SociaLIGHT Conference Notes – Dan Lok
- The Ultimate Leadership and Entrepreneurship Event
- Triple Bottom Line Leadership “People, Planet, Profit.” Design
- Business as a force for good
- #SLT15 #SociaLIGHTMovement #VSW15
Notes & Resources
Dan Lok, a multi-millionaire and serial entrepreneur, and an international best-selling author. Dan is considered the world’s leading expert in internet marketing and is referred to by many as the “Millionaire Mentor.”
CONNECT WITH DAN LOK
7 Steps to a 7 Figure Business
Your Adversity is your Advantage
- Your past makes you stronger because you’ve developed the mental muscle to endure the pain that comes with owning and growing a business
- Business is not for the weak
- Only 4/100 Companies become successful
- You need to do WHATEVER IT TAKES to succeed
- Business is the most competitive sport.
- Every day your competitors are trying to kick your ass
Do what you love and money will follow is a LOAD OF CRAP
- Nobody is going to pay you to drink beer and eat pizza
- Instead, you need to LOVE WHAT YOU DO
- Follow a passion but make sure your passion adds value to the marketplace
- Love what you do and be damn good at it
Save yourself before you try to save the world
- You can’t help the poor if you’re one of them
Money earned is a by-product of value creation
- It’s about becoming all you can be
- If you want to make a billion dollars you have to serve a billion people
Promotion over creation
- 20% of the time creating, 80% promoting.
- Are there businesses not as good as yours but they make more money?
- It’s because they get more attention than you do.
- Many entrepreneurs spend too much time working on their product, but barely any time promoting it
- Most entrepreneurs fail because of a lack of attention
- You need to own the market and become the lead dog
- Consumers only remember the top 2 companies in any industry
- It’s your duty to promote your stuff all the time
- Not 1 tweet, but 1000s of tweets
- Not 1 video but 100s of videos
- Attention is the new currency in business
- But with more attention brings haters. Not everyone will like you, GET OVER IT!
Stop Pretending & start asking
- Successful people help people that help themselves
Build the relationship before you sell
- Play the contribution game
- How can I help you?
- Build relational capital
- Deliver value first
Master don’t dabble
- Don’t fall into shiny object syndrome
- Master 1 thing before moving on to the next
- Don’t jump from 1 thing to another
- In the beginning you will always suck
- Keep going and you will suck less
My business is doing FINE
- Freaked out
- In debt
- Not making enough money
- Emotionally stressed out
Perfection is the enemy of progress
- Entrepreneurs mentally masturbate too much
- You don’t have to get it perfect the first time you just have to get it going
- If you are not embarrassed by the first version of your product you launched too late.
What entrepreneurs do
- We create shit and promote it
- Just fucking go for it.
Better to ask for forgiveness than ask for permission
It’s important to get FEEDBACK from customers, mentors, and advisors.
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7 Steps to a 7 Figure Business
The first 3 steps is the function of sales and marketing. If you are struggling to get or retain customers this is where you NEED to concentrate your efforts.
- Client Attraction
- Most businesses are struggling because of obscurity. Nobody knows who the hell they are.
- First you need to grab their attention.
- You have to cut through the clutter and the noise.
- Not 1 tweet, not 100 but 1000’s
- Attract clients to YOU, instead of chasing them.
- Always find new and better ways to get clients to come to you.
- How can you constantly attract clients to your business?
- Anything you’re doing to retain and keep a client.
- Build stronger relationships with your best clients to get a lifetime client.
- Not everyone is a perfect fit. You will have to filter though some clients.
- That 1st sale is the first step in building a long-term relationship with a quality client
- Doing a good job is a MUST in business. You need to spend time building a relationship to get referrals. Not just do a good job.
- What do you do to nurture your relationships.
- Optimize and maximize the lifetime value of your clients
- What other products or services can you offer to your existing clients base.
- They don’t even have to be your own. Upsell other people’s services
- In marketing, this is called your back end.
- Sell more stuff to more people, more often
- Value is not in what you do. It’s the relationship you have with your customers.
- Once something in your business is working put systems in place to create consistent and predictable results.
- Do this when you are really busy
- This will allow you to produce the same result without being there
- Allows you to teach your method to anybody
- Don’t systematize things until you know it’s working
- Once you have systems you can delegate
- You can’t get rich unless you delegate. There is only so much you can do. Your income will be limited.
- The goal with delegation is to free up your time so you can spend it on higher income earning activities
- Everything you do you need to ask yourself.
- Is what you’re doing the highest and best use of your time?
- Learn more about how to delegate effectively from Dan Lok
- Using technology to automate tasks and work smarter
- There are plenty of programs and software out there.
- Now you can expand!
- You can’t expand until you have all of the above setup and functioning properly.
- Growth can kill a business if systems are not in place to support it.
- This is called expansion dilemma
Business Owner VS Entrepreneur
- Thinks linearly
- Is always finding new and better ways to help his existing customer base
- Expands vertically
- Sets up 1 revenue model at a time then moves onto the next one
- Find as many ways to help his customer base as possible
How do you email successful people?
- Short messages
- Where did you meet?
- Who you are?
- What you do?
- How you can add value to them.
Dan Lok’s Books
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