention to. 

You don’t need a USP, you need a Unique Perspective. Or in other words, the thing that makes you stand out is the perspective (or angle) you approach your business from.

This is never a mission statement generality, like “hardest working,” “quality,” “fairness,” “honesty.” And the reason it can’t be those types of things is that EVERYONE says them.

Remember, we’re talking about something unique. It’s not unique if every other business also claims to be the thing.

Instead, think of unique and sometimes quirky personality traits. Because if your brand is personality driven, then it can’t be copied by your competitors.

Step 2: Distill your brand personality.

The thing that makes you special must be distilled into an easy to digest nugget. 

People have more than enough going on in their lives to keep their awareness full and occupied.

To have a shot at claiming some mental real estate, your brand has to be piercingly clear and easy to remember.

How do you make your brand easy to remember?

Focus on one thing and focus hard.

Yes, you probably have seven or more good traits that could define your brand. But if you say them all then there’s too much to keep track of in the mind of your customer. 

It’s easier to remember one thing than it is to remember seven things. 

Step 3: Align your messaging.

Building a strong brand means aligning your messaging throughout all communication channels so your customers have a seamless interaction from start to finish.

You can’t be bubbly and playful on social, professional and detail oriented on the radio, flippant on the phone, direct in your emails, and nice and normal in person.

You know the one personality trait you committed to in Step 2 above? Well, you need to be that, and only that, at every customer touch point.

This strengthens and reinforces your brand. Which makes it easier and easier for people to remember you.

And when you’re easy to remember it’s easier to get the business and the sale.

– Zac Smith, VC

What is a brand?

According to Investopedia, “the term brand refers to a business and marketing concept that helps people identify a particular company, product, or individual. Brands are intangible, which means you can’t actually touch or see them.”

That’s a semi-helpful definition, but it still leaves it a little washy. Let’s be more concrete.

A brand is the sum total of what your customer thinks and feels when they hear your name.

As such, you have some – but not total – control over your brand. Yes, you guide and direct it by what you say and do, but you don’t get the final say. (A terrifying thought and topic for another day.)

Now that we’ve defined what we’re talking about, what are you supposed to do with your brand? How do you wield it?

Simon Sinek helped us out when he said, “The goal is not to do business with everybody who needs what you have. The goal is to do business with people who believe what you believe.”

In essence, you can use your brand as a banner to tell people what you believe. You wave that banner anytime you put your brand in front of eyeballs and ears. Advertising is generally, but not always, the most effective way to get your brand in front of people.

The stronger your brand the quicker you attract people who believe what you believe when they need what you sell. 

That’s because brand strength or weakness is really just about the clarity of thought and feeling you evoke in your customer. 

Do people have a kneejerk reaction, good or bad, when they hear your company name? Then you have a strong brand.

Are people indifferent to the pronouncement of your name? Then you might have a weak brand.

If that’s the case and you’re interested in strengthening your brand, then let’s talk about the big-picture roadmap to doing so next week.

– Zac Smith, VC

Vice Chancellor of Campus, Dave Young, and I taught an email content marketing class not too long ago.
 
A question came up about what’s the best email marketing service to use. (I’m talking about companies like ActiveCampaign, MailChimp, Moosend, Constant, CleverReach, etc.)
 
Here’s what I’ve found to be true and how to use a process of elimination when selecting the best fit for you.
 
Step 1. Start by figuring out what email marketing services will seamlessly pair with your website.
 
For example, do you use WordPress, Squarespace, Wix, or Weebly? There’s a chance they have a “preferred” email service or services they like working with.
 
Or, if you’re not doing this yourself, does your in-house tech nerd have a preferred email service?
 
Either way, going with the preferred options will eliminate a lot of headaches and you’ll get a more seamless integration.
 
Step 2. Of the options that make it through the first test, figure out which service has the functionality you want.
 
What do you want to do with your email marketing?

For example, do you need automated email drips, list segmentation, automatic list cleaning from inactive or bounced subscribers, deeply integrated e-commerce, CRM integrations, all of the above, or something else?
 
Define your needs and then shop for who can fulfill them best.
 
Step 3. If there are any options left from the above two rounds of culling, go with who has the best email deliverability.
 
Deliverability is a super important and often overlooked metric when it comes to how successful your email marketing will be. You could have the best subject lines and content ever put into an email, but if a high percentage of your emails are getting blocked, then it doesn’t matter.
 
Now, there are a lot of things you have to do to make sure your emails are deliverable. However, the email marketing service you choose can play a big role as well. (Check out this article from EmailToolTester to see which service has the best email deliverability.) 
 
Step 4. It’s unlikely you have more than one choice at this point, but if you do, then go with the more cost-effective option.
 
And that’s it.

That’s my process of elimination for selecting an email marketing service.

– Zac Smith, VC

I didn’t realize how little information I actually know until the Wi-Fi went out.

I didn’t realize I didn’t know my wife’s phone number until my phone died and I needed to call her.

I didn’t realize how many places I don’t know how to get to until I didn’t have GPS.

When did this happen? Is it just me?

My brain became a sieve. There must be a trail of bits and pieces of information littering the ground behind me. Dates, names, passwords, snippets of conversation just dribbling out my ears.

It’s like my brain decided it’s pointless to hold onto information when I can reach in my pocket and look up anything I could ever need to know on demand. The problem is, not everything is look-up-able. 

But good luck telling my brain that. It seems to have cleaned house and the baby went out with the bath water. 

I’ve suspected that I was sliding for a while. But as is often the case with gradual decline, it’s easy to ignore the post rot until one day the front porch collapses.

I’ve decided to mount an offense on this gooification of my three pounds of gray matter. 

I’m going to crunch word puzzles like they’re Grape Nuts. I’m going to bench press books like a body builder. I’m going to swim through sudoku like a really good swim person.

Oh, dear God, this is going to be an uphill battle.

Here goes, the aptly called, nothing.

– Zac Smith, VC

Was recently at a Jimmy Buffett concert. Still have the music bouncing around in my head. Cue up Margaritaville…

1…2…

1…2…3…

Thinkin’ bout music,

It feels like magic.

So many notes, I can’t even read.

Don’t understand it.

Can’t even sing it.

It moves my foot to just the right speed…

(You got this part) …Wastin’ away again in…

Fascinating to watch 23,000 mostly senior citizens with aches and pains, miraculously moving and grooving to the music of a five-foot seven-inch tall 75-year-old.

It’s magic.

Music moves people to do things they would never do without it.

Which means there’s opportunity here.

What would happen if you integrated music into your business? How would you even do that?

I know I shouldn’t be doing this right now in the middle of a concert, but I have my phone and google is just begging me to ask.

Google, how old is Mick Jaggar and what is his net worth?

78-years-old and $500 million with eleven number one albums.

Google, how old is Sting and what is his net worth?

70-years-old and $400 million with six number one albums.

Google, how old is Jimmy Buffett and what is his net worth?

75-years-old and $900 million with zero number one albums.

Jimmy isn’t nearly the musician as Mick and Sting are. So, why is Jimmy worth as much as both of them combined?

Jimmy is a businessman.

Most of his money comes from businesses that are not associated with the music industry. But, and this is a big but, his music reinforces the feelings associated with his businesses. The message in his music is consistent with the vibe of his businesses.

Being a musician can make you money. However, integrating music into a business plan can make you piles of money.

The music doesn’t even have to be that good, it just has to move people.

Buffett’s music calls out his people. Then he introduces those people to other products and services that reinforces who they identify as.

The music associated with your business needs to help people feel good about you and your product or service. And, more importantly, it needs to reinforce identity.

How do you do that?

Start by finding a style of music that best fits your business’ personality. Listen to that music, feel the music, absorb the vibe. Consciously do this for at least a week or two.

Next, gently place that music anywhere you can without it being annoying. Websites, instructional videos, places of business, television and radio ads. This should be background music. You’re not selling the music; you’re reinforcing your company’s personality.

“But I only use print for my business, I have no place to put music.”

No worries, find someone who can write to the beat of your song. Someone who can tap out your music on the keyboard of computer.

Words have rhythm and when strung together properly, they move people as surely as Buffett does.

– Zac Smith, VC

I don’t believe comfort zones are at all bad.

Like anything, there is a time and place for them.

It seems ever more frequently we’re swallowed into the go-go-go, expand, reach, extend, and hustle. Always more to do, more to grab, more to get.

The fact of the matter is, we’re not built to sustain that pace indefinitely. And so, it is the comfort zone that offers refuge and reprieve. It’s the comfort zone that allows us to catch our breath; to recoup.

The negative stigma around staying in your comfort zone stems from the chronically dissatisfied. To them, the comfort zone is the land of the lazy.

However, contentedness is an undervalued quality. The truly content are at peace. Their sleep is unintruded. The zone of comfort is their abode.

Which is why I would venture to say, getting out of your comfort zone is only advice for the unsatisfied, or for those in need of growth. In which case, yes, stretch beyond your comfort zone.

My views may be unpopular. But I’ll risk it in a time when most just need a break.

And they need to hear that it’s ok to need a break.

– Zac Smith, VC