Marketing With Misha Q&A – Lessons Learned The Hard Way Ch 1 – The #1 Mistake For Business Cashflow

so the big question is this power marketers like us who don't cut corners and rely on height filled black hat scam e-marketing who are always focused on providing value first and over delivering for our customers with every single purchase they make how do we market our products and services in a way that allows us to get our message out to the world dominate the competition and create a lifestyle of freedom and abundance without sacrificing and sales and profit that's a riddle and on this show you'll find the answer hey my name is Misha Wilson and welcome to marketing with Misha what is going on everyone Misha Wilson here coming at you for another episode of marketing with Misha let me know what your name is and where you are coming in from with a quick comment in the chat box when you go ahead and hop on it here live with me lemon oh it's quick yes that you can see and hear me loud and clear coming at you for my girlfriend's house here on the beautiful island valley why let me wait and see if i have one person hop on here with me or i'll with that said i'll just go ahead and dive in to the content and a little intro preface here of what's coming next and something that i thought would be fun to go ahead and do fun and painful at the same time but at the end of the day extremely valuable for all of you so let me know what your name is and where you're coming in from if you guys get value out of this episode be sure to go ahead and share it and I think it the right number of likes to shares two views I'll make sure to do more Facebook lives just like this one so with that said let's go ahead and dive in lessons learned the hard way chapter one what's Misha talking about so one of the things that I see marketers do myself included all the time is you know we try to kind of you know usually tend to play up our successes right we talk about the success we've had you talk about the revenue we've produced the sales we've generated you know our accomplishments and so on and so forth because look we have to do that we're marketers it positions you correctly in the marketplace if you read my email this morning it means you're a pro level of member within the super affiliate network and you guys should really understand of course the value of marketplace positioning you always need to be doing stuff to position you in the marketplace and that's why we do that right but what I realized you know throughout that process that sometimes that can make me you know and other marketers seem a little bit inhuman right that can kind of make you look like you never end up making mistakes that can make you kind of look and can make you be viewed as as someone who is somehow super special or someone who is you know immune to failure someone who isn't kind of you know a normal person and that can kind of dishearten the person on the other end who's trying to figure this whole thing out who's trying to do this thing who's working really hard who has maybe a little bit of confidence stuff inside that they're dealing with and you know they're trying to figure this out very much so feeling like the normal everyday person so I figured I'd do this Facebook live series and really honestly just kind of share with you some of my scars share with you some of my entrepreneurial you know mistakes that have cost me dearly and most importantly share with you how you can avoid those mistakes you know so you can either avoid them right now in your business if you're at the exact point where you know the mistake is gonna be relevant for you or you cannot once again avoid them in the future as you begin to grow and scale and continue to go ahead and go from there one of the things that I constantly teach students and people that we work with is that it's only a failure if you don't learn from it right and that's something that I live by that's something I lived my life by and it's something I truly believe and so actually you know we've had over the course the last you know three and a half years having San open and having everything you know running very quickly the team building very quickly sales coming in sales going out you know at least revenue going out we've had quite a few you know of our fair share of just dumb mistakes of stuff that's gone wrong of stuff that uh you know could or could have been very easily mitigated if we would have given it a little bit more attention and if I would have known what I'm about to share with you here in this little Facebook Live series and stuff that would literally you know after taxes after you know giving the government half of all my money would mean hundreds of hundreds of hundreds of thousands of dollars left in the bank account that is not there as of right now because I made these stupid mistake so it's kind of painful as I talk about them but hey if you guys can get value if you guys can avoid the mistakes and if you guys can learn a thing or two about how you should probably approach your business approach your management if you have a team and approach your day-to-day operations at the end of the day it's a win for me on my side so with that said I'm going to be sharing with you a few lessons maybe three four or five lessons who knows over the course of the next coming days getting a little bit real getting a little bit authentic with you and just sharing with you you know kind of the stuff that we've dealt with behind the scenes some of the stuff that you don't necessarily see and some of the hoops you have to jump through when you get to a certain level and most importantly share with you how to avoid them so with that said give me some comments likes hearts and shares let me know the click yes if you guys are fired up about watching this painful little series that I'm gonna be going ahead and running through and with that said I'm gonna go ahead and dive into the first lesson that I have mapped out here today and this first lesson you can apply to your marketing you can apply to whatever business you might have you can apply to really kind of day-to-day thinking even outside of your business and that first lesson is never ever ever assume that the money will be there all right never assume that the cash is in the bank until the actual cash is in the bank and it's extremely easy to do and so stake that I you know it cost me dearly in making and I'll actually tell you a little story so we had our our ads fired up we were spending you know I want to say three four or thirty to forty dollars per week on ads and everything was cranking everything was rolling and when you're at that level when you're spending that kind of money when they're stuffed you know flying around and you're consistently spending that much money you have to do a bunch of stuff for merchant accounts right you constantly be having you constantly have to be getting new merchant accounts not necessarily constantly new but you need to be making sure that all the different merchant accounts are healthy and that everything again is staying healthy when it comes to charge backs and refund rates and you know everything in between making sure that there aren't fraudulent sales etc so on and so forth and we never put our affiliate merchant accounts at risk so one of the absolute no knows for myself and the company is look if I make mistake and never want it to hurt any of our affiliates right and look I'm not immune to that I've made mistakes that have hurt you guys unfortunately I love you guys if you're on here watching and I'm gonna you to that that happens sometimes but I will never make a mistake where I know that it could hurt the affiliate and then I still go do it so we have a whole separate you know merchant account that we just run our own personal traffic through and we are running about 30 to 40 grand you know a week I think more like actually 50 grand a week of traffic spending a good amount we spent way more than that at times we spent less than that at times but we had stuff flying right and all of a sudden we realized that charge backs were going up in one certain area of the funnel and my solution for having charge backs come down was to say okay well look we don't need the one-click upsell revenue so the one-click upsells were the portion of the funnel that was ending up you know costing us dearly when it comes to actual charge backs and so we were spending you know anywhere from 105 to 115 dollars per buyer for a forty seven dollar buyer on the front end and we'd make that back really quickly with the actual one-click upsell sequence and I looked at her numbers on the back end and look at our conversion rates into of course our higher ticket you know pro Maui intensive all-in accelerator coaching and mentorship programs and I knew okay our conversion rate will be this for pro our dollar per lead for our probe we'll be this if everything remains the same and I had all the calculations done in my head which look you got to know your numbers you got to know your calculations you got to know your DPL so you're higher ticket buyers you have to know your conversion rates into certain products that's extremely important you should never let your numbers slip which will probably be another lesson altogether in this actual series but I've done all the math in my head right and all the math in my head allowed myself to say okay look I can get rid of these one-click upsells I can get rid of this revenue and based on these numbers here that revenue will end up coming through on the back end which look it had historically but that's what you call a costly assumption and it's an assumption that I didn't necessarily kind of think through fully and ended up costing us dearly so again before I made the adjustment with the actual merchant account setup we were breakeven through that actual first little portion of the actual funnel there is an adjustment with how the merchant company was running their stuff we had to make an adjustment my solution was to say okay let's pay you know one hundred and five dollars for a $37 buyer we'll keep running everything through we'll only collect the $37 front-end you know Commission and revenue there I should say and with the type of traffic we were running was really cold very cold traffic which means there was about a 20% refund rate and then we had charged back some charge backs come through so you can do the math in your head right if we're running you know just do the math we're getting less than 50% on the front end before refunds we have 20% refund rates and then from there we have charge backs on top of it we are seeing maybe 20 to 25% on the actual front end meeting we were spending 10 grand and making back 2 grand on the front end and then everything else had to come through on the back end and look you know theoretically it should work theoretically everything should go just the way it was planned but unfortunately for myself in that situation I had told myself that look if I spend the money on these leads the money will be there on the and I'd sold myself on that fact I'd sold myself on that fact based on good historical data of the past and unfortunately right you know in going ahead and essentially pulling the trigger and saying let's take these out at the exact same time we came across a batch of leads where literally none of the leads on the back end could you know end up coming up with the money so we have an average DPL for our pro buyers dollar per lead and you know we'll have about a $5,000 dollar per lead so every pro buyer is worth about $5,000 once they've seen our mentorship offers right and based on all those numbers everything was going to be good the minute I'm hey that change we had a batch of buyers that came through nobody had any money to invest nobody had any resources to go ahead and tap into nobody you know there are a bunch of leads we couldn't even get ahold of there's a really bad batch of leads unfortunately and over the course of that month and a half long period there's another lesson kind of tied in here but over the course that month and a half two month long period are dollar per lead for that actual type of buyer the pro buyer went from five thousand all the way down to I believe fifteen hundred dollars and that was gonna be where we were gonna break even and so essentially I was spending money on the front end with the assumption that the money is going to be there the money on the back end will be there based on past data something went wrong in this overall process the lead quality went wrong then when the lead quality goes wrong look if you have a team when the lead quality goes wrong the sales reps mindset kind of gets jacked up which you know it's not blaming the sales rep that's just the way it is they don't want to work with really bad leads right so the sales rep mindsets get jacked up then from there you have a mindset issue in the actual sales team and you have bad leads on the front end and you have a sales team that you've hired that you need to go ahead and feed because you need to have you know new fresh leads coming through so they can continually talk to more and more people and it can become a very very slippery slope very quickly and that's really what I'm trying to say and essentially what happens like got myself in the situation where I was assuming that the money was gonna be there the money wasn't there and then instead of realizing the mistake and realized the lesson and changing immediately and he made some comments likes hearts and shares and give me a quick one in the comments box below if you guys are getting value out of this lesson but instead of realizing the mistake and learning from the mistake turning off her add turning off you know our money we were spending on traffic and readjusting right then and right there I had got myself into something called the sunk cost bias and I got myself into the state where I had sold myself I had given myself this belief that I was then gonna defend right that we could make it up all on the back end even if we had no revenue on the front end we could make it all up on the back end I had sold myself on this belief and therefore my stubborn ass was going to try to do it until it became just very simply too painful to continue and so I kept going down this path further I'm extremely persistent I'm extremely consistent which are two things that are really good unless you're focused on the wrong activities which is another lesson going consistently and persistently in the wrong direction is just as bad as not moving at all if not way worse and I found myself in the situation where I was being extremely persistent and extremely consistent burning through cash and ended up costing us an arm and a leg you know just kind of slowly watching money disappear each and every single month and look what's really awesome about marketing what's really awesome about you know getting to a point where you have skill sets that allow you to go ahead and create revenue is that it kind of allows you to create revenue on demand you can host a webinar you can run a campaign you can run a promotion some sort of thing like that on the back end for years upon years upon years I could kind of run a rep run a promotion and instantly have a huge you know surge of sales and then the minute something goes wrong you're stuck in that mindset and so I was stuck in that mindset telling myself I can run a promotion I can make it all back we can run this motion we can make it all back etc and that's a very dangerous place to be all right the truth is that look over the course of a period of time we have a bunch leads we have a bunch of buyers we can run promos we can run campaigns etc and maybe we can make back up the losses but the truth of the matter is that I've just would have stayed away from that mindset to begin with and if we would have stayed away from the mindset of counting on the money being there before it's there and counting on you know us being able to just run a promo whatever we want and make it rain on demand whenever we want if I wouldn't have had that very very very foolish kind of you know lack of respect to be honest for the cash flow for the profitability for all the you know stuff that runs and drives the actual business I was just focus on a revenue revenue revenue and that'll be another lesson for another day revenue profit and cash flow are three very different things if you're always focused on revenue or profit but not focused on cash flow which at the end of the day is the only thing that actually matters you know you're in for another trap but with that said if I wouldn't have had that mindset to begin with I would have saved myself effort time energy I invested so much energy in trying to crack the code and trying to you know get everything working out just the way it would have to work out so everything would have to go just right so we could make our money back and then be in profit where at the end of the day that is the dumbest thing to do alright never set yourself up in a situation in business where everything has to go just right because I can guarantee you you know on everything that I own on all the sales we've done on all the revenue we've generated I would bet all of it that you're never gonna be in a situation where everything it goes just right so don't expect it to don't expect the money to be there and I've gone off on a couple of different little side lessons here but uh you know I think it's the right lesson to begin with and it's something that we can get into trap of as a marketer see Paula broses on here what's up brother Paul was probably felt any experienced the sensation of being able to go out and kind of create money on demand and while that's really cool it's also a trap and it can lead you down the path of falling prey to the first thing that I felt prayed to which is just very simply assuming that the money is gonna be there and taking action action steps based on the assumption that's the money's gonna be there before the money ever hits your merchant account or hits your bank account or it's anywhere in your overall process and if you do that over the course of a period of time long enough you will find yourself in a situation where you're beating yourself up you're out looking at the numbers you're thinking about I could have bought this I could have bought that I could have invested here I could have invested there I could have you know put a downpayment down on this thing or that thing and look you can't let yourself go down that path you have to look at where am I at now and where do I want to go but I would highly recommend for all of you guys on here just to focus on not ever going down that path to begin with so that's my message for you here today give me a quick comment like heart and share if you guys got value let me know with quick – in the comments box below if you guys got value out of this first episode of lessons learned the hard way and that was a lesson that you know cost us tens upon tens upon tens upon tens upon tens of thousands of dollars and a lesson that I can guarantee you you'll have to fight against as you become better and better and better at marketing and if you just get in the habit of respecting cache respecting cash in the bank account realizing the value and the importance of having the cash in the bank account before you spend it on the next thing before you reinvest it into more advertising before you reinvest it into whatever you want to reinvest it in get the cash in the bank account never assume that it's coming through always treat your cash like the single most valuable asset that you have in your business because the truth is your intellectual property the stuff you know and the skillsets that you have combined with the assets for your business you know the cash the team all of that those your single most valuable assets and it's something to respect long-term so that's my message for you here today give me some comments likes hearts and shares if you guys got value and I will be doing these Facebook lies over the course of the next few days I don't know if you could tell with this Facebook live was not as easy for me to do because I'm dealing with the scars of talking about it and feeling it as I talk about it but hey is what it is I think you guys can relate and it'll save you guys some lessons in the future and with that said be sure to tune in in the next coming days for more episodes of marketing with Misha just like that this one with that said I appreciate each and every single one of you give me some comments legs hearts and chairs tag up a friend who needs to see this Facebook live if you know anyone and until next time over and out you

15 thoughts on “Marketing With Misha Q&A – Lessons Learned The Hard Way Ch 1 – The #1 Mistake For Business Cashflow”

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