Dennis Yu

Giving A Discount – Tread Carefully

Giving discounts or reducing prices seem normal to get more business. But it might not be a good practice in the long run and could be one of the reasons for not being able to score the really big deals. I know this is the opposite of what most people think, but it’s the truth. Of course, this might not be true for every business; there are always exceptions. Discounting is considered fear-based selling. For example, what would you think if a world-class surgeon you were seeing offered you a coupon code for 50% off if you bought surgery by Friday? In one way or another, it creates a feeling of desperation. Resist the urge to discount your prices. Because the lower your price, the lower quality clients you attract. Another point to take into consideration is the fact that depending on the importance of your price reduction, you will attract customers who are able to pay the promotional price but not necessarily the full price. An example of this behavior is restaurants that offer discount coupons on various promotional platforms. Although these promotions bring new customers, the restaurateurs with whom I spoke told me that the customers who came did it almost exclusively when there were promotions. Very few returned without the coupons. 1) Lowering prices attract lower-quality clients; you will attract people who are more concerned with price than results. Unfortunately, these clients are not exactly FUN to work with. 2) Lower prices push away potential high-paying clients, making that a double disaster. 3) Lower fees will attract clients who push the boundaries. You end up doing way more work than you intended, and mostly these clients are very hard to satisfy. 4) Charging low fees means you get less commitment from your clients. Rather than being ‘all in,’ they’re instead ‘half out.’ The size of a client’s commitment and follow-through will always be equal to the size of their investment (HINT: the more they pay, the more they’ll actually DO to get results from your service!) 5) Giving large amounts of discounts makes the actual price seem too much. Of course, we all want to make the client happy instantly, but giving discounts is not a good option, and it is certainly not the only option. Don’t try to compete on price. Instead, offer an attractive value proposition. Work with your clients to understand their business requirements. In order to close the deal, you need to be bold and know how to get the job done. Here are six steps to close every deal. Instead of reducing prices to increase demand, provide unexpected added value to promote repeat customers and their recommendations. I see a lot of smart, good humans who are held back from raising prices because of a “mindset” limitation. If you want to create urgency, bundle your stuff with industry colleagues and promote events instead of discounting. Never reduce your price unless you are willing to suffer agony. Ensure that the value you provide your clients is in line with your pricing. You ultimately need to decide what kind of service provider you want to be. The good news is that it is just as easy to compete on value as price. So choosing the road that leads to less profit makes no sense when you can easily do the exact opposite. So I’m going to repeat this, “Double your prices and watch your client satisfaction soar”!

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Influencers and Their Lies

These influencers are everywhere, trapping as many people as they can. Yes, I’m talking about the FAKE financial gurus and influencers. They are on fire and trending these days. They are showing their luxurious lifestyle to gather all the attention they can to trap all the wantrepreneurs and make quick money. They are always flashing their wealth to sell you the CRAP they call coaching/courses or training. Whatever they call it, it’s all FAKE; they want to make a profit. If they make more money from selling courses or coaching than an actual product or service, that’s a clear sign that it’s completely baseless.  People who don’t even know the basics of digital marketing are selling their courses. They try their best to show that digital marketing is super complicated and are the only ones who know the GREAT SECRET to succeed. The lies they come up with! Here are the top 10. 1) Generating attention = more money. I know many folks with over a million followers and blue checkmarks. But, unfortunately, they are flat broke, driving Uber to pay rent they’re late on. 2) Go LIVE every day. Well, that’s what they do, But we are business owners who don’t make a living on social media, selling social media. Instead, social media is a channel we use to drive us more clients. 3) If you don’t hop on the latest trend, you’ll miss out,  FOMO – Fear of Missing Out – is powerful. I’ve talked about the TikTok craze– where TikTok itself is hot, but the courses are pure trash. 4) You need to go viral. If you’re teaching a course, you better have proof. But if you’re a real estate agent, lawyer, dentist, or chiropractor– you need only clients and patients. Ranking in local search in your city is what matters– not global stardom. 5) The “secret” technique. I have oceanfront property in Nevada to sell you. If you believe this, the next time you see a heart surgeon or a pilot, ask them if there’s a “secret” to what they’re doing. 6) Fake it till you make it. Pose like you’re successful and you’re 90% there. I met the founder of Voodoo Donuts last night in some sleepy beach town in Costa Rica. You’d never know. That guy you see with the Lambo is probably broken. And the Lambo is rented. 7) You’re just one funnel away, one lottery ticket away from millions. They use this because it’s the trap that wantrepreneurs fall for– and will continue to fall for decades.  8) If you keep making content, eventually, you’ll win. That donkey isn’t going to turn into a unicorn, no matter how many miles it runs on a treadmill. Sheer force won’t open the vault. But systems, processes, good people, and a solid product/service will, over time. 9) Rags to riches (also known as the “hero’s journey”). The classic story of how they were struggling, just like you– but then stumbled across a magic lamp (everyone has their version of the secret object). And now– BOOM! Lambos, boats, and mansions! 10) Anything with “figures” seven, eight, etc. I know some folks who generate seven figures in revenue– but when you factor in ad costs and labor, they are losing money.  I’ve been in this field for decades, trained countless people, and made countless courses and training. So, when I see all this fake stuff going on, it infuriates me. So then the question is, how can we succeed in digital marketing? I’ve already explained, very simply and clearly, how we can do successful digital marketing. It’s not a money game anymore. Digital marketing is all about connecting and building relations. It’s not one of those manifesting secrets; if you believe it, it will happen to you. So building up these meaningful connections will give you that multiplying power. Recently I’ve talked about the top 5 ways we can build meaningful relationships. Marketing isn’t rocket science. So much of it comes down to people and how you interact with others. Your brand needs to relate more deeply to those you’re trying to attract. Anyone promising a shortcut is undoubtedly trying to sell you something. And we all know how many get-rich-quick marketing “gurus” are out there. Marketing “hacks” are nothing but a buzzword. But, unfortunately, there is no such thing as a single action that can grow your brand overnight. These things take time. I thought I should share some of (what I call) the hard truths about what is going on these days. Of course, this is just the tip of the iceberg, but I promise we will cover everything in the future. You can visit us at yourcontentfactory.com to see what we do and how we do it.  So what are some of the most common lies you know about? I would love to hear from you guys. So you can let me know in the comments. Thanks!

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How to build SaaS software: Gavin Lira and Dennis Yu discuss

How to build SaaS software Gavin and Dennis here! And today, we’re gonna cover building dashboards and building software in general. And if you’ve never built software before, this is a great opportunity to learn from a lot of people. Waste a lot of money trying to build software as entrepreneurs, but they don’t understand things like this three-tier architecture I’m gonna show you. And I’m gonna show through examples of stuff that we have built for huge companies like Nike and Billy Jean. And Gavin will ask questions along the way. Yeah, Dennis is the expert here. I’m the student. So I’m excited to, learn and. So I’ve built some software for these huge companies and starting from Yahoo 20 some years ago. And you’re gonna see there’s the same framework. Now, this is independent of whether you’re using Pearl or PHP, Python, angular, JS, go, or whatever your favorite flavor is. This is about building things that actually collect data and actually do things. So Billy Jean came too. A few years ago. And he said, Billy chain, he’s huge on video. He’s got billions of views. And he said, I’m making all these fun videos and all this. And I’m spending a few hundred thousand dollars a month on ads, but I don’t really know what’s profitable. I know in general I’m profitable, but one day I could be down a couple hundred thousand dollars, or maybe my turn rates are higher, or this new campaign I launch is working or not working. I need a dashboard that can look at everything. So in the morning, I get a text message and it’s okay, this is how much revenue you have. This is what the lifetime value is. This is what your profitability is. This is how many refunds you have. This is your top campaign, just a few simple things. And he thought that this was a matter of just what most people think. Let’s just pull all this data from Stripe and Kajabi and click funnels and Google ads and Facebook ads. And just put it into a dashboard, should be easy. Something might just take a day or two. Actually, that’s not the case because. For some reason, I think if I open this up, you actually see that these are all animated. I wonder how I do that? Go to slideshow mode, maybe that’ll work. They’re all like gifts. Yeah. These are all animated. If I can get ’em to work. Whatever. So like anyone else that’s an info product seller or an agency or yeah, selling stuff. You’ve got lots of systems. So it’s systems for communicating, for buying ads, for CRM stuff, for processing payments. There’s also organic and paid social. So he’s across all these channels. And you guys remember he did a Facebook ads course, a YouTube program start your agency program. But regardless we wanna put it into three layers and this kind of wedding cake 3 0 2 architecture is something that you’re gonna see often. So this first layer is this data. So let’s get all the data he has in one place. All these different systems, a lot of ’em have APIs. For some of them, you can use API. Some of ’em, you can scrape some of them. You have to build your own integrations to get that data all in one place. And then that middle logic layer is where you’re doing calculations. So this is metadata formulas, calculating profit calculate, just business, logic, and rules. That is from the raw data all the way up. And then the UI layer is where you’re displaying it. That’s the application where people are clicking on things. Maybe they’re buying things. We have internal people, they’re doing reporting. We’re refunding people and customer service. People are using the application to integrate with the logic layer, which actually does stuff. The application layer all the way down to the data layer. So anything that goes in and out where a human. talk to the underlying database, and goes through the UI cuz people don’t want to program. They want to click on a button inside an app on a webpage, that kind of thing. So you have these three different layers and they’re separated. So let’s say we wanted to build a new UI, but we don’t have to rebuild the actual application itself. This is where all the processing occurs and we don’t have to rebuild the underlying databases and all the sources. Likewise, if we have this three-tier architecture, if we wanted to integrate TikTok ads, we could, that would just be another data source that plugs in and it fits in the overall model. We’d have to adjust our formulas, let’s say, calculating total spending it’d be Facebook plus Google plus email plus whatever, plus TikTok. So we’d have to have that other source. So other formulas and whatnot can adjust in this logic. independent of how it looks in the UI, like where all the buttons are and the landing page is independent of what happens on the bottom so this is an extensible three-tier architecture, pretty standard, right? Yeah. Okay. So we put all this data in here that Billy Jean had, and whenever you start building things if you ever built something like this, you’re going to always come into a situation where they say, oh yeah, it’s really easy. I have all the access everything’s already working. It never. It’s always a disaster. There’s always stuff that’s wrong. The logins are wrong. They keep changing, which breaks our systems. Cause then we’re using a certain login and then the password isn’t working. So it doesn’t bring in the data. So then we’re miscounting because the data are not coming through or there are other systems they didn’t realize they needed to use. So this whole thing about getting the data in, into one place and the data layer

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5 Mind-blowing TikTok business strategies

When we talk about TikTok, most people believe that it is all about entertainment. But the beauty of the TikTok business is it’s far more than just entertainment. I discussed business strategies with Elliot Padfield, a genius with TikTok ads. He’s 18 years old. He runs Padfield Media, and he’s got a host of various accomplishments. Here are some points that we discussed. Are TikTok business ads paid or organic? TikTok is so frosty, especially on the organic side. When is the right time to start thinking about paid versus pure organic? So it’s very much a two-pronged strategy. There’s no right or wrong answer. If we talk about paid ads, it’s scalable and much more reliable. But at the same, if we talk about organic ads and when you do it correctly. For an early brand with a low marketing budget, you can push $40,000 to $50,000 of sales and a couple of videos without much input.  When you’re working with direct-to-consumer brands and our community is a lot of professionals. Many real estate agents, chiropractors, doctors, home service folks, and maybe people selling more services than products, both with paid ads and organic ads, are a great fit. TikTok is pushing into a space where people are going for recommendations on restaurants and for information to learn. Anything that would work on YouTube works on TikTok. So as a professional, you can educate and build trust and authority. as you would on any other social media platform with the added benefit of organic ad reach. So whatever it is that you do to produce content that educates while entertaining and being in a native format. Elliot runs an agency, “Padfield Media” where he specializes in TikTok ads for brands who want to spend at least 50 K and meet some criteria. How to know if it will work or not? It’s just about finding the right angle that works. There are few brands, products, and services that are unmarketable on TikTok. It’s just about finding an angle. That’s both shareable enough and fun enough for the platform. That is the real thing with social media. It’s about producing content marketing angles that are native to the forum. It’s more about figuring out how to adapt what you’re doing to work with the audience and fit in on the platform. Creative versus the mechanics of running ads Creative ads are 90% of the process and the initial element where we need them. Find the angle that works for the brand. But after that, it’s nearly entirely creative.  The TikTok platform right now is super easy to run ads. It’s just about being able to iterate, produce content that feels native, and produce it on a large scale. It often takes far more touch points on TikTok to convert than on Facebook, but with the price, that still makes sense. So when launching an initial set of ads and looking at these benchmarks, are there specific stats? Like CPM cost per view, video completion rate, and cost per click OS. Creating content with TikTok business TikTok is not just a content distribution platform, like many social media platforms. Brands need to have personalities. And so, a lot of Fortune 500 brands are producing content. Like they would on any other social media platform and getting a reasonable amount of reach. One is producing content that is incredibly platform native. That isn’t just about branded content but about creating content for the community. Will TikTok business grab YouTube’s market Short-form content is very much the future, and TikTok will continue to eat into YouTube’s market share more and more. Cooking tutorials, short form financial advice. The content we see on YouTube will migrate short-form documentaries, especially with TikTok now, allowing 10-minute uploads more potential. TikTok often likes to throw out features to an audience without much guidance and let creators figure out what to do with them. Marketers can dive right in and mold the way the platform develops. That’s incredibly powerful for brands. The paid side of the growth in TikTok, it’s from almost every source imaginable. Paid is going to become more competitive and more challenging. We’ve been in a phase where paid ads have been easy, purely because there is so much traffic to the site. I hope these business strategies will help your business to grow. I Look forward to your feedback.

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principles

Partnering with Ultra-Successful People

Want to know what it’s like to hang around the most successful lawyers on the planet? Do you know the productivity tip for successful people? Remarkably similar to high-performance individuals in other walks of life, with principles and strategies. On the surface, these lawyers are expert litigators and have sophisticated techniques to win against the insurance companies, whether through settlement or a jury trial. But underneath, you see humans that have learned how to systematize their principles for businesses and build partnerships— to be CEOs that don’t file claims, talk to clients, write checks or go to court unless they have to. They are stewards of people– since, ultimately, it’s a people game. No matter what you do, you’re in the people business, so these principles apply. Mike Morse did $160 million this year in creating a “fireproof” law firm. And he has applied principles to give him time and freedom, so he never misses his kids’ games or things in life we want to savor. Jesse Itzler sold his private jet company for billions to Warren Buffett and is married to the billionaire founder of Spanx. And he plans his entire year out in advance, blocking time for adventure, new experiences, and date night. Put in the big rocks first; else, the pebbles and sand fill up your jar– leaving no room for the big stones later. I witnessed tender moments with Ali Awad, his wife, his brother, and his father– a close-knit family that spends time together. And I felt welcomed, like part of the family. It struck me more than the powerful opening keynote Ali gave about how he scaled his law firm to 8 figures via social media. I admire the CEO Lawyer more for how he treats people than for his ability to convince billionaires to speak on his stage. I’m also grateful for Mark Lack, who taught our private group while I was on stage, which happened to be during our weekly Office Hours call. Mark shared his techniques for partnering with ultra-successful people– and I noticed how Mark and Ali have a massive overlap in their circle of friends. And that’s not a coincidence, since many of the attendees I met, even though I’ve never met them before– feel like long-time friends because we have so many friends in common. I wasn’t expecting to do any deals– my focus was on teaching the dollar-a-day strategy. So even the not-so-young adults would be comfortable making one-minute selfie videos and boosting them on TikTok and Facebook. I gave away all our training for free, as this felt like the right place– so these CEO lawyers could build a Content Factory using our processes and hire VAs for $5 an hour to edit videos. And doing so yielded some new partnerships, where ads and analytics support from us (not as a traditional agency) will create massive growth for these firms while advancing our mission to create a million jobs to implement these techniques. There is always another level up that you haven’t seen if you are willing to humble yourself– and these folks have such an abundance mindset that they openly share and decisively take action. If you haven’t been to a high-end event like this, you don’t know what you’re missing.

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JustWorks

JustWorks has a Justspamming Problem from Super Aggressive Salespeople

It is true that all businesses want growth, but those that are doing business for the sake of business do not have a long run. Trying to reach Justworks after 7 times in a row of ignored messages over the last 5 weeks. You guys cold-called me TWICE at 3 am, even after I told you to stop. Sucks to be woken up on vacation– and then be told “Well, since you’re already up, I’d love to ask you a few questions about your payroll needs.” Your guy promised to resolve this, but you can see what happened and where we are now. Maybe Isaac Oates, the founder, will look at this screenshot below of what happened and do something. The next step is to turn this into a blog post, so it can rank on JustWorks and Isaac Oates. You can see we’ve made valiant attempts to reach them many times in the last 3 weeks. JustWorks Aggressive Attitude They want growth in business at all costs. I totally get it. But if you do too much of this (read the reviews on the company and see how many clients got destroyed, then left hanging) by untrained people, it will eventually catch up to you. Even if you raise $143 million (yes, I agree that’s impressive), you can’t outrun these sorts of problems, like what happened to me. I promise Justworks that we’re seeing this through until they finally acknowledge what they did to me and fix it. It’s not personal. It’s aggressive young dudes making as many calls as they can; business, boiler room style. Yeah, no one likes outbound. If you assume responsibility for everything, turning your phone to silent while sleeping could have fixed this. But does this give the salesperson the right to call me multiple times even after I said not to? If I had to imagine why their system failed it would probably be something in the request to schedule a time.  The call disposition doesn’t record as removed from the list so the automation keeps pushing for a call. Maybe this person isn’t empowered to deviate from the pre-determined paths.  I’m leaning toward this being an unfortunate edge case that maybe affects a smaller percentage of their prospects. Even with the best automation, you still need competent humans to use the tools. Otherwise, you get Robo dialers who mindlessly read scripted responses. companies should have a process that works independently of whether one person screws up big time. An owner can never condone that type of intrusive outreach. Every company has a persona and it is relatively obvious what Justwork’s persona is.  The stereotype is true. Justworks wouldn’t work for me!

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Why “Fake it till you make it” is terrible advice

Be careful who you hire as your coach. This is literally a messenger convo I just had! All I can say is… YIKES! I wish this was an isolated experience. Sadly, I have such convos quite often. 20- and 30-some-year-olds who haven’t figured out life yet are announcing themselves to be success gurus. Here’s my go-to practice to quickly check them out. I scroll through their profile banners. Here’s a somewhat typical two or three-year banner history for so many of them: >> Drunken high-school or college picture. >> Check out my awesome body stage. >> Real-estate, bit-coin, “you-name-that-mlm-I-be-a-millionaire-tomorrow” stage. >> Tropical paradise / re-discovery / “I’m-now-an-enlightened-being” stage. >> Fitness or life coach stage (I now know everything about how to be successful and can help you get there in 90 days.) >> Marketing guru! (I have arrived: “submit-to-my-high-ticket-selling-skills” stage!) Of course, in real life, those banners often tell an even more colorful history. Each one is entertaining and very revealing that the person who’s about to take your money has zero qualifications to actually deliver on their promises. Now, don’t get me wrong. Everyone has to start somewhere. I totally get that. And learning marketing and selling is a powerful skill that will definitely help you get ahead. But skills don’t replace ethics! Do it the right way. So here’s my advice if you currently find yourself on a trajectory I just described: DON’T FAKE IT TILL YOU MAKE IT! Don’t promise to help someone build a 7-figure business if you haven’t built one yourself and have never actually helped anyone do it. Instead, TALK YOUR WALK! Identify a winning experience and teach people the skills and lessons you have already mastered. For example, the person in this convo (who just blocked me because I called them on their shit) could easily teach people how to develop good sales skills. Maybe even how to land a well-paid, commission-based sales position somewhere. That’s what he’s done… Heck, I could help them turn that into a multi-six and seven-figure business rather quickly – I’ve done this and helped others in a nearly identical position do exactly that. Then they could teach the “how to build the 7-figure success” stuff themselves. But not yet! TALK YOUR WALK! Do something, achieve something first – even if it’s relatively “small” – there are plenty of people who would likely pay you to teach them how to do that “small” thing. And you’ll likely find success quickly (and ethically) doing that! That’s my rant and lesson for the up-and-coming gurus. Do the right thing. DO THE WORK first! P.S. My door is always open to people who want to monetize their genius and expertise. Want to package what you know into really amazing offers that actually help people and are based on your real skills? Let’s talk. I’ll help you make so much money and create so much good impact so fast that your head will spin. And yes – I’ve done this, hundreds of times (actually, I can probably say THOUSANDS of times.) Full credit to Adam Ubanski, founder of Marketing Mentors.

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Ardeshir Kohnouri of GoBeRewarded: did you know that fake reviews hurt you, not the client?

This PPC manager at GoBeRewarded lashed out at a former client. The client was mad at having spent $12,500 with this agency, getting no sales, and being locked into a 12-month contract. So he left this review: But what he doesn’t know is that’s against the Google Terms of Service to leave a fake review. He’s not a customer and had zero involvement with Philippe Coudoux of Balanced Body Massage. He probably thought, “If I leave a one-star review on Google, Facebook, Yelp, and other places, I can hurt this former client.” But anyone who does a Google search can see that this guy works for the agency that got fired: Ardeshir is a Google Ads Manager by profession, so he certainly should understand how easy it is for anyone to Google him and see he’s attacked a client that the agency mistreated. Anyone who is looking to hire a marketing agency in North San Diego will probably think twice after seeing this misplaced behavior of one of their employees. Ardeshir, you’re hurting your boss, Aaron Gobidas, who is also the sales guy for your agency. Now he has to try to clean this up, in addition to fixing the original problem of too much selling and not enough delivery– which is how Philippe’s livelihood got destroyed in the first place at your hands.

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The mindset of an employee versus a profit maximizer

One of our team members asked if they should increase the budget on a campaign from $80/day to $140 a day.Here’s what I said. Please choose whatever budget you see fit in your expert opinion.You’re the pro! You know our business goals and are best positioned to determine what tweaks to make to maximize revenue at the target ROAS. As we know in eCommerce, unlike most agency work, it’s not about a daily budget (which is about managing expenses), but about maximizing profit (at whatever spend maximizes this). A typical agency employee has the goal to spend exactly $X as the budget– which can be too low if the campaigns are profitable, but too high if we’re wasting money. So use your pro skills to test and optimize, while we’re here to advise in our areas (me on strategy/optimization), the client on content/financials, Daniel on analytics, etc…

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This morning a friend of mine said she got an eviction note, as she was $450 behind on rent

She’s tried so hard for years as an entrepreneur– working diligently to take care of clients, get new clients, and work sleepless nights to do everything. It’s one inspiring win– you’re on top of the world! But then some unforeseen disaster happens– a project didn’t come through, a partner pulls a Tristan Parmley on you– and you’re suddenly in survival mode again. She asked if she should give up– to move into her car, while still running her business. Maybe go back to corporate America for a steady paycheck. I’ve seen so many people in her situation– do you feel her pain, too? You might be just one funnel away….. from bankruptcy and ruin. This is the moment to find business partners who do the things you’re not good at– since you can’t do everything well. Nor do you have enough time– plus being tired compounds mistakes, things you would easily spot when alert, you’ll miss when bleary-eyed. Problems you would have easily solved, deals you would have won– if you had only delegated to trustworthy partners and a team of assistants. You hear a lot about “systematizing” your business– usually from people selling a program. But how about looking at the detailed processes and implementing them, instead of just talking about it? in 2022, I want to help you systematize– so that you don’t become like my friend here, who is in a desperate situation coming into the holidays. It’s not sexy, but systems and processes never are.I’ve assembled a massive cookbook of recipes, covering everything we know how to do, step-by-step. Comment COOKBOOK and I’ll share it with you.

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