\n
Ashley Kehr:
This is Real Estate Rookie episode 132.<\/p>\n
Mike Michalowicz:
If we are better in the competition yet no one finds us, they find the alternative, the clients are getting a disservice and they\u2019re experiencing something that\u2019s inferior because we are superior. And if our clients are experiencing something inferior that\u2019s their problem, it\u2019s our fault but not marketing.<\/p>\n
Ashley Kehr:
My name is Ashley Kehr, and I\u2019m here with Tony Robinson.<\/p>\n
Tony Robinson:
And welcome to the Real Estate Rookie, where we give you all the information, all the inspirational, all the education you need to get started in your real estate investing journey. And sometimes we talk about the nitty gritty about real estate investing, other times we talk about things that might support your real estate investing career. And that\u2019s what we\u2019re going to do today.<\/p>\n
Ashley Kehr:
So, this Saturday is a Rookie Reply as usual, but we are doing it a little bit different. Once in a while we do have a guest on for the Rookie Reply. And today we have Mike the author of Get Different and he is going to talk to us about marketing. And he will actually go into why marketing is important for a real estate investor.<\/p>\n
Tony Robinson:
And he\u2019s got so many really good points, just all together. Honestly, I got introduced to Mike Michalowicz through his book Profit First. I\u2019ve mentioned in the podcast before, if you guys haven\u2019t read that, definitely I encourage you guys to go pick it up. But today he started to talk about his book, Get Different, which is about marketing. And I know you might be thinking like, \u201cTony, Ashley, why are we talking about marketing on a real estate podcast?\u201d But if you think about it, there\u2019s so many activities in your real estate investing business that require you to stand out amongst a crowd of other investors. And that\u2019s what the premise of this conversation is. And he goes over different frameworks that you can follow. He gives you step by step advice on how to make yourself stand out. And really just to how to start framing your own conversations with yourself about marketing, about being different, about standing out that will help you in your real estate business for sure.<\/p>\n
Ashley Kehr:
Yeah, we actually really jam pack a lot into this short episode. We go from talking about how not to be a (beep) and don\u2019t be a (beep), to talking about the dad marketing strategy, to talking about me coming out of the closet once again. And also, I rudely interrupt Tony. So, lots of things happen during this short episode on this week\u2019s of Rookie Reply. So, let\u2019s bring Mike onto the show.<\/p>\n
Tony Robinson:
Mike Michalowicz, thank you so much for joining us, man. I am super pumped to have you on here. And before we get into it, I got to say that I\u2019m fanboy in a little bit because I\u2019ve read some of your other books and they\u2019ve had a big impact on my life. But Mike, for the listeners that don\u2019t know you, please just give us like an introduction of who you are, what you\u2019re about, and kind of what your mission is in life.<\/p>\n
Mike Michalowicz:
Yeah. So it\u2019s Mike Michalowicz here. I was actually looking at the wrong camera. I have two cameras and my main camera broke. So I\u2019m on my backup. And I was like trying to stare you down in the wrong cameras. Now, there you go.<\/p>\n
Ashley Kehr:
Oh, there we are.<\/p>\n
Mike Michalowicz:
Now, I got it, the backup. So I\u2019m an author guy. I write books about small business, but my journey has been entrepreneurial. I\u2019ve been entrepreneur my entire adult life. Today, I own two companies. I have four licensed companies. So six collectively that I\u2019m helping manage and run. But my real\u2026 And I\u2019m passionate about those businesses. I\u2019m a little passionate about the entrepreneurial journey, because I\u2019ve struggled in it and I\u2019ve been very successful in it. And I\u2019ve seen the highs and the lows. And I think there should be a lot more highs for entrepreneurs and a lot less lows. My goal is to eradicate what I call entrepreneurial poverty.
What I mean by that is there\u2019s a vision that Tony, Ashley, we all had when we started our businesses. Then there\u2019s a reality when you started. And it\u2019s usually a pretty big gap. I\u2019m personally free. I can do what I want when I want. I\u2019ll be financially free. I\u2019ll make all the money in the world. And it\u2019s like, \u201cOh my God, I have no money and my life sucks. All I do is work.\u201d That gap is what I call entrepreneur poverty. And through the work I do as an author, my mission is to eradicate entrepreneurial poverty.<\/p>\n
Tony Robinson:
I love that breakdown, Mike and I love the concept of entrepreneurial poverty. And you\u2019ve mentioned it in some of your books. I was initially introduced to you Mike through your book Profit First, which is really big amongst a lot of operators in the vacation rental short term rental space here. You hear a lot of people talking about it. So, today we\u2019re actually talking about a different book, which is called and if you guys are watching this on YouTube, it\u2019s called Get Different, another great book by Mike. But before we get into Get Different, Mike, if you can just give us like the 22nd breakdown of Profit First, for those that aren\u2019t familiar with that process. I love that.<\/p>\n
Mike Michalowicz:
Oh, for sure. Yeah, for sure. So, we\u2019ve been told\u2026 Ever since the invention of modern accounting, which is about 300 years old now that profit is the bottom line. It\u2019s the word we use. It\u2019s the year end, and the formula sales minus expense equals profit. But what I found is the vast majority of small businesses are never profitable. So, what confused me is hold on, if this is the formula and we start a business to be profitable, that\u2019s like one of the main reasons how come almost no one\u2019s profitable. And I was staring at the formula one day and it hit me. I was like, \u201cOh my God, this formula is wrong.\u201d I mean, mathematically yeah, it works. But behaviorally it is wrong. When something comes last, it\u2019s human nature to categorize that as insignificant.
Like Tony, if you love your family, I strongly suspect you don\u2019t say, \u201cI love my family so much. I\u2019ve decided to start putting them last.\u201d And actually if you had a health scare, you wouldn\u2019t be like, \u201cOh my God, I need rally to take care of my health. I\u2019m going to start putting my health last.\u201d We would never do that because last means it doesn\u2019t matter. And in profit we\u2019re calling it the bottom line, the final take, the year end. It doesn\u2019t matter. So, in Profit First I teach a real simple system. We flip the formula. It\u2019s sales minus profit equals expenses.
What happens in executions? Every time revenue new comes into our business, we take a predetermined percentage of that money as profit, allocate it away, hide it from our business, then run the business off the rest. We\u2019re now taking profit first. It\u2019s the pay yourself first principle applied to business. And I\u2019m very proud and happy to report that it has over 600,000 companies now doing profit first. They are all not more, not just, I should say consistently profitable, they\u2019re actually growing faster than their contemporaries because they\u2019re building a healthier business.<\/p>\n
Ashley Kehr:
That is so awesome. And congratulations on being able to share that with so many companies and helping them grow and scale that fast. That\u2019s awesome.<\/p>\n
Mike Michalowicz:
Yeah, that\u2019s the ultimate, like running at the airport and it doesn\u2019t happen often, quite the opposite, but occasionally someone\u2019s like, \u201cOh my God, you\u2019re that guy.\u201d And I\u2019m like, \u201cWhich guy are you thinking about?\u201d And sometimes it\u2019s a totally different guy. Like, \u201cOh, I\u2019m not that guy.\u201d But sometimes he\u2019s like, \u201cOh, I read your book.\u201d Profit First is usually the one, that\u2019s my most popular. And then people share their stories that sometimes it just takes me, I start tearing up and takes me to this emotional state, just joy and happiness for these people for the transformation they\u2019ve made in their own lives.<\/p>\n
Ashley Kehr:
That is so cool to be on the other side of that. Like, yes, it\u2019s awesome for those people that have that transformation. But when you realize that you had a small impact on just opening up an idea to them and then they go and implement it-<\/p>\n
Mike Michalowicz:
Yeah.<\/p>\n
Ashley Kehr:
\u2026 Yeah, that\u2019s awesome.<\/p>\n
Tony Robinson:
I was just going to say, we might have to get you back on Mike for a second, go around where we can just kind of focus on the Profit First side, because I think there\u2019ll be a lot of value for that as well.<\/p>\n
Mike Michalowicz:
Oh sure. Yeah, teach the system. I\u2019d love to.<\/p>\n
Tony Robinson:
But today again, we\u2019re here to talk about Get Different, which is actually a book about marketing and why it\u2019s important for small businesses to do that. Now, before we dive in just for like our Rookie listeners, you guys might be thinking marketing, why are we talking about marketing on a real estate podcast? And Mike, you actually have a really good story in here about talking to like one of your realtor friends and how it can be applied to this business. But I want to set the table for the listeners that even though you\u2019re an investor, you still have to market. There is still a marketing aspect to your business.
If you want to find a really good deal, you\u2019re going to have to find a way to market it. If you don\u2019t want to just rely on Zillow. You might not have to do some direct to seller marketing. Say that you want to raise money for a big deal you\u2019re trying to take down, you\u2019re going to have to market for potential money partners. There are so many\u2026 So you want to sell a property and maybe it\u2019s in a competitive market and you want to stand out, how can you be creative and how you market that property?
So there are lots of concepts, I think, that we\u2019re going to talk about today that our rookie investors can take away from and implement it to their business. So, Mike, my first question to you is, one of the things you said in this book was that people have a responsibility to market their product, to market their business. I think that was a really unique way to phrase it. So break that down for our listeners what you meant by when you said that there\u2019s an obligation responsibility to market your product.<\/p>\n
Mike Michalowicz:
I get a little soap boxy here. So forgive me if I start getting all like jacked up, but it may happen. I was at an event, I started writing this book seven years ago. It takes me a long time to finish a book. I work on many in parallel. And it was about seven years ago, I\u2019m at an event. And I remember asking people, who here in this room is better than the competition. It was like HVAC company or something and all the hands went up. And at first I was like, \u201cCan\u2019t we really? Is that possible?\u201d Like, \u201cWe\u2019re all better than each other.\u201d And then it became apparent. Small business is better than most small other businesses and we\u2019re better than each other in different ways. One company responds faster. One is more caring. One has far technical superiority and they don\u2019t all compete in the same market.
So when you look at the markets they\u2019re in, in this market, these businesses in general are better than any alternative. And the fact that they\u2019re the learners, just like the people listening to your show right now, these are the folks who are actually looking to expand and grow, inevitably better. And then I said, \u201cOh my gosh, if we are better in the competition yet no one finds us, they find the alternative. This is the alternative. This is us, but we\u2019re invisible to them. The clients are getting a disservice or they\u2019re experiencing something that\u2019s inferior because we are superior.
And if our clients or our prospects are experiencing something inferior, that\u2019s their problem, it\u2019s our fault for not marketing. The other thing I heard too, and I\u2019ve been surveying audiences constantly, I ask them, what percentage of your opportunity comes through referrals through your network, stuff like that? And most people brag, myself included about that. Oh, almost a 100%. Actually, I don\u2019t even have to market to your early point. I don\u2019t even need to market because businesses flows to me. I feel like king of the hill. And I\u2019m like, \u201cOh, that means our clients, our network believe in us so much that they\u2019re carrying the marketing burden on their shoulders. They believe in us. Aren\u2019t they just affirming we\u2019ve responsibility to get out there?\u201d
If the work you do in real estate is superior to the alternatives out there. Damn it, you got to bigger. You got to be discovered. It\u2019s the only way to be of service. That\u2019s what inspired this book. And that\u2019s why I started to research is, what gives the better businesses an opportunity to stand out. And if we\u2019re smaller, we can\u2019t actually compete against these mega corporations out there with hundreds of millions, sometimes billions of dollars backing them, that they\u2019re just throwing into advertising, but we can beat them by being different. And that\u2019s what we need to exploit.<\/p>\n
Ashley Kehr:
So let\u2019s Kind of tailor this to our rookie investors here. They\u2019re getting started in real estate investing, what some advice you can give to them to get different as maybe they only have a couple properties, they\u2019re just starting out as a new business.<\/p>\n
Mike Michalowicz:
Yeah. So the first thing to understand is exactly who and what are you targeting? When I was writing out the book I talked about what\u2019s called the who, what, and when. We\u2019ve heard of who, what, and when, but the who, what, and when is who are we serving? What are we driving or delivering to that market? And what is the win? In any transaction there\u2019s two sides. So how do both sides come out ahead? Because if you just win for yourself, the compromise will be your reputation. And if they just win, the compromise will be your continuance. So we have to have that balanced win-win.<\/p>\n
Tony Robinson:
And Mike, and just to clarify, you\u2019re talking W-I-N not W-H-E-N. You\u2019re talking win as in like scoreboard win.<\/p>\n
Mike Michalowicz:
That\u2019s correct. The who and I\u2019m talking when [inaudible 00:11:57]. That\u2019s a good point. That\u2019s like your Jersey accent. It\u2019s like, \u201cWhat is he saying?\u201d So we need to get a win and it\u2019s got to be a bilateral win. Like Tony, you got to come out ahead. Actually, you got to come out ahead and I got to come ahead of any transaction. And honestly, even doing a podcast, this is a form of a transaction. Hopefully, you\u2019re getting content that serves your community. You get more engagement. Hopefully, I\u2019m getting exposure to a community that hasn\u2019t experienced me. That\u2019s my win. And anytime we have a transaction, we got to look for those wins. Once you know the who, the avatar, what, your offer or the opportunity is, and the win, then we start structuring what will attract that audience. It always has to lead off with different, hence the title Get Different in the book.
I had the good fortune of being connected with some people that are really intelligent around how our brain operates. So neuroscientists and people that work in psychology and behavioralists and all this different people, and I interviewed them and I found an interesting pattern of what triggers recognition for something, for us to see or experience something. If you ever walk down the street and you do that double take, like, \u201cWhat, what.\u201d That is our brain being triggered by something. And it\u2019s different. In fact, our brain only recognizes three things. Everything else gets ignored.
In fact, 99.999% of stimuli that comes into the human senses are ignored. This filtered out by this gatekeeper called the reticular formation. Not trying to get too technical here, but the reticular formation is this gatekeeper that says, \u201cIgnore that pen sitting on your desk right now, because you\u2019re presenting.\u201d We actually have to ignore stimuli to pay attention, but the reticular formation opens up when three things happen.
One, is when a threat presents itself. That\u2019s the number one thing. So if I showed up to your show and I had a gun on me, like, \u201cHey, we should continue on a little bit longer.\u201d I\u2019m waving around my gun at you. I guarantee I\u2019d have your attention, but the threat response hits the amygdala and the amygdala says, \u201cFight or flight.\u201d So, the two of you punch me in the face, split in my face wide open I\u2019m dead. It\u2019s a combative situation. So, probably not a good move. The second approach is opportunity. Opportunity opens up the reticular formation hits the prefrontal cortex of our brain. It lights up and says, \u201cWhat is this?\u201d
So if I put like a lot of money down in front of you and say, \u201cHey, here\u2019s $500,000. Can we go for a little bit longer?\u201d Chances are I have your attention but the risk is massive on my behalf because you may say, \u201cThanks for the $500,000.\u201d We\u2019re done with the show anyway. So I put risk out there. And by the way, we\u2019ve seen this in marketing. In direct mail campaigns, you get a letter in the mail and it says open within three days, this is FBI will hunt you down and you open up and it\u2019s like the car salesman. It\u2019s like scumbag, you tear it up. Other times you get into a letter and then there\u2019s like a $5 bill pasted on nicely. It\u2019s like, \u201cThat\u2019s a real $5 bill. Give us a call.\u201d You\u2019re like, \u201cMy pocket is getting a call to go to Taco Bell. So I\u2019m sorry.\u201d And we take the money.
The only third way, the only way, and the most effective way into the brain when it comes to marketing is different. The reticular formation opens up. It actually illuminates multiple parts of our brain saying, \u201cWhat is happening? Is this a threat? Is this an opportunity? Is this something I have to qualify as it\u2019s something I can ignore in the future, but I don\u2019t know what it is now.\u201d So, the essence of when you identify that you\u2019re better than the competition and you\u2019ve responsibility to more market, the only way to get prospects attention is doing something different. Don\u2019t do what everyone else is doing. That gets ignored. Is this a blue pen? Do something different.<\/p>\n
Ashley Kehr:
That I think is such a\u2026 This is going to be so helpful for people who are using direct mail. Because right now there are so many, not even sellers, but homeowners just getting tons of letters and postcards, text messages every single day. And how do you kind of filter yourself out? And that\u2019s the key is you want to be different so that you stand out from all 50 other postcards that they got that week.<\/p>\n
Mike Michalowicz:
You\u2019re right. And its wildly simple. And step one is, look at what everyone else is doing. That\u2019s the one thing not to do, particularly in your industry. So if everyone\u2019s marketing the same way. I remember the first time I got a hey friend email and I was like, \u201cOh my God, I have a friend that I haven\u2019t been in touch with apparently in years who, the only thing they call me is friend. They don\u2019t even call me by my first name. They\u2019re such a great friend.\u201d And I fell for it. I started reading through it. I\u2019m like, \u201cOh this is smarmy marketing.\u201d I deleted it. And then a day later or a minute later, the next hey friend came through, I deleted it. I\u2019ve put those in the spam box ever since. And perhaps I\u2019ve received hundreds if not thousands. And so have you.
And that process is called habituation. Habituation is when the reticular formation says, \u201cOh, I\u2019ve seen this stimuli before. It\u2019s ignorable. Don\u2019t even put into the brain, reject it.\u201d And so those mailing pieces are guaranteed to be rejected. But if you do something different, it\u2019ll get noticed. And here\u2019s a technique. You can look at the medium mailing pieces or you look at the method. Method is approach. So you can change the medium. If everyone\u2019s sending out mail, why not set billboards or whatever it says, \u201cWell, I\u2019m looking to buy a house or something.\u201dThat would work, but if everyone\u2019s doing billboards that wouldn\u2019t work. Or you can stay with the existing medium, but change the method. So if everyone\u2019s sending postcards, send a picture of your grandmother and say, ?My grandma always wanted me to own property in this area. I\u2019m looking to buy. Would you be interested?\u201d Now, you\u2019ve got to be integral. Don\u2019t freaking lie.<\/p>\n
Ashley Kehr:
Right, If you don\u2019t even have a grandma and you pull a picture off the internet, don\u2019t do that.<\/p>\n
Mike Michalowicz:
Yeah. So you\u2019re, \u201cOh, my God.\u201d Please don\u2019t do that. Consumers are very smart. People sniff that stuff out. The second there\u2019s an integrity inconsistency, people raise a red flag. I saw actually happened to me this morning. I was on the Zoom conference for a quick meeting. There was like 15 people on it, but we weren\u2019t live yet. So it was like all this people pictures. And I\u2019m looking at this one picture. I\u2019m like, \u201cWow, that woman is like really young to be on this call.\u201d I\u2019m actually a little bit surprised. It\u2019s not in the right context. Like it\u2019s a glamor shot or something.
She then activated her camera. And I was like, \u201cOh my God, you just aged 30 years in one second.\u201d She went from this prepubescent to like a middle aged woman in one second. And I felt lied to. I was like, \u201cOh, okay. You want to look one way, but you\u2019re really another.\u201d And what we need to do is put out our authentic self. Put out your favorite picture of who you are today. With that grandma postcard, it better be a real story. And I\u2019m not saying don\u2019t lean into the unique idiosyncrasies or elements of it. Play up grandma. Send some pumpkin bread from grandma, do something like that, but do something that\u2019s different and your guaranteed to get attention.<\/p>\n
Ashley Kehr:
Mike, can you give us a real life example of, it doesn\u2019t even have to be real estate related, but of where somebody did and marketing different and got great results.<\/p>\n
Mike Michalowicz:
Well, I\u2019ll give you a real estate example because I featured it in the book. I can talk about gyms that do some cool stuff, but I have a buddy who\u2019s a real estate agent, more than a real estate agent. He owns a real estate agency in Colorado. They\u2019re pretty sizable. I think they got like 30 or 40 agents. He\u2019s a private shop. That\u2019s pretty sizable. And he was reading the book with before I released it. He\u2019s like, \u201cAh, this is really interesting.\u201d But he goes, \u201cIt\u2019s just ethereal stuff.\u201d He goes that, \u201cIt doesn\u2019t apply to me. Our industry\u2019s established.\u201d And here\u2019s a golden lesson. The more established in industry, the more common the marketing approach, the easier it is to stand out. The more boring in industry, the more radical the opportunity to differentiate.
One example, I used to be in the computer or technology industry and I was slugging it out with all my competition. And one day this company called Geek squad comes in. All they did was they wore flood pants, narrow tie, tape on glasses. And these guys became heroes of the computer arena. Subsequently, they\u2019re a $1 billion valuation today after their acquisition from Best Buy. You can do that. In the real estate industry. So this guy, Greg, my buddy is like, \u201cIt doesn\u2019t apply to me.\u201d I said, \u201cWell, tell me, how do people market?\u201d He goes, \u201cIt\u2019s all the same.\u201d The second I hear all the same. I start salivating like that\u2019s not opportunity to differentiate. He goes, everyone puts up that stupid sandwich sign or if it\u2019s a fancier house, you put up that little post, you buried in there and it hangs there.
You run your listings and your make sure it\u2019s on Zillow listed properly. And you put your charming fixed me up house and all this stuff. And I\u2019m like, \u201cOkay, that\u2019s all the stand protocol. Let\u2019s just start with the most basic thing for the drive by viewers, the people that are looking at the signs. What if we set a different sign?\u201d He\u2019s like, \u201cWell you can\u2019t.\u201d Of course, you can. What we did is we got signs with windmills on it. These are things you put in gardens typically. And all we did was put a sign with the same placard on it, saying house for sale, under contract, all that stuff. But there\u2019s now a windmill on top.
And it started to get noticed, because remember from the consumer, you\u2019re driving down the road, another sign, another sign, they\u2019re all the same, maybe a different color, but they\u2019re basically the same. So we don\u2019t notice. But the second there was a spinning thing, we did the double take. And if you can get the customer to do the double take, it means the reticular formation\u2019s opened up, the brain lightens up. It\u2019s now questioning what it is. Now, different alone gets attention. It doesn\u2019t mean it gets the right attention. So you have to do the other elements of attracting people and directing them to do something. But stage one is due different.<\/p>\n
Tony Robinson:
Mike, you\u2019ve kind of alluded this already, but why can\u2019t I just build a better widget? Why isn\u2019t just being good or being the best in your field enough?<\/p>\n
Mike Michalowicz:
So, being the best in your field is not necessarily noticeable. Like, say you and I, Tony have competing businesses. And I\u2019m like, \u201cWhat we\u2019re going to do here is we\u2019re going to enhance the phone in two rings.\u201d Every single time you go to your team and you\u2019re like, \u201cWhat we\u2019re going to do here is answer our phone in one ring and beat that Michalowicz guy.\u201d You are unequivocally better. Actually, you\u2019re a 100% better. You\u2019re answering the phone faster, but does the client notice? And the answer is probably not, probably not. Better doesn\u2019t necessarily mean noticeable. And we can argue for the entire day of how your business is better than all of your competitors, but we can also go do exact competitors and point out how they\u2019re better.
When I ask people in audiences, are you better? Everyone raises their hand and it\u2019s true, but they\u2019re better at certain elements, but most of it is invisible to the customer. It\u2019s when we do something that is out of the ordinary, that they pay extraordinary attention. Back to Geek Squad, I would actually argue in almost every facet my company was better, more certifications, more technical skills, faster response, we cared more. I the owner was integrated in the business. I was doing some of the work myself and here guys in costume. But to the customer, it was extraordinary. I mean, who doesn\u2019t want to geek fixing their computer? I mean, I do, I do and it was extraordinary.
They made it into a somewhat humorous experience. Once they found that the customers resonating with it, they amplified it. They used to ride bicycles to their clients. They started out Minnesota. They expanded nationally. They went into those Volkswagen bugs that looked at the Keystone cops. So once you find a crevice of different and you see people noticing, amplify that. It doesn\u2019t necessarily mean you are better than the competition in the generic categories. You\u2019re just doing something so unexpected and unique that people just have to pay attention.
One last thing, I\u2019m not saying you have to be outrageous. I\u2019m not saying you have to be a weirdo or the funny guy. Like, you have to be the real estate agent that dresses in a gorilla suit and dances around, that\u2019s different, but it doesn\u2019t mean it\u2019s going to work. Different always gets attention. Gorilla suit real estate person gets attention. Stage two is that it\u2019s got to be attractive. The audience has to say, \u201cOh, that\u2019s for me.\u201d And the geeks, it was for the people that needed our computers repaired. We had to find, for everyone listening to the show, what\u2019s your different, but is it compelling to the audience? Is that something to say, \u201cOh, that\u2019s for me.\u201d<\/p>\n
Tony Robinson:
So Mike, can we dive into that a little bit? Because I think that\u2019s an important second piece there of making it something that can appeal to the person that you\u2019re reaching out to. We\u2019re in the world of real estate investing and say that I\u2019m a new investor and I have this property that I want to buy, but I don\u2019t have the money to do it, and I need to go out and find, I need to market myself to be able to find someone to help me buy this property. How do I go about getting into the psyche of that potential partner to even understand what kind of marketing strategy might resonate with them?<\/p>\n
Mike Michalowicz:
Yeah. So we first have to identify who they likely are. That\u2019s the avatar. So when the who, what, and when was structured, they\u2019re the who. We want to raise money and what\u2019s the win for them, the win for us. So we have to identify that. Then we target them and we do testing. So get difference about marketing experiments. I\u2019m a little bit against marketing plans in that marketing plans are great, but a plan means commitment. I plan to tour all 50 states. That\u2019s a commitment. But before we go about a marketing plan, we need to know, are we marketing in a way that\u2019s going to be effective? So, we want to start off with experiments and inherent to experiments is a trial and error. Some things will fail. So once we identify who we\u2019re targeting, those investors, let\u2019s try reaching out to them in different ways.
Now, interestingly, I\u2019ve raised money for one of my businesses in the past. And I was looking for angel rounds. These are small investors, maybe a 100,000 to maybe 250 is what the angel investment would be. So it\u2019s not major tranches of money, but for me, that\u2019s a significant amount of money. If you get two or three people, now you got maybe even a million dollar raise. So I reached out and what I did was I identified about five perfect angel investors. Most people reach out, they do a blanket thing. They basically do that postcard mailing, just a little more professional spin because it\u2019s in an envelope that seals, but it\u2019s basically the same.
I looked at what every other entrepreneurs to raise capital. I said, \u201cOkay, that\u2019s what\u2019s not, I\u2019m not going to do.\u201d Now, I used in this case the same medium. I sent out the professional letter, but I did a different method. The opening to my letter said, \u201cI\u2019m looking to raise money, but before I even tell you about the business, I want to tell you about my values.\u201d Rule number one, no (beep) allowed. My exact words. I said no (beep) allowed. And I said, \u201cI will never do business with someone that\u2019s a (beep) and I will never be a (beep) towards someone. I think all humans are equal and we all deserve respect of each other.\u201d The second line said positivity or death. And I put out my four major values.<\/p>\n
Ashley Kehr:
And you made those values stand out too.<\/p>\n
Mike Michalowicz:
Yeah, yeah and they\u2019re true.<\/p>\n
Ashley Kehr:
It wasn\u2019t like, I just wanted someone to work with me that will be respectful and not be respectful to them. You used words to make it stand out.<\/p>\n
Mike Michalowicz:
Yeah. And there are words that are true to me. If you meet me, like how you\u2019re seeing me now is the same Mike if we were having a couple beers together. If we had five or six beers, I\u2019m a little more slurry but again when, win-win, but it\u2019s the same me. And I think I don\u2019t want to be the Zoom character that you see me when I\u2019m 15 and then you turn it on and you get this guy and you\u2019re like, \u201cOh my God, what happened?\u201d So I do this consistently. That\u2019s a major tractor factor. The how you market must be true to who you are. That\u2019s why in another saying you can\u2019t see it behind me fully, but says, \u201cBe you all you always, truthful throughout.\u201d What I got back from the first investor was one day letter.
I got a certified letter back and I opened it. And in red marker, no (beep) allowed was circled like 10 times. And I was like, \u201cOh my God, what did I just do?\u201d And there was a sticky note attached to, it said, \u201cI don\u2019t like (beep) either.\u201d And below that was a hundred thousand dollars check. His name was Howard Hirsch, best of my company. First guy in, extraordinary investor and extraordinary value alignment. He\u2019s been so much more than money to our organization. He\u2019s been strategic relationships and so forth. It helps us grow extraordinarily.<\/p>\n
Tony Robinson:
Can we\u2026 We got to pause on that because I think that is like an incredibly important lesson for people to understand. So, first let me recap what you said. You said, \u201cBe authentic to yourself.\u201d Be your authentic self and understand what your values are and who you want to work with. I think for a lot of people who are in our audience, people who are at the beginning of their real estate investing journey, they feel almost this imposter syndrome because they haven\u2019t achieved the same accolades as some of the people that they see on the podcast or people whose books they read and they feel like they have to kind of puff up who they are or what they\u2019ve accomplished-<\/p>\n
Mike Michalowicz:
Oh, I hate that.<\/p>\n
Tony Robinson:
\u2026 but what you did-<\/p>\n
Mike Michalowicz:
Again.<\/p>\n
Tony Robinson:
\u2026 but what you did, Mike was the opposite of that is that you leaned into whatever experience you had. You leaned into your values as a person, and you amplified that and it allowed you to attract people that were more closely aligned with what you really want. And that is the super important lesson, because for the rookies say that you do pretend to be, you\u2019re going to attract the wrong type of people. If you\u2019re not being who you are, the wrong people are going to gravitate towards you. So when you be yourself, you\u2019re able to find the right person.<\/p>\n
Mike Michalowicz:
And the reason that I hate that is I get why people do that. And I\u2019ve done that too, this fake until you make it and stuff. But there is this itchiness that was dripping in size like, \u201cOh, that\u2019s not really who I am.\u201d And to your point, is tracking the wrong people. I thought I had a pound on my chest. And I\u2019ve seen these real estate guys. You got to wear the slick suit and make sure you\u2019re munching a cigar and when you\u2019re going out to lunch, you\u2019re flashing the hundred dollars bills and your shiny cards. And what if you went in the true self and you simply said, \u201cI\u2019m a real estate rookie. I\u2019m the real estate virgin, or something like I have no clue what I\u2019m doing.\u201d That\u2019s the advantage.
With no clue means this deal means everything to me. I am not just a 100% in, my whole life is in, like, I have to make this successful. I will be there every second of the day. That marketing is so much more powerful than another slick campaign because it\u2019s true. Some investors say \u201cNo, I don\u2019t want someone never done this before, I\u2019m out.\u201d But some people are going to say, \u201cThat\u2019s exactly who I\u2019ve been looking for.\u201d I want someone\u2019s hungry, thirsty, starving for this. This is someone I can coach and help in the process and not just invest in. And you\u2019ll track the right people by being true.<\/p>\n
Ashley Kehr:
That\u2019s such a great point. And Tony and I were talking about this earlier today, is that a rookie investor, a new investor is going to be so motivational and inspirational. I think you just tagged on another aspect to it that they may even work harder-<\/p>\n
Mike Michalowicz:
True.<\/p>\n
Ashley Kehr:
\u2026 than any experienced investor too.<\/p>\n
Tony Robinson:
So one of the other things you mentioned in the book and this kind of aligns what we\u2019ve been talking about, but it\u2019s the dad framework. Well, I thought it was a humorous kind of way to phrase that. So what exactly does that mean if we can break that down for the listeners?<\/p>\n
Mike Michalowicz:
Yeah. So dad is the checklist, if you will, for marketing that works. We already touched on elements. The differentiate is the first D. Any marketing you do if it isn\u2019t different than the standard noise, it\u2019s actually invisible to a consumer. If you don\u2019t differentiate, you don\u2019t get noticed. So you have to check that box off. But here\u2019s the thing, is different lasts for about one 10th of a second. And this is not just a random number. This is actual research identifies that when we notice something different, our reticular formation opens up and it hits parts of our brain. And then within one 10th of a second, we\u2019re placing judgment.
If you ever been outside and you see something kind of squiggle and you jump back, that is the 1\/10 of a second reaction of the amygdala saying, \u201cI don\u2019t know what\u2019s going on, something different\u2019s happening.\u201d And it\u2019s lighting up our brain to evaluate, is this a snake? Can someone turn the hose on? What\u2019s going on? So be different. Get 1\/10 of a second attention. You immediately need to transition into the attractive factor. Is this messaging for me? It\u2019s got to be so clear that\u2019s for the audience that you\u2019re targeting. So speak in their language, use the elements that they recognize and solve a problem they have, or relieve a pain, or just invoke curiosity or entertain.
But there has to be a justified reason to continue on. And it\u2019s actually usually a blend. If you can educate or whatever it is like where you educate and entertain at the same time, that becomes more powerful. If you can educate and entertain and solve a problem all at once, now it becomes more powerful. So blend those elements together, but the attractor factor, that\u2019s the A in dad only lasts for 1\/10 of second increments. And it\u2019s happening right now, as we\u2019re talking for the folks listening in, they\u2019re saying in their head, subconsciously likely, am I getting value? Am I writing this down, taking notes? Is this transformative? Or is it better just to check email? Well, I\u2019ll get more value out checking my email.
So that battle is happening in everyone\u2019s mind, including the listeners right now, determining there\u2019s a reason this podcast isn\u2019t like a 48 hour just onslaught. Like, it doesn\u2019t run for 48 hours straight, because at certain point you can\u2019t retain that attractor factor. So be attractive, but also realize that time is ticking away. Then you must go to the direct. The direct is where you give your prospect a specific and explicit direction to take. With this key caveat, it must be reasonable. Like, say Tony you\u2019re looking for a car and you see a balloon thing out in the parking lot, which if you recognize that\u2026 You\u2019ve seen those, right?<\/p>\n
Ashley Kehr:
Mm-hmm (affirmative). Yeah.<\/p>\n
Tony Robinson:
Yeah.<\/p>\n
Mike Michalowicz:
So those things, when they first came out, chances are actually Tony, when you first saw them, you\u2019re like, \u201cOh my God, that\u2019s so different.\u201d The first time. They are so ubiquitous now because it worked, it\u2019s become more noise. And we don\u2019t actually see, we blow by and go, \u201cOh, there\u2019s balloon boy again.\u201d And we often associate saying, \u201cOh cheapo sale thing, used cars or something like that.\u201d So balloon boy has deteriorated. That\u2019s the problem with different. Different works until everyone replicates it. And then we have to find the new different, it expires. But say balloon boy brings in, that was the differentiate. You were attracted. You saw that you wanted to buy a car. And this is an alignment with what you\u2019re looking. So it solves a pain you have, okay and buy a car. I\u2019m the car sales guy.
I\u2019m like, \u201cHey Tony, I heard your looking for a car. Let\u2019s find your dream card, give a hundred thousand dollars deposit. We\u2019ll find it.\u201d And you\u2019d be like F No pal because it\u2019s too big of an ask. When I direct you to do something, it needs to be reasonable. But the wrong approach to is to have such a low direct, there\u2019s no action required. It\u2019d be like, you come into the lot. And you\u2019re like, \u201cHey, I\u2019m looking for a car.\u201d I\u2019m like, \u201cOh great, we have cars. I\u2019ll see you later.\u201d And walk away. You\u2019re like, \u201cWhat do I do?\u201d \u201cJust wander around and you\u2019ll see us on websites.\u201d I hate going to websites where the call to action is learn more. The whole reason I went to the freaking website was to learn more. Don\u2019t make me do that. The right action is the reasonable action.
So you come into my car a lot. And Tony, I think the right thing would be for me to say, \u201cHey, you\u2019re looking for your dream car. Would you be willing to give me your cell number? I\u2019ll take pictures of our inventory here at this lot and other lots, I\u2019ll text it to you so we can hone in on your dream car.\u201d That\u2019s a transaction. You give me contact information, your cell, I give you information for your decision. And then my job is to matriculate that to the transaction. And then at the end you have theoretically your dream car. I theoretically have my dream commission. And that\u2019s what we\u2019re trying to achieve together. It has to be reasonable.
The last element or the last thing I want to say about dad, is you have to check off all three. I\u2019ve seen businesses do some really different and attractive, and then it goes to nowhere. There\u2019s no direct. I\u2019ve seen people say bye now, but there\u2019s no compelling reason to do it. I\u2019ve seen so much marketing, most marketing that isn\u2019t different in the first place. It speaks to the audience. It tells them what to do, but no one notices because it\u2019s unnoticeable.<\/p>\n
Ashley Kehr:
Mike, I want to pivot here. And we\u2019ve talked about big business, especially balloon boy in front of a business and your friend, the real estate agent, his business and the different marketing. What if you are one person, you work in a closet as per se me and you don\u2019t have a storefront and you don\u2019t have a huge marketing budget and you rely mostly on social media to put yourself out as a brand. So, real estate investors whether raising money or getting on buyers list or selling your flips, things like that. What are some ways that just that one person can market themselves through social media or maybe other avenues that you know?<\/p>\n
Mike Michalowicz:
Yeah. So what we look for first is what\u2019s called congregation points. The congregation point is where are your ideal customers, that avatar we talked about congregating? So if they\u2019re congregating on social media, we got to refine down. Like, is there a Facebook group they\u2019re on? Or is it more of a LinkedIn consumer? Where are they? And maybe they\u2019re physically assembling. So maybe you got to get out of that closet and drive down to the local club or something like that. So find the congregation point. And the best way and the easiest way to find that is look at your existing best customers and say, \u201cHey, where do you go to meet people like you?\u201d
I\u2019m like, \u201cOh, everyone goes on Facebook or everyone listens to this podcast. Or there\u2019s this club everyone hangs out at.\u201d That\u2019s your congregation point. Then we simply need to appear. And appearing simply means just being present but in a noticeable way. I\u2019ll give you an example of this. My first company was doing computers. I was struggling. Geek Squad came in, kicked my ass. I was like, \u201cOh my God, I\u2019m done.\u201d But then I noticed my best customer was a hedge fund. I knew nothing about hedge funds, but they were my best customer. I went out and met with them and I said, \u201cHey, you\u2019re my best customer honestly, I love serving you. I want to serve you better. What am I doing right?\u201d And this is a key question when it comes to marketing and this is a Jedi mind trick, like this is level two stuff.
When I said, \u201cWhat am I doing right?\u201d He said, \u201cThe response time is really good. The last computer company didn\u2019t respond as quickly. You respond quickly.\u201d Whatever you\u2019re doing right is not what you\u2019re doing right. It\u2019s what the customer judges you on. And that\u2019s the thing you actually have to do better and market on. When he says you respond quickly. I said, \u201cOh, okay. I better start responding faster because if I\u2019m ever slow, he\u2019s going to be pissed because he\u2019s telling me.\u201d If I respond faster, I know he\u2019ll notice. We do thousands of things. The customer can only see about 0.1% of the stuff we do.
Find out, ask them what it is by saying what you\u2019re doing right. I didn\u2019t start marketing fastest response times. I wore a lightning bolt on my jacket and I went to the congregation point, which was hedge funds have a conference out in long beach, California. I flew out there. I threw my little lightning bolt on and started walking around. And to me I would say, \u201cOh, who are you? Do you own a hedge fund?\u201d I\u2019m like, \u201cNo, I\u2019m a computer guy. And they\u2019re like, \u201cOh, you\u2019re the only computer guy here.\u201d Which is different alone. Just being the guy there when no one else is appearing.
Now, everyone wants to be your buddy. Like, \u201cOh you\u2019re the computer guy, that\u2019s amazing.\u201d They go, \u201cWhat\u2019s the lightning bolt?\u201d Oh I said, \u201cOh, we pride ourselves on response times.\u201d Like, \u201cYou\u2019re fast responders.\u201d I\u2019m like, \u201cYeah.\u201d I\u2019ll say Appaloosa, that was the company. I asked Appaloosa about response time. And we picked up 75 hedge funds over a two year period by going to the congregation points. That company was then purchased by a private equity. It lives on today and actually has being resold again. So the lesson is, even if you\u2019re in a closet, there\u2019s still congregation points. And maybe it\u2019s on social media, you\u2019re wearing your lightning bolt or maybe going out to a physical meeting, but first ask your best customer what you\u2019re doing, right, where they\u2019re congregating and go there and then demonstrate that right thing through your marketing.<\/p>\n
Tony Robinson:
One follow up question to that-<\/p>\n
Mike Michalowicz:
Was that gold?<\/p>\n
Tony Robinson:
\u2026 No, that was great [crosstalk 00:38:11]. That was great. And like so many-<\/p>\n
Mike Michalowicz:
That was awesome.<\/p>\n
Tony Robinson:
\u2026 so many good questions that come out of that but I think you were able to get that insight about the response times being super important. And you\u2019re able to kind of dive first and just run with that, but say that I\u2019m like a solopreneur. I\u2019m this one man or one woman show, how do I-<\/p>\n
Ashley Kehr:
Tony, I have to interrupt you. And I\u2019m so sorry to do this.<\/p>\n
Tony Robinson:
First time ever on this show, an interruption.<\/p>\n
Ashley Kehr:
I have to say something to Mike real quick before we move on about that is that as you were just talking about that as like getting out of the closet and going and finding like automatically, I started thinking about where are people that hate their jobs and want to get started in real estate investing? What conference am I going to go to and talk to those people and get them listening to the show and get them started in real estate investing.<\/p>\n
Tony Robinson:
I love it. Did you figure out the conference?<\/p>\n
Ashley Kehr:
Yeah, I thought that was really great. My friend that\u2019s in construction, that\u2019s going to be partnering with me, he hates his job [inaudible 00:39:07] construction and that they can be project managers and do rehabs. But that was my first thought.<\/p>\n
Mike Michalowicz:
Actually, just to build on that. That technique works. I met with the, I can\u2019t remember his name now, but the founder of Boston Chicken, which became Boston Market, ultimately. I don\u2019t know if this still exists, but pretty big franchise. When he started his first entrepreneur endeavor as a teenager, he was selling back then they called then they called ambulators, but push baby carts or what do they call know? Carriage, baby carriage. He sold ambulators-<\/p>\n
Ashley Kehr:
A stroller.<\/p>\n
Mike Michalowicz:
\u2026 Sure, stroller. My kids are so old. I can\u2019t remember that.<\/p>\n
Ashley Kehr:
You just aged yourself right there.<\/p>\n
Mike Michalowicz:
I Totally aged myself. I\u2019m like what, what do we call them?<\/p>\n
Tony Robinson:
Yeah, I was Googling ambulator. What is ambulator?<\/p>\n
Mike Michalowicz:
All these things called cars? What do cars do? We used to horse and bulky. So, he worked in New York City and he said what he\u2019d do is most of his competition was going door by door knocking saying, \u201cHey, do you have a child you\u2019ll be having in the next nine months? We sell strollers. What he did is he went to the backside, because this is back when diapers were clothed and you\u2019ll dry them on the lines outside and he\u2019d count doors up or floors up and doors to the side and he\u2019d go right to the doors.
He\u2019s able to navigate a building in like 1\/5 or 1\/10 at the time and he\u2019s hitting the prospects. I love what you were saying. Actually you\u2019re like, where are the people who want to become real estate investors? Don\u2019t go into the real estate investor business. That may be too late for that conference. What conference comes prior to that? Where people are getting disenchanted with what they\u2019re doing, that could be the right spot to go. So I was just jacked about your strategy. You gave me gold. You gave me the win-win.<\/p>\n
Tony Robinson:
Yeah, it\u2019s a win-win. There you go.<\/p>\n
Ashley Kehr:
[crosstalk 00:40:49] that transaction.<\/p>\n
Tony Robinson:
Mike, I want to give you some credits because I\u2019ve read other marketing books. You think of Purple Cow up by Seth Godin, which kind of has a similar premise. But I remember I walked away reading that book feeling like, \u201cOkay, that\u2019s a really good idea.\u201d But the application wasn\u2019t there. He didn\u2019t really give you the steps you need to implement this in real life. So, you\u2019re left kind of wondering what to do next. Whereas your book, not only do you give a really solid, thorough explanation of the idea, but there are tactical step by step things to do at the end of almost every chapter to work this into your business. So, with that in mind, Mike, and I guess we can kind of wrap up after this, but where do you see the most entrepreneurs fail trying to implement the action steps for strategies that you have inside of this book?<\/p>\n
Mike Michalowicz:
That\u2019s a great question. And thanks for pointing it out the importance of taking action. And Tony that\u2019s where most people fail. They say, \u201cOh, this is great, but I\u2019m really comfortable just sitting on social media. And even though social media is not working for me, I\u2019m just going to stay there because everyone else is running Facebook ads maybe I\u2019ll put some money in that. And when it doesn\u2019t work, I get really frustrated and get angry, but I\u2019m going to go back to doing Facebook ads anyway.\u201d It\u2019s a human tendency is that we are very comfortable doing what we\u2019ve done before, even if it doesn\u2019t work.
So, the failure point is that, is that people maybe think something different and then they talk to themselves out and they say, \u201cWell, that\u2019s not going to work.\u201d How I envision is there\u2019s a devil on our shoulder and there\u2019s an angel. And the Angel\u2019s saying, \u201cYou\u2019re better in the competition, that people need you, get out there and get noticed.\u201d The devil is like, \u201cIt\u2019s embarrassing if you market ineffectively. You\u2019ll be shunned from the community. Don\u2019t do it. Just do what you\u2019ve always done even though it\u2019s sucks, because you suck.\u201d And so like this devil-angel going on and they\u2019re fighting. We have to defeat that devil.
And to overcome it, we simply have to realize a, what you do is more important to get notice than to be invisible. The world is starving for you. Secondly, start off really, really small. Buy that lightning bolt lapel and put on your pin on your shoulder. I felt so weird wearing that thing and walking around and some people noticed it and I was like, I\u2019m already going to do like make fun of me and think I\u2019m a pretending to be a superhero. Like, \u201cOh my God.\u201d And they\u2019re like, \u201cOh that\u2019s interesting. What is that?\u201d And one person\u2019s like, oh, that\u2019s kind of weird. Never seen that before.\u201d But it invoked conversation.
And that started building my confidence. So with an experiment today. Send out the grandma postcard today. If you\u2019re not going to do that, just start wearing something on the lapel of your jacket or outfit that is always noticed or commit to a color and just go neon green on everything you do going forward. I\u2019m not saying that\u2019s going to work and get results, but it\u2019s going to start working on our mind and realize that people will start noticing and speaking about it. And the people that don\u2019t care won\u2019t notice. They\u2019ll just be, \u201cAh, whatever.\u201d They\u2019ll disqualifies. I\u2019ve never seen someone do different marketing and the consequences been like someone killed them or something. What we fear\u2019s going to happen never happens. And if we don\u2019t do it, our grace fear will happen in our business will just be stagnant.<\/p>\n
Ashley Kehr:
Mike, thank you so much for all of this great information. I feel like you\u2019ve jampacked so much value into such a short amount of time and some great takeaways. And also you\u2019re really funny too, I think.<\/p>\n
Mike Michalowicz:
I hope you have 3D glasses on, because look at that. Look at that. Wow, that\u2019s pretty wild. Thanks. I had a lot of fun with you Ashley and Tony-<\/p>\n
Ashley Kehr:
Yes.<\/p>\n
Mike Michalowicz:
\u2026 this has been a blast. Thanks for having me.<\/p>\n
Ashley Kehr:
Yeah. Can you tell everyone where they can find out some more information about you and reach out to you?<\/p>\n
Mike Michalowicz:
Yeah. So let\u2019s do it. The place to go, I\u2019ll give you two. I don\u2019t know why I\u2019m waving my [crosstalk 00:44:28]. It\u2019s my letter opener.<\/p>\n
Ashley Kehr:
Wait, we started out the show with you talking about holding us at gunpoint and now there\u2019s a knifepoint.<\/p>\n
Mike Michalowicz:
This is threat technique. Now, here\u2019s what you can do. You can go to mikemichalowicz.com, but here\u2019s why I wouldn\u2019t go there because you won\u2019t be able to spell that last name. There\u2019s an alternative. It\u2019s Mike Motorbike. So, that\u2019s my nickname from high school. Not because I\u2019ve ever driven to motorcycle, just because it rhymed Mike Motorbike. If you go to mikemotorbike.com, you\u2019ll get access to all my books. You can get free chapter downloads. The chapters that will actually help you. So you don\u2019t even have to buy the books. I hope you do, but you\u2019ll have to. And there\u2019s other resources. I used to write for the Wall Street Journal, that\u2019s there too. And there\u2019s a couple things that will just hopefully entertain you. I like to joke around. So I think you have some fun visiting mikemotorbike.com.<\/p>\n
Ashley Kehr:
Well, thank you so much, Mike, for joining us. This has been really great. I\u2019m Ashley @welcomerentals and he\u2019s Tony @tonyjrobinson on Instagram and we will see you guys next time.<\/p>\n
\u00a0<\/p>\n<\/div>\n
\n
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