The Power Triangle
‘ Who would buy this?’ (Traffic)
‘ What can we say to persuade them to buy?’ (Conversion)
‘ Can you reach them affordably?’ (Economics)
‘ Can they give you money?’ (Economics)
In order to sell something you have to get Traffic; then you have to convert the traffic. Economics means you have to create value for your customers and get their money in exchange.
Even though the logical flow of the sequence goes clockwise from traffic and winds up with economics in a constantly repeating cycle, to get the process going we must first think backward, i.e. “begin with the end in mind” (Steven Covey) => Economics
We begin by asking ourselves:
> “What would these people want to buy?” and
> “How can we make every transaction more valuable both for the customer and for our business ?”
=> sell results, not procedures
=> create bundled offers, complete packages that simply and elegantly solve the total problem with as little fuss as possible.
Traffic:
people who land on your webpage.
Conversion:
> people who opt in and the reasons they did, e.g. they want to take the quiz to find out if they are a good fit for your business.
> emotional and practical benefit of buying a package.
Economics:
> what they get in exchange for their email address and the value of that email address to you.
> the number-one function of your website is to collect an email address from your visitor before he leaves.
> what they paid for a package of lessons and the value they will get in exchange.
Anytime you want to figure out how to get more money for what you sell, ask yourself this question: ‘How do I make what I give my customer more of a finished result and less of a procedure?’
Unique Selling Proposition
A unique selling proposition (USP) is your unique answer to these questions:
> What does your product do that nobody else’s product does?’
> What problem can you solve that nobody else can solve?’
> Why should I buy from you instead of anybody else?’
> What guarantee can you make that nobody else can make?’
> Headline test: If your headline were a classified ad would it make the phone ring?’
> ‘ If you had to describe your business using only ONE search phrase, what would it be?’
> What kind of super-deluxe experience can we offer that nobody else is offering?
How Facebook-friendly is your company?
Since social media generally starts with Facebook, you can take a free test at https://www.perrymarshall.com/ppc.
It will tell you how Facebook-friendly your business is with a score from 1 to 10.
Further Qualify your ideal customer
> Is the customer willing to follow all the steps necessary to use or install your product/service?’
> Do they obey instructions?’
> Do they cooperate with you and your staff?’
> Do you have a definite process for determining whether they did the right steps or not?’
> Are all the right steps laid out?’
> Is it simple and clear and black and white?’
> Do you have a way of determining whether the customer really is a fit before any money changes hands?’
What kind of persuader are you?
‘ How much creativity and imagination do you use to persuade?’
‘ How much do you employ systems and rules when you persuade?’
‘ How naturally do you persuade on the spot?’
‘ Do you like to refine and edit in advance?’
‘ How much do you rely on visual elements to communicate?’
‘ How much do you prefer written and verbal communication?’
‘ How much emotion do you use to persuade?’
‘ How much do you count on facts, numbers and logic when you persuade?’
Recency, Frequency, Money
“RFM is about who you pay attention to in your business, based on who’s paying attention to you. It’s a feedback loop, in the same way the testing/tracking sales improvement process is a feedback loop. You pour more and more energy into the stuff that’s already working, less and less into what you have clearly determined is not working.”
Recency:
> How recently has your customer purchased?
> Which customers have bought something, say, in the last 90 days?
Frequency:
> How often has your customer purchased?
> Which customers have repeatedly bought things from you?
Money:
> How much has your customer spent?
> Which customers have spent the most with you?
> RFM is a matrix, each customer representing a combination of recency, frequency and money.
>You can focus your resources on a relatively small fraction of your customers and get hugely disproportionate returns.
> In the figure below each little cube inside the big cube represents one customer. Notice the great big customer on the top-front corner- what kind of special attention does she/he deserve?
> Steps to get this 3-D matrix:
> rank customers from most recent to least recent;
> rank customer from most frequent to least frequent;
> rank customer from most money to least money;
> “You can do all of this in a single spreadsheet with columns that score them on a scale from 1-10 for R, F, and M. Then you say, “I only want customers whose R+F+M score is greater than X.”
What Makes a Website Link-Worthy?
> The more useful your content- i.e. topic-specific content written by passionate people-, the more likely you are to receive a link to it.
“If we think of the word “useful” as a continuum, then the most useful sites are those that provide rich quality content on a specific subject on which the editor or provider is an authority.”
> What if you create a searchable database of information on whatever topic your business deals with?
> “The more a site offers deep information on a certain subject in the form of databases, community, guides, forums, reviews, etc., the more likely editors or curators will feature it in their own content”.
> “The best analogy I can think of to explain a sales-focused website is a public library. A library is, first and foremost, about content, although it does sell things. You can buy copies of books, order maps, buy online database search time, or rent study offices or PCs. Some libraries even have video-rental services and snack shops or restaurants. Money definitely changes hands at a library. But nobody would confuse this commerce with a library’s true mission: being content curators and helping patrons find that content.
In like manner, a website also needs to be a library of information on whatever its focus might be. Add great content to your product site.”
