As a business owner, you understand the importance of generating profit. Without profit, the business dies. But, it's how you generate these profits that matters most.
Many business owners push for each product to be profitable.
It's understandable, but it's also a short-sighted mistake. You see, it focuses on the front end of the sales funnel only. Assumes that each new customer only buy once from you. Think of it this way. Violating what you know to be business So, you can see the power of this initial sale. The importance of the offer itself, which is why you need to pay attention. Some of you might know of the name Mike Dillard. Well, Mike is Self liquidating note subject of today's articles.
Primarily because he is an entrepreneur with a successful track record. Indeed, I am one Self liquidating note them.
Their mission was to teach middle class people the strategies of the ultra-rich. It was a huge success, generating over 50, clients in 60 different countries.
So, you would be forgiven for thinking you should follow a similar model. In fact, the success of EVG was not borne from the superior marketing Self liquidating note their specific product. It was as a result of the leverage he created from his first business…. Self liquidating noteMike wrote his first ebook called Magnetic Sponsoring.
The book was targeted at entrepreneurs in the network marketing industry. Entrepreneurs who were trying to generate a stream of leads in their business.
The book sold overcopies, cementing Dillards reputation as an expert internet marketer. He then leveraged the success of the book by creating online courses and membership site.
Think about it for a second. What do you think would have happened if Mike had skipped the self liquidating offer. Far from cheapening his brand name, his SLO gave him new found expert status in his community.
The rest, as they say, is history! The purpose is to get it into the hands of as many people as you can, so you can build reputation and credibility. But what message does it Self liquidating note And more importantly, what type of lead "Self liquidating note" it attract into your business?
The goal of the SLO is to breakeven. To promote the offer, you will need to pay for some ads.
So, you want the revenue from the SLO to cover the cost of these ads. Needless to this list is not exhaustive, but a starting point. Well, the goal with this one product was to breakeven.
Sounds crazy I know. Sacrificing profits on the front end of the sales funnel to reap the benefits at a later date. Understanding this is understanding customer lifetime value.
So, right now, go grab a pen and jot down ideas you have for an SLO. Sign Up now to receive your free script. Save my name, email, and website in this browser for the next time I comment.