"Recovering lawyer" & business-strategy master, Roland Frasier, shares his insights on how to leverage new strategies to go from working harder to working smarter in building your business. In this episode, we will explore key strategies like placing your business' intellectual property in the name of a different company to allow for more flexibility, finding the best talent, bootstrapping or carrying debt, understanding the buyer journey, all the way to how to decide your exit strategy. This episode is jam-packed with tons of great information! Don't miss out!
Roland points out that different phases of business are focused on different things. While there will always be permutations of the phases, the basic blocks of business evolution are:
Ideally, the phases would be a completely natural progression. But, that's not what being an entrepreneur is all about. You will always have peaks and valleys, twists and turns in the path. Because of this, entrepreneurs will find themselves so busy, it can be difficult to think about the next stage, much less three stages ahead. As humans, even though we like to believe we can multi-task, we can only give the laser-focus to one thing at a time. Therefore, Roland stresses that focusing on the phase you are in is where you need to be. After all, we can only start from where we are.
Roland cites Google's observations on the new era of the buyer's journey. The familiar funnel is now being replaced with squares, circles, and triangles - or as Roland points out, a double-helix - depending on the situation. Distractions are the number one reason sellers lose out on potentials sales. For instance, your customers find themselves browsing in a sea of information, eventually stumbling upon one of your core sales funnel strategies. But, all along the way, they're questioning whether or not they should explore your offer. Then, suddenly, a distraction from a cat video or a celebrity catches their attention, and they're gone.
So, in order to get them back, your brand must be agile enough to devise a strategy to get them back at the right place and at the right time. You have to be all of those places. That doesn't mean you need to put your brand on 70 native outlets. What this does mean is knowing the major foundations to keep your brand out in front of your potential customers. Search media, social media, earned media, paid media, owned media, and messaging are the foundations you need to be present on to increase your odds of being noticed when the buyer bounces their way back to see your product or service.