4 Ways to Gain Momentum When Your Business Feels Stagnant

The answers are all there. We just have to go out to our competitors and learn from them. If you're launching a course, go take popular courses. If you want to figure out how to make your event better or how to monetize it more, go to an event where you know they're monetizing it. You go and you be an observer in your competitors markets. And we're back with another episode of He Said, she Said.

All right, babe, you just got back from. You can call it a mastermind, call it a peer group, whatever you want to call it. I'll let you call it what you call it. But you and the same. I think it's five women that do this a couple times a year. And you guys all talked about each other's products now and what you guys are kind of forming and launching for next year. Want to shed some light on that?

Yeah, we kind of got together. We weren't calling it a mastermind at first, but that's what we did. This is the third time now, and we just do something called hot seats. So we get together for two days, sometimes three, but definitely two to get through everyone, because there are seven of us. And everybody gets, like, 45 minutes to an hour to talk about what's working in their business, what's not. And so everybody pretty much has gone through like, hey, here's what I have right now, or here's the program. Here's how I feel about it. I feel like it might need some work. I feel like I want to grow it. And what happens is everybody shares their insights on what's working for them and what's not and what they've heard. So it's like a collective group of people who are already doing all the work and doing a lot of research. And it's kind of like you bring all of that data because, you know, some people are in other masterminds right now, and they're like, hey, this is what I just learned in this person's mastermind. And, you know, there's 30 people doing different courses in there. And here's what's going on in the course world right now. And so, you know, when we say stale, I think we mean stagnant as well. Like, if it's just not growing, you feel like people aren't responding to it. Maybe they're not even completing whatever you're doing. They're not showing up for the events. They're not showing up for the calls like you would want. And even that, like, the things that you learn about you might even think your business is quote unquote stagnant because maybe you have a call aspect to your course and people aren't showing up, but then you learn, oh, that's a normal show up rate. And then you feel great about it and it's like your energy shifts and the whole thing isn't stagnant anymore. Because sometimes our energy can be stagnant because we have an expectation that is a false expectation and we can start thinking negatively about our product or our people and they feel that. And that can also be something that affects it.

Yeah, absolutely. That first one is create a peer group of really sharp peers and get together a couple times a year to review things before they get stale or to pull you out of the funk in case it is. The second one is to check with your customers. I always say your customers are like getting the answers to the test before you take the test. Have the humility to ask them. You know, with all my Mastermind members, I'm in the middle of it right now. I always pull them aside or jump on the phone or at the end of one of their coaching calls, I say, hey, we're coming up on next year. What is one thing that would make the Mastermind even better? What is one thing that would make it even more effective? And I love their answers. Now here's the catch. Here's the. Here's why some people don't do this.

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Customer tells you, oh, you should do this, you should have this, and if you don't do it, that that's a bad thing. That's not the case. This is just a reconnaissance mission. What's that phrase? Eat the fruit and spit out the seeds. Not every single idea is going to be a doable idea. Not every single idea is going to be a profitable idea. But you're going to miss out on incredible ideas. You're going to miss out on profitable ideas if you're not asking the very people that you're serving, hey, how does this get better? And that is the key to a product not getting stale is saying, even if it's great right now, how does it get better? Because nobody has ever perfected something and kept it perfect.

So the third one is test and learn from competitors. I'm just going to use my product company as an example. You should have seen the Amazon cart order that I rang up while I was creating glossy because I wanted to know what packaging I liked. I wanted to know what boxes felt good. I wanted to know what formulations and what they were like, what were they putting in them to make them a certain consistency or flavor, what flavors I love? What did I hate? What was I absolutely sure I wasn't going to use? What were their reviews on their website like? What were customers saying about the fact that certain products used stevia? Like, you guys, the answers are all there. We just have to go out to our competitors and learn from them. And you can do this with, you know, if you're launching a course, go take popular courses and see, even see where, like, oh, you know what? I love this course. People seem to love it. But I still think I could Potentially improve this. Like on week three I started to lose interest. What could I have done to make this more interesting? If you want to figure out how to make your event better or to how to monetize it more, go to an event where you know they're monetizing it. Go to an event where you hear really rave reviews where it just keeps growing and growing and this is how you learn. You go and you be an observer in your competitors markets and it's not that you're going in copy, we don't want you to go and copy, we want you to go and do your own version or make it better.

Yeah, you can gain inspiration from some of the ingredients that are working and here's the best part. You can also learn what doesn't work when you're a participant in someone else's event or somebody else's course or somebody else's product, your physical product. You can be like oh I don't like how that consistency feels or oh, I don't like how this comes across when people do this exercise or oh, I don't like the way that this course plays out. These modules are too long or they're too short or too scattered or I wish there was a recap so you, but just, you know by investing in your competitors products you're able to very much learn what you like and also what you don't like and what you think you could do to innovate and do it differently. And the fourth way to keep your product from getting stale or to pull out of the funk in case you think it is stale, is to hire a mentor. And this is just you have to always be learning from somebody who is several steps ahead of you. As a matter of fact Matt and I right now, Matt's my business partner for fellow. We have three different consulting agencies and coaches from the fintech world that we've invested in that are guiding us in this. People that have sold multi billion with a b dollar companies in the fintech world. We're investing heavily in not just getting the right guidance but then they also make introductions and they open doors and they tell you when hey, you're getting off the path or don't worry, this is part of the path even though it feels wrong or it doesn't feel good and investing in individuals who have already been there, done that is will always, will always be one of the best investments you can ever make to pull your product out of a funk or to make sure it doesn't fall.

Into one and that might feel Overwhelming like, because I hear a lot of people go, I don't know how to get a mentor. And you know, I want to mentor. All these people have mentors, but I don't have the money for it. There are so many cool things out there now that you can just hire for consulting at an hour. Like you can get one hour at a time. And let me be real honest, a lot of you don't need more than an hour right now because the amount of even 15 minutes. There's an app called Intro and there's another one very similar that you can hire even 15 to 20 minute increments on there founders.

Yeah.

And I'll tell you that oftentimes because I've used them a few times. I don't even need more than that because what I need is my next step. You get on there and you say, here's what I have, here's where I'm at. What would the next step be? Or what should I be thinking about? And if you get that answer, by the time you implement, it's time for your next call, which is usually three to six months later. So. And I have a friend who has like intro'd her way into a much more successful business. Meaning she's booked these calls here and there and she's like, I, I kind of like either stick with the same mentor or you know, I find people who you would ne. You guys, you would never get access to these people ever. So I don't think there's a mentor excuse anymore. Like there's so much access to people out there for your next steps that you can book time with.

That's a great point. There is no longer this huge barrier of entry to finding a mentor who's been there, done that. Right. It's no longer just an exorbitant cost. Of course there's expensive ones. It's no longer just unreachable or you can't get that intro. It's funny that they called it intro. Like the barrier of entry to a great mentor has come down significantly. So there truly is no more excuse anymore. Anyhow, those four things, guys, create a peer group or find peers that are running in similar space as you at the same pace as you check with your customers. Literally. Hey, you go to events, what could I add to mine? You go to masterminds, what could I add to mine? Test and learn from competitors products, and then fourth, find and hire mentors. Those things will pull your product out of a funk or it'll tell you how to change it. For the upcoming year so it doesn't get stale. And that's the key. Nothing stays the same. Just like humans, your products will never, ever, ever stay the same. They're always either improving or getting stale. You can't sit there and think it's going to stay the same because your audience is growing and they demand different and they demand better year after year after year. Hopefully this helped. By the way, if you want a one stop shop to find peers to create a peer group with, if you want to find people who could be your customers, if you want to literally come and test out one of our products, and if you want to find mentors, that's why we put together the dinner series Advanced networking day. The whole day is a bunch of exercises. Learning from each other and learning from an expert that we bring in each time and doing what we call these intentional collisions so that you get your needs met in a hurry. And then the night just accelerates the networking with one of the most elegant, incredible, mix it up slash experiential dinners you'll ever have in your life. It's been one of the coolest products, one of the coolest events that we've ever done, and the very last one of the year is coming up in November. It's the second week of November at one of our all time favorite luxury five star hotels in Southern California. You've got to be there and there's going to be less seats than there usually is prior to each one of these things coming out because the venue's a little smaller than we normally book. So that being said, if you want an advanced shot when we open up seats again to come to November's dinner series advanced networking event, all you have to do is text us right now at the end of this episode. Text us the word dinner. 2310-421-0416 Seriously, right now, hit stop, grab your phone and text us the word dinner to 310-421-0416 and we'll throw you on the advanced notice list so you have a shot at getting a seat at the table, literally. All right, guys, thanks for listening. Love and appreciate you.

We'll see you next time.