Starting a new company and working for yourself can be an incredible experience, but it’s one of the greatest challenges you’ll face. Somewhere around 50% of all businesses will fail within the first five years.
That’s why marketing needs to be an essential part of your business plan. There are all types of approaches and strategies but understand that there will be failures along the way. Preparing yourself for that will help you overcome those obstacles when they get in the way.
To help us with this topic – along with other aspects of business – we asked Matt Nelson to join us on the show. He’s the CEO of Income for Life and has more than 20 years helping in people in Topeka, Kansas, and the country get retired and stay retired.
What’s really interesting about Matt is that he began this career after getting phased out of a completely different field that he intended to work in forever. When that job change happened, he turned a negative into a positive by finding an industry where he could help people and he’s still doing it successfully decades later.
Financial planning relies without the support of major corporations relies on self-promotion and marketing success. His approach to that looks much different now than it did then but it took fine-tuning and understanding who he was targeting to get where he wanted to be.
So join us as we spend a lot of time on the marketing side of running a small business along with some great stories and informative conversation.
A few of the things we’ll get into from the business side on the show:
- How it can be both frightening and exciting when you first begin your business.
- Marketing strategies and how they’ve changed over the years.
- Where does the bulk of the budget go?
- An emphasis on digital got him ahead before COVID.
- Why failure is a part of the process and his own story of how he’s learned from mistakes.
- Why scheduling is key for maintaining the work-life balance.
- The 3 C’s of retirement.
- The reason why he’s turned down clients in the past.
Listen to the full episode with the player above or click on the timestamps below to hear more about Randy’s story.
[2:42] – Welcome in Matt Nelson from Income for Life.
[3:54] – What led Matt to this profession?
[5:53] – What do you wish you then that you know now?
[8:09] – Describe that first week of business for you and how that went.
[10:18] – 95% of our marketing efforts are digital so COVID impacted us a little differently.
[13:53] – How did you generate new busines back then vs today.
[17:51] – Do you spend more money on branding or direct response marketing?
[20:18] – Who is your target customer?
[22:23] – Using the ESPN marketing mentality
[25:39] – Have you ever turned down a client?
[26:58] – Why delegating tasks and authority was a big shift.
[29:52] – How do you create the work-life balance for your business?
[32:55] – How has failure helped you learn?
[38:04] – The best compliment you’ve ever received from a customer.
[39:00] – The 3 C’s of retirement.
[43:27] – The best way to get in touch with Matt and his team.