MBA1368 Must Read: Extreme Revenue Growth by Victor Cheng

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Heyoo. Welcome to the $100 MBA show where your business is our top priority every 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 $100 MBA, a complete business training and community online and Today's Episode is a must Read Episode on our Must Read Episodes. I share with you a book that I've read that has influenced me as an entrepreneur. I share with you its insights, its takeaways and why you should read it too. Today's must read is Extreme Revenue Growth by Victor Chang. If Extreme Revenue Growth was a movie, it would be an instant cult classic. It's one of those books that has a lot of buzz, a lot of people are talking about it. It's very niche, it's very specific to SaaS, businesses, software as a service, but it's very powerful. This book was recommended to me by Dan Martell and it breaks down the systems you have to have in place in your business to grow to make the revenue you need to survive and thrive. What I love about this book is that the author, Victor Chang, he takes the concepts, the practices, the things that work in big tech companies and simplifies them, breaks them down and shows you how you can apply them to your small business. In today's episode, I'm breaking down the insights I absolutely love from this book. This is one of those books you can read and reread. I'll also share with you why you should read it and how it can help you no matter where you are in your journey in your business. So let's get into it. Let's get down to business. Today's Must Read Extreme Revenue Growth breaks down the systems you need to have to grow your revenue in your business. He explains what the systems are, how to implement them, and what effect they have on your business, your customers, and of course, your bottom line. The first chapter is all about the revenue growth engine. You want to create a system in your business that allows you to grow exponentially. And I want to go in a little detail in this chapter because it's so important. And he talks about the five components to this growth engine. Without any of these five, it's going to be really hard for you to grow. And they make total sense. When you read them and you're like, wow, I got to make sure I have these in my business. The first one is a target customer that is aware of his or hers problem. You have to have a target customer that has a problem, but is also aware they have this problem. Too many of us are trying to sell a product or service that solves a problem to people that don't feel like they have that problem. They're not even aware they have that problem. But you're like, yes, you have this problem and it's going to help you. You need a customer that is aware they have the problem because then they're hungry for a solution. Number two, the promise you make to your customers as a company, what do you promise? What result are you promising to your customers? Number three, a distribution channel where you can transact with your customer. Number four, a product or service that fulfills a promise that you made to the customer. It's got to fulfill the promise. And number five, a sustainable competitive advantage. What is something that will allow you to be competitive with your competitors for the long term? More features, price, all that kind of stuff is unsustainable. And this first chapter in this book really lays down the foundation. You have to have these five, and you have to know them like the back of your hand. So. So I recommend that when you pick up this book, read this chapter twice before you move on to chapter two. Speaking of chapter two, one of my favorite chapters in this book, it's all about the customer. And Victor says in this book that the person with the money makes all the rules. Your customer is really the number one priority. Who you have to serve, who you have to win over because they have the money. They're the ones who are going to give you money so you can grow. So one of the best things you can do is to get to know your customer. Get to know them well. We talked about customer interviews in an earlier episode. Understanding the motivations of your customer, why they use your product, why they would want to use your product. Their problems, their ambitions, their fears, what makes them proud. Understanding your customer Very well is going to allow you to build a great experience for them where they're more than happy to give up their money. This emphasizes a point he talks about in his book. You can't give your customers something they don't need or want. So it's better for you to understand your customers so you can build something that they actually need or want. They'll be happy to pay you. And a third thing, something I haven't heard of, haven't read about in a book before, but it makes total sense, is being willing to change your target customer over time to adapt to changes in the market. And in order for you to create new opportunities, sometimes as your business grows, you're going to need to change who you're going after as a customer. Dan Martell, who recommended this book, teaches this concept where sometimes when you start out, you're really targeting, you know, a very, very small business, maybe a solopreneur. But then as your business grows, you start raising your prices, you start improving your features or your services. You start catering to a bigger business, then a little bit of a bigger business, then a business with 500 employees, then a business that's like an enterprise business. So as you can see, your target customer changes over time. Chapter number three. Love this chapter. The whole book is fantastic. But this is a very powerful chapter that really is a gut check for a lot of businesses. And it's about the offer you make to your customers. Make your customers a unique, compelling and credible promise. What can you promise your customers that you can do for them with your product or service that's unique, that's compelling, that makes them say wow, I want to be a part of that. And credible, Something that you can actually believe, something you can actually pull off. This is where testimonials come in. Do other people say that you pull off this promise? This trifecta of unique, compelling, incredible is what gets people buying. Think about a purchase you made recently. I'm talking about a no brainer purchase. Recently I bought a pair of sneakers for my wife Nicole. She was having some pain with her heel when she was running on the treadmill, so I got her some, some Nike Air Maxes. They were a unique type of shoe because it gave a lot of cushioning, more than I've ever seen in other shoes or other Nikes. They were compelling because when you wear the pair you automatically feel different. You feel like a little bit of a bounce in your step. And number three, it was credible because hey, world class athletes use their products. I looked up online the type of sneaker it was. They're called Nike Air Max's 720s. And the reviews were stellar. People are saying, I love this sneaker. And therefore it was a no brainer decision for me to purchase this pair of sneakers for my wife. It required very little thinking or decision making because of that trifecta. Chapter number four is all about distribution. The most valuable asset of all. How will you access your customers? How will you reach them directly to convince them of your offer? In this chapter he goes into the details. How to acquire customers, how to acquire a new marketing channel, a new niche, how to use third party distribution. A lot of tactics, a lot of strategies in this chapter. There are 10 chapters in total in this book. I can't cover them all in today's must read, but I want to go over a few more that I found very helpful. Number five, chapter five was all about creating easy to use products that people will love. The easier product is to use, the more they're going to fall in love with it, the more they're going to say, wow, this was simple. Why do you think people have that feeling when something is easy to use? Well, number one, easy to use equals time efficiency. You're saving somebody time and time is their biggest asset. When there's no learning curve, when you can just get what you want quickly, it makes the customer feel like, wow, this is really cool. And that really means you thought this product out. You put some time into making sure this saves me time. Another great chapter is chapter eight about standardizing your operations, making sure you document every procedure in your growth plan so everybody on your team can just pick up that document and implement. If you hire somebody new, they can jump in as well. And then chapter 10 wraps it all up with how to manage your portfolio of growth engines. You have all these growth engines that he talks about in the book, Ways to grow your business, different strategies, how do you manage them all and make sure they're all working for your business and you're not just spinning your wheels. This book is truly a must read. Even if you're not in the SaaS world, even if you don't have a software as a service. I would say 90 to 95% of this book is applicable to any kind of business. Even though he writes it specifically for SaaS businesses.

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Right?

So we shouldn't get the parachute pants.

These are making a comeback, I think.

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Today's Must Read Extreme Revenue Growth by Victor Chang is one of those books that I will be recommending to many people in the future. No matter where you are in your business, in your growth, in your journey, this book will help you in a big way. And I can't say that about a lot of books. And I read a ton every year. I read about 50 books a year. Not all of them are great, but this one is and I'm calling it now. It's not the end of the year yet, but it's going to hit my top five for books I've read in 2019. Well done Vixer Chang on a great book. Highly recommend it. Pick it up on Amazon. That's where I found it. Extreme revenue growth. Thank you so much for listening to the Hundred Dollar NBA show. If you love what you hear, share it with a friend, send them an email, send them a text message, share it on social. It's the best way you can give back to the show. Also, don't forget to hit subscribe. By hitting subscribe, you make sure that when the next episode is available, it's downloaded and ready right on your device. Also, by subscribing you get access to over 1300 of our archived episodes. That's hundreds of hours of business learning for you. All for free. Before I go, I want to leave you with this. Love that this book is amazing and want to read it but not sure how to squeeze it into your schedule. Here's a very simple strategy. You can read this book in about three weeks. If you spend 15 minutes in the morning while you're eating your breakfast and and 15 minutes before you go to bed. That's 30 minutes a day, every day. That's a little over 10 hours in the span of three weeks. And that's plenty to get through a book of this size. Pretty reasonable. It's also a good way to ease into the day and close off a long, hard day. Thank you so much for listening to the 100 LMBA show. I'll see you in tomorrow's episode. Take care.

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