MBA1361 Why Every Company Is Becoming a Media Company

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Hey, welcome to the $1RBA Show. Your regular business workout every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a couple of business training and community online and in today's lesson you will learn why every company is becoming a media company. More and more businesses today, especially online businesses, are doubling and tripling down on creating rich media for their audience. And this has a lot to do with the concept of touch points. Studies have shown that it can take up to 10 touch points where a potential customer interacts with a brand before they consider them for a purchase. You might see a Nike billboard, a magazine ad, a short documentary on YouTube, your favorite athlete wearing Nike shoes. It could take up to 10 times. You've seen Nike before you start considering hey maybe I should buy this Nike shoes or apparel now traditionally companies have been doing this with advertisement, but buyers are becoming desensitized by the bombardment of ads everywhere. So instead companies are serving their audience with useful, entertaining media. In today's episode, I'll share with you some companies that you can follow and take a look at. Share some examples of great media you can produce for your company so you can stand out and convert audience Members into customers and why this is a long term investment into your business and not something that you try for a few months and forget about. Lots to cover. So let's get into it. Let's get down to business. I want to say right off the bat that creating a media arm to your business will take some time, it will take some effort, it will take some money, but it's one of the best investments you can make in your brand because that media is evergreen. Whatever you produce, whether it's in written form, video, audio, short format, long format, once it's produced, people can find it for years to come. Let me start off with a company that's been doing this for a very long time, Wistia, which is a video hosting platform. They've been producing incredible media and content for years and they've been reaping the benefits and growing their business off the back of their media. I've spoken to Chris Savage, the founder of Wistia, and he's told me personally that he credits a lot of their success to this investment. They have great video posts on their website. They have incredible blog posts. They have three part mini documentaries. They have a regular talk show called Brand Wagon. This is a video talk show about marketing and branding and the list goes on and on. But I want to let you know that they didn't start with all this at once. They did one by one, one video a week, one blog post a week, three. And that show brandwagon, just launched a few months ago and they've been in business for nearly a decade. This stuff works. Another great company that you can follow. This is not a huge Fortune 100 company, but they're doing pretty damn well. And that's ProfitWell. I spoke about ProfitWell a whole bunch of times on the show. Founder Patrick Campbell, brilliant guy, super nice guy, incredibly smart in adapting this model. Their YouTube channel is fantastic. They have several different kinds of shows on their YouTube channel. They have a thriving blog. Many of their shows are not just produced in house, but they bring on guests, they bring on experts. Recognizing the fact that they can't do everything, they need other people from outside the company to come and contribute their knowledge and content. Patrick also does a lot of talking on stage, a lot of conferences, so live performances, so to speak. And one of the things I learned from Patrick Campbell is that it's really hard to email people every day. You know, email marketing is powerful, but only if you have a good reason. Otherwise you're just kind of being annoying. But if you're giving them Great value. If you have something to say every day like, hey, we just launched a new video. Hey, we just launched a new episode of our show. Hey, check out my interview on this podcast. If you have a reason to keep contacting them and it's valuable and useful to the audience, then you're constantly staying in touch and you're constantly giving value and you're constantly reminding them of your value. And you can't do that if you're not producing great pieces of media. I mentioned Nike at the top of the episode and that's a real example. Nike really invests in rich media, not only in their commercials, but when they launch a new product, they do a lot of storytelling. For example, they recently launched a new shoe called the Nike Air Zoom Freak. And this is the signature shoe for a very popular basketball player. Giannis Antetokounmpo, who's the most valuable player last year, grew up in Greece and his nickname is the Greek Freak. The point is that Nike released a several part, I believe five part short documentary. Each video is about five or six minutes and they released it on YouTube and it tells Giannis's story, his rise to the NBA, his struggles in Greece, how he had to help his mom sell handbags on the street with his brother, and how him and his brother had to share the same basketball sneakers when they were growing up. His brother would play a game and then hand over the pair to him so he could play his. When you storytell, you give people the power to remember, to remember the story, to feel emotionally moved and connected to the brand of Nike. Now you might be thinking, Nike is a billion dollar company. How am I going to be able to produce at that level? Well, there's media at every budget. You can create incredible videos with a smartphone. These days we're talking about 4K video, good lighting. Even if you're just telling your story on camera, it's the story that matters. Of course, as you have the budget, you can increase and improve your production quality. Production quality does matter. And I encourage you to look at the examples I talked about. Look at Wistia, look at their videos from 10 years ago and look at it today. It didn't happen overnight, but they started somewhere and you should start where you're at right now. This is the only practical way you can have the 10 touch points you need with your audience where you could be the go to name in your market. You become the leader, you become the thought leader. This makes you head and shoulders above the competition, makes the competition irrelevant because you're producing the content that people rely on in your market. Love the medium of audio. Podcasting is a great way to get started in producing great media. We've progressed tremendously since we started back in 2014. If you listen to our earlier episodes, it's cringe worthy. But we've improved. We've increased the quality, like I said, the production quality of the show. We've learned from our mistakes. We got enough reps in to get better and to improve our performance on the mic and our performance beyond the mic, editing and sound engineering and post production with the show notes in the blog. But my oh my am I so grateful I started. Just get started because if you don't, every day that goes by is a day you're not going to get the benefit of of starting to build out your media branch in your company and being known as a leader in your industry.

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When it comes to deciding what kind of media to produce, it doesn't always have to be educational and informative like blog posts that are how to and tutorials. It could be entertaining. It could be fun, it could be controversial. Try something a little bit loose and fun the next time you're launching something in your business. A product, a new feature, a new website design. Make a piece of media like a video to announce it. It's low stakes, low pressure, so why not have fun with it? Get used to having fun with your brand. People will remember it, people will love it. People will share it. I remember when we opened the $100 NBA community, we launched it with a launch video with a puppet who was a professor and he was like an associate professor for the $100 MBA who was applying to work for us. We hired a puppeteer who did this video for us, who wrote the script. It's two minutes. It was fun, it was memorable, and everybody loved it, our audience loved it, and it was a great way to kind of announce that we're here and on the scene. Start with one thing in your media company, inside your company. Whether it's a podcast, whether it's weekly videos on your YouTube channel, a vlog, a blog, even a weekly diary of some sort, sharing your journey, building your company. This is sort of a documentary. Whether it's in written form or via video. Get started with something today and then add to it. And as your business starts to grow, you can start hiring people to take care of different pieces of the media puzzle to help you create more content with higher quality more consistently. Thank you so much for listening to the 100 RMBA show. If you love the show, leave us an iTunes rating and review. We'd love to hear from you. What's your favorite episode? What do you get out of our show? What your favorite takeaway is? We read every single review and appreciate it. So thank you in advance for that. Before I go, I want to leave you with this. Like I said at the start of the episode, the days of bombarding our customers with ads and offers are long gone. People are getting sick of it and it's going to hurt your brand if that's all you do. You got to create pieces of media that they want to consume. Something valuable, something noteworthy, something that they're going to want to share. Whether it's fun, whether it's educational, whether it's exploring topics or sharing the journey. That's a win win for you and your audience to stay in touch with each other. Thank you so much for listening and I'll check you in tomorrow's episode. Free ride Friday. I'll see you then. Take.

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