MBA1707 The Truth About Viral Marketing + Free Ride Friday

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Hey O. Welcome to the Hundred Doll RMBA Show. No fluff, just the good stuff 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 complete business training and community online over at100mba.net and if you haven't noticed, today is Free Ride Friday. Every Friday we give away a lifetime membership to our program easy course, our 30 day course on how to build your own online course. If you want to win a free ride to life, just leave us an Apple Podcast rating and review and you enter our weekly random draw we call Free Ride Friday. Leave us a review and then just listen in on Friday to see if you want. It's that easy. It's our way to say thanks for showing us love on Apple Podcasts. In today's lesson, you will learn the truth about viral marketing. You hear this buzzword everywhere. Go viral. Viral marketing hacks, Growth hacking. If you're a regular listener of the show, you know we do not sugarcoat things here. We give it to you straight and today's episode is no exception. I'm going to explain exactly what it takes to really go viral on the Internet. To have your business, to have your products to have your services really boom. To have rapid growth. This is not chance, this is not luck. It's a science. And I want to explain to you how it actually really works. No buzzwords, no baloney, no bullshit. Let's get into it. Let's get down to business.

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Too many people sell the idea that if you just get your video, if you get your product, if you get your service out there and the right person retweets it, it's gonna go gangbusters. You're gonna explode, you're gonna crush it. I'm sorry. If you're leaving your success up to luck, you're asking for trouble, you're asking for disappointment. Another version of this is like, hey, if you know how to market your content or market your website, or market these growth hacking special viral marketing tactics, then that's all you need to be successful. Again, wrong. And today I'm going to just plainly tell you how you go viral in business. You cannot grow rapidly or have explosive growth if you don't have something called product market fit. This is rule number one in any business. What is product market fit? This means that you have a product that the market wants, they crave, they are willing to give their hard earned dollars away to make it happen. To get a piece of it. Your product doesn't have to be a life saving cure, but it has to be something that people really want. It could be entertainment, it could be for pleasure, it could be something just for fun. But if it does it in a way that people are like, man, this is great. This is amazing. I've never seen something like this before. Or nothing has ever done it this way before. I gotta have it. That feeling of I gotta have it. We all have had it as consumers. We've seen something is like, oh, I gotta get that. Like when the first iPhone came out in 2007, everybody was like, that's incredible. The pinch and zoom, the scrolling, that huge screen. It was huge back then, right? Apple didn't have to do some sort of viral tactic or some sort of growth hacking to make it happen. They created a product that people craved. So if there's Any advice I can give anybody in business is that you need to create that kind of product. That's where your focus should be above anything else. Whether you have a product or service, any kind of business, whatever you're offering your customers, if it solves a pain, if it fulfills a need to a particular marketplace, to a particular audience, your life, your business is going to be so much easier. And you're not gonna have to worry about tactics. You're not gonna have to worry about how can I get this in an influencer's hands. And it doesn't have to be something totally innovative. Let me give you an example. Our advisor at webinar Ninja, Dan Martell, he's also my business coach. Now, there's a lot of business coaches out there, okay? But I don't want any business coach, right? The reason why I worked with Dan Martell is because he specializes in SaaS businesses, software as a service businesses. He's dedicated his life to helping people with SaaS businesses. He has the number one SaaS business YouTube channel. And to be quite honest, I don't really know any other SaaS business coach. When I heard about Dan, he was just the guy. He's the guy you gotta go to if you want to grow your SaaS business. So it's nothing crazy, but he niched down and he specialized and he's not worried about all the different kinds of businesses. He's not serving e commerce or worrying about people that are in the services or mom and pop shops. He focuses on software companies. And therefore when a software company needs a coach, he's easy to find, right? And of course his product, his service is great, his content is great and he tracks the right clients. But the point here is, is that product market fit. He has a market of a lot of SaaS companies out there that are looking to move up in their game. They're trying to get better. They don't want to go to a run on the mill coach that really doesn't know the ins and outs of scaling a SaaS business. Again, let me give you another example. Canva. If you don't know about Canva, Canva is a graphic design app that anybody can use. Did they invent in graphic design? No, of course not. Adobe had Photoshop decades before them. But why is Canva a $6 billion company? Because they're like, hey, Photoshop is complicated. A lot of people want to make flyers, they want to make banners, they want to create PowerPoint slides, they want to create the COVID art on their Facebook page. And doing that in Photoshop is really hard and complicated. They created an inferior product to Adobe Photoshop, right? You can't do things that Photoshop does in Canva, but they fulfilled a need, right? People want to do some graphic design, some quick mockups. They want to do it, get in, get out, publish it over. They don't want to necessarily hire a designer and they don't want to necessarily want to learn a complicated software product market fit, boom. Canva doesn't need to sell anything. They don't need to promote anything. Their product sells itself. It serves a need. The next thing I would say is that it's not just important for you to have product market fit, but your product has to be good. It has to really be good. You can't out market a great product. That's just the truth. Tesla has recently become the most profitable car company in the world. They do zero marketing, they do zero advertising, no billboards, no commercials, while other car companies spend millions of dollars every month on just that. How could they be the most profitable car company? Because their product fits the market, right? The product is desired. People want a fast electric car that looks good. So you can just put everything aside that you've ever heard of about viral marketing and influencer marketing, all that kind of stuff, and really just focus on creating a fantastic product that people love, that wow people that delight them, that when they use it, they just can't help but tell other people. That's the truth. If you don't have a great product, you're asking for headaches. So what you want to do is focus 80% of all your energy in your business on making your product solve a specific pain for your audience really, really well. Find out what your audience hates about the other products in the industry, what they're annoyed by it, and solve those problems in your product. Do it so well that they can't ignore you. Basecamp is a project management software. It's a self funded business. They do minimal marketing, okay? And they're competing against some huge players. Trello, Asana, Jira. Very, very well funded companies. And yet they make $100 million in ARR annual recurring revenue. Why? Because they solved a specific problem. Their product is perfect for an audience. It's built for people that work asynchronously, that have remote teams that are businesses like theirs. Everybody in that circle is going to use Basecamp. It's a no brainer because they solve the problem better than the competition. They don't try to serve everybody, they serve a specific group and they do it so well. They focus on making it simple. They focus on making it exceptional. So the truth of the matter of viral marketing is if you want your product to be known and to grow fast and people to talk about it, it's got to be great and it's got to solve a specific problem for a specific group of people. Now when I say specific group people, I'm not talking about five people. Obviously the market has a lot of people. So you can take a slice of that market. You don't need millions and millions of users or customers to be a successful company. You can have thousands and be amazing and be a market leader in your niche. There's nothing better than creating a business, a product, a service that sells itself.

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To wrap up today's lesson, the thing about creating a great product for a specific group of people, that makes it an amazing strategy. It's not a one hit wonder. It's not a tweet that goes viral and then two days later no one ever remembers it. It's not a social post, it's not a celebrity or influencer mentioning it in a video. And then no one ever sees that again. It only gets stronger. It only gets better. When your product is great, that momentum just builds and builds and builds. Focus on delighting your customers. Focus on solving it better than anybody else. It doesn't have to be complicated. You can have a simple product, a simple service. It could be easy for people to understand. But it's got to do its job exceptionally well. That's what's going to cause that exponential growth that you've been looking for. Because good things are hard to ignore. Thanks so much for listening to the $100 MBA show. Today's episode's not over though. It's Free Ride Friday. Let's see who won this week's Free Ride. And the winner is KG Dustbin. That's the handle on Apple. KG Dustbin says the best podcast out there. Five stars. Omar is great and so motivating. These podcast episodes are a perfect length for a busy guy like me. Thanks KG for that great, great review. You are a Free Art Friday winner. Your mission is to email me@omar mba.net so I can hook you up with the Free Ride to Easy Course or $500 course over at EasyCourse co. If you want to win a free ride, just leave us an Apple Podcast rating and review and you enter our weekly random draw. It's that simple. Thanks so much in advance for showing us love on Apple Podcasts. Before I go, I want to leave you with this. Sorry for the tough love today, but I wish somebody explained this to me 15, 20 years ago. It would save me so much time and energy and effort and headaches and so many more things. The truth of the matter is, is that very few things in life there is an easy answer, an easy hack. And business is no different. You're building a legacy. You're building something that's going to last a lifetime, that's going to serve you and your customers for a very long time. So it's got to be great. There's no shortcuts about it. Thanks so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

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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.