SFR 249: Leverage Information...
This is honestly the easiest way to make money from what you already do...
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I've coached a lot of people now, but there have been a few times when I\u2019ve heard the objection: "Stephen, I don't know that this could work for me?"
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So, it\u2019s time to do some excuse busting because the truth is...
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You can leverage information, whatever your field of expertise is.
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...and the fantastic news is, you don\u2019t have even have BEST in your field or EVEN the best marketer to make a decent amount of money.
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In fact, there are plenty of people who are really bad at selling, but who have a good product and make great money.
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Enough money to...
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- Massively supplement their income
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- Pay bills
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- Give up the 9-5
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You can be quite bad at this and still make good cash.
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\u2026 which is why this is such a HUGE deal.
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So this is for EVERYBODY who says, \u201cI don't know if this would work for me?\u201d
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My GOSH, *YES IT WOULD*
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Whatever expertise you carry in this world, teach it and make a course about it.
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If you're like, "...but I don't know how to do that."
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There are a million things out there to teach you how.
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- The question is no longer, "Are the models out there?"
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- The question is no longer, "Do I have the tools out there?"
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The question is more about belief.
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I want to help anyone who hasn't launched anything yet\u2026
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If you've been following me for six months, and you still haven't launched a product yet\u2026
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Let me give a little tough love and make you aware of that.
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Can I say, \u201cSack up?\u201d Is that all right?
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Just go for it. Launch something. Just get it out the door. You're not gonna make it perfect. You can't. You're not the one buying.
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Get it out the door and start measuring feedback...
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Take the pressure down and understand that all of these choices don't actually sit on your shoulders...
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It's such a good thing to realize as an entrepreneur.
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My ability to be successful with this is not so much on my shoulders - as far as the decision making\u2026
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All I have to do is learn how to listen to what the market's telling me to do and then put it in these frameworks and just move.
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So if you\u2019re ready, let me show you how you can leverage info to make MORE money, listen up!
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THE EXPERTS SECRET
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First, I want to bring your attention to a section in Expert Secrets.
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I LOVE this book\u2026
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But there\u2019s a strange phenomenon I\u2019ve noticed.
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When people quote from this book, there's an area that doesn\u2019t get much attention\u2026 and it's this freakin\u2019 gem that MOST people will just skip over\u2026
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I\u2019m not making fun of anybody, but I just want you to know that there\u2019s a piece right at the very beginning, (actually it's not even technically chapter one, it\u2019s in the introduction)... where a gem is dripped out that I most people don\u2019t understand...
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TWO TYPES OF EXPERTS
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There are two kinds of experts\u2026
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- The first kind of expert is the expert who's selling information about their expertise itself. That's all they do - they just sell information products.
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- The second type of expert is someone who is leveraging information products for an existing business.
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Information products are amazing because there are such huge amounts of margin in them.\xa0
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The major con is that people understand that there's NOT a lot of cost to fulfill.
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If you\u2019ve followed me, you\u2019ll have seen me talk about the benefits of info products versus physical products before\u2026
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There are heavy pros and cons pretty between the two of them. I don't think that it's one or the other. I think that they should work together.
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But the second kind of expert leverages info in a certain way that most people do NOT understand.
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One of the fastest ways that I know to blow up a company is to create an info product that sits in front of the actual thing that you do.
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Now I want to share some quotes direct from the Expert Secrets Book
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On page XXIII, it says:
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Complicated sales will come easy because the information products will indoctrinate potential customers about why they need your products.
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\u2026 I've found this to be 100% true.
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For example:
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People who listen to my podcast consume my sales messages waaay easier later on. That's no surprise\u2026
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Because they\u2019ve spent time with me, watching or listening to me speak.
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I\u2019ve already given value and created a relationship, so the next step to buyer is much easier to take.
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Expert Secrets goes on to say\u2026
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You'll be positioned as an expert instead of a commodity. People will pay you more for the same thing they could get somewhere else. All other options will become irrelevant. Price resistance will disappear and future sales will become easier.
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That\u2019s a very powerful point!
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HOW TO INCREASE SALES
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The book goes on to say...
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You will be able to acquire unlimited customers for free.
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...which is very true!
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I have more leads right now than we can actually handle.\xa0
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For the last few months, (and moving forward), the major focus in my business has been how to actually handle all the leads that we get?
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Where are these leads coming from?
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- Publishing.
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- Information products.
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By design, I\u2019ve matched up my expertise with the information space.
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That doesn't mean you have to create the same kinds of things everyone else, I'm not saying that at all.
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I'm saying you have to couple your expertise with info so that, (and back to the Expert Secrets)...
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You'll be able to acquire unlimited customers for free. So every backend sale you make will result in a 100% profit. You will be able to grow much faster.
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This book has taken me over a decade to earn through trial and error, making thousands of offers to millions of people. I'm only sharing strategies and tactics that are proven to work. Hope you enjoy the book.
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(...I just love that as an intro.)
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So now, I want to give you a working example of HOW this can work for any industry\u2026
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HOW TO MAKE MORE MONEY AS AN ARTIST
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Recently, I had the pleasure of coaching an amazing lady. She was a musician\u2026
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This case study came from the OfferMind Masterclass; it's a fast, but powerful example.
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This should be very encouraging if you\u2019re trying to figure out if you should move forward on something like this.
It\u2019s a HUGE opportunity and it changes the whole business model as we know it.
I feel weird saying it; \u2018cause it makes me feel kinda biz oppy, but it's true\u2026
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So, let me ask you a question:
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Q: How amazing do you have to be to make money as an artist?
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A: You\u2019ve got to be really good - really, really good.
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To make money as a musician you\u2019ve gotta be at the tippity, top, top, top - all the way to the top - in order to make actual cash.
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So on a scale of 1- 5, your Artist's skill = is gonna be a five.
Q: Stereotypically, how much money do you make as an artist?
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A: Typically, you make no cash at all - so I\u2019m giving it a one
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Starving artist is a term for a reason.
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So I might have level five skills, but be getting paid at level two - which is crazy, but it's how it is...
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Here's what's fascinating\u2026
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If you were somewhat of a good artist but you chose to teach other people certain types of strategies/ skills/ history of the music piece that you've learned how to play, or whatever\u2026
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You actually can combine information with being an artist... and cash flow very hard.
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I could be level one/ two at selling information, but it could bring in level four/ five revenue - it\u2019s sorta the exact opposite.
So\u2026
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Here\u2019s another question for you:
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Q: If I lead with info and sell how to stuff that\u2019s truly valuable, what's the skill level I need as a marketer in order to make money in the info product space right now?
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A: I'm going to say a one.
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There's a lot of people who are extremely bad at selling but have a good product, so they still make great money\u2026
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You can be quite bad at this and still make good cash.
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\u2026 but it gets EVEN better
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LIQUIDATE THOSE AD COSTS
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https://media.giphy.com/media/57WAdFQc3tba3OkCFZ/giphy.gif
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So here\u2019s one of the things I like to do to help me breakeven with my products\u2026
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If I have a $1,000 or a $500 product to sell, (which is not abnormal for the internet)...
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Historical price points around the info product space are around 500-3000 bucks.
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If you have any kind of aversion to that, as I say that, in a \u2026 \u201cURGH, I've never paid thousands,\u201d kinda way...
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Let me set you straight:
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You're NOT the one buying it - SO GET OVER IT!
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If you're like, "I wouldn't buy \xa0your product at that price..."
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- Make sure your product is darned AMAZING - so that you WOULD buy it!
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- Understand that people are already buying at that price point like crazy.
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We have a thousand dollar product and it costs us about $100 - $150 to generate one buyer, but one buyer is worth \xa0A THOUSAND DOLLARS*... (and we're about to raise the price).
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But we can do better than that ;-)
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So we started selling a $57 product in front of our $1000 one\u2026
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And that $57 product generates 4-5 purchases for every $1,000 purchase.
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Now, did you notice what just happened there?
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If we're spending $100 to $150 to generate a thousand dollar buyer, but now we're doing 5x $57 upfront, that means we\u2019ve liquidated the ad spend it took to generate the buyer.
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Now it's literally $1,000 pure profit \xa0- and that comes in multiple times a day.
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MY NEXT BUSINESS STRATEGY
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So having just liquidated my ad cost what should I go do next?
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- I\u2019ll do what I always do and start a podcast for that particular product to fuels it.
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- We took all the cash that came and dumped it right back into ads to create more leads.
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It's stupid easy when you start looking at numbers that way\u2026
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When you combine info and your expertise people will pay for the information because it's extremely valuable...
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Has this not been valuable? I mean come on, this is ridiculous, right?
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Maybe this is a little bit too intense for what I should be giving for free\u2026 but that's why it works so well.
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If you want MORE\u2026
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My course, OfferLab is a year-long coaching program with me and a bunch of other coaches from my Rolodex.
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It's a specific three-day event where you go through and you're highly prepared to get thing outta the door...
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There's a lot of material I have you go through, it's very \u2018fill in the blank\u2026\u2019
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Then you come into the actual event and it's very work-shop-ish. It's NOT just me \u2018sprekening\u2019 ;-)
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It's everything to help an individual launch their core offer.
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\u2026 that's why OfferLab was built.
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BOOM!
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If you're just starting out you're probably studying a lot. That's good. You're probably geeking out on all the strategies, right? That's also good.
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But the hardest part is figuring out what the market wants to buy and how you should sell it to them, right?
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That's what I struggled with for a while until I learned the formula.
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So I created a special Mastermind called an OfferMind to get you on track with the right offer, and more importantly the right sales script to get it off the ground and sell it.
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Wanna come?
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There are small groups on purpose, so I can answer your direct questions in person for two straight days.
You can hold your spot by going to OfferMind.com.
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Again, that's OfferMind.com.