Hey, welcome to Lesson 7 in the 10 Leads in 7 Days Challenge. This is the final lesson in the series.
If you’ve missed any of the other lessons, click HERE
Hopefully, you did your homework from Lesson 6. If yes, big congratulations to you.
Don’t forget to visit The Tribe Builder Community group, and celebrate your wins every day. Not only will it make you feel good but it will also give a shot in the arm to other participants. It’s always good to be a giver, right?
Before I get started on the topic, let’s do a quick recap of the previous 6 lessons:
Facebook Challenge #6: Ultimate Conversion Method
I explore additional ways to boost your sales conversions (other than following up leads)
Facebook Group Challenge #5: Best Practice Follow Up Method
Follow up = fortune, right? I show you the right way to do it on Facebook
Facebook Group Challenge #4: Personal Profile and Group Integration Method
Exploration of the symbiotic relationship between your personal profile and your Facebook group.
Facebook Group Challenge #3: Potent Content Strategy
Learn how to use content to attract people to you.
Facebook Group Challenge #2: Simple Way to Get Your First Ten Leads
How to get your first ten free leads in less than a week.
Facebook Group Challenge #1: Dead Easy Way to Setup Your Group
A quick way to set up your new group.
So, let’s move on now to the final lesson – and it’s all about cash flow.
So let’s talk about cash flow.
Cash flow is the lifeblood of any business. The key is to generate cash flow early and often.
Are you doing that now?
No? Perhaps you’re not getting enough leads that convert. I have no doubt that if you fully embrace what you’ve learned in the Facebook Group Challenge you WILL get a steady flow of warm leads. And you’ll make sales too. WOWEE!
Now I don’t want to put a dampener on things, but sometimes hard questions have to be asked. Here is one of them:
Will your sales translate to plenty of cash flow? Well, it depends.
If you’re an affiliate marketer and selling small-ticket products, the chances of creating a dream income anytime soon are remote. Make sure you read the affiliate marketing section.
The same comments apply to small ticket MLM/network marketing. Not that you should quit what you’re doing. If you’re in a good program and you’re passionate about it (it’s vital that you are), the best thing you can do is hang in there. Read the MLM section – I’ve included some good tips.
I’ve also included a section for coaches, consultants, and experts. I’ve included some tips and ideas for you.
If you apply just one of the ideas I have given you, what would it mean to you? Perhaps you could reach some goals faster than you had previously envisaged.
Lack of cash flow is the single biggest reason for business failure. People can’t afford to continue – they lose hope, confidence and resolve. You don’t want to be in that position, do you? No way! So, enjoy Lesson 7 – I hope you get value from it.
To me, traditional small ticket affiliate marketing is a bit like broking. You don’t hang your hat on any single offer or any one company. Instead, see yourself as an offers broker who links customers with offers that they need and want. When you join a typical affiliate program, you’ll be promoting small-ticket products like e-books, software, courses etc.
To boost your cash flow consider adding different complementary products that will be attractive to your target audience.
Another point is that any affiliate offer you promote should have a high converting upsell funnel. Instead of making say $30 on the initial sale, potentially you could make an extra $100 or more on the upsells.
Other types of affiliate offers I like are service packages, that include a recurring monthly income component. For instance, I have customers who have subscribed to the AWeber’s autoresponder service. They have been happily paying their monthly fee for more than five years. That’s more than five years of residual income for me.
A good way to get the cash registers ka-chinging are product launches. A friend of mine got his start with product launches. Some launches paid him more than $10,000. This gave him some useful cash flow which helped him create a war chest. Later he used his nest egg to start a highly successful company ($170 million in sales, and counting)
Rather than relying solely on a traditional small ticket funnel to upsell buyers into modest higher priced offers; you should also consider adding a separate high ticket offer to your portfolio of offers. High ticket programs offer commissions from $1,000 and upwards. For example, one program that I promote pays up to $20,000 per customer. A massive difference.
The best sales funnels I’ve seen usually lead with a cheap entry-level product. For example, I work in the information products niche, so I often lead with a product with a price point below $20. From there you can up-sell some of the people who purchased the small product into high ticket product sales.
Does it work? Well, I’ve been marketing high ticket products and services for a long time. I’ve generated millions of dollars in sales revenue and pocketed some significant money for myself besides. I know it works.
But the problem is that many people still don’t ‘get it.’ They think that the market for big-ticket products is very small or non-existent. They also think that it’s hard to sell a big ticket product.
Well, here are the facts based on many years of real-life experience marketing big ticket products and services (both online and offline):
Do You Still Think People Won’t Buy Big Ticket Products?
Look at it this way.
Think of someone who buys an exotic car. Surely they didn’t buy it just because of sound engineering or because it might prove to be a good investment (which is doubtful). No, they bought it because they want to show it off to their friends, and they love the gorgeous design and the way it sounds when in full peddle to the metal mode. And they get excited about the sheer driving pleasure such a car gives them.
All I know is this: If you make $20 a sale and want to make $10,000 a month you’ll need 500 new customers a month to reach your goal. On the other hand, if you make an average of $2,000 a customer, you’ll only need five customers a month. Which result is more achievable?
To build a significant and substantial income stream with Network marketing/MLM, usually, it takes many years. This is because the overrides are small; you need thousands of ACTIVE people in your downline to make it financially viable. If you are committed to your MLM program, the best advice I can give you is to stay plugged into the support your upline gives you – don’t deviate from the plan they have presented you.
That said, if they are ok with you using the internet to get leads, I can see a lot of value for you to use the tribe building ideas as featured in this Facebook Group Challenge.
Tips To Boost Cash Flow
It will come down to volume. Yes, MLM is a volume game – in the early years, you need lots of people joining your team due to the small margins for recruiters and team builders. So, although you can generate some useful initial cash flow from making retail sales to bona fide customers, the focus should be mainly on recruitment and team building.
Here are some cash flow enhancing ideas for you:
Don’t go overboard with this. If all you’re doing is making product sales you’ll never build a big downline. Please don’t think I’m telling you not to sell products to customers. I’ve got no problems with it, but it would be most unlikely that you can create a six-figure income with personal sales alone. But if you can make a couple of hundred dollars a week from retail sales, all to the good.
You want business builders in your team for two reasons:
How do you share the big picture? I suggest you enlist the support of your upline. But essentially you should uncover their WHY, their big dream, and then show them how your program will help them get there. Make sure you share some hot success stories – people need to see social proof, early and often.
Go deep! And go fast. As soon as you’ve signed someone up, get them into action straight away. You don’t have a minute to lose. In fact, I would work on the basis that they’ll quit in a week, so I don’t have time to waste. For newbies – whether they like it or not – the key is to help them work their warm market because that is where the quickest results can be found. Remember, for you as a leader it’s a race against time to help them produce a quick result before they quit. But here’s the thing: when they experience a positive result it is far less likely they’ll throw in the towel.
Just as Michael the Magnificent helped me make money in my insurance sales career (as a young man), you must do the same thing in your MLM career, for your frontline and downline team members. It’s not for the faint-hearted or the timid, but that’s what the MLM industry requires.
Finally, a practical Facebook technique. As stated previously, Facebook Messenger is an extremely potent tool. Use it for voice and text-based messaging. The key is to identify the right people and become proficient at converting them into customers and new team members.
This is deadly. I’ve seen it happen many times. Here is what happens. Newbie network marketers fall in love with the products and the company. It’s a love affair for sure. The problem is that they become so obsessed with the products that they completely forget the big picture. But all they do is talk about the product ad nauseam. And because MLM is a ‘monkey see, monkey do’ kind of business model, guess what all your sign-ups and customers will do? Follow you.
Even if one of your customers becomes a rep, it’s highly likely they will copy you. Result? Lots of people in your team who love the product, and not much else. So you end up having a glorified customer base and never get to the big income levels. Frankly, if all you’re going to do is sell product there are more profitable options, including affiliate marketing. MLM is about recruitment so if you don’t become a damn fine recruiter, leader, and team builder, the chances of you reaching six figures are slim to none. Up to you.
1). Build Your Tribe!
Always and in all ways – tribe building is integral for your successful client acquisition program. Build your tribe- your best clients will come from there.
I run webinars and zoom calls every month. In fact every week or two I’m doing something that few other marketers bother with. People are cluttered and frazzled, so you must go over and above the call of duty to stand out from the crowd, and get noticed.
A powerful way to demonstrate expertise and competence. They also serve to draw people closer to you and separate you from the pack. I mean – who else in your niche is doing it? Exactly. Hop to it.
Free consultations rock! Offer 20 or 30 minute free consults. Or you could do what I sometimes do – offer up to an hour. But if you’re going to do it, make sure you qualify people first. Time is valuable, especially your time, right?
5). Create a Cheat Sheet and Promote it Aggressively.
Well yes. Cheat sheets and free reports should be the lifeblood of any service-oriented business. It’s another way to let people sample you and the expertise you offer. If you offer your cheat sheet in your group, you could get some leads from it. To make things happen fast, dialogue with respondents on Messenger. Find out about their problem (“I’m, curious – why did you request my Cheat Sheet?”), then offer a free 220-minute meeting on Skype. From the initial Cheat Sheet offer to having them hand over some money to you, it could take as little as a few days. That’s what I call FAST cash flow.
As you have previously learned, follow up equals fortune. If not a fortune for you, consistent and effective follow up will make a huge difference to your cash flow.
If you plan to source some of your clients from Facebook, it is mandatory that you become proficient at using the Messenger tool. Use both text and voice when communicating with prospective clients. This course has already covered a few of the techniques you can use to improve your messaging skills. Effective messaging skills will convert mere leads into hot leads – and sales. No doubt about it.
Give people a sample of your service first. But not a free sample (exception: it’s ok to offer a 30-minute free consultation), charge for it. So, develop a small ‘starter package’, and offer it to people who need an entry-level pathway to your high priced packages. Or to put it another way – let people dip their toe in the water before they make a bigger commitment.
A no-brainer. Either ask for full payment in advance (in return for a discount, perhaps) or a good deposit; perhaps half now and balance on completion. If you don’t ask you won’t get – it’s as simple as that.
This one is HUGE. For service-oriented newbies, my experience has been that many coaches and consultants undersell themselves. There are many reasons for this such as:
My suggestion is that if you are underpricing your services, take immediate action to rectify the program. Move your prices up, but also take a package approach to consulting. Include various elements that create a higher perception of value.
It is better to have people approach you than for you to approach them. Or to put it another way, become the hunted NOT the hunter.
When I first read Mike Dillard’s book in 2007, I saw those words and they hit me like a ton of bricks. So simple, yet it made sense. So I decided that from that point I would do whatever it takes to become the hunted, not the hunter.
I’ve coined the term Pull Marketing (which is another term for attraction marketing, which is what Dillard was talking about all those years ago).
So to refresh on the key themes of this course:
• ‘Pull Marketing – Not Push Marketing’ should be your guiding philosophy
• You attract people to your offer or program by also attracting people to you (YOU as your brand)
• This is More About Farming Than Hunting
You want to attract people to you, like bees to a honeypot. And here is how you do it:
You position yourself as an individual who is worthy of a customer’s patronage. Think of yourself as You Inc – You Incorporated. Just as a business is the total of the talents and attributes of the people who work in that business, you are the total of all of your skills, belief systems, and personal attributes.
Keep in mind that people don’t just buy products. For them, it is usually not purely a financial and objective decision. It is also an emotional decision. You may have the best product in the world but if they don’t feel right about the people promoting the product the sale will not get made.
Your company may indeed be a fine, upstanding company but at the end of the day, people buy people first. Then they will buy the product.
To explore other cash flow pathways, feel free to do it here
Your homework for today is simple: Write a simple ‘cash flow boosting’ plan for your business. The plan should list the steps you will take to boost your monthly cash flow.
I trust you got value from today’s lesson and look forward to talking with you soon.
Finding the right business model was a challenge. But within a couple of months, he found a great educational product, focused on wealth and self-development.
He also liked the high-profit margin, as well as the marketing system the supplier company had developed. Less than a month after starting in September 2006, he made his first dollars. Since then he has sold millions of dollars of products and services, using a high ticket formula he has perfected. To learn how he does it, make an inquiry – High Ticket Formula.
I've been an online marketer since 2006. During that time I've learned alot and made a full time living from month 1. I established this site to share my knowledge with you. Who knows - maybe you will change your life, just like I have.