In this week’s episode of the CEO Warrior Podcast, Mike Agugliaro interviews Mike Michalowicz. Mike is a globally recognized entrepreneurial advocate and the author of multiple best selling business books including Profit First, The Pumpkin Plan, Surge, and the cult classic, The Toilet Paper Entrepreneur. Mike is also the founder of three multi-million dollar companies and on the show they talk about how to position yourself in the market today, the Surge Way.
Main Questions Asked:
- What is this Surge thing?
- What are some examples of how adopting the Surge strategy has impacted business?
- Do you think that the trends and consumer needs that businesses are chasing are because they are just following what everyone else is doing?
- How do we see the trends before they happen?
- Can you surpass someone that has identified a Surge before you have?
- What does the word optimize mean to you?
- What marketing avenue do you think people should pay attention to today?
- What is something you want entrepreneurs to think about over the next few years?
Key Lessons Learned:
On the Verge of the Surge
- You can follow all the right steps for setting up your business and still be in the right place at the wrong time.
- Surge is about positioning your business to take advantage of where the market is already going.
- The vast majority of businesses are reactive, not proactive.
- The Surge is about getting ahead of consumer demand.
- Being ahead of demand reduces the cost of marketing by getting the customers to market for you.
- Separate and observe a niche.
- Unify a solution to a common problem in the market.
- Rally Cry, a message that protects your early adopters and attracts the customers you want and repels the wrong customers. Begins to convert the emulators.
- Gather, capture the essence of why your customers buy your offer and enhance it. Observe your customers and then shape your offer to match their behaviour and preferences.
- Expand, replicate your offer and present it to a larger group of customers. Once you’ve mastered one offer, begin looking for other opportunities.
- It’s common for businesses to emulate the competition which is why they are reactive.
- In large markets the first mover has to blaze a trail and the second business to enter can walk that path without fighting the same battles. In smaller markets and niches, the first mover has a massive advantage.
- Surging trends have room for more than one competitor.
- Being the first person to take advantage of a trend means you will have an easy time selling your product but don’t become complacent. Competitors will rise so you have to invest in producing and improving your offer if you want to stay ahead.
- The Surge process applies to businesses of any size, you can choose to limit your business to whatever size you are comfortable with.
- Look for the traditional way of getting things done. Traditional is the thing on the way out that’s replaced by something new.
- Early adopters are a hint to what’s coming. Look for what’s imminent and ask what does it mean to your business. Once early adopters have jumped on board, that’s how you know a Surge is coming.
- The size of your business is not necessarily a measure of your personal success.
- Profit should be the health indicator you look for in your business, not how many employees you have.
- Believing that a small business is better than a large one may prevent you from growing your business at all.
- You can have a massive business and end up with a miserable life, you need to define success for yourself and pursue that.
- Every step along the manufacturing path the cost of a mistake increases.
- Everyone involved in the process has to be very critical of every step.
- Quality is measured every step all the way through. That’s how you optimize a process.
- Facebook marketing is one of the newest Surges.
- Have a deep understanding of your customer avatar.
- Facebook allows you to target your avatar very effectively and inexpensively.
- Take your profit first.
- Be proactive instead of reactive.
- Be in front of the consumer demand.
- Don’t sabotage your own success, challenge tradition.
- Define your success for yourself.
- Focus on accountability throughout your company.
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Links to Resources Mentioned
P.S. – Are you SERIOUS about no longer treading water and MOVE your business forward WARRIOR STYLE? Find out more about Mike’s Warrior FAST TRACK Academy!