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Unless you’re Amazon, your business is probably bringing in a lot less revenue right now.
Payment processors for small businesses are reporting that transaction volume is down as much as 50%.
As a business owner, what do you do in a time like this?
People have changed how they’re spending money, so you have to change how you make money.
You can not afford to sell products people don’t need in a time like this. Unless your products are ESSENTIAL, you need to pivot.
Pivot means to change direction and head in a new direction. Give up how you used to make money in the past. Times have changed. The world is different. You must reinvent yourself. Denial will result in going broke.
Pivot to providing a MONEY-MAKING service for people who HAVE money.
If you sell nice-to-have products, you’re going to have a bad time. You were lucky to be able to do that in a good economy. Now it’s time to face reality.
If your market is mostly people who don’t have money, you’re going to have a bad time.
The only way you’re going to survive is if you pivot to providing a service that MAKES MONEY for people who HAVE MONEY.
While you make this pivot to bring in new revenue and keep your business afloat, you should also EXPAND and build your BRAND by significantly increasing the amount of content you produce.
Most people are contracting right now. Most people are REDUCING their content output. This is a huge mistake. You should use this opportunity to provide as much valuable and helpful content as possible.
If you wait until everything is back to “normal”, you’ll be too late. At best, you survive and you’re irrelevant. At worst (and more likely), your business will die.
We are going to come out on the other side of this situation and people are going to spend money again. This will pass.
You want to be top of mind when people start spending money again. The way you do this is by publishing content consistently while we’re in a crisis.
Hire us to produce daily content: seanwesmedia.com
Note: This transcript of the episode was machine-generated and has not been edited for correctness. It’s provided for your convenience when searching. Please excuse any errors.
Sean: Unless you’re Amazon or a grocery store, chances are your business revenue is probably a lot lower than it was a few months ago. I saw some payment processors for small businesses were reporting that transaction volume is down as much as 50% so what do you do in a time like this? Pivot and expand.
[00:00:18] Pivot and expand. What does that mean? Okay, pivot. What’s pivot? You can think of it like this. Pivot and give it up. Pivot and give it up. What are you giving up? You’re giving up how you made your money. The way that you used to make your money isn’t making you money right now. You’ve got to change what you’re doing.
[00:00:38] You’ve got to pivot and give it up. People are changing how they’re spending money, so you have to change how you’re making money. People are conserving right now. Do you sell products well, unless your products are essential, and how would you know if they’re essential? Well. They’re essential if your business is open right now, grocery stores, things like that.
[00:00:59] It’s essential if people absolutely need it right now, unless you sell products that are essential. You’re going to have to change something up. Look at the businesses that are open right now. That is what is essential. If that’s not you, if that doesn’t look like you, you’ve got to pivot. So if you keep trying to sell products that are not essential right now in a time like this, you’re not going to do well.
[00:01:22] So it’s time to pivot. But pivot to what? Well, if you’re selling non-essential products right now, I would strongly recommend that you pivot. Two services client services done for you, but it’s important that you pick the right kind of service. I’ve talked before about something that I call a moneymaking, the the the spectrum, and you’ve got people who have money and people who don’t have money.
[00:01:47] This is applicable in general as well as during a time of crisis. People that who have money, people who don’t have money, and then you have services or products that make money for people. And then you have services or products that are nice to have. You cannot afford to have a nice to have product or service.
[00:02:05] Right now, you need to have a moneymaking service or product for people. Something that helps other people make money. The other thing you have to consider the other axis is the person you’re selling to. You don’t want to sell to people who don’t have money right now. You want to sell to people who do have money.
[00:02:25] So to put all this together, you want to sell a moneymaking service to people who have money. So pivot and give it up, pivot and give it up. You’re selling something that’s not essential. You’re selling products. Pivot from products to services, money-making services for people who have money. Okay, that’s pivoting, but we said pivot and expand, pivot and expand.
[00:02:51] What are we expanding? Well, everyone is contracting in terms of the action that they’re taking right now. They’re preserving. They’re conserving like a turtle retreats into its shell. People are retreating into their homes. And similarly, businesses, business owners like you are contracting their activity.
[00:03:13] You’re reducing the amount of action you’re taking. So we have all of this. Contraction and reduction, and at the same time, we have expansion, expansion of what? Well, for one expansion of content consumed. We’re spending a lot more time on the internet. We’re spending a lot more time consuming content that is an opportunity for you while everyone else is contracting and reducing activity out of fear.
[00:03:40] You want to expand and build brand, you want to expand with courage. How do you expand and build brand? Expand your amount of activity. The amount of content that you’re putting out should be up. It should be greater than what you normally put out and what you’ve probably been doing is the opposite.
[00:04:00] You’ve been reducing. You’ve been contracting because you’re, you’re scared. You have fear. This is what everyone’s doing. Everyone is reducing the amount of content. Everyone’s not posting, but that’s your opportunity right now is not the time to be selling people, non-essential products, things that they don’t need.
[00:04:18] They’re not going to spend money anyway, but we are going to come out on the other side of this. We’re going to get through this. People eventually are going to spend money again and you want to be top of mind when people start spending money again. How do you stay top of mind content, content, content, every single day you want something going out.
[00:04:39] You want something going out that is providing value to people. You’re not even trying to transact necessarily. You’re not trying to sell your products. You’re just trying to provide value to people. You’re building your brand, your expand, you expand, you build brand. And that creates loyalty, that creates trust.
[00:04:55] And then when we get to the point however many weeks, months, years, until people start spending money like they used to, you’re going to be top of mine, but wait a minute. How? How can you afford to expand and build brand and put out all of this content. When you’re not transacting on it, when you’re not trying to sell with it, you’re not trying to sell your products.
[00:05:14] How can you justify the time spent on expansion when you’re not making money yourself and you’re trying, you’re struggling trying to meet payroll and pay the bills? Well, that’s the pivot part we talked about. First pivot. And expand your pivoting pivot and give it up the old way you made money. It’s a, it’s a different time.
[00:05:34] Things have changed. You have to change how you make your money. Pivot to providing a service for someone that makes money, provide a moneymaking service to someone who has money. That’s how you pay your bills. That’s how you meet your payroll right now. But that’s not all you do. At the same time, you are also expanding.
[00:05:52] You are also building your brand. You’re increasing your activity. You’re not reducing, you’re not contracting. So right now you need to be creating content at a massive scale. You have an opportunity right now to build a brand with people. If you wait until everything’s back to normal, whatever that looks like.
[00:06:10] It’s going to be too late. At best, you survive and you’re irrelevant at worst, which is more likely your business dies. Now is the time to expand and build brand pivot first, then expand and build brand. You do that by creating content. How do you create content? Very simple. This is the fastest way to create the most amount of content.
[00:06:31] You record a weekly hour long show. Or a video podcast or a webinar, any one of those three. So you’ve got your iPhone on a tripod on a stand like I do right now. Filming yourself. Record a podcast, which is what I’m doing right now. The long form version of that goes out to YouTube. The video, you strip the audio from it, that goes out as your podcast.
[00:06:54] Then you select seven takeaways, seven moments in this hour long show, and you clip them out as individual videos, you title them individually, and those become your daily content that goes out every day, seven days a week. On all of the big platforms. Why daily content? Well, again, now it’s the time to expand and build brand.
[00:07:16] You put out content daily. Now, while it’s in, while we’re all in a crisis and everyone is contracting and reducing activity, and you’ll build brands so you can come out on the other side, stronger than ever. Top of mind for when people begin spending money again. And if you’re wondering right now, how do I find the time to record this show and edit it and make all these.
[00:07:39] Seven different clips every single week and come up with engaging titles and graphics and cover images and add captions and transcribe everything and make animated progress bars, and then create all the different versions at the right aspect ratio. And how long for the different platforms? Well, you’ve got two options.
[00:07:56] Option number one is. Start learning. Start educating yourself. Figure out the best practices, figure out the marketing and the video editing and what works best on different platforms. Teach yourself or option number two, hire us at seanwesmedia.com and we’ll take care of all of that for you. You show up, you hit start, you start recording your hour long.
[00:08:17] Show. Webinar video podcast, hit stop recording that sinks to us and automatically we take, we take care of the rest. We find all the best moments in your long form recording that work on their own standalone without context. We create daily content for you on all the big platforms we make. We transcribe the whole thing.
[00:08:38] We create the captions, the titles, the animated progress bars. We handle all of that for you. That’s at seanwesmedia.com You can get in touch with us. Now I’m actually doing. The exact thing I’m talking to you about. We sell a membership, we sell digital products, but we’re pivoting to offering a service instead of only relying on our digital products and memberships when revenues down, people are spending less money on that type of thing.
[00:09:04] We’re pivoting to offering a service for clients like you, people who don’t want to do all the video editing. You want to expand, you want to build your brand, but you don’t necessarily want to hire your own full time video editor. You want something that. Makes a little more sense economically, you know, outsource all of that stuff.
[00:09:22] Let us take care of it for you. So again, that is seanwesmedia.com feel free to get in touch if you want to expand and build your brand. You want to put out daily content and you want it to be as simple as showing up once a week recording for an hour and then you’re done. Get in touch, seanwesmedia.com.