It's important to get people to register for a webinar, free training, or a call. But it's even more important to gather opt-ins, and emails, from people with intent. It's one thing to give away stuff for free, but at the end of the day, you're just getting emails from people with no intent of buying. If you're already putting out free content on YouTube, Instagram, etc., it's silly to give more free stuff just for an opt-in.
Let me show you why. We shifted our free stuff to $1. When you have to pay even just a dollar, the psychology is different. The intent is higher. We still get a good opt-in rate even with the dollar. It's not a big difference compared to the increased traffic.
Number one, everyone on my email list is an intent buyer. They've transacted with me. Number two, I can upsell them. We have upsells of $25, $297, and a split pay option. Instead of someone getting something for free, we're pushing them to pay a dollar. These are high-intent people. We're upselling them. A couple of other things...
They're in our funnel to go to the registration page for the webinar. Now we're making money on the backend. We run Ads on a weekly basis for the dollar opt-in. The average order is over a hundred dollars because of the upsells.
You can see the returns and expenses. It's amazing. Once they buy the product on the webinar within two weeks, there's a return of 7x, 7x, 6x, and 9.5x.
Week by week, the total cost per opt-in increased from $21 to $22. Spending on ads became more expensive over time. However, we adjusted our creative strategy and managed to get more opt-ins at a lower cost. Instead of 3000 opt-ins at $22, we started getting 8000 to 10,000 opt-ins at $13 to $14. We spent more money but achieved better results. Here's a screenshot for illustration.
In January, the cost per lead was $20. In February, we achieved $2.24 million with only $380K in ad spend. It's impressive. In March, two months later, we reduced our leads to $13 per lead while spending even more money.
Here's how we did it. Initially, we used creatives featuring a person walking through a house, with graphics and such. However, those became less effective over time. We found that creatives showcasing the actual house we were talking about generated the best results. We sparked curiosity by presenting scenarios like "I don't own this house, I don't even manage these contractors, and I still made money."
We also added movement by featuring the person driving by the house in a car or showing the house through a window. Additionally, we used TikTok-style viral content, where someone made money in Gator and explained how they did it. The key was to leave curiosity open and not provide all the answers. We wanted them to be curious enough to click and attend the training.
Finally, we made a significant change by using a different editing style. Instead of solely relying on Adobe Premiere, we incorporated Da Vinci Resolve. This allowed us to remove the person from their own frame and add text. This editing style was popular and further decreased our cost per lead. You can use these two software stacks to achieve similar results.
Number two, the crucial step for making money is the problem-pushing rule. This strategy revolves around upsells and can significantly increase your earnings.
Here's the key: we capitalize on the problems created by being problem aware. Each solution we sell generates new problems. For example, if I fix your marketing system with my product, you'll have more leads but less time to follow up with all of them. This presents a problem.
To address this problem, a solution could be an automated reply system. So, even though I'm providing a solution to your current problem of fixing the marketing system, it will result in more leads and the subsequent problem of insufficient time for follow-ups. This, in turn, opens up opportunities for me to offer additional solutions.
I automated a reply system. Here's an example of what we did: We had a product that enables you to optimize your use of money in real estate. It allows you to obtain a credit line and utilize it to assist others with their transactions, instead of searching for your own deals.
However, a challenge arises in terms of the time-consuming outreach required to find people with deals to transact with. To address this, we came up with the idea of a product that teaches you how to hire and manage virtual assistants (VAs). This way, we can delegate the work to VAs rather than doing it ourselves.
Consequently, we sold the VA training product. Let's discuss the results. We conducted split tests on the pricing, which I highly recommend doing. The upsell was tested at $197 and $297. At $197, 75% of people opted for it, while at $297, 62% chose to purchase it.
You might think that 62% is significantly less than 75%, but considering the 50% price increase, it's actually an impressive jump. With 62% at $300, we generated more revenue than with 75% at $200. I'll illustrate these numbers for you. However, we noticed that people desired something else more than hiring and training VAs.
Hiring and training VAs didn't seem to be what they truly wanted, despite the 75% and 62% take rates. The issue was that we weren't charging a substantial amount for it. So, we explored what other offerings would be more appealing to them and for which they would be willing to pay triple the price.
It turned out that they wanted more leads. Therefore, we conducted a survey among our current audience and discovered that their primary concern was earning their next dollar. They weren't particularly focused on scaling a team or freeing up their time. As a result, we introduced a different product and reframed our approach.
The problem is I'll be busy with tasks like reaching out to people, which creates a solution for our VA product. The VA product teaches you how to hire and manage VAs, freeing you from busy work and helping you make more money. We inserted a middle offer between the VA offer and the webinar.
Example of a problem-solving solution with a product that teaches how to hire VAs for coaching businesses
During the webinar, you purchase the webinar product. Then, the first offer is called "Limitless Lead Flow," which is presented through a sales letter. It emphasizes the importance of acquiring new leads and deal flow for your business's success.
The results were impressive. After implementing the upsell at $997, 40% of people accepted it. Let's do the math: At $197, with a 75% conversion rate, we would generate $148K for every thousand sessions. At $297 for the VA product, with a 62% conversion rate, we would generate around $183K, which is better than the $197 offer's 75%.
But at $1,000 and a 40% conversion rate, we reached nearly $400,000 with a thousand sessions. This represents almost triple the revenue of the $197 offer from the same upsell, which is remarkable. We achieved this by surveying our audience and understanding their true desires.
Ultimately, we decided to stack all the upsells. In February, the "Limitless Lead Flow" upsell had a 39% conversion rate, generating nearly $177,000. Then, customers had the option to purchase the VA upsell for $297, which added another $29,000.
In total, we earned an additional $200,000 in February from upsells alone. This revenue covered most of our advertising costs for that month, which were around $320,000.
This demonstrates the importance of problem-pushing on your upsells and addressing the problems your product creates while offering solutions that customers need. By stacking these offerings, you can maximize your revenue.
How can I get the audience to think as highly as possible about the host of the webinar, and how can I get that done in the shortest amount of time? This step is focused on building a high perception of the webinar host and doing so within a limited timeframe.
Since the webinar is on Saturday and registrations occur from Monday to Friday, there is a short window to establish authority. The goal is to make the audience prioritize attending the live training over other activities like soccer games, sports events, gym sessions, or social engagements.
To achieve this, we employ various strategies to create authority, primarily through email sequences leading up to the event. These sequences emphasize the speaker's accomplishments and establish their credibility.
Podcast testimonials and authoritative PR mentions are highly effective in establishing the speaker's credibility. For instance, if the speaker has been featured in Forbes or received coverage from Bigger Pockets, a renowned real estate authority, we want to direct people to those sources. By showcasing the speaker's value and offering valuable training content, we can further enhance their perceived expertise.
One approach I find effective is to provide Google Drive links in emails. These links lead to valuable training materials or teachings by the speaker, which is perceived as more valuable because they are not publicly available on platforms like YouTube.
When people engage with valuable content beforehand, they are more likely to attend the live webinar on Saturday to learn more from the speaker. As an example, I send emails urging recipients to watch a specific YouTube video, such as a podcast interview discussing how someone is generating $100,000 a month using the Gator method.
Although the video doesn't provide a step-by-step guide, it demonstrates the feasibility and value of the method and highlights the success of someone currently using it. This strategy significantly increases webinar attendance rates, which is crucial when considering factors like cost per lead, show rates, and the percentage of attendees converted into customers during the webinar.
This strategy called failed payment automation, is a unique and effective approach that sets it apart from what others in the industry are doing. It involves addressing payments that have failed during webinars, totaling nearly $1.9 million in this case, without being refunded, reimbursed, or disputed.
To implement this strategy, a fake forwarded email is created, appearing as if it's from the webinar host, and sent to their team, who then forwards it to the attendee. The email is formatted like a typical forwarded message, with specific styling like metallics.
In the example provided, the email is from Pace to Travis, the community manager, discussing a payment issue with Eddie Malouf. This fake process is initiated after building anticipation for a week.
The forwarded email from Travis to the attendee, which is part of the fake process, starts with a message from Pace Morby's team, explaining the issue with payment processing. It suggests contacting the card issuer or trying again using the provided link. It also encourages the attendee to reach out if they need further assistance or have any other concerns.
This approach allows for negotiation and addressing specific payment concerns, potentially offering a split payment option or suggesting a lower-priced product.
By prompting the attendee to respond to the team, it provides an opportunity to resolve any issues, overcome objections, and successfully collect the payment that was previously unsuccessful.
These individuals who experienced payment failures indicate a high level of buyer intent, as they made the effort to make the payment but faced obstacles like bank-related or account balance issues.
Here's a bonus tip that's simpler to implement. When targeting different audience groups, such as those requiring more urgency and an introduction versus those already familiar with the speaker, it's essential to customize the approach accordingly.
For cold traffic, individuals who are new to us, a separate page is needed compared to warm traffic. Although both pages will have a similar appearance, the emphasis will differ. For warm traffic, who are already on our mailing list and familiar with the speaker (Pace), we won't focus as much on introducing him. Instead, we'll highlight the training content, topics, and other relevant information.
However, for cold traffic, our efforts will be dedicated to introducing the speaker on this page. We'll showcase his TV show, coaching credentials, real estate properties, and more. Since this audience is unfamiliar with us, the introduction needs to be different, and we want to create a sense of urgency (FOMO).
For example, the page may emphasize that this is a one-time live training. On the warm page, a more casual approach can be taken, simply announcing, "Hey, I'm going live this Saturday," as there's no need to be as assertive.
These three steps provide a powerful framework for maximizing results and revenue in the online business world.
Step one emphasizes the importance of a power prospecting system that gathers opt-ins from high-intent buyers. Charging a nominal fee ensures a qualified email list and opens opportunities for upsells.
Step two involves making creative shifts and optimizing advertising strategies to achieve better results at a lower cost per lead. Addressing problems created by your product through upsells maximizes revenue.
Step three focuses on building accelerated authority for the webinar host through email sequences, testimonials, and PR mentions. Establishing a high perception of the host increases webinar attendance and conversions.
Additionally, the unique strategy of failed payment automation allows for negotiation and resolution of payment issues, capturing revenue that was previously unsuccessful.
Lastly, customizing approaches for different audience groups enhances engagement and conversions. By following these steps, you can maximize your marketing efforts and achieve exceptional results in your online business.