Russell Brunson - How to 2x Your Sales (No Matter How New You Are)
Russell emphasizes the concept of momentum in marketing, explaining how it can significantly increase sales and profits. He shares insights from his experience with product launches, highlighting the strategy of a 'launch within a launch.' This involves conducting a secondary launch immediately after the initial one to capitalize on the momentum and maximize profits. He provides examples from his own business, such as the 'One Funnel Away' challenge, where he used a free summit to build momentum before launching a paid course. Russell also discusses the importance of viewing initial launches as break-even funnels, focusing on acquiring customers and creating a buyer in heat. He suggests rolling customers into continuity programs or additional offers to maintain momentum and increase lifetime customer value. The key takeaway is to keep the momentum going by continuously offering new products or services, thus maximizing revenue and profit potential.
Key Points:
- Use momentum to double sales and 10x profits.
- Conduct a 'launch within a launch' to maximize profits.
- View initial launches as break-even funnels to acquire customers.
- Roll customers into continuity programs to maintain momentum.
- Continuously offer new products to maximize revenue.
Details:
1. 🎙️ Introduction and Key Concept: Momentum
- Mastering the concept of momentum can double your sales and increase profits tenfold.
- The mistake most marketers make is losing momentum after the initial product launch.
- Momentum is crucial for sustaining sales beyond the initial burst from a product launch.
- In the past, marketers relied on Google ads, but today, Facebook, YouTube, and Instagram ads are prevalent.
- To maintain momentum, marketers should adapt to changing advertising platforms and continuously engage their audience.
2. 📈 The Evolution of Marketing Strategies
- Joint ventures and partnerships initially focused on reciprocal promotion to expand reach and influence, serving as a foundational strategy.
- The industry, once misunderstood as a scam, has transitioned to mainstream acceptance, with influencers and marketers adopting these strategies widely.
- Early challenges included high ad costs and shrinking margins, emphasizing the need for understanding momentum post-product launch for sustained success.
- The introduction of a 50/50 profit split with affiliates marked the evolution of strategies to include product launches and complex affiliate marketing tactics.
- Rising competition prompted the use of prizes to incentivize affiliates, showcasing the necessity of unique selling propositions to stand out.
- Adopting Dan Kennedy's principle of spending the most to acquire customers led to the development of sales funnels with upsells, downsells, and cross-sells, maximizing revenue per customer.
- Case studies could illustrate successful partnerships that transitioned from merely reciprocal arrangements to sophisticated marketing strategies.
3. 🚀 Launch Within a Launch: A Profitable Strategy
- The strategy involves conducting a major public launch with significant promotion and affiliate commissions, followed by an immediate secondary launch to capitalize on the initial momentum and generate profit.
- During the primary launch, high affiliate commissions (up to 100% on the front end and 60-70% on the back end) are paid, resulting in little to no immediate profit. However, these launches create significant promotional buzz and audience engagement.
- The secondary launch, or 'launch within a launch,' involves offering an additional product or service to the engaged audience. This secondary product typically yields high profits as it does not involve paying additional affiliate commissions or advertising costs.
- An example given was selling a pre-built website for $4,500 during a webinar in the secondary launch phase, which generated an extra $1 million in profit, all of which was net profit due to the absence of affiliate or ad spending costs.
- The strategy emphasizes maintaining momentum, leveraging the audience's heightened interest ('buyers in heat') to sell additional products quickly. This approach can double sales and increase profits by tenfold or more, as demonstrated by the case of a $1 million launch followed by a secondary launch that increased total sales to $2 million and profits to $1 million.
4. 📊 Building Momentum with Strategic Offers
- The 'One Funnel Away' course attracted almost 200,000 participants at its peak, priced at $100 each.
- A strategic summit called '30 Days' was used to generate interest, leading to 5,000-6,000 sign-ups in the first month for the 'One Funnel Away' challenge.
- The sequence involved moving participants from a free summit to a $100 challenge, followed by a funnel hacks webinar, and eventually into ClickFunnels, showing a structured upsell strategy.
- Significant investment was made in affiliate marketing to drive traffic to the summit, with a tiered commission structure: 100% on front-end, 50% on first tier upsells, and 30% on subsequent offers.
- The launch of 'One Funnel Away 2.0' included a pre-challenge, '5-day Elite Challenge', which was free and effectively built momentum during lockdowns, feeding into the paid $100 challenge.
- A new platform, 'Offer Lab', was launched, allowing users to integrate and promote their offers across various platforms; 1,700 out of 5,000 attendees at an event signed up immediately.
- A special offer at the Funnel Hacking Live event allowed attendees to create a fully functional software business using ClickFunnels, promoting high engagement and conversion.
- Plans to expand the reach of these offers to millions through email and social media campaigns were discussed, highlighting a strategy to leverage existing content and presentations.
- The strategy focused on maintaining momentum post-event, aiming to double sales and potentially 10x profits by capitalizing on the initial engagement and interest.
- An 'FHL Encore' event is planned to reach those who couldn't attend in person, with an expectation to double the virtual audience compared to the physical event.
- The overarching strategy is to keep the momentum rolling by continuously engaging the audience with sequential offers, rather than pausing between launches.
5. 🧠 Three Steps for Implementing Momentum in Business
- Step 1: Treat your launch as a break-even funnel with the primary objective of acquiring customers, not immediate profit. For instance, a book funnel with upsells and downsells aims to cover costs, facilitating future sales profitability.
- In a break-even funnel, giving away all commissions to affiliates or investing in advertising is recommended as the initial transaction focuses on customer acquisition.
- Step 2: Execute a 'launch within the launch' strategy to amplify sales and profitability. Post-initial launch, organize a follow-up event, like a new member webinar, to present additional offers. This strategy was vital in doubling sales and increasing profits tenfold for ClickFunnels.
- During the follow-up webinar, align additional services or products with the customer's journey, transitioning from information products to implementation services.
- Timing for this secondary launch varies, but it should capitalize on the peak excitement of new customers to promote higher-value offers, a tactic favored by seasoned marketers.
6. 🔄 Rolling into Continuity: Keeping the Momentum
- High-ticket items, typically priced at $10,000, are transitioned into continuity programs offering the same access for $500 per month, maintaining engagement and revenue flow.
- Customers who do not purchase the high-ticket item are rolled into a monthly fee structure, providing ongoing access and retaining interest.
- The strategy involves moving customers through a funnel process, starting from a large audience of billions down to a core group of committed buyers, effectively increasing conversions.
- For example, out of an ad audience of 100 million, 10,000 might click, 5,000 opt-in, 1,000 enter the funnel, and 500 make a purchase, demonstrating the funnel's effectiveness.
- Continuity programs are not simply payment plans but are ongoing subscriptions that offer access previously available only through large one-time purchases, ensuring sustained customer engagement.
- Strategically offering different levels of commitment through the funnel enhances customer retention and provides alternative, affordable options for those who did not make the initial purchase.
7. 🔥 Mastering Momentum for Business Success
- Treat your launch as a break-even funnel and identify key conversion points to feed into the next value tier.
- Address non-converting leads by offering continuity programs or alternative solutions that better meet their needs.
- Ensure sustained business momentum by channeling energy into upcoming programs or offers, thus keeping engagement and conversion rates high.
- Example: Utilizing a 3-day selling challenge event to seamlessly transition attendees to the next major event, Funnel Hacking Live.
- Preserving momentum is crucial, as losing it complicates future recovery efforts, highlighting the need for constant customer and business engagement.
- The main issue with non-converting funnels often lies in the selling approach, not the funnel itself, indicating a need for enhanced selling training.