In this week's episode of MYFB, Dominic Monkhouse chats with Interview Valet's Tom Schwab about engaging with your customers to build a profitable business online.

They discuss the different approaches to podcasting, whether as a guest or a host, and the importance of targeting a specific audience. They also touch on the changing landscape of podcasting, including the inclusion of video and the repurposing of podcast content. Tom emphasises the value of meaningful conversations and the need to focus on quality rather than quantity. They also discuss the challenges of starting and maintaining a podcast and the benefits of being a guest on other podcasts.

Tom shares insights from his upcoming book, emphasising the need for effective connections and the power of storytelling. He also highlights the importance of positioning and focusing on the right audience.

Keywords

podcasting, guesting, hosting, specific audience, podcast evolution, video, repurposing content, quality over quantity, challenges, benefits, podcasting, business growth, book launch, podcast impact, measurement, marketing, relationships, sales, effectiveness, connections, storytelling, positioning, audience

Takeaways

• Consider whether to be a guest or a host based on your goals and target audience.
• Podcasting has evolved to include video and the repurposing of content.
• Focus on quality conversations and meaningful engagement rather than quantity.
• Starting and maintaining a podcast requires commitment and consistency.
• Being a guest on other podcasts can provide exposure, leads, and backlinks. There are millions of podcasts in the world, but only a fraction of them are currently active.
• Launching a book with a podcast can be a valuable strategy, especially when each episode dives deep into a chapter of the book.
• Measuring the impact of being a guest on a podcast is crucial for effective marketing.
• Podcast interviews can lead to faster sales cycles, higher initial prices, and less churn.
• Quality and quantity both matter in podcasting, but it's important to focus on the right audience and prioritize effectiveness over efficiency.
• Building relationships and telling great stories are key to success in business and life.
• Positioning and targeting the right audience are essential for business growth.
• Choosing who you work with is just as important as choosing who you drink with.

Chapters

00:00 Introduction and Embarrassing Podcasting Mistakes

01:12 Choosing Between Guesting and Hosting

03:40 Quality over Quantity

04:37 Challenges and Benefits of Starting and Maintaining a Podcast

08:28 The Value of Being a Guest

24:11 Launching a Book with a Podcast

26:06 Measuring the Impact of Being a Guest

27:56 The Power of Relationships in Sales

29:22 Effectiveness vs. Efficiency in Podcasting

32:07 Building Connections and Telling Great Stories

34:20 The Importance of Positioning and Targeting

37:42 Choosing Who You Work With

Mentioned in this episode:

Get Mind Your F**king Business

300 episodes on Dominic's catching up with guest #1 Evgeny Shadchnev, Executive Coach and Founder & ex-CEO of Makers Academy, to talk about that all-important decision: Do you stay on as founder CEO, or do you go and what happens next?

Evgeny's new book "Startup CEO Succession: a Founder's Guide to Leadership Transition" is out now

Summary

The conversation explores the topic of startup CEO succession and the importance of founders considering stepping down from their roles. The premise of Evgeny's new book is that founder-CEO succession is often the best thing for both the founder and the company. The conversation covers various aspects of CEO succession, including the need for founders to assess their fit for the role as the company grows, the different options for transitioning from CEO to another role in the company, and the challenges and benefits of employees setting their own salaries. The conversation also highlights the importance of having a clear understanding of the CEO's role and the need for open and early conversations about succession. The conversation explores the motivations and challenges of CEO succession in startups. It delves into the personal satisfaction derived from helping others and the shift in motivation when transitioning from a B2C to a B2B business model. The importance of open and early conversations about succession planning is emphasised, as well as the role of the board and the time required for a smooth transition. The conversation also touches on the impact of the COVID-19 pandemic on business operations and the need for adaptability.

Keywords

startup, CEO succession, founder, leadership transitions, stepping down, role fit, options, employee salaries, CEO role, open conversation, CEO succession, motivations, challenges, B2C to B2B, open conversations, board, transition, COVID-19

Takeaways

• Founder CEO succession is often the best thing for both the founder and the company.
• Founders should assess their fit for the CEO role as the company grows and consider transitioning to another role if necessary.
• There are various options for transitioning from CEO to another role in the company, such as becoming an executive chair or advisor.
• Employees setting their own salaries can lead to challenges in ensuring equality and can create administrative overhead.
• Having a clear understanding of the CEO's role is important for both founders and investors.
• Open and early conversations about CEO succession are crucial for a smooth transition. CEO succession in startups requires open and early conversations about the future of the business.
• Motivations for being a founder and CEO can evolve over time, from personal validation to making a meaningful impact on people's lives.
• Transitioning from a B2C to a B2B business model requires a different skill set and motivation.
• Succession planning should involve the founder taking charge of the process and driving it, rather than waiting for the board to initiate the conversation.
• CEO succession in startups takes time and should be approached with careful consideration and planning.

Sound Bites

• "Founder-CEO succession makes sense more often than it's actually happening."
• "Behaviors that are genuinely helpful at the early stage get in the way after 50."
• "The admin overhead of employees setting their own salaries was not worth the benefits."
• "I wanted to create something that I could point my finger to and say, I've done it."
• "Our customers regularly describe their experiences as life-changing."
• "That's one of the reasons why I work as a coach. It's essentially about meaningful, deep one-to-one conversations."

Chapters

02:55 Assessing Fit for the CEO Role as the Company...

The 300th Episode!

In this landmark episode of MYFB, Dominic Monkhouse talks with the man who's been called the UK's Most Hated Sales Trainer, Benjamin Dennehy, to discuss the art of selling and the common misconceptions about sales.

This podcast is sixty-minutes that will change how you see sales. Benjamin explores the importance of self-confidence, being in control, and understanding the motivations behind prospects' questions. He emphasises the need for salespeople to focus on having meaningful conversations and helping prospects discover their needs rather than pushing products or services. He also highlights the importance of hiring and training salespeople effectively and challenges the traditional sales approach of show up, throw up, and hope for the best. In this conversation, the UK's Most Hated Sales Trainer shares his unconventional approach to sales and prospecting. He emphasises the importance of getting prospects emotional and focuses on the purpose of a prospecting call. He also discusses the need for consultative selling and the importance of asking probing questions. The conversation covers topics such as the future of cold calling, the myth of 'people buy people,' and the risks and rewards of entrepreneurship.

04:00 Book Recommendations and the Misconception of Sales Books

07:19 Why the UK's Most Hated Sales Trainer is Hated

09:08 The Problem with Traditional Sales Approaches

23:19 The Art of Asking and Answering Questions in Sales

28:44 Creating Comfort and Lowering Walls in Sales Conversations

31:25 Getting Prospects Emotional: The Purpose of a Prospecting Call

33:44 Consultative Selling: Asking Probing Questions and Understanding Pain Points

35:42 The Future of Cold Calling and the Rise of AI

39:03 The Myth of 'People Buy People'

45:49 The Risks and Rewards of Entrepreneurship

50:40 Mastering a Methodology: Continuous Improvement in Sales

51:33 Critical Thinking, Communication, and Emotional Control in Sales

59:51 Knowing When to Quit and When to Persevere in Business