Main Takeaway
This book shifts your thinking about creating digital marketing agencies by creating leverageable assets that can lead to customizable, reusable solutions vs. specific, reinvent-the-wheel solutions that take time and energy.
This book aligns 100% with the philosophies I represent on this site.
Favorite Quote
Marketing assets are tools that can be used again and again and they become more valuable with each use.
My Review
I found this book while exploring digital marketing agency books and was able to take a quick look because of my Kindle Unlimited subscription. As I read the book, I found it resonating pretty hard with the philosophies that I talk about on this site.
It talked about building assets and leveraging them.
You had me at “hello.”
Periodically, he would mention his mentor, Travis. And then I ran into a chapter called, “The Thirty Year Wealth Shortcut” which is an adaptation of Travis Sago‘s course offering of the same name.
And that’s how I figured out who Travis was and so this book basically put me onto the path that I’ve been on for while. This book was FREE and yet invaluable to me.
I ended up buying it both on Kindle and on Audible and probably have “read” it four times now.
The 30-Year shortcut chapter goes through five wealth shortcuts:
- Strategic Asset Acquisition. The key concept here is that an agency is a vehicle to own and control assets that can cash flow for their owners. Think: marketing intellectual property and the idea that you can figure out something that works for a plumber in Texas and reuse it in Kansas.
- Trash Can Assets. A trash can asset is an asset that a business is not using. An enterprising agency owner can often help an owner cash flow this asset; and take a slice of the revenue.
- Bolt Ons/Additions To Flow. The key concept is to find the flow and add value. Add on and bolt on to what’s already there; giving the business owner an easy decision.
- The Leverage To Work Once To Get Paid Again and Again. In this shortcut, the author says it like this, “We’ve already put in the effort to create assets. We might as well get paid for our assets once more.”
- Asymmetric Risk. The idea that when you’re wrong you want to be wrong a little. And when you’re right, you want to be right big. This approach allows you to iterate into profitable positions to accomplish the four preceding shortcuts.
Obviously, there’s so much more to the book than what I’ve written, but I think you could take the advanced philosophies in this book, add learnable skills, and start one or more successful agencies.
If you read the book, I’d be really curious what your thoughts are.
I don’t reference this book specifically in any of my newsletters, but it is very influential in the ones that talk about Back End Marketing agencies, The Back-End Marketing Agency, and Viva Las Vegas.