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What is behavioral economics? Why does it matter to you?

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Podcast Episodes

What is behavioral economics? Why does it matter to you?

367. Breaking Free: The Entrepreneurial Journey with Amy Porterfield

In this episode of The Brainy Business podcast, Melina Palmer interviews Amy Porterfield, an esteemed author and host of the Online Marketing Made Easy podcast, who shares her journey from working with Tony Robbins to becoming a successful entrepreneur. Amy’s insights on leaving a 9-to-5 job and starting a business emphasize the importance of embracing entrepreneurship for personal freedom and the ability to design a fulfilling professional life. 

She advises aspiring entrepreneurs to have the courage to pursue their dreams, highlighting the initial challenges and the significance of experimentation and niche focus in the early stages of entrepreneurship. Amy’s expertise in creating profitable digital courses and her emphasis on the value of an email list and scarcity marketing make this episode a must-listen for aspiring entrepreneurs seeking increased confidence and clarity in their pursuit of entrepreneurship. Her relatable experiences and actionable insights offer valuable guidance for those considering a career change and venturing into entrepreneurship.

In this episode, hear discussions about:

  • Mastering the transition from a 9-to-5 job to entrepreneurship empowers you to pursue your passion and take control of your career.
  • Strategically building an email list facilitates direct communication with your audience, fostering stronger connections and increasing business opportunities.
  • Embracing the importance of scarcity marketing cultivates a sense of exclusivity, driving demand and urgency for your products or services.
  • Focusing on a specific niche allows you to become an authority in your field, attracting a loyal customer base and standing out in a competitive market.
  • Leveraging limited availability creates a sense of urgency, compelling customers to act swiftly and seize the opportunity, leading to increased sales and engagement.
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HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction
Melina introduces Amy Porterfield, author of Two Weeks Notice and host of the Online Marketing Made Easy podcast, and shares her excitement about having Amy as a guest on the show.

00:04:05 – Amy’s Background and Transition to Entrepreneurship
Amy shares her transition from working for Tony Robbins to becoming an entrepreneur. She highlights the challenges she faced in her first two years of business and emphasizes the importance of finding the courage to quit a 9-5 job.

00:07:02 – Upsides of Entrepreneurship
Amy discusses the freedom and opportunities that come with entrepreneurship. She encourages individuals to pursue entrepreneurship if they feel unhappy in their current job, emphasizing the freedom and control that it offers.

00:10:11 – Evolution of Business Model
Amy talks about the evolution of her business model, highlighting the importance of experimentation and finding what works. She emphasizes the need to pivot and make changes based on what feels right and resonates with the entrepreneur.

00:13:24 – Overcoming Trivial Obstacles
Melina and Amy discuss the concept of Bike Shedding and Parkinson’s Law of Triviality, emphasizing the tendency to procrastinate on trivial tasks. They encourage entrepreneurs to focus on the most important aspects of their business and avoid getting stuck on minor details.

00:14:19 – Avoiding Common Business Mistakes
Amy advises against spending too much time on non-essential tasks such as perfecting a website or business card. She emphasizes the importance of making decisions and taking action to move forward in business.

00:15:23 – Overcoming Analysis Paralysis
Amy highlights how spending excessive time on decisions like website templates is a way to stay safe, but it ultimately keeps individuals stuck. Taking action and making decisions is crucial for progress.

00:16:40 – Importance of Website Content
Amy stresses the significance of key website pages, such as the about page and creating weekly original content. She advises against comparing one’s early business stages to established businesses and emphasizes the need for consistency in content creation.

00:18:28 – Building an Email List
Amy discusses the value of an email list, emphasizing its control and reliability compared to social media. She underscores the importance of promoting freebies and nurturing the email list as a priority in business growth.

00:26:29 – Consistency in Business Strategy
Amy shares her successful strategy of launching the same product repeatedly until it performs exceptionally well. She highlights the importance of familiarity and repetition in marketing for success.

00:27:36 – The Evolution of Digital Course Academy
Amy discusses the evolution of her product, Digital Course Academy, and how she has been launching it since 2019, with each launch getting better and bigger. She emphasizes the importance of improving marketing and program quality over time.

00:28:31 – Building Brand and Growing Email List
Amy explains how launching the same product annually has helped her improve marketing, program quality, and grow her email list. She emphasizes the value of continuously building and strengthening the brand through consistent launches.

00:30:27 – Overcoming Nervousness about Scarcity and Urgency
Melina and Amy discuss the challenges entrepreneurs face when implementing scarcity and urgency in their offers. Amy offers advice on addressing the fear of being pushy and the importance of believing in the value of urgency in helping customers make decisions.

00:34:48 – The Psychology of Scarcity and Urgency
Melina delves into the psychological aspects of scarcity and urgency, highlighting how time pressure can shift individuals from being risk-averse to loss-averse. Amy emphasizes the effectiveness of scarcity in capturing attention and spurring action.

00:40:21 – The Power of Nudging and Feedback
Melina and Amy discuss the concept of nudging and the importance of providing feedback to guide customers in their decision-making. Amy emphasizes the value of sending reminder emails to nudge potential customers, recognizing that people may forget due to their busy schedules.

00:40:55 – Overcoming Hurdles and Helping Others
Amy gives advice on how to approach helping others without making them feel bad and encourages stepping out of comfort zones to send more emails.

00:41:36 – Self-Selection and Audience Clarity
Amy shares her experience with receiving negative emails and emphasizes the importance of self-selecting audiences and being clear about who your audience is.

00:42:25 – Focused Business Approach
Melina and Amy discuss the benefits of focusing on specific areas of expertise and being known for something specific, such as online courses and email list growth.

00:43:29 – Leveraging Social Media
Amy talks about using social media to her advantage, even if she doesn’t love it, and how it has helped her business.

00:44:43 – Leveraging Scarcity and Generosity
Melina and Amy discuss the power of scarcity, familiarity bias, and reciprocity in growing a business, and encourage listeners to simplify and leverage these principles.

00:45:47 –  Conclusion,
Melina’s top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media — you’ll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

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