If you’re a marketing consultant, and the average lifetime value of your client is at least $24,000, then you can add over $1million of annual recurring revenue in your sales pipeline in under 90 days with this simple but effective strategy.
Best of all, you don’t even need to leave your home or office to make this happen.
What’s this strategy?
It’s quite simple actually.
All you’d need to do is create a media platform for your consultancy that is irresistible to the decision makers you’re trying to reach.
Once this platform has been created, you simply invite your ideal client to come on it to share their expertise with your audience.
I think so, and the best way to do this is to start a niche podcast for your consultancy based on this idea.
Hosting a podcast allows you to connect with practically anyone that you want to create a relationship with by simply asking that person to be a guest on your show.
It gives you access to the decision makers that you’re trying to reach.
How powerful is that?
Say bye-bye to non-reply to your cold emails.
As a marketing consultant, I’m sure you’ve sent your fair share of cold emails right? I’m also certain you’ve had your fair share of non-replies as well.
So I ask you, which of these emails are you likely to respond to – one from a total stranger that tries to sell you a product or service that you probably don’t need or an email from a podcast host that wants to feature you as an expert guest on their show?
If there’s one thing business owners like, it’s publicity for their brand. They love talking about themselves and their brand, and that’s what you’re offering here.
And how does this add to my pipeline?
All you’d need to do is interview 52 of your ideal clients every year.
Let’s say you charge $2,000/month for content marketing services and the average lifetime value of a client is $24,000.
By interviewing 52 of your ideal clients in 90 days, you’d have added over $1 million to your sales pipeline. (52 x $24,000 = $1,248,000)
52 interviews = 52 new relationships with your ideal clients = $1,248,000 in your sales pipeline.
Return on investment.
Now, will all of that pipeline turn into closed deals? Of course not.
But if JUST ONE of those deals closes, the podcast will deliver a positive return on investment, if we produced it for you that is (More on this later).
Note: As of May 2017, one deal for our business represents $24,000 of annual recurring revenue (based on our month-to-month service offering priced at $2,000/mo)
Let’s talk conversion averages.
As for conversion rates, that’s obviously impossible for me to say, but we can look at the averages.
We don’t have time to cover the conversion averages for every possible industry, so instead, we’ll look at the software industry.
According to this study by Capterra, the average conversion rate from a qualified opportunity to a sale is 27%.
Note: Keep in mind, that statistic is reflective of the software industry.
So before we calculate the projected ROI of this strategy, let’s round down and use a 15% conversion rate from qualified opportunity to closed deal.
This is an extremely conservative conversion rate considering that this strategy creates a genuine relationship between you & each opportunity (which isn’t the case with a typically qualified opportunity).
But I would much rather be conservative and not stuff your head full of bloated numbers.
So If you were to convert just 15% of the 52 guests that you feature on your show each year, that would equate to 8 new clients.
Note: It’s important to note here that this podcast strategy is especially effective for digital agencies that have an average customer lifetime value of at least $24,000.
So let’s say that you’re at the very bottom of that spectrum, and you were to close 8 new deals in the next year from the 52 guests that you feature on your show, that would result in $200,000 of revenue.
How about costs?
Now, If you pay $2,000 per month to have our team execute this strategy for you (more on this later on), that would be an annual cost of $24,000.
Note: If you decide to build an internal team to execute this strategy for you, it will cost you somewhere in the ballpark of $150,000 annually (paying for the project manager, designer, copywriter, and admin staff that it takes to execute this strategy).
And projected return on investment?
So the return on investment from this strategy, based on the conservative conversion rate and the conservative yearly charges for your packages, would be $176,000.
ROI for larger deal sizes
I was talking with a friend of mine, and he mentioned that he recently closed a $120,000 deal with a big software company – and that was just for the FIRST YEAR of a deal that will hopefully renew for several years to come.
I share that story because I know a lot of consultants have an average customer lifetime value of much higher than $24,000.
Let’s mess around with some figures for a sec.
Let’s say that the lifetime value of an average deal for you is $100,000. Still a pretty conservative number, but let’s figure out the ROI of this strategy based on it.
Keeping the conversion rate the same at 15%, 8 new clients represent $800,000 in revenue for your consultancy.
And the cost?
The monthly rate of our service remains the same.
So your annual cost to achieve that $800,000 in revenue is still only $24,000.
Projected return on investment
Which puts the return on investment in this scenario at $776,000.
Pretty compelling right?
But wait there’s more!
Not only do you add to your pipeline by executing a podcasting strategy for your consultancy, there are other benefits that will arise as a result.
I’ve touched on the main ones below.
1. A podcast will help you build a content marketing machine for your consultancy.
Now content is king, and I don’t need to tell you the value of it when it comes to marketing your consultancy.
I mean everyone and their mother is already telling you how effective it is.
According to the B2B Content Marketing Report from Content Marketing Institute and Marketing Profs, 67% of B2B buyers rely more on content to research and make B2B purchasing decisions than they did a year ago.
But 60% of B2B marketers say that producing that engaging content that buyers want is their biggest challenge.
Build a content creation machine for your consultancy.
With the content you’re creating through podcast interviews, you’re fueling a content marketing machine for your brand.
By implementing this strategy for your consultancy, you’ll have 52 podcasts’ worth of incredible, regular content for your website that’s catered to helping your target audience.
This will not only help with your site’s SEO rankings but will help with additional lead generation as well.
Where most struggle to create compelling content, you’ll be cranking out great content with barely any effort, because your prospects will be spoon feeding you with solutions to issues that matter most to them when you interview them on your show.
And the best thing is that you won’t be writing a single word of text. So if you’re like me and you really hate writing, then this strategy is a no-brainer.
2. A podcast will help you build real relationships with the RIGHT People.
As stated earlier, hosting a podcast allows you to connect with practically anyone that you want to create a relationship. And you do this by simply asking that person to be a guest on your show.
This way you can be very strategic and picky about who you bring on the show – your ideal clients and potential referral partners.
Once you’ve featured a guest on your show, you have a natural opportunity to cultivate a real relationship with them and provide additional value to them.
Here’s what that relationship building would look like for each guest:
- The initial introduction and request to be on your podcast.
- You get to go back & forth with them to determine a topic for the interview.
- You get to spend 20 – 60 minutes on a Skype call with them for the recording of the interview.
- You get to email them when their episode goes live.
- You get to email them when you repurpose their episode into a blog post.
- You get to interact with them on social media as you promote their episode.
- You get to add and interact with them in your private community.
- They also get to interact with other like-minded members of your community as well (How valuable is that?).
- You get to connect with and leave them a recommendation on LinkedIn, letting the world know how much you enjoyed interviewing them on your show. (again, how valuable is that?).
All of these interactions add up and the result is that you end up with an actual Relationship with your ideal client.
A relationship that you can leverage for ever and one that none of your competitors will have.
3. A podcast will help you build your authority in your niche.
By putting out all this content on your website consistently, and by associating your brand with those of your guest, your perception as an expert in your industry goes through the roof.
Your brand becomes a resource for your clients and future prospects.
4. A podcast will help you build a community around your brand.
At the end of each interview, you can invite your guest to join your community of his peers. In my experience, they agree to this most of the time.
And if you did this with all 52 guests, you can slowly but surely build a high-quality audience around your brand, and position yourself as the authority in that community.
You become super influential within that community and your brand is very well known by THE RIGHT PEOPLE.
Initiating the sales conversation
Note that all this time, you’ve spent building an actual relationship with your ideal client, we’ve haven’t mentioned sales or our services to them yet.
Note: This strategy is all about providing tons value first. (Jab, Jab, Jab, Ask)
However, when the time is right, you want to initiate the sales conversation with your prospect and the likelihood of closing a deal skyrockets because we’ve actually spent time building a solid relationship.
The prospect already KNOWS, LIKES, & TRUSTS you before the sales call ever takes place!
Ok sounds good, but how do I execute this strategy?
I strongly believe that If you’re a marketing consultant and the average lifetime value of your customer is at least $24,000, this podcast strategy is a no-brainer for your brand.
But how do you actually execute it for your brand?
You could choose one of two ways:
Option 1: you could save yourself a lot of headaches and have us do it for you!
As mentioned above, you can allow our team to execute this strategy on your behalf.
All you’d have to do is spend 20 – 60 minutes (depending on your schedule of course) interviewing your guests and we’ll do everything else to meet your requirements and more.
Here’s what we’ll do for you (our services include)
- Plan and design your branded podcast with you.
- Find & contact the right guests for your podcast (aka your ideal clients)
- Determine the episode topics for each guest.
- Schedule the interviews with your guests.
- Edit the audio for each episode.
- Create the graphics for your podcast episodes.
- Publish to your WordPress website, iTunes, Stitcher and other podcast directories.
- Repurpose your podcast interviews into blog posts for you.
- Notify each guest when their episode goes live.
- Schedule and promote each episode on 4 of your social media accounts.
- Manage your online community.
- Finally, we even initiate the sales conversation with each guest on your behalf.
If option 1 is what you want to do (or if you’ve got any questions at all), email me at Xavi@brandedpod.com.
My team and I are super awesome at what we do and we’ll make sure that your show gets launched in the next 30 days or less.
OR option 2, you could do it yourself!
You could follow the process I’ve outlined below to produce the podcast yourself. It’s the very same we use for our show and our clients.
WARNING: Most podcasts never make it beyond 7 episodes, because it takes a ton of work to produce a show.
So if you decide to go with option 2, proceed with caution.
Our 9-step process to grow your sales pipeline with a branded podcast.
Always start off by planning. Here are couple things you’d need to do to get up and running.
- At the Core of this strategy is finding your ideal client. You will need to get super clear on who this is. You can do this by drawing up an “ideal guest profile”.
- The next step is to brand your show.
- Next, you want to design the graphical elements of the show, this will include an album cover art and a template for the episode art.
- Next, you’ll need to create or optimise your social media accounts for this platform.
- Next, you’ll want to purchase the right equipment and tools you’ll need to host your show.
- Then you’ll need to setup your podcast host.
- Record and produce a trailer for the show
- Submit that to iTunes, Stitcher and other podcast directories.
2 – Prospecting
At the heart of this strategy is identifying and sourcing your ideal clients. This will require a bit of research as you want to get the RIGHT guest for your show.
Use a tool like LeadFuze or LinkedIn Sales Navigator to make the daunting task of prospecting a little bit easier.
3 – Outreach.
Once you’ve found your ideal guests, reach out and ask them to be a guest on your show. Use a tool like Connector to do the heavy lifting for you.
4) Select a topic.
This is the secret sauce to this strategy.
When going back and forth with your future interviewees, tell them that you allow each of your guests to choose the specific topic for their episode.
This takes the pressure off of you, and it allows your guests to choose topics that they’re passionate about and comfortable with.
You can do this by having your guest fill out a pre-interview form or you could choose to have a have a 5-minute “pre-call” with your guest.
During this time, ask them for a topic they’d like to cover, and then ask for 3 – 5 sub-topics about the main topic that they’d like to touch on.
This will give structure to each interview, and it will make it much easier to repurpose the audio into written content later on.
Note: People are busy. Even if they say yes to your initial request, it might take several follow ups to get the interview booked.
5) Record the interview
This is a 3 step process:
The first is the Pre-interview: do some small talk to warm up your guest and get them comfortable for the interview. Simply asking about their week is a great tactic.
I recommend that each interview be 12-15 minutes long.
And finally, the post-interview: the aim here is to inform the guest of the next steps after the interview and look for ways you can add more value to your guest.
A couple things you could do is tell them that the audio gets sent to your production team, where it will be produced, scheduled and that you’ll get back to them once this happens.
You can also ask your guests for challenges they are going through and if there’s any way you can help, maybe connect them with people who can help.
Another cool tactic is to tell them about your community and ask if they’d like to be added to it.
This is a crucial part of this strategy, as it provides you with an opportunity to further engage with your guest and nurture the relationship in your online community.
Your community could be a Facebook group, LinkedIn group or even a Slack channel.
6) Produce and schedule the episode
Once your content has been recorded, you can have an audio engineer remove any “um”s and awkward pauses.
You can then upload the audio to a podcast host (like Simplecast).
You can also use a tool like Simple Podcast press to publish the episode to your website. You’ll want to have a copywriter write show notes to accompany each episode.
These don’t have to be lengthy. A 5-7 sentence summary just fine.
7) Publish and notify the guest
Once the audio is live in iTunes and on your website, you’ll want to send an email to the featured guest and let them know. (I sometimes send a day before and on the day it goes live)
Send them the links to their episode along with pre-written tweets for them to share with their audience.
This is a great way to get organic exposure to your podcast by leveraging the networks of each guest.
8) Promote the episode
Now it’s time to promote your content like crazy.
First, have your design team create headline & quote images for each episode. Then use the visuals you’ve designed to promote the content on your social media channels using tools like Buffer, Social Oomph, or Edgar.
Also, since the content is audio based, you can easily send the episode link to a copywriter. The copywriter can repurpose the audio content into a well-formatted blog post.
The copywriter can also pull quotes from the audio that you can use for images and social media updates.
You can use the blog post on your website, Medium, LinkedIn, or any site where you’d like to guest post.
9) Sales Initiation
This entire strategy is useless (from a sales perspective) if you don’t initiate the sales conversation a couple weeks after each episode goes live.
You’ve done the hard work of building a genuine relationship with your prospect, and now it’s time to turn that relationship into revenue.
So as you can see, producing a podcast is a lot of flipping work.
You might be tempted to tell yourself that you’ll make the time to execute this strategy yourself but let’s be honest; you won’t make the time and you won’t produce the show.
And you’ll be leaving millions of dollars in potential revenue on the table.
So it’s time to take action
If you’re a marketing consultant, and the average lifetime value of your client is at least $24,000, then let’s talk.
Click here, and let’s get your podcast launched within the next 30 days.