Blog Posts

Watch the Journey

13 - Fear Of Loss

CUSTOM JAVASCRIPT / HTML
13 - Fear Of Loss

Listen To Today's Episode: 

Episode Recap:

The forgotten power of adding Scarcity to your offers and Segmenting your lists.

Subscribe To Get All Future Episodes:

Best Quote:

It was just a shock to me how, we always talk about having scarcity in your offers but having scarcity when you orchestrate it correctly and you do it right can sell so much product so quickly, that fear of loss people have is such a big thing. Fear of loss, I talked about this before, not on a podcast but a seminar, talking about my kids, how when I try to get my kids to come to dinner. I'm like, “Come to dinner,” and they just lay there, and nothing you can do to get them off the floor, get them from whatever activity they're doing to come and eat dinner except for one thing. If I come back and I tell my kids like Bowen, “Bowen, Ellie is eating your dinner,” boom, he jumps up and sprints and runs in because that fear of loss is the biggest driving force for little kids. It is for us too. My message for today is just to think about that.

Sponsors: 

-- ClickFunnels: Everything you need to start market, sell, and deliver your products and services online (without having to hire or rely on a tech team!)

-- DotComSecrets: Get a free copy of the "Underground Playbook For Growing Your Company Online With Sales Funnels."

​-- Expert Secrets: Get a free copy of the "Underground Playbook For Converting Your Online Visitors Into Lifelong Customers."

-- ​Traffic Secrets: Get a free copy of the "Underground Playbook For Filling Your Websites And Funnels With Your Dream Customers.

Transcripts:

Hey everybody, this is Russell Brunson with DotComSecrets.com and the Marketing in Your Car podcast. I want to welcome you guys to today. It's a beautiful day here in Boise, Idaho. I'm excited to drive to the office but I want to share with you guys something that happened yesterday.

I've been involved, the last 30 days have been kind of crazy in my businesses. On top of everything else, we were in a contest for this one network marketing company that we're involved with for a Ferrari, and it's been crazy trying to win that. Then we also launched a network marketing company called Rippln which has been going crazy, which has right now growing faster than Facebook did.

It's been a crazy 30 days, and the month just ended for us so I'm excited to get back and start focusing on some other projects as well. Today, we're focusing on our supplement which will be fun, but I wanted to share with you one interesting thing that I remembered last night.

Back in the day, we used to do a lot of product launches. We haven't done a product launch in a couple of years because of the stress behind them and all the stuff that goes with a product launch, so we just kind of haven't done them recently but I forgot that when we used to do product launches, we do the big launch. Usually they would be a seven day launch.

What was interesting is we would normally sell as much product on the last day of the launch as we would on the first day. If you looked at the graph, it's almost like a big smiley face, tons of sales, and then it slowly dropped down in the middle of the week, and then the last day would spike back up. For the Ferrari contest, I was beating the other guys pretty well until yesterday. I think we had sold 750 copies of the product, which is pretty dang good.

That's a lot of sales for a 30 day period of time, especially thinking in the middle of it, we spent two and a half weeks launching a network marketing company so I only had basically two weeks to even compete at the contest. Basically, we had sold a lot. I was proud. We were doing really good. Then yesterday, the contest was ending at midnight Eastern time so the owner of the affiliate program that we're promoting, he basically told me, “Russell, if you can get 40 more sales today, you got a pretty good shot of just winning it pretty easily.” I'm like, “Alright, we'll try to do 40 more sales.”

We started promoting the last day. We had some scarcity obviously because the bonuses we were offering and stuff were going to disappear at midnight. We did a couple of things that were strategic that I think worked out really well for us, but when all was said and done, we sold 188 copies yesterday, yesterday alone, which still blows my mind that we sold that many.

We sold more on that by far than we did on the first day, almost first week. Scarcity played such a huge role in it, 188 copies, just blows my mind. The way we did it is basically a couple of things. I had done webinars leading up to the launch and stuff like that. I've been replaying those webinars. Yesterday morning, we send an email to the entire list basically saying, “There's 12 hours left. You got to hurry,” then we went through and started making segments of our list. We looked at the webinar.

We had about 4300 people that registered for the webinar. We took that list and scrubbed out everybody who had already purchased. That dropped it down to 3500 people, whatever it was. Then we looked at those who had attended the webinar but didn't buy it, and those who had not attended and didn't buy.

I went through and actually made a personal video for each of those segments saying, “Hey, this is Russell and I noticed you registered for the webinar but for some reason, you didn't show up,” and then made one that said, “I saw you registered for the webinar, you were even on it, but for some reason, you didn't buy.” I made these personal videos. Then I sent it to each of those segments with about six hours left, saying, “There's six hours left. I made a personal video that's important for you to go watch, so go watch it.”

Boom, that video went through again that aspect of it to help close people. We used that. Then I did a two-hour warning just to everybody who had registered for the webinar. I knew that I didn't want to email my whole list again but those 4200 people were the people that were the most interested out of everybody. We sent our two-hour warning right before, and said, “Two hours left, you got to hurry.”

That last two hours, we sold 80 just in the last two hours alone. Then it closed down. It was just a shock to me how, we always talk about having scarcity in your offers but having scarcity when you orchestrate it correctly and you do it right can sell so much product so quickly, that fear of loss people have is such a big thing. Fear of loss, I talked about this before, not on a podcast but a seminar, talking about my kids, how when I try to get my kids to come to dinner.

I'm like, “Come to dinner,” and they just lay there, and nothing you can do to get them off the floor, get them from whatever activity they're doing to come and eat dinner except for one thing. If I come back and I tell my kids like Bowen, “Bowen, Ellie is eating your dinner,” boom, he jumps up and sprints and runs in because that fear of loss is the biggest driving force for little kids. It is for us too. My message for today is just to think about that.

Think about fear of loss and scarcity, and how you could add that to your business. I almost think it's intelligent to pull your products off the market once a month just so you could have a fear of loss. With the Rippln launch, I talked to Brian the owner about this. I said, right now, they're in this NDA phase. It's all this prelaunch stuff but I was like, “If we, a week before launch, if we shut it down and just said nobody gets any NDAs for seven days, and let them know that a week in advance or two days in advance, 'Hey, we're going to shut this down and you're not going to get any NDAs until actual launch day,' that two day prior, I guarantee will be 50% of the growth of the entire company because of that fear of loss, again, I need to get this now, because in two days from now, I won't be able to lock anybody in.”

It's just interesting. Think about different ways you can use that, whether it be sales, whether it be bonuses or value adds, or upsells, or whatever it is. If you can think about different ways to increase that fear of loss in what you're doing, it will do big things for you.

That is my message for today. I'm at the office now. I hope you guys have an awesome day today. Have fun working on your businesses. If you are enjoying these podcasts at all, please go to the iTunes store. If you just go to MarketingInYourCar.com, it will redirect you to the iTunes place. Please leave us some feedback. We'd love to get some more ratings and reviews in there. It would be fun. I appreciate you guys, and we'll talk to you all tomorrow.

Comments

Recent Posts

Hope for Abandoned Carts: Retargeting Strategies to Reconnect

Fixing Unprofitable Campaigns, Breaking Records and much more...

The New ‘One Funnel Away Challenge’: Is It Worth It?

Building ClickFunnels to $200M a Year & The Future of Marketing with Ryan Pineda

The Ups and Downs of Entrepreneurship with Trey Lewellen

Begin a Digital Marketing Career

This AI Funnel Builder is Crazy — Try it For Free!

How To Change Your Business with Funny, Inexpensive Ads, with Kristine Mirelle

Correctly Leverage Facebook Groups with Christina Rowe

Boost Conversions with Video Marketing

Unleashing Free Instagram Traffic with Edward Collins

Break Even To Get Rich, 13 Habits To Become A Millionaire, And Much More...

10 ChatGPT Prompts For Knock-’em-Dead Copywriting!

Taylor Swift’s SECOND Marketing Tactic!

“Tay Tay” Is A LEGEND At Marketing

This Is Going To Make Me Sound Old…

Podcasts

Blog Categories

#funnelhacker.tv