Sometimes in business, we can find ourselves in a competitive situation, we might have to pitch against another firm, or bid for contracts. But when it comes to your marketing, there are opportunities everywhere, if you know how to look for them.
The concept of the abundance vs scarcity mentality is all about identifying and seizing those opportunities.
Is it better to have the whole pie (albeit a small one) or to have a slice of a much, much bigger pie?
Ultimately the choice is yours, but when you start to realise that you might not be so alone and competing against everyone, you could realise that there’s more than enough to go around.
A huge thank you to Campaign Refinery for sponsoring this episode. Check out the amazing email marketing automation tool they’ve created.
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The Abundance vs Scarcity model isn’t new. But it is something worth investing some time to learn more about. Here are some links that I’ve found interesting and insightful:
Chris Bruno 0:00
This week’s episode is brought to you by Campaign Refinery, an amazing new email marketing automation tool. Look, in the world of digital marketing, there’s a lot to keep track of. We all know this. As much as we’re in love with social media and the power of social conversation here at Social INK and on the All About Digital Marketing podcast, we are well aware of just how powerful email marketing can be. Email Marketing is not dead. In fact, it’s never been more important to help you leverage your presence everywhere else into the one channel that your own, regardless of what changes Facebook, Twitter or any other platform makes in the future. I’ve known the founder Travis Ketchum for years, and he’s been a past guest on the podcast, Episode 15, if you want to listen to it. I’ve personally used his other products before and they’ve been fantastic. The amount of thought that he’s put into each and every one of what he’s created has been incredible. I’d highly encourage you to try that free 14 day trial. CampaignRefinery.com to see what world class email marketing automation can do for you and your business. A massive thank you to Travis and Campaign Refinery for their support of the All About Digital Marketing Show.
Welcome to the all about digital marketing podcast, the show all about digital marketing, digital marketing, digital marketing, digital marketing, brought to you by social Inc, digital marketing agency specialising in social media and content marketing for great brands and forward thinking SMEs. I’m your host, Chris Bruno. And as always, we’re here to bring you the most actionable tips, tricks, tools and insights to help you achieve more when it comes to your digital marketing. Subscribe to the show. And be sure to share with a friend if you found something useful or interesting. You can find all the show notes and more information on www dot all about digital marketing.co UK
Hey everybody, and welcome to a another episode of The all about digital marketing podcast. Today I wanted to talk about the idea of abundance versus scarcity mentality. Now, don’t worry if you think, Wow, where’s this going? I’m going to try and help you understand, and it’s going to create opportunities that you never thought were possible.
The idea is very simple. There’s two ways of looking at pretty much any situation or the industry you work in or whatever it is that you’re currently doing for your business. The first is where the scarcity mentality. Now a scarcity mentality is there isn’t enough to go around for everybody. So you constantly feel like you’re fighting against everybody else, to try and carve your way out to get a piece of the pie or whatever it is, because you honestly believe there isn’t enough to go around.
Now when you have that mentality, the sort of things that end up happening are, you know, you really fight you’re very price conscious, you’re doing things that are trying to help you to gain absolutely everything. It’s kind of like a zero sum game. If I get x, then there’s nothing left for anybody else. Or if somebody else gets x, then there’s none left for me. So you become very hostile, almost defensive, and you’re kind of attacking your marketplace for trying to find your space to get what you believe is yours and make sure nobody else gets it.
The second version of that is the abundance mentality. Now the abundance mentality, simply put is, there’s more than enough everywhere for everyone. There’s always going to be someone that gets a bigger piece or a smaller piece, but that doesn’t matter. There’s enough for everyone. There’s enough to go around. It’s a big buffet spread, and you’ll be able to find your little piece or your piece that’s significant for you for your business within your industry within your marketplace. There’s a couple of sort of metaphors that I wanted to talk about. But the one that I think works the best and that I’ve used before, when talking about this subject, is the idea. Would you rather have the whole pie, which might be very, very small? Or would you rather share a piece of a much bigger pie with other people? Now it sounds like I’m oversimplifying it, and maybe to a certain extent I am.
But the idea being once you can start seeing the marketplace for what it is, which is filled with opportunities, tonnes of potential for synergy for Win Win situations for partnerships for collaborations, once you can see that, and you can see what the potential of that actually could bring for your business. You stop seeing it as being a war of you against everybody else in the world. It’s not a case of if you don’t get x then there’s nothing left for you. And you start to see things very, very differently. With scarcity it’s usually referred to as You know, life is a zero sum game. So there’s a finite number of everything, there’s a finite amount of whatever it is that you might be doing or fighting for. And what happens is, is by you having that point by you not having sorry, that finite resource that finite, whatever it might be, then you feel like you’ve lost with abundance, what we’re trying to create is that actually, the sum of the parts is much greater than the whole.
Now, you’ve probably heard people say this before, you know, two plus two is equal to four, but actually bringing two people together. And two people that work together that collaborate together that have synergy together, can create so much more. They can create opportunities that others just simply can’t. Now those opportunities might not always be visible, right in front of you straight away. It’s not because you do x that you’re definitely going to get why. But the idea of the abundance mentality is that you know, There’s more than enough to go around.
So when you take an opportunity to be a guest on somebody’s podcast, or to create content with a company that’s within your sector or your industry, or maybe even to have a conversation or create content, or take an opportunity with a competitor, or somebody that you would see as a competitor, which is another opportunity for you to be able to collaborate for you to be able to find synergy, and later on down the line, who knows where that might bring you and where that might take you. If you can see those opportunities, and if you can see that bigger picture of there being more than enough
to go round there not being a need to be cutthroat and and really focused on you know, I have to be whoever, then you can start opening doors and relationships, which fundamentally help you build everything, whether it be your network, your personal relationships, whether it be your business, whether it be your sales, whether it be your bottom line, all of these things help You to start seeing the world in a different way to start finding and creating your own opportunities in a very different way. And to start making something that’s not just about you against the world, but actually about you being part of a bigger world, a bigger industry, a bigger, whatever it might be sector audience, nevermind, it still brings you into something that is so much bigger.
When it comes to business, and especially obviously for this podcast, we’re talking about marketing. What are some of the things that businesses can do when they have an abundance mindset? It’s that they can approach other businesses that are within the same sector, that are within the same industry that are even potentially close direct competitors, and not be afraid to have those conversations, not be afraid to look for the opportunities of how you and them could collaborate could partner could work together, as opposed to seeing the fact that you need to beat them. You need to be better than them and what Whatever it might be that you’re currently facing in a scarcity mentality.
Now what ends up happening, if you imagine two firms working together, and we’ve had guests on the show that have explained the same thing to us, I think it was Becky Robinson, you know, two people that were actually doing very complimentary services that had small businesses when they worked on their own, who came together. And the synergy has created a company that is twice more than twice what it was worth, but it’s become a valuable service within their industry, because they can now offer a bigger range of services, they can offer it to more clients, they have more manpower as they brought their teams together. And actually, they’ve created a synergy where the simple idea of one plus one hasn’t equal to the idea of one plus one at this, at this particular example, has probably resulted in 10.
The opportunities that come and the capabilities that come from coming together and from seeing the world is being big enough for everybody is endless. And you’ll find this again and again, whether it’s written about in self help, whether it’s things like the Seven Habits of Highly Effective People, it doesn’t matter. Everybody talks about this concept. And if you can change that when it comes to your marketing, you can start finding opportunities where you didn’t realise they even existed, whether that be partnering with a third party community online, or whether that be finding, like I mentioned a competitor or supporting service or even one of your suppliers, to bring them into the mix to help you to do your marketing on a much better, much bigger scale that shows that you have this open and vibrant marketing, schedule and plan that can help you to really start creating opportunities where you never even knew they existed.
One of the things that’s great for me when I do this podcast and I have a guest on is that the guests will always invariably share the content That they’ve created as being part of this. Now that has created huge opportunities for me. And I’ve created relationships with coming up to I think 20 odd guests. That basically wasn’t possible before I could open up and say, This is what I want to do. I want to be bigger. We’ve collaborated with online platforms, we’ve collaborated with creative communities, we’ve collaborated with all sorts of people. We’ve worked with other agencies where we have a complementary skill that can help them and basically everyone comes out a winner, when you can identify those opportunities and find those synergistic moments where one plus one equals much, much more than two.
If you can develop this mindset for yourself, if you can start to identify opportunities and start to take chances on those opportunities, you’re going to start seeing the results. It’s almost guaranteed. For us, we obviously work as As a digital marketing agency and social media and content is very important to us, for us, there is two parts to social media.
Yes, putting out your content and telling people what you’re doing is very important. And it’s a great way to showcase who you are. But if you really want to find results, and if you really want to develop a social strategy that works with other people, you need to get out there and start engaging with and having conversations with people. Those are where the opportunities lie. When you’re having these conversations, when you’re starting to do things in a different way. When you’re creating content with third parties, whatever it might be. That is where the magic happens, as it were. If you’re not doing this within your marketing, then what you’re actually probably doing is you’re really focused on, you know, what are my competitors doing? What are the price points, oh my gosh, if they go to them, then we won’t get that customer. And what invariably ends up happening is as you’re fighting on a very different level, you’re trying really hard to beat them on price to beat them on acquisition to get to that audience. So you end up spending more money, and not necessarily in a creative, fun and engaging way. But you’re probably actually just doing it in a really hard sell kind of way.
Because you can’t see that there are other opportunities. But if that is the case for you, then what could you actually do to work with other companies, other services that are linked to or very close to or within the same sector, but that maybe don’t have the exact opportunities that you can offer? And how could you work together with them, to bring value to their clients, to their audience, but also to bring yourself and your value to their audience and your audience. By bringing those two things together, you can accomplish so much more. I don’t want to take up too much time today. But I wanted you guys to have a quick think about this and try and take a little bit of time. Look at what you’re currently doing for your business. Look at what you’re currently doing for your marketing. And would you say it’s exclusive? It’s you, it’s just about what you want. And then it falls into a scarcity mentality? Or would you say that you’re open, you’re really looking at the bigger picture. You’re involved with opportunities and partnerships where you’re looking to collaborate and create synergistic Win Win situations, that will really have a positive impact on the future of your business, somebody else’s business and the industry as a whole.
That’s going to be really important. So I think if you can look at that, and you can find a way to understand how that will work for you. You can start to really create some amazing opportunities for yourself and for your company. A big thank you to campaign refinery for sponsoring the show. If you haven’t checked it out, please do check out campaign refinery. It’s a great system to help you automate what you’re doing for your emails and your marketing and it will really help you in terms of what you want to try and achieve in the future.
Thanks again guys.
The all about digital marketing podcast is brought to you by social Inc. A distributed digital marketing agency specialised in delivering results through online campaigns. Whether it’s content marketing, social media marketing, online advertising or web design, we’ve got you covered from strategy through to delivery. If you’re struggling with your digital marketing, get in touch today by simply visiting www dot social inc.com
Transcribed by https://otter.ai
Music by Hani Koi from Fugue