In the episode, the host discusses effective strategies for monetizing online presence without alienating your audience. Highlighting the importance of the give-to-ask ratio, he emphasizes the concept of providing value before making sales pitches, as popularized by Gary Vaynerchuk's "Jab, Jab, Jab, Right Hook." Drawing from his personal experience and media industry standards, he recommends giving generously in public and selling in private, ensuring that asks are infrequent and well-timed to maintain goodwill and audience growth. He also teases his upcoming book, "100 Million Dollar Leads," and a related free virtual event, underscoring the long-term benefits of building an audience and exercising patience in business growth.
So you want to make money online, but you don't want to feel icky or sleazy to the people who know and love you when you ask them to give you money.
This quote introduces the dilemma of wanting to make money online but not at the cost of personal relationships or reputation.
And so the key point I'm going to talk about today is mastering the give to ask ratio.
This quote emphasizes the central theme of the discussion, which is finding the right balance between providing value and making requests.
The good news is that this ratio has been incredibly well studied.
This quote highlights the significance of the give to ask ratio and its impact on audience retention, as studied by large media companies.
Whenever you give, you deposit goodwill into the audience, right? And it basically precedes reciprocity, because from a persuasion perspective, if you give someone something first, they're far more likely to comply with your request later, right?
This quote explains the psychological underpinnings of the give-first approach, emphasizing the importance of establishing goodwill before making asks.
You can gain goodwill and provide value to millions of people at once, but then it all funnels back to one person, and that's why it's so powerful and it's free.
This quote captures the essence of the strategy, illustrating how providing value at scale can benefit the individual content creator through the principle of reciprocity.
If you consistently give and give and give, then what happens is your audience compounds. And this was something that I didn't understand for a long time was that the audience is the asset, not the content you make.
This quote emphasizes the importance of giving value to the audience consistently, which leads to audience growth. The speaker highlights that the real asset is the audience, not the transient content produced.
Meaning for every dollar I put in, I get $36 back.
This quote illustrates the speaker's successful advertising strategy, where a significant return on investment is achieved for every dollar spent on advertising.
Now, there's two ways that asks work in content.
This quote introduces the two strategies for incorporating promotional messages into content, which are essential for content creators to understand.
Integrations work better for long form content.
This quote explains that integrated asks blend seamlessly into longer content formats, such as books, videos, and podcasts, without disrupting the audience's experience.
Intermittent is typically better for short form platforms.
This quote advises that for short-form content, like social media posts, intermittent asks are more effective and less likely to alienate the audience.
So if you're new to making content now, hopefully you've been using social.
This quote suggests that for newcomers to content creation, familiarity with social media is expected and beneficial for building an audience.
"But if you've been using it like a person, so like, you post on Instagram, like when you go out with the boys or whatever, you use it like a user might use it, right? Believe it or not, you've actually been providing value to certain people for an extended period of time."
This quote emphasizes that personal social media use can build relationships and provide value to others, which can be beneficial when transitioning to a business use.
"If you make your first post what I would just call like a declaration of business, which is just saying like, hey, you guys have maybe been following me for a while. You might know me, you might not. From personal, from college, from work, from out of the bars. This is what I'm doing with my life now."
The quote suggests that a personal approach to announcing a business venture on social media can be effective and relatable.
"And I wouldn't normally say this, but I think there's some element that I can appreciate of if you took an action and you get immediately reinforced are taking it, then you'll believe that this could actually work for you."
The quote highlights the psychological impact of immediate positive reinforcement when taking the first steps in a new business venture.
"This is April 9. I'm actually coming up on ten years. I hit my decade in business. How about that shit? For those of you who know me, you know two things. One, I am terrible with all things technological still true. For example, I just heard about Spotify a few weeks ago. Seriously. Two, I love training, nutrition and fitness more than, well, a whole lot."
The quote provides a personal reflection on the speaker's business journey and shares an honest self-assessment, which can foster a genuine connection with the audience.
"Give value for an extended period of time for a small group of people to prove that you know what you're doing so you can get testimonials, by the way."
This quote suggests that providing free value is a strategic move to gather testimonials and prove expertise.
"But making that first declaration of business post was actually how I got my 1st 20 paying customers."
The quote demonstrates the practical impact of a well-crafted business announcement on social media, leading to the acquisition of paying customers.
"Now, if you have no content up to that point, show them what you've been up to and then you can make your ask."
This quote advises on the importance of establishing context and showcasing one's work to the audience before making any business propositions.
"And if you're wondering, well, at what point do I fully right hook my audience and just drain it of goodwill? Real talk part of the game is, quote, leaving money on the table."
The quote addresses the delicate balance between monetizing one's audience and maintaining goodwill, suggesting that sometimes it is beneficial to not exploit all immediate financial opportunities.
If the rock had done that deal at that time, he might have actually lost out on what he ultimately made with Terramana.
This quote highlights the importance of considering the timing before agreeing to endorsements or business deals, as premature decisions can lead to missed opportunities for greater success.
If I say yes today, it's probably going to be a bad deal for me because in two years, my audience would be significantly larger and so will yours.
This quote emphasizes the potential growth of one's audience and the corresponding increase in the value of endorsements or business collaborations over time.
Operationalizing patience is just figuring out what you do in the meantime.
This quote defines operationalizing patience as a proactive strategy, focusing on actions taken during the waiting period to ensure readiness for future opportunities.
The strongest driver of pricing power and profits is supply and demand.
This quote underscores the fundamental economic principle that the relationship between supply and demand dictates the value and profitability of goods and services.
When we make content, what we're actually doing is artificially shifting the demand curve in our favor.
This quote explains how content creation can be used to influence demand, thereby enhancing one's market position and potential earnings.
I'm all about growing as fast as I possibly can, which means you got to give as much as you possibly can.
This quote advocates for a generous approach to providing value as a means of accelerating growth and building a strong brand presence.
The more I hold back my ask, the bigger it will be.
This quote suggests that restraint in making direct requests or offers to an audience can lead to more significant opportunities in the future.
I'm doing that because I know I'm going to piss off 99% of people who are not there.
This quote reveals a deliberate strategy to create a feeling of missing out, which is intended to drive attendance and participation in future events.
You're going to want to be there.
This quote is a direct call to action, emphasizing the desirability of being present at the event to gain access to valuable resources or information.