724: Unpopular Opinion: You Don’t Need More Offers

0:01Okay, I have been on this ruthless pursuit to purge any clothes that I'm not actually wearing. Like if I haven't reached for it in months, it's got to go. I am trying to be really intentional about what I bring into my closet right now, which means I am only buying pieces that I know I will actually wear and use. Revolve just gets it though. I'm literally wearing my brown Autry sneakers from there right now and my new suede purse. It fits my laptop in it. So it's basically a fancy shoulder bag that works for everything. I love finding pieces like that. Things that look good, but also work hard for my actual life.

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1:15So happy shopping. But there's power when you say, yes, I can do anything, but I don't have to do everything. That sort of confidence is what is going to allow you to go deeper with clarity instead of going wider and creating chaos. Hey, my name is Jenna Kutcher and I am obsessed with all things, business, marketing numbers, and helping you to navigate both the messy and the magical seasons of this thing called life. I'm a small town mama who took a$300 camera, grew a successful photo biz, and now I work from home and run a seven figure online business. I teach you the tried and true secrets to building a career you adore.

1:56Shy away from the real talk? No way. Money, hardship, growth, loss, and marketing are all topics we discuss here. Think of this as your one-stop shop for happy hour with a gal pal mixed with business school. Pull up a seat, make sure you're cozy and get ready to be challenged and encouraged while you learn. This is the Gold Digger Podcast. We've all heard the saying that more is more, especially when it comes to the business world. You know what they say? If you want to succeed, you need more offers, more products, more services, and more revenue streams. But what if we told you that this widely held belief might be misguided?

2:31What if in fact, the key to sustainable growth, success, and personal satisfaction doesn't lie in piling on more? Today, I'm going to share a different perspective from the hustle mentality that has infiltrated our lives and our businesses. And I'm going to show you that less might actually be more, especially when it comes to embarking on the path to prosperity and focusing on quality over quantity. Now, before we dive in, I do want to say that this isn't necessarily a one size fits all approach. Obviously diversification and multiple revenue streams can be incredibly valuable in certain contexts.

3:10However, the relentless pursuit of more often comes at a hidden cost. And I want to help you determine what is right for you and your business as you start to plan your next year. Are you ready to challenge a notion that more offers are the holy grail of success? If you are, then let's dive on into this eye-opening exploration of why sometimes simplicity and focus are the keys to reaching new heights. Stick around because by the end of this episode, you might just find yourself questioning your own approach to all the things. Let's dive on in. You know what time it is. Sweater weather, football season, Q4, it's the homestretch, gold diggers, and it's time to close out another year of growth and prep for the next year of revenue.

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4:40Leads won't slip through the cracks and data is connected across marketing, sales, and operations so you can better measure your impact on the bottom line. Stop sticking to the same old strategies and start closing more deals because the best time to score is Q4. Make the switch to HubSpot Sales Hub at hubspot.com slash sales. Yesterday, I was online browsing content and one of my friends shared a post created by Alex Hermosi. I love Alex. I know him in real life. He's an awesome guy. And he was debunking the myth about having seven revenue streams. You might have heard the saying, in fact, I've even said it on the show that the average millionaire has seven revenue streams.

5:20What he was talking about though, and what I loved about his message is that the average millionaire didn't get to become a millionaire because of the seven revenue streams. He talked about how the average millionaire usually starts with one core offer and they have their focus and their determination and their energy and their efforts all focus on this one offer. And then as that offer grows and their results come and the revenue follows, then they systemize that offer and the way that they're strategically selling it. And now they have the bandwidth to expand to have many different revenue streams.

5:57And I so related to this. When I started my business and started, the main offer was wedding photography. That's how I hit six figures. And then once I systemized that piece of my business, I was able to expand my offerings into some of the things you see today, online courses, my podcasts, Airbnb properties, and more. And I just thought it was a really powerful reminder because I think a lot of new entrepreneurs are coming up and they're hearing these things about seven revenue streams and they're having a diluted focus, which is leading to diluted results. They're trying to do too much too soon.

6:32And so today I want to really talk about this idea of having this really specific focus so that you can get specific results. And then as you systemize, you can expand. So last night, Drew was cooking dinner and I played a voice message from one of my friends. I'm going to keep her nameless because I didn't ask her permission to share this on the show, but she is an amazing artist and she runs a really amazing company. I have her art on the walls of my home. And I love her to death. We actually met years and years and years ago in the wedding industry. And our friendship has just spanned over a decade.

7:05And Drew was cooking dinner and he started hearing this voice memo come through. And my friend is almost like frantically talking about her business. She has a million ideas. Things aren't going exactly how she wants them to be going right now. And so her ideas are like, I need to get into retail stores and I need to redo my website and I need to optimize this page and I need to get a new printer and all these different things. And as we're listening, like the overwhelm is building, like Drew is over there, like sauteing summer squash. And I can like feel his overwhelm, just listening to the franticness in her voice.

7:36And I think so many of us can relate to that, right? Like, especially if our business isn't performing how we want it to, we start to spiral and think about all these things we should be doing. And then we get so overwhelmed with these ideas that we're just straight up paralyzed. And what was so interesting is as a friend looking in with Lindsay, knowing her, her talents, her business, I very quickly tried to shift the focus. Instead of doing more, what if we focused on less? What if we did more of the right things? What if we went a little bit deeper on what was already working instead of trying to go wider and explore uncharted territories, especially when you're in a state of overwhelm?

8:14Now I tell this story because I think a lot of times we can very quickly shift into a scarcity mindset. And we believe that in order to make more money, we've got to create more things. We've got to have more offers on the table. But I simply do not think that's true. In fact, the Pareto principle, which I love about, I wrote about it in my book, states that for many outcomes, roughly 80 % of the results come from 20 % of the actions. So when you think about it, we want to think about results and efforts. In order to drive better results, the answer isn't always more effort. Because a lot of times when we try to do more outputs, more efforts, more actions, we're really just spreading ourselves so thin that we're not optimizing anything.

9:01In fact, that has been my Achilles heel for a lot of entrepreneurship. I am someone with ADHD. I get really excited when I get a new idea and I like to move fast. I get annoyed that people can't move as quickly as I do because the minute that I see something and I get something, I want to just do it. And one of the problems that I have with entrepreneurship is that new ideas excite me so much so that going wide feels more exciting to me than going deep. And I've really had to retrain myself, retrain my brain, put boundaries in place to kind of hold me to this notion that I want to go deep and not wide in life, in business, in friendship, in conversation.

9:46Because the dangers of overexerting ourselves as business owners are rarely talked about, right? It's so fun as entrepreneurs to share about the new offer, the new product, the new service, right? Like we get excited. It feels newsworthy. We're excited to put it out into the world. But we very seldom hear about those behind the scenes moves that really make the greatest impact. These are the moves that you can't see. You don't really share online, but you will feel an experience when it comes to things like freedom and results, which honestly, I think most of us are after. You know, we talk about things about avoiding burnout and doing less, but how do we ensure that we are building that into the way that we're doing business.

10:34That we're not just telling ourselves when I hit this certain point or after that next launch or when my bank account shows this, then I will slow down. Because most of us go into entrepreneurship to get and unlock that freedom that we're craving. And yet so many of us start businesses and basically build ourselves jobs. So how do we hone our creativity, find ways to get excited about going deeper and not wider and focus on the work that isn't fun to show and can't necessarily be seen, but will be experienced that will actually reap the type of rewards and results that we were after when we started this whole thing.

11:20This year's focus for me and my team, and as we move into the next year, has really been about ease. When people ask me what's next, because it's a question I get so often, I tell them that it's much of what they're seeing. It's much of the same. And it's so funny because again, I've had to retrain my brain. I actually was just having a conversation with one of my best friends about this yesterday, that we are in a place in our businesses that we have worked so hard to get to. So one of my best friends and I were talking and she sent me a voice memo yesterday. She said, I feel like I'm in a funk.

11:58Like I'm not excited about anything I'm doing. I'm not really excited about my work. I find myself procrastinating. I feel kind of lazy. And I had this huge realization when I voice memoed her back and I said, maybe the fact that we're bored in business is an invitation to find joy and excitement in our lives. Whoa, right? Because as entrepreneurs, a lot of times we get that excitement, that creativity from the work that we're doing. It's beautiful. It's why so many of us become entrepreneurs. But we spend year after year after year promising ourselves that we'll slow down when, we'll rest when, we'll enjoy the fruits of our labor when.

12:41And I realized that when we go deep and not wide, we start to break open these opportunities for the time that we've been craving, the freedom that we've promised ourselves and our loved ones, and the joy of building things that are not needing and requiring so much of ourselves. And so when I voice memoed her back, I said, maybe it's good that we're bored and bored, not in a bad way, but bored in a beautiful way, bored in a way that we have worked so hard to build these systems and lay this foundation so that we can finally just be? And so I want for you to think about what this looks like for you.

13:27Maybe your tendency is to create more. Maybe you create and launch something and you kind of get some results and then you're on to the next thing. I think it's natural for us. But what if you thought about launching that same thing over and over and over again. Do you want to know something crazy? This year compared to last year, we are up 40 % in terms of revenue and profits across the board, 40%. So it's pretty amazing that we've had such an increase this year because we've launched the same things. In fact, my signature programs I've had for six, seven years, and every year I'm launching the same things.

14:08Like it's been years since I've created a new program. And I love that because every single time we launch it, it gets better. I get better. The course gets better. The pages gets better. The copy gets better. The graphics get better. Everything gets better. And while some people might think that sounds boring, what is exciting to me is seeing this one thing continue to evolve and grow and get better over and over and over again. And so many entrepreneurs, what they do is they create something, they put it out into the world. They think, okay, well, surely that was a flop or it didn't work. They're not willing to refine.

14:47And I think that there is something so beautiful in watching an entrepreneur with restraint, because we are the kind of people that we could do anything and we see all the possibility. And that's a beautiful piece of entrepreneurship. But there's power when you say, yes, I can do anything, but I don't have to do everything. That sort of confidence is what is going to allow you to go deeper with clarity instead of going wider and creating chaos. So while I love my business and while I'm at this place where we kind of joke that it's rinse and repeat. And I say that in a positive way. I used to look at it in a negative way of like, oh, this just isn't very exciting.

15:34It's rinse and repeat. And then I realized the rinse and the repeat of my business is a gift. It allows for refinement and that is powerful. And when I had to shift that mindset of like, it doesn't have to be new to be exciting. Like what if we looked for excitement in some of those small things. Again, the nuances, the things that no one's going to see or celebrate on Instagram, but the things that we know we're improving upon. And that to me has just been a huge reframe of like more isn't more. More is not always more, especially with entrepreneurship, because we've all had those small ideas that have turned into bigger things that require more time, more effort, more energy, less freedom.

16:17And we've wondered why am I working so hard? And so what I love to celebrate is the restraint of saying, I'm going to go deeper. I'm going to evolve this thing. I'm going to make it better over time. I'm not going to get bored. I'm going to find ways to make this creatively exciting. And I'm going to celebrate the stuff that no one else will. And that's where I want for you to think. Because you might be out there just thinking, I've got to just keep creating and I've got to keep selling and I've got to find new people. And it's like, no, what if you could do less with bigger results? That's what I want for you to be thinking about.

16:56If you love the Gold Digger podcast, you've probably heard me talk about my best friend, Amy Porterfield. Did you know that she has her own marketing podcast too? It's actually the first podcast I ever listened to. Online Marketing Made Easy is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Every episode focuses on giving you the best strategies for online business owners, including starting a digital course, growing your email list, social media content creation, and hosting webinars. Amy is the best at breaking down big ideas and strategies into actionable step-by-step processes.

17:31And her show is designed to get you more results with a whole lot less stress. Tune in to Online Marketing Made Easy wherever you get your podcasts. when we were young we dreamed of castles and fairy tales and as we grow up those dreams might shift into building something real like starting a business you need a website payment systems a logo and a way to reach customers it can all be overwhelming and confusing but thankfully that's where today's sponsor shopify comes in shopify powers millions of businesses around the world and 10 % of all US e-commerce, from big brands to folks just getting started.

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19:52We did not introduce a single new product this year. This is one of the first years that I haven't launched something new. And I believe that we are up 40 % because we have been spending time going strategically deeper instead of going wider. So how do we do that? What does this actually look like? So let me give you an example. Do you remember how back in 2020 in the pandemic, so many business owners started scrambling out of fear and their first tendency was to create new offers and get them out into the marketplace, like generate revenue as quickly as they could. So many creators were creating, trying to fill that void, solve a problem, give a solution with their offers.

20:41I think that's awesome. Now, something really interesting happened to me when 2020 hit and everyone was just like dealing with this uncertainty. I went back to the basics. So instead of creating new offers, we did the opposite. We started to go really deep. We took that time and that pivot, and we decided to focus on what we already had going for us. So during that time, I started doing some deep investigative work inside of our profits. What was actually selling? What was responsible for the selling? What were our conversion rates? What was our traffic? How were we generating that traffic? We went back to the basics.

21:22We started looking at things like search engine optimization and how we can optimize our top pages. We looked at our traffic channels, what was responsible for sending traffic and how can we get more traffic onto the pages that were selling the things. We looked at our funnels. How could we simplify them? How can we connect people to an end result faster? How could we put this subscriber in the driver's seat of that experience. Now, what's interesting is, is that these things sound really boring, right? I'm not on social media saying, oh my gosh, look at me updating my keywords for my search engine optimization.

21:57Isn't that awesome? But I'm taking that energy, that same energy that makes a new offer exciting, and I'm pouring it into the things that are already working like gasoline on a fire. So when I think about conversations with my friends, like the friend who is scrambling and thinking, I need to be in stores. I need to change this. I need to redo my website. I need to do all this. I said, okay, how much traffic is landing on your site today? She told me, where's that traffic coming from? She told me, how is that traffic converting into sales? She told me. So the number one thing we need to focus on today is getting more traffic onto your site.

22:37Give me three different ways you can do that. Going onto Instagram, being on podcast episodes, leveraging Pinterest. Oh, wow. Okay. Suddenly that doesn't feel super overwhelming, does it? Can start to take action. And so when we start to reverse engineer, what is actually getting us results and how do we go deeper on them? We start to gain clarity around our efforts. And every effort that we are doing in our business is now tied to a measurable result. meaning you're no longer finishing your days saying, what did I actually achieve today? What did I accomplish? Because you now know with certainty that the efforts that you're putting in are actually moving the needle in a way.

23:18Now I know that some of those things like SEO and optimizing pages and focusing on your conversion can sound boring. It might not feel as exciting as a new launch and the energy around it. But what is exciting is that going deeper is going to give you better results with less effort. What would you do if you suddenly freed up a few hours of your time? What would it look like if you finally experienced some of the freedom that you promised yourself when you started this business? What would you do with extra income from the results that you're going to drive through these efforts? Think about these things.

23:55You're so much closer to them than you imagine. So if you are with me on going deeper on your current offers, instead of coming up with more, let's talk about three very specific ways that you can get started today. So the first one is, is that we want to focus more on the lifetime value of your customer than getting a new one. So recently, one of my friends posted about how she's working with a business coach, and she was discussing this idea of having a bullseye for next year. Like this business coach sat them down and said, okay, what is your number one focus for next year? And she's like, we did not have clarity around that.

24:32So they started digging in to figure out what was actually giving them results and what efforts were leading to those results. And they recognized this one thing. She discovered that if instead of focusing on fancy marketing and new content, if instead of trying to get new customers, they could retain their customers and lower their churn rate, which just means people that fall off of their plan by 2%, they could increase their revenue by$750 ,000 next year. Think about that. If they can just keep 2 % more of their customers and keep them happy and satisfied and paying customers, they could earn almost a million additional dollars in revenue without getting a single new customer.

25:20Instead of launching a ton of new features or bells and whistles to her current offer or creating a bunch of new offers, her and her team are just going to focus their bullseye for next year is figuring out how to go deeper with their current community and focus on giving them a better experience and better support. This is so much less work in the long run because they're not even worried about getting more customers. Customers are going to come. They're going to get new customers. They're going to grow their business without a doubt. But now they know that the bullseye is not necessarily running out and trying to speak to the masses.

25:56The bullseye is in serving the people that are already at their table and serving them so well. In fact, studies suggest that depending on the industry you're in, acquiring a new customer can cost five to seven times more than retaining an old one. So maybe instead of thinking about a new offer and new customers, you focus on things like awesome customer service, or improving your products and services based on feedback, or reducing your churn. All of these can increase the lifetime value of your current customers and drive massive results. It might not look as great on social media, but it's going to feel incredible when you see your accounting report at the end of the year.