Business Coaching Secrets with Karl Bryan

 

BCS 160: In this episode, Karl answers questions about:

– What is sub-branding and how to use it?

– What is the future of Bitcoin and what’s the lesson there?

And more…

Karl Bryan helps business coaches get clients. Period.

For more magic on how you can grow a coaching business by attracting small business owners, filling local live events, and closing more high end coaching clients… go to focused.com

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EPISODE TRANSCRIPTION –
(transcription is auto-generated)
SFC 160
[00:00:00] Karl: Welcome to Business Coaching Secrets with Karl Bryan. If you wanna attract new high-end coaching clients, fill live events and build a wildly profitable coaching practice where business owners pay, stay, and refer, you’ve come to the right place. In this podcast, Karl provides his keys to the kingdom for finding and signing.
High paying clients and building the coaching business of your dreams. Here we go.
[00:00:39] Christian: Ladies and gentlemen, boys and girls, coaches around the world. Welcome to another episode of Business Coaching Secrets. It’s your boy bro dog here with none other than the man, the myth, the legend. Dr. Carl Bryan, welcome back.
[00:00:52] Karl: Not a doctor, folks, not a doctor. Road dog. How’s it going?
[00:00:57] Christian: Like every time you just rip it right away from me. I really enjoy calling you the Doctor .
[00:01:03] Karl: I know you doing shoots. I know you do, but I gotta make sure there’s some folks out there that have earned that title and I don’t wanna upset the poor buggers.
So there you go. How’s it going dog? What’s happening? Shoots. We missed you last week, bud. We missed. I know,
[00:01:16] Christian: I know. I, I, I appreciate that. I appreciate that. I had a a ridiculous week of, of heavy training stuff, which, Some of the stuff I’m gonna get implemented in the next two weeks inside of my own business.
And holy smoke, dude. Like it’s, it’s all about a paid workshop model and Wow. Wow, wow. Like comparing the stats from a basic webinar to that. Unbelievable. Unbelievable. So, I’m, I’m excited. I love learning. As you know, you’re in the same boat as me. We’re, you know, in that same boat. And it’s just a beauty, so I absolutely love it.
[00:01:51] Karl: That was a client calling road dog right there
[00:01:53] Christian: folks. See that’s right there. Just like what is going on, .
[00:01:57] Karl: Nice. Nice. It’s working on cute. All right, buddy. What do we got going man? Hit us. Hit us.
[00:02:05] Christian: All right. Where do I begin? Well, let’s start off with so much that we touched on a couple weeks ago. This is all with sub-branding.
Right? So a couple questions on, on sub-branding. Can you explain a, what, what it is, I guess, you know, before we dive right straight into it. Like what, what does that mean? What is sub-branding? And then how, how do we use it? Like, and specifically how do we use it with
[00:02:32] Karl: coaching? Okay. How do you use it with coaching clients?
Well, I don’t know. Sub-branding is just, Okay. The main brand, let’s call that Coca-Cola creates a subsidiary, right? That be a derivative, I don’t know, a subsidiary brand. So Diet Coke. Maybe cherry Coke, maybe something, but, but Diet Coke would be the huge success story. And the goal is just to create like a new, a new audience to connect with.
And it would be those that don’t drink Coke they worry about gaining too much weight. , By the way, there’s a quote out there that says, I’ve never seen a skinny per, I’ve never seen, I’ve never seen a skinny person drinking Diet Coke, which, Laughed my butt off that, by the way. Might have to send that in an email.
But anyway, so, so that, yeah, so just think Coke and then think Diet Coke. And then there’s I’m not totally familiar with Coke, but there’s Cherry Coke. Coke Zero I think is something that’s got zero something or other zero. Caffeine or zero calories, or, I don’t even know what it has, but it’s got zero something which is, So somebody who wouldn’t do Diet Coke would be, Diet Cokes got something in it.
Clearly, I guarantee Coke Zeros got none of that, right? So, So consumers trust the primary brand. They’re gonna be far more likely to try the new offering. Under the established name versus like Coke, you know, calling their Diet Coke, some other name, right? Like that, that wouldn’t be, that wouldn’t be sub-branding, right?
So, You know, like, I’m trying to think of some other, like Apple. What do they do? They have like Apple. They obviously started with the Macintosh and then Apple, you know, you’ve seen the movie or you know, if you’re old enough, you remember the Apple too. But, but more to the point in this day and age, they created the iPad.
The, I, in fact, it all started with the iPod. How did it go? It started the iPod, then they went to iPhone, and then they went to iPad, right? And then they went to iWatch, right? So again, a little bit. You know, you know, like the, the iPod became the phone and the iPod became part of the phone, if that makes sense.
But, but anyways, that’s kinda like sub FedEx. What did they create? Like FedEx Express? FedEx Freight. FedEx Ground comes to mind. You know, it’s bottom, like whatever they had, and you’d look it up. I’m sure you’d be able to see everything that FedEx has created. But, you know, it’s just something that needs to be done, I wanna say very strategically.
And for every example of success, by the way, the way that FedEx and, you know, say Koch is the poster child for it. You know, many have done it poorly and that the poster child of doing it poorly would be Richard Branson, who again is a business stud, but that doesn’t necessarily mean that he’s done everything right.
Hasn’t made some boo boos like Virgin. They built like a insurance business. They were doing like balloon flights, virgin drinks. I remember that. They had a comic book, or not comic books, but like a series of comics. Virgin poker I believe was a thing, right? Like it’s just so, so the virgin brands kinda get d and that’s not the right roadmap that you’d be looking for.
In fact, do you want actually another case study for it? I wrote about this, this would be a long time ago now though, but the Holiday Inn created an upscale version and they called it Holiday in Plaza Crown or No, Holiday Inn, Crown Plaza, right? It went absolutely nowhere. And then what they did is they changed it up and then they took away the Holiday Inn.
They just called it Crown Plaza. So no, don’t you be familiar with that. So they get in the Holiday Inn budget and then they’ve got Crown Plaza High End and they totally disassociate. Crown Plaza with the budget Holiday Inn and made a, you know, made a huge difference. It was going nowhere. And now again, if you’ve heard of Crown Plaza, how’s it going?
And the answer is well so, so that’s it, Rhoda. I don’t know that, you know, list the companies headed up by very smart people that have done it poorly would be what I’d probably guess would be a long and distinguished one. Chevrolet, I think we talked about Chevrolet there. Whatever a couple weeks ago, and that’s how to not do it again.
What is Chevrolet like? A, like a Cadillac? Is a Chevrolet, a Corvette is a Chevrolet. And then I think it’s maybe the bolt, right? Like or the bolt. Bolt. Is it with a v? Bottom line is they’ve got like, it’s just, it, it’s everything. Right? So that when I say, like, when I say Ferrari, it means something to you, right?
When I say Porsche, it means something. When I say Harley Davidson means something. Chevrolet is probably not gonna get that from you. And again, that’s, this is people that are significantly better at branding than I have used that as their example. So check it out. So look, but before we go, maybe, Okay.
So if you are going to subbrand, maybe again, like you’re, you’re coaching client, like they’re considering a sub-brand, they’ve got a decent company moving along. Firstly is it, is it an organic. Right. So yeah. Is it an organic fit for their existing business? Think Coke and then Diet Coke. It’s an absolute natural, Right.
When you think Virgin, like, do you think that, you know, Virgin which is a record company originally, this is where they made their money, Do you think like balloon flights, is that an organic fit and the answer’s absolutely not. That’s where the ADHD kind of comes in. So is it an organic fit? Does this solve an existing problem in the marketplace?
Again, people want to drink coke, but then they don’t wanna gain weight. So enter Diet Coke with literally diet in the name, right? Like you don’t need to know anything about the ingredients and Diet Coke. And you know that that is for people who don’t want to gain a ton of weight by drinking a can of Coke, right?
But wanna enjoy the taste. So that would be does it solve an existing problem in the marketplace? And then important. What’s that? One, two. So third question would be like, do they have enough resources? Right? Because again, you know, do they have enough people? Do they have enough money? Would be important.
Do they have distribution? Like think Coke and Diet Coke? They’re already dropping off the Coke, so all they gotta do is drop off the Diet Coke. More importantly, they gotta get shelf space, by the way. Different conversation, but they’ve already got distribution. They’ve already got their invoice out.
They’ve already got the account, they’ve already got the driver. They’re already showing up. You know, so, so that, that, that’s a natural fit. But do they have distribution and do they have bandwidth? Again, in a smaller, like we’re talking about Coke and Chevrolet, Forget these guys. You’re dealing with the local chiropractor.
You’re dealing with the local physiotherapist, the local landscaper, the butcher, the bake of the candlestick maker, right? Like are they gonna have it? And the answer’s probably that being said could be done this row, dug in finish. Like, here’s what might be important. I guess saying the second business eats the first.
Okay. So again, everybody, if you follow anything we put out there multiple streams of income, you know, my opinion on that, right? Like it’s just, it’s a mugs game. The guy selling you multiple streams of income or the gal selling you multiple streams of income, I bet a lot of money that they don’t have multiple streams of income.
And if they. They got really lame, multiple streams of income, right? The richest people in the world, Jeff Bezos, Bill Gates, Mark Benioff, Michael Dell, these types of guys, they go all in, you know? And then once they get one thing established, they then, So my rule of thumb is get the $5 million gross revenue and then start talking to me about multiple streams of income, et cetera, and sub-branding and other, you know, and, and, you know, going into something d.
That’s the rule of thumb. So the second business eats the first, So what you need is you need the second business to feed the first. Okay. And if you’re wondering what that, Well yeah, you’re just, look, those are the three questions. This is an organic fit. Does it solve an existing problem in the marketplace?
That might be the most important question there. And then do they, what was like resources? Are they resourced up enough? Do they have enough resources, people, money, distribution, bandwidth, et cetera, to be able to allocate to its success and not taketh away? You know, is it gonna be, is it gonna be not just addition, but I want multipl.
Right. Like that’s what we’re really looking for. And a way to do it. If Jeff Bezos is speaking, and again, this is something I’ve said before, but I’ll say it here, he looks at his, how did Amazon Web Services come about? Looks at his profit and loss, looks at the, like in the expense column. What are the top expenses in the company by creating a company in that, you know, business, right?
Basically he automatically becomes the best customer of the new company. So it’s automatically gonna become not so much profitable, but a, a good idea provided that provided they have the resources and the bandwidth, which they clearly did. And now Amazon Web Services will probably become a better, bigger company, but hasn’t already than Amazon as a whole, so, so anyways, Road dog.
Second Business needs to feed the first versus second business. Eating the first. Super important. So, so yeah, that’s sub-branding bud. What do you think
[00:11:09] Christian: versus eat? Look at you shoots. You’re, you, you, it’s like, it’s like you knew that was coming and you rehearsed that. I could see you saying that to yourself in a mirror.
[00:11:17] Karl: The, what, What did I say?
[00:11:20] Christian: It’s gotta, it’s gotta feed, not eat. I like that. That’s, that’s, that’s real, Real nice. Real nice. You’re thinking of that as you’re blow drying your hair probably. Yeah. That’s nice. Hey, how did you know? Shoot. It’s if, if there was a subscription for hair, hair drying and hair blowing services.
Did you ever go to blow in Vancouver? Like, you know, not like this is not a cocaine type of a inin, folks there’s a place that does blowouts. I’m thinking that’s gonna be your Christmas gift this year. Shoots. I’m gonna get you a full blowout at at that Vancouver place. Anywho, you were talking about lane secondary sources of.
And you are our go-to crypto expert and we actually had somebody ask some questions in regards to that. I have no idea how we’re gonna tie crypto into this, but I know that if anyone can, you can . So so Bitcoin, apparently, I pay absolutely full disclosure, zero attention to Bitcoin and its current price, but I, I, I heard rumblings that it took.
But where do you see Bitcoin going And then I guess more importantly, you know, with all the current events that are happening, is there a tie in there somehow for business owners that they need to be aware of as
[00:12:33] Karl: well? Mm, answer. Well, okay. Go to your Facebook feed, especially if you had, in our world business coaching and how many guys have gone full blown crypto.
And do you think they might be regretting that decision today? And the answer is yes. Yes and yes. I mean, you know, again, Tesla, Remember for a period of time, Tesla accepted Bitcoin to pay for the cars. And then they changed their mind. Right? Which by the way, that was a bit of an infliction point for me where I went, Oh, dear, dear, dear, dear, dear.
So, so that, you know what I mean? Like, that’s like should you be doing nf like Gary B, you follow Gary B All he talks about nowadays is NFTs. Right. Well, and that’s fine. And you know Gary V you know, he’s worth a few bucks and he can afford to play long ball. Long ball. So if you were let’s road dog, if you were accepting Bitcoin and there are business owners that were accepting Bitcoin.
They just got pummeled, right? So, so I think that’s where it is, but look upset at many times. Stop looking at the price, look at the regulation that’s gonna tell you, you know what I mean? That’s what I would be paying attention to. And also look at the trends like big money’s made in trends. We’ve talked about that.
You know, so think, you know, anti, like are we living in an aging population? The answer is yes. Okay. So something like anti-aging would not only be a trend, but something that you’re not gonna stop. Okay. So my metaphor of surfing a good wave, I can surf a bad wave. I look like an. Right. But a really good, a really good surfer could take a bad wave and make it look good, right?
So the wave is more important. So think of the wave as the industry. Think of the wave as anti-aging. So, so trends like, You know, there, there’s obviously like the trend to sway. I don’t know if it’s swayed, but like, like obviously you took a little bit of a hit. So if you changed your mind on Bitcoin due to recent turn of events, you’re not totally stupid and you’re not like a lightweight that’s not committed to the whole cause you’re being intelligent.
Right. Like when I read financial statements, I look for three things. Well, there’s a lot of things I look for, but when we did our, you know, our training recently on how to read financial statements, comparables, relationship trends, those three words, right? So without going down that rabbit hole, trends matter, right?
So, again, you’re crazy to think that you’re all in on Bitcoin and it’s gonna be amazing, and it’s gonna go to a hundred grand, and you don’t care if it’s 30 grand today or 20 grand today, 10 grand today that it’s gonna, you know, it hits. And it’s going to a hundred thousand. Okay? For you not to be looking at the trends for your client to not be looking at the trends.
Cuz at the end of the day, as a business coach, your client’s gonna ask, Right? And if they’re not asking, believe me, they’re thinking about it. So this is something you might wanna have a little bit of a conversation in and around, right? Like again, look, Warren Buffet and Charlie Munger, right? They’ll tell you that it, they wanna avoid things that make ’em look stupid.
Things that are evil. And things that make them look bad in comparison to others. I believe that’s kind of the, the frame, right? They say Bitcoin does all three. Like it’s stupid cuz it could go to zero with no hedge to stop it. The stock market can’t go to zero because it’s backed by the companies that are always gonna wanna profit.
Right. So it’s, it’s, it, it could totally go to zero and there’s nothing to stop it, right? And that’s not me. That’s have a look, right? It’s evil cuz it undermines the national currency system, which the end of the day you can fight it, you can love it, you can hate it, but we need it for sanity and control, right?
So like the end, it’s not, bitcoin’s not gonna go and replace the existing monetary system. And if it did, it’ll be a hundred years from now and we’ll all be dead and. Right. So, and then look bad in comparison to just, you know, making decisions like China banned a long time ago. Right? Like, does that make us look silly as in like North America for, you know, not banning it straight away and letting it kind of go?
I don’t know. And again, I don’t necessarily agree with everything that Charlie Munger and Warren Buffet say about. But I can tell you that they’re a hell of a lot smarter than I will ever be. And you should just defer to them when making investment decisions, right? But, but I will tell you this rodda that like people are more tribal today, right?
So pe like everybody’s hating on it, buffet you know, Charlie Monger, some very, very smart people, but also some very, very, very, very smart people. Debatably more. With the times, like, let’s go Peter Thiel as an example are all about it, right? So like, so you’re to ask me is it gonna work? Like, do I advise my client to pay attention?
To think Nft, to think Bitcoin, to think crypto? At the end of the day, remember all of this is just blockchain. Forget crypto. Crypto is block, not Bitcoin, it’s blockchain, right? That’s where the real magic is. But Bitcoin is a, a currency, right? Like the SD versus the Canadian dollar versus the Mexican peso, right?
But, but here’s. I’m trying to say and spit out is that people are tribal and I don’t know that people have ever been as tribal as they are today. You know, like, and I think again, the, the lovely pandemic that we’ve kind of, you know, skirted through here, I think brought that on. Like, like I’m a mad Toronto Maple Leafs fan, Right.
And like if I watch the game right, they just lost in game seven. Which I was at by the way, very unhappy. But whatever, if there’s, if there’s like a high stick. And if it’s anywhere near 50 50, I am absolutely a hundred percent on the side of the Toronto Maple Leafs. Right? Or, or if there’s a, it’s the high stick, but on the other team, and it’s anywhere in 50 50, I’m going with the Toronto Maple Leafs.
Like I’m totally, you know, tribal in that, like I’m totally a one eyed supporter, right? So all of us are the same in varying degrees and people are like this with their religion, with their political party. You know, it’s think just recently as we’ve gone through, hate to even talk about this, but like think vax, right?
Like you’re either totally against it or totally for it. You know, Mass, you’re either totally against it or totally for it. You know, it’s Trump and Biden totally against them. Totally forum. They’re very few people are just like a little bit in between. Tony Robbins in our world tends to bring out that same thing.
Right. Like where, you know, people just absolutely can’t stand him and think he’s like a slimy sales guy. And then other people absolutely live and die out of, you know, every word that comes out of his mouth. Very, Not a lot of people live somewhere in the middle. It’s kind of one or the other. Right? So, So hang on, let me come back to Bitcoin.
Like, the truth is right, there’s a distinct, why did Tesla stop accepting Bitcoin, Right? There’s a distinct lack of utility. Right. So like, like Buffet will tell you like if you own all the farmland in America, he’d buy it from you cuz he could sell the crops and get a return. Right. So that has, that’s utility.
Right. Like as a use, if you owned all the apartment buildings in the usa you know, he’d buy them from you cuz they could house people. They’d pay rent, get a return. You know, they have utility, but Bitcoin at the end of the day, he says he won’t buy it for, you know, 25 bucks. Right. Like he doubt that he will not buy it under any circumstances because he doesn’t, you can’t do anything with it.
Right. Which by the way, he’s correct. Like again, you could buy a Tesla and now you can’t. There was a utility there with Tesla. Now there isn’t. Right. So, so I you know, I don’t know, like, so if, if, you know, the alien that’s just trying to get home won’t accept it, and again, and he’s like a, if, if there was a prototypical crypto guy, I’d have to say we’d all agree that it would be Elon Musk.
I don’t know. I think there’s a bit of a problem there, like in that, you know, is that where’s the utility? Why is there no utility yet? How have they. Why is it not being accepted? Why can I not go to the convenience store, the shopping center, and you know, buy somebody with Bitcoin? And I’m not asking that cause it’s a rhetorical question I’m putting out there, but I’m, that would be an example of utility and it’s not there, right?
So if you wanna a parallel you know, like high end art might be your comparable, right? So it, does it have utility, does it have use, you know, to the right person? Absolutely. But to the wrong person, you know, Definitely not. Could you live with it? Could you live without it? You know, it doesn’t really have a hedge behind it.
The way that the, What do I mean? Like the stock market has the companies behind it. That stock market can’t go to zero, right? All the every company that’s ever gone public would have to go to zero in order for that to happen. And clearly that’s not gonna happen. Right. The opposite happens where you got the s and p 500, where you got the 500, like that’s the index.
You got the top 500 companies and then when number 500 falls away, the next one comes in. So you’ve always got the 500 companies in there. What are the 500 top companies in the world? Always gonna, you know, always gonna have in common, and that’s what they’re gonna want to. That they’re gonna want to, you know, become more profitable.
They’re gonna wanna make more money. The CEO does. The staff does, the company does. Certainly the, the stock you know, the shareholders do to, to a fault by the way, which another topic. So I don’t know, but if you, you. If you prescribe to the, and I do to the utility conversation, like, so you’re looking for regulation, but also looking for utility.
Like now it’s time to say, Okay, now they’re allowing this thing to exist. Is there. You know, what, what’s the use gonna be? What’s the, what’s the hedge? That terror that went to zero. It was hedged against the US dollar. And then like, if they literally went to zero, lost 98% of its value overnight, which basically means that it was not tied to the US dollar at all.
That was like a really good story that people bought. So, so anyways, Ethereum is something that you might wanna look at in that regard because again it has utility and then therefore, I don’t know. That might be something people wanna look at, you know, is they’re, they’re making decisions advising their clients you know, following along.
But remember, it’s blockchain, right? So, so bottom line road dog, like, again, as you alluded to in asking the question, there are people much smarter than I, but it’s a topic we’ve, like I wrote, look, I wrote about Bitcoin. What, what does Bitcoin mean for business coaches? It was years ago. I’m. Five years ago, but it’s right there on the internet.
If you google my name Bitcoin or my name blockchain, I would imagine that would pop up. And I basically, the article said, Look, it’s, it’s not about Bitcoin it’s about blockchain. So you should be spending some time right there. So, So blockchain’s the real magic the tri, I don’t know, I just, in closing road dog, I think the tribal nature of it should, Be dismissed.
Like as in, is it gonna go, Is it, if you could go and buy Bitcoin and it’s 20,000, whatever, it’s at, let’s just call it 20 grand today, as you listen is that, and your goal is to, you know, triple your money. First of all, your, your clients and you should hire staff members. You have some control. But that being said, if you’re gonna go put your money in you know, Apple or Amazon, what have you, you might be able to do really, like some people did some insanely well with crypto.
The smart money, you know, the smart one’s got some money out of course, but just picture crypto as a political party. Like, you know how we have the Greens Road dog, right? Picture crypto as a political party. Holy smokes. Would that attract a passionate, you know, niche group of people that would like, I don’t know, I’m gonna say die for the cause, Like I really believe that.
So you know, if you don’t trust, like here’s the question. Do you trust the. Right. If you don’t, then I think you love Bitcoin and like that’s what it’s kind of, you know what I mean? A hedge against, Are they gonna continue? I, you know what? I’m people smarter than I follow that. But. I, I could totally see crypto again, not bit, don’t, Bitcoin is not crypto.
Right? And Bitcoin is most definitely not. Like blockchain is the foundation. That’s the utility. That’s what’s gonna change the world, not Bitcoin. And maybe Bitcoin will, and maybe it’s gonna become, you know, the currency, the global currency to do, to do, to do. And there’s gonna be these. You know, boats in the middle of the ocean that are like massive ships with populations of 5,000, 10,000.
Well, people will live on them and you know, Bitcoin will be how they’ll use their money and they’ll never leave. I don’t know. Maybe that’s gonna happen. Maybe it’s not. I don’t know. Maybe aliens will land on it. Maybe Elon Musk, I don’t know. But you know, if you don’t trust the government I think that that crypto world is kind of for you.
But the, the passionate following road dog, just think of the way that the Green party established itself, how the crypto party could establish itself. And then, then what would that mean? Right? Like where would it go? Answer is, I don’t know. I don’t know. But there’s other people out there talking about it again, with more, you know, more interest than I times about a million.
So, so there you go. I don’t know. It’s gonna be interesting to see how things evolve. Road dog. So that’s what I’m gonna say, but I, I do think that business coaches should be educated and be able to speak intelligently to it, though. I, I, I do think that’s important. So there. So I,
[00:25:30] Christian: the only thing I’m gonna say is you made a comment about the s and p and, and during the last market correction.
I find it fascinating how people will make comments about the market. And we actually hidden a point at one point where certain stock prices were actually below the valuation of the actual assets of certain companies. So that’s the difference between the stock market. So as a. As a, as a former financial advisor, the thing that always got me was, what if the market goes to zero?
And my, my always my same response was, if the stock market goes to zero, you got way bigger things to worry about than. Like if every, if, if the 500 top companies in the United States all go bankrupt and lose everything, I have a feeling you are gonna be running to buy some guns. Like, you know what I mean?
Like,
[00:26:22] Karl: Yeah. Invest in guns. There you go. Shoots. And by the way, if anybody thinks you’re not deadly serious like that is exactly. If the world goes to zero, you’re gonna wanna protect yourself, and yet you’re gonna wanna protect your food and your water and a gun might be a better idea. Kitchen knife.
[00:26:40] Christian: Well, dude, it’s, it’s the same thing you got, you talk about educating yourself. If you don’t know with the Russia Ukraine conflict and you haven’t stocked up on, on flour and on oil, like hello you might wanna consider doing that cause the prices have probably quadrupled in the past three months.
And there’s gonna be a shortage. There already is in Europe for oils. So just throwing that out there. But anyhow I’ve not to let you get away with it because I am here to hold you accountable. Mr. Carl, you made an comment. Listen folks, take a look on the cover of the podcast image. Look at that handsome face right there.
When Carl Bryan talks about anti. Right there. That image tells you he knows what he’s talking about. So there you go, dude.
[00:27:26] Karl: Anyways, I agree.
[00:27:28] Christian: Listen bud, with that, those chiclets right there and like your skin, it’s just this, it’s this super soft milky. It’s unbelievable. I don’t know how you do it. Perhaps we could get some skincare routine questions built in over the next few weeks.
Cause as a man who’s aging myself, these are, these are valid concerns. But anyways, speaking of incentivizing our listeners to coming back, can we talk about some real incentives? You like that pivot right there? How was that? That’s, that’s all the pros to it. Nice.
[00:27:59] Karl: Nice.
[00:28:00] Christian: We had a question of how can I help make, I.
Work for my clients. Oh my God, I gotta mute myself and have a good laugh here. . . How can I help make incentives work for my clients? ?
[00:28:12] Karl: Is that, that’s the question. That’s it. That’s the question. That,
[00:28:14] Christian: that’s, that’s it. How can I help make incentives work for my, my client? Like, that was okay. That was it. So, speaking of incentives, there it is right there.
[00:28:23] Karl: Yeah. Okay. All right. So in incentives, So the incentives okay. I’m Charlie Munger, quote, used it a while ago. I’ll probably make a meal of this, but show me the incentives and I’ll show, show me the incentives and I’ll show you the outcomes. I believe it is Charlie Munger. So little bit, No, not dramatic.
I was gonna say dramatic. Nothing is dramatic about that. It’s ab like that’s it. Right? So, you know, my daughter clean her room, you know what I mean? And it’s like, well, if she knows that the incentives that she’s gonna get you. If she doesn’t do it, the negative incentive is gonna be that she’s not gonna be able to leave her room, She’s not gonna be able to play, she’s not gonna be able to go to gymnastics, she’s not gonna be able to talk, you know, use her iPad or talk to her buds or play whatever she plays on that thing.
Ro Rob, Rob Roblox. Is that it? Anyways, you know what I mean? So that’s, that’s the incentive, right? So If you look at the foundation of modern supply and demand is something I’ve kind of been, you know, like supply and demand as in economics, right? You’ll, you’ll find incentives as the foundation of it.
So, Again, economics is just the study of how people get what they, they want or need, right? And especially when other people want and need the same thing, right? So again, and supply versus demand. If there’s a limited supply, well they’re gonna be willing to pay more, They’re gonna be willing to work harder, to respond quicker, et cetera.
So understanding incentives I think is like, Secret sauce or like a hack to solving any question you have around behavior or event, right? So how do I get someone to do something? My daughter cleaning her room, think incentives, right? So, and, and by the way, incentives will get people to act in your favor, but also against you, right?
So And, and I just think, like, think of, I don’t know, cleaning your room, kind of what this answer, but it was ingrained in us from early childhood, you know, again, from our, our, our, you know, positively and negatively, but like clean your, your clean your room. It’s do the dishes and you’ll get an allowance.
It’s get good grades. If you do, you’re gonna get the new bike, you’re gonna get the new skis, you’re gonna get the new skates. Don’t clean your room, get grounded. Get things like iPad, iPhone taken away. Depends upon age. You know, don’t get good grades. You gotta miss hockey practice. You’re gonna miss gymnastics.
You’re gonna miss football practice. You’re not gonna be able to go to your friend’s birthday party on the weekend. Get good grades in high school. Get into a good college. You know, get good grades than maybe in college. You’re gonna make lots of money. Okay? I’m joking. Haha. But you know what I mean, right?
It’s gonna be maybe you better chance than, than the person who flunked out. Not necessarily the case, but hopefully you’re getting what I’m saying. You know, you’re gonna do well at work. You’re gonna get that promotion, you’re gonna get the public recognition. And the public recognition would normally be more motivating than the promotion, but depends on the individual, the situation, the dynamic.
Gotta keep it in context, right? If you do poor work, you’re gonna get reprimanded. You’re gonna get fired. They get a social pressures attached to that. Again, getting reprimand, reprimanded in a, in a public way. You know, it’s like a sales board. If you’re, you got a hair cell on, you put a sales board in the lunchroom that gets updated on a daily basis.
You’re about to see sales of shampoo, conditioner, gel, wax, whatever else, Blow dryers, right? Whatever. But they’re about to go up, you know, like become an elite hockey player, become an elite pitcher, become an elite baseball player, become an elite cricketer become an elite football player, baseball player, what have you.
Like, you make the talk team, you get. Jacket, you get the attention maybe from girls, or maybe it’s from guys, if it’s cheerleading you know, that you didn’t otherwise get recognized for, right? Like in China, actually, this is going back. In China, they introduced a one child per family law and like the black market swelled with abortions because people didn’t want females, they wanted, they wanted boys so that they will carry on the family name, which ultimately is an incentive.
Right? And they wanted them to work as well, by the way. And if that didn’t make you throw up in your mouth you know, there’s, there was a thing like where if you hit a pedestrian, And they didn’t have insurance. You were required to pay the medical bills of that individual so people were reversing back over the person to make sure that they were dead.
And by the way, true story. And you Google that and you’ll see it right there, but the negative incentive of the medical bills for life. No, thank you. You know, made people do this, you know, incredibly heinous crime. Right. So, you know, hopefully you’re getting the, I like incentives that’s, The foundation of anything that you want to get done.
I’m gonna say positively or negatively, cuz again, it works in the other way. Like, you know, next time you watch a webinar or a live training and they say state of the end and we’ve got something for you, or if you buy today, here’s the bonus. Like that’s why it’s happening. And so often I’ll see somebody who’s inexperienced and like, Oh, I hate it when they do that.
That annoys me so much. Look, This is just like found, you know, to be like scarcity, right? Like I’ll talk to a coach all the time and they say, Oh, you know, I don’t like using scarcity when I sell my coaching, right? Because it’s just, it just feels fake. And I think people see through it and I’m like, You can only take on 15 one to one clients.
They say, Yeah. And I go, You have scarcity. You just bring it to the surface instead of hide, like as though it doesn’t exist. You absolutely, as a one man or one woman show in the business coaching world, you’ve absolutely got scarcity. You know, you’re crazy not to push it forward. And talk about it again.
That, that brings on you. You’d see supply versus demand incentive, right? So people will, and watch people will stay to the. To get the, you know, the surprise cuz they’re driven by uncertainty and they loved, Everybody loves surprises, right? Well, they say, actually Tony Robbins says this. He says, Put up your hand if you love surprises.
And everybody puts up their hand, literally everybody. And he goes, That’s not true. He goes, You want the surprises that you want, the surprises that you get that you didn’t want you call problems. Right? So it’s. Funny, but anyway, but people will stay to the end as the bottom line. So, you know, thinking road dog, I think if everybody starts thinking by way of incentives and you know, you’re working with your clients, how do you do it?
You know, it’s. Right there. You know, think supply. I think supply. When you’re thinking incentives, again, show me the incentives. I’ll show you the outcomes, what Charlie Munger says. Think it might be, you know, for the higher level intellect of the economics of the, you know, the folks with the financial background, thinking economics versus incentives might help you.
And just thinking supply versus demand. And, and by the way, you might find this really, really naturally maybe it’s something that doesn’t come so naturally. Just, you’ll get better at it over time. You know, just get a little bit better every day. I talk about that all the time. It’s not about hitting home runs on Tuesday, Wednesday, Thursday.
Often, that’s a recipe for disaster. Well, not disaster, but like an extreme diet doesn’t last. An extreme workout routine doesn’t last right? Going for, you know, a five mile jog. Depending upon your, you know, your weight and your athletic ability, but that’s something that could be, you know, to the end of time.
You know, like not eating after seven o’clock is something that everybody could, could stick with, right? But an extreme diet like keto, vegan, this, how many times do you know somebody that goes vegan, goes keto, goes this, goes that in three months? Are they still on it? If not in two weeks? Right. So I don’t know.
That’s this, you know, a little bit better, A little bit better, a little bit better, a little bit better, A little bit better maybe if you take a penny and you double it every day for 30 days. On day 30, I think you got 5 million bucks or something like that, right? You got a massive number that if I, before we started and you didn’t, hadn’t heard that.
You never heard that example If I said, Do you want a hundred grand or do you want me double a penny every day? For the next 30 days? Nine and a half people. What a 10? I would dare say take the a hundred. But the five, you know, 5 million versus a hundred grand, you made a, you know, very poor decision. So, you know, just in helping your clients do the same, you know, So, I don’t know, incentives, it’s, it’s the foundation of modern day supply and demand, which is effectively what’s economics.
Get them working in your favor. So, so that’s what I’d say shits. And then really, there’s two type, well there’s three types of incentive. There’s economic, social, and moral. Economic. If you make, let me give you an example. If you make a sale you’ll get paid a thousand dollars commission. You know, if you do not make this sale, you will not make the thousand dollars commission, right?
So if you work hard, you’re gonna make extra money, you’re gonna get paid. Like that would be economic. I think that’s pretty basic, right? And then there’s moral. Like, you know, wearing, like wearing a mask, getting the vax might be the ones that are kind of right now. Like, just think of how that all played out.
Right. And then it’s like wearing a mask isn’t about you protecting you because that’s like, I’m not worried. Well, no. It’s about protecting other people and other people who are vulnerable. People with bad asthma, people that are, you know you know, that have grandparents living in their. That sort of thing.
So that’s how they’d get you, you know, that there’s that moral incentive, you know, not, not breaking the law to the consequences would be you know, like a moral incentive. And then social would be like hygiene, like brushing your teeth, wearing deodorant just generally being hygienic. You know, would be like the forefront like, think of like Tesla, how it really got going.
You might not even remember this, but it was like a social responsibility movement to a large degree, right? With the electric cars. Right. Or maybe it’s going to church, it’s the right thing to do. Right. And I’m thinking like a business like Tom’s shoes, right? So you buy a pair of shoes and then they give a pair of shoes away to a child in need, right?
Like that, that right on the back of moral incentives without question. So yeah. So again, just thinking about, you know, economic, social, moral. But I, I don’t know that there’s all incentives will fall into, you know, one of those three categories. So start using them in your favor, using them in your client’s favor.
You know, that’s like, you know, the well documented that, you know, you do do things right. But it’s really, it’s more important to do the right things if I’m making a meal of that. But it’s like, you know, doing things right, It’s, you really gotta be doing the right things significantly better. Think of the example of trends, right?
You could work really hard, but be in the wrong industry, or you could be like pretty average in working in anti-aging and having an aging population that is not gonna stop no matter what you do. That’s an example of an industry with a massive trend. You know, like a five foot wave in the ocean that could take a really bad surfer and make ’em look pretty good, right?
So, I don’t know, road dog. That’s incentives. I do think we kinda start it off like people spending some time business coaches spending some time and understanding just incentives and how important they are. Like again, Charlie Munger, I started with that. Show me the incentives. I’ll show you the outcomes I.
You know, sending people’s reticular activating systems in that direction and helping your clients do the same. And when working with your clients doing that, I think that would be pretty good. I pretty good use of time. You know, you talk about doing the right things, road dog, that might not be a bad idea.
So, So there you go.
[00:39:49] Christian: Just to that. Yeah. You talk about economic, social, moral. Yep. The only thing I’m gonna. Know your niche, know your audience. Yeah. Which one of those three is most important to that audience? Nice. Cause on some of them, you talk about Tom’s great example, right? Yeah. Think of the average person who’s buying Tom’s.
Like it’s, it’s like really? Cause for the average guy, it may be like, Well, I don’t really give a rip that they’re giving per maybe. I don’t know. Right? But it’s like, what’s important to your audience? And if, if it’s a moral type thing, Then, then make sure that your incentives align with that. If it’s more economic, where it’s all like sales people, right?
What do they want? They want, They want economic. Financial, and at the same time they do like their social too, right? They like the public recognition. So how can you incentivize those people doing that? So that, that’s the only thing I’ll add is just know your audience and know what’s important to them.
What do,
[00:40:44] Karl: what do you think of that? And also like motivating their staff. You bring up a good point, right? Like it’s not just motivating people to buy the way that you build a kick butt. Remember, if you introduce me to a 10 million company or above, I’ll introduce you to an HR company. You know, it’s all about hiring staff, right?
So how do you incentivize some, like people will go work for a nonprofit for less money, right? Because they’re, they’re attached to the cause that’s, you know, moral incentive there. Right. Big time. So just thinking about that and I will tell you, when people come to work for you, they’re looking for three things.
Well, they’re looking for a lot, but just to buy where to sum it up. They’re looking to learn a lot. They’re looking to have fun and they’re looking to give back. So generally speaking, and this is more like. A players, like if you’re looking, you’ve heard me talk about this, like where an A player is worth like 10.
Average players, Right? Really? I can’t begin to tell you that’s important. So what I just said, if you’re looking to bring on staff, you wanna bring on a plus people. Well, a plus people are looking for those three things. It’s, it’s not, you know, there’s four things that motivate people, rank recognition, prizes money.
Money is fourth by design, not by accident. It’s rank recognition. Prizes, I think prizes and competi. And then money is fourth. But of course that’s assuming that they’re living up, you know, above a certain, you know, it can’t be below poverty level. Right. Well then money is everything. Cause it becomes a.
What do you, you know, the hierarchy of needs, You know, it becomes safety, right? It becomes, so it’s a bit of a rabbit hole, but that’s something to think about their shoots. But it’s not just about your clients, it’s also about your staff. Cause if you hire the right people, or forget staff, let’s think partners.
You know, like if you, you know, when you go sit with somebody at the Chamber of Commerce and you start talking about you do business coaching you know, not just, You want everybody to make lots of money, but you do it because of the death rate. You know, the bipolar, the depression the suicides the separations, the divorces, the breaking up of the family, the what ends up happening to the kids after that, Like if you take that moral.
Incentive route, you might get a whole, I guarantee, frankly, with the average jv, you’ll get significantly further than if you walk in there and say, Hey, for every client you send me, I’m gonna pay you X, Y, Z, like Ro Doug. That is a huge mistake that coaches make, is that they go in to form a joint venture and rather than, you know, sharpening, sharpening up their story and talking about why they do.
And going into, you know, the types of things, you know, the moral incentive, they go to the economic incentive to say, Hey, if you send X amount of people, this is how much I’m gonna pay. And generally speaking that’s not gonna work. And by the way, a combination of, you know, two or three is gonna work better than, you know, one standalone because maybe they wanna make money, but they also agree with you and they come from a divorced, entrepreneurial family that’s gonna be highly motivated to them.
Or maybe they have somebody like me. My big brother, committed suicide when I was 16 years old over a business failing. You could. That is gonna be, that’s gonna get a sign that’s gonna get some attention from me. The end, right? Well, what if they also know somebody who committed suicide? That moral incentive might get you significantly further than the economic, but tied together could get you the deal done.
So hopefully everybody’s picking that up.
[00:44:06] Christian: Can I just say also JVs? What are they? Their partnerships, their relationships. Right. Nice. It’s not a, it’s not a financial transaction and so stop, stop, stop reading it like a financial transaction. So nice. The only nicely worded. Throw that. So man, I feel like we could go down a rabbit hole on this one alone, but, We’ll, I think we’ll leave it there because there’s so much to it.
Like, it’s crazy, like when you, when you take a look at. I, I love where you’re going with it, of the why are you doing it, and it’s beyond a financial transaction. As long as that’s you. If you’re the financial transaction person, that’s cool too. You’re just gonna have different JV partnerships with people that are more like-minded like you.
So, and that’s, that’s okay, right? There’s nothing wrong with that. Just don’t manufacture some Bs moral story that’s completely false in. Right.
[00:45:01] Karl: Anyways. Yes. That could, Yeah, that could backfire in a very real intangible way. So there we go. There you go. S buddy. All right, man. Good stuff.
[00:45:13] Christian: What’s, what’s let’s close this out here with one thing.
What’s the one thing from today’s episode that people can take and implement directly into their business? Immediate.
[00:45:25] Karl: I think the incentive, I just, again, I think the incentives, we kinda just went down a little bit of rabbit hole, but I think it was a good one there at the end. Like, you know, the combination, like just understanding there’s certain things that motivate certain people, you know, and you know, and it’s not just money.
Again, rank recognition, prizes money, that’s the order for your incentive program for the, you know, company staff. So, you know, maybe it’s a combination of, but just thinking about how are you incentivizing people you know, good and bad, you know, clients, like when clients cancel with you, what do they miss out on?
What do they lose? What’s the pain and disconnect, right? So just thinking incentives, incentive incentives. It’s the clearstone of life road dog truly is. There you go. Love
[00:46:05] Christian: it. Listen the only thing I’m gonna real quickly add before I do my, my little close out here is, Right now we’re heading into a season where there’s a lot of people that are short-staffed and just keep in mind the stor, cause Carl hires with his story and people buy into it and they want to work with him, right?
Yeah. Do the same thing. If you’re right now, if you’re putting up a very bland , vanilla sort of a job posting. No one is going to care, especially in an environment where people are now like, it’s just the shortages are insane. No matter where you go for staff and to get good staff, you need to sell, which sounds so crazy, especially coming out of an environment where we had the picket, the L scene.
Yeah. Now you need to sell your. Openings and and I think helping your clients with that and getting them to sell it, man, they’re gonna get way better people and way better teams working for them, which then of course, as we know, In an environment where customer service is gonna be, I keep saying this to my wife, we’re in for a good two to three years of just horrible customer service.
So if you can be the shining star in that, holy smokes, are you gonna stand out? So I, I just wanted to throw that in there as well. So,
[00:47:25] Karl: Nice. Anyway, good job.
[00:47:27] Christian: Thanks everybody for tuning into another episode of Business Coaching Secrets with Nana Van, The man, the myth, the legend himself. King Carl, if you’re not on the inside, getting acts at the pre-show.
Again, we’re getting a ton of staff accomplished in that pre-show. Holy Smokes is unbelievable. If you aren’t getting Karl’s daily emails, you wanted more information on the coaching software, the group coaching software, how to build your coaching company. Like, listen, if you’re not seeing the value that Karl’s drop in here every single week, I, I don’t know, I don’t know what you’re listening to, but go visit focus.com and subscribe.
And again, if you enjoyed the podcast, please share it. And of course, please rate it as we know that all the streaming services give a heavy, heavy amount of weight towards those. And that is it for another week folks. Remember, progress equals happiness. Take care everybody. We’ll see you in the next episode.
[00:48:14] Karl: Karl Bryan built profit acceleration software 2.0 to train business coaches. How to find any small business owner more than $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising. This becomes a business coach’s superpower. So as a business coach, you’ll never again have to worry about working with business owners that can’t afford your high end coaching fees.
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