This is the first episode of the new series entitled Expand. It is where you take what your business is doing. You expand it into different verticals, different niches, you expand it across segments. There are lots of ways that you can expand your business once you lock in that thing that is working well for you. What we always run up against is where we can only promote many things at the same time. Especially for startups, for folks who are below the million dollars a year in revenue mark. There are only so many things you can promote at the same time in certain modalities. We run paid traffic, so in your Facebook ads, you’re targeting one group of people for one particular ad.
Three Groups of Traffic
Now, you can segment that group of people up between cold traffic, warm traffic, and hot traffic. So there are triggers that you can in essence advertise three different things to those people.
- Cold Traffic – you can advertise live streams, videos, bonding content, all that kind of stuff.
- Warm Traffic – you can advertise lead magnets, webinars.
- Hot Traffic – you can advertise a call to action things, so your courses, your programs, your books, your whatever, the stuff that you want them to buy.
Now, outside of those three things, those three segments, it’s very difficult to advertise three different offers into the sales funnel to cold traffic. This is because what you’re doing is you’re cannibalizing your audience.
Offering Different Products
1. Digital Books / Ebooks
When you’re thinking about expanding into additional product offers into a sales funnel or additional, let’s say you have a book and you’re selling that book to your hot people, your warm people, so that book might start as a digital book. It might be $4.95 or $7 or whatever, and then the order bump on the order form is going to be the hardcover edition of that book for $19.95 extra. So it’s just a little checkbox. Now, that’s all kind of part of the upsell, the upsell process.
2. Video Course
Let’s say you dial that in pretty well, and you decide you want to record a video course. And the video course is going to be how to expand on the chapters of the book into something that gives more value, something that you’re able to cover. All of the stuff that the book publisher or whatever took out of the book, they just deleted it, they put the big red X over it, you can add all that stuff in a video course, and now your roadmap is already.
You already have your chapter list. You put all the hard work into thinking about that book once so you know exactly what your roadmap needs to be in that video, of course. And you can charge $97 for it, $197, $397 for it. You can charge a one-off fee for access to the course and you can charge a membership if you’d like. It is also possible if you can do $37 a month or $47 a month, or you can do $97 first month and then $27 a month after that.
There are lots and lots of different ways that you can price in that membership or that video training. But what you’re doing is you’re expanding your product selection by really just diving into that one core competency, that one body of work, and then you’re allowing for people to purchase from you, for people to go through that differently.
One of my favorite examples of this is Grant Cardone. He has his books, he has his paperbacks and hardcovers and Kindle books. Then he has his audible books, which his audible books are, I mean, they’re like masterclasses. I think if reading the book is probably six hours or so of the material, his audible books are 18 hours. He just goes on rants, and I mean, a lot of it isn’t in the book, he just talks stuff throughout the whole thing. So the way I see it is, the audible book, Grant Cardone’s audible books, they’re like little masterclasses all into themselves. And, of course, he promotes his membership site, he promotes all of his other offers into the sales funnel inside that audiobook.
Basically, he started with books, and then he’s selling these audible workshops, audible programs, then that is selling into his membership site and all of his future content. That’s part of his omnipresence, is what he calls it, but the expansion model of his businesses, you start with something small and then you expand into other offers as you go.
So it’s a worthwhile model. Right now, people don’t necessarily like memberships quite as much as they maybe did a year ago. Memberships by and large are very much out of style unless you’re Netflix or Hulu or something that is entertainment, something that you use at home. But memberships, by and large, they’re not working as well as they did on a month to month basis. The memberships that are doing well typically have an annual buyout in them. So somebody buys $27 a month and then they can upgrade to $207 for a year, and if that membership is worth it to them, then they’ll save the two months, they’ll prepay for the year, and they just already buy into that annual commitment. So that is working well right now.
Any kind of digital product is awesome. If you’re starting low and having a digital product that expands on that body of knowledge, then that’s working well. You can also down-sell from a webinar. You can have a webinar and then sell that same course from the webinar itself. Then the offer goes directly to either a bridge page or an order form. So those are just some quick ways to expand the offers, the stuff that you have and are selling.
For Questions and Guide
Visit our site at doneforyou.com/start/, and we would be happy to put together an action plan for you on traffic, offers into sales funnel and courses, and all that other stuff for your business. And if there’s anything else you need, just let me know, doneforyou.com, and I will talk to you soon. All right. Thanks. Bye.