Why a $2.7M Agency Needs a Stronger Offer — Transcript

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1. 0:00We provide social media marketing and
2. 0:01financial influencer management for
3. 0:03publicly traded ETFs and stocks.
4. 0:06This year we're on pace for 2.7 million
5. 0:09and we're going to keep about 700,000 of
6. 0:10that.
7. 0:11>> Okay.
8. 0:12>> I see a multi-fold problem, but I know
9. 0:14you wanted to sum down to one. The
10. 0:15biggest problem that I came in with I
11. 0:16think Frank has largely helped me with
12. 0:17which is I have incredible top-end
13. 0:20talent, really really amazing people in
14. 0:22that operations management, but in the
15. 0:24secondary level it's a huge drop-off.
16. 0:27>> Uh-huh.
17. 0:27>> And I think it's largely because I've
18. 0:28never put out a traditional job
19. 0:30application website posting anything.
20. 0:32Everyone's pretty much reached out to me
21. 0:34and come on in so we don't have that big
22. 0:35application pool. So I was curious just
23. 0:37as we dive into that if
24. 0:38>> So you create social like so you create
25. 0:41like an Instagram for
26. 0:43an ETF?
27. 0:45>> So right now this ETF industry is very
28. 0:48complex because it's compliance focused,
29. 0:50right? And they want to target retail
30. 0:51because they see that for the first time
31. 0:52ever as of last month there's more ETFs
32. 0:54in the world than stocks. And there's
33. 0:55more retail investors than ever that own
34. 0:57these ETFs so the industry I'm looking
35. 0:58at and I think it's going to explode
36. 0:59over the next 3 years. And speaking of
37. 1:01which the revenue I'd like to be at is
38. 1:0220 million. Uh per year and I do think
39. 1:04it's very reasonable within this
40. 1:05industry but it has to get an ETF player
41. 1:07which is part of what I'll touch
42. 1:08>> So what do they pay you?
43. 1:09>> So my average client right now pays
44. 1:11$20,000 a month and I work them through
45. 1:15uh
46. 1:16I work them through the channels that
47. 1:17their compliance department is willing
48. 1:19to work with which is why it is so
49. 1:20piecemeal because different compliance
50. 1:22departments are willing to do different
51. 1:23things. Some of them will touch
52. 1:24Instagram, some won't. Some of them will
53. 1:25touch Twitter, some won't, etc.
54. 1:28So uh the first part was
55. 1:30>> You like post to them and just say like
56. 1:32you know, the weather is warm but the
57. 1:33deals are hot, you know? Like
58. 1:36>> Uh pretty much. I mean
59. 1:37>> Charles Schwab ETF.
60. 1:38>> [laughter]
61. 1:38>> More so what it is is nobody knows that
62. 1:40these tools exist. They don't know how
63. 1:41to use them. They don't know what
64. 1:42they're for. And also I think they just
65. 1:43want to build trust with someone like
66. 1:45ourselves, right? We have a couple
67. 1:46million of our own followers and then
68. 1:47our influencers have tens of millions of
69. 1:48followers and so they want to hear from
70. 1:50somebody that they
71. 1:50>> So you have an influencer network
72. 1:52>> Yes, about 100 influencers.
73. 1:53>> pumped to ETFs.
74. 1:55>> It's a strong word for it but yes, we
75. 1:56educate the public about the issue.
76. 1:58>> Yeah, of course, we educate the public.
77. 2:00>> Yes, education, entertainment, fine
78. 2:02line. Triple C, compliance, customers,
79. 2:04clients.
80. 2:05>> Yeah. Uh sorry.
81. 2:07Content. Um so yes, I think for me right
82. 2:09now, I see a huge opportunity. I see a
83. 2:11lot of people that want to come in, but
84. 2:12I need incredibly high-end talent
85. 2:14because they have to be able to adhere
86. 2:15to the compliance side of this. We're
87. 2:16working with companies that are worth 60
88. 2:18billion plus. And I just see a big
89. 2:21drop-off from the top level to the lower
90. 2:24level, and I'm curious how you work on
91. 2:25those mid-level managers or people that
92. 2:27really have to get the execution in the
93. 2:28hiring side. And then I have the one
94. 2:30other side of the company, which is
95. 2:32this is such a compliance-laden area,
96. 2:33and it's such a legacy industry that I'm
97. 2:35trying to get an S-tier client. I need
98. 2:37one S-tier client. I need a Vanguard, a
99. 2:38BlackRock, somebody to come. But I am 27
100. 2:41years old, right? They are not looking
101. 2:43to work with people like me. They're not
102. 2:44used to it. They don't understand
103. 2:45targeting retail, and I am running a
104. 2:47giant education campaign to people that
105. 2:49are 30 years older than me.
106. 2:50>> Uh-huh.
107. 2:51>> And I'm trying to figure out how to
108. 2:52blast it through their brains that this
109. 2:53is going to be their best seller or why.
110. 2:55>> Yeah, I'm I The age thing, I think you
111. 2:58think about more than anyone else does.
112. 3:01So I would just like erase it from your
113. 3:03brain. It doesn't matter at all.
114. 3:05Like it just doesn't matter.
115. 3:07Um
116. 3:08like I was in the gym industry, and the
117. 3:09average person that was like buying from
118. 3:10me was a gym owner like age 40.
119. 3:12And I was like 26. So like I just don't
120. 3:15I just don't think that's a thing. I
121. 3:17think if you demonstrate competence,
122. 3:18which seems like you are,
123. 3:20the only person who believes that stuff
124. 3:21is you.
125. 3:22Um so that's thing one. Um
126. 3:25I do think there's probably an element
127. 3:26of you might you might be mispriced. You
128. 3:27also might be underpriced. Um
129. 3:30like you have these $60 billion
130. 3:32companies, $20,000 a month is like a not
131. 3:34even a rounding error, right?
132. 3:35>> So it's the last 2 months I've basically
133. 3:37tripled prices or at least doubled. I
134. 3:39was selling at an 8 and 1/2 K month
135. 3:41package. I then went to 15K, but then
136. 3:43people just kept hitting me up, so I
137. 3:44said, "Okay, it's 20. It's 25." And I
138. 3:45feel like every meeting I go into, I
139. 3:46just raise prices by 5K.
140. 3:47>> Yeah. Yeah.
141. 3:49Yeah. I I we do that. You could also
142. 3:50just skip to 100 if you want, but
143. 3:53um
144. 3:54if you're going to get there eventually,
145. 3:55you might as well get there now.
146. 3:56Um well, it's like they might not take
147. 3:58you seriously, you know? It's like, how
148. 4:00do I get to take it seriously? It's just
149. 4:01be like, it's a million bucks a year.
150. 4:03>> So, the other piece within that, and
151. 4:04that's the question I have for you, is
152. 4:05metrics. It's a very complex industry
153. 4:08when it comes to metrics because there's
154. 4:09no perfect way to track that when we do
155. 4:11marketing, those are the dollars that
156. 4:13are flowing into the ETF providing AUM.
157. 4:15It could come from advisors, it could
158. 4:16come from other people talking about it.
159. 4:17We can provide social media metrics, how
160. 4:19many people can then how many people
161. 4:20listen, how many people click the link,
162. 4:22but we cannot say the sale was done
163. 4:23here. I'm curious how you think about
164. 4:25that.
165. 4:25>> I would just think about it in terms of
166. 4:26revenue per earned media. Like, I'd just
167. 4:28be like, for you to reach retail
168. 4:30investor CPMs would be somewhere in the
169. 4:32neighborhood of, call it, 30 bucks or 40
170. 4:34bucks. We reached
171. 4:363 million, you know, people, and if you
172. 4:40were to pay for that, just like I if you
173. 4:42sold yourself more as cheaper
174. 4:44impressions that are to the correct
175. 4:45audience, then you become more of a
176. 4:47media company and less of a services
177. 4:49business, and I think that would be the
178. 4:51right way to price because they'll just
179. 4:53see you as a channel.
180. 4:56>> How did you How do you break through
181. 4:57though to the STR? Right now, the best
182. 4:59advice that I've gotten was actually
183. 5:01from somebody here who said, "Basically,
184. 5:02poach somebody from one of these firms
185. 5:03who has all the connections and go in."
186. 5:06That feels like that's going to be a,
187. 5:07you know, a $300,000
188. 5:09a year hire. Um
189. 5:11that's very different than where we work
190. 5:12with right now, so I'm just curious
191. 5:14about that.
192. 5:16>> You might not charge enough so that you
193. 5:18can make more money so that you can
194. 5:20attract the talent that can come in and
195. 5:22then bring those people with you.
196. 5:25Yeah, I do think you're underpriced for
197. 5:27who your avatar is. I think I would
198. 5:28position it as you are a channel
199. 5:31that is a cuz they're trying to get they
200. 5:32want more exposure. And so, it's like, I
201. 5:34will give you that exposure. And instead
202. 5:36of saying like, the reason I'm I'm
203. 5:37saying this is that you're not I don't
204. 5:38want to position like I'm doing services
205. 5:40and getting paid $100,000 a month. I'm
206. 5:42saying instead of paying Meta $100,000 a
207. 5:44month for ads, you're going to pay me
208. 5:46$100,000 a month, and you're going to
209. 5:47get trusted [snorts] people who are
210. 5:49going to talk about your product, which
211. 5:50is way more valuable than just you
212. 5:52saying you're great. It's like show some
213. 5:54stats of like somebody saying you're
214. 5:55great is way more value is five times
215. 5:57more valuable than you saying you're
216. 5:58great. Great. So, every dollar that
217. 6:00you're giving me, you're going to that
218. 6:02100 100 to 100,000 dollar comparison, as
219. 6:04long as this these audiences are
220. 6:06correct, which you'd say look, they are
221. 6:07all financial influencers, whatever.
222. 6:09These are the correct retail audiences.
223. 6:11And so, this is way higher uh value than
224. 6:15this. So, I want to compare myself to
225. 6:16Meta, not to a marketing agency or
226. 6:19services.
227. 6:21That's how I position this, cuz you're
228. 6:22getting them all this free exposure,
229. 6:24free, right? They're paying for it and
230. 6:25they're just paying for it in bundles.
231. 6:28And so, like
232. 6:29you're a media company, not necessarily
233. 6:31a services business.
234. 6:33And I would just reposition that way.
235. 6:34>> It's a good way to think about it. Right
236. 6:35now, the deck's focused on showing,
237. 6:37"Hey, we started the campaign here, we
238. 6:38ended it here. Here was the AUM
239. 6:39movement."
240. 6:40>> Yeah, that's a marketing agency. I would
241. 6:41say like you want to reach this many
242. 6:43people, we own these audiences. We will
243. 6:45give you access to these audiences for
244. 6:46this amount of money.
245. 6:49>> Got it.
246. 6:49>> That's how I would position it. And
247. 6:51yeah, you can get the um you can go get
248. 6:53talent from those top places like
249. 6:54Fortune 100 and things like that. Um it
250. 6:57is one of the better acquisition
251. 6:58strategies. A good friend of mine owns a
252. 6:59big marketing agency and that's how he
253. 7:01does it.
254. 7:01>> What about the mid-level talents?
255. 7:03Because they're not going to come to you
256. 7:04for
257. 7:04>> just ads.
258. 7:05That's just straight up ads. You just
259. 7:06need to learn how to run ads.
260. 7:08>> Fair.
261. 7:09>> Like good old-fashioned Like if you guys
262. 7:11are looking for mid-tier and and
263. 7:13bottom-tier, um
264. 7:16it's going to be ads for both of those,
265. 7:18basically manager and and one level
266. 7:20down.
267. 7:21Obviously, referrals would be ideal, but
268. 7:22if you don't have that, then it's going
269. 7:24to be those two. Um the top end of
270. 7:26manager into director and, you know,
271. 7:28VPs, etc., it's almost all through
272. 7:31outreach.
273. 7:32And so, that's how that's kind of how it
274. 7:33splits. Like you could technically do it
275. 7:35from an ad. Um
276. 7:37ads for high-level people can work if
277. 7:39they're done in industry
278. 7:42groups in industry job postings. So,
279. 7:45like our general counsel, exceptional,
280. 7:48we posted on two general counsel
281. 7:51specific uh
282. 7:53posting sites and then uh you know, Liz
283. 7:56came in. And so, you can get the
284. 7:58high-level talent, but it's not going to
285. 7:59be on the mass mass market cuz they're
286. 8:00not looking there. Right? So, it's going
287. 8:02to be headhunters or super specific for
288. 8:04the high-level, which you don't need. Um
289. 8:06but the the mid-level and below, you can
290. 8:08just do you can just just run ads and
291. 8:10you'll be fine. And if they're not
292. 8:11you're not getting bites, it's cuz it's
293. 8:12the same as a marketing campaign.
294. 8:14The offer isn't good, the funnel sucks,
295. 8:16the headline isn't good, the copy needs
296. 8:17to be improved. All of that stuff still
297. 8:19applies. It's just the same marketing on
298. 8:21the other side.
299. 8:22>> Perfect. Thank you.
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