Still Waiting 3 Days to Quote? Your Customers Are Buying Elsewhere

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74% of businesses that get an estimate from a home service business accept the first quote they receive.
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Within 60 seconds, I am calling the customer.
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They're not talking to anyone else.
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The cheapest way to double your close ratio, if it's a matter of increasing your storage limits or increasing how fast you respond to someone, it's a no-brainer, right?
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So like whether it be $20 extra on Google so I can get the images to the customer, okay, okay, great.
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If it is a matter of hiring someone and the only job they have is to pick up the phone the minute, like within 60 seconds of a lead hitting you, you are calling the customer, you know how much value that added to the value equation?
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Time of delay just sunk to nothing.
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Meanwhile they're waiting for three days for one of your competitors to, guess what they can't say?
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You're expensive.
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Because if you then want to quote, they can't say those words.
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So if you want to beat out the competition and not have people say you're too expensive, beat out the competition in terms of time to the consumer.
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When you're getting one to three leads a day, folks, I highly recommend
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This should be notifications.
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This should be dinging in your pocket.
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This should be you stopping whatever you're doing and calling that person immediately.
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And in the moment when you send the quote, the minute you click send, you're calling them, hey, I just sent it over.
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Let's go through it together.
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Get this, folks.
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Hear this.
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74%.
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of businesses that get an estimate from a home service business except the first quote they receive.
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So speed to lead, the reason that is, the reason that it's like, oh, I know it's important.
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It's all about the value equation.
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You reduce the time of delay.
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And so if they're gonna take three days to get a quote from someone else, but in the first day you called them within a minute of them publishing a submit form, and then 10 minutes later you sent them a quote and called them again,
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and gave them the price, and made sure all questions were answered, you went over objections and sold the job and got a deposit, they're not talking to anyone else.
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And you know they don't have anyone to say that you're too expensive.
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What are you comparing that to?
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So I think if I was in this room, and I was getting one, two, three leads a day, if I was getting less than five leads a day, this is what I'd be doing.
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All right, I would be 60 seconds.
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Shot clock.
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Within 60 seconds, I am calling the customer.
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Why am I calling them?
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I am simply saying, I got your information.
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I want to confirm a couple things.
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There's always a few things you might need to ask about their backyard, I'm assuming, right?
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If the form comes in, yes, you can sometimes do it via just Google, but is there usually a few clarifying questions?
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Is it this or it's this?
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Yeah.
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Usually a few clarifying questions.
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So they just click submit.
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They're on your website.
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Call them immediately.
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So again, when it comes to constraints in the 4L framework, I'm always trying to reduce time.
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So for example, if your constraint was finding laborers, I do the same thing with Indeed.
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They click apply to work for me, and they're immediately getting a phone call.
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Because I'm setting up notifications to ding me and ring on my phone, and immediately I will call them.
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Because if they just went through apply, apply, apply, apply, apply, and they hit mine, I'm going to call them right away and get them for an interview right away.
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Can you come over to the office now?
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If that's your constraint.
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So if your constraint is leads, you're only getting three, four, five a day, text, when they come in, you're gonna call them within 60 seconds, all right?
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You're gonna make some clarifying things, et cetera.
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And then you can ask them, hey, would you like to go ahead and get that all set up right now?
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Or would you like me to send you a text message and I'll give you a call when it's done?
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They might just be ready to go.
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Well, that's pretty amazing.
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I just call like some of the six, let's just do it now.
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Great, we'll go through the whole close process.
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Okay, what if they don't accept?
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I'm gonna set up an in-person meeting.
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That's a little expensive.
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You know what, Mr. Jones, a lot of people say that.
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And once I get in person and show you the real quality of this product and just what this brand can do for you, almost everyone that has said no to me has always said yes.
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So why don't we set up an appointment tomorrow?
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Also, if they say yes, great, you booked the job and let's rock and roll.
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And then if they're like, oh yeah, I'm busy right now, I appreciate it, but I'm literally in the bathroom, just submitted the form, can you just text it to me?
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He said, no problem, I'll get back to you right away.
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You do your thing, 10 minutes later, hey, Mr. Jones, we got that bid.
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And the exact same process.
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That shows that you are adding value to the equation because you're reducing the time of delay.
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Okay?
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So as much as I know people will say price, it is never price.
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It's your value is too low.
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Because as long as value is higher than price, the transaction will still go through.
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We get them at all times of the evening.
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You can talk to the HR department and the CEO of the company and see what time you can answer on.
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Eight o'clock.
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There it is.
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Anything before eight o'clock, immediately.
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After eight o'clock, next morning.
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There you go.
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Maybe the CEO will take those calls.
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Yeah.
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I'm going to call this super high.
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I'm going to call this to the Philippines.
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It's that Filipino voice inside of you there, Eric.
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Anything he's on the inside of the world.
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It's very good pointing.
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Cool.
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All right.
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We have a 60-second lead shot clock.
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That means the moment you get that, if in your inbox, it doesn't say the next minute you called them, they're system failure.
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So if that means ringing, if that means having somebody that you hire and say, I will pay you $100 a day.
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But every time that phone rings or a lead comes in, you answer it immediately.
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Every time, I don't care if it's 2 in the morning, you answer that phone call.
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Okay?
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There are people that, like, we do this for our gym because the same way, like, people will just buy as long as we can get them on the phone.
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And so we just have a backup.
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I pay them $6 a minute to answer the phone.
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$6 a minute.
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Okay?
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You know what's crazy?
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It's 50% of people that call, I can close them right around the phone.
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So if I miss a call, I'm actually losing about $400.
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And usually those calls are two to three minutes.
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So like if you did the math on what it's actually costing you to not call someone within 60 seconds, you do that in a heartbeat, right?
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If you can get an answering service to get calls that you can't get to, if you can hire someone to get those leads and just contact the customer, that alone will increase your close ratio.
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I like it.
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I really like it if you're getting like 10 or 20 or 30 estimates a day.
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If you're getting one to three, we can take a few minutes and call people.
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All right.
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So 60 second shot clock.
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And then when we send a quote, so sent quote, we're always, always, always sending that text and email.
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There's never a world in which you send one.
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Because a text message, if it is a landline, will not go through.
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And there are many times that people are on do not disturb lists, et cetera, that they can get blocked from those, so you might not get it.
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Get them an email.
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Email's only going to open up about 30% to 40% of the time.
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So I do need the text too.
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But send them both.
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You got it in the form, right?
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You already have it in the phone?
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Yeah, send a vote.
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To send quote, always text an email.
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And then I'm going to call again within 60 seconds.
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Most of the time if you do this, the customer has not received the quote yet.
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It'll take it longer than one minute to get inside their inbox.
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And so you usually have a minute or two just to talk to them.
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And that's great.
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Because you're like, hey, Mr. Jones, I just sent you over the quote.
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Open up your email.
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We'll go through it right now.
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And they're like, let me see here.
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I don't see it in here yet.
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OK, well, why it's coming over, I just wanted to say thank you, talk to you about the brand.
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You have a captive audience for about 60 seconds.
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Why the value of the brand?
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You're pumping in all sorts of extra value here.
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By the way, we have a spot available next Thursday.
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I'd love to get you on it.
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Let's go over the quote, and we'll get you set up.
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OK, so this is like basic 101, but you will increase your close ratio.
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If you're at 40%, you'll go to 50% just by doing these two things.
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Easy, like easy money.
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And whenever you increase close ratio, you're inherently reducing your customer acquisition costs, which makes it easier to get more leads.
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So we'll talk more about that later.
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The what?
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Warm, gushy brand?
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Yeah.
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Yeah, I would bake that into how did you hear about us?
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So hey, how did you hear about us?
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Did you hear about us from X, Y, and Z?
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And you throw that in.
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And then they say, oh no, I heard it from Bellybob.
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But I just slid in a promo.
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Exactly.
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Did you hear exactly what you just said?
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That and also if there's local things in their area that just happened, and you have the news, you literally say, hey, was it because of this?
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And they're like, you just put all sorts of
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Great value in there.
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Exactly.
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Yeah, 100%.
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That's literally our line that we use once we got into the Franchise 500 or whatever.
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It's like, did you see us in the rankings, or did you hear about us on YouTube?
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What's the rankings thing?
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And then you guys have the opportunity to tell them about everything that Lifesaver does.
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Cool.
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And they'll only ask you if they see value in that.
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Instead of it coming across promotional, it's just simply like, where did you hear about us?
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And that's a great slot.
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That 60 seconds when the email is still somewhere in the universe getting to them, you can ask them that right there.
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All right, this is the 60-second shot clock, but what we've got to go back to is the follow-up process.
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So now we've done both of these things.
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We called the person immediately when we got the lead.
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We called them when they got the quote.
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Most of the time, that's going to go to voicemail.
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So what are we going to have to do?
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We're going to have to have an estimate follow-up process.
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Now, this process is going to be called the 10 days.
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I want everyone to write out day 1 through 10.
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I'm not going to write all 10.
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Maybe I will.
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Day 4.
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Day five, six, seven, eight, nine.
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All right.
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So all of this is going to be automated, but not all of this will be automated.
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I will explain.
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So we need to get a process of?
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Follow up with the customer once they have ghosted us.
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80% of quotes at Augusta Lawn Care are accepted within the first three days.
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So if it goes cold past three days, the likelihood of them closing is extremely low.
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So if you're waiting till day seven, eight, nine, 10, two weeks to call somebody and follow up on the quote,
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You're not getting any.
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That's why you don't think follow up works.
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It's because in the first three days of your quote being sent to the customer is, for Gust I can only report on us, 80% of customers within the first three days of getting the quote.
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So I am going to, on day one, I'm going to call, I'm going to text, I'm going to email.
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Like that's gonna be too much.
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No, no, no.
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30 to 40% of people will get this.
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Almost all of them will get this, 99%.
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And about 50% will answer your phone call.
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So most people will get your text message.
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But between the other two forms of communication, you might hit them one more time.
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They're like, oh, you're harassing them.
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I am, until you say yes or no, I am harassing you.
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And if someone's like, man, you're calling me a lot.
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It's like, yeah, I believe in this product.
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I think it's a really good thing for you and your family to invest in.
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Day two, what are we doing?
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All right, I won't make you call them again.
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We'll do a text.
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They're running a call, we're gonna do an email.
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Say, well, you said this is automated.
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What does that mean?
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These calls are emails to you telling you what to do.
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Because you're not going to automate the call.
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What you're going to do in your automations, I'm assuming you can do this, is email yourself the information about the customer, their phone number, etc.
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You don't need to go into the CRM to give them a phone call.
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You're going to get an email that says, Today is day one of follow-up from Mr. Jones.
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Here's a link to his estimate.
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Here's his phone number.
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Here's his address.
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Boom.
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I'm calling them.
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So that email goes to you or text message, either way, call or text, or email or text reminding you to call the customer via phone.
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And now this should occur for every single day of 10 days.
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It's on day 10, we mark this as close.
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I close out the estimate, it is done.
229
00:11:32.422 --> 00:11:34.845
The likely of someone accepting 10 days after is low.
230
00:11:35.631 --> 00:11:37.694
Now, will I allow someone to accept an estimate?
231
00:11:37.714 --> 00:11:42.460
Because yes, there are times that randomly someone will answer me and 28 days later accept the estimate.
232
00:11:42.480 --> 00:11:42.720
Yes.
233
00:11:43.581 --> 00:11:46.765
But if they do that, I have not done my job in the first 10 days.
234
00:11:47.426 --> 00:11:51.571
If you do this for 10 days, no one's accepting this in four weeks from now.
235
00:11:52.331 --> 00:12:00.276
Now, before I close this out, one of my last phone calls is going to look along the lines of something like, hey, Mr. Jones, tomorrow the bid expires.
236
00:12:00.796 --> 00:12:05.359
I do need an answer on this today, so I will text you and please respond ASAP.
237
00:12:06.219 --> 00:12:07.640
It is telling them it is expiring.
238
00:12:07.680 --> 00:12:08.440
This thing is done.
239
00:12:08.480 --> 00:12:09.081
This is over.
240
00:12:09.101 --> 00:12:10.141
You need to make a decision.
241
00:12:10.161 --> 00:12:11.882
And if you don't hear from them, it's closed.
242
00:12:12.062 --> 00:12:13.223
But I have not done my job.
243
00:12:13.323 --> 00:12:15.424
I have not heard from them at some point throughout this period.
244
00:12:15.745 --> 00:12:19.407
Now, this shouldn't even be happening, let's all be honest, if we're doing in-person quotes.
245
00:12:20.167 --> 00:12:20.908
This shouldn't be happening.
246
00:12:21.509 --> 00:12:25.413
We should be leaving with a yes or no from the job site, from the customer's house.
247
00:12:25.873 --> 00:12:36.145
And to say that we allow customers to think about it means we either A, not prepped them for the meeting, or B, we have not sat in an uncomfortable place and answered all their questions and objections.
248
00:12:36.605 --> 00:12:40.489
Prepping for the meeting could potentially mean making sure their spouse is always there.
249
00:12:41.170 --> 00:12:45.533
Because if that is their excuse they're using against you to think about it, smoke it out.
250
00:12:45.654 --> 00:12:47.795
Hey, we require all decision makers are there.
251
00:12:48.175 --> 00:12:56.382
We do this in order to make sure we go through our protocol of showing you how this is gonna actually apply to your property to make sure your safety of the pool is at its highest point.
252
00:12:56.922 --> 00:12:57.463
Make it up.
253
00:12:58.103 --> 00:12:59.324
You need both decision makers there.
254
00:12:59.384 --> 00:13:05.849
So when it comes to any marketing funnel, the objective is that we get paying customers as the bottom of the funnel.
255
00:13:06.670 --> 00:13:09.292
But what we can do is we can track the cost per click.
256
00:13:10.766 --> 00:13:15.650
and that's how much I'm gonna have to pay to get someone to click into the top of the funnel, come to my website, et cetera.
257
00:13:16.350 --> 00:13:20.814
Usually pretty easy to track your cost per click, Facebook, Google, et cetera.
258
00:13:21.775 --> 00:13:23.316
And this is just at the top of the funnel.
259
00:13:23.336 --> 00:13:26.618
So clicks come into my website, they're now aware of who I am.
260
00:13:27.219 --> 00:13:30.101
I can usually approximate that pretty easily.
261
00:13:30.281 --> 00:13:30.902
I'm just gonna call it $1.
262
00:13:32.133 --> 00:13:35.256
Now, I don't really care about clicks to my site.
263
00:13:35.376 --> 00:13:36.697
I need paying customers.
264
00:13:37.178 --> 00:13:38.619
I do not really care about clicks.
265
00:13:39.340 --> 00:13:44.425
So some percentage of those people are gonna convert from a click into a lead.
266
00:13:44.445 --> 00:13:47.428
This would be our cost per lead.
267
00:13:48.269 --> 00:13:51.271
Now, what percent convert is my conversion ratio.
268
00:13:51.672 --> 00:13:53.414
So over here, I have my conversion ratio.
269
00:13:53.454 --> 00:13:54.194
Conversion.
270
00:13:55.198 --> 00:13:55.658
ratio.
271
00:13:56.139 --> 00:13:58.220
And let's just say that's like one out of 50.
272
00:13:58.780 --> 00:14:03.843
So if I have a $1 cost per click, and one out of 50 convert, i.e.
273
00:14:04.063 --> 00:14:12.048
become a lead by calling me, sending me an email, filling out an S-request form, or some way, shape, or form, what's my cost per lead?
274
00:14:13.128 --> 00:14:13.348
$50.
275
00:14:14.129 --> 00:14:15.690
But again, I can't pay my bills with leads.
276
00:14:16.450 --> 00:14:17.691
I want paying customers.
277
00:14:18.431 --> 00:14:20.212
So the next thing is there's another filter.
278
00:14:20.232 --> 00:14:21.473
This is the filter of conversion.
279
00:14:21.973 --> 00:14:24.255
This filter, though, is our close rate.
280
00:14:25.083 --> 00:14:28.265
That's what percentage of my leads do I actually close?
281
00:14:28.285 --> 00:14:32.607
All right, let's assume for a moment, just for the sake of math, that's 50%.
282
00:14:33.267 --> 00:14:38.710
In other words, 50% of the people that ask for a quote, I end up getting them sold.
283
00:14:39.511 --> 00:14:42.973
What would my, over here, customer acquisition cost be?
284
00:14:42.993 --> 00:14:44.273
$100.
285
00:14:44.573 --> 00:14:44.694
$100.
286
00:14:49.853 --> 00:14:50.914
Paid social media ads.
287
00:14:51.114 --> 00:14:52.314
So Facebook, Instagram, all that.
288
00:14:52.474 --> 00:14:53.155
Okay, cool.
289
00:14:53.855 --> 00:14:58.037
And what is that, is that like a flat fee monthly plus?
290
00:14:58.057 --> 00:14:58.598
So how does that work?
291
00:14:59.498 --> 00:15:01.900
So what's the fee and then the budget is just whatever.
292
00:15:02.760 --> 00:15:03.620
And what's the fee per month?
293
00:15:03.640 --> 00:15:03.660
.
294
00:15:10.680 --> 00:15:10.980
Got it.
295
00:15:11.060 --> 00:15:13.381
So around $1,100, $1,200 for management fees.
296
00:15:13.401 --> 00:15:14.601
OK. All right.
297
00:15:14.621 --> 00:15:15.681
Good to know.
298
00:15:16.461 --> 00:15:21.542
So I would roll that cost into my customer acquisition cost, by the way, any sort of management.
299
00:15:22.462 --> 00:15:31.244
So if this is $100, and I get $30 in the month, I would take my $1,200 of management fee and bake that into my customer acquisition cost.
300
00:15:31.584 --> 00:15:33.884
So an extra $10 or whatever it is, $100.
301
00:15:34.284 --> 00:15:35.245
So cool.
302
00:15:36.165 --> 00:15:36.825
This is important.
303
00:15:37.683 --> 00:15:41.788
I don't care about clicks, I don't care about leads, I only care about my customer acquisition cost.
304
00:15:42.409 --> 00:15:45.893
The reason is, is because if I know my customer acquisition cost,
305
00:15:49.894 --> 00:15:55.656
and I know this other number called my lifetime value of a customer, I then have a machine to make money with.
306
00:15:56.396 --> 00:15:58.657
If we don't know those two numbers, we are flying blind.
307
00:15:59.457 --> 00:16:12.402
Because if I know how much my customer acquisition cost is, which is how much do I have to spend to get someone through my marketing funnel, once they're down here, I have another funnel, and that is the lifespan of that customer in my business.
308
00:16:13.353 --> 00:16:20.718
Now, if I'm only going to sell them one fence, and that's $3,000, then the lifetime value of that customer would be $3,000.
309
00:16:20.978 --> 00:16:28.043
Now, if I could spend... Whoa, Michael.
310
00:16:29.424 --> 00:16:41.972
If I could spend $100 customer acquisition cost, hypothetical, and every single day of the week get a customer that gives me $3,000 in lifetime value, good deal, all right?
311
00:16:43.293 --> 00:16:49.657
Now, would I be willing to spend $600 or $700 customer acquisition costs to get $3,000 lifetime value?
312
00:16:50.858 --> 00:16:51.478
Maybe not.
313
00:16:52.399 --> 00:16:59.363
I don't really like spending 30 or 40% of my total revenue that a customer is gonna give me on advertising and getting the customer.
314
00:17:00.023 --> 00:17:00.724
Here's what's crazy.
315
00:17:01.584 --> 00:17:02.045
Let's do this.
316
00:17:03.020 --> 00:17:06.183
Let's say you stink at getting follow-up to the customer.
317
00:17:06.904 --> 00:17:10.528
You stink at getting back to them, getting them in a fast manner.
318
00:17:10.708 --> 00:17:12.189
You don't answer your phone within 60 seconds.
319
00:17:12.210 --> 00:17:13.531
You don't follow up with text and email.
320
00:17:14.091 --> 00:17:14.752
Who knows where?
321
00:17:14.792 --> 00:17:15.733
They ghost you all the time.
322
00:17:16.073 --> 00:17:16.274
All right.
323
00:17:16.734 --> 00:17:18.376
Let's just take this close rate.
324
00:17:19.257 --> 00:17:19.497
All right.
325
00:17:20.384 --> 00:17:22.886
down to, let's call it like 14%.
326
00:17:24.127 --> 00:17:31.093
If you run the math on this with the exact same cost per lead, this customer acquisition cost is gonna go to about $300.
327
00:17:31.113 --> 00:17:38.980
This is why I mentioned earlier when I said increasing your close ratio decreases your customer acquisition cost.
328
00:17:39.640 --> 00:17:40.581
You can watch what happens.
329
00:17:40.881 --> 00:17:43.784
If I take my close ratio, I had close 80%,
330
00:17:45.625 --> 00:17:50.529
Now all of a sudden, my cost, customer acquisition cost, is something around $60.
331
00:17:50.969 --> 00:17:51.709
Something right around that.
332
00:17:52.390 --> 00:17:56.953
So the difference between someone who paid $300 per customer and someone else who paid 20% of that
333
00:17:58.741 --> 00:17:59.902
is simply their close ratio.
334
00:18:00.622 --> 00:18:04.045
So who do you think is gonna be able to spend more liquidity and get more leads?
335
00:18:04.225 --> 00:18:06.886
It's the person that has a lower customer acquisition cost.
336
00:18:06.906 --> 00:18:07.907
But why do they have that?
337
00:18:08.127 --> 00:18:09.548
They have the higher close ratio.
338
00:18:10.169 --> 00:18:18.834
All right, so this is why, again, the follow-up process, getting to the customer fast, increasing the close ratio, now allows you to make sense of spending more money on the business.
339
00:18:19.655 --> 00:18:21.236
And the only reason we care about that
340
00:18:26.658 --> 00:18:29.079
I've made the, whoa, sorry, cough drop.
341
00:18:29.799 --> 00:18:35.961
Because I've made this machine called Lifesaver that if I put $100 in, I'll get $3,000 out.
342
00:18:36.761 --> 00:18:38.001
That is the whole aspect of it.
343
00:18:38.021 --> 00:18:39.482
I don't care what this is called.
344
00:18:40.122 --> 00:18:44.863
This is just business and we are adding value to be able to extract this money from the customer.
345
00:18:45.583 --> 00:18:47.444
Any business is simply this funnel.
346
00:18:47.804 --> 00:18:54.226
I acquire a customer for a certain dollar amount and I get over the course of their lifetime a certain dollar amount from them.
347
00:18:54.982 --> 00:18:55.822
This is a money machine.
348
00:18:56.363 --> 00:19:01.725
And if I know these numbers, I can keep pumping money in the top, knowing what this number will be on the other side.
349
00:19:02.566 --> 00:19:07.468
So we've gone over the impact of close rate, our close ratio on our customer acquisition cost.
350
00:19:07.748 --> 00:19:09.309
That's the top of this funnel.
351
00:19:10.189 --> 00:19:13.731
What I have to spend to get a customer into my business.
352
00:19:14.611 --> 00:19:17.613
If I look at this like a machine, it's money in and money out.
353
00:19:18.013 --> 00:19:22.235
It's the only two numbers I need to know, is how much money do I have to put in for what return?
354
00:19:23.039 --> 00:19:29.822
So we talked about how customer acquisition costs comes into play and we're gonna talk about how to make an ad that will decrease your customer acquisition costs.
355
00:19:30.583 --> 00:19:33.384
Let's talk about lifetime value because this is the lowest hanging fruit.
356
00:19:33.924 --> 00:19:46.070
Because if you could theoretically, instead of this person giving you $3,000, if the value of this customer was instead $8,000, would you be willing to pay a lot more for customer acquisition costs?
357
00:19:46.230 --> 00:19:50.072
Yes, because you nearly tripled the lifetime value.
358
00:19:50.992 --> 00:20:01.121
And so this is when we talk about things like upselling lights, upselling pool covers, upselling the swim lessons and the baby proofing.
359
00:20:01.561 --> 00:20:04.283
All of that is an effort to increase your lifetime value.
360
00:20:05.144 --> 00:20:08.167
Because if you increase this number, this machine gets more efficient.
361
00:20:08.987 --> 00:20:14.873
By the way, if you ever were to sell your business, the major thing that will determine your valuation is...
362
00:20:15.897 --> 00:20:22.223
is how good of a machine you have built is determined by how much money do I put in and when I put that in, what do I get on the other side?
363
00:20:22.243 --> 00:20:27.088
Okay, this is why private equity firms, when they go into a business, grow so fast.
364
00:20:27.328 --> 00:20:28.730
It's gonna just be like, okay, great.
365
00:20:28.750 --> 00:20:30.792
We're willing to spend a lot more money.
366
00:20:31.642 --> 00:20:34.344
Yep, we're willing to take it on an $8,000 customer, great.
367
00:20:34.664 --> 00:20:43.390
We'll spend $1,000 and we'll just completely take out the market because no one else will be willing to spend that and we know that we can make $8,000 on that and we're okay with that.
368
00:20:44.051 --> 00:20:57.180
So by increasing our lifetime value, upselling the customer, selling them more products, selling them more stuff, and then decreasing my customer acquisition costs because I know what I'm doing when it comes to marketing, I'm able to create a more efficient business machine.
369
00:20:57.984 --> 00:21:04.668
By creating a more efficient business machine, I am able to increase my cash flow so I don't have negative cash flow like we talked about earlier.
370
00:21:05.569 --> 00:21:10.612
I'm able to expand, because now I have liquidity available to keep pumping money into this.
371
00:21:10.912 --> 00:21:12.933
Because a fast growing business simply does this.
372
00:21:13.774 --> 00:21:21.319
Takes free cash flow, dumps it into customer acquisition costs, and this cycle just keeps going and going as they grow the business, until they hit a constraint in the 4L framework.
373
00:21:21.959 --> 00:21:24.100
So if right now you're like, man, I'm just not getting enough leads.
374
00:21:24.721 --> 00:21:31.145
OK, well then maybe we got to focus on how do we get more people in the top of clicking.
375
00:21:31.505 --> 00:21:32.606
We need more people up top here.
376
00:21:33.486 --> 00:21:36.889
Maybe I got leads, but I only got like a 20, 25% close rate.
377
00:21:36.949 --> 00:21:38.470
OK, well maybe that's the constraint.
378
00:21:39.050 --> 00:21:46.155
And as that lead flows down through the marketing funnel, and now they're a customer, I've got to figure out how do I improve the value of that customer?
379
00:21:46.176 --> 00:21:50.099
Because right now, if you're paying $300 for a new customer, let's just make that number up.
380
00:21:50.359 --> 00:21:52.500
Like that's crazy on a $2,500 fence.
381
00:21:52.520 --> 00:21:53.961
I don't want to do that.
382
00:21:54.142 --> 00:21:54.762
I agree with you.
383
00:21:55.162 --> 00:21:59.326
But if that same customer was worth $10,000, you would spend that all day long.
384
00:22:00.155 --> 00:22:15.043
And so instead of trying to always squeeze our customer acquisition costs and figure out how little we can spend on marketing, what we want to focus on is how can I improve the lifetime value of the customer so much to the extent that I would be crazy not to put money here instead of the stock market.
385
00:22:15.063 --> 00:22:18.945
Because right now, on this horrible number, I'm getting an 8x.
386
00:22:18.985 --> 00:22:22.947
This is what ROAS, Return on Ad Spend.
387
00:22:23.500 --> 00:22:34.368
Okay, if I can get an 8X on my money, why in the world would I go get an 8%, that's 0.08 compared to 8X, percent on my money in the stock market.
388
00:22:34.988 --> 00:22:37.350
Okay, this is the investment vehicle of your business.
389
00:22:37.790 --> 00:22:43.935
And if you start looking at your business much more like a machine, which is money in, money out, that's all I care about, you treat your business very differently.
390
00:22:44.631 --> 00:22:52.676
The trucks, the equipment, the training, the skills, your employees, all of that is just the systems that make up the machine that make these numbers possible.
391
00:22:52.836 --> 00:22:54.317
And that's it, right?
392
00:22:54.837 --> 00:22:57.859
There's all the operations, all the admin, all the stuff that's gotta get done.
393
00:22:58.219 --> 00:23:00.300
But all we really care about is money in, money out.
394
00:23:01.081 --> 00:23:01.641
There's your machine.
395
00:23:02.201 --> 00:23:02.601
Make sense?
396
00:23:03.502 --> 00:23:03.962
Very cool.
397
00:23:04.723 --> 00:23:07.204
All right, now, none of you, do none of you run ads right now?
398
00:23:07.304 --> 00:23:08.025
Like on your own?
399
00:23:08.145 --> 00:23:08.445
No one.
400
00:23:10.352 --> 00:23:14.614
Okay, I would have to assess the current ad then.
401
00:23:15.314 --> 00:23:17.975
But hopefully this is helpful nonetheless.
402
00:23:19.055 --> 00:23:21.236
And maybe, that's fine.
403
00:23:21.856 --> 00:23:22.216
That's cool.
404
00:23:22.356 --> 00:23:28.618
Because even if you have someone else running your ads, does anyone here make videos for social media at all?
405
00:23:29.459 --> 00:23:30.259
Okay, all right.
406
00:23:31.119 --> 00:23:32.020
Okay, cool, all right.
407
00:23:33.953 --> 00:23:36.074
Let me take it in a different direction, and we'll come back to another thing.
408
00:23:36.154 --> 00:23:38.795
All right, I'm going to go over something I have never shared with anyone else.
409
00:23:39.235 --> 00:23:39.955
Give me one second.
410
00:23:40.976 --> 00:23:41.956
Rrr, rrr, rrr.
411
00:23:42.836 --> 00:23:44.477
OK, if I can find it.
412
00:23:45.297 --> 00:23:46.137
Rrr, rrr, rrr.
413
00:23:46.658 --> 00:23:46.978
There it is.
414
00:23:47.058 --> 00:23:51.820
OK. No one, no, Brianna has not seen this.
415
00:23:51.900 --> 00:23:52.560
No one has seen this.
416
00:23:52.840 --> 00:23:54.581
This is going to be in my next book for always.
417
00:23:55.061 --> 00:23:58.882
OK, we have different types of where leads come from.
418
00:23:59.802 --> 00:24:01.103
We have intent-based.
419
00:24:02.664 --> 00:24:03.866
We have interruptive.
420
00:24:04.828 --> 00:24:11.238
And I would also say, if you don't run your own ads, I think you are crazy not to understand how they work.
421
00:24:11.318 --> 00:24:16.927
I think it's absolute insanity for you as a business owner to relegate.
422
00:24:18.422 --> 00:24:24.765
this number to somebody else and not know at least how to measure their performance.
423
00:24:24.825 --> 00:24:25.506
I think it's crazy.
424
00:24:25.806 --> 00:24:26.466
Absolutely insane.
425
00:24:27.387 --> 00:24:39.032
So if you're just paying someone blindly for marketing and you have no idea what they're doing, you have no idea what the customer acquisition cost is, you have no idea what the cost per click is, that should be a massive red flag.
426
00:24:39.052 --> 00:24:43.815
Because you literally have relegated the most important number in your business, which is money in.
427
00:24:44.772 --> 00:24:53.376
You can determine money out, and I would agree, that is something we can all control, and we should gas it for all it's worth and get more lights customers and upsell them, et cetera.
428
00:24:53.676 --> 00:25:01.020
But if we do not know at least how to measure the performance of someone running our ads, we are flying blind.
429
00:25:01.737 --> 00:25:05.158
Because if that number just goes down and you don't know why, what are you gonna do about it?
430
00:25:05.798 --> 00:25:08.719
What if your leads just fall off a cliff and you're just paying someone to do it?
431
00:25:09.600 --> 00:25:12.400
I highly recommend understanding how these ad platforms work.
432
00:25:12.420 --> 00:25:13.881
Okay, like how do I do that?
433
00:25:14.241 --> 00:25:17.242
Go into YouTube and search how to make a Facebook ad.
434
00:25:17.722 --> 00:25:18.782
Search how to make a YouTube ad.
435
00:25:19.063 --> 00:25:21.643
Search how Google ads work and understand it to some extent.
436
00:25:21.843 --> 00:25:26.165
You don't need to go run the ads, but understanding how to do it is very important.
437
00:25:26.685 --> 00:25:35.362
So when they give you a spreadsheet that has like customer acquisition costs and cost of acquisition and all these numbers, you actually understand some of how that report is supposed to look.
438
00:25:36.123 --> 00:25:36.404
All right.
439
00:25:36.925 --> 00:25:37.626
Highly recommend.
440
00:25:39.571 --> 00:25:43.494
When it comes to leads, intent-based, though, this is going to be something like a Google.
441
00:25:44.415 --> 00:25:47.838
People are going to Google, and they're searching for a certain specific thing.
442
00:25:48.358 --> 00:25:52.722
Does anyone here know what your most common keywords are for search, for pool fencing?
443
00:25:52.962 --> 00:25:53.602
Is it just pool fence?
444
00:25:54.263 --> 00:25:54.483
Great.
445
00:25:54.944 --> 00:25:55.404
Pool fence.
446
00:25:55.604 --> 00:25:56.965
They're looking for your product.
447
00:25:56.985 --> 00:25:58.547
They have intent to buy.
448
00:25:59.988 --> 00:26:04.712
Another way, most recently, it's starting to come up is LLMs, large language models.
449
00:26:04.752 --> 00:26:05.612
Think AI.
450
00:26:06.553 --> 00:26:08.895
People going on there like, how do I get a fence around?
451
00:26:08.995 --> 00:26:10.656
Like, I need to show up there.
452
00:26:11.137 --> 00:26:12.357
This is where I can get leads.
453
00:26:12.618 --> 00:26:13.158
Intent-based.
454
00:26:13.178 --> 00:26:14.959
They are looking to buy a pool fence.
455
00:26:15.280 --> 00:26:16.361
I should be getting in front of them.
456
00:26:17.041 --> 00:26:20.023
This is usually your highest converting leads because they're looking for your product.
457
00:26:20.544 --> 00:26:22.945
They're coming to Google, looking for a pool fence.
458
00:26:23.246 --> 00:26:24.246
We should be closing them.
459
00:26:24.807 --> 00:26:26.228
My favorite thing.
460
00:26:26.248 --> 00:26:26.628
Yeah, 100%.
461
00:26:26.688 --> 00:26:27.929
This is Jackie B.T.
462
00:26:28.169 --> 00:26:30.651
You asked Google, Siri.
463
00:26:30.671 --> 00:26:32.233
They all say buy a pool.
464
00:26:32.453 --> 00:26:35.295
I do it with my friends and family all the time.
465
00:26:36.047 --> 00:26:38.568
Hey, Google, the number one cool-fetch company in the world.
466
00:26:38.588 --> 00:26:41.809
That's honestly a great thing to be able to say, hey, go trust us, ads, chat, Google.
467
00:26:42.530 --> 00:26:45.931
Yeah, so if you're doing an in-house estimate, they have like a Google Home or Alexa.
468
00:26:46.571 --> 00:26:52.173
Like for me, whatever that is, I know you're fried in it.
469
00:26:52.413 --> 00:26:53.474
Yeah, that's been.
470
00:26:53.514 --> 00:26:54.634
They pay the ad.
471
00:26:55.094 --> 00:27:02.317
There are people that you can pay like $400 usually to get it validated, but it is a pain in the butt, especially if you're trying to validate an address.
472
00:27:02.457 --> 00:27:04.058
Mine's been deleted.
473
00:27:05.691 --> 00:27:10.796
Man, yeah, Google validation review.
474
00:27:13.259 --> 00:27:15.001
Someone's been searching the wrong product.
475
00:27:18.805 --> 00:27:19.105
Cool.
476
00:27:19.306 --> 00:27:23.750
All right, another intent-based thing that we can focus on is Google, but also Google reviews.
477
00:27:23.770 --> 00:27:24.331
Okay.
478
00:27:24.658 --> 00:27:26.480
So again, back to your Google listing.
479
00:27:27.141 --> 00:27:32.706
If you have an address verified on Google listing, you will rank higher versus if you just do service area.
480
00:27:33.387 --> 00:27:40.714
It's harder to validate your Google address, but if you have an address, a physical address that you can verify on your Google listing,
481
00:27:41.535 --> 00:27:45.376
you will rank better than if you just do service area.
482
00:27:45.576 --> 00:27:46.476
But that's not seen that way.
483
00:27:46.896 --> 00:27:47.136
It is.
484
00:27:47.156 --> 00:27:47.696
It is?
485
00:27:48.097 --> 00:27:48.277
Yep.
486
00:27:48.377 --> 00:27:55.878
So sometimes maybe you're not comfortable with your house or maybe sometimes houses don't get validated because you have to submit a video of it being validated.
487
00:27:56.679 --> 00:28:08.541
So for Augusta, we actually encourage people to literally go to an office space, give them some money to put your sign in their window and then have a mailbox there, pay them a hundred bucks a month or do their lawn for free.
488
00:28:08.881 --> 00:28:10.982
But I need to verify an address in my market.
489
00:28:11.582 --> 00:28:12.663
in your territory name.
490
00:28:13.444 --> 00:28:14.185
Very crucial.
491
00:28:14.905 --> 00:28:17.668
The reason is because it used to be Google My Business.
492
00:28:17.808 --> 00:28:19.910
That doesn't mean anything, you know, it's just Google listing.
493
00:28:21.152 --> 00:28:22.713
And it's just part of Google Maps.
494
00:28:23.434 --> 00:28:33.183
So if you show up on the map and in your market someone is searching Pool Fence and the name of your business is Pool Fence and your territory name, the likelihood of you showing up on the map is very high.
495
00:28:34.113 --> 00:28:36.374
And if you can show up in those rankings, it's free.
496
00:28:36.935 --> 00:28:37.855
This is an intent-based market.
497
00:28:37.875 --> 00:28:39.076
I'm not just paying for anything.
498
00:28:39.736 --> 00:28:40.257
Exactly, yeah.
499
00:28:40.277 --> 00:28:41.417
I don't have a wide view.
500
00:28:41.437 --> 00:28:41.678
Neither.
501
00:28:42.498 --> 00:28:43.259
It's a whole other topic.
502
00:28:43.379 --> 00:28:44.859
But getting those reviews is very important.
503
00:28:45.740 --> 00:28:53.905
If you live in your market, if someone else is doing pool fencing in your market, you need more Google reviews than them, period, full stop, every day of the week.
504
00:28:54.976 --> 00:29:06.354
If you need to incentivize your crew, if you need to incentivize your customer, if you need to do anything possible to get more reviews than your competitor, that one thing alone will drive more leads for you than anything.
505
00:29:07.478 --> 00:29:14.282
If you're not showing up right at the top of Google, it's simply because usually your listing is not being optimized.
506
00:29:14.842 --> 00:29:21.186
Go through your listing, make sure that it's not adding services randomly, make sure your address is information, your phone number is correct, et cetera.
507
00:29:21.466 --> 00:29:22.486
Do that on a regular basis.
508
00:29:22.586 --> 00:29:28.950
We recommend people do it on a monthly basis to go check your Google listing, make sure everything's updated, make sure it's not randomly closed,
509
00:29:29.746 --> 00:29:32.607
because someone clicked that it's closed and someone else verified it.
510
00:29:32.887 --> 00:29:35.148
You can literally get your competition shut down doing this.
511
00:29:35.488 --> 00:29:39.390
It's a couple people saying that this business is closed and Google will mark it and flag it as closed.
512
00:29:39.790 --> 00:29:46.132
So if you're the business owner, probably a good idea to make sure you go check it once a month and make sure stupid stuff like that is not happening.
513
00:29:47.842 --> 00:29:48.943
Yeah.
514
00:29:48.963 --> 00:29:54.590
A few of our competitors locally at my Augusta location just constantly tell Google that we don't mow grass.
515
00:29:55.251 --> 00:29:58.154
So we constantly just go in there like, no, yes, we are a longer provider.
516
00:29:58.214 --> 00:29:59.095
It says it in our name.
517
00:29:59.696 --> 00:30:01.338
But they'll just go in there like, oh, they don't do this.
518
00:30:01.358 --> 00:30:01.799
They don't do it.
519
00:30:01.879 --> 00:30:03.721
And just trying to get Google messed up.
520
00:30:04.673 --> 00:30:06.013
Uh, no, I don't.
521
00:30:06.813 --> 00:30:07.754
But I have my suspicions.
522
00:30:08.734 --> 00:30:11.154
Okay, so interruptive.
523
00:30:11.754 --> 00:30:14.815
This is what we most of the time think of when it comes to ads.
524
00:30:15.715 --> 00:30:17.955
And these are the ones that you actually didn't mean to see.
525
00:30:18.475 --> 00:30:21.416
You didn't go to Facebook hoping you'd see a pool fence ad.
526
00:30:23.076 --> 00:30:23.616
Besides Eric.
527
00:30:24.516 --> 00:30:29.717
But you do go to Facebook to see the cute picture of your grandkid and a cute puppy, et cetera.
528
00:30:30.157 --> 00:30:33.318
But I'm interrupting them with an ad to see pool fencing.
529
00:30:34.782 --> 00:30:39.123
OK. Other types of interruptive type things could be door hangers.
530
00:30:41.024 --> 00:30:41.864
Or door to door.
531
00:30:42.684 --> 00:30:47.005
Does everyone here do door hangers for the nine houses around the properties they're serving?
532
00:30:47.925 --> 00:30:48.126
Eight.
533
00:30:48.846 --> 00:30:49.286
OK, cool.
534
00:30:50.046 --> 00:30:51.066
So highly recommend.
535
00:30:51.386 --> 00:30:52.547
You are interrupting them.
536
00:30:52.567 --> 00:30:55.167
That's why there's regulation around it, because you are interrupting people.
537
00:30:55.207 --> 00:30:56.668
There's regulation on door to door.
538
00:30:56.948 --> 00:30:59.808
There's regulation around Facebook ads, because you are interrupting people.
539
00:31:00.489 --> 00:31:00.669
Cool.
540
00:31:01.369 --> 00:31:02.029
And not.
541
00:31:04.381 --> 00:31:05.404
But for the whole thing.
542
00:31:06.045 --> 00:31:07.549
Can you guys customize that door hanger?
543
00:31:07.890 --> 00:31:08.612
Or is that not allowed?
544
00:31:09.972 --> 00:31:12.033
OK. What's on that door here?
545
00:31:12.053 --> 00:31:13.894
It says your number.
546
00:31:13.914 --> 00:31:14.034
Cool.
547
00:31:14.534 --> 00:31:16.095
And then just your number and stuff?
548
00:31:16.875 --> 00:31:17.076
Cool.
549
00:31:17.396 --> 00:31:24.639
One thing you might want to think about is put a QR code on that and schedule directly to either CRM or Calendly or whatever.
550
00:31:25.320 --> 00:31:26.040
Set up an appointment.
551
00:31:28.121 --> 00:31:34.604
For your free in-home consultation, scan this QR code, and we'll give you the recommendations to make your pool safer.
552
00:31:35.384 --> 00:31:35.945
Something like that.
553
00:31:36.837 --> 00:31:42.038
X amount of people died in this county last year due to drowning, et cetera.
554
00:31:42.878 --> 00:31:44.559
We recently did Next Door Neighbor.
555
00:31:45.019 --> 00:31:49.119
If you'd like a free home in-house consultation, we'd love to do that with one of our experts.
556
00:31:49.580 --> 00:31:50.740
Scan this QR code, set it up.
557
00:31:51.640 --> 00:31:52.880
Awesome, that's interruptive.
558
00:31:53.580 --> 00:31:56.281
But again, yet nonetheless, it is effective.
559
00:31:56.701 --> 00:31:57.841
All right, this is passive.
560
00:31:58.101 --> 00:32:01.582
Next one, this is organic social media.
561
00:32:02.505 --> 00:32:04.086
like on your social media pages.
562
00:32:04.607 --> 00:32:07.449
This is like Facebook groups that you're not paying to be part of.
563
00:32:08.069 --> 00:32:12.193
This is your trucks or your vehicle wraps, et cetera.
564
00:32:12.973 --> 00:32:13.173
Okay.
565
00:32:13.694 --> 00:32:17.757
These are like the three generalized way of getting a lead.
566
00:32:18.117 --> 00:32:23.762
Either they're trying to find me, they're not trying to find me, I interrupt them or it's passive.
567
00:32:23.922 --> 00:32:31.348
They're just driving around town, they see my trucks or they see my truck at their neighbor's house and therefore they give me a call, okay.
568
00:32:32.235 --> 00:32:32.675
Very good.
569
00:32:33.195 --> 00:32:36.316
We laid that groundwork in order to be able to go to the last part.
570
00:32:36.456 --> 00:32:37.596
So deposits, okay.
571
00:32:38.417 --> 00:32:39.217
Cash flow.
572
00:32:40.077 --> 00:32:41.317
Let's first be very clear.
573
00:32:41.337 --> 00:32:47.459
When it comes to cash flow, we want money to come in as fast as possible, and we want money to leave as slow as possible.
574
00:32:47.999 --> 00:32:54.661
Okay, there are billion dollar companies built on one thing, collecting money fast and giving it away slow.
575
00:32:55.421 --> 00:32:59.522
And their whole business model is keep the money long enough to do something with it,
576
00:33:00.366 --> 00:33:01.066
and then give it away.
577
00:33:01.727 --> 00:33:02.427
That's what called a bank.
578
00:33:03.107 --> 00:33:06.588
Take money as fast as possible, give it away to other people much slower.
579
00:33:06.608 --> 00:33:12.571
Okay, this is why big companies, commercial contracts, et cetera, are like, we'll do you 90 day terms, net 90.
580
00:33:13.011 --> 00:33:18.313
Because they know that if they can pay slower and collect faster, they make more money.
581
00:33:18.968 --> 00:33:19.148
Right?
582
00:33:19.768 --> 00:33:23.609
So, somehow though in small business, we're like, yeah, we will do the whole job.
583
00:33:24.229 --> 00:33:25.930
We will cover all of the supplies.
584
00:33:26.330 --> 00:33:29.150
We will cover all of the labor and you don't pay us anything.
585
00:33:29.771 --> 00:33:30.831
That stinks.
586
00:33:30.851 --> 00:33:31.511
You know what I call it?
587
00:33:31.531 --> 00:33:32.871
It's a horrible business model.
588
00:33:33.291 --> 00:33:33.792
Here's why.
589
00:33:33.812 --> 00:33:34.972
Okay.
590
00:33:35.812 --> 00:33:37.832
This is break even.
591
00:33:38.573 --> 00:33:39.593
When you sell a job,
592
00:33:41.284 --> 00:33:43.165
and you gotta go get the materials.
593
00:33:43.826 --> 00:33:46.888
Now, assuming you bought the materials like months ago.
594
00:33:47.609 --> 00:34:02.381
So here's what's crazy with your guys' business model, not crazy in a bad way, just like crazy in general, you'll see what I mean in a second, is you guys start negative on every single job because you've pre-purchased the materials, which by the way is a good idea because you get a big discount on your cost of goods sold.
595
00:34:02.861 --> 00:34:03.702
Not saying that's bad.
596
00:34:04.102 --> 00:34:07.926
What I'm saying is every single job you start, you are starting with negative cash flow.
597
00:34:08.665 --> 00:34:09.005
Oh, it is?
598
00:34:09.025 --> 00:34:10.006
Yeah.
599
00:34:10.046 --> 00:34:12.247
Oh, but don't, if they order pre-order, they get a big discount?
600
00:34:13.168 --> 00:34:13.328
Uh, so.
601
00:34:13.348 --> 00:34:13.588
Oh, okay.
602
00:34:14.348 --> 00:34:15.129
Oh, is it like right before?
603
00:34:15.149 --> 00:34:15.749
Yeah.
604
00:34:16.049 --> 00:34:16.309
Got it.
605
00:34:16.329 --> 00:34:16.590
Okay.
606
00:34:17.170 --> 00:34:17.550
Well then.
607
00:34:17.570 --> 00:34:18.431
We don't care.
608
00:34:18.931 --> 00:34:20.572
Okay, then let's not use that example.
609
00:34:20.592 --> 00:34:22.413
No, I do not know.
610
00:34:22.433 --> 00:34:22.933
Okay, good to know.
611
00:34:22.973 --> 00:34:25.255
I thought everyone was buying in advance and taking the discounts.
612
00:34:25.535 --> 00:34:29.237
I heard that one in January or February, and I was like, oh, everyone should be buying.
613
00:34:29.942 --> 00:34:30.182
Got it.
614
00:34:30.202 --> 00:34:30.843
Okay.
615
00:34:31.523 --> 00:34:32.644
I would.
616
00:34:32.884 --> 00:34:33.104
Right.
617
00:34:33.164 --> 00:34:37.527
Okay, so let's assume that we don't do that because that does complicate it, but we'll stick with zero.
618
00:34:37.867 --> 00:34:40.989
So we start off the job, we have zero cost in the job.
619
00:34:41.489 --> 00:34:42.310
We sell the job.
620
00:34:42.850 --> 00:34:45.952
Okay, first off, there's customer acquisition cost.
621
00:34:46.112 --> 00:34:48.194
We are in the red on this customer.
622
00:34:48.314 --> 00:34:50.035
$100, $200, whatever it is.
623
00:34:50.375 --> 00:34:51.336
We are in the red.
624
00:34:51.376 --> 00:34:53.797
We are losing money to get this customer.
625
00:34:54.358 --> 00:34:55.218
We sell them the job.
626
00:34:55.258 --> 00:34:56.019
What's the next thing we do?
627
00:34:56.079 --> 00:34:57.260
Go buy the materials.
628
00:34:58.000 --> 00:34:58.981
Now we're really in the red.
629
00:34:59.081 --> 00:35:00.182
Then we go do the job.
630
00:35:00.202 --> 00:35:00.802
What do we have to do?
631
00:35:00.862 --> 00:35:01.543
Direct labor.
632
00:35:01.563 --> 00:35:02.924
We have to drive out there.
633
00:35:03.084 --> 00:35:06.287
We have to do all the stuff, and we're in the red even more.
634
00:35:07.127 --> 00:35:07.368
Okay?
635
00:35:07.608 --> 00:35:13.993
And then we hope and pray that a few weeks later, we get paid, and we make a profit.
636
00:35:14.673 --> 00:35:15.294
This stinks.
637
00:35:15.334 --> 00:35:15.734
You know why?
638
00:35:15.754 --> 00:35:19.097
Because this is a hole in your pocket.
639
00:35:19.918 --> 00:35:23.400
And from the time that they accept the job to the time you get paid,
640
00:35:24.205 --> 00:35:25.386
It could be five, six weeks.
641
00:35:26.047 --> 00:35:29.010
So for five or six weeks, you're gonna have negative cash flow on that product.
642
00:35:29.030 --> 00:35:30.951
You're gonna be negative cash flow.
643
00:35:31.532 --> 00:35:35.456
And what that means is as you grow the business, this gets bigger and bigger and bigger.
644
00:35:35.496 --> 00:35:42.342
You get more and more jobs stacking on top of each other and they keep adding up to where you have this massive, what you call a line of credit.
645
00:35:43.043 --> 00:35:46.987
And that line of credit is there to bridge the gap between this and this.
646
00:35:47.867 --> 00:35:48.068
And...
647
00:35:48.917 --> 00:36:05.246
Yeah, yeah, this is the gap you're trying to solve when it comes to, like, by the time he has to order it from China, get it here, pay for it, et cetera, and then you all buy it seven months later, this is his thing that he has to solve with a line of credit, okay?
648
00:36:05.546 --> 00:36:07.687
Now there's a better way to do it, all right?
649
00:36:08.047 --> 00:36:08.488
And that is,
650
00:36:09.552 --> 00:36:10.733
collect money beforehand.
651
00:36:11.053 --> 00:36:15.575
So the day I sell the job, I'm immediately getting 50% of that job.
652
00:36:16.235 --> 00:36:17.336
Deposit, money down.
653
00:36:17.356 --> 00:36:20.637
In order to get in the schedule, I collect 50%, minimum.
654
00:36:21.378 --> 00:36:26.440
Then I go get the materials, then I pay for the direct labor, and then I get paid.
655
00:36:27.152 --> 00:36:28.915
but I never go negative.
656
00:36:29.415 --> 00:36:31.819
This is why I collect money up front, it's very, very important.
657
00:36:32.360 --> 00:36:38.328
This business can run with much less cash in the bank because you never go negative on any project.
658
00:36:38.949 --> 00:36:43.135
And as you begin to grow, you will not need more working capital because you never go negative.
659
00:36:43.756 --> 00:36:45.617
And it's all because we're not collecting a deposit.
660
00:36:46.217 --> 00:36:48.457
You've been screwed twice, is that what you said?
661
00:36:48.477 --> 00:36:52.878
Yeah, and we're not even accounting the fact that it might actually stop right here because I'd never pay you.
662
00:36:53.058 --> 00:36:55.339
The reason we don't accept deposits, here's the reason why.
663
00:36:55.899 --> 00:36:57.199
You're afraid they're going to say no.
664
00:36:58.080 --> 00:37:01.701
And you're afraid that if they say no, you won't be able to fill your schedule.
665
00:37:02.061 --> 00:37:03.381
Here's why I know that to be the case.
666
00:37:03.621 --> 00:37:06.582
Because if you had so many leads pouring in, you did not know what to do,
667
00:37:07.502 --> 00:37:13.786
you would be charging a deposit, so you would flush out anyone that's not committed, and you have just committed customers.
668
00:37:14.306 --> 00:37:17.608
And that's when I would then say, in the 4L framework, you have a leads constraint.
669
00:37:18.049 --> 00:37:21.431
If you got more leads, you would be much more picky about your deposit.
670
00:37:21.451 --> 00:37:23.072
Because you just need skin in the game.
671
00:37:23.172 --> 00:37:27.774
This is why the deposit thing works so well, is because once they have skin in the game, you're not questioning it.
672
00:37:27.794 --> 00:37:33.058
Because what all of you are doing right now is questioning whether or not this job is actually going to happen until you set foot on property.
673
00:37:33.678 --> 00:37:38.219
Once they have 50% down, there's skin in the game, and you can actually, like, you have the money to go buy the stuff, et cetera.
674
00:37:38.699 --> 00:37:41.380
But this is a game you will lose at every single time.
675
00:37:41.720 --> 00:37:44.241
There's a business we just went to a couple weeks ago on the YouTube channel.
676
00:37:44.261 --> 00:37:44.761
You can look it up.
677
00:37:45.061 --> 00:37:50.023
Roofing Company, they're on track for $3 million, but last year they had $1.6 million.
678
00:37:50.403 --> 00:37:53.183
But they had $279,000 in receivables.
679
00:37:53.804 --> 00:37:58.105
And so the business was bankrupt, like, essentially no money in the bank, but very profitable.
680
00:37:58.745 --> 00:38:04.369
Like, you will have a fast growing profitable business that goes bankrupt because of this problem.
681
00:38:05.470 --> 00:38:07.551
The bad money model, make sense?
682
00:38:08.112 --> 00:38:14.416
So require deposit, you will not see anyone that it would be a good customer cancel from that.
683
00:38:14.977 --> 00:38:16.378
Like if they're really committed, they're doing this.
684
00:38:16.598 --> 00:38:20.801
If they've seen the value, it's like, okay, look, my car outside is worth 20 grand.
685
00:38:21.141 --> 00:38:25.625
If you gotta give me 50% of $10, so $5 today, $5 tomorrow.
686
00:38:25.685 --> 00:38:27.026
You're like, great, let's do it.
687
00:38:27.738 --> 00:38:28.318
It's great value.
688
00:38:29.139 --> 00:38:31.061
Always comes down to the value equation.
689
00:38:31.461 --> 00:38:32.462
Crazy stat.
690
00:38:33.122 --> 00:38:43.931
At Copilot, when we track all this, when someone is given the option to accept an estimate and we just have a button that says pay in full, 15% of people will just click it and pay the whole estimate up front without any verbiage whatsoever pushing them.
691
00:38:44.231 --> 00:38:45.832
Because they're just like, I don't wanna deal with this afterwards.
692
00:38:45.852 --> 00:38:46.652
I know this company's good.
693
00:38:47.333 --> 00:38:50.014
I have plenty of proof that they are gonna do a good job.
694
00:38:50.274 --> 00:38:51.675
Pay the whole thing upfront.
695
00:38:51.695 --> 00:38:53.817
15% without doing anything, like telling them they need to.
696
00:38:54.117 --> 00:38:59.300
15% will just go from balance due to painful.
697
00:38:59.840 --> 00:39:01.601
Now here's another thing.
698
00:39:01.681 --> 00:39:02.522
Here's what I would also say.
699
00:39:03.122 --> 00:39:04.703
Hold the phone, hold the phone, hold the phone.
700
00:39:04.723 --> 00:39:05.903
Is use this as a downsell.
701
00:39:06.444 --> 00:39:08.125
We need to hook them in so we get their attention.
702
00:39:09.138 --> 00:39:17.044
We then have the meat of the video, which is going to be, here's the problem, here's the solution, and either I'm going to offer you something or give you a case study.
703
00:39:17.165 --> 00:39:20.547
So for example, when you're talking about their next door neighbor, that's the case study.
704
00:39:21.288 --> 00:39:22.269
And then my call to action.
705
00:39:22.329 --> 00:39:23.350
What do I want them to do?
706
00:39:23.410 --> 00:39:24.290
Do I want them to call?
707
00:39:24.370 --> 00:39:25.171
Do I want them to click?
708
00:39:25.431 --> 00:39:26.552
Do I want them to go somewhere?
709
00:39:26.572 --> 00:39:27.853
Do I want them to scan a QR code?
710
00:39:28.093 --> 00:39:29.034
That's my call to action.
711
00:39:29.675 --> 00:39:33.798
I'll give you an example from Augusta Lawn Care, and then we'll work on this a little bit later together.
712
00:39:34.319 --> 00:39:34.539
Hook.
713
00:39:35.179 --> 00:39:37.221
Attention homeowners in Whatcom County.
714
00:39:38.754 --> 00:39:43.597
Are you tired of mowing your lawn every single weekend and letting your golf handicap continue to go up?
715
00:39:44.458 --> 00:39:45.338
Don't do that anymore.
716
00:39:45.418 --> 00:39:47.740
Call Augusta Lawn Care today and get your price immediately.
717
00:39:48.500 --> 00:39:50.762
Get 10% off your first mow when you sign up today.
718
00:39:51.342 --> 00:39:52.883
Click the link below for an immediate quote.
719
00:39:52.903 --> 00:39:55.625
All right, that's the general flow.
720
00:39:55.645 --> 00:39:57.446
So you're like, I don't know how to make a video.
721
00:39:57.466 --> 00:40:00.108
I don't know how to make a social media post that's actually gonna convert.
722
00:40:00.528 --> 00:40:02.249
This is how to do it.
723
00:40:02.629 --> 00:40:03.310
You gotta hook them in.
724
00:40:04.070 --> 00:40:07.934
You can use, like I mentioned, demographics, so attention something homeowners.
725
00:40:08.375 --> 00:40:16.163
You could also say something along the lines of a hook like, so how X amount of people died in Whatcom County last year because of drowning in a pool.
726
00:40:16.724 --> 00:40:17.624
That gets people attention.
727
00:40:18.425 --> 00:40:18.846
I'm hooked.
728
00:40:19.386 --> 00:40:19.907
I'm all in.
729
00:40:21.667 --> 00:40:25.249
I think you all would crush on social media.
730
00:40:25.789 --> 00:40:27.270
Because you're selling an emotional product.
731
00:40:28.731 --> 00:40:30.131
Very difficult for us to do with lawn care.
732
00:40:30.692 --> 00:40:32.793
We sell time, but it's not very emotional.
733
00:40:33.393 --> 00:40:35.054
Most people are not emotionally attached to their lawn.
734
00:40:35.714 --> 00:40:42.777
And so the fact that you all can use hooks around people dying, I know it sounds horrible, but that's ultimately why you do this product is to save lives.
735
00:40:43.177 --> 00:40:44.078
So lean into it.
736
00:40:44.682 --> 00:40:44.942
Good.
737
00:40:45.802 --> 00:40:46.143
Great.
738
00:40:46.263 --> 00:40:47.443
Now let's refine it.
739
00:40:48.003 --> 00:40:50.264
So first off, I would never say schedule a meeting.
740
00:40:50.644 --> 00:40:56.286
I would say schedule an in-house free consultation and so that you can make your pool more safe.
741
00:40:56.306 --> 00:40:57.947
That would be the first thing.
742
00:40:58.647 --> 00:41:01.708
Next thing is another hook to make this more personalized.
743
00:41:01.728 --> 00:41:04.209
Because if you say, hey, this is the number one leading cause.
744
00:41:04.269 --> 00:41:05.110
Is it the second or first?
745
00:41:05.830 --> 00:41:09.671
Number one leading cause of children under five in the United States.
746
00:41:10.052 --> 00:41:10.452
Great.
747
00:41:11.292 --> 00:41:12.152
That's the whole country.
748
00:41:12.513 --> 00:41:21.857
I want to hook them in by telling them, oh, this adds for me, by saying, X amount of kids died in your state, or better yet, city, last year.
749
00:41:22.638 --> 00:41:24.619
Now they know, oh, this is made for me.
750
00:41:24.639 --> 00:41:26.480
All right, so very good.
751
00:41:26.780 --> 00:41:27.941
Very good workshop of that, though.
752
00:41:28.341 --> 00:41:29.041
I'm trying to hook them in.
753
00:41:29.081 --> 00:41:30.862
I just need them to stop scrolling.
754
00:41:31.122 --> 00:41:32.243
It's my only objective.
755
00:41:32.943 --> 00:41:34.223
is to get them to stop scrolling.
756
00:41:34.864 --> 00:41:42.406
And then once I do that, I present the problem, I present the solution, I give them either an offer or a case study, and then I tell them what to do.
757
00:41:42.966 --> 00:41:46.487
I highly recommend everyone here create more content on your social media.
758
00:41:46.507 --> 00:41:46.987
Here's why.
759
00:41:47.587 --> 00:41:49.028
If you make 10 videos,
760
00:41:49.908 --> 00:41:53.413
and one of them takes off randomly on social media, you know what you do?
761
00:41:53.633 --> 00:41:54.594
You run ads against it.
762
00:41:54.774 --> 00:42:06.670
Because one out of 10, one out of 20 videos that you make, if you follow the structure, and you post this on your social media account, one of them is gonna do way more views and shares and comments than any of the other ones.
763
00:42:06.950 --> 00:42:12.414
When you're making your regular posts on your social media, you can still follow this framework.
764
00:42:12.434 --> 00:42:15.276
You're not going to be as high-energy, and you're going to have captions and all that sort of thing.
765
00:42:15.737 --> 00:42:28.046
But when you're doing a video in the backyard of someone who just installed their fence, instead of being like, hey, this is Mike over at Lifesaver, and we just installed this fence for so-and-so here, like instead of doing that, it's going to be like,
766
00:42:28.466 --> 00:42:32.327
Hey, by the way, did you know, you're gonna start with a hook, get them invested in this video.
767
00:42:32.728 --> 00:42:39.930
That's why so-and-so installed this fence back here so their four-year-old over here is no longer gonna run that pool over there and die.
768
00:42:40.690 --> 00:42:42.011
Maybe a little more tactful.
769
00:42:42.531 --> 00:42:46.573
All right, that guy right there is gonna die.
770
00:42:47.393 --> 00:42:49.273
But you're following the same exact sequence.
771
00:42:49.574 --> 00:42:50.714
Hook, I'm trying to hook them in.
772
00:42:51.214 --> 00:42:54.035
Here's the problem, little junior over there could jump into the water.
773
00:42:54.435 --> 00:42:56.036
We have the solution, here's the fence.
774
00:42:56.536 --> 00:42:58.517
By the way, you can get a free consultation.
775
00:42:58.797 --> 00:43:08.480
You can have some other offer, for example, like a free lesson, like the whole training around the pool lessons could be wrapped up into this offer, for example.
776
00:43:08.700 --> 00:43:12.522
The case study, if you're in someone's backyard after doing a property, is that they just did it.
777
00:43:12.982 --> 00:43:14.942
If you're doing a door hanger, their neighbor just did it.
778
00:43:15.243 --> 00:43:21.905
I would also, I would get an A-frame if I was in this industry, I would put it out on the road and have an arrow,
779
00:43:22.425 --> 00:43:30.871
that says something along the lines of pool fence being installed, something along the lines of safety improvement and being like hazard letters that they
780
00:43:31.916 --> 00:43:32.316
What's that?
781
00:43:33.197 --> 00:43:33.938
A-frame, yeah.
782
00:43:33.958 --> 00:43:35.379
You can just pull out.
783
00:43:35.419 --> 00:43:38.802
It's usually like four feet by three feet.
784
00:43:39.302 --> 00:43:40.423
And it's like an A-frame.
785
00:43:41.004 --> 00:43:41.424
One of those.
786
00:43:41.484 --> 00:43:44.307
I put it behind my truck or van, whatever you're all using.
787
00:43:44.407 --> 00:43:54.235
I know the van is there, but if you get people that are driving to see the hazard, and they look at it, and then they look at your van, and they attribute safety.
788
00:43:54.475 --> 00:43:55.917
Like, oh, they really care about their kids.
789
00:43:55.937 --> 00:43:56.417
Right.
790
00:43:56.577 --> 00:43:56.777
right?
791
00:43:56.998 --> 00:43:58.559
You want that emotion?
792
00:43:58.639 --> 00:44:02.904
No one's going to tell you to put that sign away because it's bringing, it's elevating them, their status.
793
00:44:03.164 --> 00:44:04.826
Your customer's not going to be like, hey, put that away.
794
00:44:05.046 --> 00:44:06.648
I don't want you to tell them everyone I'm a great parent.
795
00:44:07.009 --> 00:44:08.270
They're like, oh, they're very good.
796
00:44:08.350 --> 00:44:12.395
Now Mr. Jones down the street will see how great of a mom I am to my children.
797
00:44:12.515 --> 00:44:13.456
That's all I got for today.
798
00:44:13.576 --> 00:44:14.257
Thank you, everyone.
799
00:44:14.277 --> 00:44:15.158
Appreciate you being here.