Hello! Glad to have you here for another Wealth Unplugged Podcast! This week I interviewed Wendy Mak, creator of Smart, Savvy and Rich, a 10 week program to help you reach and sell to more people, while growing your confidence to market yourself. Wendy has a strong background in marketing and brings that experience to her clients and to us in the interview! Here are my top takeouts for this week:
Takeaway #1 – Don’t skimp on marketing!
If you don’t get marketing right, your business will not make money! It takes a lot more than just throwing up a few Facebook ads – you need to be prepared to put the time in. Wendy took us through 6 steps in the full interview… My belief is that marketing isn’t a cost, it’s an investment. Marketing (when done right), is what will draw more business your way…
Takeaway #2 – Just hit go!
The action-taking ethic is very powerful! Don’t sit there frozen by fear and procrastination, get up and take action. You could start by just writing down a list of what needs to happen and working away at it…
Takeaway #3 – Fail fast and unemotionally
When things don’t work out, don’t let that get you down. Think strategically and look at it objectively. What did you learn from the experience that you can take forward?
Speaker 1: Want to know what successful people are doing with their money to create wealth and use it consciously for the greater good? Welcome back to Wealth Unplugged, the weekly podcast that gives you diamond tips on creating conscious wealth from change makers, world shakers and wealth creators. Now here’s your host, Barbara Turley.
Barbara Turley: Welcome to another week of Wealth Unplugged, where I have a whole new bag of wealth creating tips to share with you. This week on Feminine Wealth TV, I was joined by Wendy Mak. Wendy is the go to expert for female entrepreneurs who want to get their message out to the world in a really big way, but more importantly, guru style. She’s created the Smart, Savvy, and Rich program to show how to do just that.
What I love about Wendy is that she is just on a business formation role right now. She’s on to business number three already, and that’s not to say that she’s jumped from business to business, oh no, no, no. This girl is as savvy as they come, and she’s managed to launch a business at each stage of her own business evolution.
Let me explain how she’s done this. After a high flying corporate marketing careering, she [inaudible 00:01:09] her head up one day and much to the dismay of her academically focused Asian family, she decided no more corporate jet setter for her. She wanted to be, wait for it, a fashion stylist.
Now, she has two older sisters; one is a doctor, and one is a lawyer. You can imagine that type of family and the type of reaction that she got when she came home and said, “I’m ditching the corporate thing, I’m going to go for it in fashion styling.”
Correct me if I’m wrong, but most people would argue that the hardest path to cash in starting your own business is to go headlong into something that you have no previous experience in. Let’s face it, loving clothes really doesn’t count here. Not only did Wendy have no experience, but also the fashion styling business wouldn’t strike me as the most lucrative, unless I guess you’re in the right circles with all the air kissing and oh darlings and etc. But, not only did Wendy become the go to expert in fashion styling within a few short years … she wrote a book, she appeared in TV, in magazines … but she also managed to become the go to expert trainor of the stylists, and she basically launched a second business off the back of her first one, which was the trainor of the trainors, and she basically teaches people how to become stylists now.
Then today, she’s evolved yet again. Since everyone kept asking her how the hell did she do it, like any great savvy femtrepeneur, she thought, “Well why not build a training program on it and teach people how I did it?” Enter business number three, and it’s wendymak.com and Smart, Savvy, and Rich. I was delighted to get her on the show to talk about exactly how you do this.
I won’t keep you any longer in suspense on this one. The answer is marketing. It’s got nothing to do with styling, fashion, teaching, or whatever passion you have for whatever business that you’re in. Unless you market the hell out of yourself or your product or services in a very targeted and deliberate way, you ain’t going to make any money. Let’s face it, then there really isn’t a business to speak of.
My key take up number one for today, and I can’t stress this one enough, is don’t skimp on marketing, the proper learning of all the strategic and creative thinking that goes into it and the consistent execution of it. There’s a lot more to it than just whacking up a few Facebook ads, and unfortunately so many people thinks that this is all it takes, and they waste loads of money just doing Facebook ads. It is a piece of the puzzle, but a small one.
Wendy actually took us through her entire six-step map for marketing success on the show, and I can tell you now, Facebook ads make up a tiny fraction of just one of the steps, so that’ll tell you how deep you need to go with this stuff. If you want the map, then head on over to energisewealth.com and check out the interview with Wendy, because she took us through the whole six steps, that was really brilliant.
Marketing is a skill that is well worth learning or spending money on hiring if you’re in a position to do so. I’ll be totally open with you. For me in my business, marketing was the first that I factored into my business plan. I didn’t even attempt to launch until I had more than enough money to get a great marketing juggernaut going, and have enough time to execute it effectively. Because without great marketing and lead generation, there’s no sales to actually convert, and then really you’ve got no business, period. It doesn’t matter if you’re selling rusty pipes or sex coaching. Marketing is money. Write that down and stick it on your computer or on your wall. It’s not a cost, it’s an investment, and it’s an investment that when executed correctly will give you a return on investment in your business of many, many times what you originally spent.
So many people say to me, “Oh but I can’t afford that kind of marketing.” Well, what I say to that is how can you afford not to? I see business people all the time spending their money on unnecessary things that might make the business look flash but have little or no return on investment. You know, think fancy offices, brand new equipment, designer furniture, designer clothes, a lot even go as far as to say expensive and quite frankly wanky branding. None of these things bring in the dollars. Get focusing on where the dollars actually come from and put your marketing squarely on the top of your priority list if you really want to catapult your business. It’s an investment, it’s not a cost.
Okay, so now that I have that rant over with … you know, I just feel so strongly about it really. I’m so glad I had Wendy on the show so we could really dive into this in a deep way.
My next key take out is one I always talk about when I talk about Wendy, in fact. The first time I heard her speak, she said one of her key business tips was to “Just hit go,” and I absolutely loved it. I guess it’s like her philosophy, and it’s a bit like my own, really. We’re both big believers in the power of the action taking ethic. I always say, when opportunity knocks, you still have to get up and answer the door, but so many people don’t. They sit there for years, frozen by procrastination, lack of self belief, and fear of failure. But the antidote to that is to take action.
I know when I have days I feel stuck or anxious about my business, the best thing for me to do is to make a list of things I need to do, and just start hacking away at them. There’s honestly no better way to clear a deluge of fear and stickiness than by taking action to move you forward. Even if you’re just taking baby steps actually towards a wealth goal or a business goal, it all adds up. Maybe it’s just about making that one phone call, or sending that one email that could open up a new distribution channel for you. It feels like such a small action step, but it could lead to absolutely huge results, so just hit go.
For my final key take out from Wendy Mak. You know, I toyed with a few from our chat, but the one I’ve decided to settle on is her “Fail fast and unemotionally” ethic. She said that so many times in her business, things just didn’t work out the way she thought they would. As women, we can often go into a downward spiral of emotion over this sort of thing, you know wondering what we did wrong, why we’re such failures, when really, the trick is think very strategically about it and look at it objectively. What tweaks should be made? What areas of the process fell down? What can we learn from it to make the next process better or the next business better?
I loved this actually because it reminded me of what it’s like to be in the game of professional trading and investing. I’ve always traded my own money. I’ve used a combination of stocks and derivatives and various bits and pieces, and to be honest, trading is a game where losses are just par for the course. You really just get used to them, and the trick is to win more than you lose, obviously. But you have to learn to deal with the losses, and you have to learn to be unemotional about them. You could get all tied in knots and spend a whole day calling yourself an idiot and drowning your sorrows, but that really doesn’t help the next trade, and before you know it, you can be on a downward spiral of total negativity and then just loss after loss after loss.
Instead, you just have to learn from the losses. You use the learnings to tweak your process and thinking, and sometimes you just have to accept that the market got you and you can’t always know exactly what’s going to happen. The most important thing is that you’re in the game and not hanging out in the sidelines flooded with fear of failure. It’s just part of the game, and it’s better to be in the game than not. The same goes for business.
I think I’ll leave you on that little but powerful note for this week. Again, if you want Wendy’s six-step map for marketing success, head on over to energisewealth.com and listen to the whole Feminine Wealth TV interview. I think it’ll be really worthwhile because as I said, marketing is money.
As always, if you enjoyed today’s show, I’d love to hear about it in the comments below or over on Energise Wealth on the blog. I’d love to hear about the return on marketing investment you’ve had in your business, and maybe some of you can wow us with your big numbers. Now that is wealth unplugged.
Also, remember, tune in next week, when I’m going to be talking to Claire [inaudible 00:09:40] from the [inaudible 00:09:43] Legal about the wealth there is to be made in good business partnerships, but only when they’re done right. Look forward to talking to you then, bye.
Speaker 1: Thanks for tuning in. Come and join us on energisewealth.com to continue the conversation. Get your free video training, Seven Steps to Energised Wealth, and watch the video interviews that were the inspiration behind this episode.