[Music]
one big mistake as an entrepreneur can
cost you millions of dollars momentum
and years of lost time and the reason
why I tell you this because a lot of
time marketers when you think my
marketers there are a lot of mistakes
you can make as a marketer by the way if
you’re an entrepreneur CEO guess what
else you are you are somewhat of a
marketer because at the beginning when
you’re building your company as a
founder you may not know it but your
marketing whether it’s directly or
indirectly you’re marketing yourself and
you don’t ever want as a marketer to
have a bipolar personality just like
individuals sometimes one day we’re
happy one day we’re up so one day we’re
this one day with that sometimes you see
some brands they’re so bipolar they’re
all over the place they don’t even know
what it is it’s almost like a kid that
wants to try to please everybody and the
highest form of maturity is when one
becomes independent of others opinions
meaning you as a CEO you as an
entrepreneur need to position yourself
and realize who you want to be in
sticking to it here’s why the biggest
mistake marketers will make is trying to
appeal to every single customer and you
just can’t do that
because no one has yet done it and
become massively big because you just
can’t do it
now why is that let’s talk about a
little bit for you doing some what it is
look there’s really four different
categories you can choose to be as an
entrepreneur and as a business let me
explain on this side we have high
quality meaning the higher you are here
represents the better quality of a
product you have here if you’re further
on the pendulum here means you’re low
cost cost more expensive less expensive
better quality lower quality so if your
product is right here it means you’re
what low cost low quality if your
product Falls here your high quality
high cost if you’re here quality side
the cost is low and if you’re here your
quality is low and cost the sign now
some people must have a pad they can’t I
just be everywhere no you can’t it’s
very simple Harvard is here a community
college is here
public education may be here but some
places if you go and live to I don’t
know how many times kids I want to try
to get my kids into playing on West
Plano area
because it has a great what high-quality
education but what low-cost that’s still
a bracket you’re going into you go into
certain areas public school is going to
be here you go in some private schools
it may be up here it doesn’t matter what
the product is I can go into different
products let’s look at it over here and
I won’t do tests with you
Ferrari think about it which of these
four categories you think Ferrari falls
under a low quality high cut low quality
low cost No
low quality it’s not low quality so we
know automatically it’s not here is it
high quality yes do we know it’s high
quality high cost yes Ferraris right
here how about Starbucks you pay five
dollars for cappuccino whatever you want
to call a Frappuccino so cost is high
and quality aside least that’s what they
claim and if the quality wasn’t that
high there wouldn’t be as big as they
are today so they must have great
quality if we go to Tesla what do you
think Tesla is it’s Tesla very very
expensive so you may say no the cost is
not really that high but the quality is
high
so maybe Tesla’s here maybe Tesla’s here
because you can get a Tesla nowadays
what what Elon Musk’s goal is to try to
produce a product that’s a middle
America product with a very very high
quality he wants to go here that’s his
goal he’s not trying to be Ferrari he
wants to be here high quality low cost
where is Walmart think about Walmart you
think Walmart cares that they’re here
Walmart’s the biggest company in the
world Walmart doesn’t care if you don’t
like Walmart Walmart knows we’re not
gonna sell $6,000 Canali suits and we’re
okay with it you’re not going to go to
Walmart and say I would like to buy some
ferragamo shoes they’re gonna say I’m
sorry you want what kind of shoes we got
a Faro Jack shoe for $9.99 you’re
getting no ferragamo shoes here I like
to get some Ferragamo bills Pharaoh
Pharaoh what Pharaoh
we have Pharaoh bills $11 no fair if we
get the gamble we have the Pharaoh bills
you’re just not going to get that and
that’s where Walmart plays and by the
way they have 2.2 million employees
around the world so if you sound like
Walmart they don’t care if you like them
that’s where they are Jaguar some people
say whatever why’d you put Jaguar on
there because Jaguar is low quality high
cost before they became forward for many
years
everybody would make fun of Jaguar
because Jaguar wanted to be this
high-end lug
jury car that you pay $60,000 to drive
or $55,000 $80,000 to drive and it
looked good but the quality just wasn’t
that good you just it was very expensive
low-quality
until fourth but Jaguar then they change
their reputation into what they are
right now if they didn’t it would be
still here by the way I kill would be
what I care would probably be low
quality low cost I care would like to
say we’re here but they’re here now for
myself when we started a company I
started off myself as Morgan Stanley
Dean Witter now watch this when I
started with Morgan Stanley anything but
I just want to tell you this the
clientele you dealt with at Morgan’s to
anything with a ruku people that need it
that had a net worth of a million
dollars and up so I’m dealing purely
here our fees were higher but I’m also
up here then I want to trance then I
start at PHP with our friends we start a
PHP agency our goal was to be high
quality our goal was to be high quality
low cost this is where we want it to be
we want to provide the highest quality
products out there with the lowest
amount of cost that works for us
now any time you create an identity
anytime you create an identity once you
create an identity you have a reputation
of what your product is when you have a
reputation of what your product is and
all of a sudden you decide to change it
guess who you throw off your existing
base of customers because here’s what
happens the thought is well you know
what if we try to appeal to these guys
we’ll also do a very very good job then
imagine how much money we could do
because it makes sense right common
sense wise you know we need to get
everybody because it just makes a lot of
sense really let me tell you a little
bit of history there used to be a time
there was competition for cigarettes
many many years ago you had Marlboro
camel and Winston who were competing
very close if you remember camel was
about what how cool they want it to be
all this other stuff and Winston was
coming up all these things in Marlboro
okay what ended up happening during this
period Camel and Winston
fell for market manipulation media
criticism all this stuff and this is
what the market did to them media did
meet
I told Winston camel and Marlboro you
know what your mistake is you don’t
appeal to a woman how was a big believer
you’re watching this run us in power
what are you talking about go study it
you don’t appeal to women people are not
attract to Marlboro Winston and camel
and we believe these are consultants
those who know everything right we
believe if you try to start appealing to
women you’re going to crush it and the
first one to do that is going to blow up
really so guess what happens
camel and Winston fell for it they
started having grouse smoking cigarettes
and commercials they start having girls
holding cigarettes and magazines they
start having all these pretty girls
smoking cigarettes and they said oh
we’re going to get it we’re so smart
Marlboro is now moving they don’t move
they don’t move they don’t move and
guess what ended up happening they never
moved
Marlboro didn’t move Marvo didn’t fall
for anything because Marlboro made a
decision a long time ago Marlboro is a
cigarette this is how they are they’re
completely okay with that Marlboro is a
cigarette for man’s man that’s their mo
while everybody told them to switch they
didn’t do it now watch what happened me
give you some numbers here today in the
marketplace Winston has two percent of
the market
tamo has eight percent of market Newport
has 13 percent of the market and let me
tell you what Marvel’s got let me see
let me tell you here so we got Winston
one to eight thirteen you know what
Marlboros got 41 percent goes to
Marlboro you know why here’s why
now it’s cigarettes by the way just so
you know the brand alone Marlboro if you
want to divide it’s 80 80 billion
dollars if you buy it today last year
three hundred and ninety 1 billion
Marlboro cigarettes were smoked last
year let me say it again three hundred
ninety 1 billion cigarettes I don’t
smoke cigarettes I can’t stand cigarette
there’s nothing about cigarettes I like
my family they were smokers I cannot
stand cigarettes to save my life I’ll
smoke for cigars per year and that’s
pretty much it cannot stand the smell of
cigarette 41 percent why they stuck to
their product
so the question comes back to you here
this is me and you talking now nobody
else I’ve got the question for you who
is your ideal customer who is your ideal
customer are you trying to please
everybody can you imagine if Morgan
Stanley one day says yes our ideal
client is a network of five million
dollars with a million dollars of
investable cash oh and by the way you
can also do $50.00 a month with Morgan
Stanley Dean Witter what are you talking
about that I go to the bank to do that I
go somewhere to open up a CD you want to
do that no way they lose their identity
and by the way so many companies do this
so if you’re a smaller company you’re
thinking okay you know it’s just me this
so you’re not so many people because
they see the potential of the market and
they want everything it is very
important what if Walmart look how
confusing this could be I want you to
think about Walmart makes an
announcement next year and this one
Walmart says effective January 1st 2017
Walmart will start selling Ferragamo and
Canale suits what would you say if one
word said that tell me you wouldn’t be
confused and by the way do you think the
customers that go to Neiman Marcus which
is high quality high cost you think they
would go into Walmart to go buy those
Canali suits do you know how confusing
it is it’s very confusing very very
confusing it’s the same to safe Neiman
Marcus decided to say we’re selling $9
you know shoes come and get it’s just
not going to happen so who’s your ideal
customer you you get asked the question
do you know it age bracket income range
what are they doing what do they like
why do they come to you who is your
product
what do you marketing your product to
and then stick to it and do whatever you
can to compete in that space and be the
best in that space so your biggest
differentiator could be Neiman Marcus
and Nordstrom’s is here we are here and
we’re happy with that we are here we’re
happy with that you can go here we’re
going over here target likes to say
target is whatever but guess what target
is not as low-cost as Walmart is and by
the way here’s your part to keep in mind
about this
once you decide who your idea
customers and once you decide where you
want to position yourself don’t let this
confuse you you will have enemies you
will have opposition you will have
people thatís a terrible idea he has no
clue what he’s doing she has no idea
what isn’t everyone’s going to try to
confuse you and if you can stick to the
message long enough you’ll succeed if
you can’t you’re like the rest of the
entrepreneurs and marketers out there
that made the mistake of trying to
appeal to everybody and lost every
single thing they had and they lost
their success millions and they went
from a market where they were competing
with Marlboro and then all of a sudden
they drop drop drop drop drop neither at
2% Winston Winston in Iran was Winston
Winston is 2% camel used to be very
famous today 8% Marvel 41% stick to your
message for his longest period market is
strong until all of a sudden you become
one the competitors everyone says oh my
gosh they’re so smart over there it’s
not that you’re smart
just highest form of maturity is when
you become independent of others
opinions and others opinions is
everybody telling you what to do stay
focus on what you want to be and who you
want to be and where your ideal
customers are going to be would that be
instead let’s get that pillow here Hey I
was excited about doing this episode
very excited about doing this episode
because I get this message all the time
Pat I want to get this customer that
customer this video is dedicated to all
of you that say I want to get all the
more when I ask you who’s your customer
you say everybody I disconnect because
you can’t have everybody as your
customer you got to know exactly who
your customer is okay first things first
if you haven’t stopped please do so
click on the sub button here and by the
way I think YouTube’s got a new thing
now that sub doesn’t send notifications
anymore so be sure to stop you know
right next to you see like an alert
button click on that as well because
you’re the first to get notifications
and very soon I’m going to be doing
certain things for those who comment
first and watch the videos first so you
want to make sure you subscribe and you
get the alerts before anybody else
because our goal is to get 2 million
subs before 2018 meaning right now at 16
we’re about to be 17 in a couple weeks
by the end of 2017 we want this channel
to be out of million subs I know a lot
of people say it’s crazy we just cross
155 thousand subs right now paddy got
845 more to go
how do you think this is going to happen
one no one thought we were going to get
to 100,000 subs
we were at 2,000 steps but you helped us
get there and there are a lot of people
that don’t then we’ll get 2 million subs
but we feel you’re going to help us get
there and we will make one promise to
you we will keep creating the best
content online for entrepreneurs and you
will always judge us based on our
content we will constantly work on
creating best content online for
entrepreneurs and as long as we do our
job and you help us out we can proudly
get 2 million subs by the end of 2017
with your help and with our effort with
that being said if you got any questions
thoughts comment comment on the bottom
thanks for watching everybody take care
bye bye
one big mistake as an entrepreneur can
cost you yours of lost time yours of
lost time that properly you cannot
please every single customer oh please I
might be sweating by the time we’re done
shooting but I got my shooting the video
in a steam room right now one big
mistake as an entrepreneur can cost you
millions of dollars momentum ok
one big mistake as an entrepreneur can
cost you millions of dollars momentum
and years of lost time and the reason
why I tell you this because a lot of
time marketers when you think my
marketers there are a lot of mistakes
you can make as a marketer by the way if
you’re an entrepreneur CEO guess what
else you are you are somewhat of a
marketer because at the beginning when
you’re building your company as a
founder you may not know it but your
marketing whether it’s directly or
indirectly you’re marketing yourself and
you don’t ever want as a marketer to
have a bipolar personality just like
individuals sometimes one day we’re
happy one day we’re up so one day we’re
this one day with that sometimes you see
some brands they’re so bipolar they’re
all over the place they don’t even know
what it is it’s almost like a kid that
wants to try to please everybody and the
highest form of maturity is when one
becomes independent of others opinions
meaning you as a CEO you as an
entrepreneur need to position yourself
and realize who you want to be in
sticking to it here’s why the biggest
mistake marketers will make is trying to
appeal to every single customer and you
just can’t do that
because no one has yet done it and
become massively big because you just
can’t do it
now why is that let’s talk about a
little bit for you doing some what it is
look there’s really four different
categories you can choose to be as an
entrepreneur and as a business let me
explain on this side we have high
quality meaning the higher you are here
represents the better quality of a
product you have here if you’re further
on the pendulum here means you’re low
cost cost more expensive less expensive
better quality lower quality so if your
product is right here it means you’re
what low cost low quality if your
product Falls here your high quality
high cost if you’re here quality side
the cost is low and if you’re here your
quality is low and cost the sign now
some people must have a pad they can’t I
just be everywhere no you can’t it’s
very simple Harvard is here a community
college is here
public education may be here but some
places if you go and live to I don’t
know how many times kids I want to try
to get my kids into playing on West
Plano area
because it has a great what high-quality
education but what low-cost that’s still
a bracket you’re going into you go into
certain areas public school is going to
be here you go in some private schools
it may be up here it doesn’t matter what
the product is I can go into different
products let’s look at it over here and
I won’t do tests with you
Ferrari think about it which of these
four categories you think Ferrari falls
under a low quality high cut low quality
low cost No
low quality it’s not low quality so we
know automatically it’s not here is it
high quality yes do we know it’s high
quality high cost yes Ferraris right
here how about Starbucks you pay five
dollars for cappuccino whatever you want
to call a Frappuccino so cost is high
and quality aside least that’s what they
claim and if the quality wasn’t that
high there wouldn’t be as big as they
are today so they must have great
quality if we go to Tesla what do you
think Tesla is it’s Tesla very very
expensive so you may say no the cost is
not really that high but the quality is
high
so maybe Tesla’s here maybe Tesla’s here
because you can get a Tesla nowadays
what what Elon Musk’s goal is to try to
produce a product that’s a middle
America product with a very very high
quality he wants to go here that’s his
goal he’s not trying to be Ferrari he
wants to be here high quality low cost
where is Walmart think about Walmart you
think Walmart cares that they’re here
Walmart’s the biggest company in the
world Walmart doesn’t care if you don’t
like Walmart Walmart knows we’re not
gonna sell $6,000 Canali suits and we’re
okay with it you’re not going to go to
Walmart and say I would like to buy some
ferragamo shoes they’re gonna say I’m
sorry you want what kind of shoes we got
a Faro Jack shoe for $9.99 you’re
getting no ferragamo shoes here I like
to get some Ferragamo bills Pharaoh
Pharaoh what Pharaoh
we have Pharaoh bills $11 no fair if we
get the gamble we have the Pharaoh bills
you’re just not going to get that and
that’s where Walmart plays and by the
way they have 2.2 million employees
around the world so if you sound like
Walmart they don’t care if you like them
that’s where they are Jaguar some people
say whatever why’d you put Jaguar on
there because Jaguar is low quality high
cost before they became forward for many
years
everybody would make fun of Jaguar
because Jaguar wanted to be this
high-end lug
jury car that you pay $60,000 to drive
or $55,000 $80,000 to drive and it
looked good but the quality just wasn’t
that good you just it was very expensive
low-quality
until fourth but Jaguar then they change
their reputation into what they are
right now if they didn’t it would be
still here by the way I kill would be
what I care would probably be low
quality low cost I care would like to
say we’re here but they’re here now for
myself when we started a company I
started off myself as Morgan Stanley
Dean Witter now watch this when I
started with Morgan Stanley anything but
I just want to tell you this the
clientele you dealt with at Morgan’s to
anything with a ruku people that need it
that had a net worth of a million
dollars and up so I’m dealing purely
here our fees were higher but I’m also
up here then I want to trance then I
start at PHP with our friends we start a
PHP agency our goal was to be high
quality our goal was to be high quality
low cost this is where we want it to be
we want to provide the highest quality
products out there with the lowest
amount of cost that works for us
now any time you create an identity
anytime you create an identity once you
create an identity you have a reputation
of what your product is when you have a
reputation of what your product is and
all of a sudden you decide to change it
guess who you throw off your existing
base of customers because here’s what
happens the thought is well you know
what if we try to appeal to these guys
we’ll also do a very very good job then
imagine how much money we could do
because it makes sense right common
sense wise you know we need to get
everybody because it just makes a lot of
sense really let me tell you a little
bit of history there used to be a time
there was competition for cigarettes
many many years ago you had Marlboro
camel and Winston who were competing
very close if you remember camel was
about what how cool they want it to be
all this other stuff and Winston was
coming up all these things in Marlboro
okay what ended up happening during this
period Camel and Winston
fell for market manipulation media
criticism all this stuff and this is
what the market did to them media did
meet
I told Winston camel and Marlboro you
know what your mistake is you don’t
appeal to a woman how was a big believer
you’re watching this run us in power
what are you talking about go study it
you don’t appeal to women people are not
attract to Marlboro Winston and camel
and we believe these are consultants
those who know everything right we
believe if you try to start appealing to
women you’re going to crush it and the
first one to do that is going to blow up
really so guess what happens
camel and Winston fell for it they
started having grouse smoking cigarettes
and commercials they start having girls
holding cigarettes and magazines they
start having all these pretty girls
smoking cigarettes and they said oh
we’re going to get it we’re so smart
Marlboro is now moving they don’t move
they don’t move they don’t move and
guess what ended up happening they never
moved
Marlboro didn’t move Marvo didn’t fall
for anything because Marlboro made a
decision a long time ago Marlboro is a
cigarette this is how they are they’re
completely okay with that Marlboro is a
cigarette for man’s man that’s their mo
while everybody told them to switch they
didn’t do it now watch what happened me
give you some numbers here today in the
marketplace Winston has two percent of
the market
tamo has eight percent of market Newport
has 13 percent of the market and let me
tell you what Marvel’s got let me see
let me tell you here so we got Winston
one to eight thirteen you know what
Marlboros got 41 percent goes to
Marlboro you know why here’s why
now it’s cigarettes by the way just so
you know the brand alone Marlboro if you
want to divide it’s 80 80 billion
dollars if you buy it today last year
three hundred and ninety 1 billion
Marlboro cigarettes were smoked last
year let me say it again three hundred
ninety 1 billion cigarettes I don’t
smoke cigarettes I can’t stand cigarette
there’s nothing about cigarettes I like
my family they were smokers I cannot
stand cigarettes to save my life I’ll
smoke for cigars per year and that’s
pretty much it cannot stand the smell of
cigarette 41 percent why they stuck to
their product
so the question comes back to you here
this is me and you talking now nobody
else I’ve got the question for you who
is your ideal customer who is your ideal
customer are you trying to please
everybody can you imagine if Morgan
Stanley one day says yes our ideal
client is a network of five million
dollars with a million dollars of
investable cash oh and by the way you
can also do $50.00 a month with Morgan
Stanley Dean Witter what are you talking
about that I go to the bank to do that I
go somewhere to open up a CD you want to
do that no way they lose their identity
and by the way so many companies do this
so if you’re a smaller company you’re
thinking okay you know it’s just me this
so you’re not so many people because
they see the potential of the market and
they want everything it is very
important what if Walmart look how
confusing this could be I want you to
think about Walmart makes an
announcement next year and this one
Walmart says effective January 1st 2017
Walmart will start selling Ferragamo and
Canale suits what would you say if one
word said that tell me you wouldn’t be
confused and by the way do you think the
customers that go to Neiman Marcus which
is high quality high cost you think they
would go into Walmart to go buy those
Canali suits do you know how confusing
it is it’s very confusing very very
confusing it’s the same to safe Neiman
Marcus decided to say we’re selling $9
you know shoes come and get it’s just
not going to happen so who’s your ideal
customer you you get asked the question
do you know it age bracket income range
what are they doing what do they like
why do they come to you who is your
product
what do you marketing your product to
and then stick to it and do whatever you
can to compete in that space and be the
best in that space so your biggest
differentiator could be Neiman Marcus
and Nordstrom’s is here we are here and
we’re happy with that we are here we’re
happy with that you can go here we’re
going over here target likes to say
target is whatever but guess what target
is not as low-cost as Walmart is and by
the way here’s your part to keep in mind
about this
once you decide who your idea
customers and once you decide where you
want to position yourself don’t let this
confuse you you will have enemies you
will have opposition you will have
people thatís a terrible idea he has no
clue what he’s doing she has no idea
what isn’t everyone’s going to try to
confuse you and if you can stick to the
message long enough you’ll succeed if
you can’t you’re like the rest of the
entrepreneurs and marketers out there
that made the mistake of trying to
appeal to everybody and lost every
single thing they had and they lost
their success millions and they went
from a market where they were competing
with Marlboro and then all of a sudden
they drop drop drop drop drop neither at
2% Winston Winston in Iran was Winston
Winston is 2% camel used to be very
famous today 8% Marvel 41% stick to your
message for his longest period market is
strong until all of a sudden you become
one the competitors everyone says oh my
gosh they’re so smart over there it’s
not that you’re smart
just highest form of maturity is when
you become independent of others
opinions and others opinions is
everybody telling you what to do stay
focus on what you want to be and who you
want to be and where your ideal
customers are going to be would that be
instead let’s get that pillow here Hey I
was excited about doing this episode
very excited about doing this episode
because I get this message all the time
Pat I want to get this customer that
customer this video is dedicated to all
of you that say I want to get all the
more when I ask you who’s your customer
you say everybody I disconnect because
you can’t have everybody as your
customer you got to know exactly who
your customer is okay first things first
if you haven’t stopped please do so
click on the sub button here and by the
way I think YouTube’s got a new thing
now that sub doesn’t send notifications
anymore so be sure to stop you know
right next to you see like an alert
button click on that as well because
you’re the first to get notifications
and very soon I’m going to be doing
certain things for those who comment
first and watch the videos first so you
want to make sure you subscribe and you
get the alerts before anybody else
because our goal is to get 2 million
subs before 2018 meaning right now at 16
we’re about to be 17 in a couple weeks
by the end of 2017 we want this channel
to be out of million subs I know a lot
of people say it’s crazy we just cross
155 thousand subs right now paddy got
845 more to go
how do you think this is going to happen
one no one thought we were going to get
to 100,000 subs
we were at 2,000 steps but you helped us
get there and there are a lot of people
that don’t then we’ll get 2 million subs
but we feel you’re going to help us get
there and we will make one promise to
you we will keep creating the best
content online for entrepreneurs and you
will always judge us based on our
content we will constantly work on
creating best content online for
entrepreneurs and as long as we do our
job and you help us out we can proudly
get 2 million subs by the end of 2017
with your help and with our effort with
that being said if you got any questions
thoughts comment comment on the bottom
thanks for watching everybody take care
bye bye
one big mistake as an entrepreneur can
cost you yours of lost time yours of
lost time that properly you cannot
please every single customer oh please I
might be sweating by the time we’re done
shooting but I got my shooting the video
in a steam room right now one big
mistake as an entrepreneur can cost you
millions of dollars momentum ok
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