WEBVTT

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There's a famous marketer who said for every dollar you give me I'll give you a thousand dollars back

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He ran an ad in the paper and he got zero responses

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Welcome to the game where we talk about it get more customers how to make more

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Per customer and how to keep them longer and the many failures and lessons we have learned along the way

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I hope you enjoy and subscribe

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I wanted to make something so this called the offer is king and that's because the offer is king

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So if you have a good enough offer you don't have to sell hard you don't have to have amazing copy or amazing creative

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You just get a lot of people to sign up for your thing

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And so if you really think about your business most businesses should be founded on a core offer

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That is exceptional right in the irresistible offer that is what it's going to grow the business, right?

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And so what I want to walk you through is uh three really good offers the three components of those offers

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And then seven ways to ethically use freight

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So um we're going to cover a lot of ground really fast

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So um

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Three of the greatest offers of all time were dominoes offer some of you guys may remember this but it was um

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Uh delivered to your door in 30 minutes or it's free right that's an irresistible offer and they had shit pizza

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But because of that people wanted to make the order they didn't have to sell them on it

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They saw the offer and when they were hungry they were like shooting 30 minutes. I can do that

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I can have pizza at my door and sometimes it's almost gamification it's almost a challenge

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It's like well if it's not in 30 minutes I get the pizza free

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So it's it was something that was incredibly compelling and it was one of the fundamental

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keys to their growth and why back in the days of yellow pages

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It was literally an entire section was pizza. No other restaurant had a food category of pizza everything else is just restaurants, right?

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Any of you that was because of that one key irresistible offer all right the next was

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10 CDs for a penny right and this was from I think it was Sony way back in the day now

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Obviously it came with continuity and so that was kind of like the first trial offer

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But that offer is one of the single greatest offers of all time for those who are old enough to remember it the third offer

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You may recognize which is when it absolutely has to get there by tomorrow morning and that is FedEx

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So notice the first two kind of have a pricing component FedEx does not

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But it has a really high value component to it. So I just want to break down these things into

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Three pieces each offer has a component of believability, right?

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There's a famous marketer who said for every dollar you give me I'll give you a thousand dollars back

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You ran an ad in the paper and you got zero responses, right? That is a crazy offer

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But it's so good that it's not believable and literally no one responded to the ad, right?

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And so one of the things that makes offers believable is having a reason why

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That you would do this right if you're like, hey, I'm you know, I'm dropping all my prices by half off because I

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All my inventory is gonna go bad people believe that they're like, okay?

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Or like I'm overstocked and I got to make room for you know new new inventory

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Everything's half off

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People believe that it's a good reason why, right? So believability is number one number two is a high ROI offer

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So basically

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And offer that people deemed valuable

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That can be communicated in a couple of words like

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Ganty or to your door and 30 under 30 minutes that was valuable

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For FedEx it was at you know, deliver to wherever you need to be or wherever it needs to go by next morning

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That is valuable right you can give offers, but if people don't find it valuable, it's not gonna matter, right?

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And so um the third piece is kind of the the business around it, right?

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And so that's kind of what I want to cover with free offers because you'll notice the penny offers basically free

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The dominoes pizza offer has a free component to it

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And so understanding how to use free as a marketer is probably in my opinion the single most valuable thing

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That you can learn how to do it's learning how to build a better mouse trap and so right now

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I'm working on a book called acquire

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And the subtext is building a better mouse trap

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Which is just kind of like how to structure offers in a way that you can get tons of volume

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But also make money on the offers, right? And so this is uh

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You know my notes for the different ways that you can use free offers

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And I think I have seven on here. So I'll walk you through them pretty quickly

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To just kind of explain them so

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The benefit of having free offers is that you get the highest volume of leads, right?

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Number one number two, it's it's typically the lowest cost to acquire customers

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So that's number two and the third is that in my opinion

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The key to having massive growth is to having a free offer, right?

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And especially something that's irresistible that can spread through word of mouth that other people can comprehend

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All right

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So first of the free offers is a free buy offer, right?

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So this is where you offer a so when someone comes in you offer a program for free

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As a benefit for signing up, right?

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So Frank Kern, way back in the day, did a he had all of his courses that he'd ever made

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So high value offer probably $12,000 in value

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He said I'll give you all of the courses that I've ever made absolutely free

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If you sign up for my $397 a month continuity, right?

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In my newsletter or whatever, right?

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So that's a free bribe offer so you can use the word free

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It brings lots of attention has huge value in ROI

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But it was a free with purchase, right? So that's kind of the idea

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So if you buy this much smaller thing you get this huge value thing for free

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And it's also a really nice price anchor, okay?

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So that's number one, if you're doing a fitness thing, it's like hey

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Our six-week challenge is $1,000 or you can just sign up to become a member

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And get our $1,000 challenge for free

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And only become a member for $200 a month, right?

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That becomes a really compelling offer lots of people say yes

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And you get people straight into continuity

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All right, the second is a limited free offer

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A limited free offer is let's say this is an AB close

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When someone walks in the door, obviously the vast majority of the people listening to this are gym owners

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So I'm going to just make it gym specific

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So if someone's coming in you say okay, the free thing

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Let's say you sign up for a 14 day or let's say a 28 day

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You come in for 28 day promotion

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The free thing has one, you know, you could say 28 day trial

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They come in, it's one day a week of workouts

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You have no personalized nutrition, no accountability coach, right?

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Now during the sales process they'll have already said they're not motivated

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They need help all the while

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And so then you upsell, right?

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As American as Apple buy a 28 day challenge

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Or 28 day intensive or whatever you want to call it accelerator

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Where they pay $199 or $299 or whatever

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For the enhanced version that has three workouts a week or unlimited workouts

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And personalized nutrition and an accountability coach

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And if they don't, you know, lose 10 pounds in the first 28 days

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You give them another 28 days free

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Right? So you have an upsell from an initial offer

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That makes it incredibly compelling

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Right? That's the point

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So they get all this volume for free

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But then you can sell upsell three out of four people into a paid offer

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All right? So that's how you use free and you can monetize it

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The third way of using free is a free trial plus penalty

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So this would be a downsell

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So these can be used in conjunction with one another

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So if someone doesn't take that, that, you know, the AB close that I just mentioned

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Say awesome

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If you're going to stay then you have to put a card down

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Because you want to be held accountable

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You have to work out this many times

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If you miss your workouts

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We're going to charge you for the missed workouts

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And you have to attend the, you know, a feedback session

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And a transformation picture session

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And a nutrition session

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Right?

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If you know, show any of those that's 50 bucks

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And so they have a huge motivator

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To actually consume your product or service

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So the likely they convert on the back

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And it's significantly higher

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Right? That's the point

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And so that way at least your trials

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Become more qualified trials

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And more invested

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And it's a really easy close

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To close someone on a free trial

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If you can't close free trials then

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You have other issues

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Real quick guys

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If you can think about how you found this podcast

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Somebody probably tweeted it

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Told you about it

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Shared it on Instagram

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Or something like that

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The only way this grows

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Is through word of mouth

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And so I don't run ads

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I don't do sponsorships

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I don't sell anything

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My only ask is that you

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Continue to pay it forward

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Do whoever showed you

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Or however you found out about this podcast

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That you do the exact same thing

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So if it was a review

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If it was a post

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If you do that

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It would mean the world to me

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And you'll throw some good karma out there

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For another entrepreneur

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Okay

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The fourth one is a free with deposits

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So this is a classic

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The old six-week challenge

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That we ran for a very, very, very long time

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It was probably the most

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Popular fitness offer in the last decade

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Was a free six-week challenge

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Obviously you always have to be compliant

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Put stipulations for any kind of types of things

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Things on your advertisements

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States different, etc

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But that's where if someone hits a goal

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They do an outcome

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They can get their money back

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Or get it credited towards something

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So it's like

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It's free with a contingency

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So it's like you put x dollars down

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If you do xy and z

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You can either get it back

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Or you can get it towards program

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Whatever

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Right

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That's kind of the pitch there

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So it's a free with deposits

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So free with stipulations

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All right

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The the the fifth way of doing free is

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Free forever and this is a really compelling offer

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So this is where you have to really know here

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Mass trap works right

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So if you have multiple ways of monetizing a customer

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I could say for example

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I will train you for free

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For legitimate free

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Like I will give you free training

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Straight up your membership to forever

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Right

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As long as you just do the things that I tell you to do

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Which may include buying supplements from us

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That's part of the program

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Now

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A good friend of mine

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Owned a chain of

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She had a franchise of

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weight loss clinics

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And they made only like 5% of the revenue on service

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And they made 95% of the revenue on supplements

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And so people would come in

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And they'd essentially give the the service way for free

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But they were required

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To use the supplements as a part of it

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So that's a free

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100% free

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But you're

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You're you're bolting on a different revenue stream

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So that's where you can offer multiple services

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And monetize a different service than the one you're giving away for free

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Right

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And especially if you have something that's

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High margin

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You can give that away for free

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If something's high margin in low value

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It's an easy thing that you can give away for free

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And then give something else away

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That's higher per se value

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Or make them buy something that's higher per se value

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People tend to

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Appreciate physical products more than they appreciate service

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Or value service

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All right so that's kind of a free forever model

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Which is really understanding

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How do you can monetize the second need

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The next thing they're going to need after the first thing

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All right

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The sixth way is a free giveaway

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This is a classic

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You know you run a you run a

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A free giveaway let's say meals for a month

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Right I'll pay for all your food for a month

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I'll pay for your whatever

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Right

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And so you get tons of people are going to opt in for that

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And you say like well we you know we picked one person

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But if you still under the program

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It's this and we'll give you discounts

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And so you you know

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Signed up

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Right you know

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Signed up to be a part of it

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So the thing is is when you have this

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People are still raising their hand

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To demonstrate they have a need for the service

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Right

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And so if you have a giveaway

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That's perceived as high value

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And something that's related to the core offer that you have

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You instantly get tons of very cheap

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Leads that are qualified for the service

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All right

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A good friend of mine

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Just started running a $25,000 transformation challenge

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And he's getting people to buy

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Without even doing phone calls

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Straight on the page

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Because it's a $25,000 challenge

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And it's like $300 to sign up online

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So people are seeing the huge giveaway

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And they're choosing to participate

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To have the have the have the chance to earn that

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Right

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Now obviously with giveaways and things like that

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You always have to make sure you're not gambling

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All that kind of stuff

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But I'm just talking big high-level marketing

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All right

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The next and probably last one of the seven

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There's probably more

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These are just the ones I thought off on top of my head

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Is a free with

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Free with commitment

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So not contingency but commitment

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So that's where you say your first 28 days

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Or your first month is free

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As long as you commit to a nine month contractor

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You commit to a whatever

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Right

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And so when you do that

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You can still market free

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You'd have to again put the contingencies in

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You want to be a compliant advertiser

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But that way you can still give people free on the front end

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It makes the sale very easy

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Put the little bit more of the onus on the fulfillment

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But if you get the commitment which you should

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Then you will be able to convert a very high percentage

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The people on the front end and typically

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At higher average contract values

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Because they're not confronting that price on the front end

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It's more like proceed value on the back end

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And they're kind of sort of going to see how it goes

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Now that being said during the process

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You still need to sell the people

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Even if you're not closing them

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So even if someone has their car file

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And it's planning on rebuilding

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You still need to sell them on staying

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So just the big mistake that I see happen all the time

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Is that when people give trials and things like that

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They're not actually

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They just sell the trial

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Rather than selling the continuity

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Selling someone on trials

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It's just selling them on trying it

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You have to still sell them again

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Even if they're on

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You know

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Autobell or whatever

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Because the thing is is

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You know 30% of the people who go through

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Are going to immediately call you up

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And say oh no, I didn't mean to let that go through

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And then you have chargebacks and all sorts of crap

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So you don't want that

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Make sure they know they're going to get built

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And if it were me

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I'd probably only build the people that

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I knew had been sold and had kind of

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At least verbally agreed to it

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We already have the contract

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But at least I know that they're in

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So those are seven ways

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To make free offers

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To get lots of people in the door

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And make irresistible offers

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That will ultimately make you more money

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So learning how to monetize free

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Is one of the biggest tools

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In your skill set

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In your toolbox

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And if you don't know how to do it

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You will be a significant disadvantage

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Because your competitors will be

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And they can acquire more customers

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At a cheap price than you do

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And if they can monetize them

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In the ways that I just outlined

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And you just know the metrics

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You know what percentage convert

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What percentage stay with the average ticket is

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And that's why knowing the math is so important

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But if you know those metrics

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Then you can market with reckless abandon

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Because you know what your LTV is

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And you know that you can win

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Based on those numbers

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So anyways, I hope that was valid before you

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The offer is absolutely king

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Like if you get the offer right

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Someone should be able to explain to someone else

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In like one sentence

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Or two sentences

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What it is that the offer is

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If you can't explain it like that

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Then it is not clear enough to a prospect

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And if you get the offer right

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It will make you more money

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Than you know what to do with