128 – The Magic of Creating Lifetime Recurring Revenue Customers

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Shola Abidoye (SHO-LA AH-BEE-DOY) is a serial international entrepreneur, private equity investor and author.

She’s also the Co-Founder of Convertport.com the predictable sales technology that turns website clicks into clients. Her team has bought and sold 25+ Billion sales ad impressions, generated 100,000+ profitable business and consumer leads and create 25,000+ customers, lifetime recurring revenue customers among them. She lives between the East Coast, Europe and 526 ft from the beach on the Baja, Mexican Riviera where she goes to think, write, produce, conduct market research and support a local nonprofit.

Do You Have Time To Read 1000 Books?

Raised by a family of Engineers, Shola’s interest in internet marketing came easy for her.

On a Spring day in Sweden, while reading Guardian Newspaper (Sweden’s Largest Newspaper Company) one article in particular caught her attention, “1000 Greatest Books You Have to Read before You Die”.

The thought of getting to read this incredible list really inspired Shola.  She absolutely loves reading books and could just imagine how great it would be to absorb all the knowledge those books had to offer.

…And The Catch…

It would take YEARS and YEARS to read each and every book on that list IF Shola had a regular job. A regular job meant time away from home and less time for herself…and more importantly, it meant less time for reading. For Shola, the question shifted from “Can I Read This Incredible List Of 1000 Books?” to “How Can I?”.

Although she was very successful working as an Investment Banker for Top Fortune 500 companies like City Group and The Corporate Executive Board, she knew that she really needed to have the financial freedom and time to enjoy her passion for reading, traveling and living life to the fullest.

So, with a simple search for “How To Get Rich”, she stumbled upon the new “Internet Marketing” space.

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How To Work Internet Marketing Like A Rockstar

Often, when someone starts on their journey, they take on other people’s goals and values.

Shola says, that won’t work.  If you want to be truly independent, then you need to have your own values and goals.  Live life for you.

When you finalize your list of passions…what really drives you, what you absolutely love, then you have the exact list of niches you should be selling into.  Shola can say this without hesitation, because she’s living her dream.

She enjoys getting to talk about her passions AND she gets paid for it.

What has created so much success for Shola, is she is able to immerse herself in systematizing the online sales and marketing process.  This means, she’s always getting solid conversions, through a well thought out and profitable sales funnel, with high quality traffic.

Once it’s set up correctly, it performs like clockwork and Shola gets the time to pursue the things she’s most passionate about.

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3 Secrets To Internet Marketing Success

Like most entrepreneurs just starting out, Shola had failures…made some classic mistakes and yes, she didn’t let that stop her.

Not content with the status quo, she made it a point to read a book about internet marketing every day she listened to every webinar she could find on the subject and even attended internet marketing events whenever possible.

After all of that, she was finally able to answer the most important business question you can ask: “At the end of the day, Am I getting the end result that I want?”

Through her many trials, failures and frustrations, Shola finally made her first big breakthrough.

It was when she discovered the “3 Secrets” to Success”:

  • Every person who has a successful business has become a professional revenue generator.

If you’re doing something professionally, you’ll know by the consistent results you’re getting paid for. If you’re not getting consistent results, then what you have is a hobby.

“A professional is someone who does something for income. Someone who gets consistent results” – Shola

Every entrepreneur has to take care of their cash flow. Expenses flow in and out consistently, so if you as an entrepreneur don’t make the shift to become a professional, then your expenses will suffer tremendously.   So don’t play around.  Get serious about cashflow.

“As a successful entrepreneur, you have to become a professional at generating revenue” – Shola

  • You have to understand that the single most important skill you need to master, is how to generate new customers and clients…and make it consistent, controllable and scalable. Understanding and mastering this aspect of your business will help you get the results you’ve always wanted for your business.

“When you have an investor’s mindset, you will start making decisions that are driven by the numbers as opposed to what feels good” – Shola

“If you can make it work just once… then you can do it again and again” – Shola

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  • Realize and Accept the fact that if you don’t have customers, you don’t have a business.

Sadly, most entrepreneurs are confused about which Social Media Channels to use. Should we use Facebook, Twitter, Instagram, LinkedIn or any of the others? Should we produce audio podcasts or start a webinar? What you must understand is that you HAVE to secure clients first and filter out the noise.

Focus on strategies for creating a repeatable acquisition of customers for your business.

The question should be “Which one is going to bring me the best customers at the right price?” and “How much time do I have to put in?” (If you’re doing paid acquisitions) “How much money do I have to invest in paid traffic? Lastly, Will this really help me resonate with my audience?”

Focus On Income Generating Activities

If you have any doubts about whether or not your plans and strategies will work, Shola’s suggestion is that if you can make it work at least once, then you can do it over and over again. You just have to stick to it so that you can be consistent because sometimes you just need to focus first on the few things that really work.

3 Big Social Media Strategy Questions To Ask Yourself….

Follow the below questions to ask yourself.  The answer will tell you if you’re really working on a focused, revenue generating strategy.

  1. The task I’m currently doing using Social Media – Is it generating leads?
  2. Is this task helping me to qualify leads?
  3. Am I fine tuning my conversation with leads?

These are the only direct income generating activities that you have to focus on whenever you are on Social Media. If you’re doing even just one of these three things, then you’re on your way to a focused, income generating strategy.

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The Biggest Myth When It Comes To ROI And Social Media Marketing

ROI as a term in general, is just money in-money out, “Return On Investment”. Shola pointed out that it’s also important to factor in your ROTI which stands for “Return On Time Investment”.

It’s really important for you to understand, that sales is “Lead Conversion” and Marketing is “Lead Generation”.

What’s the big challenge with that?

People often times, use social media without distinguishing first, which activities are sales activities and which are marketing activities. Before using the power of social media, you have to ask yourself:

Why I am using social media?

Most people use the term sales and marketing interchangeably but they are totally different. You will know if your marketing efforts are fruitful and effective is by the number of qualified leads you have on your list.  As you continue, you will know if your Sales activities are effective by the number of leads you’re converting into sales.

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What is CRSP?

CONTROLLABLE, REPEATABLE, SCALABLE AND PREDICTABLE SALES TECHNOLOGY

Using her trademarked business system, Shola has created a formula that distills the sales and marketing process down to the most basic essence.  With this incredible process, you can manage quality traffic to your site, increase conversions and ultimately, get new customers in a “Controlled, Repeatable, Scalable and Predictable” manner.

You might ask, “How will I know that if I put a dollar in, I’ll get a dollar out? That is exactly what CRSP is all about.

CRSP enables you to take your business through a step by step process and analyze what is your 80/20 strength ratio and then building a paid ad and an email marketing automation sequence that is tied to your unique strengths. Shola is very passionate about helping people and helping you to have a consistent business income. Her mission over the next 16 months is to get this message and system out to one million entrepreneurs.

If you want to check out her platform and sign up for a sales funnel diagnostic, Shola will step through your entire sales funnel and point out your leverage points and where you’re not getting it right.

Click Here To Read The Full Transcript Of The Show +

Shola:              Hi, this is Shola, founder of convertport.com and I’m talking with Nile Nickel at social media business hour about converting social media traffic without wasting time and money.

Woman:          Are you in business or thinking about starting a new business and could do with a bit of help and guidance when it comes to social media? Then you’re in the right place. Social media can seem daunting and even frustrating but it doesn’t have to be. That is why we offer insights and experience from social media experts from around the world. Discover tips, tricks and information that will help you leverage the power of social media so you can start growing your business today. Welcome to social media business hour with your host Nile Nickel.

Jordan:            All right Nile. I think it’s time for another social media marketing moment. Do me a favor. Talk to me about key words in Linked In.

Nile:                Linked In is a very high authority site. In fact, most people say it’s the fourth highest site for authority that you could go to. Well, you’ve got your own personal web page on that and as everybody knows in web page strategies you want key words so that when people search those key words anywhere on the internet you’re found. Linked In, because of its high authority transfers all of that authority to you so if you take your profile, you key work optimize it, making sure you use key words that users are using to search for you. Not the ones you like. You’re going to get tremendous results.

Jordan:            Thanks Nile. For more tips just like that join us at linkedinfocus.com, sign up for more tips and tricks. You’ll be glad you did.

Nile:                Jordan, it never ceases to amaze me how some of the strange stories make it into our lives. It’s just -- I don’t understand it. Crazy stuff out there.

Jordan:            It is.

Nile:                And hence I -- it amazes me too is we try to kill the weird ass news segment.

Jordan:            Yeah, you didn’t think anybody liked it.

Nile:                And boy, did we hear an outcry so --

Jordan:            I think that’s the only reason why people listen to the show.

Nile:                Sometimes I think so. You never can tell. Well, tonight we have somebody and I am going to make a guarantee and Shola, you’re here with me. I’m probably going to mispronounce her name at least once.

Shola:              I will bet you a million dollars that you won't do as bad a job as I’ve heard before so let’s have it.

Nile:                Well, we’ll just see how we do. I mess up my name sometimes.

Jordan:            Yeah, don’t feel bad. I’ve got a quick question for you Nile before you start. What’s that crafty site that people like to --

Nile:                No, no. I’m not even going to go there.

Jordan:            Because Nile can't pronounce Etsy to save his life.

Nile:                You just pronounced it for me. Now, see -- now you’ve got me off track. What can you say? Well, Shola, are you ready?

Shola:              I’m ready.

Nile:                Abidoye.

Shola:              That was close.

Nile:                Abidoye, Abidoye.

Shola:              Perfect. Perfect.

Nile:                Abidoye. See? I knew I’d do it. I was just -- we’ve been talking, we’ve been having fun before we actually started the show here. Anyway, Shola is a serial, an international entrepreneur. She’s in Baja baby.

Jordan:            Yeah. Well, which Baja?

Nile:                Well, the one -- I would call --

Shola:              _____16:51

Nile:                I’d call it Southern California. She’ll tell me it’s Northern Mexico.

Shola:              Pretty much actually. You got that right.

Nile:                So, whichever one you want to pick and feel comfortable with. The line sort of gets blurred there because there’s a lot of people that live or work on either side of the border there. And before 9/11 it used to be really easy and really fast to go back and forth across the border. Today, yeah, well, not so much so. But she’s also a private equity investor and author but what we’re going to talk about today; she also cofounded convertport.com which is predictable sales technology that turns website clicks into clients and I’m really fascinated with this actually because she’s got some interesting technology. In fact, it’s trademarked. That’s CRSP. Do you have an acronym name for that or do you just say CRSP?

Shola:              So, CRSP just stands for Controllable, Repeatable, Scalable and Predictable customer acquisition.

Nile:                Yeah, yeah.

Jordan:            I like that.

Nile:                I do too.

Jordan:            That’s great.

Nile:                I’m really fascinated by that. And she’s founded and grown over three businesses by over 10000 percent in the last five years alone. Do you think she knows how to do this?

Jordan:            Wow, I’d say so.

Nile:                So, Shola, welcome and I am excited that you’re here with us.

Shola:              Well, thank you so much for having me in the studio. How are you all doing today?

Nile:                We are doing awesome. You know why?

Shola:              Why?

Nile:                Our day is almost over. You’re on the West Coast. You still have a ways to go.

Shola:              That’s true, that’s true.

Nile:                But it’s after five here so the drinking has started. Oh, should I say that out loud? I’m not sure so --

Shola:              Only if you have one for me. So, in any case.

Nile:                Well, get yours out. It’s after five here so you’re in good shape.

Shola:              Brilliant.

Nile:                So, I’ve got a question for you. You’ve got a very interesting name, you’re in an interesting area, in an interesting business. How did you get there?

Shola:              Well, I am originally from Washington DC. My colorful name comes from the fact that my father emigrated from Nigeria to study engineering at George Washington University. Actually I come from a family of engineers. I was an engineering major myself until my first year and I started to study economics so whenever I chat with people they instantly see that hey, did you grow up with engineers? Yeah, pretty much. So, like zeros and ones around the dinner table. If I tell people -- actually a little joke I often tell people; what do you do? And I say that I’m a half Nigerian email marketing specialist. And they sort of look at me like is she telling the truth? I’m like yeah. No, really I am. So, that’s a running joke across the internet. But I can tell you all that my real mission and passion is around helping as many entrepreneurs as possible do what I call side step the small business infant mortality rate so we live in a world where in anywhere from 60 months, so that’s five years to seven years the average business fails and so our mission, our team; every day we wake up in the morning, we say okay. How can we use our technology to help people build what everyone wants which is essentially light switch sales, right? So, how does that look? So, whenever you go into a room and you turn on the light you have some certainty and you can tell that your sales are going to come through. You have certainty, your consistency, predictability. But the challenges for most new entrepreneurs, they don’t know when their next sale is going to come in. they don’t know when their next client’s going to come in and that’s because they haven’t really sat down and automated their sales process. And so we’ll talk a little bit later about how we can actually help folks really get the most out of their conversions from social media traffic. That way they don’t waste time and money.

Nile:                So, starting out life as an engineer and getting into internet marketing what was the big motivation that pulled you in that direction?

Shola:              Well, I can tell you it was this -- a sunny -- and literally this is exactly how it happened. It was a sunny Spring day in Stockholm, Sweden where I went to graduate school and the Guardian Newspaper which is the largest newspaper in the -- one of the largest newspapers in the United Kingdom, England, they came out with a list of books and the title of the story was the 1000 greatest books that you have to read before you die. And I literally remember looking at that list because -- I’ll be honest. I played hooky because Sweden in the -- Springs are really beautiful and I remember saying to myself if I have a regular job I will literally never get to read all of those books. And so like every highly intelligent, highly ambitious person I googled how to make money online, right. Because I read about that. This was like about 10 years ago and it was just -- the whole internet business thing was just coming on board and that’s basically what brought me down the rabbit hole. I had before that spent time in investment banking at City Group and also doing work for top Fortune 500 companies at the world’s largest -- a membership based consulting firm called The Corporate Executive Board until I’ve done the corporate thing and I went back to graduate school but it literally was that need to have a profession that would enable me to live anywhere and that was location independent which I knew would be the only thing that would give me the free time to enjoy what was a really passion of mine like traveling or like reading that really led me to where we are today which is having this conversation. So, I didn’t make that up. It literally -- how it has happened and if any of my professors in Sweden are listening to this hopefully they’ll forgive me for playing hooky that day.

Nile:                Well, I always look for certain tag lines in a segment and you have the most interesting tag line I think that I’ve ever heard.

Shola:              I’ll take that.

Nile:                Because I started my business because I wanted to read more.

Jordan:            That’s true.

Nile:                I enjoyed reading.

Jordan:            That’s true.

Nile:                I wanted to read more.

Shola:              I mean, that’s what it is. Everybody has their big reason why and I just wanted that freedom and I can imagine that there’s some folks listening to this who -- they have some things that might seem a little bit -- almost like a -- that’s just being too leisurely. Like we often imagined folks from ancient Rome sitting around, eating grapes and just philosophizing and reading the texts but I mean, the power of really systematizing your sales process and the power of really honing in and fixing your conversion and your traffic funnels is that you can build the kind of business that frees you up to do the things that you want whether it’s reading, volunteering, whatever have -- you’d like to do.

Nile:                No, I totally agree and the thing that I always find interesting; we’ve had well over a 100 interviews at this point in time and we find that most people have their own unique reasons. Now, there’s some common ones like I wanted to travel more, I wanted the independence to work the hours I wanted to work, when I wanted to work. But it seems like everybody has their own unique personal motivation about why and I think so many people get caught in the trap of trying to apply somebody else’s why to their life and of course that just doesn’t work.

Shola:              I couldn’t agree more.

Nile:                So, next question for you and that is once you decided that you wanted to start pursuing this business, what was the first step that you took? How did you get started?

Shola:              Well, I can say like many people who are probably listening to this. I made some of the same classic mistakes, right. So, you read every book, okay. You listen to every webinar. You go to your events and you just literally are reading anything related to how to run a successful online company but you’re not getting the end results that you want and so I too have gone through the trial and error period and I would say that the breakthrough for me came when I discovered what I call the “secret”, right. Okay, and so what is this secret? The secret is as follows. Every person who has a successful business has become a professional revenue generator and what do I mean by professional? Well, when you do something professionally versus as a hobby you get consistent results. You get paid for your results, right. So, that’s a difference between someone who may play tennis for a living versus someone who plays tennis for a hobby. And as a successful entrepreneur you have to become professional at generating revenue, right. Because the thing is that you have expenses that flow in and out consistently so if you don’t become a professional meaning if you’re not able to generate revenue consistently minimum and with the same predictability as when your bills are due then you’re going to have to go back to a job. So, the real turning point for me came is when I realized that if I wanted to have entrepreneurship, business ownership as my long term career wasn’t just going to be a hobby. I wasn’t just going to play around with it and then maybe go back to a corporate job. I had to understand that the single most important skill I had to master was generating new customers and clients and I had to do so in a way that was consistent, in a way that was controllable, right. And also scalable meaning you do it more, you get more results. And that was my real breakthrough and I’d just be so delighted if folks walked away from this podcast really getting a hold of the fact that people can argue about what social media channel to use. Should they use Instagram or Facebook or Linked In. people can argue about the best kind of content. Should they do audio or should they do webinars or should they do text. But one things folks won't argue about is that if you don’t have a customer, okay, you don’t have a business. And we can distil all of the noise out there to that singular nucleus of your business which is a repeatable acquisition of customers then it’s -- it becomes a lot easier to figure out, okay. Which social media strategy is going to work for me versus isn’t because your living expense is going to be -- okay, which one is going to bring me the best customers at the right price and by price I mean just how much time you have to put in or if you’re doing paid acquisition how much money you have to invest in paid traffic. So, that should really resonate with your audience.

Jordan:            I absolutely love that. Thanks so much Shola. And Nile, I don’t know that we’ve had very many guests on at all who put it that -- put just such a fine point on really at the end of the day -- unless you have a customer, you’re just talking. I mean, like really.

Nile:                Yeah, and so many people do that I think too but -- and I’m going to ask a follow up question to this too but how many businesses have you been in? Especially a bar or restaurant where you’ve noticed that framed one, five, 10, 20 on the wall?

Jordan:            Oh, yeah, yeah.

Shola:              Absolutely.

Nile:                And you know --

Jordan:            The first dollar they ever made, right?

Nile:                Yeah, and you know how many internet businesses do that?

Jordan:            No idea.

Nile:                Well, I’ve been around a ton of internet entrepreneurs and of course our money comes in electronically, right. And so nobody takes that first dollar or first five or first 20 or whatever.

Shola:              That’s so true.

Nile:                And puts it on the wall to say there was a start.

Jordan:            Yeah, yeah.

Shola:              Yeah.

Nile:                And this was the date and this was the time. And look at where I’ve grown from.

Shola:              Yeah, that’s so true.

Jordan:            Hey Nile, how much time do we have left in this segment?

Nile:                We’re really up against the wall on this segment but why don’t we pick up in the next segment. After we’ve talked about Shola’s reason to get into the business why don’t we go into the next segment and talk about that first dollar and then growing it from there.

Jordan:            Sounds great.

Nile:                I think that’s a great idea.

Shola:              Brilliant.

Nile:                Join us in the next segment would you please.

Jordan:            Hey Nile, let’s take a brief break for social media marketing moment. Why don’t you talk to me about the Linked In profile and how to engage with that? I hear you talking to people about that all the time.

Nile:                Well, I do. Yeah. So many people treat their Linked In profile just like it was a resume which is the stupidest thing you could possibly do. Nobody wants to read resumes. Even the people that have to read resumes. So, what do you do to make your profile summary more engaging? You tell a story. You draw people in and there are so many ways to tell an engaging story. Why are you passionate about something? Why would you do this if somebody wasn’t paying you to do it? Tell the story, draw them in and what you will find is they get deeper into your profile because you’ve made them say to yourselves I want to know more.

Jordan:            Thanks Nile. For more tips just like that join us at linkedinfocus.com, sign up for more tips and tricks. You’ll be glad you did.

Nile:                Hey, welcome to social media business hour. We’re talking to Shola Abidoye and we had really an interesting start in our previous segment. One of the things that I liked that Shola talked about was how she got her start and she’s a -- I want to use a different term. You could beat me up for it if you want to Shola and that is --

Shola:              I won't. I promise.

Nile:                No, please do. But you’re an American as American gets but you come from a Nigerian heritage.

Shola:              Absolutely. I’m a proud Nigerian American. My mom is from -- native Washingtonian. My father is from Nigeria and he’s an American citizen but he came over to -- the classic success story. Came over to study in the States. If anything I’m proud to call myself a native Washingtonian because whenever I go to places people are surprised. And I’m like literally yeah. I was born in Washington DC. So, it’s an interesting mix there.

Nile:                I love the mixing pot that America brings and we forget to talk about that very often but I’ve got to have fun with this. And you listen to my show. In fact we talked before we got started about the news segment that you’d listen to.

Shola:              Absolutely.

Nile:                So, clearly there’s a lot of wild and different things we talk about there but you’re in internet marketing with a Nigerian heritage. Now, you absolutely positively have to hear about the Nigerian email scams.

Shola:              Oh, sure. I mean, my running joke is like if a cousin or uncle of mine sent you an email it wasn’t me so --

Nile:                I just had to go there. And thank you.

Jordan:            Well, it’s always a Nigerian prince. Never a Nigerian princess so she’s good.

Nile:                Not princess. She’s a queen. Come on. Get it right.

Shola:              Exactly.

Jordan:            Right.

Nile:                Well, in our previous segment we really talked about how you got your start and what you were doing and I was fascinated by it but there was an interesting comment that you made in the prior segment about becoming a professional revenue generator. I have a friend, a Jeff Herring who talks about -- he starts each morning -- the first -- somewhere between 30 to 45 minutes with his daily revenue generating activity. He doesn’t get going on anything else. Doesn’t read email. He doesn’t do anything. Doesn’t watch the news. I mean, probably takes care of bodily functions but beyond that he jumps into his daily revenue generating activity and we talked about how in so many bars and restaurants we see where that first dollar’s up on the wall there and how as internet marketers we really don’t do that. I think we should. I think it’s a motivation. But to get to where you stated, what was your first sale like? How long did it take you and how big was it? And the reason I ask this question is I think a lot of people are going to be surprised by your answer.

Shola:              Well, I mean, I’m a -- I have to say that -- let’s just say that I kind of lucked out so my first sale -- it took me about six weeks, okay. The advantage that I had is that I came from a technical background so the university that I went to in Sweden, The World Institute of Technology is sort of known as one of the world’s premier universities and so I had the advantage of being very comfortable with paid media, okay. So, paid traffic. And we all know that we think about how to generate a sale you only have traffic and you have conversions, okay. And so the hardest part for most people when they’re starting is the traffic. And so because it was easy for me to just latch on to paid traffic it was -- I originally started doing lead generation for some of the large online universities. And so when you have the traffic solved and even if you’re only pretty okay with conversions that’s how you get sales, right. And so that’s why I feel so passionately about this whole ethos that I want people to embrace which is you have to become a professional revenue generator which is really getting a hold of your traffic and conversions and I can tell you that the very first time that I drove paid adverts traffic to our landing page and someone signed up for a lead and then I refreshed the screen and saw that I’ve made 25 dollars it is if I had died and gone to heaven. I mean, literally the euphoria, the bliss, the pure pleasure. I mean, I’m smiling thinking about that. Just having that experience where you know is not a scam. Okay, let’s be honest. You know that it really does work and you know that if you can do it consistently you’ll have the same financial stability that you would have if you were in a dream. I just --that moment is just etched in stone. If there were a way that I could go back and sort of take a snapshot of that and play it on video I would probably watch it over and over again so I’m just always excited when we can talk about these sort of things just so we can have more people have that breakthrough because it absolutely does work. It’s just that -- you would just have to get really strategic about focusing on things that matter and whether it’s listening to shows like yours and really getting a hold of social media, whether it’s paid media, whether it’s webinars, whatever you choose to use in order to generate traffic and conversions; when you get those two sides of the coin correct you’re going to get the results that you want.

Nile:                Well, what I wanted you to do and it was done perfectly; I did not know the answer to that question but I could’ve laid odds on it.

Shola:              Oh, really?

Nile:                Is it -- took longer than most people would think? I mean, the internet’s a get rich quick scheme, right? Well, we all know that it’s not. You really have to plan. You have to be very strategic about it. It takes work and it took you six weeks to get there. And the next thing is you’re going to make big money quickly. Most people don’t. They start out like you started out. 25 bucks. And you celebrated it because it was great.

Shola:              Absolutely. And I think that there might be someone riding down the street or working out or walking their dog listening to this and they might be just -- they might have some doubts about whether or not they can make this work and I can tell you that if you can make it work at least once you can do it again and again and again. It’s just a question of sticking to it and building systems in your business so that you do it consistently. And so that’s why I just think that when we really empower people to focus on those few things that work; and so you talked about Jeff Herring starting his day with an income generating activity and I would say that if you’re on social media, the way to decide whether or not what you’re doing as an income generating activity is to ask yourself one of three questions. Is this task I’m doing on social media generating more leads? Number one. Is this task helping me to qualify these leads? Okay, that’s number two, right. Is -- or follow up with them. And the third task would be am I tweaking my conversation with them, all right. So, that’s conversions. So, at the end of the day if you’re not getting more leads, if you’re not following up with more leads, if you’re not tweaking your conversation with them whether through email or through a phone conversation i.e. conversions you’re not generating revenue. Those are the only direct income generating activities. Those three things. And so that’s a fantastic litmus test for your activity on social media. If you’re not doing one of those three things when you’re on social media then what you’re doing is only tangentially leading to generating more income for your business.

Nile:                Yeah, and I think it’s critical to know that because I would say that on social media there are other things that you might do that fit into the strategy of one, two and three but it doesn’t perfectly fit in one, two or three. But it does fit the strategy to any one of those. Number one, two or three. So, I agree with that but the thing that I really wanted people to grasp is once you get the taste of that victory and you’ve got a system and you know that you could repeat it now you’ve got a very, very large lever. And if you’ve got that large lever placed in the right place you could get massive results. It obviously just takes the system and plan to do that. So, perfect explanation and I thank you so much for being so transparent and genuine with that because a lot of people won't. They want to say oh, you know what? I started out right away and I made my first sale in a week and it was 20000 dollars and guess what? That does happen but that’s more of the exception than it is the rule.

Shola:              Absolutely. And can they repeat it? The chances are they can't, right?

Nile:                Chances are they can't. The next sale after that big one might’ve taken them six months.

Shola:              Exactly.

Nile:                And might’ve been substantially less so I really appreciate that transparency. Thanks so much. In working with -- in businesses that you’ve worked with you’ve discovered an obstacle for businesses somewhere -- really bellow five million. Maybe even bellow 50000. When it makes to come -- when it comes to acquiring more customers without wasting time and money. You’ve found the biggest obstacle to that. Would you mind sharing that secret with us?

Shola:              Sure. Well, I would say that one of the biggest obstacles -- there’s several. I’ll just go deeply into one. One of the biggest challenges is that businesses don’t realize that they’re actually private equity investors. So, what do I mean? That might sound totally sophisticated but private equity is just like when you’re investing your own private money as opposed to public money so you have public companies that are owned on the stock exchange and you have private companies, okay. So, the thing is that if you run a small business and you are your major investor in that business which most bootstrap online companies or online businesses are then you are essentially investing your private equity, okay. So, what does that mean? It means that you have to start to think not just like a business owner and entrepreneur but also an investor and the single biggest thing that an investor wants to know is if I put X amount of time and money into this business, will I get out more than X and by when? Okay. And our challenge -- everybody listening to this can resonate with this is that far too often we spend so much time on social media, all right. But we don’t know -- okay. As an example let’s say one of your hours is worth 50 bucks. Okay? You’re pretty -- you’re a well trained professional and one hour of your time if you were to go and work for someone is worth 50 dollars, okay. So, the thing is that you just invested two hours on Pinterest, okay. And you did that two hours a day for the past month. Do you have that equal amount to show in revenues, okay? And the challenge is most people don’t really track their investment of time and money into your -- in their -- into their business that way. And so the single biggest A-HA moment when it comes to really starting to think of yourself not just as a business owner but as an investor is that if you put X amount of time and money into your business you’ve got to at least get X plus something out, right. Because if you don’t you’ll get to the point where you have nothing to show for it and as I said, you’ll end up going -- people -- most business owners -- let’s be honest. Most business owners after five to seven years, they go back to get a job and it isn’t because they didn’t work hard, it isn’t because they’re not start. It’s because many of them were running in place, right. And unfortunately we don’t get credit for running in place. We only get credit for doing the right things. And so the next time someone logged onto Linked In, which I love. Facebook, who doesn’t? Instagram. If you’re doing it for a business person I want you to really sit back and say okay. I’ve spent 10 hours this week on these social media platforms. How many more leads do I have? Okay. How many more follow ups have I done? How many more sales do I have? And once you start to track that and really have that investor mindset I think you’re going to start doing more of a few of the right things and you’re going to cut out a lot of those things that really make you feel like you’re busy but you’re not being productive.

Nile:                Makes perfect sense to me. As a matter of fact we talked about in this segment how you started growing your business and what people could expect because so many times people just don’t get down to realistic expectations. In the next segment the first question I’m going to ask you is what is the biggest myth or misconception that businesses make when it comes to an ROI based social media marketing versus social media sales platform. Join us in our next segment. We look forward to being with you there.

Jordan:            All right. It’s time for another social media marketing moment. Nile, do me a favor. Talk to me about headshots in Linked In. yeah, I hear you talking to people about that all the time.

Nile:                Well, one thing that’s so funny is so many people don’t take that headshot seriously. They’ve got their arm around somebody that’s not in the picture or they’re deep in the background you could barely see who they are. Want to know an interesting fact? People that look at your Linked In profile spend 80 percent of their time looking at your profile, looking at your headshot. Why is that? It’s because people like to look into your eye. They feel if they look into your eye that they could see what you’re about. They get an understanding of who you are and that’s important before they move anywhere else.

Jordan:            Another great pearl of wisdom. Thanks Nile. For more just like that join us at linkedinfocus.com, sign up. You’ll be glad you did.

Nile:                Hey, welcome back to the social media business hour. This is Nile Nickel. I’m so happy to have you join us again. We’re in segment three of a three part conversation with Shola Abidoye and I’m looking at my producer. He’s waving something, looking at me going hey, it looks like you pronounced her name right again.

Jordan:            I can't believe it.

Shola:              I’m blushing here. It was so cute how you said it.

Nile:                Hey, I’ll take cute any day. Well, we talked about how Shola really started the business, how she grew the business. We talked about some of the things you could expect but in the last segment we said we were going to start out saying what’s the biggest myth or misconception businesses make when it comes to an ROI based social media marketing program versus social media sales and I can't wait for what you’ve got to share.

Shola:              Well, I think again it’s just a question of that issue where we start to think of ourselves as professional online business owners meaning we want to get consistent results. We have certain standards, right. And so ROI is just money in, money out. Return on investment. There’s also something called ROTI, right. So, return on time investment. And so the challenge is that oftentimes people are using social media and they don’t distinguish between sales and marketing so this is a great paradigm shift for folks listening and I really am excited about people embracing the following. Sales is lead conversion, okay. Marketing is lead generation. So, in other words you can -- you have to decide why you’re using social media. Are you using it to generate leads meaning I’ve put an hour of time in social media? How many new email addresses do I have? How many phone numbers do I have? Okay, that’s an actual lead, okay. Versus conversion which is building trust, okay. Shortening the sales cycle. So, as an example when you get on social media and you interact with your tribe and you’re really answering questions, you’re demonstrating your expertise. If that doesn’t lead to more email addresses or more contact information that could lead to a deepening of trust so that could be considered a lead conversion activity but when you go into it you have to decide am I doing this to generate more leads or am I doing this to convert more leads? Is this the lead generation i.e. marketing strategy or this is a lead conversion i.e. lead conversion strategy and most people use the term sales and marketing interchangeably but they’re so different. The way that you know that your marketing efforts are fruitful and effective is you ask yourself how many qualified leads do I have, right. The way that you know if your sales activities are fruitful and effective is how many sales that you have. So, lead -- generating marketing result is about generating leads, okay. Generating sales results -- generating conversion results is about generating sales. And so just kind of having those two buckets where you have a clear -- an exact specific, precise -- we call it ESP way of determining if your time on that particular social media network is effective is very useful because we all know that -- listen, there’s something like a 168 hours in an entire week. I’ll tell you that yesterday just for fun I spent like four hours on Instagram and it felt as if I was on there for 15 minutes. It’s so easy to use these platforms. They’re engineered to have you stay on them for hours and hours on end but you just have to make sure that when you’re in work mode you’re doing those lead generation and lead conversion activities that we’re talking about that ultimately will lead to more sales.

Jordan:            Talk about some absolutely incredible golden nuggets but I’m going to have to ask you to take just a half a step back here. You had made a really great distinction that I don’t know that everybody would follow. You said are you converting leads or are you generating leads and most people I think would say well, I think the whole name of the game is to just convert leads. Well, there are a multitude of ways of generating those leads first and it could be an Ad Words campaign, right?

Shola:              Sure.

Jordan:            But it could also be through giving away a free eBook or getting people signed up on some other list, right. So, you’re generating leads by doing that, right?

Shola:              Sure, and I think a great analogy would suffice here. So, it’s like if you go to a gym you see those like big, hunky -- what do you call it? Personal trainers. They’ll tell you on your first day that there are two types of exercise. There is the calisthenics or the weight training, okay. And then there’s the cardio, right. So, cardio is designed to make -- to exercise your heart, right. That’s one type of exercise. And then the strength training is designed to strengthen your muscles. So, yes. They both are exercise but you have to understand that there is a very specific end goal, okay. The end goal of any general exercise is to make you healthier but you have to distil to that specific end goal. And again I think that people have to understand that. For marketing you just have one particular end goal which is lead generation, right. And then for sales you have one particular end goal which is lead conversion and that’s why in big, large corporations your marketing and your sales teams are not one and the same. But it’s just that as small business owners where we’re using social media to do marketing and sales because we haven’t really been taught the difference. Most people listening to this didn’t get sent a book from the store. You got something dropped off at your door step and you open it up and there was a book called Entrepreneurship for Dummies, okay. Or Customer acquisition using social media for dummies and they walk you through all the top 20 things that you had to know in order to make this work. And so most folks are just learning this organically and chances are unless they had the benefit of some really solid mentorship, okay, they don’t know the distinction between those two things which are really important. The large businesses own it and that’s why I know this stuff and that’s why we talk about businesses under five million. They really have to power themselves to get this knowledge because the larger companies understand it and you have to too. Especially if you’re competing on social media networks with these other companies.

Nile:                I think it’s time for a Will Rogers quote. What do you think Jordan? Where does that come from?

Shola:              It’s always time for Will Rogers quotes.

Nile:                He said even if you’re on the right track you’ll get run over if you just sit there.

Shola:              Amen to that.

Nile:                So, you’re really telling us all the right moves to make and I really appreciate that. One of the things that I’d like to do though -- because we’re really almost out of time. It goes by so quickly is you’ve got the CRSP trademark for controllable, repeatable, scalable and predictable digital sales technology. Would you mind sharing a little bit with us about that and then I’m going to ask how people could find a little bit more about you.

Shola:              Sure, I’d be delighted to. Well, it all harkens back to this idea that we talked about earlier which is light switch sales, right. And so for most businesses, they don’t have light switch sales, right. It’s like when you were in girl scouts or boy scouts and you’re trying to start a fire and you were flicking the pieces of flint together and maybe it would happen, maybe it didn’t. Versus a light switch where when you walk into a room and you turn on the light you know that you’re going to get the room flooded, okay, with brilliant light. Well, similarly our technology, CRSP is about how can you distil the sales and marketing process down to something that you can control and that ultimately means controlling your traffic, okay. And for us, we really focus on paid traffic because you can go to a social media network like a Facebook or like a Twitter and you can say okay. Here’s a 100 dollars. Send me a 100 fans, okay. Or here’s a 100 dollars, send me a 100 visitors to my opt in page. When you can control the traffic and then you can control the conversions then ultimately you can get new customers in a manner that’s controllable, repeatable, scalable and predictable and most people who are listening to this will be saying well, of course. You can get controllable and predictable traffic or a tribe or what have you if you’re paying for it but my challenge is that I don’t know how to afford it. How do I know if a put a dollar in in terms of Facebook ads or Linked In ads I’m going to get a dollar out? And that’s what our whole system is about. It’s really about taking our clients step by step and having them figure out what their 80-20 strength is for the business and then building a paid ad and an email marketing automation sequence that’s really tied to their unique strengths because when you control something in the market that’s hard to get other places then you can charge higher prices and if you can charge higher prices you can afford to pay more for traffic than your competitors. And when you can afford to pay more for traffic then you’ve really solved the biggest problem online these days which is the visibility problem. And so that’s what we do day in and day out unapologetically. We’re really passionate about having people have business income that is as consistent as what they had in the job and yeah. We’re -- our mission over the next 16 months is just to get this message out to one million entrepreneurs and I’m just delighted to chat with you about this today. If folks want to check out our platform and if they want to sign up possibly for a sales funnel diagnostic which is where we would just step through your entire sales funnel and point out some of those leverage points, those things that you’re getting wrong; feel free to go to the website and sign up for a diagnostic and if it is a good fit we’ll get back to you and we’ll walk you through that and maybe someone listening to this will go and we’ll work together and you can bring them back on the show and they can just give you their experience working with us.

Jordan:            That’s a great idea. And your website name is?

Shola:              Convertport. C-O-N-V-E-R-T-P-O-R-T.com.

Nile:                And of course Jordan you know we always have that on our page at social media business hour.

Jordan:            That’s right.

Nile:                This is episode 128 so we make it real easy. Here’s bread crumbs so that you don’t have to worry about trying to write this down and all of that. Just go to socialmediabusinesshour.com. You’ll find it all there.

Jordan:            And Shola’s podcast can be full of great gold nuggets just like that one. I don’t know about you Nile but I’ve got to tell you. If I had a dime for every time I talked to a business owner who truly believed that the Holy Grail was word of mouth and just kind of left it at that, right, I’d be rich. I’d be independently wealthy if I had a dime for every time I heard that. I think Shola just gave us the Holy Grail. If you had a system that you could repeat, duplicate, control -- I mean, really it’s -- the CRSP system sounds like the Holy Grail that everybody really should be going after.

Nile:                Yeah, and it’s really something they should definitely be thinking about but --

Shola:              And if I may just give you guys an open secret. Even google.com has -- Google has an outbound sales team so they actually have a whole phone sales team and their job is to call Google’s higher end Ad Works clients and so people think that word of mouth is the be all, end all think about it. If the people who actually control the Google search engine; even they have to go out and get business, okay. They have to pay for getting more customers and clients. Certainly we do too. And so you want your word of mouth to be your gravy but you don’t want it to be your -- you don’t want to rely on that, right. Because you need to have something that you control in order to be able to sleep well at night. So, that’s just the message that we really want to get out to people and I’m just so delighted to be have been able to speak with you all about this today.

Nile:                Well, I like that nugget too because even Google, the master of online; it’s their domain. They use lots of other things as well and you want to use all of those tools in your bucket to make sure you get sales. But you know what? I’m still back on the girl scouts because I was getting excited about that. I bet you didn’t know this Jordan. I wanted to join the girl scouts when I was young because --

Shola:              Oh, really? How did that work?

Nile:                Because that’s where all the girls were.

Shola:              Oh, okay.

Nile:                Well, they didn’t let me do it. I’m -- it’s still left emotional scars on me so -- but that’s knowing where your market is and going to your market. That’s --

Shola:              Absolutely.

Nile:                I didn’t realize at what a young age I really was a marketer so -- so, Shola thank you so much for joining us on the social media business hour. I really appreciate all your insight and information and to our listeners, I want to thank you for joining us too. Hopefully you learned a few new ideas. Maybe you were reminded of a few things that you already know but you haven’t been doing to improve or grow your life or business. You know my desire is that you take just one of the things that you learned or were reminded of today and you apply it to your business this week. We know that a small change will make a big difference and I’m committed to bringing you at least one new idea each week that you could implement. So, if you’re not sure, go back and listen, find one small change you could make to your business this week and see what a big difference it will make for you. So, until this week, this is Nile Nickel. Now, go make it happen.

Woman:          Thanks for listening. Social media business hour is sponsored by linkedinfocus.com. Be sure to get the latest social media business tips and tricks plus free tips on how you can use Linked In to help your business today. Visit socialmediabusinesshour.com.

weblinks
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LinkedIn: https://mx.linkedin.com/in/sholaabidoye
Twitter: @vrecapitalgroup