Today, I am going to share with you what I’ve learned about the definition of mindset. This is very important because having the right mindset can change your life. I know my paradigm shift certainly changed the way I do things and helped me optimize my business.
You will also learn the biggest mindset secrets I’ve uncovered through my business growth experiences in 2017. It doesn’t matter whether you’re a coach, service practitioner, online marketer, speaker, or entrepreneur. These are the things that will move the needle for you.
Definition of Mindset| 5 Secrets to Win Big in 2018
1. Go Deeper, Not Wider
Even in struggle, he CHOSE to rise and succeed. Would you do the same? pic.twitter.com/wyq6phLkgN
— Ted McGrath (@ted_mcgrath) October 31, 2017
The first of the five secrets to develop the right mindset, which is growth, is to go deeper, not wider. What does this mean?
Often, when we think of business, we think of a strategy, which we then implement. Strategies are good, but the tendency is for people cover broad areas and markets instead of focusing their efforts in deep and meaningful ways.
Perhaps you’ve been through this cycle many times in your business. You think of something, then you launch it, and then realize it’s not working. You’re not getting the results you want.
If this is a common occurrence for you, I bet you have thought about giving up. You think, “Oh, it’s another failure!” Then you fall into a state of despair. You may end up ruining your professional and personal relationships, blaming people for your failures. Before you know it, you’re done.
You may also convert your business into a small prison as the opportunities fade away simply because you’ve gone wider, not deeper, with your strategies.
Take a Look at the Marketing Funnels
First, let me say it outright. You need to do online marketing if you want to expand your business and get high-paying clients. That’s what my team is doing. For the last year, though, we’ve been creating about four marketing funnels.
I feel there are too many. I recommend working with about two. In fact, you can practice this with only one marketing funnel. As long as it’s a strategy you can go deeper into and improve on until it becomes better and better.
Don’t Wait — Launch!
As a marketer, you know the biggest failures usually happen upon launching. When it happens, you immediately think your strategy didn’t work.
You have to remember that’s what marketing is all about — it’s trial and error. You can do your market research or book free coaching sessions, but at the end of the day, you never know what the audience really wants and what methods work best until you’ve launched.
Until you get real feedback, you cannot go deeper into your strategy. After all, you don’t have any empirical data to base it on.
It’s okay to want things to be perfect, but the need to be perfect can lead to procrastinating. Because you aren’t doing anything, you don’t have the chance to dig deeper.
To Create the Right Definition of Mindset, Improve One Thing
When you feel your strategy is failing, you can start to go crazy. It’s because you’re confused.
I went through the same thing last year, but I learned to avoid it by doing one important task: I focus on one thing. I zoomed into one information and then improved it. Because I have the right definition of mindset, I recognized this was what I needed to do to develop my business.
Let me tell you the story. In my business, I usually have two funnels. One of these is the product funnel, where the clients go through different tiers. You can learn more about the basics here.
This strategy works for us. Just recently, we closed about $30,000 in low-tier sales and hit 305% ROI. When we studied our strategy, though, we learned much of the gains were because our sales team is getting better at what they do.
We hadn’t gone deeper and optimized the funnel itself. I went on to focus on the one area we want to improve on, which was booking more coaching sessions. The kind of business mindset I have is the belief I can still enhance what works.
I could have gone through my plan of getting wider. I could have doubled my advertising spending on Facebook to get more traffic or launched another funnel, but why would I do these things when I can still optimize my existing funnel and make use of my present leads? By doing this alone, we can double our revenue.
This doesn’t mean we don’t have to spend more on advertising. We can, but the great news is, we can now expect to quadruple our revenues by doing it.
2. Look at the Goals in the Right Perspective
To develop the right definition of mindset, you need to have your goals in the right perspective.
Usually, people try to reach their goals to achieve other things, such as financial gain. What I want is for you to work on your objectives to become the best person you can be.
My team and I constantly create and work on our goals. In one of our sessions, I told them those who can hit their goals can have a free coaching session with me on any topic they need help on.
Once, I received a call and a question from one of my sales team members. She asked how to encourage the clients to sign up for a coaching session. She shared because these clients think they already have the solution they need, they don’t have to book a session anymore.
The Issue with Going Wide
A lot of people certainly have the wrong definition of mindset. These scenarios are common, and the big reason is they are used to thinking wide, not deep. They believe they have all the answers to solve problems. They think one thing is enough to change their lives for something better.
Real change happens only for those who are able to go deep. The reality is there’s always more to learn.
As a coach or a speaker, your duty is to bring a person to their highest potential. Once they get into your coaching session, they go deeper and learn more and far better solutions.
You, though, can never get to that stage if you are not strong enough, and you don’t become a person capable of doing that without experience. People need to be stretched. They have to be constantly raised to a high standard. Only then can they be the person they want to be.
Your job is to be who you should become so you can help your clients achieve their goals. Be present, show up, and raise your ethical standards. Always give value to people even if they don’t sign up for your coaching programs.
When I practiced this, I watched my sales team achieve their goals within 36 hours. You see, you can always set goals around money, but if you teach your team how to be better and be the best version of themselves, earning revenues is effortless.
3. Confront What’s in Front of You
One of my biggest secrets that helped form my definition of mindset is to confront what’s in front of you. Only when you do this can you achieve growth.
To understand this point, let me share another story. I know a lot of people who get overwhelmed with the idea of funnels. They don’t know what a funnel is.
What I’ve learned in 2017 is, if something is unfamiliar to you, you need to face it and learn it. In fact, that’s how you succeed with these mindset secrets. This is also one way to apply the growth mindset definition.
Once, I was on the phone with a client who needed help with creating a funnel for her health-related program. While combing through the documents, I discovered some words I didn’t understand. Before, I would take a step back, disassociate myself, and then start to feel the coaching session isn’t going well for me. In the process, I wasn’t able to meet my goal, which is to help other people.
With some learning hacks and the right definition of mindset, I learned how to deal with it better. I confronted my lack of knowledge, asked what the words meant, and started using them during the coaching session. The more I did that, the more I knew their definition and understood the subject.
Not only that, because I already understood the subject, I was able to go deeper into the session and help her properly. In other words, confronting is the only way you can go deep on subjects you don’t completely understand.
I Went Wider – My Mistake
Remember when I told you I have two funnels? The other one is called the Coaching Funnel. It works by having an opt-in page. When my leads, who usually come from Facebook, click on it and sign up, they are redirected to another page. This will contain a video telling them about the coaching program.
When we did this, we grew our ROI to more than 350%. We had about $16,000 of revenue in cash. That’s within 45 days and after tweaking the funnel based on the real-time data we received.
But here’s what’s funny. I didn’t go deeper. I wasn’t paying attention and confronting what I needed to see. Instead, my mind was focused on how I didn’t want this system to be the way my brand works. I made a mistake: I made another funnel. It drove my team crazy.
My new funnel featured my high-playing client book as the free gift. I liked it because it was more aligned with my message and my brand. What’s interesting is at first we weren’t getting any bookings from it, and we couldn’t figure out why.
My team and I focused on one thing. We compared the old and new funnels, and I made an important discovery: we were targeting the wrong audience. As soon as we resolved that, sales started coming in. Not only that, we were able to double the booking rate.
4. Remember, Marketing Is a Mindset
Do you need skills in marketing? Absolutely, but the right definition of mindset in marketing can trump the skills. You will never have the skills by learning only the theory.
This reminds me of one of my clients. In our Masterminds program, she wanted to build a funnel for her health program, but she wanted to target the low-tier market only. She mentioned how she’s been doing talks and programs for 15 years. Now it’s time to get her message out to more people, but she didn’t want to have high-paying clients yet.
When she launched, the results were dismal. She earned only a few cents per purchase. We then analyzed her opt-in page and made improvements until she started to see results. We helped her son, who’s managing the Facebook ads, and showed him how to do this marketing strategy properly.
Through it all, I admired her marketing mindset. She didn’t give up even when she was seeing bad results. She knew it was going to work and that she was going to do something to make it happen.
In these mindset secrets, I want you to grow as a person and an entrepreneur. By having the right marketing mindset, you can dig deeper, you learn to confront the barriers, and then you start becoming better. That’s when you develop the correct marketing skills. It’s also when you will be successful. The only way you won’t achieve success is if you don’t have the right data in the first place.
5. Do the Right Thing
— Ted McGrath (@ted_mcgrath) October 23, 2017
We’re on to our last of the secrets in developing the right definition of mindset. For me, though, this is one of the most important.
What does it mean to do the right thing? It’s about being honest with yourself and pursuing what you’re good at.
Recently, I had an epiphany. For the past 19 years I’ve been in the sales business, including my insurance period, I was good at one thing. That’s to get high-paying clients. It served as my inspiration to dream big and reach impossible goals.
Because of this, I only had to get one or two big clients every month or so, and my revenue could then sustain me for a month or a year. I think if I had known all these mindset secrets, I would have gotten more, say, 20 or even 30.
Anyway, my realization is now motivating me to make this the goal of my year. It inspires me to do the right thing, which is to bring my business to its fullest and highest potential.
To have the right definition of mindset is to do the right thing. It also means being good to your clients. Whether it’s from an ethics standpoint or added-value product, help your clients be the best. Nothing is more rewarding for me than seeing my clients who had zero knowledge of marketing and Internet succeed.
Get Yourself Online
One of the best things you can do for your business is to go online. To be clear, I don’t see anything wrong with doing seminars or live events. They can be profitable for you. Remember, though, these are just components of the entire system.
In my opinion, having an online business is the best way to achieve complete and real freedom. You can build a lifestyle-friendly business where you can earn a consistent income doing what you love and pursuing multiple passions.
I’m a living proof of that. I will be performing my theater show in Orlando in front of 400 people, and it’s fun. While I’m on the road, I’ll be doing my business. Last December, I traveled to different places. I went to Hawaii and to Tokyo, yet we still had one of our best weeks of the year. We earned more than $70,000 in sales.
Living out the definition of mindset and following these secrets are not going to be easy. The road is tough, but these lessons are the ones you need to succeed and make 2018 your best year yet.
What is your definition of mindset in terms of growth? Share your thoughts in the comments section below.