Ep. 216 – David Wood best advice: We’re all digging for gold… Don’t fall into the trap of going a mile wide and an inch deep… go an inch wide and a mile deep

David Wood:

built the world’s largest coaching business with 150,000 followers
was ranked #1 on google for “life coaching” out of 23 million results
is the author of “Get Paid for Who You Are”, with foreword by Jack Canfield of Chicken Soup fame
has taught laser focus to leaders at Facebook, Square, Warner Bros, Salesforce, as well as Colorado prison inmates
has appeared on CNN Headline News, Forbes and has done over 160+ podcast interviews

Most passionate about

Today, I’m helping business owners double their revenue and their time off. I love helping people make more money, and business is really fun for me.
I’ve been coaching for 20 years. I think I’ll always be available for people to get support and help in having their lives be amazing.

David’s career and story

I started as a consulting actuary to Fortune 100 companies in New York, on Park Avenue, at the age of 23. It was very exciting for me.
Then I discovered that I was missing a whole lot in my education. I didn’t know about vulnerability. I didn’t know about real risk-taking with emotions and emotional intimacy. I didn’t know about leadership and communication and transparency. So, the last 20 or 25 years of my life have been about catching up with that.

Best advice for entrepreneurs

The best advice is: Don’t fall into the trap of going a mile wide and an inch deep.
We’re all digging for gold. We want to find that gold. If you want to get successful in the shortest possible time, you want to go an inch wide and a mile deep.
There’s something that Clay Collins teaches called the Five Ones and the Five Ones- pick one target market, one traffic source, one product, one conversion tool, which could be your lead magnet. The last one is to go deep into all of those for one year. After a year, you can add something else, like, another traffic source,” or, “I want to add another product,” or, “I want to broaden my target market a bit now.”

The biggest, most critical failure with customers

It wasn’t quite a failure, but this slowed me down so much. I was successful in spite of this mistake. That was choosing a target market that didn’t have much money. They were quite poor. I started working with startup coaches. They didn’t have a lot of money and they’re in startup mode.
They’re not already up and running in a business, so to ask them to pay me 1000 or 2000 a month to help them with something, unproven, was a big ask. It took me a long time to realize that. Now I serve that market and I served it well. I became number one on Google for life coaching.

Biggest success with customers

I was invited to speak at a really big events and they said, “Look, we’ve got 1200 people. Can you come and speak to us about newsletters?” I make money with newsletters. I give my newsletters for free. I don’t charge for it. So, initially, I thought, ‘I can’t help you.’ But then I turned it around and thought, ‘No, wait a minute. I’ve been offering a free newsletter for years and I’ve built my business based on a free newsletter. So, I will come and speak.’ And one thing that I did really well was that I got coaching.
The coaching I got was to create a product specifically for this audience. They wanted to automate their revenue and get passive revenue, and I didn’t even have a product for them. I created a $2,000 product and a $4,000 product specifically for this audience.
We sold $333,000 worth of training in 15 minutes.

David’s one key success factor

I think one thing is my tenacity and persistence: Persistence has allowed me to get Jack Canfield to write the forward to my book. There’s something about persistence that got me into the Transformational Leadership Council.
If something matters to you, don’t get stopped too easily. Just keep on going.

The best ways to connect with David

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