Yanik Silver is a leader in the Internet Marketing world, perhaps best known for his Underground Online Summit, which sells out every year despite a hefty price tag on the tickets.
If you surf to YanikSilver.com you can download a free copy of his ebook “34 Rules for Maverick Entrepreneurs” by signing up for his Newsletter. I got a copy of this eBook and below are what I believe to be his most important points, and what I think about them.
The emboldened part of this post are excerpts from Yanik’s ebook, and the standard font is my commentary.
Marketing Maverick Rule #2 Strive to create 10 to 100 times the value for any price you charge. Your rewards are always proportionate to the value you provide.
I am a firm believer in this. I decided to write The Twitter Tools Book in order to share as much value with as many people as possible. I have invested well over 100 hours of my time into this book, audio book, and DVD, so the price my customers pay to buy it are a steal.
To hire me for the time I invested into this book would cost tens of thousands of dollars, but you can purchase my book for a small fraction of that cost.
Or you can think of the value my book will give you in terms of the followers on Twitter it will help you achieve. It is not uncommon for people to pay $.50-$1 a follower, but with the strategies and tools I teach in my book you can build thousands of followers. Yet I sell my book for a small fraction of the value it can help you create.
Marketing Maverick Rule #6 You get to make the rules for your business. Don’t let industry norms dictate how or who you’re going to work with.
Your business, your rules. Within the law, of course. If you let others control your business you will fail. In the eighties Steve Jobs was fired from Apple because he let someone else make the rules for the company he helped create.
Marketing Maverick Rule #7 Create your business around your life instead of settling your life around your business.
“Create the sort of life you want first, then have your business fit that.”
This tip reminds me of a recent post on the Marketing Rebel John Carlton’s blog. John explains a way to make your business work around your life instead of vice versa. To do this John recommends that you save a buffer of cash that could support you for at least six months.
With a nice buffer of cash you will never rely on the money you work for, and you can walk away from any employment situation that rubs you the wrong way. I totally agree with John, there is power in being able to walk away from any work that you don’t love. I recommend this strategy, because there is a great piece of mind that comes with always doing work you enjoy. I am confident that I am far more productive because I really enjoy what I do.
Marketing Maverick Rule #8 Force yourself to focus on the critically few activities that produce exponential results.
I can’t applaud the need for focus enough. Yanik starts this rule by mentioning the Pareto principle, which suggests that 80% of results stem from the most important 20% of action. I have also heard the pareto principle mentioned by Malcom Gladwell, and Noam Chomsky.
Focus on your strengths and outsource everything that someone else could be doing. If you want to be a millionaire you need to be making sales, not wages, so start thinking about what kinds of business you can build so that you can generate passive income for months and years to come.
Marketing Maverick Rule #13 Never, ever, get paid based on hours worked.
There are only 24 hours in a day, so no matter who you are, if you work by the hour your income is capped.
Whenever possible, seek to be compensated based on results. When you are paid on results you are more likely to find ways to over deliver. Pay your employees and partners on results.
Marketing Maverick Rule #14 Leverage your marketing activities exponentially by using direct response methods and testing.
The key takeaway from this rule was the importance of testing. Yanik gives the example of changing the word “Put” to “Puts” in a headline rendering a double digit sales increase.
In email marketing test two subject lines, even if you only change a word or two between them. Small changes can make a big difference, and intuition does not always prove correct.
Marketing Maverick Rule #18 Keep asking the right questions…
A well asked question is a question half answered.
Marketing Maverick Rule #21 Make it easier for customers to buy by taking away the risk of the transaction with a guaranteeing what you do in a meaningful way
No argument here; I back up my Twitter Tools Book with a 60 day no questions asked guarantee. I am even considering changing this to a one year, or perhaps even a lifetime guarantee, because I am very confident that people who buy my book will be satisfied.
Marketing Maverick Rule #24 Fire your most annoying customers. They’ll be replaced with the right ones.
The customer is NOT always right. But what Yanik does not mention, and what I think is equally as important, is that when the customer is right you should treat them like gold.
For my best customers I will reply to emails in the middle of the night,
But I won’t tolerate jerks for a second.
Marketing Maverick Rule #26 Develop and build your business personality that stands out. People want to buy from people.
Every business should have a blog, and it should not feel like it is being written by a robot.
Also if your blog has commenting disabled then it is not a blog. If your blog comments are moderated your readers will feel like you don’t trust them and what they have to say. If you do not moderate comments you will get more of them.
If you want your business to be a leader you need to get people talking, and have active voices in your community. This means you should be active on your blog, on other blogs, and on social media.
Marketing Maverick Rule #29 Mastermind and Collaborate with other smart entrepreneurs if they have futures that are even bigger than their present.
Collaboration is a cornerstone to success. Especially in the Internet Marketing world.
If you are interested in doing cross-promotion contact me, and we can probably find a way to work together and co-build our communities.
Marketing Maverick Rule #31 Make your Business and doing business with you FUN!
Fun is awesome. I like to eat and socialize with as many of my business associates as possible. It’s important to have time with colleagues that is not 100% focused on work.
So there you have it, I hope you enjoyed Yanik’s insights, and my commentary.
What is your favorite Maverick Rule for Entrepreneurs?