Episode 3: The Secret to Leveraging what you ALREADY Have (Assets and Capabilities)

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Show Notes

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Most businesses I speak to don’t need another fancy video, polished PDF or webinar to be successful. They just need to use what they already have more effectively. If your competition is generating more profit than you are, odds are it’s not because of anyhting wrong with your product or service, it’s your marketing that’s at fault.

Listen to this episode and grab the accompanying worksheet and files so you can make the most out of all the assets you already have. That means more growth with less financial investment. Schwing!

Transcription of the Episode

All right. In this episode, we’re going to be talking about your assets and capabilities. So previously we’ve talked about who you are, where you’re going, where your business is going, and how it can take you there, right? If you haven’t listened to episode number one or two yet, please go listen to those. Episode three builds on that. Okay. This is more of a course. Okay. All right. In today’s episode, I want to talk about assets and capabilities, but first I wanna tell you a short story. When I was a professor at Tulane, I had this student, his name was Juan, and I really adored the guy. He was kind of like that quintessential bad guy, right? Had you know, like a leather jacket that he wore to class. He was always kind of late. He was like a little rude. There’s just like something about him that was like charming and in class I kind of took it as my role to make sure the students were successfully setting themselves up for jobs after graduation.

And you know, basically what I told them was you can’t apply on paper. Most of you can’t apply on paper. Like you’ve got to be a 4.0 student with all the extra curriculars to beat everybody else if you apply on paper. So you’ve got to apply off paper. So I was helping them figure out how they could, you know, get in front of the right people and kind of sell themselves. And it was this great exercise and every class I would ask the students, okay, who’s been applying for jobs? How’d you do it? Where’d you find the job posting? What’s working? And it was really great. I think we built a lot of momentum and the students had a lot of success from that. While I was talking to one, one date, I said, Hey Juan, how’s your job hunt? You know, what are you doing for work?

And he’s like, well, I’ve got two jobs right now, but it’s really tough. It’s like, okay, what’s going on? And he’s saying this in front of the whole class, you know, he’s a little embarrassed. He’s like, man, so I’m working at the Sunglass hut or sunglass factory at the mall and somewhere else like, you know, doing retail as like, okay, well how’s that going? He’s like, well, you know, when I met the sunglass place, I’m the best. I sell easily two or three times more sunglasses than everybody else. I know everything about sunglasses. I was like, Oh yeah. And he’s like, yeah. And he like rattles off all about my sunglasses and he knows everything about him. He knows all the specs. I mean, he really was an expert in sunglasses. Like, wow, okay man, like, that’s legit. So he was, he was this, this expert there.

Okay. but I was like, but what’s wrong? What’s going on? And he says, well, I can’t show up to work on time. Sometimes when I show up, I show up at the wrong job, I show up, I don’t have keys, you know, like these things happen and I feel bad. Like I’m trying, but like, I just, I’ve just like, I just can’t. So he’s like internally disorganized. Okay, well the typical way to solve that problem, and when I brought this up to to a guy at a mastermind, he goes, you know what I like, I like that. I’d fire his ass. He doesn’t belong there. He’s hurting morale. He’s gonna show up late to work. He’s not going to bring keys. He’s going to miss a day. I don’t want that guy on my team. It’s like, yeah, no, you’re right. Like, that’s, that’s tough. But when I was talking to one, I could like see this humanity in him. It’s how things were, but not how he wanted them to be. One wasn’t being malicious. He’s a good kid and a hell of a salesman. So I think one approach in business is to say, Huh, your bad for business because of these reasons. You’re out, your, you know, demoralizing the team. Your showing up late and that’s totally unacceptable, right? A great, I wouldn’t let someone show up late for work more than once.

However, Juan has magic, right? He’s a great salesman. If I paid one to work and he could get double the outcome, that’s pretty solid. That’s a great investment for me. So I kind of want to look at, I would position the question not okay, one, you’ve got to get better, right? But one, how can we support you so you can show up to the right job on time and not have any problem with the keys? If we can solve that problem, everyone wins. One wins, he wants to win, one has strengths and he has weaknesses and if we ask him to build up his weaknesses, he’s going to continue to be weak or like, you know, well rounded. I don’t want well rounded people. I want people that are just like mercilessly great at one thing and I want to put them in that role in the business and know that they’re going to excel. That’s an asset and a capability. Juan is a salesman. He needs to be selling.

Okay. What that might look like is to solve his problem is couldn’t someone just call him the night before? Couldn’t the shift manager call him and be like, hey one, don’t forget you’ve got to come in. Will you put your keys by the door? What’s that call going to take? So I might say, oh, that’s babysitting. Sure. Okay. But it’s also what a $3 thing for an hourly worker to do to make that 15 minute call. And then I know that my best salesman shows up on time. Hey, I’d rather be there. I’d rather play that game a bit. I’d rather play the game of maximizing the capabilities and assets that I have. So let’s talk about you as a person. You have capabilities,

Okay?

You might be doing things outside of your conation. That’s a term of kind of like your natural ability, how you approach things. Ever since you were a little boy or a little girl, you always approach problems in the same way. That’s your conation. Okay. there’s a great assessment for that, which I encourage you to take. It’s called the Kolbe. You can go to https://cmox.co/kolbe to get a link there. Cause I don’t know it off hand and you’ll be able to take that assessment. It’s like 39 questions. It’s 50 bucks and it tells you how you approach problems. Super Great assessment. I think it’s absolutely necessary for a business owners to take. And really I’ve had my parents take it, I’ve had my siblings take it, my wife took it. Sister-In-Law’s taken it like all sorts of people taking it, everyone on my team, everyone that we’ve hired.

I mean it’s, I want to know how you behave. Okay. And I know want to know where your strengths are and where you’re going, what you’re going to do naturally. Okay. And once I know that we can start putting pieces in place that support that and make sure that you’re in the right role. So capabilities, I want to know what you’re great at. So write this down. Okay. You can go to cox.co/e three and you can see these questions listed on a worksheet. And you can print that out. The first question is what do you want to be known for? What do you as an individual want to be known for?

What is it?

Is it you want to be known for being able to take highly complex detailed problems in a business and solve them through repeatable, profitable marketing campaigns? Is that you ha, maybe, maybe not. It’s kind of me, right? I kind of dig that stuff. I like the heart of the problem, right? I really like solving complex things that have a lot of dependencies. Maybe you want to be known as the closer, maybe you want to be the person that just gets on the phone and closes and that’s what feels good to you. Maybe you want to be the person on the team that champions the team. I worked with a team and there was a CEO and COO, the CEO championed for the customer, the COO champion for the team members. So the COO and CEO would butt heads occasionally, but it was really healthy.

One was saying, I want the team to be happy. They are the ones like I want the customers to be happy and they’d find this middle ground that was really cool. They were kind of known for that. You’d always know if you were going to go talk to the CEO that she was going to buy for the success of the customer every time. Great. That’s what she’s known for. What do you want to be known for? Write that down. I want to be known for blank now as a secret. How you be known for that is you start appreciating that in other people and that might be feel a little woo to you, but when you start saying, hey, I see this in you, I see you doing this. Then you know kind of naturally people start seeing it in you. I think it’s kind of a neat little exercise, but what do you want to be known for? Be Clear about that. I want to be known for this. I want to be known as the best at this. Be the best at it. I want to be the best at this thing. Cool. Do it.

Next question is, what do I want our company to be known for? Do you want to be known for having the best products to solve a pain, to reduce suffering, to save people money? Do you want to be known as the company that is fun, the company that people would rather work with because you sell a commodity, but you have a great time selling it and everyone loves working with you guys. What do you want to be known for? You know, another weird question, it’s kind of a soft question, but this is the definition of where marketing comes from. Marketing comes from this voice. Casey Stanton wants to be known as this person. Everything I do comes from that, right? I want to be known as like this openhearted guy that helps business owners grow and I want to solve complex marketing problems. That’s who I am, right?

I want to be that family guy. I want to meet my clients for a beer and hang out or go to their and play with their kids and their dog, right? Like that’s, that’s what I want. Okay. I know some people don’t want that, but that’s, that’s what I want. So that’s who I am and that’s how you’re going to see some of this podcast content and you know, marketing collateral that I create what you want your company to be known for. I want my company to be known as effective. I want it to be known as a company that drives profit. I want it to be a company that reduces stress and frustration. I want it to be a company that makes marketing a capability. These are things I want to be known for. I don’t want to be known as the Facebook ad guy. Nothing wrong with that person, but that’s just not what I want to be known for. I don’t really need to be known as the person with the most beautiful marketing collateral, the most beautiful worksheets. Yeah. You know, there’s other people that are doing that. That’s cool. That’s not me. I want to be known a little differently. What do you want to be known for? Okay. All right. That’s the first part. This is like kind of defining who you and your business are. In this vision, okay?

Okay.

Next I want you to list your assets, all the assets that you have, and this is a long exercise. It feels maybe short, but man, I squeeze clients when we go through this and our team squeezes clients because people forget the assets that they have assets. Here’s where they could be videos. What videos do you have that you’ve created already? What videos do you have that you’ve produced for maybe a Webinar? Maybe you did a like a talking head video, maybe done an animation video and you did it for a small campaign and it never really saw the light of day. Or you’re 90, 95% down on something two years ago. He let it go because whoever was on the team left. What are your assets? Do you have any PDFs? Do you have any free reports? Do you have a book that you’ve released?

If you have a book, Do you have the first chapter of the book that your publishers allowed you to give away for free? What assets are there? Do you have any audios? Were you on any podcasts? Do you have your own podcast? Do you have audios of you at a presentation? Do you have videos of you at a presentation? Maybe you doing a a keynote somewhere, maybe as a little lunch and learn, but that was recorded. You have that. Do you have past ad campaigns? Have you ever, ever run an ad campaign? If so, what does it look like? You know, pull those together, pull them all together in a Google drive folder. I like a long list of this stuff in a Google drive folder to have everything in it. We call it a past marketing campaign snapshot. It’s a little more of a dial than worksheet.

But the past ad campaigns can just be summarized simply inside of a Google folder. Just put everything in one place. It’s going to take a while to pull it all together. The next is mailing lists. Mailing lists is a huge asset that everyone like forgets. I don’t know how you forget it and it’s like the most important asset in your business, your mailing list, your prospect list, and your customer list. These are huge assets. Pull those. How big are they? Right? How big is your prospect list? Worked with a company recently and it was like four weeks into working. I asked this question a bunch of times. It turns out they had a huge asset of every potential buyer. The list is a year old, so it’s not perfect, but it was pretty awesome. Every potential buyer that was qualified for their product, they had a list of that.

I want that. Right? Pull all your assets together. Now let’s think about people assets. Who Do you know, do you have an old boyfriend or girlfriend who is now running some department at some organization that could maybe throw you a bone if you asked, whoa, that’s wild, right? What other relationships do you have? And working with a client they run a successful podcast and they interviewed some, someone who was re re releasing a book that they had. And I said, you know what, let’s do a Webinar for those people in launch their book and that, those authors then got on our webinar platform and we got to promote their book, which costs next to nothing. And they, those authors mailed their mailing lists to our offer so that we could capture them on our email list. It was an incredible marketing campaign that drove big revenue, thousands of dollars in revenue.

And it was simple, straightforward and to pull us a bunch of leads to like, that was a relationship, right? That’s creatively thinking about relationships. I want to know what you have to play with. You could also say that one of your assets is a bunch of cash. You could say, Hey Casey, I’ve got $50,000 in money from a VC and they want me to spend it because they want to grow and they want to see return, so I’ve got cash. Cool. You know, what else do you have? What other assets exist like really rack your brain and think what assets do we have? You might have a great offshore tech team. Okay, that’s an interesting asset. Maybe you could leverage that you have raw ingredients and we’re going to bake a cake together, right? Your marketing strategy is going to be a cake that we’re going to bake together, but it’s going to be based on the ingredients that you have.

And it might say, okay, you’re gonna need a little bit of butter. This is where you go get that. But you already have the flour, right? You already have the eggs, you already have the icing. I want you to tell me everything that you have. So that’s what the assets are about. You pulling that all together and then we’re going to go through in later podcast episodes all about how to pull those assets together into marketing campaigns. Okay? Your last major asset is probably your team, your team. Who is your team? Is it just you? Are you a solopreneur? Do you have a large team of over a hundred people? You probably don’t know all their capabilities, right? Let’s be frank. Do you really know everybody’s capabilities where they’re good, where they have experience? Probably not simple. I’ve got a matrix for you.

It’s called a team matrix. And think of it as a Google sheet with columns and you label each person in their own column. And on the left hand side and column, whatever that is, one or a are all the different skills and their skills that we have listed there from content writing, copywriting, ads, analytics, all the way to Java script, node.js, CMS management, PHP programming. Then we’ve got graphic design. We’ve got all sorts of things listed there. Project management. We want to know what the capabilities are on your team. It’s simple. You can go to cox.co/matrix CMO x.co/matrix. You can grab this free Google sheet. You’re just gonna have to go file, save as a copy and then save it in your folder. That way you’ll be able to edit it,

Put everyone’s name in there, send an email out, give everyone shared access and tell them to fill it out and give them two days to fill it out. All right, email simple. Hey, it’s me. I want you to fill this out in the next two days. I’m sure we’ve got capabilities on the team and I want to figure out what they are so we can start leveraging them. Boom, huge, right? Even if you only have one or two people on your team, send this out still. You want to know where people’s strengths are and maybe it’s important for you to kind of rewrite a bit of this matrix so that’s specific to your business. And that specificity may be like someone who knows different programming languages or someone that knows, you know, different nuances to customer service stuff or whatever. That’s all fine. Add those things in and then have people self grade themselves.

When this is complete, you’re going to have clarity on your assets and your capabilities. You’re going to know what you want to be known for, guiding principle. That’s like your mission, right? And you want to know what? Then you’ll know what your company, what you want your company to be known for, and you’re going to figure out all that stuff that you have and you can figure out all the people in their capabilities and hopefully some clarity starts trickling in, right? You know where you want the business 25 years out because you listened to this past episode, right? Episode two, and he did the work there. You know where you want yourself to be, where you want your business to be. You know what you got, you know who’s on your team and you can start putting together strategies and how on how to get there and is going to be nuance here to marketing.

A lot of this is just doing business a little bit different, doing business that works for you and works for the team. Because at the end of the day, I could say the only way for you to be successful is if you spend $1,000 a day on Facebook ads. I had a bunch of people come to me and say that they heard some very capable Facebook guy advertise that message and they’re like, well, I need to be spending $1,000 a day on Facebook. And it’s like, no, you can’t spend $1,000 a day on Facebook if first of all, your audiences on Facebook. Second of all, if you don’t have an offer, right? Like that doesn’t even make sense. You’re trying to solve a problem without actually getting into the core of the problem. That’s why we’re starting here. That’s why we’re starting with this foundational work.

So do this work. It’s arduous. I get it. It’s a pain in the ass. I get it. And maybe you love this stuff. Maybe you’re like me and you kind of just want it to be done. Okay. But once it’s done, then you have it. Save it in a Google drive folder. I really encourage you to do that. I prefer drive over Dropbox, but do whatever you want and put it in Evernote. Put it in a place that’s digital that other people can find and make it logical. Okay. Put it in a parent, a folder. So it’s its own folder and it’s called, you know, business strategy. Cox Business Strategy or marketing sucks business strategy. That way you can go back to it and continue with these worksheets. You need to keep everything in one place and then be able to review it. So fill this out, fill out the worksheets out, you know, go and grab them again, it’s cox.co/matrix to grab that and cox.co/e three to grab the questions from this episode, schedule time, complete it, and then schedule time a couple of days later and review it and do it again.

Okay? It’s a little secret. Sleep on it. Do it the next day. Something about that subconscious working right? You put it in your brain, you give it a day or two to kind of marinade, and then you work through it again and you’re going to have more breakthroughs. I swear you’re going to have better results if you do that. So block your time. This is another thing we talked last episode about how clean your closet is, right? How clean your car is. Well, how’s your calendar? Are you blocking time out for yourself to do things? If so solid. If your calendar is mostly empty and you’re just kind of spastically jumping from task to task, trying to stay on top of everything, you know, your not acting very strategically. So start blocking this. Take this as an initial thing to do. Block time in your calendar, 30 minutes, 60 minutes, do it, and then come back.

Do It for another 15 or 20 minutes later to finalize it. Okay, go grab the worksheet. Cox.Co/E three grabbed the the team matrix CMOx.co/matrix. Hit subscribe. Share this with a friend. Leave me a review on apple podcast or on Google play podcast. Let me know what you think. Join our community cmox.co/community. Tell me about how you feel about this. If this is clear to you, where you’re stuck, share your Ahas, share your capabilities. Let me know how I can help you in that community. I’m here to be your guide. Let me help you grow your business. You can do it. You’ve gotten this far, you’re gonna go a hell of a lot farther. You just need more specificity, more clarity and a process. That’s why we’re walking through this functional marketing framework. You’re going to be successful. I know it. All right. See you in the next episode.

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