These 5 Steps Create A Blockbuster Business

10 years ago

Whew! Great information packed video, Ewen.

If my brain explodes from thinking about all the ways I can use this material, it's your fault.

[ 1 ] Thanks

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MIB Mastermind

10 years ago

Awesome Ewan,

I signed up for this "Funnel Certification" program back in December.

The content is top notch. I'm implementing the 5 steps in my clients businesses and
it's working like gangbusters, especially the "tripwire" strategy.

[ 1 ] Thanks

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misterme

10 years ago

I think I was already doing a lot of this stuff without realizing it all, so it's interesting to see it explained. Thanks for sharing it.

[ 1 ] Thanks
2 replies

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MIB Mastermind 10 years ago

Originally Posted by misterme

I think I was already doing a lot of this stuff without realizing it all, so it's interesting to see it explained. Thanks for sharing it.

I was also doing most of this.

But the power of the "tripwire" offer can't be overlooked, turning as many
prospects into customer as possible changes the dynamic dramatically.

Also a few of the pointers on "lead magnets" almost doubled my conversions.
- [ 2 ] Thanks
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mjbmedia

10 years ago

Originally Posted by misterme

I think I was already doing a lot of this stuff without realizing it all, so it's interesting to see it explained. Thanks for sharing it.

yeh exactly all these guys do is present it really well, they're not reinventing the wheel, though they'd love you to think they are.

Thanks
1 reply

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Mike

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misterme

10 years ago

Originally Posted by qu4rk

Can you explain what you mean by this?

I watched the video & took good notes, so I know what the term is, I'm just wondering, what you mean by "turning that into an incentive for the core offer purchase".

Thanks

The funnel they describe has the core offer being presented to that segment who purchased the tripwire. So the only relation the two offers (tripwire and core) have is that one follows the other.

What I did in my own business was to present the client with the fact that they purchased the tripwire, and use that to incentivize the core offer, tying the tripwire into a reason to purchase the core item.

Something along the lines of "Now that you purchased the tripwire, I understand you use blue widgets. For a limited time, you can get blue widgets for $X a pack. And because you have the tripwire, here's what else you'll get..."

So I'm using the fact they purchased the tripwire to incentivize them purchasing my core offer.

A little additional bump of mine but it gives the client further reason to make the core purchase. Hey, you're welcome, Belcher and Deiss.

Originally Posted by mjbmedia

yeh exactly all these guys do is present it really well, they're not reinventing the wheel, though they'd love you to think they are.

Maybe not so much reinvent the wheel because when you're done reinventing the wheel all you have... is a wheel.

But whose to say we can't ever improve the wheel?

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2 replies

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mjbmedia 10 years ago

Originally Posted by misterme

But whose to say we can't ever improve the wheel?

then we'd just be going round in circles
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- Steve Foulds 10 years ago
  
  Originally Posted by mjbmedia
  
  then we'd just be going round in circles
  
  *bows - well played
  
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  Click here to learn the #1 secret to making money in the fitness industry:
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qu4rk

10 years ago

Originally Posted by misterme

The funnel they describe has the core offer being presented to that segment who purchased the tripwire. So the only relation the two offers (tripwire and core) have is that one follows the other.

What I did in my own business was to present the client with the fact that they purchased the tripwire, and use that to incentivize the core offer, tying the tripwire into a reason to purchase the core item.

Something along the lines of "Now that you purchased the tripwire, I understand you use blue widgets. For a limited time, you can get blue widgets for a pack. And because you have the tripwire, here's what else you'll get..."

So I'm using the fact they purchased the tripwire to incentivize them purchasing my core offer.

A little additional bump of mine but it gives the client further reason to make the core purchase. Hey, you're welcome, Belcher and Deiss.

Roger that. That makes sense. Thanks for the explanation.

I have a service that I sell to local businesses & I don't sell it via a website. They get invoiced via email, but have the option to pay via CC. Due to the way that my CC processing works, I don't have the option to give them a check-out OTO offer.

Based on their suggestion to offer the core sale imediately after the trip-wire sale, what would you guys recommend that I do to offer it immediately? Email? Phone call?

Thanks

Thanks

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Jason Kanigan

10 years ago

Watching now...interesting to see some of these things that I've seen separately put together into a funnel. It does get you thinking differently.

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misterme

10 years ago

^^^ I have to agree. When I look at my own sales, almost ALL of my "core offer" got sold to those who bought the tripwire, not anywhere as much sold to those who only obtained the lead magnet.

I think I added an extra step in there though, where, after the trip wire purchase, turn that into an incentive for the core offer purchase, rather than merely offering the core offer.

Thanks
1 reply

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qu4rk

10 years ago

Originally Posted by misterme

I think I added an extra step in there though, where, after the trip wire purchase, turn that into an incentive for the core offer purchase, rather than merely offering the core offer.

Can you explain what you mean by this?

I watched the video & took good notes, so I know what the term is, I'm just wondering, what you mean by "turning that into an incentive for the core offer purchase".

Thanks

Thanks

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SuzanneRe

10 years ago

Watched this two times now and took notes. It was a light bulb moment (for me anyway).

Got my lead magnet ready etc, but cannot work out what my trip wire could be yet. In case anyone wants to know, Mobile Websites are my core product.

Looking for inspiration at the moment. But once I have an idea for this, then I will be putting this funnel to work.

Thanks for sharing.

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Neison

10 years ago

Here's my summary of that list from the Deiss/Belcher video:

Lead Magnet
Free information (report)
Free sample (physical product)
Get the price (optin for catalog or pricing info)
One answer (determine interest level, like leaning in for a kiss)
Free small service (appraisal, consultation)

Low-Level Transaction examples (“Tripwire”)
Columbia Music (10 CDs for $1 each)
Candle wicks (sell at-cost to gain resellers in the industry)
Daily Deals (groupon, living social)
Lawn Care (lawyer/accountant doing lawn care)
Free Trial

Core Transaction
The Big Promise
Points of Belief
Solid Proof
Irresistible Offer
Call To Action

"Profit Maximizer" Sales
Upsell
VIP Service
Bundling
Amazon Cross Selling (recommendations based on past purchasing behavior)

Customer Return Path
Constant contact (mail often, stay in touch/up-to-date)
Loyalty programs (reward frequent purchases with points)
Line extensions (sell everything involved with the product)
[Training] programs (teach how to improve and better use the product/service)

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1 reply

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ronr

10 years ago

They apparantly have invested a large amount of money and time testing and this is the result of what produced the best results so it's not based on theory. Plus they are using it in many different industries with good results

What's nice is it's not the different from what we already know and do, so it's fairly easy to use this without making major changes. Definitely worth testing for yourself.

Ron

[ 1 ] Thanks
1 reply

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ewenmack

10 years ago

Here's a breakdown on how to present this to a prospective client.

You come up with your own case study of a gain in each
of these 5 areas...

Leads
Conversions
Bigger transactions
More frequent transactions
Margins

Example for more leads would be
water filter company went from 6 qualified leads per month to 6 qualified leads per day.

Conversions would be Checkout page dropped abandonment rate by half,
therefore doubling conversions, by having pop ups over guarantee and security badges.

Bigger transactions could be Fran Kern free book offer upsell had
44% more revenue.

More Frequent could be a chiropractor added $67,500 over
3 months by inviting those who haven't been back in the last 12 months.

Margins could be simply by putting prices up.

Next step on the call is to have your prospect tell you his numbers for each of those 5 areas.

Now you ask him what those numbers would look like if he was to add 20% to each of those 5 areas. And then you go through your case studies in each area.

The maths are leads + conversions = total customers

Total number of customers + transaction size + transaction frequency = Revenue

Revenue x margin is profit.

Note the 20% increase in each of those 5 areas causes more than 20% in profit because it is having a compounding effect, like interest on savings.

Now you can see how adding this type of presentation
allows the prospect to see where the growth is going to come from
and how easy it looks.

Best,
Ewen

[ 2 ] Thanks
1 reply

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Ron Lafuddy

10 years ago

Originally Posted by ewenmack

Here's a breakdown on how to present this to a prospective client.

You come up with your own case study of a gain in each
of these 5 areas...

Leads
Conversions
Bigger transactions
More frequent transactions
Margins

Example for more leads would be
water filter company went from 6 qualified leads per month to 6 qualified leads per day.

Conversions would be Checkout page dropped abandonment rate by half,
therefore doubling conversions, by having pop ups over guarantee and security badges.

Bigger transactions could be Fran Kern free book offer upsell had
44% more revenue.

More Frequent could be a chiropractor added $67,500 over
3 months by inviting those who haven't been back in the last 12 months.

Margins could be simply by putting prices up.

Next step on the call is to have your prospect tell you his numbers for each of those 5 areas.

Now you ask him what those numbers would look like if he was to add 20% to each of those 5 areas. And then you go through your case studies in each area.

The maths are leads + conversions = total customers

Total number of customers + transaction size + transaction frequency = Revenue

Revenue x margin is profit.

Note the 20% increase in each of those 5 areas causes more than 20% in profit because it is having a compounding effect, like interest on savings.

Now you can see how adding this type of presentation
allows the prospect to see where the growth is going to come from
and how easy it looks.

Best,
Ewen

Excellent, Ewen. Just excellent!

[ 1 ] Thanks
1 reply

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ewenmack

10 years ago

Originally Posted by Ron Lafuddy

Excellent, Ewen. Just excellent!

That presentation went real smooth this week.

Note how I've bundled Belcher's Return Path into Frequency
and added Margins since this creates profits.

Best,
Ewen

[ 1 ] Thanks
1 reply

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Ron Lafuddy

10 years ago

As a side note, I've noticed some businesses spending a lot of money on new equipment, training and advertising chasing a new market. (i.e. chiropractors moving into weight loss using cold laser.)

They are completely disregarding current and past customers in that effort.

Shows me that the money is there, for those who understand the model, as you've laid it out here, Ewen. Thanks again!

[ 1 ] Thanks
1 reply

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ewenmack

10 years ago

Originally Posted by Ron Lafuddy

As a side note, I've noticed some businesses spending a lot of money on new equipment, training and advertising chasing a new market. (i.e. chiropractors moving into weight loss using cold laser.)

They are completely disregarding current and past customers in that effort.

Shows me that the money is there, for those who understands the model, as you've laid it out here, Ewen. Thanks again!

Very interesting Ron.

I'm about to write up a post on how to understand a market so you know before hand whether your message will get ignored.

Your example is part of the framework I'm going to lay out.

Best,
Ewen

[ 1 ] Thanks

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mjbmedia

10 years ago

they've taken Brad Sugars stuff and made it their own , strong content, don't get me wrong, but nothing new , he took someone elses stuff and made it his own , that's how the world works . Now we take it and make it our own as per Ewens advice above.

money makes the world go round, right?

Increase the traffic to your pages by 20% ,
increase the conversion rate by 20%
increase the monetisation of existing customers by 20%
exponential growth means a far higher increase on the end profit than 3* 20% ,
increase your profit per sale item by 5% (increase price, squeeze supplier, delivery costs, merchant costs etc) ,
increase individual transaction value by 7% (would you like to go large/mega meal, fries with that, etc) , increase the number of repeat visits/transactions by 15% (excellent after sales service & care, VIP offers, coupons, deals, etc) and it all adds up

Thanks
1 reply

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Mike

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ewenmack

10 years ago

Originally Posted by mjbmedia

they've taken Brad Sugars stuff and made it their own , strong content, don't get me wrong, but nothing new , he took someone elses stuff and made it his own , that's how the world works . Now we take it and make it our own as per Ewens advice above.

Mike, Brad Sugars learnt the 5 drivers of business growth from a company he worked for. They learnt it from Jay Abraham. I don't know who Jay learnt it from.

Best,
Ewen

Thanks
1 reply

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9999 10 years ago

The 1st video is great, going to have to implement this.
- Thanks
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jasonveryer

10 years ago

i think so, it's interesting to see it explained. Thanks for sharing it.thanks

Thanks

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WebdevelopmentGroup

10 years ago

This is an excellent post and I like it. Very helpful. Thanks for sharing!

Thanks

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xlfutur1

10 years ago

Very good stuff. One of the most difficult things to explain to offline business owners (from my experience) is....1) how much does it cost to acquire a customer and what is the lifetime value of that customer, 2) what is your lead magnet, 3) what is your tripwire.

Virtually every offline business doesn't have a clue about any of those. When they do get it, they grow like crazy. thanks for posting.

Thanks
1 reply

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Ron Lafuddy

10 years ago

Originally Posted by xlfutur1

Very good stuff. One of the most difficult things to explain to offline business owners (from my experience) is....1) how much does it cost to acquire a customer and what is the lifetime value of that customer, 2) what is your lead magnet, 3) what is your tripwire.

Virtually every offline business doesn't have a clue about any of those. When they do get it, they grow like crazy. thanks for posting.

xlfutur1,

It's much easier, when you want to lead someone in a particular direction to ask a question, rather than explain or tell. He'll arrive at the idea without resistance and believe it was his.

When it's his idea, it's true.

No convincing, no stress. It's so much easier.

Want to sell an idea - ask a question and shut up. Let the person answer fully without your input. When they stop talking, wait 10 seconds before you respond. (I'm serious.)

Often, they'll start talking again, as they're considering their idea.

This works on the phone or in person.

Takes patience and effort to develop the skill. The advanced salesperson, the one who outsells the rest, uses questions rather than telling to reach the logical conclusion to order or buy.

[ 2 ] Thanks
2 replies

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ewenmack 10 years ago

If you weren't at the Traffic And Conversion Summit in January
where Belcher, Deiss and Kern presented, then here's notes
taken from it...

http://www.visionarymastermind.com/w...t2014Notes.pdf

Best,
Ewen
- [ 1 ] Thanks
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Master of Puppets

10 years ago

Originally Posted by Ron Lafuddy

xlfutur1,

It's much easier, when you want to lead someone in a particular direction to ask a question, rather than explain or tell. He'll arrive at the idea without resistance and believe it was his.

When it's his idea, it's true.

No convincing, no stress. It's so much easier.

Want to sell an idea - ask a question and shut up. Let the person answer fully without your input. When they stop talking, wait 10 seconds before you respond. (I'm serious.)

Often, they'll start talking again, as they're considering their idea.

This works on the phone or in person.

Takes patience and effort to develop the skill. The advanced salesperson, the one who outsells the rest, uses questions rather than telling to reach the logical conclusion to order or buy.

I co-sign this 100%. A very powerful technique when properly implemented. Thanks for the reminder Ron.

Thanks

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HammerNiko

10 years ago

I've seen this material before but thanks for sharing ! Keep it up !

Thanks

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joecarson1

10 years ago

Hello ewenmack, your contributions to this forum are very much appreciated.

I have learned more and have more ideas about allot things from watching this ONE video than I have from any or ALL the videos I have watched since I joined the warrior forum two years ago!

I am not interested in who's ideas these were. I am very grateful that this video was put together and offered to the general public.

The flow of the processes to do allot things have been layed out in this video perfectly. I would be astounded if I could find someone who could watch this video and not get something from it.

Thank you again ewenmack for sharing this.

As I side note I have no idea and no interest in whatever the "upsell" "service" or "product" that is really being pitched by these guys.

I have all the services and products I will ever need or could sell for the rest of my life, but this video should be mandatory viewing when you join this forum imo haha

[ 1 ] Thanks

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joecarson1

10 years ago

this is now the 2nd best business video haha

Simon Sinek: How great leaders inspire action -...

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Michael Ayton

10 years ago

Pretty sure I saw something similar online a while ago, but this is still quality information! thanks for sharing with the community.

Thanks

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joseph102

10 years ago

Great Information.. Thanks for sharing ... will follow these steps to create blockbuster business...

Thanks

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gaurav1991

10 years ago

Hello sir,
thanks for share such great information.

Thanks

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kruger7

10 years ago

Good techniques in the video, very useful. However, I would I apply this to get customers for SEO? I could offer a lead magnet (some free report), but then would I also have to try and create some kind of tripwire (a 1$ report maybe?) and then sell them the main service? Or would just one of these be enough?

Thanks
1 reply

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ewenmack

10 years ago

Originally Posted by kruger7

Good techniques in the video, very useful. However, I would I apply this to get customers for SEO? I could offer a lead magnet (some free report), but then would I also have to try and create some kind of tripwire (a 1$ report maybe?) and then sell them the main service? Or would just one of these be enough?

In the video/webinar, they gave an example of a seo firm at trade shows offering a $20 video. They would go away and get the desired result and get back to client. A high percentage signed up for their monthly standard fee.

Best,
Ewen

Thanks

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Ian Kane

10 years ago

Some great, free info here so far Ewen. Thanks (I'm watching the video rigiht now and will post my full reaction and questions tomorrow).

--Ian

Thanks

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