How To Choose The Best Digital Marketing Channel with Internet Millionaire Dan Lok

Key Takeaways

foreign [Applause] manager [Music] I follow you on Instagram my boys wanted to meet you all the way back my name is Denmark and I'm a Serial entrepreneur I've been an entrepreneur all my life maybe because I'm unemployable um [Music] and I believe entrepreneurship is basically a life sentence you can't go back so I've only had one job in my entire life and you know I make my living growing companies building companies turning around companies we currently have a portfolio of 21 companies and in my spare time my news I like teaching I teach entrepreneurs through my books through my linkable entrepreneurs group in fact how many of you are from my group there's another one okay and also through my podcast shoulders of Titans that's fabulous so I'll start off with one of the questions that was most asked by the spacecraft Community which is what channels should businesses be on when it comes to social media so yeah I've definitely heard that question a lot and I think it really depends on your business and really focusing on who is your audience we've been when you're on a different channels you know and what those channels there are because you use different audience also looking for different content so if you're doing your research in terms of where where your audience is spending time and then a lot of it as well is like especially when you're getting started and you're putting your strategy together is just understanding and knowing that it's getting it's going to take you know three or four months of months of test and learn and really put out different content out there that we think see where you're getting the most traction and engagement back I totally agree is it's like someone if you walk up to me and you ask me the question well Dan you know which restaurant is the best in Vancouver well it depends on what kind of food you like do you like Japanese food or like Greek food you're like Japanese like your Asian food um so I think before we talk about which digital channel you should focus on going back to who is who is your ideal client where are they at what channel are they using and also how you are doing it because sometimes I hear people they say oh yeah Facebook is great and I do Facebook and then how come it works for some people and it doesn't work for the others very often the strategy is off so that that plays effective but I think it's the only audience if you're selling B2B maybe it's more focus on LinkedIn if there's something b2c then maybe it's Facebook if you're selling more to the female market then maybe you know skincare or Cosmetics somebody is Instagram and you've got a you know Facebook radio that maybe YouTube is not something right so so if you are you're comfortable in front of camera and yeah YouTube is great uh you you've got a good a good communicator then the iTunes and podcast is great so I think it'd be nice so just um [Music] so much and I think a big thing too that has happened years is a lot of these channels are becoming a pay-to-play channel so it's also being realistic and knowing like wait what's my budget for this next year and how many people don't want to Target and then doing your research and which channels like I wouldn't recommend being on Facebook anymore if you don't have a budget to lose your post because you're not going to get a reach so it's also having a look at that and which channels are are trading like Instagram now is you know you keep advertising that's definitely going to change um your strategy within the next year so also um evaluation so for the the companies everyone's here representing tonight how many are on Facebook okay and Instagram so not many on Instagram Twitter LinkedIn so most actually actually on LinkedIn okay and so what about a question from the audience yes perfect so yeah I was wondering like for people that want to sell grab themselves video brands of themselves they have like some informational products or some sort of value to offer or Vehicles like outside okay I think I will might not be in a popular answer here but I think now so many stratum entrepreneurs they worry so much about personal branding it's like how I brand myself what's my identity and all uh I mean it's like the first 10 years of my career I did not focus on branding myself I was just hustling and executing and working my ass off so it's like a 20 year 22 year old guy walking up to me I want to Brand myself there bring this up what you're not an expert on nothing like I don't get it so I think it's for most entrepreneurs who are starting up let's focus on let's have some substance let's have some some substance first um there then you have the reputation then they go on and burn yourself and what vehicle you use I mean I like YouTube I like podcasts it just happens to videos too that I like um and it fits my personality and Facebook Facebook is nice too as well but what are results of whatever channel is I think for most entrepreneurs we need to focus on one or two because every week you got something else it's Periscope it's this is the the flavor of the month and you jump on one as you're working it's like you're cooking this meal and you're like well it's not quite done let's let's turn on the stomach trying to cook this meal and they cook on this meal and they've got 10 things cooking none of them are done instead of just having one uh any one of them would work if you master Facebook it will work if you focus on YouTube it would work but I think most people don't give enough time that they all I post three how come I don't have a million deals like Jesus right I mean come on right how about Post 100 videos how about 200 videos you look at a lot of YouTubers they've been around the game like wow one two three years and suddenly one year overnight success but it's actually been working two to five much [Music] I've worked with a lot of individuals that are really trying to like you know get their brand out there and it's like the biggest thing is like what do you want to represent like two words that you want your brand to represent and then think about what kind of content you're going to be putting out is going to be almost even more important to get out there right off the bat and then another thing too is like something that I think works really well in our teamwork really well is like once you've put in the work of the content and you're building your audiences trying to find other people in the community that are um that are that have the same like brand representation as you and kind of working off each other is doing a lot of collaboration looking at other people in the space and Industry that have a great good reputation and see um how you guys can work off of each other I love that point I was just um yeah that's okay we have a new director of community at change Heroes and she came from latergram and tootsuite what's a big part of growing food Suites Community before that Destin Destin Jones amazing but one of the points um that that she was making is exactly that if you have a business partner that you're working really closely with do a collaboration do a takeover if you're not on Instagram ask them for that Instagram over if you're working with somebody on an upcoming event how can you get exposure on a new social Channel and test that out and I think what you were both saying is really listening to your community so does your community respond are they engaging with you on that new channel before moving forward and yeah I think that's excellent yeah I think in fact if you go to some of the close friends regardless if you're a brand you have a personal brand everybody does you can go to your closest friends and you ask them well you know give me the top three five words how you would describe me and they will give you you know give me five words or that's your personal brand right and if you actually go through that exercise you may may not like the answers because you might have a perception of you a certain way and you think of you a different way that is your personal brand and I might just want to add one more thing when it comes to social media most entrepreneurs they they focus on too much everybody is talking about engagement and shares and likes and and viral you know explosion whatever that that is to me the problem is you can't go to the bank and deposit those things so results rule when it comes to social media nobody talks about return on investment and nobody talks about Roti we return our time investment so yeah Facebook doesn't cost anything you can post and this and that but if you spend three hours on it and then you spend weeks on it and you haven't got any returning to get any clients then something is wrong so I think for entrepreneurs we're going to focus on the profit how is this helping your company not Revenue profit is this working if it doesn't do I have to tweet something it's a strategy am I focus is the right thing but you have to focus on just just profit don't don't believe in the I mean I think 95 of these social media experts and companies except Ultra bytes except for device I think most of them you know it's it's crap lots of hot topics here um somebody else from the audience yes please please it's called creating genius yes how do you just uncover your Genius or the giant or okay so the question was this event is called creating a genius and how do you discover the genius giant inside of you good question good question I feel like I'm still looking for that I think um for me my focus and it's just like especially this industry really challenges you in terms of like it goes so fast I think it's just like it's humbling and you always feel like you like you can't catch up so I think it's just like really like learning as much as you can all the time surrounding yourself with people that um you know that I get inspired by um and and I think my team too and coming up with ideas together and where I feel like when you have those genius moments is that when you know you see results and um and you can share that with your team and your clients or but yeah Genie is not yet that's a very Tony Robbins question I think I believe every single person is a genius we might not start off as a genius but we all have talents and potentials within us uh I would suggest not so much focus on the genius but it would be because here's what I believe all knowledge ultimately leads to self-knowledge understanding yourself aware of your strength and weaknesses so as a person if early on in yourself with black and you find out what your gift what your strength is and you focus on them don't buy into the whole notion work on your weaknesses I don't believe in that uh I believe if you spend your life working on your weaknesses at the end of your life you have a lot of strong weaknesses yes so only only good or good at two or three things and outside of that I'm an idiot making money yes making money I can't change your life I can't cook I just it's not what I do right I'm very I'm a very good teacher I'm a very good speaker Communicator those are the two three things so I spend 90 of my time focusing on that thank you thank you maybe that's a side project comedian but that's all I do and everything else I don't do I delegate on people in my life because I mean I don't believe and here's a question you can ponder uh do you believe that you have a better chance of going to heaven if you're spend your life doing that you don't like okay but on the society somehow you're supposed to do that you're supposed to you know wash all dishes and mold your own lawn as an entrepreneur if you do those type of what called minimum wage work you can never build a company this is just no way how do you train your team to have the mindset how do you train your team to have the mindset of an entrepreneur they will never have the minds of entrepreneur if they do they won't be working for you they just won't employees or employees employees it's like I say I use an analogy is like you want them to have the ownership mentality they will never have the ownership mentality because if they do they'll start their own thing they won't be working for you so forget that it's like his analogy it's like you want let's let's have it how many have you been to uh Disney World okay you know there's the animal kingdom it's like if you when you exit back the employer ownership mentality it's like you expect the zebras in the animal kingdom to care about the front gate ticket sales it's the last thing that's on their mind is the first thing that we think about are we making profit today as an entrepreneur it's the last thing on their mind the zebra is thinking about am I going to be even alive am I going to get food they're not thinking about that if you're all a retail store it closes at 6 PM it's 5 55 a cop that customer walks in you're like yeah that's awesome can't wait we can do another customer your employees are shared my God can we not do this customer because like I kind of have to meet my friend after like 6 15 at apple pie you know Applebee's before my chicken wing gets cold right you know that's how the time so so one of the terms for this is an entrepreneur person being inside of an organization and clear what do you think so I think it's like that I have had employees go on and start their own business and they think that it's obviously it's a Bittersweet thing because you know if they're the they have the qualities that you they're looking like they're self-starters um they're motivated they do save later because you know they truly care um so I think Blue Lemon is a really good example like they really Empower their um their employees to look at what they really care about and you know like they're very open about the fact that you know Lululemon might not be your full career but we're here like here to help you find that and a lot of people do go on and start their own businesses um so I think if you really want that it's knowing by like what qualities to look for when you're hiring um but also knowing that they will potentially move on and start their own thing but I think what you can do is just be there support them and show them a good work environment and yeah okay I have one last question here which is what is the largest mistake you've seen a company a brand make on social media thank you I think that would be what I would have just mentioned that don't buy into the whole notion that you know it's engagement it's shares is all these things everything has to be measurable everything has to be trackable that you know even spending time are you getting a return you're spending money am I going to return I would say one of the largest mistake is if you want that social media is not free it is not free people think it is not free either causes time effort or money and most companies the largest mistake I think they're going with the mentality because it's free then they don't want to spend money I go into any let's say Facebook that my goal is not to spend the least amount of money and get the most results that's not my goal that's that's 95 entrepreneurs amateurs my goal is to have a conversion process that works so every dollar I put in there I'm getting a dollar fifty cents two dollars back so how many of you if I give you a dollar if you give me a dollar and I'll give you two dollars for every dollar give me and I'll give you two dollars how many of you would do that all day long it's the same so I want to have a conversion process that works and now that my goal is to send spend the least my goal is to spend the most if my competitor spending whatever two thousand a month I want my Matrix to work that I can spend four thousand I want to inspired basketball I want to spend ten thousand a month because my conversion is working so then I can always spend them I can they're running two ads I can run five ads because my sales process works so my goal is to go in there and dominate I don't want competition competitions for losers don't compete going you dominate I want to be able to I want to spend every single damn competitor that I have then that's how you win the game because then you get most of the traffic you get most of the customers you can resell them that's my attitude that's just what I do [Music] different years but I love it I love it I love it because um [Music] I see social media sometimes a little bit like an alert long-term investment but then you know you get withdrawals yeah um the what I think like the biggest mistake that I see sometimes is like they're really promotional content and when it's just all promotional content and not mixing up like your content enough where you have things like Community content or things that are gonna give you know like give back in terms of like lifestyle or whatever it is like the brand that you're promoting um so and especially now too like Facebook has changed his policies if it's if it's very promotional driven and a lot of people don't know that Facebook is actually not going to be pushing out your message like or very so I'm just from knowing that and knowing that they could give value-added content okay well thank you so much Dan Cleo for joining us [Music] thank you [Music] foreign