Sunday, April 14, 2024

How to Hire a Fractional CMO: The Smart Way to Scale

How to Hire a Fractional CMO: The Smart Way to Scale written by John Jantsch read more at Duct Tape Marketing

Are you looking at your business goals and feeling your marketing strategy just isn’t cutting it? You’re not alone. Many businesses reach a point where the usual approaches no longer produce the desired results and everything they try just falls flat or I believe the technical term is “meh”. This is where hiring a fractional CMO can make a significant difference.

As the founder of Duct Tape Marketing, I’ve spent 30 years helping small and medium-sized businesses achieve their goals through effective marketing strategies and our Fractional CMO+ approach. My passion for empowering entrepreneurs has led me to publish best-selling books, host a popular podcast, and share insights with thousands at conferences worldwide. The Duct Tape Marketing System, born out of my desire to solve the frustrations business owners face, has revolutionized how organizations approach marketing and drive sustainable growth.

Let’s explore how hiring a fractional CMO could be the key to pushing your business forward. And if you find the concept intriguing, why not learn more?

Business owners get your FREE Marketing Success Toolkit with the Ultimate Case Study for Hiring a Fractional CMO & the Marketing Audit Checklist so you know exactly where to focus or you can schedule a strategy session to see how this could work for you.

 

The Role and Benefits of a Fractional CMO

How to Identify the Right Fractional CMO for Your Business

How to Work with Your Fractional CMO for Best Results

The Advantages of Bringing a Fractional CMO into Your Marketing

FAQs in Relation to How to Hire a Fractional CMO

 

The Role and Benefits of a Fractional CMO

So you’re thinking about hiring a fractional CMO. But what exactly do they do? And how can they help your business grow? A fractional CMO is a part-time marketing executive who provides strategic leadership to help companies achieve their goals.

Fractional CMOs usually work on a contract basis, typically for a set number of hours per week or month, and bring a wealth of experience and expertise to the table. Unlike a full-time CMO, a fractional CMO can be hired for a specific project or time period, making them a flexible and cost-effective solution for businesses of all sizes.

Fractional CMOs can work on hourly basis. Most fractional CMOs who work on an hourly basis will charge an average of $200/ hour. However, this number varies greatly based on level of expertise, experience and what they bring to the table.

You can learn more about What a Fractional CMO is and does here.

Cost-Effectiveness and Strategic Value

Hiring a full-time CMO can be expensive, with salaries often exceeding $250,000 to $480,000 per year. For many businesses, this simply isn’t feasible. But a fractional CMO can provide the same level of strategic thinking and leadership at a fraction of the cost.

According to a Forbes article, fractional CMOs typically cost between $3,000 and $36,000 per month, depending on the scope of work and the CMO’s experience level. This can be a game-changer for businesses that need high-level marketing expertise but don’t have the budget for a full-time executive.

Flexibility and Scalability

In my experience, another key benefit of hiring a fractional CMO is the flexibility and scalability they offer. As your business grows and evolves, your marketing needs will change. A fractional CMO can help you navigate these changes and adapt your marketing strategy accordingly. They can also help you scale your marketing efforts up or down as needed, depending on your current goals and resources. This level of flexibility is especially valuable for startups and small businesses that are still figuring out their marketing strategy and may not have the resources to commit to a full-time CMO.

“A fractional CMO can provide the strategic guidance and leadership that businesses need to scale, at a fraction of the cost and commitment.” – John Jantsch

How do You Know If Your Business Needs a Fractional CMO?

To find out if hiring a fractional or part-time CMO is right for your business it’s worth considering some key questions, as highlighted in an article from Inc.

Some of those questions are:

  • Project Management: Do you lack someone in-house who can oversee and drive various ongoing marketing and branding projects?
  • Expert Insight: Are you in need of fresh, professional insight into complex marketing challenges, with the ability to turn these insights into actionable strategies?
  • Specialized Leadership: Is there a long-term project on your plate that demands specialized marketing expertise not currently available within your team?
  • Cultural Transformation: Do you require a leader to foster a shift towards a more brand and marketing-focused organizational culture?
  • Completion of Initiatives: Are there numerous marketing projects initiated but left unfinished that need driving to completion?

Answering “yes” to any of these suggests that hiring a fractional CMO could be a beneficial and strategic decision for your business at this time.

 

How to Identify the Right Fractional CMO for Your Business

Okay, so you’re sold on the idea of hiring a fractional CMO. But how do you find the right one for your business?

You want someone with:

  • A proven track record of success
  • Experience working with businesses of your size and stage of growth.

Experience tells me that first, you want to look for someone with a proven track record of success in your industry or a similar field. Ask for case studies, references, and examples of their work to get a sense of their expertise and the results they’ve achieved for other clients.

You should also look for someone who has experience working with businesses of your size and stage of growth. A fractional CMO who has worked primarily with large enterprises may not be the best fit for a startup or small business. Or a Fractional CMO who has worked only with national eCommerce companies might not be the best fit for your local service based remodeling company.

Aligning with Business Goals

It’s also important to find a fractional CMO whose approach aligns with your overall business objectives. Before you start your search, take some time to define your marketing goals and the specific challenges you’re facing. Then, look for a fractional CMO who has experience tackling similar challenges and can provide a clear plan for how they’ll help you achieve your goals.

So how do you define your marketing goals and challenges?

Start by identifying what you want to achieve in simple terms—like increasing sales by 20% or growing your subscribers by 500. Then, list down the main obstacles you currently face, such as limited budget or lack of specific expertise.

A straightforward exercise to help this process is to draw two columns on a piece of paper: label one “Goals” and the other “Challenges”. Fill these columns with concise points. This visual approach can quickly clarify your priorities and hurdles, making it easier to tackle them systematically.

Cultural Fit and Communication Style

Finally, don’t underestimate the importance of cultural fit and communication style when hiring a fractional CMO. This person will be working closely with your team and representing your brand, so it’s crucial that they share your values and communicate in a way that resonates with your team and customers.

In general you should look for someone who is a good listener, communicates clearly and effectively, and has a collaborative approach to working with others.

How to Work with a Fractional CMO for Best Results

You’ve found the perfect fractional CMO for your business. Now what? The first step is to ensure that your marketing efforts are closely aligned with your broader business goals. Your fractional CMO should work with you to understand your overall objectives and develop a marketing strategy that supports those goals.

This might involve conducting market research, analyzing your target audience, and identifying key metrics to track your progress.

Developing a Strategic Marketing Plan

Once you’ve aligned your marketing with your business objectives, it’s time to develop a strategic marketing plan. Your fractional CMO should lead this process, working with your team or your leadership and their implementation team to identify the most effective tactics and channels for reaching your target audience.

We call our strategic process Strategy First. By name, by brand name, but it’s still it’s an approach. Do they have an approach that says, well, before we get into doing x, y, and z, we are going to study what our strategic direction is going to be. We’re going to study how we’re gonna differentiate. If your Fractional CMO is not coming with that strategy first approach, and they’re really just doing random acts of marketing, is that really what you need?

Then, after they develop your strategy (with you) they get into the tactics. This might include a mix of digital marketing, content marketing, social media, email marketing, and traditional advertising.

The key is to develop a plan that is tailored to your specific business needs and goals and then how they are going to execute on that plan. Of course, even the best marketing plan is useless if it’s not executed effectively. Your fractional CMO should work with your team to ensure that everyone is on the same page and that tasks are being completed on time and on budget.

They should also have the authority and support to hold your team accountable for meeting key metrics and milestones, and provide regular updates on progress and results.

Customer Focus for Premium Brand Positioning

Finally, your fractional CMO should help you focus on the customer experience as a way to elevate your brand perception and loyalty. This might involve developing customer personas, mapping out the customer journey, and identifying touchpoints where you can create a more seamless and enjoyable experience. By putting the customer first, you can differentiate your brand from competitors and charge a premium for your products or services.

Remember your Fractional CMO should be the advocate for the customer.

“A fractional CMO can help you align your marketing with your business objectives, develop a strategic plan, and execute it effectively while keeping the customer at the center of everything you do.” – Duct Tape Marketing

 

What a Fractional CMO provides for a businesses marketing strategy.

The Advantages of Bringing Fresh Perspectives into Your Marketing Efforts

One of the biggest advantages of hiring a fractional CMO is the fresh perspective they bring to your marketing efforts. When you’ve been working on your marketing for a while, it’s easy to get stuck in a rut and keep doing things the way you’ve always done them. But a fractional CMO can challenge your assumptions and introduce new ideas and approaches that you may not have considered before. They can help you think outside the box and come up with creative solutions to your marketing challenges.

In short, you want to hire a fractional CMO that is going to challenge you when it comes to how your marketing strategy can help you reach your business goals.

Leveraging Cross-Industry Experience

Another advantage of hiring a fractional CMO is the cross-industry experience they bring to the table. Many fractional CMOs have worked in a variety of industries and can draw on that experience to create unique marketing strategies that stand out from the competition.

For example, a fractional CMO who has worked in the tech industry might be able to apply some of the innovative marketing tactics used in that space to a more traditional industry like healthcare or finance. By leveraging this cross-industry experience, you can create marketing strategies that are truly one-of-a-kind and help you differentiate your brand in a crowded market.

“Fractional CMOs bring a wealth of experience and fresh perspectives to the table, helping businesses think outside the box and create truly unique marketing strategies.” – Forbes

Key Takeaway: 

 

Bringing in a fractional CMO can inject fresh, innovative ideas into your marketing efforts, drawing from a diverse range of industry experiences to uniquely position your brand in a crowded marketplace.

FAQs in Relation to How to Hire a Fractional CMO

How much does it cost to hire a fractional CMO?

The price varies, but you’re looking at around $3,000 to $10,000 per month based on experience and hours worked.

Where can I find a fractional CMO?

Check out professional networks like LinkedIn or niche agencies that specialize in executive marketing placements.

When should I hire a fractional CMO?

If your business is scaling up but has maybe hit a plateau or isn’t ready for a full-time executive leadership, it’s time to consider hiring a fractional CMO.

How much can a fractional CMO make?

Average earnings fall between $50k and $200k yearly. This swings widely with the deal’s specifics and their workload.

Conclusion

Hiring a fractional CMO is a game-changer for businesses ready to scale their marketing efforts. By bringing in a seasoned pro with a proven track record, you can inject fresh ideas, tap into cross-industry expertise, and align your marketing strategy with your big-picture goals.

The key is finding the right fit – someone who gets your vision, meshes with your team, and knows how to drive results. With the right fractional CMO in your corner, you can take your marketing to new heights without the overhead of a full-time exec.

So, if you’re ready to ditch the marketing “meh” and scale your biz like a boss, it’s time to start the hunt for your perfect fractional CMO. Trust me; your bottom line (and your sanity) will thank you.

Get your FREE Marketing Success Toolkit with the Ultimate Case Study for Hiring a Fractional CMO & the Marketing Audit Checklist so you know exactly where to focus or you can schedule a strategy session to see how this could work for you.



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Thursday, April 11, 2024

The FUD Factor: How Fear, Uncertainty, and Doubt Shape Leadership

The FUD Factor: How Fear, Uncertainty, and Doubt Shape Leadership written by John Jantsch read more at Duct Tape Marketing

The Duct Tape Marketing Podcast with John Jantsch

In this episode of the Duct Tape Marketing Podcast, I interviewed Brendan Keegan, a seasoned executive with over three decades of experience in leadership and innovation. Brendan is also the author of the book “The FUD Factor: Overcoming Fear, Uncertainty, and Doubt to Achieve the Impossible.” Our conversation covers the profound impact of fear, uncertainty, and doubt (FUD) on leadership and how mastering these emotions can shape the trajectory of businesses and individuals alike.

 

Key Takeaways

Brendan Keegan emphasizes the transformative power of addressing fear, uncertainty, and doubt (FUD) in leadership. By embracing failure as a learning opportunity, fostering a culture of fearless leadership, and developing emotional intelligence, leaders can overcome mindset barriers and drive growth. Strategies for overcoming FUD include encouraging open communication, setting clear goals, and celebrating successes, ultimately empowering individuals and organizations to achieve greater efficiency, effectiveness, and success.

Questions I ask Brendan Keegan:

[02:11] Is there’s a personal story of how you overcame FUD?

[03:30] How does FUD show up in the workplace?

[05:00] What are some best practices to admitting fear and overcoming it?

[06:42] What inspired you to write a book about overcoming fear?

[07:39] Talk about fearless leadership

[10:55] What are some of the key traits that this fearless leader needs to learn or evolve in their arsenal?

[13:16] Would you say a high level of self-awareness is one of them?

[14:41] How does leadership act as a differentiator between good teams and great teams?

[17:32] Why does leadership matter more now than ever?

[19:56] Is there some place you’d invite people to connect with you, and learn more about the FUD Factor?

 

 

More About Brendan Keegan:

 

Like this show? Click on over and give us a review on iTunes, please!

Connect with John Jantsch on LinkedIn

 

This episode of The Duct Tape Marketing Podcast is brought to you by ActiveCampaign

Try ActiveCampaign free for 14 days with our special offer. Exclusive to new customers—upgrade and grow your business with ActiveCampaign today!

 

Speaker 1 (00:00): I was like, I found it. I found it. This is what I've been looking for. I can honestly say it has genuinely changed the way I run my business. It's changed the results that I'm seeing. It's changed my engagement with clients. It's changed my engagement with the team. I couldn't be happier. Honestly. It's the best investment I ever made. What

John (00:17): You just heard was a testimonial from a recent graduate of the Duct Tape Marketing certification intensive program for fractional CMOs marketing agencies and consultants just like them. You could choose our system to move from vendor to trusted advisor, attract only ideal clients, and confidently present your strategies to build monthly recurring revenue. Visit DTM world slash scale to book your free advisory call and learn more. It's time to transform your approach. Book your call today, DTM World slash scale.

Speaker 3 (01:04): Hello

John (01:04): And welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. My guest today is Brendan Keegan. With over three decades of experience, he's known for his practical insights and passion for innovation. Brendan's focus on leveraging technology to streamline operations has made him a trusted resource for businesses of all sizes. He's also the author of a book we're going to talk about today, the FUD Factor, overcoming Fear, uncertainty, and Doubt, to Achieve the Impossible. So Brendan, welcome to the show.

Brendan (01:36): Alright, welcome. Thanks so much. I'm excited to be here. And just talk a little bit about marketing and fud.

John (01:41): So with St. Patrick's Day, I'm recording this in March with St. Patrick's Day, not too far behind us. I've been watching a couple Irish movies and I'm got to tell you, Brendan Keegan sounds like a character from an Irish movie.

Brendan (01:52): Yeah, well, my middle name's Patrick, so I got the a hundred percent factor going there.

John (01:59): Awesome. So one of the main premises of the book is this idea of fud, which I think is a term that I've heard used by other folks. Fear, uncertainty, and doubt is kind of learn throughout our lives. I'm curious if there's a personal story of how you overcame your own brand of fud.

Brendan (02:18): Well, it's interesting. As a kid, your parents kind of put FUD onto, but you don't realize it until you're a parent. So I remember when I started realizing it when our daughter was really small, but then when she started playing sports, and I still remember she had a skateboard, and all of a sudden it's get the helmet on, get the knee pads, get the elbow pads on, and it's like, Hey, in case you fall now to a 5-year-old, they don't think they're going to fall. So I put the idea of falling into her head and with all the equipment, all of a sudden she was thinking, Hey, I'm just going to go down the hill. I'm going to ride it over to my friend's house, house's going to have no issues. And all of a sudden I turned what was going to be a fun ride into a very dangerous sport that she had to be very careful of. The same could be said, going downhill, ski, and you get 'em bundled up, put the helmet on and everything. But as parents, we tend to be protective because we know they can fall, but we start to unintentionally with the best of intentions, impart some of our fear, uncertainty and doubt. Fear. What if they fall, they're going to break their arm. Well, they didn't plan on falling.

John (03:30): So how does that show up then in the adult version of the workplace?

Brendan (03:36): Well, as you grow up, it manifests where all of a sudden someone wants to play soccer, and it's like, I'm not sure if I'm going to make the team. Well, do I try out? Do I not try out, who am I going to ask to prom? What if they say no? It's like, well, what if they say yes? So we start just as human beings to put the doubt inside our own heads, whether it, well, I'm not going to try off this document, I'm not going to make it. Why? Well, I'm not good enough, as opposed to, Hey, if I practice, I'm good enough. And some of that just can be environmental. Did you grow up in a house where your family, your guardian, your uncle, your parents did say, Hey, if you practice 30 minutes a day, you're going to make the team? Or did they reinforce the, Hey, it's going to be really tough to make the team. I coached football for a number of years, not here. Parents say, I'm so concerned, I just know if he plays football, he's going to get hurt. And I'd say, what if I told you there's three times more injuries in cheerleading than there is football in youth sports, or if that matter, high school sports, but you don't have a fear of your daughter or son cheerleading. But football has that, and so we're just programmed.

John (04:47): So you talk about this, some examples of how you've worked with team members to push them on because people show up then at the workplace in their twenties, thirties, and forties, still with some of that residual doubt. So what are some of the ways that you've found practices, tactics, strategies, whatever you want to call 'em, to get people to move paths that to like, okay, I'm admitting I'm afraid. How do I move past sales?

Brendan (05:10): I think the first thing is talking about you are going to fail, just kind of saying, okay, it's okay to fail. So on my wall at every office, I have the saying, have the courage to fail and the faith to succeed. So the first thing, best practice is make failure acceptable. So that's automatically, you're going to say, well, if this doesn't succeed, I'm not going to lose my job. I'm not going to be in the penalty box. I'm not going to get in trouble. The next thing I'd say is when you do have failures in your company, don't hide from 'em. Talk about 'em. So if you do zoom calls, say, Hey, this week we're going to talk about one of our successes, but we're going to talk about one of our failures. And when you talk about the failure, talk about what you learned and how you're a better company because of the failure, because I've had lots of failures in my career going into new markets, and you really learn, wow, we thought we were going to do well in this market, and you really learned that you didn't, by the way, sometimes when you're successful, you don't diagnose it as much as to you just kind of keep doing it.

(06:09): So I think the first best practice is let failure be acceptable, let failure be something that's possible, and then just some very light training on how do you overcome fear. Some of that can be design thinking, some of it can be some innovation courses. And what's great now is whether it's LinkedIn learning or just all the free learning online, there's courses where you can learn how to think and then test your ideas.

John (06:35): I probably should ask this first, but you're, by all intent and purposes from your bio, you're an operations guy. What inspired you to write a book about overcoming fear?

Brendan (06:47): I've had a chance to be a CEO for the last 23 years, and I've gone into six different companies, every one of 'em. We were trying to either do a turnaround or a transformation, so we were trying to go against our natural momentum. And what I found is I had to spend more time internally changing mindsets than externally. Externally, you could see here's a great market, but internally I'd have people saying, oh, here's why. Here's, we're not going to be successful in that market. We've never pursued that market. We're not prepared for that market. And I'd scratch my head as an outsider, saying, why? And you start to get the, well, we haven't done that before. And my favorite is, well, we tried that when? Five years ago. Five years ago for

John (07:29): One week, right?

Brendan (07:31): Or five years ago, you might not have had the capability to do it that you have today. And just things change.

John (07:37): You talk a lot in this book about something you call fearless leadership, and I'm curious if you could help to find that, because I mean, there's certainly lots of fearless leaders that lead people off cliffs as well, so I'm guessing that's not exactly the same sense in which you mean it.

Brendan (07:52): Yeah, no, in Fearless Leadership is about creating an environment that allows people to fail, allows people to try, allows people to take risks, and then allows those successes to be celebrated. So it's not reckless leadership. I'm not a fan of, Hey, let's just pursue any market for any reason. One thing I talk about oftentimes is establish some guardrails like, Hey, we can pursue any market as long as we make 5% margin. So you're saying, okay, you can't pursue something that we're going to lose money or say, Hey, we're going to start a business, and it's okay if we lose money in the first year. It's not okay if we lose money in the third year. Someone might say, well, to start the business, I can't make it profitable the first month, but I can make it profitable after a year. What I find is set up some parameters, set up some guardrails and say, okay, this, as long as we're within here, you can operate in any way you see fit.

(08:46): And that can be how fast do we want it to grow? What clients do we want to pursue? How profitable do we want it to be? What's the time horizon? We're going to do this for six months, and then we're going to assess. So it's not reckless, but it's creating an environment, setting parameters, and then going after it in a way that you wouldn't have gone after. Because if you go after it in a very calculated, slow manner, there's a good chance that the opportunity passes you by. So you do have to go about it in a very intentional way.

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John (10:37): So leadership's one of those things that it's like sales people are either really good at it or they're not, right? They, they're like born salespeople. Same with leadership. I think a lot of people say, oh, that person's born leader, some people suggest that it can be learned. I know that you fall on the, it can be learned, but what are some of the key traits that this fearless leader really needs to have or really needs to learn or evolve in their arsenal?

Brendan (11:05): So the first is when I look at the best leaders out there that are able to do fearless things that are able to transform businesses, the first thing that they have is they're good communicators. That's both in writing and in person in verbal communications, they're able to articulate their ideas, they're able to then influence people to follow them, meaning they come up with an idea, like during covid, we said, Hey, e-commerce and last mile is going to take off. More people are receiving things at home. I was running a commercial fleet company, so we said we should pursue that more. Okay, great. Then what you needed to do is then you needed to influence more people. So you needed to create a narrative and be able to communicate so you could influence people. The third thing is people that are good disruptors or transformers or innovative or fearless, tend to be good at relationships because they know I'm asking you to take a risk with me.

(12:01): So what's our trust level? Do you believe in me? Do we have trust? If you have trust in me and I'm influencing you and I'm keeping you up to date and I'm communicating with you, you're much more likely to come along with me as opposed to simply just follow. Now, some of the other things are, they're also good project managers. They've got some good project management skills, not, Hey, we're going to try this anyway. So they're able to say, we're going to do phase one, we're going to do phase two, we're going to do phase three. By the way, now they don't individually have to have all these skills. They got to make sure the team

John (12:34): Has these skills. Yeah, I was going to say, I'm terrible at project management, but I have a great number too.

Brendan (12:39): But that's where you'd read the communications. The next thing is you'd create the vision and then you might bring in somebody that says, okay, you're going to work in Microsoft Excel or Microsoft Project. You're going to run the project side of this. And so you don't have to have the skill, but the team has to have that skill. And that last one I talked about is you have to be able to paint a higher vision of something extraordinary, something that is above the norm so that people can strive for that.

John (13:07): I interview, I've been doing this show for 15 years, and I've interviewed dozens, probably a hundred folks that have written books on leadership. I'll tell you the one thing that always comes up when somebody's talking about becoming a better leader is a pretty high level of self-awareness, like understanding yourself. I'm curious where you would put that one.

Brendan (13:29): Yeah, so I put that under the banner of eq, emotional intelligence. I know at one point in my career, I got told Brendan, you got all the IQ to do anything you want in this world, but if you don't develop more eq, you're going nowhere. And tough message to receive In my early twenties, and this is why I believe leadership can be learned, I really learned how to have more e and self-awareness. And oftentimes you get people who are working on a project, especially if it's a fearless project or a disruptive project, where they get myopic tunnel vision, where it's all about their project and they don't realize, no, you're in a bigger company. There's a bigger thing going on. The resources you need might be necessary, might be pulled to work on another project. So I know that was something I wrestled with early in my career. It's like if it was my project, I was like, I was going to run it up the hill. Even if I had to even run over a team member, I have to really learn. And that's that influence part, and that's that relationship part where as you ratchet up your eq, most of us have the IQ to do whatever we want. We really do. It's the emotional intelligence that oftentimes pulls us back.

John (14:37): Kind of the read the room thing. Yeah, you go as far as saying, let me find it. Leadership is the single biggest differentiator between good teams and great teams and organizations. That's putting a lot up. Some might suggest an outsized amount of impact over product, over marketing, over talent. Helpful. Fill in the blank there.

Brendan (14:58): Yeah. So many times when we look at great products or great companies, they weren't the first to develop it. Oftentimes they were the second, they were the third. They were the ones though that were willing. They were the ones that were ready, willing and able to go try it. So whether this is video streaming, when Blockbuster had that ahead of Netflix, the digital camera, Kodak had that before the Instagrams, if you will, of the world. How about the Blackberry? The Blackberry had a jump on Apple and Samsung, and then Apple really kind of jumped in there. So when you diagnose a lot of that and you say what held some companies back and what throttled more companies forward? It was those leaders that were able to communicate influence, build a vision, build their relationships, and get their teams to climb the hill, as opposed to at companies that had superior products, the superior product was going to get you so far before somebody fundamentally came up with something that was as good or better. And how do you bring the entire company along? And we can look at the Apples, the Starbucks, the Netflix, the Amazons, the eBays companies that they really, Tesla, their cultures became so vital to their success.

John (16:19): You imagine that meeting an executive at Kodak walks in and says, look, five years from now, nobody's going to be using film. We have Doug Bo all in on digital cameras. I mean, I'm guessing that probably happened somewhere, and they went, get out of here. We never want to hear from you again. Right?

Brendan (16:35): Well, at that point, a huge part of their profit came from the film, just similar to at one point the HP printer division. All their profit wasn't from the printers, it was actually from the cartridges. Now, I'm sure some engineers said, Hey, I came up with a cartridge that uses a lot less sync, and they're probably like, oh, no, that's not what we want. But that's where there's a saying, cannibalize yourself or be cannibalized. If you're not going to do it, somebody's going to do it to you.

John (17:01): I use the example all the time. Newspapers wouldn't give away free classified ads because it was such a profitable part of their business, and then Craigslist came along and all of a sudden they were hurting.

Brendan (17:13): Yeah. Okay, good.

John (17:15): So you talk about six key reasons why leadership matters more than ever today. So it feels like every new, I've owned my own business for 30 years, and it seems like every year X matters more than ever. X matters more than ever. Why does leadership matter more now than ever?

Brendan (17:35): Yeah. So right now we're seeing the baby boomers start to age into retirement. And so if you just look at the generations, you're seeing baby boomers now, by the way, baby boomers are living longer and working longer. So that's helping. But literally, when you just look at just pure math demographics at the number of people retiring and the number of people entering the workforce, it suggests that there's a void being created now as people are entering where the voids being created is in the leadership ranks, in that somebody that's retiring with 35 years, 40 years experience, that experience has translated into some level of leadership. Now, leadership isn't always a hierarchy leadership. They could be an individual contributor, but they're leading an r and d project on a given product because of their experience and what they've done. So when you look at the first thing is the math.

(18:29): The second is that void that's being created, we're asking people to lead earlier than we ever have. So when I look at companies that I've run over the last five and six years, I've had people in their late twenties and thirties running significant parts of the business that 15 years ago they would've been in their late thirties, early forties. And some of that's just, you look around and you say, Hey, this is the talent that's available. Now, what I'll also tell you is as you look at each generation works differently, thinks differently, learns differently. One thing that when we talk about diversity, going a little off topic, one thing I talk about in leadership that a lot of people don't is have diversity of age on your leadership teams have somebody in their twenties, thirties, forties, fifties and sixties. And the best example I give is if you hand a 60-year-old, a Rubik's Cube and a 15-year-old of Rubik's Cube, they absolutely go about it. Totally different. The 60-year-old starts spinning it around. The 15-year-old goes to YouTube for someone to watch a video on how to do it. As you build leadership, I think it's great. I think it's an amazing opportunity to bring younger people into leadership. I think if people that are in their mid to late career are willing to sit in the room and learn from them, I think you're going to be a more innovative, more disruptive, more transformative company. Yeah,

John (19:50): No question. I concur. So Brendan, I appreciate you taking a moment to stop by the Duct Tape Marketing Podcast. Is there someplace you'd invite people to learn about you, connect with you, and obviously find out more about the fund factor?

Brendan (20:03): Yeah, sure. So F Factor is available online at any of the bookstores, Amazon, Barnes and Noble. I'm on Instagram. That's probably where I'm quite a bit on at BPK Brennan p Keegan Fearless. I have a LinkedIn newsletter, about 150,000 subscribers. It's Fearless Leadership. You can hook me up on LinkedIn. I've got my email and my mobile phone right there. So if you want to reach out to me right there. And then I also have a website, brendan p keegan.com. If you're looking to, you can get more information.

John (20:31): Awesome. Well, again, I appreciate you stopping by. Hopefully we'll run into you one of these days out there on the road.



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Wednesday, April 10, 2024

Mastering Delegation: How to Transform Your Business and Life

Mastering Delegation: How to Transform Your Business and Life written by John Jantsch read more at Duct Tape Marketing

The Duct Tape Marketing Podcast with John Jantsch

In this episode of the Duct Tape Marketing Podcast, I interviewed Dave Kerpen, a seasoned entrepreneur and New York Times bestselling author with a passion for effective leadership and delegation. Dave and I uncover the transformative power of delegation, shedding light on how mastering this skill can revolutionize both your business and personal life.

 

Key Takeaways

Dave Kerpen emphasizes that delegation is a transformative skill that empowers individuals and organizations to achieve greater efficiency, effectiveness, and work-life balance. Overcoming mindset barriers such as fear and distrust is crucial, as is following a structured approach like the Five Cs of Delegation: Choose the right person, Communicate clearly, Coach for success, Check in regularly, and Celebrate achievements. By mastering delegation, individuals can unlock exponential growth opportunities for their businesses while prioritizing meaningful experiences in their personal lives.

Questions I ask Dave Kerpen:

[01:38] What sorts of mindset shifts do you encourage people to take in your book?

[07:14] Explain the S.H.A.R.E model

[09:51] How do you overcome the need to micromanage and delegate instead?

[12:42] What role does mentoring to create leaders inside your organization play, or do you go out and find that leader?

[14:20] What practices should we start exploring? if as leaders, we are to take balancing seriously

[16:38] How do you achieve this balance with teams working remotely?

[18:24] Where can people connect with you and learn more about the Mentorship?

 

 

More About Dave Kerpen:

 

Like this show? Click on over and give us a review on iTunes, please!

Connect with John Jantsch on LinkedIn

 

This episode of The Duct Tape Marketing Podcast is brought to you by ActiveCampaign

Try ActiveCampaign free for 14 days with our special offer. Exclusive to new customers—upgrade and grow your business with ActiveCampaign today!

 

Speaker 1 (00:00): I was like, I found it. I found it. This is what I've been looking for. I can honestly say it has genuinely changed the way I run my business. It's changed the results that I'm seeing. It's changed my engagement with clients. It's changed my engagement with the team. I couldn't be happier. Honestly. It's the best investment I ever made. What

John (00:17): You just heard was a testimonial from a recent graduate of the Duct Tape Marketing certification intensive program for fractional CMOs marketing agencies and consultants just like them. You could choose our system to move from vendor to trusted advisor, attract only ideal clients, and confidently present your strategies to build monthly recurring revenue. Visit DTM world slash scale to book your free advisory call and learn more. It's time to transform your approach. Book your call today, DTM World slash scale. Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. My guest today is Dave Kerpen. He's a serial entrepreneur with three seven figure businesses, a New York Times bestselling author of five books, an investor and most important, a father of three with and husband to wife, Carrie, who's also a partner in the business. And we're going to talk about this latest book, get Over Yourself, how to Lead and Delegate Effectively for More Time, more Freedom, and More Success. So Dave, welcome to show.

Dave (01:34): Thanks so much for having me. Great to see you again, John.

John (01:36): Likewise. So this book is all about mindset or mindset change, I should say. So let's talk about a couple of the shifts that you're going to ask people to make in this book.

Dave (01:48): So the biggest thing that holds people back from delegating well is it not knowing what to do. It's the mindset issues or what I'd call in the book emotional detractors that get in the way. And the two biggest ones are fear and distrust. So we're afraid that if we have somebody else do the work, they're going to mess it up. They're going to fail. We're going to lose clients, we're going to go out of business. There's many things that we're afraid of on the trust side. We don't trust people to get the job done. Our people have let us down in the past, and that makes it harder and harder to trust. And then the two other ones that are a little smaller, but that I do see popping up now and again are the need to control everything and the need for things to be perfect. If it's not perfect, it's not worth doing. And those things get in the way of good delegation as well.

John (02:34): Over the years, I've learned kind of the hard way sometimes that not delegating or not letting people just run with stuff and trusting them. It's really disempowering, isn't it, to the team. I mean, even if it's done with because oh, I want it done it right? I mean, it really teaches them, oh, I just have to wait for you to tell me what to do.

Dave (02:52): It is. So one thing I write about and like to remind people is if they've ever, especially entrepreneurs and small business owners, if they've ever worked for somebody else, many of us have had the experience of working for a micromanager. I know I had that early on in my career and it was miserable. I felt so disempowered, I felt so just unenthusiastic about my work. And so now that your listeners are on the other side of the coin, and entrepreneurs and small business owners have an opportunity to be better, we need to remember what it was like to be micromanaged and make sure that we're not that kind of boss.

John (03:25): Yeah. Another thing that I know I run into a lot of business owners, entrepreneurs, particularly entrepreneurs that are, we'll figure this out, whatever it takes kind of mentality. A lot of times the work that they started doing, the work that the business began with that was kind of their passion and joy. It doesn't make sense for them to do it anymore, but they love it. And that I find is a real challenge.

Dave (03:50): What's really funny, I'll tell you this book is with Ben Bella, and Glen's a wonderful guy that, he's the publisher, he is personally involved. It's a smaller imprint. And he did the first read and he came back. And in the book I talk about three things that every leader should do, three things and three things alone. Set the strategy and vision, hire the right people for the right seats and assure access to enough capital and resources to get the job done. Those three things alone. And Glenn pushed back a little. He said, well, what if you like doing things? What if you like doing marketing? What if you like doing sales? I said, listen, I'm not saying you can't do these things, but a lot of people use excuses that, oh, I like doing this. I'm really good at this, or I really like doing this, so I'm just going to keep doing it. But eventually, first of all, that disempowers the team that's supposed to be doing it. But second of all, the stakes here are big. The stakes aren't just your successful business. The stakes are your time that you only get once. And I write about people on their deathbeds. John, do you know what percentage of people on their deathbeds say, I wish I had worked more

John (04:56): Somewhere around zero.

Dave (04:58): I wish I had built a bigger bit somewhere around zero. But what percentage of people on their deathbed said, I wish I had more time with my family. I wish I had more time with my close friends. I wish I had more time to pursue travel and passions and different things that are personally meaningful for me. So many people have that experience. So why should we get obsessed with doing marketing for our business only because we like it or we're good at it if it's taking us away from our family, our children, the things that are important to us. It's just you have to weigh the relative benefits of doing any particular task or project versus other things that you could be doing with your time.

John (05:38): Well, and I said at the beginning of this, you've run several seven figure businesses. You do the math on that. You break evens about a hundred thousand dollars a month and can I afford to do $30 an hour work for the business at any time?

Dave (05:54): That's right. And I'll tell you, as I've gotten older, I'm more experienced here. My accomplishments have changed. I think for a while I would've said my biggest accomplishment in business was the money. And then I moved on to my biggest accomplishment in businesses of being rated best places to work in New York for five years in a row. You know what? My biggest accomplishment in businesses now, it's having businesses that allow me to check out at 3:00 PM every single day and spend the next four hours with my son doing homework and having a catch. That's time that I will never ever get back. And I've done that by delegating, by letting other people do the work, by empowering them, by stepping back and saying, you know what, if it gets 80% done the way I would've wanted to, that's definitely enough. Who cares if it's 99 or a hundred percent precisely the way I would've wanted it? I've had people come to me, John, and say, Dave, I built a really big business. I made a lot of money, but I missed my whole kid's childhood. Is it really worth it? Yeah.

John (06:55): That leads me straight into the 2015 World Series. Should we talk about that?

Dave (06:59): Oh no. I knew you were going to bring that up. It's been a while since Casey was. I

John (07:04): Know. I know. We're trying to actually get back to respectability so I won't bow bad mouth too much. So you actually hinted at this about the three things somebody needs to do. You actually have a model that you've built that you've given a lovely acronym as consultant author types. You've already kind of unveiled a little bit, but you want to put it in context.

Dave (07:26): Sure. So I'll give you two quick acronyms here that, because I love acronyms. So the first is the share model that it focuses on the three things and the three things alone that we as leaders should be concerned with and what to do with the rest. So those three things are the S is for set, the strategy and vision. The H is for hire the right people in the right seats. And the A is for assure access to capital and resources to get the job done. The R is to remind ourselves that every other task on our plate, every other project on their plate, every other opportunity or obstacle or challenge can be delegated. And the E is for empower instead of making somebody do it, I love the word empower. Give somebody the opportunity to make their mark on that work.

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(09:20): So what are you waiting for? Fuel your growth, boost revenue and save precious time by upgrading to active campaign. Today, I tell you, as my organization's grown, and I read this somewhere so I don't claim that I came up with it, but I love to use this term when I'm delegating something. A lot of people want to micromanage. You use the word talk about all the do it exactly this way. And I love to just say, here's the definition of done. Here's what it's got to get to. What does that look like? So talk a little bit about in the book, obviously delegation's a big part of this, so a lot of people struggle with how to do that. So talk a little bit about how to do that.

Dave (09:57): Yeah, so that's my second acronym, right? So I've got what I call the five Cs model. So five Cs to remember along the way. And I'll briefly go through each, John. The first C is choose the right person. And this is a no small task. I get it. The biggest mistake people make here is choosing the first person that happens to be there. Okay, well this is my assistant, so she'll do it. Or this is my cousin and he works on the business, so he'll do this. You need to be, of course, very thoughtful about who to choose to do the work. And the good news is in today's world, there are freelancers, there are contractors, there are vendors, there are agencies, there are apprentices. One of my companies there are Fiverr and Upwork and all kinds of ways to find people and find the right person.

(10:46): The second C is communicate clearly. Verbally is great, but put it in writing what your expectations are. So there's no misunderstanding, there's no confusion. There's a lot of clarity about how to do it if you insist, but better to the point we made earlier, what that expected outcome is what the finish line looks like. The third C is to coach them on their way to success and cheer them on their way to success. I never think of myself as a manager. People hate managers. I think of myself as a coach. People like coach coaches are the best cheerleaders and they help people get to a successful outcome. They help their teams win. Managers are like, oh, nobody even likes the word. The fourth C is check in on the regular. The frequency of your check-in really depends on the scope of the project, but I do not like daily.

(11:41): Some people are overdoing here with daily check-ins or hourly check-ins. Unless it's a three day project. I like once a week check-ins, 15 minute, everything going, what are your challenges? How can I help overcome those challenges? And then the fifth, see, and this is often forgotten. Once the task is actually accomplished, congratulate them. Celebrate success, right? Let's learn from our mistakes along the way, but let's really emphasize how great it was that we got to that outcome so that they have a good feeling in their mouth, a good memory of the whole thing. And you allall can rinse and repeat and do it again.

John (12:18): One of the things that a lot of organizations, I see this, an organization grows, they need people to do tasks or functions, so they start hiring people, but there really isn't. It's a very flat organization. There's not a leadership team per se until an organization gets really big. And so the entrepreneur is now just managing a whole bunch of people. I know the M word you didn't want me to use, but so what role does mentoring to create leaders inside your organization play? Or do you go out and find that leaders?

Dave (12:49): Yeah, no, it's huge. I think a mistake folks make is hiring only junior level folks or thinking they can't afford senior level folks. So kind of keeping a junior, which can work for a certain amount of time. But the downside, like you mentioned, is over time you're still now you're maybe managing seven or eight different people in different functions. And that's not easy. It is frankly very hard. You might as well be doing the work yourself at that point. So it is really important to either bring on more senior talent and folks that tell me they can't afford it. I call BS because share some of the equity, share some of the pie, and you can afford great talent when you share some upside with folks or mentor people and raise them up and give them a chance to succeed. And I built one of my a million dollar businesses, I co-founded with my apprentice, my assistant at the time. He was 20 years old and I empowered him and I gave him an opportunity to lead and helped to mentor him. And three years later he had a million dollar business at the age of 23 years old. So people can accomplish greatness when we give them a chance and empower them and give them the tools to succeed.

John (13:59): Talk a little bit about, I mean, you mentioned one of the obvious ones. You get yourself in a place where you can leave the business, shut the door, forget about it at three o'clock, but what are some of the techniques for balancing that? I mean because the realities are, I mean there is a lot to do in a business and a lot of demands, especially on the owner, especially if money's tight. It's like I got to keep working to pay the people I'm delegating to. Now. Are there some practices that we should start exploring if we really are going to be serious about this balance idea?

Dave (14:28): Yeah. Well first lemme give you another good hack for delegating on the cheap is AI and GPT. And if folks, I mean maybe it's obvious, but I keep running into folks that just haven't used the tools. So I think it bears saying again, GPT tools like chat, GBT are really massively helpful for things like research and copywriting, drafting pieces. You should absolutely be using these types of tools. If you can't afford an assistant, if you can't afford junior staff, absolutely do that. I use my calendar religiously and I book time to do things and I book time that is bookable by others to work on myself to exercise, to spend time with my kids. And I'm fierce about it. It only works if you're fierce about it. But for me, the calendar is a wonderful tool. So I highly recommend folks that haven't been strict about using their calendar that they think through, again, their prior Vern harness said to me, you can understand your business priorities by looking at your calendar and then understanding how well you're really utilizing that. Another surprisingly good, I wouldn't call this necessarily a tool, but kind of a hack. You might laugh, but go on vacation,

(15:41): Literally find that excuse to go on vacation. I'm sure your family won't mind, right? And if you think you can't afford it, go on a staycation, go on a deeper vacation. You don't need to go to Fiji, but go on vacation, which forces you, whether you think you're ready or not, to start to delegate, to start to set some boundaries on my vacations, I limit myself to an hour a night of work, catch up at 10:00 PM once the wife and kids are all asleep, I do my hour of catch up and then I'm shut off the rest of the time. And that forces me to give other people at the back of the company a chance. And guess what? The house didn't burn down. Things will be okay for you if you go on vacation and you shut off for a couple of days. Yes.

John (16:26): So increasingly, and when people hear the word delegate sometimes they're talking about virtual assistants or people that are in other parts of the world that can do things that they need to, task that they need done. How do you kind of balance all of that with the fact that you're not in an office? It's really tough to build culture, to understand people's goals and motivation. What are some things that maybe specifically need to be different, a little different, because we're all spread out and distributed these days?

Dave (16:57): Yeah, it's hard. I will say that I love hybrid. I love remote. We've built now at least one company completely remote, maybe two completely remotely, but it does require extra work and extra attention. And my biggest recommendation around this is taking a couple extra minutes in every meeting and in every conversation to go with the small talk. Because the thing is, in an office in real life, if you will, or back, I guess I would call it real life. In the old days when we had offices, we had actual water coolers and we had actual opportunities when we're hanging up our coat to say, how about the Mets? Can you believe they crushed KC again last night in that interleague play in today's world, people jump on a zoom and it's immediately like, okay, task. And that's efficient, but at what cost to your culture and what cost to your relationship? So I think the biggest thing when we're establishing relationships with virtual employees and virtual contractors, of which I mean almost all of us have that now, right? Is to take a couple minutes at the beginning and the end to simulate what we might've had in the real world some years ago of like just, Hey, how was your night? Watch any good TV last night. What are you up to this weekend? That sort of thing.

John (18:18): Yeah, absolutely. Well, Dave, I appreciate you taking a moment to stop by and share some with us about get over yourself. You want to tell where people are, invite people to connect with you or find obviously the book, which I am sure can be purchased anywhere,

Dave (18:32): Bookstores everywhere. Get over yourself. book.com has a free chapter download all about delegating chores to your kids, right? So I figured let's apply these same principles of delegation to the home, and I do office hours, free office hours with anyone that wants to meet with me every Thursday afternoon. You can go to schedule dave.com. I'm delighted to help you with any of your delegation challenges or your business challenges or your book writing challenges. John, I'm so grateful. Thank you so much for having me back

John (18:58): On. Oh, you bet. Well, again, I appreciate you taking a moment. Hopefully we'll see you one of these days soon out there on the road.



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Tuesday, April 9, 2024

From Mentee to Mentor: Crafting a Path to Professional Growth

From Mentee to Mentor: Crafting a Path to Professional Growth written by John Jantsch read more at Duct Tape Marketing

The Duct Tape Marketing Podcast with John Jantsch

In this episode of the Duct Tape Marketing Podcast, I interviewed Ruth, an esteemed expert in mentorship and leadership development. Ruth is the Chief Learning Officer and associate professor of education in anesthesiology at Weill Cornell Medicine. She is hailed by nature, Wall Street Journal, and Columbia University as a globally recognized expert in mentorship.

Ruth sheds light on the transformative power of mentorship, emphasizing its significance in personal and professional growth, especially for women and systemically disadvantaged members of society. She shares invaluable insights into effective mentorship strategies and the difference between mentors and tor-mentors, drawing from her extensive experience in mentoring leaders across various industries.

 

Key Takeaways

“In every profession, those who are mentored out earn and outperform those who are not”.

Ruth underscores the transformative power of mentorship, emphasizing its critical role in personal and professional growth for both Mentor and Mentee. Effective mentorship techniques, such as active listening and fostering strong relationships, form the foundation of successful mentorship dynamics. By creating a culture of mentorship at work and seeking diverse mentorship experiences, individuals and organizations can unlock their full potential, drive innovation, and thrive in today’s competitive business landscape.

Questions I ask Dr. Ruth Gotian:

[01:44] How does working as an anesthesiologist come into the field of mentorship?

[03:26] What are the first steps that need to be taken in igniting a mentorship relationship?

[05:57] Would you say that the organizational approach outlined in your book is what people should begin using as a platform?

[10:31] How often does the mentee become the mentor?

[11:35] How beneficial is mentorship to women and marginalized groups in our society?

[14:54] How do mentorships fail?

[16:33] Can you explain the phrase from the mentor’s point of view ‘hear what’s not being said’ ?

[17:37] Should mentorships be infused in company culture?

[18:08] Where can people connect with you and learn more about the Mentorship?

 

More About Dr. Ruth Gotian:

 

Like this show? Click on over and give us a review on iTunes, please!

Connect with John Jantsch on LinkedIn

This episode of The Duct Tape Marketing Podcast is brought to you by ActiveCampaign

Try ActiveCampaign free for 14 days with our special offer. Exclusive to new customers—upgrade and grow your business with ActiveCampaign today!

 

Speaker 1 (00:00): I was like, I found it. I found it. This is what I've been looking for. I can honestly say it has genuinely changed the way I run my business. It's changed the results that I'm seeing. It's changed my engagement with clients. It's changed my engagement with the team. I couldn't be happier. Honestly. It's the best investment I ever made. What

John (00:17): You just heard was a testimonial from a recent graduate of the Duct Tape Marketing certification intensive program for fractional CMOs marketing agencies and consultants just like them. You could choose our system to move from vendor to trusted advisor, attract only ideal clients, and confidently present your strategies to build monthly recurring revenue. Visit DTM world slash scale to book your free advisory call and learn more. It's time to transform your approach. Book your call today, DTM World slash scale.

(01:03): Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch, and my guest today is Dr. Ruth Gotian. She is the Chief Learning Officer and associate professor of education in anesthesiology at Weill Cornell Medicine is a globally recognized expert in mentorship and leadership development, hailed by nature, wall Street Journal and Columbia University. She was named a top one of the top 20 mentors worldwide. She is also an award-winning author of The Success Factor and a book we're going to talk about today, the Financial Times Guide to Mentoring. So Ruth, welcome to the show.

Ruth (01:42): Thank you so much. I'm excited.

John (01:44): So what's the connection between an anesthesiologist and mentoring? That was my first thought when I got your bio.

Ruth (01:52): Well, I am a doctor, but I'm not a physician. I am based in the Department of anesthesiology and what mentoring has to do with it is what it has to do with every profession, which is those who are mentored out, earn and outperform those who are not. And that's across the board across every industry, which is why I was so excited to partner with Andy Lata and write the book about mentoring.

John (02:21): Let's start with you just mentioned, those who are mentored, perform better. Let's start with the people. How do you be an effective mentor? A lot of my listeners are owners of companies. They have employees that they really should be looking at as mentees in some cases. So what are some of the factors that help somebody become a better mentor?

Ruth (02:42): I think you really need to look for what is undone and what is not said within the mentees. And if you could draw that out of people and then help them think bigger, dream bigger, see bigger, then you're able to get them to do bigger things. Giving them these stretch assignments which push them right outside their comfort zone because we know in leadership development that true learning occurs right where the comfort ends. So if you're able to do that and then you're able to open doors for them doors they didn't even know existed, that's what makes you a great mentor.

John (03:21): You zoomed right past to the amazing relationship, right? But there's a whole lot of people who have never done this before and don't even know how to get started. In fact, maybe until they listened to this show, didn't know it was their responsibility. So how, what's the baby steps?

Ruth (03:37): I think the baby step actually starts with the mentee. Sure, A mentor, they see the diamond in the rough by all means approach them, but really it's the mentee who should be taking the reins in the relationship. Now, you don't go up to someone and say, John, you're really successful. You've written seven books. Will you be my mentor? Where do you start with that? Right? Where do we even start the conversation? But if I gave some context and if I gave a timeline and if I showed encouragement as the mentee, then the mentor is more likely to step forward. So for example, if I said, John, I'd like to write my next book or my first book, I have a rough outline in place. I know you've written seven books, all the ins and outs. Could I grab 15, 20 minutes, show you my outline, tell me what you think I'm missing or how I can make it stronger?

(04:31): Well, now you're excited as a potential mentor. I never used that label, but I gave you context. I showed you I'm interested, I showed you I'm willing to work, and I told you it's only for 15, 20 minutes. It's not all day. Now all of a sudden we have something, we have a template that we can move forward with and people are so worried about that labeled mentor. And I tell people, we've got enough labels in our life. Don't worry about that one. If you start asking someone to be your mentor without doing any work beforehand, that's very stressful because that makes them feel like they need to take on another job. Don't worry about the label. That will come much later. That is an earned label.

John (05:16): It's interesting as I listened to you describe that template. That's a great template for any ask, right? That's correct. Be as specific as possible. Outline what the objectives are, what's in it for them or what their accountability or responsibility is going to be. In fact, I have had people over the years just come with that sort of blanket, would you be my mentor? And I've actually said, okay, prove that you deserve it. I didn't say that. That's right. I said, tell me this and this and come back to me with that. And half of them never showed back up again. That's right. That's right.

Ruth (05:50): They want you to illuminate a path, but which path they have to do some of the work.

John (05:57): Would you say that the approach that you outlined in the book is something that organizationally people should start adopting as a bit of a platform? Talk about how that might work.

Ruth (06:07): So the book is actually broken up into how to be a great mentor, how to be an effective mentee, and how organizations could really develop these programs. Because my co-author, Andy Lata and I, we looked at all these organizations. We all know that mentorship is needed, right? The research is crystal clear on this, but we couldn't find organizations that were doing a fantastic job with this. There were so many loose ends, the platforms weren't working, the matches weren't working. And what happened was it just sort of fell by the wayside. So we decided we were going to offer these opportunities, these blueprints, how to create these great programs, how to make more effective matches that aren't random. You're not just going to put two people together because they're both from Kentucky, that not everyone from Kentucky is the same, but that's what people are doing.

(07:00): That's what organizations are doing. So we decided we are going to offer a better strategy, which also includes an off ramp. So if you are going to match people up one-on-one, realize not every match is made in heaven and you need to allow an off-ramp so that a new better match could be made or the approach that we are pushing, which is more of a team approach to mentoring, which is the more contemporary approach. And we discuss how to set that up effectively with different layers and so on. But this is something that every organization should have and should revisit to make sure it's effective because not only is it great for the mentor, not only is it great for the mentee, it's also great for the organization. Those who are mentored actually have greater loyalty to the organization. It's one of the best retention tools out there.

John (07:53): Yeah, absolutely. So we kind of glossed over your initial statement was that we know that they perform better. So let's maybe break down kind of specific, and I don't know, it's hard to give an example maybe or case study, but in this case maybe it's not. But what are some very specific benefits to really both parties, the person being mentored? Because I'm guessing that you've got some examples of people who have been mentors that say, you know what? I get as much out of this as I give.

Ruth (08:20): Yes, we have definitely interviewed many people from all over the world, but some of the most popular examples are that people who are mentored earn more money. They're happier in their job and in their career. Why? Because your mentor will tell you, Ruth, you have been sitting in that chair doing the same job long enough. It is time to throw your hat in the ring and apply for the promotion. And then I might say, I'm not ready. I don't meet all the criteria, all the usual conversation. And they said, nobody meets all the criteria. Put your hat in the ring and try. And when you get it, surround yourself with people that can advise you and you can ask questions, et cetera. So they give you that encouragement, they give you those guardrails, and again, they push you out of your comfort zone with that promotion comes more money, et cetera, et cetera.

(09:14): Why is it great for the mentors? The mentors are also learning from the mentees because they're open to new knowledge. And I study, I'm a social scientist. I study extreme high achievers, Nobel Prize winners and astronauts and Olympians. And we share many of those stories in the book as well. And every single one who has served as a mentor will share how much they have learned from their mentees. One of the people was Dr. Bob Lefkowitz who won the Nobel Prize in 2012, and he shared the Nobel Prizes, usually shared two or three people. And one of his first questions when he got that 4:00 AM phone call was, who am I sharing the Nobel Prize with? And they told him, and it turned out it was his former mentee. And I said to him, that's strange that you're sharing that Nobel Prize, the biggest prize of your career with a former mentee. He said, strange. He said, that is the biggest honor. There is a mentor measures their success by the success of their mentees.

John (10:23): Wonder how many was

Ruth (10:23): Brilliant.

John (10:24): Well, yeah, I mean I think that's definitely the right way to look at it. I mean, as leaders, that's our job, right? That's right. So I wonder, and you might know this, how many people who have been mentored then go on inside the organization to become mentors? So they've been mentored, become mentors.

Ruth (10:41): So the mentee becomes the

John (10:43): Mentor. They had that experience. It was a great experience for them. They're like, I'm going to do that too, or I'm going to give back. You probably have some All of them.

Ruth (10:49): Yeah, all of them. Especially if they were mentored. Well, they always want to pay it forward. And that's one of the great things. I have achieved great heights because of these doors that were open for me, because of the advice that I've received, because of the guidance, because of those guardrails, because of those stretch assignments, I now want to pay it forward. And this is really how you create not just the retention, but you also create this pool of high achievers because everyone is lifting up the next person. But the truly great organizations, even the C-suite and the CEO, all of them have mentors as well. Yeah.

John (11:31): So this is a tricky question, particularly coming from a white male. Is there significant data that suggests certainly women, minorities that maybe unfortunately still face some disadvantages in the workplace that this is even a greater boost for them?

Ruth (11:47): So there's quite a bit of data on this, and a lot of it says also that women are over mentored, but under sponsored, and we know this, what we are advocating for is that you don't only look for mentors who look like you. And this is especially for women and those in underrepresented groups, and that's for two reasons. One, you'll be in an echo chamber. Absolutely, they should be on your mentoring team because there is that empathy and that emotional intelligence that you can grasp onto. But you will be in an echo chamber if you only hear about experiences like yours. Second, there's a very limited number of people who at those higher levels, and if every woman is going for the few women who are in the C-suite, they're not going to have time to do their job. And then that creates a whole other problems as well.

(12:42): This goes back to what we were advocating for at the beginning, get a team of mentors. So if you are a woman, somebody, at least one person on your mentoring team will be a woman. If you are an underrepresented group, at least one person on your mentoring team will be of an underrepresented group. But you also want people who are different than you so that you can learn from them as well. And you want people inside your industry, outside your industry, senior to you at your level, junior to you across those industries, cross departments within your organization. The more people you have and they don't all need to meet together to discuss your future, the better it's going to be, the more perspectives you'll have access to.

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Ruth (14:59): There are the mentors that do not do a good job, what we call TOR mentors.

(15:05): These are the people who are jealous of their mentee's success. These are the people who don't want their mentee to shine because they're afraid it'll take away from them. These are people who are very possessive of their mentees, don't have the bandwidth to take on a mentee or not sharing. They're keeping some information hidden. This is not good. And the bad part about this is that bad mentorship is worse than no mentorship. And the reason for that is if I've been burned by a bad mentor, I am not rushing to find a new one. And that's the problem because of what we discussed at the beginning and that those who are mentored out earn and outperform those who are not.

John (15:47): So that leads me to, as a mentor, what are there a set, I'm sure anybody can learn to be a good mentor, but are there a set of qualities that are sort of human nature that really kind of make somebody a better mentor than another?

Ruth (16:03): There are. I think there are a lot of qualities in, the good part is they can all be learned. A lot of it is hear what's not being said, see what's not being done. Start making those connections. Start pushing your mentee of the comfort zone, the things that we talked about at the beginning. If you're able to make someone better than they could be on their own and in a shorter amount of time than having them figure it out on their own, you've succeeded.

John (16:33): So you've said here what's not being said twice now, and I'm just guessing there's some people out there that are like, wait, tell me what that really means. How do you do that?

Ruth (16:43): It takes a lot of active listening, hearing when they're telling you something. You want to start peeling layers of an onion, right? Why is it that you are saying that? Why is it that you're doing things a certain way? And start asking those why questions a lot and then start making connections for them that they might not be able to see on their own. And once you're able to make the connections and you see their face light up, that's when you know you've got them on something good. Now you can start coming up with a plan, alright, we agree that this is what you want to do. Now let's figure out how you're going to get it done.

John (17:20): So I had what I would call a mentor. We didn't officially call it that, and he would drive me crazy because he would always just say whatever I said, he said, tell me more about that, until I would loop myself into a puddle because I had nothing left to say. So at what point do you see this as culture and inside an organization?

Ruth (17:42): I think it needs to be culture. I think it needs to be inculcated into the culture of every single person who's there into the fabric of who they are into their mission. Because if we know it works and if we know it makes the employees better and the organization better, I want someone to give me an argument about why we shouldn't be doing it. Right.

John (18:04): Well, Ruth, it was great having you stop by a few moments, share with our listeners. You want to tell people where they might connect with you or certainly find a copy of your guide to mentoring.

Ruth (18:13): Absolutely. So I am Ruth, Ian, wherever you are on social media, I am there. The book is called Financial Times Guide to Mentoring. And wherever you love buying books, that's where you'll find it.

John (18:27): Awesome. Again, appreciate yourself. Hopefully we'll run into you one of these days out there on the road.



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