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483 - Geometric Funnel Growth... The Real Secret To Scale

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483 - Geometric Funnel Growth... The Real Secret To Scale

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If you want to stop playing checkers and start playing chess, listen to today’s episode.

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Best Quote:

A good example just happened recently. As you guys know, I bought Dan Kennedy's company and then we relaunched it last month. The relaunch went really, really well. And the way we launched it is we took ... it was a concept that Dan Kennedy and Bill Glazer did back 15, 18, I don't know how many years ago, when Bill first bought the company. The company's basically a newsletter company, it had the Magnetic Marketing newsletter. And so when Bill bought it, he was like, "I want to grow this" so he created something that he called the MIFGE. I talked about it on the podcast before, stands for Most Incredible Free Gift Ever. And they launched it and that's how the newsletter grew originally. And then they sold the company to private equity firms, who as a rule are not very good at actually marketing the way that we all market. And they ran the business to the ground over the next decade.

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Transcripts:

Good morning everybody. Welcome back to the Marketing Secrets Podcast. Today I want to talk about something interesting, about when you have a success and you have a win, how to take that and roll it on to geometrically grow everything else you did inside your business.

So I hope you guys are awesome today. It's been snowing here in Boise, and then today it's been raining so it's all slushy, and I've had fun driving kids to school this morning. This is one of my favorite things, is to drive them and have a chance to talk to them. It makes me sad because my twins are about to get their licenses and then I'll probably not get to drive them anymore. But until they do, I'm enjoying it and it's just really fun.

Just dropped off Aiden, my little man, at school and have a few minutes while I'm heading back to the office. And I was thinking about something that I thought would be helpful for all of you guys, because I don't see this happen enough. In fact, I noticed with a lot of us entrepreneurs, we do something that works really good and then we move on to the next thing as opposed to being like, "Hey, that worked really good. We should do more of that, or we should focus on that, or we should go deeper on that."

A good example just happened recently. As you guys know, I bought Dan Kennedy's company and then we relaunched it last month. The relaunch went really, really well. And the way we launched it is we took ... it was a concept that Dan Kennedy and Bill Glazer did back 15, 18, I don't know how many years ago, when Bill first bought the company. The company's basically a newsletter company, it had the Magnetic Marketing newsletter. And so when Bill bought it, he was like, "I want to grow this" so he created something that he called the MIFGE. I talked about it on the podcast before, stands for Most Incredible Free Gift Ever. And they launched it and that's how the newsletter grew originally. And then they sold the company to private equity firms, who as a rule are not very good at actually marketing the way that we all market. And they ran the business to the ground over the next decade.

So I had a chance to buy it out of that. And the first thing I did is, well, what worked in the past? Oh, the MIFGE, we should remake the MIFGE. So we built the MIFGE, we launched it, and from the MIFGE we added over 4000 new paying members into the newsletter. So I want to do the math on that for you, because it makes this really interesting. And obviously people are going to cancel, but let's just say they don't. So we added 4000 people at $97 a month. That's $400,000 a month, times 12 months in a year, that's an extra 4.8 million dollar-a-year business we launched in a weekend by creating a really good MIFGE offer. That's awesome. And again, like I said, there's going to be a churn and things are going to drop, we're also going to start buying ads to it. The funnel converted extremely well.

I think I talked about that, if not... Hopefully you signed up through the funnel and you got the first January's newsletter because I break down the funnel. But we're averaging 200 and something dollars for every free trial. So I can spend $200 to get a free trial and still be profitable, which is insane. And now it's making that business where we can start growing it and scaling it, and I think by summertime I could have 10,000 members in there, pay $97 a month which is a million dollar-a-month business on info product, a newsletter. It's insane.

And so for me, I am the worst at keeping secrets, that's why all my books are called DotCom Secrets, Expert Secrets, Traffic Secrets, because I just tell everyone my secrets. And on the podcast I shared this, in the first issue of the newsletter I'm sharing it. I'm not good at keeping secrets. But it's interesting because I'll share that with most people and like, "oh that's so cool, that's awesome." And then they don't do anything with it. I have somebody who I love and respect who I shared it with, probably one of the first people I shared it with, and I thought they were going to grab it and take it. And then I saw their next offer run out and they could have done the model that I did with the offer they did. It would've fit.

It would've been a simple tweak to make it match that, and then they didn't. And they launched something and they didn't follow the model and I was like, "man, if somebody told me that they had a funnel that was averaging 200 and ... $230, it might have been ... Anyway, insane EPC, average cart value. It isn't my market, it's something similar. I would look at that, I would've funnel hacked it and I would've called an audible before I launched my funnel and made tweaks and changes based on it. But they didn't, they just said, "oh wow, that's amazing, that's so cool." And then they went on.

And I'm sure a lot of you guys heard me talk about it and you're like, "oh, that's so cool" and then you went on. The way to leverage this stuff, to leverage my wins, to leverage your wins, to leverage what's working in the market is to not do that. So for example, we launched the MIFGE offer, it killed it. We had an urgency and scarcity where it closed down for two weeks or something like that. I think it just went back live a day or two ago. If you go to noBSletter.com, you can see the funnel. But after we shut it down, the first question was "man, that works really good. We should create a MIFGE for ClickFunnels." That was the first thing. "It worked here, let's do it again." Where most people are like "That worked awesome", and then they move on to the next thing and they forget about the success.

So we sat down and said, "how would we make a MIFGE for ClickFunnels? What would that look like? How do we make it so the offers are irresistible, so it gets people to stick longer? So it gets our average cart value up front higher?" Right now, for me to get a ClickFunnels trial, just so you guys know, in paid media, for my paid ads, it costs me $300. Between 250 and $300, depending on a lot of things, to get somebody to sign up for free ClickFunnels trial. Which is fine because our lifetime value of a customer is really, really high so we can do it. But it's a float. It takes me three to four months. And honestly longer than that, because you have churn and breakage and all that kind of stuff.

It takes a good almost a year to break even from me buying to get someone to sign up for a ClickFunnels trial, which is fine. But if I could tweak my front end funnel so that I was making 250, $300 for every trial we signed up, now I break even immediately and now guess what? I can out-scale everybody once again. And so I'm like, "how do I do that?" Well, we need a ClickFunnels MIFGE offer. And so that's what we did. We spent three hours, in a room, "how do we make a ClickFunnels most incredible free gift ever?" That's what MIFGE stands for. Most Incredible Free Gift Ever. And we structured it, we sat down and we mapped it out, and we're like, "now we have this, what's the hook? What's the story? Why are we doing this? What's the offer? What do we send them in the mail so we can get the physical address? How do we build community? How do we build culture? How do we weave all that stuff into an incredible offer?" And when it was done, we literally mapped it out. And I sat there and I was like, "oh my gosh, this will change ClickFunnels forever."

And it's so simple. It's nothing complicated. All of us make good offers. We sell something. But looking at it through the lens of the most incredible free gift ever, and then looking at the funnel we built for the Dan Kennedy company and how high the average cart value and how high the EPCs were, how high everything was. It's like, okay, let's take this model and let's replicate it over here. And so for you guys, I just want you to understand when I share something, I'm excited and I'm ... it's not like, "oh cool, Russell. That's awesome." It should be like, "okay, how do I implement this in my business?" That'd be the first question I'd be asking myself instantly, is how do I take this and do it, because it's awesome?

I want to put that out there, because I see a lot of people who don't do those kind of things. Like when we launched the Traffic Secrets book funnel, it was the highest converting book funnel I'd done to date. It was awesome. And so instead of being like, "man, that's awesome. The Traffic Secrets book funnel's great." I said, "okay, what did we learn on this? What was the layout? The style, design, the tweak… like what did we do different in this one than the other ones?" We took those things and we moved them and we took all those best practices, all things we figured out. And we did them on the other book funnels.

We went backwards in time. Now all the book funnels match the model and they're all converting high. And right now we're in the process of re-tweaking with the book funnels to try to increase the cart value. And we're trying things and tweaking things and testing things. As soon as we get it to work, then guess what we're going to do instantly? Take those changes and roll them across all the book funnels. So I want you guys to understand that's how you double down on these things, how you get consistently better. Geometrically better, not just incrementally. A lot of people have incremental wins. They add this thing, they get a little better, add this thing, they get a little bit better. Whereas I'm looking at geometry, how do we geometrically grow what we're doing?

Because I don't want to go from $150 million to $170 million. That's not inspiring or exciting or anything. I want to go from $150 million to $300 million. How do you do that? You don't do it by playing checkers. You do it by playing chess. Geometrically thinking differently, strategically. When you have a win, you got to compound that win upon the other win as opposed to just "oh, we had a win. Cool." And the moving on to the next thing. Everything needs to compound and increase and get better and get better. But to do that, it takes you becoming passionate about this. I've talked about this a lot over the years. You got to become more passionate about the marketing of your thing than you do about the thing.

All of us have the thing that we're selling, that we're in love with, the reason why we got in this business. But if you really love that thing, whatever your product, your service, your message is. If you really love that, you have to become obsessed with the selling of that thing. One of the biggest mistakes I see influencers and people do is that they love their thing. They're having success and they want to go hire a funnel builder. They want to outsource it to somebody else. They want to ... "who do I hire to become a marketing team? Who can I outsource this to?" And it's like, "ah, you're missing it. That's the best part, to figure out how to get your thing into people's hands." If you become obsessed with that part of it, that's how you really grow and scale and dramatically grow your companies.

So for all you guys who are listening, I wanted to look at that lens of number one, when I'm dropping gold, when I'm dropping like, "this funnel's killing it." Funnel hack it, look at it. And then look at your old funnels. "How do I weave this model in?" That's number one. Number two, same thing for yourself. When you have a win, don't just be like "cool. That was awesome." Go back and roll that win across everything else so you can geometrically grow everything you're doing. And number three, become obsessed with this game. Again, the ones who are winning at the highest level are the ones who obsess. They keep going into this and keep figuring things out and they have so much fun with it. And then they layer it on and they do the next thing and the next thing, and that's when you can really have fun and enjoy this. So I hope that helps.

I hope that gets your mind thinking a little bit differently. If it does, and you enjoyed this, then please let me know.

All right. Thanks you guys for listening, I appreciate you. Thanks for listening to this podcast. And by the way, if you haven't heard yet, with the launch of Danny Kennedy's company, we launched the Magnetic Marketing Podcast, which is basically, I found tons of old Danny Kennedy presentations from the last 20 years or so. Him speaking at info summits, him on the gold and the diamond CDs and all these things that were lost in the archives. I started going through them. I'm like, "these are amazing. I don't know how to sell these. 'Here's a CD interview of Dan talking for an hour about wealth creation or whatever'." It's amazing, but it's not a product, really. I was like, "what do I do with these things?" And so I decided to give them to you guys for free.

And so we created a podcast called the Magnetic Marketing Podcast. And if you go to MagneticMarketingPodcast.com, you can subscribe to it there. And then you get hardcore raw Dan Kennedy interviews and audios once a week, which are ... they're really, really good. So I recommend doing that and diving into Danny. I love him. He's a little ornery, but man, he's brilliant. So anyway, there you go.

There's an old Magnetic Marketing Podcast that the old company had ran, which was a bunch of people talking about Dan, which I did not love. And so if you search in the podcast search engine, you might find the old one. If you go to MagneticMarketingPodcast.com, that's the right one. And you'll know because there's a cool picture of Dan Kennedy in black and white, and looks amazing. He looks like the tough guy that he is. So anyway, that said, thanks, you guys so much for listening. Hope you enjoyed this podcast, hope you enjoy Dan's podcast as well, and I will talk to you soon.

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