I just got my monthly newsletter from Dustin Mathews with The Internet Movement and it had some great tips from their work with Rich Schefren.
Rich is known as the “Guru’s Guru” as he teaches and coaches the best online marketers how to do their business better, more enjoyably and more profitably. In fact, Rich has a stable of clients who pull in more than $350 Million per year using his strategies.
The lesson’s that Dustin pointed out were short and simple, but really help you stay focused on some critical points. That’s why I thought I’d share them with you here.
Rich Lesson #1: Build Customer Lists
Opt-ins are good but buyers are better. Move focus away from building free lists and start building customer lists.
Get current non-buyers to spend something with you with front end offers, such as free plus shipping and price points under $100. Get them to show that they are willing to invest in themselves and in your products.
An added advantage of focusing on getting buyers is you will get more data. Which you can do things such as phone follow-up and direct mail, separating you from online only competitors.
Rich Lesson #2: Consider Descension Funnels
One of Rich’s funnels, is an automated webinar so as Business Growth System for $2995.
Pretty audacious price point considering that most of the folks entering the funnel are just beginning a relationship with him. Almost like decoy pricing.
In addition, this positions you differently in the marketplace as most people only build a ascension funnels.
Rich Lesson #3: Follow Up…..MORE
I know. Not the killer ninja strategy you were looking for. Well check this out…
Rich shared a recent webinar Promo produced $14,000 the night of the webinar.
However, that number skyrocketed to $95,000 when multiple replays and follow-up was implemented.
Trends are showing that now, more than 50% of the sales take place after the online event of course.
However this won’t apply if you don’t implement replace and proper follow-up.
Rich Bonus Lesson: Invest…..Less?
Rich recommended the following book, Running Lean: Iterate from Plan A to a Plan That Works.
Essentially, most people’s plan a will never work.
If this is the case, your thought process going in should be…
“What’s the least amount of time I can invest with plan A… So I can get to plan B., C., X.?”
So there you go. Those are the lessons that were passed on by Dustin in The Movement newsletter. Visit his site from the link above and subscribe to it if you like the info. I’ve been impressed by what he shares, and there’s a ton more great information in every single issue.
A few of my own notes on these points:
1. I love the idea of focusing on customer lists. I’ve always believed that a good business is built on long term relationships with customers. Those relationships rely on trust and confidence which starts with their first purchase. Then it’s up to you to deliver world-class service and make them feel like a million bucks. Plus, it’s always easier to share new ideas with happy current clients than try to convince new clients to make their first investment with you.
2. The idea of “descension” funnels is interesting because it allows you to showcase the higher end value of your product or service.
I always like to “frame” the value of our SMARTblog Social Media Marketing Machine with potential clients before I quote our price because I want them to understand the real-world value that we deliver as opposed to pegging the value to the price that I allow them to invest in it for.
If you can show tons of value to a prospective client and then offer to implement your service at a fraction of that amount of investment, it goes a long ways toward developing trust and confidence in you and your business.
Last point on this, if someone isn’t ready to invest in your total service, you can “descend” them to a lower priced product or service to get them started. This lower price point might fit better in their budget or comfort level and still give you the opportunity to start a customer relationship earlier. Make it easier for them to upgrade down the road.
3. As they say, the fortune is in the follow up. It’s really cool that there are so many technology tools that you can use to make this easier on yourself.
You can also add them to a monthly newsletter mailing program similar to the one I got from Dustin. This one is going into implementation in my business right away.
There are a lot more options to automate your follow up and consistently stay in front of your most important referral partners, customers and other contacts. Unfortunately too many to detail out in this post.
Let me know if you have any suggestions that you’d like to share in the comments box.
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