Episode 16 Elevate your marketing strategy by understanding the profound impact of building strong relationships. Paul and Chad talk how cultivating genuine connections fosters sustainable growth and success. Learn how prioritizing authentic relationships with customers, partners, and stakeholders can drive higher margins and propel your business to new heights. Embrace the power of connection and witness the transformative potential it holds for your brand’s longevity and prosperity. Unlock the key to sustainable growth and elevate your marketing efforts by nurturing meaningful relationships built on trust, loyalty, and mutual understanding. https://youtu.be/xa7m0s6ezrk?si=9NtVreI6eaexQyV1 Transcript 00;00;00;00 – 00;00;04;04 Speaker 1 Paul? How we doing, man? 00;00;04;05 – 00;00;06;19 Speaker 2 Oh, fantastic. Jed Richards, how you doing? 00;00;06;21 – 00;00;08;11 Speaker 1 Doing good. Glad to be back. 00;00;08;13 – 00;00;09;20 Speaker 2 Oh, it’s good to be back with you. 00;00;09;21 – 00;00;20;22 Speaker 1 Tell me your thoughts on the power of relationships in business and how that relates to, a business’s margins. 00;00;20;24 – 00;00;49;17 Speaker 2 So your margins are squarely in your relationships and how strong your relationships are. So, you know, we’ve talked before about our customers, listeners, customers live in two spaces. They live in a relational space, in a transactional space. And so before they become transactional, that’s when we have the opportunity. Very few people take this opportunity, but we have an opportunity to build a relationship with our customers. 00;00;49;19 – 00;01;14;03 Speaker 2 And by, you know, when we talk about building relationships as being visible and communicating with them in a way that they can actually receive, what we’re talking about in that space, if we do that, well, when they go to make a purchase and they have a relationship with us, price is going to be a factor that is further down the list. 00;01;14;06 – 00;01;35;08 Speaker 2 If they if they don’t have relationship with us, like say they have a need, what are they going to do? They’re going to go they don’t have somebody, they don’t have a go to company. They’re going to go to Google. You’re going to search put in their search query and they’re going to get a list of businesses trying to figure out how they’re going to solve this problem that they have. 00;01;35;11 – 00;01;51;20 Speaker 2 Yeah. And so on. That list, if they all are equal in relationship and, you know, being known to that person, they’re very likely going to just go, that price is going to be the most important thing because there’s nothing else to differentiate that list. 00;01;51;26 – 00;01;52;07 Speaker 1 Right. 00;01;52;10 – 00;02;18;11 Speaker 2 And so when we, talk about increasing our profit margins, our relationships with the customer are one of the first places to start. Yes. And most people don’t do that. So here’s an example that I like to use is if, you need to move something like the other day, I moved a dresser upstairs, which is. 00;02;18;16 – 00;02;19;08 Speaker 1 In your house. 00;02;19;08 – 00;02;24;13 Speaker 2 In my house. the front steps and the stairs up. you know, it’s miserable. 00;02;24;14 – 00;02;25;22 Speaker 1 Ibuprofen. Okay. 00;02;25;22 – 00;02;47;27 Speaker 2 Yes. But, you know, if I’m going to find help to do that, I’m going to call you. In this case, it was Rafi. And, we we have a really strong relationship. We’re good friends. Yes. Was the immediate answer. I’ll be right over. And so we got that. We got the thing up there. So and it’s going to stay there. 00;02;47;27 – 00;02;50;01 Speaker 2 Oh because if you’re listening we’re not moving yet again. 00;02;50;01 – 00;02;51;04 Speaker 1 Those are some stairs man. 00;02;51;05 – 00;03;10;23 Speaker 2 So but let’s say that you were Rafi are not available. And I have to go to another person that I have a relationship with, but not as strong as with with you. Then I’m probably going to call James and say, hey buddy, can you come help me move this dresser. I’ve got some beer. You know we can enjoy afterwards, you know. 00;03;10;25 – 00;03;30;15 Speaker 2 So that, that next layer out cost me a little bit more to get this help. Sure. But if he’s not available, then I’ve got to call Tony, and I’m like, hey, dude, I really need some help. Yeah, but I got some beer and pizza, right? So it’s going to cost me even more to get there. Sure. So it’s not much different when we’re looking at businesses that are trying to to, to get customers. 00;03;31;00 – 00;03;43;10 Speaker 2 and the cost of what it takes to get that customer and then not just a cost to get them there, but then what they do with, you know, beat you up on price and. Yes. And making that purchase. 00;03;43;11 – 00;03;44;04 Speaker 1 Right. 00;03;44;06 – 00;04;07;17 Speaker 2 The stronger the relationship we have, the easier it is for them and the faster they’re going to be to select us. Yes. And price is going to be lower on the list of things that are priority. No, no, it’s always got a price. Buyers. Oh, sure. But if we’re doing things, well, if we’ve got a good strategy in place and we understand what our customers are doing. 00;04;07;20 – 00;04;15;09 Speaker 2 Then building those relationships in the right way are going to increase our profit margins. I absolutely don’t know anybody who doesn’t want to do that. No. 00;04;15;10 – 00;04;31;08 Speaker 1 Well yeah. I mean they should be doing that. And so I think the margins are where the power is. Yeah. you know, it just kind of. I had a story here, something, I went through this recently, and it’s it’s really right in this wheelhouse. So about a year ago, I was looking to buy a thermal scope. 00;04;31;11 – 00;04;50;24 Speaker 1 for my hunting needs. And I was looking at one in particular that was not out yet, and I liked it and wanted it. And I called the company that I had seen that one that was not necessarily the most prominent company, but they were the ones that resonated with me the most because of how they went about addressing these different scopes and how they explained them. 00;04;50;26 – 00;05;11;04 Speaker 1 so, I found them on the podcast and went to a website and finally called and they were like, look, man, it’s not out yet, you know? But it’s coming. We don’t know what exactly when, but we’ll let you know. Well, fast forward a year. And I thought, man, you know this thing. Well guess what? It came out and, they sent me a notification and said, hey, you know, someone let you know it’s here. 00;05;11;04 – 00;05;33;19 Speaker 1 So I called and I talked to, a salesperson there at the company, and he said, hey, yeah, we do have it, but let me talk to you for a second about another one that’s out as well. Yeah. You know, two different scopes in the same ballpark, a price, right? Yeah. And he went through all the different, features and benefits and all the things that were really important to me when making such a larger purchase. 00;05;33;20 – 00;05;46;14 Speaker 1 Right? Yeah. and he spent a while with me, you know, discussing this, and I didn’t push me, but I purchased the one that he, didn’t recommend, but the one that he brought to my attention. 00;05;46;20 – 00;05;49;05 Speaker 2 He made a video where he made another option. 00;05;49;10 – 00;06;05;24 Speaker 1 Of another option. and so they they sent it to me overnight. Pay for the insurance. and when it came, they got a notification and they sent me an email said, you know, you’ve received your scope. It’s been shipped. If there are any issues or any problems, please let us know ASAP. 00;06;05;24 – 00;06;06;03 Speaker 2 Yeah. 00;06;06;03 – 00;06;12;27 Speaker 1 So we can address this. Okay. Could I have gotten that scope somewhere else for maybe a little bit less money? 00;06;13;05 – 00;06;13;22 Speaker 2 Guarantee it. 00;06;13;22 – 00;06;23;10 Speaker 1 I feel pretty confident that could, you know, 3 or 4 or $500. Okay, great. But at the end of the day, it’s just the process. And the way they made me feel. 00;06;23;10 – 00;06;23;28 Speaker 2 Yeah. 00;06;24;00 – 00;06;36;18 Speaker 1 they were my go to gas for scopes. Yeah. You know, and and they will continue to be. So if I ever have anyone or hear anyone talking about wanting a thermal scope, I’m going to say, guys, listen. Yeah, this is where you need to go. 00;06;36;19 – 00;06;39;12 Speaker 2 And what did you do, 10s after you got off that phone call? 00;06;39;17 – 00;06;56;17 Speaker 1 Oh, I contacted you and said, man, you called. These guys are great. And here’s the thing. And again, I mean, I think that this is talked about so much in such a mystical, magical way that, you know, and it makes people think, oh my gosh, I mean that what are we talking about? I mean, this is some kind of an elusive object. 00;06;56;18 – 00;06;57;04 Speaker 1 No it’s not. 00;06;57;05 – 00;06;58;12 Speaker 2 No it isn’t. 00;06;58;13 – 00;06;59;06 Speaker 1 It’s simple. 00;06;59;13 – 00;06;59;28 Speaker 2 Yeah. 00;07;00;03 – 00;07;14;29 Speaker 1 It’s just taking the time to communicate and talk to people one at a time. Yeah, and make them feel validated. Make them understand what’s going on and make them want to do business with you. Yeah, well. 00;07;14;29 – 00;07;32;18 Speaker 2 Look, that’s what building relationships are. If we go to a party or we’re out and we’re meeting somebody new and, we start to to see what coming out commonalities we have. Sure. You know, where are you from? If you’re from the same city, what school did you go to? Hey, do you know this guy? Yeah, I know that guy. 00;07;32;20 – 00;07;56;10 Speaker 2 Do you believe what he did in high school? You know, we star