How to Sell Less & Net More
All Selling Aside with Alex Mandossian | "Seeding Through Storytelling is the 'New' Selling!"
English - July 16, 2018 07:00 - 29 minutes - 17.1 MB - ★★★★★ - 91 ratingsMarketing Business Entrepreneurship Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In 2016, my friend Ryan asked me if I would support him for his first product launch, The Ask Method Training. It ended up being pretty successful, and generating over $3 million in revenue in just two weeks. The problem, though, was his profits. After the fees, advertising, joint venture payouts, refund requests, and affiliate contest payouts, the typical profit margin is about 20%. Ouch! I prefer to be in the 50% to 60% range. In my own launch, I used the PLUS Method, which stands for Post-Launch Upsell Strategy. This term was coined by one of our top producers of sales.
Jeff Walker created a powerful formula for the front end of a product launch. It involves two weeks of creating pre-launch content, typically three videos, followed by a final video that leads to the cart opening and closing. Here’s the problem: when the cart closes and you’re done, 15% to 20% profit is considered good. Typically, at this point when the cart closes, the game is over.
I knew there had to be a better way. Jeff’s powerful formula is fantastic for the front end, but there needs to be a back end too. This is why I came up with the PLUS method for my own launch. Imagine doing $350,000 in a failed product launch, and then generating over $1 million the back end. This is how powerful the PLUS method can be. The net profits on a PLUS campaign are generally 60% to 70%. Compare that to the 15-20% I mentioned for a typical front-end launch, and you’ll see why this is so important!
Back to my friend Ryan, who has perfected the art of surveying and asking question. His offer was a $35,000 mastermind and a $10,000 intensive. The $35,000 mastermind included the intensive, but that wasn’t good enough for me. Tune into the episode to learn how we moved forward, why I was reluctant to work with someone who I see as being smarter than me, how things turned out for Ryan, and how you can apply these methods to your own business.
In This Episode:
[02:56] - We learn about the three key insights that Alex will explore in depth throughout this episode.
[03:44] - Alex shares a story about a friend asking for help with his first product launch.
[05:42] - We hear about an opportunity that Alex used in his own launch, The PLUS Method. (FIND AND LINK THIS)
[08:06] - As a marketer familiar with the front end and the back end, Alex knew there must be a better way than just having everything stop when the cart closes.
[10:03] - Alex returns to the story of his friend Ryan, and explains why he was reluctant to work together.
[13:20] - We hear more about the cumulative funnel that Alex has been talking about, in which everything at the top includes everything below it as bonuses.
[14:20] - Alex talks about what ended up happening with Ryan after the cart closed.
[17:14] - What’s important is that the back end didn’t involve affiliate commissions or prizes, Alex points out.
[18:10] - Alex covers the impressively successful results of the story he has been talking about involving his friend Ryan.
[19:53] - The Alexism for this episode is this: entrepreneurship is like skydiving. You don’t need a parachute to skydive. You just need a parachute to skydive more than once!
[21:51] - For most people, cart close day is the beginning of the end. With PLUS, it’s the end of the beginning! Alex explains this, then walks listeners through the five stages of conversion.
[24:38] - We hear a quick review of the insights and wisdom that Alex has covered throughout the course of this episode.
[26:22] - Did you take away something valuable from this episode? If so, please head over to this link and write down that takeaway as a review!
[27:22] - Alex offers listeners a completely free copy of his book Alexisms in honor of this 18th episode! To learn how to get yours, listen in to the episode.
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