#54: Creating Connections Through Podcasting with Margy Feldhuhn, Co-Owner of Interview Connections
As of right now, over 40 million podcast episodes have been released this year.
Have you listened to one? Have you hosted one? What about been a guest on one?
In this episode, Margy Feldhuhn, Co-Owner of Interview Connections, shares how to create connections through podcasting.
Margy shares:
Why podcasting is so powerful for growing brands.
How to generate revenue from your podcast.
What makes a good podcast guest and host.
If you have been thinking about starting your own podcast, or guesting on others, be sure to tune into this episode for Margy’s tips + tricks.
Learn more about Interview Connections here: https://interviewconnections.com or check them on Instagram @interviewconnections.
Check out my new free new training on www.yournextmillion.me, where several of my seven figure clients and colleagues share what they're doing in the next year to scale their businesses to the multi-million dollar mark and beyond.
Listen to the Show:
Laura (00:03):
So here's the challenge: so many entrepreneurs dream of leading a life of impact by creating a multimillion dollar brand, but only a tiny percentage of businesses actually scale to that point. On this podcast, we speak openly authentically about what it takes to scale your business, following the journeys of innovators, disruptors, experts, and leaders, looking at the behind the scenes of their most challenging moments and greatest lessons learned. My name is Laura Meyer and I'm your host. I'm a serial entrepreneur, wife and mom to three. I love talking all things business, especially digging into the mindset and strategies of scaling joyfully to the multi-million dollar mark and beyond. Let's go!
(00:49):
Hey everybody. I'm here with a really special guest and somebody who had the honor of meeting last year, but then also I get to work with all the time. And this is one of the ladies behind Interview Connections, Margy Feldhuhn and it is just such an honor to have you here. And I cannot wait for this conversation. Thank you for being here.
Margy (01:08):
Thank you so much for having me.
Laura (01:10):
Yeah. So you're the co-owner of Interview Connections, and I know you came on after Interview Connections was already established, correct? Like you were the, you were the partner, the second really partner in the company.
Margy (01:23):
Yes. It's not a typical entrepreneurial journey because yeah. Jess founded the business in 2013, at which way I was like living in Asia. Like I was teaching English. I had nothing to do with online business at all. And then I became a contractor in 2016, first employee in 2017 and then in 2018 had 50% equity. So it was an interesting journey.
Laura (01:47):
Yeah. So what, what do you think spawned that conversation where you are a subcontracted team member and then you're kind of saying, hey, actually, what I'd really like to do is cut on this company with you. Like how did that conversation even go? Like, how does that go?
Margy (02:03):
Yeah, that's a great question. So I have a sales background. I love negotiation. So I am not afraid of a bold ask, but even I wouldn't have just come out with that. Like as a contractor, like my biggest negotiation tip for stuff like this is really it's the work that goes in before the conversation that decides the conversation. You need to be brave enough to ask the question, but it's everything you do leading up to that ask that is going to make it happen or not. If that makes sense. So, I wanted to work from home because I didn't want to like drive in the snow anymore. So that's like the basis of my entrepreneurial career and Jess and I knew each other from a previous job and I saw she was hiring. I learned what remote work was in two days later, I saw her Facebook posts that she was hiring remote contractors.
(02:56):
And I was like, wow, like Twilight zone music. Perfect. So I started as a contractor. I was living in Colorado and then I ended up moving back to Rhode Island where Jess and where the business is based, not for the business, just coincidentally. And then she asked me to be the first employee in 2017. And I actually, like, she didn't know this until like years later, but I was like, okay. And I left and I just like cried and call my best friend. I was so upset because I didn't want to be an employee. I had had a taste of freedom as an independent contractor and making my own hours and setting my own rates. And I was like, this is the life for me. So I said, yes, because it felt like a step forward and I loved the business, but I was like, I was such a baby about it. I was like grieving that loss of freedom because it felt like a step back.
Laura (03:48):
Gosh, that is so fascinating. So then what actually happened where you realized that you were going to go from a subcontractor to a team member and then to an owner?
Margy (04:03):
So, the first employee is a big power position, which I did not know, I was new to business. So like, I didn't know that, but that's a great place to be if you know how to leverage it. And you're truly all in on the business. So it just kind of evolved. Like I was the first employee and then we switched over to a fully employee model. So we got rid of all our contractors and hired and onboarded, local employees, and that is a steep learning curve. And so it was really Jess and I in it together, like figuring that out, like there were moments in 2017 where I just like went into her office and put my head on her desk and like cried, like, but I never left. Like she knew I would never leave. Like I was in it to win it as if it was my own business, even before it was. And that's what allowed me to then make that ask because Jess knew I was an entrepreneur and we had talked about starting other businesses together cause she knew that I wasn't really employee material, even though I did love what I was doing there.
Laura (05:07):
So, so interesting. So you made the ask, you're now partners, you have these team members that are making you cry and you trying to figure out how you're going to grow this thing. And what, what do you think are some of the key decisions that you made that allowed you to scale from six to seven figures?
Margy (05:30):
Yeah, so I came in like aggressive, beginning of 2018. In 2017, the business had done about $400,000 in revenue and I was psycho about owning a seven figure business. So I came in and this is part of why I got 50% equity because even before this, I had plans, I had numbers. I'm like, we sell this many of this package. We do this and this and this. We can add this much revenue. We can get this seven figures. We can quadruple our own income and Jess is like, okay, cool. So that's, that's the way to negotiate that entrepreneur, because if they're like, oh, I can make a lot more money with you. It's, it's an easier sell, but it was being really goal oriented. So before that, especially onboarding employees, it's, it's so intense and you're really just kind of like dealing with things as they happen.
(06:22):
And we were kind of doing that with our finances too. We were sort of finding out what we did the month before at our monthly P&L review, but we weren't creating it. We weren't saying, this is what we're going for. We didn't have a goal. So once I literally just did a million divided by 12 and was like 84,000, then we had a goal and then we started tracking it more closely. So the big thing was just, what's the math, like, what's the reality of this goal to break it down and then start going for it. And then I would say the other thing, and this is how we know each other was getting in the room of seven figure women. We joined Allie Brown's premier group, even though we were only at 400,000, like on the sales call, she was trying to unsell us. She was like, are you sure? Like, you know, are you sure that this, you know, you can afford the investment and we're like, we want to be in this room. And that was huge too, because it totally up-leveled our mind.
Laura (07:18):
Yeah. It's so, so good. And now you're in her trust community, which is exclusive for seven figure women. And how has that been with just up leveling your mind to that next level?
Margy (07:31):
Amazing. I absolutely love the trust. Allie and her community are incredible. Like that was a huge part of what got us from being at, you know, 400K and sitting in a room with these people at such a high level that I'm like sweating to like, to getting to the point of being, you know, multi seven figures and being peers with these people and like friends, like the friendships and relationships with other high level women entrepreneurs is incredible. Yeah. I love the trust. I love alleys community. It's the highest level community out there.
Laura (08:06):
So good. So let's talk a little bit about the actual, how the business works operationally. What are some of the best success stories from your Interview Connections? Actually, let's back up for a second. Cause maybe the listeners don't even know what your business is. So you help entrepreneurs get placed on podcasts.
Margy (08:27):
Yes. Yep. We are a done for you service. We work with high level entrepreneurs and we book them on podcasts, a lot of podcasts because the strategy is about consistency. So we're booking them on at least four shows per month, every single month. So they're building up that snowball of results in the form of new clients and increase visibility and brand awareness.
Laura (08:51):
So good. And what separates the people who are able to grow their business as a result of guest podcasting from people who maybe struggle to see those types of results?
Margy (09:07):
Well, definitely strategy. I mean, there's a decent amount of strategy in which shows are going to be the right shows, what you do when you're on the show, what the right call to action is how you're nurturing leads from podcasts. So there is a tactical strategy aspect, but actually the biggest thing I would say is mindset. Like so many content strategies, it's really about consistency. Like if your strategy is video, you got to show up on video and it takes a long time of crickets before you get a client from all that content. But then it, the flood gates open and it's like that with podcast guesting, you really need to stick with it. So when people come into it and they're like, someone told me I should do this, I'll do you know, like maybe five, 10, 15, and then stop and see what happens. They lose all their momentum when they stop. And then they're like, oh, I guess it doesn't work
Laura (10:00):
So interesting. Why is podcasting so powerful for growing companies and growing brands?
Margy (10:08):
I mean, anyone, I know some people are watching the video, but anyone who's listening to this podcast knows why they're so powerful. The level of trust that you have with the host of the podcasts that you love. And then, you know, by default they're guests too, their building rapport within the trust. It's just it, you can't compete with it. You know, you could see someone in an ad, you could see their social media presence, but when you listen to a 30 minute deep dive conversation, you hear their voice, you learn their why, their origin story. It's so powerful. It builds so much trust.
Laura (10:44):
So good. Are there times where people have struggled to turn podcasting into revenue and struggled to grow their business? And if so, beyond consistency, is there anything about their pitch or their offer or the way in which they go about it that could really get in the way of success?
Margy (11:02):
Yeah. I think the other problem that people run into is they are not treating it like a high-end networking opportunity. And you really have to, because it's not just about the audience. So much of the ROI is from those incredible relationships and friendships you build with the hosts who interview you. And then it's so natural to become, you know, go into partnerships with them or become their client or they become your client. And then you're referring to each other. So when people go into it and they're just focused on selling to the audience, it's sales and like I'm going to sell my book, they miss the opportunity to be of service and to form a true connection with every host they talk to.
Laura (11:42):
What do you think makes a really good podcaster?
Margy (11:45):
I think the biggest thing is you have to genuinely love what you're doing. It has to be a creative outlet. Like Allie Brown. I've heard her talk about this. She has Glambition radio. It's such a good show. And when she started it, it was not a strategy to generate revenue. She was like, I'm doing this for me. It's a creative outlet. And I think that's where the best podcasts come from. When you genuinely want to do them, it's creative for you. You're having great conversations. Those are the shows that people are drawn.
Laura (12:17):
And then actually what makes a good podcast guests? Like what are some do's? And don'ts for people who are listening,
Margy (12:25):
That mindset to serve is really important. Like really wanting to give, really connecting with the host, telling stories is really helpful. So if you find that you're answering similar questions every time, make sure that you have a story for each answer a story about a client win, a story about your origin of the business. And they can be different stories every time, but you don't want to just answer the question and make the host feel like they have to pull teeth. You want to like go into a story.
Laura (12:56):
I love that. I know sometimes as a podcaster, you get a one word answer and you're thinking, okay. Hmm wouldn't you do? Is this something that they want to go down this path? Or they don't want to go down that path because when you're, when you're hosting somebody, you want it to be a good experience for them. So I love this idea of, of sharing a story. And what do you think are going to be some of the future trends in podcasting? What's your big predictions for 2021?
Margy (13:23):
I think one of the big things we'll see is more mainstream advertisers selling to smaller audiences. I think for a long time, it's been really the Wild West in terms of podcasts advertising. And you had to have so many downloads per episode to even be considered. But I think companies more and more are learning what we already know. And the reason that this is successful for our clients, which is that small targeted audiences can be more valuable than big audiences that are less targeted and engaged. So I think we're going to see some changes in ad dollars and appreciating more niche audiences with podcasts.
Laura (14:02):
So interesting. So is that something that you help your clients with helping them figure out how to monetize their podcasts and to make partnerships with advertisers?
Margy (14:15):
We do. So we don't help people start podcasts necessarily, but most of our clients after they do interviews for a while, will get so into it and want to start. So we do help them cause we have a podcast it's not official, but we provide a lot of training and consultation to our clients. That's built into our service. And so we have done client trainings and answered questions on that. And yes, you can go for advertisers. If you're an entrepreneur and the podcast, isn't your core business, the easiest way to monetize it is by generating clients for your business. I mean, you can go for ad dollars, but if you have, especially a high-end service, your best bang for your buck is going to be in getting that show consistent and quality enough that it's generating leads and clients for your main business.
Laura (15:04):
Are there are certain ways that if somebody was not generating leads right now that you would encourage them to think more deeply about the quality of their podcast to increase its value?
Margy (15:17):
Yeah. I think a lot of the reason people don't generate leads from their podcasts is because they don't have a call to action on every single episode. Like the problems I see are not bad content, most podcasters, especially if they love what they do are doing a good job with their content. They're just not asking their audience every time to go wherever they want them to go, because people have to hear it a few times and be in a place where it's convenient for them before they actually take action.
Laura (15:46):
So interesting. All right. So now we're going to switch back to your company to Interview Connections. What are some of the things that you're doing right now that you think will be setting your company up for success to scale to the multi-million dollar mark and beyond?
Margy (16:03):
I think the biggest thing is falling in love with our clients more and more every day, because of course you need to acquire new clients and launch and scale. Um, but what we've done and COVID one of the interesting silver linings of COVID and the pandemic is it really made me look at our clients and the community that they have because we know they're incredible, but unless they each host a podcast, we're not connecting them with each other or we hadn't been. So it's like these people need to meet each other. Like there's going to be so much synergy. And so we started doing twice weekly networking calls that we host with our clients so that they can introduce themselves and what they do, they can talk to each other. They can ask for help or input on their podcast strategy or anything else in their business.
(16:54):
And we have so many clients who are experts in so many areas that they're now helping each other. They're working with each other. We've got a client Facebook group where we're encouraging them to share and connect. And that I think is the biggest thing that, you know, we're at probably just over 2 million for 2020 to get to 10 million next year. I think that is the biggest thing is really making that client community even better so that people are getting that community, getting that ROI that they need not feeling cause it's, it can be so isolating as an entrepreneur and especially this year and our clients are just so cool. So I think that's the biggest thing.
Laura (17:36):
It's so fascinating. And just to think of taking this one-on-one service, I know a lot of people think, should I have this one-on-one service? Should I be grouped? Should I be hybrid? But it sounds like you took something that was a one-on-one service, but then created a community to it that adds value to the guest experience or the client experience. Yes, totally good. If you were to described your journey to the multi-million dollar mark in one word, what would it be?
Margy (18:09):
Winding. I look back and it's kind of surprising to me at times because some of the things that were like leading me the fastest in the direction I needed to go were the exact things that I like did not think should be happening.
Laura (18:22):
And it was so funny cause when you first said it, I was like, I think I heard winding, but I, but maybe I heard wine. That might just be where my head is right now.
Margy (18:34):
Can I have that too. Can I have winding and wine?
Laura (18:37):
I think you can cause it's really a high, one's a hybrid of the other. So we're just going to say that it's one word. And for those of you who are listening to the audio, what you didn't hear is one of my kids cut through this interview in the middle. So wine was definitely on my mind, which is probably why I heard it and winding with wine on your way to seven figures. I think that might be the podcast title. I love that. Love it. I love it. So where can people find you a social media handles websites if they want to learn more about Interview Connections?
Margy (19:10):
Yeah. So our website is Interviewconnections.com, but actually the best place to connect with us is our community. We have a free Facebook community with over 3000 entrepreneurs called the Guestexpertprofitlab@interviewconnections.com/group. It's a great place to network get referrals and to learn more about how to monetize this strategy.
Laura (19:33):
Love it. Thank you so much for being here. I really, really appreciate it.
Margy (19:37):
Thank you so much, Laura.
Laura (19:42):
Hey there, before you head out, I want to let you know about a free new training I have right on a brand new website called yournextmillion.me. It's yournextmillion.me, where several of my seven figure clients and colleagues share what they're doing in the next year to scale their businesses, to the multi-million dollar mark and beyond. And I have to tell you, it is not what you think. So check it out yournextmillion.me. And if you loved this show, will you subscribe to it and share it with a friend? Or just say something nice about it to someone, you know, I'd really appreciate it so much. Thanks so much for being here and I'll see you next time.
The Scale with Joy podcast dives into the mindset and strategies of scaling your company to the million dollar mark and beyond. Each week, we follow the journeys of innovators, disruptors, experts and leaders - sharing behind the scenes stories of their most challenging moments and greatest lessons learned-all while building their multi-million dollar empires.