700. Three Business Traps to Avoid

You gotta go collaborate with other people who have similar audiences and borrow their audience. So are you on their shows? Are you having them on your shows so they can share it? Are you doing, are you teaching in their groups? Are you doing collaborations with them? Are you traveling with them? Go find a way to collaborate with more people and your audience will start growing again.

Welcome to the Earn your happy podcast. I'm Lori Harder, founder of Light Pink, best selling author, three time fitness world champion, and I'm a crazy, multi passionate entrepreneur. My journey has taken me everywhere from being a broke waitress, barista, retails associate and personal trainer with massive anxiety and no belief in myself, to later becoming a multimillionaire in love with my life. In 2007, my husband and I lost everything. We found ourselves hundreds of thousands of dollars in debt at rock bottom. We had no ideas and I had no education to fall back on. This is when I found personal development and learned everything I business. Not by choice, but because I realized no one was coming to save me. The conversations on this podcast are going to let you know that you're not alone and that we all feel like we don't know what we're doing. We're going to give you the tools to help you face your fears, take action, start your business, and grow those massive dreams that are keeping you up at night. It's time to create a life that you can't hide from and put so much on the line that your higher self is forced to come out. You're going to stop waiting for someone to approve of you and you're going to anoint yourself. Because I'm obsessed about building businesses that give women a platform, I want to feature you. So if you text the word podcast to 310-496-8363, you can get your questions answered on our Q and A segment along with a shout out. And if you rate, review and subscribe to this podcast, please. We're choosing someone every month to get coached and featured on our show. It just might be you. So let's get started. And we're back with another episode of he said, she Said. We have our coffee this morning. We're ready to go. I'm excited about this one.

Is this still 6? It is. It's 6:58 in the morning. Oh.

Oh, honey. I've been recording since 6am this morning.

I know. I saw you.

You know what's so bad is I literally just wanted you to give me a badge of honor for that.

I know. Well, I actually had a badge of honor. Lined up and ready for you. Before. Before you just kind of diluted it by saying, hey, I did this for a badge of honor.

How do I.

No, no, I was. I was going to say this. I was going to say, not only did I see you recording in here early this morning while I was wiping the. The sleep out of my eyes, but congrats on your brand new rebrand. It is awesome and I'm so proud of you. And over 28 million downloads, and you're just killing it, babe.

Thank you so much. I am so excited, you guys. It's been four years since my last. Well, since launching the podcast, and it's just kind of like that whole thing where you feel like, oh, I don't totally align with that anymore. I listen to my intro the other day and I was like, wait, if people are just finding me now, they're going to have no idea, like, where I'm at. And that's also really important to keep your people updated, especially if they're new. Which is kind of one of the things that we're going to segue into today. You guys might stuck. Your business might not be growing or.

Even on life support.

And trust me, my business has been on life support several times. And that's how we can speak to you is from the place of we have sucked for a long time in parts of our business, so let us do the sucking for you. All right. That's real.

All right.

Hey, it's a He she podcast.

I feel like we should be on Skinny Confidential or something.

I know. I like their podcast.

Me too.

All right, here we go. Number one reasons your business stops growing. I feel like I'm on Family Feud. Show me you're not growing.

Okay, this one might seem obvious. You've probably heard this before. Oh, if you don't grow, your business won't grow. Guys, let's reverse this. If you. Look, if you. If you talk to someone and you saw that they were doing nothing to grow, would you expect that they would have a business that's growing? Of course not. So then when you turn that on yourself, if you realize, oops, I've accidentally stopped intentionally growing myself, then as a side effect, of course your business is not going to grow anymore. Because when you grow, that means you are able to evolve your message, evolve your product, evolve the audience you're speaking to. You are able to be a better leader, a better team member. And if you stop growing and your team members and your audience and everybody else keeps growing, guess what? They don't need you anymore. And they don't need your product anymore because they're gonna go find someone who's outpacing their growth.

Yeah. I can tell you, here's a really easy sign to know if you're not growing anymore, because this is what happened to. Whenever I would go to post on social or write an email or whatever that looked like I couldn't think of anything to say, I was like, oh, my God, I am so if you feel bored, it's because you're boring. You're not doing things to make yourself exciting. And I'm not. I'm saying this to myself, you guys, because I was like, I'm not meeting anyone new. I'm not, you know, having new conversations. I'm having the same old conversations that are comfortable for me. I'm reading the same type of book books. I'm learning the same type of things. Even if I was learning, which maybe at some points I wasn't. Right? I'm not listening to podcasts or I'm not listening to new podcasts of things I don't know about. So it's kind of like it's pushing yourself outside of your comfort zone so that you do have new things to say and so that you are getting those edges and you have. You're in the emotion of what it feels like to grow. I think that's a big thing, is like, it's not just that you're not reading anymore. You're not doing certain things. It's that you might not be pushing your edges or learning new things. You don't have anything new to say.

Here's how I know that this one's true, is because it happens to you and happens to me, too. I'll literally go to post. I've got nothing for like a week or two weeks. Totally. I got nothing to say. And I'll go to record a podcast. Like, I literally am uninterested in saying anything. And that, to me, all of a sudden is like, oh, you haven't been consuming enough content. Because when you consume content, it makes it easy to create content. And that doesn't mean you're just regurgitating someone else's content. No, what happens is when you consume content, it inspires your brain to start. Like, picture these old rusty gears to start turning again. When they start turning again, they start spitting out new things. Like, I might read something about the economy, and then all of a sudden, my rusty gears spit something brand new out. That's my interpretation that says, oh, you know what? I remember when the economy tanked. This happened. I'm going to do an episode on that or a post on that or I know, here's five ways to make money in a down economy. And all those things start happening in my brain only when something else reminds me of that subject matter. So, guys, start consuming the crap out of content and your business will take.

Off good content, content around your business that will grow your business. And sometimes that's hard, right? Sometimes you want to just tune out and you want to watch suits or you want to like just read a book that's fun, but it really is. You have to make sure that you're doing it daily. I just said that too yesterday. I was like, we have to be in bed at 9 so I can read my book. I have too much to write, I have too much to put out into the world and I need to make sure I have fresh content. That's only going to happen if I get these really disciplined habits of consuming things that are going to help. So number two reasons your business stops growing, show me you've stopped filling the pipeline.

Oh, this is so true. So guys, I call this audience acquisition. And instead of filling the pipeline like a sales pipeline, I'm going to make this, you know, I'm going to expand this even broader. This is means you have stopped growing your audience. Whether it is your sales pipeline, whether it's just your general audience that's consuming information from you, whether it is the number of eyeballs that you are continuing to collect and serve. Guys, if you stop collecting eyes and ears, your business will die just a little bit further down the line. Let me repeat this so important. If you ever stop trying to go out and collect brand new eyes and ears, then shortly after that your business is going to hit a wall. And here's why. You can serve the daylights out of your current audience. But they, oh gosh, we just said this earlier. It's separate from the last point, but it's true. They are going to keep growing and they're going to go want to try other products. They're going to go want to try other things no matter how much you serve them. And so guess what? You got to find other people to serve. And where people go wrong is this. They'll get a little bit of success with their current audience and they'll say, wow, this year's whatever course went fantastic. This year's Mastermind went fantastic. This year's book sold really well. This year's widgets went wonderfully. But then people go and they try Other people's widgets. And then you're like, wait a second, why are sales going down? I, I served them. My widget was great. Look at the surveys. They said they loved it because people, they crave uncertainty, they crave variety, and they're going to go move on and taste other restaurants. They're going to go to other restaurants. You need to continue to attract new eyes and ears. And so you have to have a very intentional audience acquisition plan. How are you acquiring new people on social media? How are you acquiring new people on your text list? How are you acquiring new listeners on your podcast or in your. On your YouTube channel? It needs to be a very strategic part of your plan that you are always investing in.

I mean, this is so important, even for my podcast. It's like, you know, I did all the things in the beginning to really grow it, and then once you have that audience, you're like, oh, I have an audience. Let's speak to them. And you forget that if I want this podcast to grow, I have to make sure I have a plan for this podcast to grow, which means asking people to share it, which means, you know, maybe putting ads toward the podcast, which means maybe running contests of getting people how to share it and, you know, get it out into the world. There's a lot of different things that you need to be doing to constantly keep acquiring that new audience and nurturing the old one. So, so important, you guys. I mean, I learned this crash course in network marketing, and it was like you would spend all your time acquiring audience to finally convert some of. And then you're so focused on, you know, once they're in your business and helping them grow your business or grow their business, that all of a sudden, all of your focus has now shifted into helping them and growing their business, which is so important. But you'll start to notice that your business of actually growing is shutting off because you're not acquiring those new customers and doing that same thing. So it's really looking at how are you constantly making sure that you are getting out there and acquiring new people while simultaneously nurture. So having those two plans in place.

One of the great hacks for acquiring new audience is taking a look at how much you collaborate. The more you collaborate with other people, the more you're going to be able to borrow their audience. You're never stealing audience because people consume multiple things, right? Like, the person that loves Jack Canfield's books also loves Tony Robbins books, and they also love Lisa Nichols books, and they also love, you know, Whoever's books, they don't just stop at Jack Canfield and say, well, I can't wait for Jack to come up with another book in a few years. So, same thing. You gotta go collaborate with other people who have similar audiences and borrow their audience. So are you on their shows? Are you having them on your shows so they can share it? Are you doing. Are you teaching in their groups? Are you doing collaborations with them? Are you traveling with them? Go find a way to collaborate with more people and your audience will start growing again.

So the third way, third and last way, right? I'm sure there's plenty of ways, but these are our three for today. The third reason your business stops growing is because. Show me your pricing is a race to the bottom.

Yeah, guys, I see this all the time. And this comes from a lack of confidence in your marketing and a lack of confidence in your ability to sell. And those two things are not an excuse to have your price be a race to the bottom. Because guess what? Pretty soon you hit the bottom and then there's no profit left. And now you're working really, really hard for nothing. And people don't choose you just because you're the cheapest. And the customers that do, you don't want them. Whoa, probably ruffled some feathers there, but this is just the freaking truth. Let me repeat that. People won't choose your product. They won't buy your product just because it's the cheapest. And the people that do, you probably don't want them because they're the ones that come with the most. Quote work.

Yeah, I think about this a lot with some of my past programs. And it's kind of like, I think the more that I saw people coming out with different things, it was like, okay, my strategy is, I guess, like, just make it cheaper, put it on sale. Maybe more people will see that. And it's crazy because I know, you know, there's a couple different people in the world, a couple different types of people, those who will go straight to the sale rack because that's what they want to see. And those who will actually not go into the sales section at all because they already assume that it's stuff that they don't want or it's picked over and it's not in their size. So you have to remember some. There are two different strategies, right? It's what type of person do you want? And it's totally fine as long as you niche into what, you know, type of person you are looking for in your business. And it probably is going to take longer. If you are looking for those people who don't care as much about the content, who don't care about the value and only care about the pricing.

Yeah, it's so true, you guys, because if your pricing doesn't reflect your value, what you're offering. So whether you're offering a course, whether you're offering coaching, whether you're offering an actual physical product, whether it doesn't matter what you're offering, if your price doesn't reflect the value you're offering, then it's going to be misaligned and people are going to be confused and they're not going to buy. So it is okay to position yourself as a midline or high line priced product. It is okay to say, hey, I know I'm a little more expensive than the other ones out here, but I want to explain to you why. And as long as you do a fantastic job of explaining the why behind it, then you're going to make it easier for people to say, oh yeah, I'll up my investment a little bit because this is what I was looking for. As a matter of fact, more times than not, people are going to choose the one that is priced in the middle or upper middle of the road. Because human nature is, they don't want what feels like the lowest entry level anything. Right. People don't want the worst seats in the house. They want to feel like, hey, I'm treating myself a little bit. I'm, I'm going to view this game, I'm going to view this movie, I'm going to go, you know, view this theater from a little bit better seats. Everybody craves that. So you need to be a little bit better seats to give them a little bit better experience. Now here's the antithesis. This is not permission to like triple your prices and say, hey, I tripled my prices. Now the money's going to come in. No, you got to make sure that you are always over delivering on what your price is. This is a wake up call instead though to say most of you are in a race to the bottom because you're lacking confidence in your marketing plan. You're lacking confidence in your sales like your sales copy. You're lacking confidence in your ability to communicate why your product is the perfect priced product for your customers.

Yeah, I just want to add a little more context to this because if you're a beginner, it's going to be really tough if you've never launched a program before.

But it doesn't mean you start at the bottom.

No, it does not mean that. But if you don't really have an audience yet, it may not be the best time to be like I'm jacking those prices way high because this is what I want to do. You may have to start mid level in order to get really focus on getting those transformations and really focus on adding value to those clients and really focus on creating a track record of helping people change or having a great product or whatever that looks like.

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But you know, if you have I'm, I'm gonna stick with your example. If you're a quote beginner, you gotta be careful with this one because just because you're a beginner doesn't mean you have to be the bottom priced option out there.

Totally.

And I just wanted to really make sure I clarified that. If you're a beginner with and you're just the most skilled coach, you're the most skilled, you got the best. It doesn't matter that you're first to the market. What matters is that you are pricing your product in a way that there's plenty of profit for you so that you'll feel good about continuing on this journey. Right. Because you need money to sustain the message in many different ways. And you gotta feel good that you, when someone does purchase for that price, they're never gonna say, eh, it wasn't quite worth it. You want them to say, holy crap. I was a little bit nervous about pulling the trigger and then when I got into this thing, I realized it was more than worth it. That's the sweet spot you're looking for.

You guys, thank you so much for always tuning in and always sharing this podcast. It means the world to us to be able to see what's resonating with you so we know what to talk about. I've having so much fun hearing people say these are some of their favorite episodes. That's been really cool and just grateful to always hear your takeaways because it helps us get better. That's the thing that actually helps us grow this podcast is when you share it and let us know what your biggest takeaways were and when you tell your friends about it. So we would love, love, love if you would share this with your friends or share this on social. Let everybody know what you got from it.

And by the way, as we record this, we are almost sold out of our virtual mastermind, Fast Foundations. So if you want to see if there's any spots left, I don't know because we always record these a week or two ahead of time. Go to fastfoundations.com with an S at the end fastfoundations.com and if there are spots available, grab it, because that means you're looking at the last one or two spots. Rush over to FastFoundations.com, grab a spot, and join us in our virtual mastermind.

We hope, hope, hope we get to work with you. It is literally one of the most transformational programs that I know are out there for your business. We have have the most incredible testimonials which you can check out over on Chris's page. He's always posting different testimonials, and we would love to spend the next six months being able to answer your questions and get to know you. Chris and I actually do live Q A calls where we make sure we answer every single person's question on there and we get to know you personally. So you guys, we would love to have you in that program. Make sure you go to fast foundations.com and and we will see you next time.

Appreciate you guys listening.