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About this lesson
Learn how to convert prospects into raving fan clients through your marketing campaigns.
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Quick reference
Converting
In this lesson, you will learn how to convert prospects into raving fan clients through your marketing campaigns.
When to use
The messages in your marketing have worked, and a prospect is ready to buy your product. To get them to convert into a paying customer, you can offer them an upsell to maximize value, or a downsell to ensure they convert.
Instructions
Choose a core product and core price. This is the one item your marketing has been focused on.
Have an upsell – could be companion item, enhancement to increase speed or depth.
- Examples of companion item – batteries sold as an upsell to a toy, or a laptop bag and mouse as an upsell to a laptop.
- Customer is already committed to buying one product. If you can sell them additional items or an upgraded package through an upsell, this gives you a better return on the marketing dollars you have spent to acquire this customer.
Have a downsell – a less expensive, less featured item to your core product.
- Some people are going to want to buy your product, but can’t afford it. This is where you have a less expensive, less featured item as a downsell.
- Even though this item is less expensive, and results in less revenue for you, you are still earning something and importantly, converting the prospect to a client.
- Turning the prospect into a client allows for future marketing. Next time they may buy your core product, or refer you to friends.
Have an advertising budget. Look at your revenue and finances, and set a budget. It can be a dollar amount, a percentage, be weekly/monthly/quarterly – but be sure to have a budget.
- Marketing is not an exact science, and there is risk involved. You can make well informed, researched decisions in marketing, however there is always an element of luck and creativity which results in trial and error.
- Bottom line – be sensible and set a realistic advertising budget. Do not get yourself into financial trouble.
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- 00:04 In this video we're going to continue with step three, create a marketing plan.
- 00:10 Now we're gonna talk about converting, right?
- 00:13 So now you've got your marketing piece, you've got people who've read it,
- 00:17 people are engaged.
- 00:18 Now we're gonna talk about the conversion.
- 00:21 What happens when they say yeah, we actually do wanna buy what you have?
- 00:25 This is great, this is great.
- 00:27 So the first thing you want to do is you wanna look at the price
- 00:30 of the item they're going to buy that's called your core product, okay?
- 00:35 Remember, we talked about pick that one thing that you them wanted to do?
- 00:38 So in this example, it's buying a product, okay?
- 00:41 We pick one product, it’s got a core price,
- 00:44 this is it, click here or call us your emails, okay, whatever it is.
- 00:49 Now, once they agreed to buy that product,
- 00:52 your marketing's worked, the next thing you wanna do.
- 00:54 This is going to really help drive your ROI, okay?
- 00:58 Your Return On Investment in your marketing.
- 01:01 It's called the up sell.
- 01:03 The up sell.
- 01:04 It's going to help your numbers.
- 01:06 Because if you sell a core product, let's say it's 100 bucks.
- 01:09 Now you have an upsell of a product that's maybe 50 bucks.
- 01:13 Now they're in that buying mode, they're ready to go,
- 01:15 now you've just put another $50 in your pocket for example, okay?
- 01:19 So an upsell is an item that is a companion item.
- 01:24 It'll make whatever they just- the core product,
- 01:27 it'll help them get that result faster, or more in depth.
- 01:31 Okay, so here's an example.
- 01:32 Have you ever bought something from Amazon?
- 01:35 Something simple, like a toy.
- 01:37 That's great, right?
- 01:38 You buy this toy.
- 01:39 And I'm a dad, so I'll buy the toy and then all of a sudden it'll go through and
- 01:44 say people also bought batteries for this toy.
- 01:48 I'm like, man.
- 01:49 That's great because otherwise, I'd have this toy coming and
- 01:53 my kids would be all excited, and there would be no batteries in it, okay.
- 01:57 So I buy the batteries.
- 01:59 That's an example of an up sale, okay.
- 02:03 In my company, Pure Customer Service, for example,
- 02:05 I have an online program that people can buy.
- 02:08 So once they purchase that, the up sell is,
- 02:11 hey do you want to get results even faster?
- 02:13 Here's a group coaching, okay?
- 02:16 Here's a group coaching package that you can buy as well.
- 02:18 It's going to help you get those results even faster and more in-depth and
- 02:21 more personalized, okay?
- 02:23 So what is it for you and your company that you can offer an up sell
- 02:28 that's going to compliment your core product, okay?
- 02:31 If you're telling me right now, David, well, gosh, we don't have an up sell.
- 02:35 Get one, okay?
- 02:37 Think about what will go with it, it's huge.
- 02:41 Now, some people are going to click on it, or
- 02:44 they're gonna call you, or get an email, they're gonna get your core product.
- 02:46 They're like, gosh I really want it but
- 02:49 I can't really afford it right now, it's too expensive.
- 02:52 Now you have something called a down sell, a down sell.
- 02:56 It's an item that is expensive with maybe less features etc.
- 03:01 But what ends up happening even though it's less than your core product.
- 03:05 A you're still getting revenue but more important than that.
- 03:08 You're getting this prospect, and you're converting them to a client, okay?
- 03:13 So you're using your marketing funnel, right, to go from hey,
- 03:18 now they're just a prospect to now they're a paying client on the down sell.
- 03:22 Now you can market to them in the future, and
- 03:25 next time maybe they'll buy your core product.
- 03:26 And they'll buy the core product and the up sell.
- 03:29 Or they'll buy any other new products that you guys have.
- 03:32 Make them a client.
- 03:34 So, then down the line you can, you can connect with them.
- 03:38 So, psychologically, In their mind, they went from a prospect to a client as well.
- 03:43 And that’s a very different relationship, okay.
- 03:45 So you may even give a free book for example and I've seen this quite a bit.
- 03:50 An author will offer their free book right a $20 book for free, you just pay for
- 03:55 the shipping so it might be five or six bucks.
- 03:57 And you've only spent five or six bucks but
- 03:59 you're getting great value from that book and now you've gone from
- 04:03 a prospect looking at some bodies marketing to becoming an actual customer.
- 04:07 Does that make sense?
- 04:08 Okay, good.
- 04:10 So next, when you're creating your marketing plan,
- 04:12 you want to get yourself an advertising budget.
- 04:16 You have to do a budget.
- 04:17 I have a lot of people come to me, they don't have a budget.
- 04:20 And that's risky, okay?
- 04:22 That's risky when you don't have a budget.
- 04:24 You wanna make sure that you wanna look at your revenues.
- 04:26 You wanna look at your numbers, and pick a budget.
- 04:28 Whatever, it could be a percentage.
- 04:30 It could be a dollar amount.
- 04:31 But that's your advertising budget.
- 04:33 So whether,
- 04:34 because there's a lot that, people think that marketing is an exact science.
- 04:38 There's a lot of science in it, but a lot of it's luck and a lot of it's art, okay?
- 04:44 So we're gonna give you the best science piece of it and
- 04:47 also the artistic piece and then the luck piece, right?
- 04:51 So you want to make sure that when you're advertising,
- 04:53 you don't want to lose a bunch of money, okay?
- 04:56 So you can get an advertising budget that's daily.
- 04:59 You can set something daily.
- 05:00 You can set something weekly, monthly, annually, whatever that is.
- 05:05 So that way you don't get yourself into financial trouble with marketing or
- 05:09 advertising whether it fails or whether it succeeds.
- 05:12 You've got that area.
- 05:13 For example, I've got a client.
- 05:16 He owns a luxury travel agency and he was doing really well.
- 05:20 And he was going through a growth stage, he was hiring more people and
- 05:24 the business was growing.
- 05:25 And unfortunately, he got this idea, you know,
- 05:29 of this luxury, to take out an ad in a magazine, a luxury magazine.
- 05:34 And this wasn't just any luxury magazine.
- 05:37 This was an expensive luxury magazine.
- 05:40 Now it was talking to the people he wanted to talk to, right?
- 05:43 But there was a lot of different things,
- 05:45 especially with magazine ads, that's simply an eyeball thing, right?
- 05:49 And unfortunately, the ad didn't have these things we talked about,
- 05:52 the call to action, and all those different things.
- 05:55 And it was $90,000.
- 05:56 Now for this small business that was a big chunk of money.
- 06:01 And that money went, it came out, it looked great,
- 06:04 they did not get one piece of business from that advertising, okay?
- 06:09 So you wanna make sure and it was crippling to the company.
- 06:13 So you wanna make sure you have an advertising budget, and you wanna go
- 06:17 through all these different steps to make sure that you minimize that risk, right?
- 06:20 Because marketing is risky.
- 06:21 Let's be honest, okay?
- 06:23 So you wanna minimize that risk by going through these steps.
- 06:26 Makes sense?
- 06:27 Okay, good.
- 06:28 I don't wanna scare you but
- 06:29 I do wanna be real with you that these steps are important, okay?
- 06:33 So let's do a quick recap.
- 06:35 Converting, you want them to buy your core product, okay, whatever that is.
- 06:40 Make sure you have an up-sell: an item that's a companion item.
- 06:43 Make sure you have a down-sell,
- 06:45 an item that's less expensive that has less features, etc.
- 06:48 And make sure you put aside an advertising budget
- 06:50 that's no going to affect you bottom line too much one way or the other, okay?
- 06:55 You got this.
- 06:55 We'll see in the next video.
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