When it comes to growing a business, our mindset is everything.
If we want to scale and be able to help more people, we have to understand not just how to make money, but how to adopt a money mindset.
Mindset work can be challenging. That’s why we invited Troy Sandidge onto Magnet Marketers this week to dive into the topic of why your marketing and money mindset matter in business. Because if there's one person that is going to help you tackle a positive mindset, it's Troy.
Troy Sandidge is an award-winning B2B growth marketing strategist, speaker, author, aka The Strategy Hacker®, who's generated over $150M in client revenue for Entrepreneurs, SMBs, Startups, and Fortune 1000 by maximizing profitability through effective strategic solutions and marketing systems. Troy was Named a MARSum Top 100 Marketing Influencer, is a former Vice President of a Creative Agency, former CMO of a National Brand Agency, former Global Marketing Director with over 12 years of experience in the B2B space.
Troy has been featured in Business Insider, ABC, Chicago Tribune, NBC, Yahoo News, among others. As the host of the acclaimed podcast, iDigress, with 10K+ subscribers and part of the HubSpot Podcast Network, Troy is clearly uniquely positioned to speak to the topic of growing your business, as well as your visibility!
What A Money Mindset Is:
A money mindset refers to our relationship with money/how we think of money. It's about how money makes us feel and the ideas and stories we tell ourselves about what it means to make and have money.
Just like with organizational culture, money mindset work starts from the inside out.
Our mindset plays an essential role in our ability to grow and scale our businesses.
“I learned that a lot of people are passionate about making an impact, but you need money to make a bigger impact. You have to have a relationship with your mind around money because money allows you access.” @findtroy (click to tweet)
Money lets us do what we want. It lets us make a bigger impact and by understanding the relationship that we have to money, we can step into our power to make it.
“It’s about thinking how you can compel and command through confidence and conviction that what you’re offering is not only going to lead to the results they want, but is also worth the price that they’re going to pay.” @findtroy (click to tweet)
It’s easy to get caught in our own mental stories that we have about money. Everyone has heard that saying that money is the root of all evil. What a shame of a saying when the reality is... money opens doors.
When we change the story we tell ourselves about money, we truly see how powerful it can be to allowing us to do what we want.
“Sometimes we have it in our mind that we have to serve so much that money is bad and that we can’t sell, but we have to realize that it’s not about the scarcity mindset.” @jessikaphillips (click to tweet)
We are allowed to show up, provide value and ask for money! In order to feel comfortable doing this, we have to reinforce the belief that we are worthy of being paid.
Money opens doors; it lets us help people. It allows us to celebrate. It can be a motivator and oftentimes, a catalyst to creating a sense of buy-in.
Without having any “skin the game,” it's easy for people to flake out, right? But once we’ve invested money in something, we tend to show up! Think about it: how often have you bailed on an event that you bought tickets to in advance? Probably not often.
How Our Money Mindset Opens Doors:
When we operate with an abundance mindset surrounding building relationships, creating value, and making money, we're able to recognize that we have the power to tell compelling stories that showcase how we can help people.
As Troy said, stories sell but facts tell. People care about the story and what something represents.
We buy a luxury item because it feels good and coincides with a story that we have about ourselves. We buy from brands that we feel understand us and share our beliefs.
As marketers, understanding this is critical because this is what gives us permission to step into our power to show up and serve. This is also what allows us to sell to the right because we recognize that not everyone is the right fit to buy what we have to sell.
By adopting a stronger money mindset, we are able to go past the discomfort of charging for our services and enter the territory where we charge what we’re truly worth. (All leaders can resonate with that feeling of discomfort.)
“I was fearful that people wouldn’t pay the dollar amount, but we have to release ourselves of that notion. It is perfectly okay to make money. Otherwise, it’s just a hobby. If you want to be in business, you must make money.” @findtroy (click to tweet)
It’s all about stepping into our power.
It's doing the internal work to feel comfortable charging the price that we know we are worthy of being paid because we have the value to provide to back it up.
This is uncomfortable to do because it feels like we’re bragging about ourselves but the reality is, it’s up to us to be our biggest advocate and cheerleader.
We have to be willing to share our bio and put ourselves out there because that is how we get taken seriously and drive forward with momentum.
Charging What We're Worth:
Going from having a scarcity to a growth mindset isn’t easy, but it’s absolutely transformative to our lives and businesses when we do it.
The key? >> Valuing ourselves by charging what we're worth.
Adopting a growth money mindset is all about stepping into our own and recognizing that we need to stop discounting ourselves - metaphorically and literally.
We have to stand firm in our pricing.
How do we do that? >> Practice saying no.
If someone can’t afford to work with you, it’s reasonable and smart to direct them to your social media profiles. That’s where they can go to gain value for you for FREE!
Not to mention, sometimes certain people will never become our customers. However, they might become a member of our community and/or be an advocate.
The point? >> Don’t discount yourself.
It’s smarter and wiser to provide a completely new offering for people, with the goal of meeting them where they’re at financially and mentally than offering a discount.
The second you start giving deals and discounts, nobody will want to pay full price.
As Troy reminded us, as marketers it’s our job to make every single person that we meet feel important! When we can do that, we succeed in both life and business.
“Pretend that every single person you meet has a sign around their neck that says, ‘Make me feel important.’ Not only will you succeed in sales, you will succeed in life.” – Mary Kay Ash
Putting It All Together:
We need to understand whether people are buying and if not, why?
As the acronym king himself reminded us, we have to leverage language to launch!
“When you’re looking at language, understand who your ideal client and customer is. What do they think about? Are you matching your pain point with the solutions that you offer?” @findtroy (click to tweet)
If you can speak to the pain points of your customers in the exact same way they resonate with, they will find a way to pay for what you offer.
People will bypass price and find a way to pay for what they think they need to enhance their lives and solve problems, so start thinking of your business as a premium brand.
Inspire your audience to level up to afford what it is that you offer, rather than telling everyone you meet that you can give them a special rate. (Doing that is a sure-fire way to work yourself into the ground!)
It’s not about sell, sell, sell… it’s about creating a business where people come to YOU because you’ve been showing up with clarity and conviction and they already know what you’re about.
Focus less on your pricing and more on the value that you want to provide, because that is how you will build relationships that last.
Relationship marketing is truly the best way to grow repeat and referral business. This is how to end up getting paid what you're worth.
How To Get Started:
To get started leveling up in the way that Troy inspires, you have to be honest about where you’re at right now.
Troy said something on the live show that stopped us in our tracks: “I was doing the right thing, but it was going to the wrong people.”
If the people giving you accolades aren’t the people giving you dollars, then you need to either separate yourself from that community.
Is it easy to do? >> Absolutely not.
It’s uncomfortable and overwhelming because it feels like we’re starting over, but the reality is that we are always evolving in business.
Your strategies should always be about optimizing at every stage of your business.
Here are 5 steps to get started:
- Start tracking data: Look at your metrics! Not the vanity metrics like likes, but the metrics in your business. Look at the dollars coming in and going out. Take time to look at the right data that actually makes a difference to the bottom line. It’s nice to get engagement online, but what you really want is to eventually see leads and conversions.
- Evolve your content: If your content isn’t converting consistently, it might be time to change it and evolve it to meet the needs and wants of your audience.
- Make data-driven decisions: Make decisions in your business using quantitative data. Don’t make assumptions, and don’t make decisions based on emotions. Be sure to use the metrics to guide your path forward in business.
- Expand your network: Keep networking! It’s okay that not everyone in your network is going to be a customer. You can be each other’s advocates and help to make referrals to each other's businesses! By always expanding our network, we create an ever-expanding group of people that we can collaborate with, partner with, and/or refer to!
- Get comfortable pitching yourself: This is critical! We have to start becoming more comfortable with being our own cheerleader and hype person. Don't expect someone else to sing your praises; you know what you're amazing at and you're the best person to speak to it!
“Many people are attracting and amplifying with money but they aren’t activating, so if you’re not in the activating phase of your business, you’re not growing. Attract and amplify to activate.” @findtroy (click to tweet)
It is by stepping into our power, adopting a growth mindset, and making data-driven decisions that we have the ability to truly attract and amplify to activate our audience.
Want to learn more from Troy himself about how to do just this? His book, Strategize Up: The Simplified Blueprint To Scaling Your Business, will be coming out soon!
You can inquire at firstname.lastname@example.org for preorders or be on the email list when preorders and book launch is available.
Not to mention, he made a video that goes deeper into this topic, as well as a podcast episode! He also offers Weekly Strategy Workshops for Business On Clubhouse at a monthly subscription of $500 a month if you’re interested!
What do you think about a money and growth marketing mindset? How have you seen changing your mindset can lead to changes in your life and business?
We’d love to hear from you!