The Most Important Thing to Know in Business
**How do I bring in a new customer cost effectively**
AKA
**how to acquire the customer for cheaper than the lifetime value of the customer**
AKA
Optimal Selling Strategy
since you don’t know this, you have to experiment – test, test, test
the secret is usually counter-intuitive
80% of your time every day, should be spent on this task..
dont waste time or money on corporate marketing until you are at least a 7 figure business..
you are not branding or selling your “company”, you’re only interested in selling your “product” , at ROI.. then you scale, and this is how you grow your business
Once you hit 7 figures (Stage 2) .. then you need to become an idea factory.. and get new ideas onto the market ASAP.. knock off your winning product with a new updated one before your competitors do – challenge becomes productivity and innovation
4 foundational things – The four basic moves that comprise a launch
#1 Product – what kind of product can we sell to create a new customer that will be valuable to us
- each market has its own type (investment is newsletters, biz-op is reports and webinars
#2 Price (Offer) – in our market, what must they pay to have a good lifetime value?
- price (offer) , terms (cash, installments, charge) guarantee, premiums
#3 Copy – advertising copy used to attract and persuade
#4 Media – where are you going to place your ads?
*- You are looking for a “breakthrough” product – not one that starts off mediocre..
*- You start by selling a tripwire
*- Dont be a pioneer, Copy your competitions product and price.. imitate, but be clever…
*- try to make the offer a little better.. maybe stronger guarantee, maybe more premiums..
*- dont mess around with the pricing too much.. and don’t try and reinvent the product entirely..
*- dont try and reinvent the delivery system when you’re starting off.. will reduce your chances..
*- the real challenge is in the media placement and the Copy (borrow as much as you can)
Every business needs 4 things :
- manager
- creator
- sales
- someone who “gets things done”
Just keep trying new promotions for this basic product
- may want to tinker with the product a little bit
- don’t tinker too much with the offer (price)
- learn everything you can about the medium
- just keep testing until you find the winner!
- it only takes one winner to make up for all the losers
Be Aggressive and Daring from the get go.. you are fighting against time, money, and patience..
Stage one – controlling resources and investigating ways to find the secret way to bring in new customers that nobody told you about
Stage 2 – production machine of new ideas – knock off your breakthrough – dimensionalize
- must control your legal and cash, delegate the rest , use numbers to control your business since at this stage you are too far removed from new people joining the team for them to understand the real mission