This is meant to incentivize your fans so that way they can refer more business and stay loyal to you, to your business, to your company.
Welcome to the growth hacking secrets show with Carlos A. Vazquez where we share actionable strategies and tactics to grow businesses no matter what industry you’re in. Now, your host Carlos A. Vazquez.
And welcome to another episode of growth hacking secrets. My name is Carlos A. Vazquez. As always, I want to thank you for taking the time to download this podcast, because I know that you can listen to any other podcasts out there and I’m eternally grateful that you’re giving me your attention. I know how valuable your time is, so my promise to you is to make this podcast as valuable in return.
In this episode, I’m talking about the profit machine fundamentals, but this is part two. If you didn’t listen to part one, this might not make too much sense, or instead, it may make sense, but you’re missing a significant component which is in part one. So in the previous episode, I touched upon the different stages that every customer goes through and to understand what those stages are so that way you can build a perpetually profitable machine.
So at the end of that episode, I ended with how do we move a person from stage to stage in a way where they don’t feel like they’re being sold to; instead, they feel like they‘re continually discovering something new. And if it makes perfect sense, then how do we make them take advantage of the next step, right? Because if there’s anything I’ve learned about marketing and sales, it’s that nobody likes to be sold to.
However, everyone loves to discover great opportunities, right? I mean you can be in need, and you still don’t want to be sold to. For example, if you have a car and your car breaks down, and you don’t know how to fix the engine, you take it to the mechanic. You need to get your vehicle serviced.
So you’re taking it there because you have a need. The mechanic will find other things they can fix. So if they presented to you in a way where they’re selling to you, you’re just going to be turned off, and you’re not going to want to buy. That’s just a reality. Even if you need it, you don’t want to buy it because you don’t want to feel like you’re being suckered or hustled, and that’s pretty much what everyone thinks. Right?
A lot of people don’t like to be suckered or pushed, even if it’s something that they need. So how do we move a person from stage to stage without them feeling like they’re being hustled? That’s what I’m going to share with you right now. And this whole thing, it’s all about the offers. And every offer is meant to progress them to the next step naturally.
I call it the natural sales process and the offers in an (NSP) natural sales process are as follows. The first step is called the lure. It’s like fishing a fishing lure. And when you go fishing, you can quickly throw out your fishing line, put on a hook, and put out the bait. Try to catch some fish. You may find a fish or two, but how long it takes to catch a fish, is another matter.
Now, if you want to attract a bunch of fish then what you do is you get a bunch of chum or fish food and throw it in a specific area. Now you’re going to start attracting a bunch of fish. It’s very similar in the business marketing world. In business, in the natural sales process, the lure is meant to attract a bunch of suspects.
And the way we do that is with a blog, an article, a video, a podcast, whatever, whatever it is it’s meant to attract a bunch of suspects. Now the only thing we want is their attention. We want them to come to our natural sales process. We’re not asking for anything other than their attention, so they don’t need to give anything up other than their attention.
I just wanted to reinforce that in your brain. We want their attention. We want to get their attention because once we show people value at the lure step, then it’s going to be a lot easier for us to move them to the next step. And the next step is called the free irresistible offer or the F I O. Now the FIO is meant to change the relationship from suspect to prospect by giving away something of high value. Something like a guide, a checklist, a blueprint, an Ebook, whatever.
Now I don’t want you to confuse the free irresistible offer with a regular free offer, and the difference comes down to making it irresistible. And the reason why is because people have caught on that if you share your email address and you put in your information, you’re probably going to get a ton of spam, so people are very hesitant to give away their info.
So the game changer right now is making it irresistible. Now, what makes something irresistible? Well, if you can answer yes to this next question, then you created an F I O free irresistible offer. And the question is if I were to put a price on this, would someone pay me for it? If the answer is yes, then you have yourself a free irresistible offer.
The answer is no, well then you have yourself just a regular free offer. And I’m not saying that the free offer won’t work, but I’m going to say that you’re not going to get as many yes’s. People are going to be very hesitant, so you’re going to get a ton of no’s and remember, every no cost us more money. So now we’ve got the free irresistible offer, and that was led with the lure. What’s the next step?
The next step is the FITD, foot in the door offer. And the foot in the door offer’s meant to change the relationship from prospect to lead by getting your foot virtually or literally in the door, with that lead. Now there are two ways you could do this. One, you can offer a low priced item. And when I say low, I mean that they don’t need to talk to their spouse to make this purchasing decision.
And the reason why is because if they buy from you at such a low price and they feel like they’ve gotten a ton of value, then it’s been statistically proven that they will become a repeat customer. It’s a 60/70 percent chance that they will become a repeat customer. Okay?
So this is just one way to speed up that buying behavior. Now, the alternative is somebody’s time. If you’re able to give someone value in 30 minutes or so and make them feel like man listening or being with this person was so beneficial just in this little sit down alone was worth every penny, then it’s highly likely they’re going to go ahead and move forward to the next step, right?
A great example of this would be an attorney with a free consultation. That’s just a regular free offer, but you can reposition it to be a foot in the door offer. If you sit down with an attorney and they make you feel like you have a good shot at winning your case and that they have the resources and experience to increase your chances of winning, then it’s highly likely you’re going to hire that attorney. You’re going to retain them. So that’s just what the free consultation is all about. It’s meant to get your foot in the door with that lead.
Now let’s move to the next step and the main offer. The main offer is what everyone is always trying to sell. It’s what we want to sell to keep the lights on in the building. All right, so I’m not going to beat this one down. Everyone knows what the main offer is. This is what we’re trying to sell because this is the main product.
Now let’s move on to the next step, and that’s what’s called the profit booster or the profit maximizer. The profit booster is precisely what the name says. It’s meant to boost profits from one customer, so that way you can increase the customer lifetime value.
More profits mean more growth, more money for advertising, more money for equipment, more money to buy, more products, whatever the case is, it’s intended to increase the customer lifetime value. For every one person that buys a profit booster, you could probably make up for three or four or five people that didn’t move forward to the other steps. Then after the profit booster there comes your referral/ loyalty program. This has meant to incentivize your fans so that way they can refer more business and stay loyal to you and your business and your company.
So the idea is that if you don’t have a clear and complete understanding of what your natural sales process looks like, then really, you decrease your chances of having success because you don’t know how to move a person from stage to stage. I’m going to give you a perfect example that has mastered a business that has learned the natural sales process.
They don’t sell anything, they have a bunch of opportunities, and people take advantage of those opportunities, and that example is Starbucks. Starbucks, they have one offer that covers three of the natural sales process offers and that is their wifi. The first step in the lure is that Wifi, so if you want to attract people, business owners, people that can use your space, people that drink coffee offer free Wifi.
So there you’re going to go ahead and start tracking a bunch of suspects. For you to log into the Wifi, you have to open up your computer and log into their network. They give you a free, a free irresistible offer right then and there. And a foot in the door offer is you have to be right outside of the sidewalk, close to the facility so that way you can use their Wifi.
Now, what if we were to tell you that we were asking all of our customers that use the wifi for a one time fee of $7? But that fee will give you all the wifi access you need from the moment we open to the moment we close, and you can visit every Starbucks location all around the world, and all we’re asking is for people to pay seven bucks, you probably would pay for that.
I mean, it’s just, it’s a no brainer. Why not? It’s worth it. I mean, you can spend all day leeching off of that Internet. The speed is good enough to get work done whether for school, whether for work or whatever the case is, right? But it’s free, so you take advantage of it. Next step is you smell some coffee. You know what?
Let me go ahead and stand up and grab a coffee. You go ahead and grab a coffee, and then you decide, let me get a sandwich. You just took advantage of their main offer and a profit booster. Now, referral loyalty program. Well, today is Tuesday. I’m going to come back on Wednesday. I’m going to bring my colleagues over. I’m going to have a meeting with a client, so you see they never sold you anything. They just always presented you with opportunities, and because they made sense, you took advantage of the opportunity, and that’s it.
So you want to be the Starbucks of your business so that way you know how to naturally progress someone from stage to stage in a way where they don’t feel like they’re being sold to, but they’re continually discovering something new. And that’s it for today’s episode. Thank you so much for taking the time to listen.
Do you want to chime in? Please visit miamimarketer.com/growth and let us know what your natural sales process looks like. And if you need help trying to come up with one, definitely come to the community because we can probably help you figure all of that out.
And maybe you don’t have to figure it out because someone else has already figured it out and you could swipe some of their ideas, but whatever it is, come by and share or ask. We’d love for you to be a part of us and that’s it. So thank you so much, and I’ll talk to you soon. Bye.
Thanks for listening to the growth hacking secrets show with Carlos Vazquez, one to join the exclusive growth hacking community. Of course, you do! Make sure to visit us at miamimarketer.com/growth for more info. See you soon.