The 7 Targets of the Billion-Dollar Bullseye

I believe entrepreneurship is the single greatest transformational force in our world, and it may just be the thing that saves it. But when it’s done right, entrepreneurship is hard. It’s not working for three hours a day, creating some content, throwing it out into the world, and cashing checks. That’s a fantasy. 

The framework I have created to build a billion-dollar business didn’t come from days of easy living, but of dedication, sacrifice, and grit during my time as president of Kajabi.The lessons I learned during our path to a $2 billion dollar valuation are detailed in this blog, and are listed in order of importance.

1. Purpose 

Purpose is fundamental to achieving any success, business or personal. The most successful businesses are those that have a clear purpose – a reason for existing beyond just making money. 

When you really break it down, purpose is the foundation of perseverance and passion. When you have a strong purpose - whether that’s saving the world, building the best platform to solve a certain problem, or making money - you’ll stay motivated and focused no matter how many obstacles and setbacks you face.

Purpose provides direction and helps you make decisions. It opens the door to high-growth opportunities and shapes everything from how you use your money, to what products you develop and how you treat your customers.

Purpose is not a fixed concept. As you and your business grows and evolves, your purpose will change. Go with that flow, but think about it first. Is your reason for existing starting to change because there’s a real, deeper reason? Or is it changing because things have gotten “too hard” and you’re looking for a way out? 

If the best of everything was easy, every idiot would do it. Don’t chicken out just because your purpose looks too big. You’re not doing this alone. To start with, you’ve got me. 

2. Profit 

Generating profit is the ultimate goal of any business because it lets you grow, expand, and ultimately, sell high. Profit gives you options. Too many companies boast about what their value is, but what they don’t say is they’re focusing on revenue and not accounting for expenses. What they should be doing is generating profit by keeping expenses low and optimizing revenue streams.

Effective cash flow management is critical. Keeping an eye on your money means you always have enough to do what you have and want to do.

At all costs (pun intended), avoid debt unless you know with absolute certainty that the debt will give you a return you couldn’t achieve without it.

Everything your business does must generate recurring revenue. That predictable, growing, recurring revenue is what will keep you scaling. It doesn’t matter whether that be subscription-based services, memberships, re-orders, or other recurring revenue models. Make sure your customers are worth more to you year after year.

For that to happen, you have to innovate. People won’t pay for the same thing year after year unless it suits their purposes entirely. Even then, if a new player enters the field who delivers the same thing you do with a whole heap of bright, shiny, extra stuff, your customers are going to take a look and then a leap.

Always look for new ways to improve your products, services, and processes. Good news, your customers will tell you what they want from you, so simply listen.

And while you’re doing that, pay attention to your money. How it flows, how it grows, and where you put it.

3. Product

A great product must be designed to offer value and meet a high demand. This means you don’t create a product you think might work (or that you’re interested in or passionate about); you create one the marketplace demands. By focusing on creating products that offer value and meet a high demand, you increase your chance of creating a product that generates substantial profits.

However, creating a successful product might be the hardest thing you do. It requires market research, product development, tenacity, the occasional battle of wills, an annoying level of persistence, and sheer pig-headedness. If you want to create a great product, you need to adopt the "get rich slow" mindset, where the focus is on building a sustainable, scalable business rather than on making quick profits.

To do this, you will need to shift your mindset from being a consumer to being a producer. This means that you should focus on creating value for others rather than on consuming products and services. By adopting this mindset, you can identify gaps in the market and create products that solve problems or fulfill needs.

On top of all that joy, you need to consider scalability from the start. Not only must plenty of people want your solution, but it must be easy to make and distribute in huge numbers. Hand-carved antique clocks are unlikely to turn into a billion-dollar business. 

4. Prestige

Providing a prestigious experience is crucial for building a successful business. Whether you're just starting out or looking to take your business to the next level, customer service should be a top priority. 

You have to go above and beyond, you have to engage and delight them, surprise them, and make them feel so loved that they look for every email you send because they know it’s pure gold and will solve their problems.

You have to treat them with the respect and empathy they deserve. 

Should you let them walk all over you and your team? No. You’re free to fire a customer who is simply a bad apple. That’s not only good business, but good human practice. If you don’t, then that small handful of people will take up a disproportionate amount of time, energy, and resources, and you won't ever make them happy. So … love your clients and customers, but also be willing to let them go when necessary too.

With that said, the prestigious experience your customers receive must include fast resolution to any issue, questions answered, support delivered, drama-free service provided, problems solved, and promises kept. They must know that when they contact your team, they leave happy, supported, and even more in love with your service than ever. Because if people know that problems will be solved, they are forgiving when problems arise, no matter how big that problem is. If you leave them hanging, then the smallest problem will send them over the edge.

So, invest in your support team. Make sure they have everything they need to make problems go away. And if they can’t, make sure they have a clear line of escalation to people who can. 

Measure, test, and measure again. What are people asking for or complaining about most often? Fix it, build it, create it, invent it. Make it right. If you only offer half a solution, people will go elsewhere to find the other half.

5. Promotion

You have to know your audience. The number of businesses that try to promote a product without a full understanding of their target market astounds me.

Take the failure of the Ford Edsel in the 1950s. The Edsel was intended to be a high-end car that would compete with luxury brands such as Cadillac and Buick. However, Ford made a number of missteps in their product promotion efforts that ultimately led to the car's failure. Including not fully understanding their target market.

They believed that there was a market for a high-end car that would appeal to young families and upwardly mobile professionals. However, they failed to conduct adequate research to validate this assumption. As a result, the Edsel was designed with a number of features that did not resonate with their audience, such as a vertical grille that was widely criticized for its odd appearance.

In addition, Ford spent an enormous amount of money on a flashy marketing campaign that was widely criticized for being over-the-top and out of touch with the values of their target market. They also failed to adequately train their salespeople, who were unable to effectively communicate the benefits of the Edsel to potential buyers.

As a result of these missteps, the Edsel was a commercial failure. Ford lost an estimated $250 million (equivalent to over $2 billion today) on the project and the brand was ultimately discontinued in 1960. 

Beyond understanding the audience, you and your team have to have a deep and enduring understanding of the product and everything it can do. Not only is this obviously essential when it comes to promotion, but it helps you stand out in a crowded market. And not just stand out once, but over and over, because promotion isn’t a one time thing - it requires an ongoing effort to build brand awareness, generate leads, and drive sales. This is an all-in affair that has to be sustained, measured, assessed, upgraded, uplifted, and repeated over time. 

Finally, promotion is a team effort. It’s not something marketing does on their own. It takes input from designers, the support team, the bean counters, the leaders … Everyone has a different view, different experience, and different insights they can offer. The mistake companies make is making the “marketing department” responsible for all promotion, then sacking them if it doesn’t work, when actually, your product just isn’t that great. 

6. Persuasion 

Successful persuasion is the ability to influence others and get them to take a desired action. This skill is essential for building successful businesses, attracting customers, partners, and investors, and achieving really anything you want in life. Unless you live on an island with goldfish for company, you’re going to need to develop this and make sure your sales team masters it too.

It’s not about manipulation or deception. It’s about understanding the other person's perspective. It involves aligning your message to the interests and needs of the other person rather than just pushing your own agenda. By understanding the other person's perspective, you can find a solution that works for both parties and build long-lasting relationships. And that might not mean a sale right off the bat!

The most effective form of persuasion is through stories and examples that illustrate the benefits of taking the step, making the purchase, and jumping into your offer. Stories are what make you relatable. It’s what people connect with. 

Part of the process is building trust and rapport. You do that by listening. Honestly listening. Show empathy and genuine interest. With that in place, you’ll build a real connection and create a sense of mutual understanding.

Human beings are basically self-centered creatures. It takes practice to develop this level of empathy. You get better through practice and feedback. It’s a skill you can learn and hone. 

7. People

If you want to hit your billion-dollar bullseye, you’ve got to deeply understand that people need to feel valued and appreciated for their contributions. To do that, it’s up to you to create a culture that encourages innovation, creativity, and hard work. One where development (personal and work) is recognized as essential.

The fact is that happy employees lead to happy customers, so if you want to have the ultimate in prestigious experience, you’ve got to have happy employees. 

Richard Branson put this so well: "Train people well enough so they can leave, treat them well enough so they don't want to." 

If people feel trusted and empowered, they are more likely to take ownership of their work and go above and beyond for their customers.

Hire for a cultural fit. Make sure the people who join match your values. Make sure collaboration is a strong part of that culture. Create an environment where people are excited about sharing ideas, giving feedback and working together to achieve the billion dollar goal. Prioritize your team’s wellbeing. Provide a work environment that supports physical and mental health. 

And above all, lead by example. You’re doing something big here. You have the know-how and the vision. Your people might not have the whole picture. They’re following you. 

Be worth following.