MBA1534 4 Big Opportunities in 2020

ADP knows anything can change the world of work. Like what if a blocked shipping port caused a worldwide coffee shortage? Suddenly, businesses are scrambling to manage an increasingly drowsy workforce. Productivity slips 20% just due to the extended time it takes to conduct a job interview while yawning. Anything can change the world of work. From HR to payroll, ADP helps businesses take on the next anything. ADP always designing for people right Ready.

To save on new Tech it's time for Dell Tech Day's annual sales event celebrating our customers with fantastic deals and benefits. Perks include Dell Rewards, free shipping, premium Support and more. PCs like the Dell 14 with Intel Core Ultra processors will help you do more faster and with a premium suite of monitors and accessories, you can upgrade your whole setup with amazing savings. Visit Dell.com deals.

Foreign. Welcome to the Hundred Dollar MBA show exactly what your business needs 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 Hundred Dollar mba, a complete business training and community online. And in today's episode you will learn four big opportunities in 20202020 has been a heck of a year. What an understatement, right? But a lot has changed in the last few months because of COVID 19, because of everything that it's affected. But there are huge opportunities with these changes. Today I'm going to highlight four big ones. These are four things you can implement in your business that can help you capitalize on on these changes and improve your business, improve your bottom line, make more revenue and have you stronger as a business than you were before 2020. Some of these are going to be very simple to implement. Some of these are going to require more effort, but they're all going to be effective. These are things I want you to capitalize because they are growing trends that are happening in the market. It's very important for you to be aware of these things so that you can take advantage of. It's not business as usual. Life has changed. We need to make sure we change with it. So let's get into it. Let's get down to business. As I mentioned, lots has changed in 2020. Let's discuss four huge opportunities that you can take advantage of with all these changes. Big opportunity number one community. With everything that COVID 19 has brought to us, many of us around the world are spending more time than ever at home. We can't even go to local meetups. We can't go and travel and go to A conference. Everybody's craving a sense of community, a sense of kinship, a support system. So whatever your business is about, whatever you sell, whatever you offer, implementing a community aspect to it will help drive a lot of value, needed value that your customers need. This could be something as simple as a Facebook group where your customers get to chat, ask questions, get to know each other, get feedback from each other to as intimate as weekly calls that you could do. Coaching webinars. People have more time on their hands and they feel the sense that they want to connect. Now, you know your people best, you know your community best. Maybe a discussion forum is best, maybe a Facebook group, maybe a slack group, maybe a text based type of community is better because maybe your people are a little zoomed out, huh? And, and maybe not. Maybe a weekly or a monthly group call is something your people would love. But the world is craving connection, community and frankly, friendship. And the best friends you can make are people that are like minded, that are interested in the same things. And you could be the person that brings them together because hey, they're like minded because they all are taking your course or consuming your product or a part of your service. So community is a huge thing and something that you can implement immediately, even if it's just, I'm going to start out with a private Facebook group for all my customers, for all my community members, and I'm going to post and stir up conversation every day. That would be a huge win for your business. The second big opportunity is real time online events. One of the things a lot of people miss is traveling to conferences, traveling to events, meeting people, improving themselves in an intensive, like in a few days in a row. You simply cannot do this anymore. Okay? We can't get on planes, we can't travel internationally, even locally, in some countries, this is very, very hard. So if you offer your audience an opportunity to do this online, many people are a lot more willing to say yes than they were before because they don't have many choices. Now. The key here is real time. We're not talking about a recorded course, we're talking about maybe running a three day event. That's where there is live networking and there's live talks and there's live workshops where they actually have to show up on time just like a normal event, minus of course the travel, which is great. My business coach, Dan Martell over at SaaS Academy, they're doing this actually in June they're doing this live event. It's a two day event intensive and everything is planned out just as if it was in real life, but it's gonna be online. We even have a lunch hour where we get to have lunch in smaller groups with each other on video. I think this really works for smaller groups. If you're trying to get thousands of people, this is going to get really, really hard. Smaller groups is really going to add a lot more intimacy, a chance to get to know each other, to chat with people. In two days, you can learn and you can learn from each other, you can share with each other, you can chat with each other, you can integrate other tools like Slack, and you can integrate tools like Facebook groups to have the conversation going. But to have it allotted at a certain, you know, couple days or three days and it's live, it's gonna add a lot of value. Now, the downside of organizing something like this is that you can't cater this for everybody in the world, right? Because time zones, let's say you're running an event from 8 in the morning to 5pm that's gonna work in your time zone. But you know, somewhere across the world, they're just not gonna be able to attend because it's the middle of the night for them. And that's just a trade off. And you don't throw out the baby with the bathwater. Just because it doesn't work for some people doesn't mean it can't work for many. So a huge opportunity are these real time online events where people have the same experience as going to a three day conference where they get to learn, they get to network, they get to talk, but they get to do it in the comfort of their home. Big opportunity number three, freemium. I'm a big fan of Patrick campbell over at ProfitWell and that whole ProfitWell blog. One of the things I've learned by reading their freemium manifesto, which is their free downloadable PDF, you can check it out over at profitwell.com is freemium is coming. Okay. Every business in the future will have some sort of freemium product or service. There's going to be some level of freemium in every business. It's just the way things are going. And when we say freemium, we're talking about you're giving away a portion or a sample of your product or service to give them a chance to experience what it's like to do business with you before they actually pay. Sometimes this looks like a free plan, sometimes this looks like a free trial. Sometimes this looks like a mini course if you're selling a course, for example. The point here is that freemium is coming, and it's a huge opportunity right now for you to establish some freemium in your business. Why? Well, with COVID 19, the economy is on the ropes. Many people are cutting costs and they're looking for cheaper or even free alternatives to the products they use. And if you offer a freemium, they may not buy from you today, but it's a good chance for you to nurture that customer with your freemium. They get value from your freemium. If they feel like it's actually something that they need and want, the economy will bounce back, they will be able to afford your product, and you'll be top of mind when it's time to make a choice on which product to use. This works for any kind of product, whether it's a learning resource, a software, even a service. And if you're in the services, you're like, hey, I'm a, I'm a business coach. What do you mean, freemium? I can give maybe 1, 115 minute call, but that's easy to scale. Well, why don't you just have them join a monthly webinar, a group webinar where you do group coaching and part of their free plan, quote, unquote. They get to attend one free webinar every month. And if they get results from that, they'll be willing to upgrade to the full coaching package that you offer when they can afford it. But the point here is that with your freemium model, you've nurtured them, you've earned their trust, and because you were free at the start, they chose you. And converting them into a buying customer is just a matter of time. So freemium is going to be huge in the future. Now is the time where you can start putting down those roots and capitalizing on people seeking out free. I highly recommend you read the freemium manifesto because there's a right way to do freemium and there's. There's definitely a wrong way where you can lose a lot of money and even lose your business if you don't do it right. So download that PDF. It's about 76 pages or so. Highly recommend it.

ADP knows anything can change the world of work. Like, what if a blocked shipping port caused a worldwide coffee shortage? Suddenly, businesses are scrambling to manage an increasingly drowsy workforce. Productivity slips 20% just due to the extended time it takes to conduct a job interview while yawning. Anything can change the world of work. From HR to payroll, ADP helps businesses take on the next anything. ADP always designing for people.

Guys, it's no use putting it off. The best time for an underwear refresh is now. Tommy Don Underwear is designed for a perfect fit that stays put all day. There's zero chafe, thanks to four times more stretch than competing brands. And their innovative horizontal quick draw fly is a game changer. With over 30 million pairs sold, there are thousands of men out there more comfortable than you. Don't settle for less. Go to tommyjohn.com today for 25% off your first order with code comfort. That's tommyjohn.com comfort Tommy John comfort perfected.

All right. The fourth big opportunity in 2020 is pricing localization with COVID 19 and the effect it's had on everybody's economy. Every country has been affected in some way. If you don't believe me, go to xc.com, which is an exchan type of website, and look at any currency. The dollar, the Australian dollar, the Canadian dollar, the yen, the euro. And look how much it's fluctuated over the last three months. We're in a very unstable time in the economy. News cycles are dictating a lot of different things when it comes to the price of each local currency. And this is causing a lot of frustration for customers. Many customers, especially if they're paying a high amount every month for your product or service. If you're offering only one currency, it's hard for them to predict how much they're going to pay month in and month out. So say, for example, you're a Canadian company, okay, and you offer your services in US Dollars, which most companies, the standard is charging US Dollars, but you have a customer that's Canadian like you. And every month because of the exchange rate, they're paying a different price and it's making it a little difficult for them to budget. Now imagine you're able to allow the customer to choose prices based on currency so they know how much they're gonna be charged in their local currency every month. Now, believe it or not, this can actually make you money. Profitwell actually has a whole bunch of blog posts about this. They highly recommend you do this as well, because at the end of the day, the price is a number in their head, okay? And you can change that number to make sure you make up for the exchange rate. But being the type of company where they go to the pricing page and they get to choose their curr and they get to see the price in their currency, this gives you a competitive advantage. Especially in these times where the economy is so volatile and currencies are changing their exchange rate constantly. You can even set the prices higher than you would normally do. But a standard price, a consistent price, is better for the customer. Now, there are many different types of products that makes this easier for you to set these kind of currencies at different prices. Companies like chargebee and Chargifi and Paddle and all these different layers of pricing software that allows you to offer local currency. And then your payment processor will actually exchange that currency, whatever they're paying in to your bank, local currency, and then go ahead and give you a payout. So the point here is, is that make sure you're making the same amount on every customer by setting the prices well above the actual exchange rate. But that's okay. If you want examples, go to the big boys. Go to apple.com and choose a different country. And then open another tab and go to your local country. You'll see that, for example, the new MacBook is the same price in US dollars as it is in British pounds. And when I say same price, I mean the same numbers. Even though the British pound is stronger than the US dollar, that is one British pound equals US$1 and 22 cents. So Apple's actually making money by offering the local currency, but no one wants to do the conversions and understand what that's going to look like today, tomorrow, or three months from now. Most people just want a price and they're ready to go. So localizing currency is a huge opportunity. Now, this is going to take some time, take some money, maybe some development work on your end to make this a reality for your business, but it's going to be worth it in the long run. You're preparing yourself to really reach a global market and offer them in prices that make sense to them. Guys. That wraps up today's lesson to recap four big opportunities in 2020. Number one, implementing some community aspect in your business. Number two, live online events that are happening in real time. Number three, freemium. And number four, currency localization. Thank you so much for listening to the $100 show. If you love what you hear, hit subscribe right now. By hitting subscribe, you automatically get our next episode once it's ready. Also, by hitting subscribe, you get access to over 1500 business lessons in our archives. It's the only way to get access to it. So hit subscribe right now, absolutely free. Before I go, I want to leave you with this. Many people will see a business that is successful and say, oh, they just got lucky. Right time, right place, you dig a little deeper and you look closely you'll realize that most of the time it's just people taking advantage of of opportunities before anybody else does or before everybody else does. Getting in early helps big time. I can tell you firsthand with our podcast, the Hunter lmba Show. It'd be a whole lot harder to have this kind of success with the show if we started today versus back in 2014. It was still kind of late in my book when I started back in 2014, but it still helped us because we got in before, you know, the land rush. And it helped us propel faster because, of course, we've been doing it now for six years. Thank you so much for listening. I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care. Foreign.

Knows Anything can change the world of work. Like what if a blocked shipping port caused a worldwide coffee shortage? Suddenly, businesses are scrambling to manage an increasingly drowsy workforce. Productivity slips 20% just due to the extended time it takes to conduct a job interview while yawning. Anything can change the world of work. From HR to payroll. ADP helps businesses take on the next anything. ADP always designing for people.