Transcript
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Hey everybody and welcome back to Content is Profit. Today we bring you a special episode and this was published maybe a couple of years ago, but it was so relevant. It is so relevant today with not only what we're doing in our studio and our community and moving forward, but also because it's one of those things that we get questions all the time. How do I monetize? How do I triple conversions? How do I get better at this content and selling game? So just for a little context, we're coming back from an event and I was debriefing on a couple of presentations. So you hear that debrief, we get deep with, with examples on how you can apply it today so you can triple your conversions. As I was doing research for the next episode which by the way is going to be about building your high ticket offer, we have a massive list and it turned out to be a longer episode that I thought it would be. So this was part of that research. So I'm excited to kind of put, put it back out there. This was episode 330 if you want to go listen to the original one. But if you haven't, enjoy it and I'll see you in there. I have here the quick guide to triple retention and increase conversions by 20%. So if you have a business or if you sell something or if you have a membership, this is highly relevant to you. And if you are creating content, this is more than ever relevant to you because it's all about how to keep attention and transform that attention into revenue for your business. So as you might know, we're on a clickfunnels, you know, mode at the moment. We just came from Funnel Hacking Live and they're releasing a new platform that's super exciting. We're gonna share a little bit of like what the next steps are there for us. But we haven't really big been big on funnels in the past because we sell through conversations. Right. And the content is a, as a big way that we do that with and the pursuit of the frictionless sell. Right. How the show was born. But anyways, before all this, for all this, I used to be a fitness studio manager, Orange Theory. And if you are not familiar with Orange Theory is a high end fitness studio boutique style. I think memberships go from like 59 bucks a month or four sessions to like 159 every single month for unlimited. Right. So is not the cheapest of the gyms where I live. We were competing with other places that had $10 memberships. Right. Not really Competing, it's not the same thing, but people will come into our studios and they're like, well, I can work out for 10 bucks a month, right? I'm like, sure. So that's all story for a different day. But I remember one of the most things that we looked at every single month, it was retention, right. We had the studio I ended up with, I had about a thousand members in it, we have 15 team members and we worked every single day to make sure that people stayed in the gym and renew their memberships for the next month. And they were happy and different things. So retention was a really, really big. We're very, very proud that we dropped that number from like 10% to 3%. That's called attrition is the people that kind of leave the studio. So every month we had about 3% people leaving the studio. If our sales were above that, we were in good shape. Right? So there's obviously different targets. And as you look at your business, okay, how can we do this? Right? So let's put it in the context of content, right? Are people coming to your videos? Are they staying to watch the videos? Right. We talked about the indicators, those five indicators on YouTube that you should be looking for. So if you haven't listened to that episode is either it's two episodes ago, the 327, I believe so anyway, so look at those indicators and see how can we keep attention a little bit more now what I'm about to share is going to change and improve that for you massively. It was a mind blowing moment that we had at this event. We're going to show some of the little things that you can do today to do that. So if you're not familiar with Perry Belcher, Perry has been in the industry for quite a while. We're going to do our best to bring him to the show. Let us know if you want that. But he's obviously one of the founders of Digital Marketer and so many, many, many other companies, right? So his claim to fame is something that he calls premiums. And the way that he describes it is we obviously for the event we were in Orlando and he shares that. He goes to the park with his new girlfriend and when he's out there, there's like this offer in front of him, right? They're in Harry Potter World and they walk in there and there's this $300 gift card that he sees and it says with the purchase of this $300 gift card, you get this limited edition magic wand. So how this describes Hilarious. Because he goes like, well, this is actually an 80 cent magic wand, right? But go spend 300 bucks so you can get that. And that magic wand was the premium to that $300 offer, right? And the girlfriend, obviously, you know, I don't think money is an issue for them, but she was like, oh my gosh, yes, of course. So she spent 300 bucks and she got this magic wand who is like very, very, very cheap. Or like that's the value of it is nothing compared to like the real product. But she bought the real product because of that thing. Thing, right? So that's how it was introduced to me. And actually the next day we actually went to Orlando, to the parks and I saw the right offer. I was like, that's the offer. So now I'm spotting like premiums all over the place. I'm like, oh my gosh, what have I bought that is really a premium and that I bought because of the premium. So think about that. Have you bought something recently because of the premium? I don't know. So another example that he shared was Columbia Record Company. They have an ad, right? It was like $13, 13 tapes for the price of $1, something like that. And then they get you in like a lifetime membership type of deal. This is how memberships get you. So their premiums have been present in the world for many, many years. And there's an action point down the bottom of something like that, right? So what defines a great premium? And this is something super interesting because as we start looking into our business, for example, that us that we work with content, we have this package on the top end, on the back end that we do content production. And one of the issues that a lot of people have when they come to us is like, maybe the quality of the video is not the best. Maybe they don't have the right equipment, right? So a very, very good premium for something like that, that is higher ticket will be creator box, for example, right? What if we give you this amazing camera, right? What if we give you this amazing computer where you can record all these things and we have access to really, really high quality and that elevates the value of it, right? But the price point is nothing really compared to what the investment you're going to be making, right? So what is that premium? Right? Depending on what you sell, obviously I'm talking about on that side, on the high end. We haven't tested it yet, but I think it's in the books to do something like that. But for lower things, like I would do and we'll share a little bit. We're going to share actually three awesome examples in just a few minutes. So what defines grand premiums? Great. Premium is something that your audience or your clients want, not something that they need. Right? So we often said this in our podcast, right? Sell them what they want, teach them what they need for product. Right? So one of our early mentors, Steve Larsen, with the marketing side of things, he said that every single time, right? So it's like, hey, we need to sell like money, relationships and wealth, right? These are the, like the main, the main three markets. So money. Like, that's why you see a lot of videos on YouTube, like how to make money. That's how we title this episode, Right? How do you triple the retention? Right. How do you increase conversions by 20%? How do you make more money? Right? And that's what attracts a lot of people. But then when people come into the content, they, the courses, the book, right? There's a lot of frameworks and a lot of structure that people need to execute so we can move things forward. Right. For example, premium. So you're like in this kind of inception episode today. Anyways, so remember this something that they want, not something that they need. So examples of this can be coffee mugs, pen. Nothing that implies work. Right? This is supposed to introduce people to buying with you. Let me see if I can find a stat. Okay. Yeah. This comes down in just a second. So here's, here's an example. Let's play. Let's play this video. Let's see.