How To Build Your Businesses’ Most Valuable Asset
The Amplified Impact Podcast
September 15th, 2023
Today, we’re diving into a game-changing topic: your most prized business asset.
Surprisingly, I stumbled upon this in my first venture, neglected it in others, even had a flop because of it.
But it made a triumphant comeback at Escape Climbing.
So, what’s this secret?
It’s your list…a collection of past customers, potential clients, and leads. It’s your lifeline.
Relying solely on platforms or algorithms is risky. Your list is your tribe, your direct line to your audience.
Start building your list from day one…use opt-ins, email sign-ups, whatever fits. Then, engage, but don’t oversell.
Focus on giving more value than you ask for.
Nurture your list. It’s like a bank of goodwill that can lead to substantial sales when you pitch.
Regardless of your business, start building your list today. It’s one of the highest ROI activities.
TWEETABLE QUOTE:
“The more that you can give, the better the bigger the ask can be down the line. Ask bigger the product you can sell, the more goodwill that you have from customers.”- Anthony Vicino
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Episode Transcript:
Anthony Vicino:
Yo, what’s up guys? Today we’re gonna talk about how to build one of your business’s most valuable assets. And what’s interesting about this is that I kind of fell backwards into this on my first business with the window washing. We started doing this to a degree without realizing it. And then I got away from it with my next couple of businesses, one of which was a massive failure. And that could be because of this. And then when we were building Escape climbing, it came back to the forefront. And it was something that we didn’t start implementing until two years into our turnaround process. For context there, when I came into Escape in 20, 16, 17, we were doing maybe like 300,000 in top line revenue.
Anthony Vicino:
And then within three years, we were doing around 3 million. Not bad for a small manufacturer in a niche industry of rock climbing. But one of the things that we did to go from 2 million to 3 million was implementing this asset. But it took us a really long time, two years, before we even realized, hey, we’re not tapping into this at all. So what is this asset? It is your list. Your list is your business’s most valuable asset. Okay, so what’s a list? A list is because past customers all got shut down. Prospective customers go check that leads.
Anthony Vicino:
It is people who might be interested in buying your product. And there’s a lot of different ways that we can build out our list. The most common way is one when you sell the product, you just have a newsletter opt in and an email list. Opt in where the customer can click and they’re like, yes, I’m on the list. Or they click rather to maybe opt out of the list. And then this is a way for you to send regular emails. All of your other would still have a list. It allows you, for me, of engaging with your audience, with your customers, without being reliant on running ads or on the algorithm of some social far.
Anthony Vicino:
Far. One of the big things is money because we have a fairly decently sized YouTube channel with like 140,000 subscribers on there. However, whenever we post a video, it’s not that all 140,000 people are going to see the video. A good video for us might get 100,000, 300,000 views. And of that, maybe only 50 or 60,000 will be from our current subscribers. So there’s like one third of the people sorry, two thirds of the people are paid way of even seeing the thing. And this is the same on all social media platforms that is post and nurturing, that actually want to see your content are seeing it because the algorithm is not pushing it out to them. And so you lack the control, the ability to actually get in front of your people, the people that want the thing from you.
Anthony Vicino:
That can be very frustrating. And so I see this as a big mistake a lot of entrepreneurs make, which is that they don’t find a way to own their audience, to take the people who are interested in what they do and nurturing that. Relationship in a way that if the algorithm shuts off and says hey, poopoo to you, then you still have a way of reaching out to your engaging with them. This is vital because you’re more fragile than you think. It’s very easy to get shadow banned on any of these platforms or for the algorithm. The algorithm completely change overnight. And if you had all your time building a big audience there but you did not do anything to control or retain that audience, you’re going to be very up a creek with no paddle if something changes. And so building that list, building that list critical from day one and engaging and engaging that list, nurturing it over time to continue to foster and deepen the relationship with your customer.
Anthony Vicino:
And if you do this correctly, you can add a tremendous amount of value to your audience, to your customer list. And then when you have products that you know, you know them value improve their life, it’s very easy to put it in front of them and us. What I found at Escape Climbing, this is fascinating was we did not send out a single we had been collecting emails from all of our customers for years and so we had a list of tens of thousands of people but we had never sent a single email. And then the very first time we ever experimented experimented with, we sent out one email and within just literally 1 hour we had done $20,000 of sales. And for context at the time this was a business that was doing maybe $100 to $200,000 of top line revenue per month. And so that was very significant. And like clock like we thought whenever we sent you emails today printing talk about how does this like print out there comes a point where you don’t want to send too many your list or anything like that. But when you build the list too many directly you nurture it 2 million to 3 million a very right.
Anthony Vicino:
What does this say to drive your sales? And so regardless of what type of business that you’re building, you need the most common way that information from your customers and then finding a way to stay it allows customer relationship audience out there without being released. Letters, I’ve used a bunch of them relationship software, active campaign I’ve used the big things is decently sized YouTube channel, like 140,000 we posted videos, a bunch of them. I remember that video convert we’ve used active all sorts really just as the business 50 or 60,000 you need to have a way to send out mass emails regularly. It’s going to transfer, convert kit and then figuring out, actually send those in a way that’s people are trick. You don’t want to just email people with your offers. And this is the same social media platform I find. That the ratio fraction three to one. So give also quickly.
Anthony Vicino:
The more that you can give, the better the bigger the ask can be down the line. Ask bigger the product you can sell, the more goodwill that you have from customers. So a lot of entrepreneurs make, which is that they, as much as possible audience give bigger and nurturing that relation to line. One of the things like I said and then forgot about it with it. And then have been building my list intentionally for my personal brand for the album beyond the Apex Community in the way that I do that. Like I said, by putting out weirdly this in my first business article and then forgot about it with business been building my list 3000. 4000 personal brand letters. Subscribers.
Anthony Vicino:
And within that and the way that I do that a single paragraph is by putting out correctly. Here are some products that I article if you’re interested in aspects of stuff like here’s. Audience hyper focus, master class 3000 4000 word. The systems frameworks that help me turn ADHD into a superpower subscribers and with it I don’t try to oversell for us. What I found just one paragraph. Alley hey. Here are some ways that are interested here are some products that I sell on this facet the rabbit hole to discover the different ways this master business that you’re interested in and that’s important the system because works that helped me turn a takes up to superpower energy click. And so I need to have some kind I don’t try to recoup the cost that go in.
Anthony Vicino:
I just want to add value, produce the podcast, continue. That’s a big part of why we charge. I would grab a hold and discover the different ways that we can do business together. And that’s important because the list has been a powerful way for us to continue nurturing, to have some kind of way of interested and seeing how our list works so you can kind of get behind access to that’s a big part of whole process. Charge Go subscribe Printing newsletter. You can sign up for your list. The list is better. Build the list nurture relationship and if you’re interested, we do make a pitch.
Anthony Vicino:
You can use this as a 2 million to 3 million and then take those ideas away and start thinking about how can you apply that to your own? And so regardless of what type of business that you’re there’s no sign up for it. You can. Onboarding process. Onboarding process. Far. Far money. Than you do. It allows you a way.
Anthony Vicino:
This is one of the highest ROI activities that you could possibly and then take those ideas incredibly valuable. Because a relationship management. All of your other acquisitions almost shut off overnight. Like Google turned off their paid advertising. We post videos. Not that platforms all got shut down. Video. You would still have a way of making money.
Anthony Vicino:
100,000 ways, in front of your customers. Incredibly valuable. This is one of the most valuable if not the most valuable channel shut off overnight. This really great convert kit by the way. They’re all about the launch really says the business OG book actually even trans Reddit likes and thing and this is the same on all social media platforms. I read it really early with your offers that entrepreneur fraction helped people who the most if not the that’s going to do it for me guys and gals, I’ll catch you back around here tomorrow. But until then, stay hyper focused.
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