Strategy is the deployment of tactics operating under a principle...
I think the brilliance that comes from having a piece of information like this is in how formulaic it is. Because it’s formulaic, you can take the same variables and apply it to any other subject:
style is the deployment of elements and technique operating under a philosophy
expression is the deployment of communication operating under a set of values
Just taking a look at those two properties, style and expression, and you have a whole chunk of understanding for any type of art (painting, music, dance, fashion)
I think I’ve finally crossed the path out of complete beginner. I closed my first client two weeks ago, got paid for the first time last week, and I’m waiting for 3 potential clients to sign and pay the deposit. For a while I thought I’d be sending out cold emails forever. I also thought I’d be clueless when pitching to clients forever. Now, my hands still jitter when I walk into a meeting, but I enjoy pitching to clients face to face now. I can honestly say that the thought “Why do I have to meet them in person, can’t I just pitch to them through email?” has completely left my mind.
There’s a few things I’ve noticed from my progression that I’d like to highlight:
-I’ve found books like The Sales Bible, Selling to Vito, Spin Selling to be very boring. I learned the most about sales from Ramit Sethi’s creative live session. (Note: I would get Earn1k but I can’t afford it. Also, I don’t really like Ramit, or his blog. I find his style of writing arrogant and his free material gimmicky. But his creative live session really is what’s helped me the most).
-When starting out, it’s very tricky to balance doing work for cheap to get experience, and saying no to jobs that constrict you in pay and/or creativity.
-Mentors save you a lot of time, although, finding a good mentor is really hard. I was asking everyone for advice: my professors, my parent’s friends, friends, even strangers at networking events.
It's been a while since I last posted and it's because I've just been so focused on trying to grow my video production agency. Looking back I can't believe it's been three years since I posted this blog post about moving out of being a beginner. I don't feel like a beginner anymore these days but I also don't feel full confidence that I have what it takes to succeed as a entrepreneur.
It is quite a journey looking back at when we first started doing small business videos, we we're paid just a couple hundred bucks; now moving up the value chain, we've closed projects in the five figure range, which is exciting because it allows us more resources to put into the craft and creativity of the video. For example, one of our most recent projects involved renting out a large cross-fit gym and then setting up a 15 ft dolly track, and a fog machine. That was super fun and I really got to experiment with carrying out my directorial vision. One of the most exciting opportunities last year was the chance to pitch to Sandisk. We had always dreamt of having enterprise clients so we we're really eager for the opportunity. The pitch went really well and was accepted, but we found out that many enterprise clients don't pay deposits; Since we're too small of a company we had to turn that project down. It was sad mainly because these past two years I've been so gung-ho on my dream: Making videos for fortune 500 companies -- for Nike, Apple, and shooting television / Super Bowl commercials; and its sad because we had been so focused on growth in the form of high-value clients (which is riskier) rather than growth in client base and while that trajectory looked promising it is abruptly halted by this ceiling.
All of this sounds like I'm getting a ton of traction -- and I think I am, but from a financial standpoint it sucks. Sure, I've cut my expenses down and can survive but I'm not making much money at all. All of our profits go back into the business, and we have super low margins because we use so much budget to make the video look good. The project budget gets spent on equipment, crew, actors, and set dressing, so at the end, there's barely any profit left for the three of us. I wouldn't mind it so much if I felt I had a good grasp of marketing, but I can't seem to find consistency. Certain things have worked. I'm running Google Adwords, and that's been a good source of leads for us for far, but it's not consistent enough and the cost per click is insane.
The hardest part of marketing is knowing that the biz dev responsibility lies on my shoulders. I didn't mind it at all when I first graduated out of college, but now that it's been a few years, I can't help but question myself: Am I just playing around? Am I in the wrong market? Maybe I should do something else
With each passing year the pressure grows. The pressure of making this a sustainable source of income. Like I mentioned before, I personally don't mind a low income because I believe in the Early Retirement Extreme philosophy, but It's hard not to be envious of your friends working at tech companies making such-and-such. And it's not just my employed friends either, I have entrepreneurial friends who are also young and in their mid twenties with growing businesses, and while I'm super happy for their success I can't help but question the lack of my own. I look at my progress from when I was 23 to 24, from 24 to 25, and 25 to 26 and I wonder if this is sustainable going into my late twenties and thirties.
Choosing tasks for the day is somewhat of an overwhelming process. With so many opportunities and so many things we can be doing, how do we make the most of our limited willpower? In this post I'm going to cover some familiar productivity concepts, introduce new concepts, and show you how I'm applying these concepts to make my workday easier.
The concepts: Popular concepts you've either heard to not heard of, but have already been written about:
1. Maker Schedule vs. Manager Schedule - http://paulgraham.com/makersschedule.html
2. Design vs. Marching - http://sebastianmarshall.com/staying-with-it-design-vs-marching-lead-vs-lag-process-vs-outcome-trend-upwards-vs-hohw
3. GTD vs. Deep work - http://calnewport.com/blog/2012/12/21/getting-unremarkable-things-done-the-problem-with-david-allens-universalism/
Two days ago I attended The Santa Barbara Business Expo, my first networking event. Almost all the business blogs and books I’ve read give importance to networking and nothing convinced me more than when I met with my friend Jackie, a real estate agent. I asked her how business was since she had only become a licensed for a few months earlier, and from what I know about real estate, it takes years to get clients. But she told me that she’s busy and business keeps coming. What? How? I asked her what she did for marketing, and how she sought clients.
“Well, it was really easy. I found some real estate agent networking events to go to, and this guy I met told me he was leaving for Shanghai and gave me all his clients”.
My eyes widened. Of course there was some luck to this, and I couldn’t help myself from being jealous. I had spent the past few months, thinking of a business identity and value proposition, targeting my niche, sending out cold emails, meeting with potential middlemen …and Jackie just goes to a networking event and gets handed business.
A few months ago I was talking to my friend Tony, a video producer. He said his business was going well but he’s relying too much on his former company referring him business and has no idea how to generate business for himself. Since I am interested in marketing and selling, I told him I would market his services for him with a 30% cut. He agreed.
I started off as clueless as he was. I knew that marketing required segmenting the population, and really zoning in on the target niche. However, almost anyone with a product or service could benefit from video production. My assumptions were that those who demanded video production services didn’t need much convincing, but I had no idea how to find these people.
I posted in Sebastian Marshall’s community section and someone commented that while he (the commenter) was working as a web developer, clients told him that they needed these services. This gave me an idea.
I could target the middleman, the people whose clients may demand my services: marketing agencies, graphic design agencies, and web development agencies.
Lucky for me, I had already located an example email script. I pulled the email script from Ramit Sethi’s book, “Finding Your First Profitable Idea” and tweaked the wording.
Its been two years now since the start of my fantasy football league. When I first started, I knew nothing about football. My first draft was a mess - I used a cheat sheet I found in the July issue of ESPN magazine. I drafted a defense with my 10th round pick (everybody knows you only draft defenses and kickers with the last two picks). Worst of all, I was in a league full of sports junkies, guys who watch every game every Sunday.
This season I’m 2nd place, with the best season record. I’ve made around 7 trades. I know the names of most teams starting players, and a few of their backups.
I guess it takes something as trivial as fantasy football to show me that improvement is a long and slow process, but improvement happens. Too often I look at things and get disappointed because of the results. I’m so focused on improvement that frustration quickly swells up. Why am I not getting better? I expect so much from myself that I can’t see small progress for what it is: a tiny bit improvement.
But everything takes time.
Even if it takes years, I know that I’ll reach my goals eventually. And if i can get good at fantasy football, something I don’t care and didn’t even try to get good at, then of course I’ll be good at something I poured sweat and tears into.
I've found that one of the best ways to be less wrong overtime is to do an analysis of why an idea wasn't successful. It can be overwhelming to try to dig into analysis, but I've found that being wrong usually came from a few different reasons. These five reasons usually relate to business/marketing but can be applied to other ideas you develop or want to execute.
First I'll state the five reasons, then I'll explain a little more my thoughts on how they apply to the real world.
1. There were false assumptions made
2. The idea was a bad fit for you
3. You didn’t understand the psychology of the applied tactic / technique, and thus there was an error made in application
I've since paused my Adwords campaign because the CPC is too high (going to wait until I set aside time to optimize my quality score to turn it back on) but last year about a third of our closed projects came in from Google Adwords.
Here's a few pictures:
I remember when I first wanted to get good at basketball. Like anyone of course, I Youtubed Kobe Bryant moves and tried to learn them. I remember thinking that his advice was generic and inapplicable. His advice, however, is actually really good advice, it was just that it was inapplicable for me. That’s how many people view strategy; their inability to value it isn't because the strategy itself is bad (although sometimes it is) but because they don’t have the referential compression to understand it and see how they would apply it. With those Kobe videos, I was still new to basketball, I could barely shoot the ball let alone do a post up—fadeaway jumper...
This perception of generic advice was very similar to my early days of attending business conferences. At the end of the conference I would ask my fellow friend/audience member what he thought of the keynote and they would say something like, “Wow, it was so good. Thinking of retargeting pixels as a form of long term branding, that’s going to be amazing for my business”, and I would be thinking What? why can’t he tell me something that I can actually do today.
Only after I got better at basketball and learned fundamental movements, could I appreciate Kobe’s strategic choice of moves. Since I now know how to do a spin or finish with a reverse layup, I can string them together. I can appreciate the strategy behind that combo: your defender thinks you’re going to drive hard baseline, so instead you spin back into the paint, since you’re in the paint the big will come in to block your shot so you reverse layup using the rim as protection.
And as for my understanding of business, back then I didn’t even know what retargeting pixels were, and I still don’t really know what they are. But I’ve practiced running Google ads and Facebook ads, and I know how to use the Divi theme for Wordpress, and I’m decent at writing copy so basically I just write three ads and copy and paste the script that Google gives me near my contact form. Quick note: I haven’t actually done that yet, and I intend to implement it soon.
And the result, well, it’s not perfect, and will take refining, but the point is I can scrap something together, and when I can do that I can appreciate simplistic advice that sounds heady and do higher level work.