#005: Bob Mangat: From $150k to $50 million, The Business of Marketing Your Business

OVERVIEW

Bob Mangat – CEO & Founder at EverGenius, Chief Strategist and Founder at invigoMEDIA, Author, Medical Marketing and Practice Growth Expert, talks to Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. Bob shares the following: his backstory about what he learned from the early growing pains of his parent’s business, the pearls of wisdom he’s learned about branding and positioning, how buyer psychology operates and affects sales, what to look for when seeking digital marketers and how he created EverGenius, his patient communication and retention software.

 Episode Highlights:

  • Bob talks about what his life was like growing up.

  • How did Bob transition into the marketing side of his business?

  • What did it take to get involved in consulting?

  • What’s the difference between branding and positioning?

  • Bob discusses the importance of understanding buyer psychology.

  • What is Bob’s main objective when following up with potential customers?

  • What advice does Bob have for running Facebook ads?

  • How do you spot qualified digital marketers?

  • What is an ideal pricing strategy for marketers?

  • Deliver on your service for repeat business instead of undercutting price and taking on way too many clients.

  • Message, market and media. Take your message to your target market and go after it with media.

  • What problems does EverGenius patient communication and retention software solve?

 3 Key Points:

  1. Marketing your business requires that you understand customer acquisition, lifetime value, positioning authority and creating celebrity status.

  2. 3% of your prospects will buy right now and 97% will take their time. Educate them so they can make the decision to do business with you on their own without being told to.

  3. Test, track and tweak your online marketing campaigns with expert guidance.

 Tweetable Quotes:

  • “I was talking to my wife the other day and I said, ‘If anything ever happens to me, teach my kids selling. Teach them how to sell and teach them how to market.’” – Bob Mangat

  • “I started to focus on a lot of the marketing aspects, and when I did that, our business grew from $150,000 a year to $50 million in sales.” – Bob Mangat

  • “The National Executive Sales Association says that from the 8th to the 12th contact is where 50-70% of the business is actually done.” – Bob Mangat

 Resources Mentioned:

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