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What is Leverage?

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I’ve been thinking a lot lately about the concept of leverage, and I realized I never asked myself a key question: What IS leverage? What does leverage really mean? Intrinsically, I guess I’ve known it for a long while, but honestly, I didn’t know if I could define it. It just sounded like a good word to use. I thought it would make me sound smart.

So I did what any person who wants to get smarter do. I asked all my friends.

Actually, I didn’t. I didn’t want anyone to know I didn’t really know what leverage meant. So instead, I searched for it – on Google – and here’s what I found out leverage meant.

leverage

The last definition is one that really resonates with me: Use (something) to maximum advantage. That’s one of the kinds of leverage I want and the kind of leverage I need to help my business. I want to use things to their maximum advantage, in everything I do for my business. But it’s not exactly what I thought leverage meant, so I kept searching.

another definition of leverage

Some more good definitions here.

To improve or enhance.

The mechanical advantage of a lever.

Getting better at helping me understand leverage – but still not perfect.

So I kept looking through the results.

I found this definition of leverage over at Business Dictionary:

The ability to influence a system, or an environment, in a way that multiplies the outcome of one’s efforts without a corresponding increase in the consumption of resources. In other words, leverage is the advantageous condition of having a relatively small amount of cost yield a relatively high level of returns.

That’s exactly the type of leverage I want. That’s what I thought leverage might mean, and now I’m sure it means, and it all makes sense now.

Small amount of cost. High level of returns.

Guess what?

SOBCon IS LEVERAGE!

That’s right – LEVERAGE! The last kind. I think the BEST kind. It’s the network of people who can multiply your efforts to influence a system. It’s the smart action plans that rapidly grow businesses. SOBCon is the leverage that will get you results!

And I can’t wait to get some more leverage at this year’s SOBCon.

What about you? Does knowing what leverage os excite you? Scare you? Encourage you? Make you want to invest even MORE into your business, knowing you might get a great result? If you really want to get more leverage, now is the time to register for SOBCon.

Getting to SOBCon: Be Your Own Sponsor

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Why put your conference attendance into someone else’s hands? Take charge and send yourself to the event. If it is worth attending, isn’t it worth sponsoring yourself?

Here’s how:

1. Total up all your expenses for the trip.
Airfare or transportation, hotel, conference registration, meals, pocket money, and anything else that you’ll have to pay. Get the grand total.

2. Figure how much you’ll need to save per month.
Count the number of months between now and the conference. Divide your total expenses into monthly amounts. That’s how much you’ll need to set aside each month to reach your total.

3. Make a plan to get there.
It’s no good knowing the target if you don’t have a plan to get there. Figure out a way to dedicate some revenue to your conference fund.

  • Offer a special sale.
  • Put one item on sale, and dedicate profit from it to your fund.
  • Set aside a percentage of all your sales.
  • Commit to an extra hour of work each week.
  • Make and hold one extra selling appointment per week.

Let your customers know what your purpose is. You’ll be surprised who is willing to spend a bit extra to help out, while still getting a good deal for themselves.

4. Not enough time? Start now for next year.
Yes, a full year out. If that’s what it takes, do it. You’ll have an easier time because the monthly amount will be smaller.

Finding Sponsors Who Will Send You to SOBCon

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You’ve probably heard about companies sponsoring individuals to attend conferences. In some subject areas, it’s considered common practice. In other fields, it’s practically unheard of. Sponsor relationships come in all sizes. When I heard legendary former Texas Governor Ann Richards speak, her national tour was sponsored by a pharmaceutical company.

There are several guides out there to finding corporate sponsors to send you to a conference. My recommendation: Want to get Sponsored? You’d Better Be Sponsorable by Peter Shankman. He covered how to create an effective pitch statement and an example of providing value to your sponsor through blogging and other promotion.

But what if you could work with local business? How would your approach need to be different?

Why Local Companies Are a Better Bet for Sponsors

Your local community is full of businesses capable of affording at least partial sponsorships. Your local network is probably where you have your strongest connections. You may know more local business leaders than you do national corporate leaders. You can help a local business more directly than you can most national companies.

What’s in it for them?

Local businesses are less interested in you mentioning them in blog posts or promoting them at a distant event. Find a way to share the knowledge you’ll be gaining with your sponsor or to gain attention for your sponsor in the local community.

You might share what you learned with them by doing a presentation to some of their staff. Maybe a consultation with their team. Maybe you can do a presentation to a group or local association on their behalf, extending that sponsorship into the community. For example, in a small city, I’m betting your local sponsor would be happy to bring you as a guest speaker to their Rotary meeting. Maybe you can talk to a local entrepreneurs meetup, as a guest of your sponsor.

Sit down in person with the potential sponsor, and talk through what they need and what you can offer. Find a way to benefit both of you. There is no short cut. You have to dedicate the time to find the right exchange of value.

Thanks to SOBCon alum Todd Jordan for helping to refine these ideas.

SOBCon 2014 Is Definitely ON!!

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In case you haven’t heard, I’m back! The cancer’s gone! SOBCon 2014 is definitely on!

Save the dates: June 27-29, 2014
So that you can join us in Chicago, IL.
For what’s going to be the best SOBCon ever!

I’m back, on my game, and building awesome!

If you’re going to NMX, look for a special promo code in your bag.

The good news has just begun!

What keeps @SheilaS coming back to #SOBCon?

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Note from Phil: One of my favorite people to learn from at SOBCon is Sheila Scarborough, a Navy veteran and one smart social media for tourism peep. She’s someone who doesn’t hold back and would let us know if we weren’t holding up our end of the SOBCon bargain. What follows are her reasons why she keeps coming back to SOBCon, and why if you’re waiting to buy your ticket, you should move NOW! SOBCon is NEXT WEEK! SIGN UP! Or keep reading and find out why Sheila says you should be in Chicago next week!

Phil: Who are you – and what is your business focus?

Sheila ScarboroughSheila: I’m Sheila Scarborough, and I guide you to the good stuff. Together with Becky McCray and Leslie McLellan at Tourism Currents, I do training in social media for tourism and hospitality. We help you put your town on the map …. the word-of-mouth map of the social web.

PG: When did you attend your first SOBCon – why did you sign up – and what did you expect to get out of it?

SS: I attended the very first SOBCon in 2007. I came because I trusted Liz Strauss and the community that she’d built during Open Mic Night on her blog.

PG: Did you get what you expected (or more or less or just different) from your first SOBCon?

SS: It was a stripped-down affair – an airport hotel at O’Hare, nothing fancy – but I didn’t care about the venue. I cared about meeting Liz and other people who did what I did….blogging. The cool thing about my first SOBCon is that I roped in another travel enthusiast to attend, Wendy Perrin. She’s the Director of Consumer News & Digital Community at Condé Nast Traveler magazine and at the time, was the only one on her staff who blogged and had a clue about social media. When she attended with me, and said, “These people do what I do! They understand me and don’t think I’m a freak,” that was the BEST feeling. I’d brought her to her tribe. It was a perfect first SOBCon experience.

Here’s the deal:  when you can get in on the ground floor of something great, DO IT. I went to the first SOBCon. I went to the first SoMeT (Social Media for Tourism conference.) They’ve since taken off like rockets, but the first ones were like a pickup basketball game – informal, playful, low-cost, “Hey, let’s see if this’ll work.” Support (with your wallet and your presence) the people who hustle and make a new thing happen. It matters.

PG: How many additional SOBCon events have you been to?

SS: Every one held in Chicago. I adore Chicago! Go on a CAF (Chicago Architecture Foundation) tour while you’re there. The fact that CAF is terrific at social media is merely a bonus.

PG: What keeps you coming back for more SOBCon?

SS: Great speakers who don’t talk for very long, including me when I was honored to speak at the event. 🙂  Small, self-selected Mastermind groups. My Tourism Currents business partners. The extraordinary S. Anthony Iannarino who clears my head every year, and makes me laugh.

PG: What has been the biggest impact on your business because of SOBCon?

SS: We are all about tourism and social communications. After SOBCon, people think of us first when it comes to that vertical. Yes, we’ve gotten referrals and business from SOBCon.

PG: What advice would you give someone thinking of attending SOBCon for the first time?

SS: Review all of the conference attendees ahead of time, and pick 2-3 to meet. Read the SOBCon blog posts so you know what to expect. Bring your “Big Picture” eyeglasses. This event is for big ideas, not chicken-poop tactical stuff.

PG: What advice would you give someone thinking of attending SOBCon for a second (or more) time?

SS: Who did you meet before who blew your mind? Carve out gobs of time to talk to them in more depth, but make sure you’re giving them as much help and value as they’re giving you.

PG: Anything else you’d like to share about the event or anything else?

SS: There are very few conferences like this where you can really drill down and think about your business – with expert advice – over a couple of days. Do not miss the opportunity.

So what are you waiting for? Check out the program and get your butt signed up!

The Power of Stupid-Simple Business Building

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Marina

The following article is written by our good friend Wendy Piersall.

Last year, my husband Dave left his 12 year career at Xerox to pursue his dream of starting a boat repair shop up by the Chain O’ Lakes. Since his background is corporate sales, his previous career was built on taking care of his customers’ every need, even if that meant helping a print shop meet it’s deadline on a Saturday afternoon. His customers were so loyal to him that some still call him for advice when they need to buy new machines.

It might have seemed a little insane for him to start a new business, in a new industry, with three kids and looming college tuition bills mere months away. I was… um… “skeptical”. Coming from the marketing & blogging world, I was thinking that once he got a name, a website, and started establishing his brand with some advertising, he could start fixing boats on the side for a few months to ramp things up before we let go of his income. I guess I was thinking small. Because before he had a name, website nor even a shop to rent, he was filling up our yard with boats to fix. I promptly lost the battle to hang onto his income. And he’s been growing consistently ever since, while established marinas all over the area have been closing down.

I had wanted to talk to you about how he pulled this off in this post. He only advertised on Craigslist and one single local online forum for boaters, and got listed on all the local directory sites such as Yelp, Yellow Pages and Yahoo & Google local. That’s it.

But I realized that there was a much more important story to tell – and it’s about how he as a sales person and I as a marketer approached starting a business so very differently. As if I don’t already sound a little foolish, I can unequivocally state that I underestimated him and the power of thinking like a salesperson. While I was designing pretty logos, contemplating my business mission, and choosing WordPress templates, he was literally out pounding the pavement introducing himself to local business owners and calling our boat-owning friends to ask for referrals.

Only now can I see I was allowing myself to get caught up in the formalities of starting a business, instead of focusing on what was most important of all: customers. In my world, sales come after I’ve been able to craft and hone my “marketing message”. In Dave’s world, marketing is something he does in his down time when he isn’t closing deals.

When I asked him his thoughts on what has made him successful, it was a list of things you would expect to hear: following up with leads, acting confident even when he didn’t feel it, asking for referrals, and finding an underserved niche in his field. But the starkest difference between he and I was how he approached communicating with his customers: Dave has no marketing message he relies on. He finds out what is important to his prospects before he ever pitches a thing.

In short, he listens before he speaks.

And before you say to yourself, “Well DUH,” let me remind you that I’ve built 4 successful businesses in my lifetime, and I’m starting again on my fifth. The reason I forgot something so easy and so basic is just that: I dismissed it as easy and basic. And you might hear things at SOBCon that sound easy and basic – but please don’t make the same mistake that I did. The presenters at this event are freaking brilliant. If they bring up something ‘basic’, it might just be the most important thing you hear all weekend.