Tue, 21 May 2019
Joel Marion is the founder of Biotrust Supplements but he caught Ryan’s eye when his own personal brand blew up overnight. How do you develop the right mindset around advertising, marketing and brand building in 2019.
Tune in for some actionable strategies on how to scale your business and your message 10x bigger and 10x faster. The proof is in the results: from 0 to 100 million in one calendar year. More than once
[3:57] Joel introduces himself and explains that the strategies he’s about to share are all things he has spent the last decade successfully implementing into his business ventures.
[10:48] When it comes to income vs impact opinions differ, Joel sets everyone straight:
Go for impact and income will follow? Nope. You may have a fantastic products but it will go unsold if insufficient energy is focused on generating sales.
Go for Income and impact will follow? Nope. If you only push the sale and don’t have a great product, you will have short lived income.
In truth, both are equally important: you can’t have scalable impact without scalable income.
[14:12] Everyone needs traffic to convert customers but traffic is an auction: pay more, get more. So the lion’s share of traffic goes to the one who can pay the most for it, without fail.
Organic growth is very nice, but it’s not repeatable or sustainable. The only 2 sources of scalable traffic are the ones you pay for:
1. Warm traffic (pay for someone’s audience)
2. Cold media (CPA, CPM, CPC)
[21:05] “Okay Joel, how can I afford to may more than everyone else, Joel? I’m not rich, Joel!”
To scale a business you have to dial in these 2 aspects of your business:]
1. Front end — Increase traffic to acquire more customers.
2. Back end — Build a sales funnel and monetize your customers.
To scale a business fast the trick is to get confident enough to go negative upfront to increase traffic, and maximize your sales funnel.
How do you get confident enough to front all this advertising money and fast-track your front end?
KNOW. YOUR. NUMBERS. [24:13] This is actually the name of the game. Do you know your cost to acquire a customer, down to the dollar? Do you know your cost to acquire a customer for every traffic source?
You need to figure out what is the value of that customer at 2 weeks, 60 days, 90 days, 180 days.
This is the information you use to determine how long you will be in the hole before you break even. If you know exactly when and how much a customer will pay you, you can know how much to pay to acquire that customer and how long you can front the money for it.
How do you maximize your sales funnel and fast track your back end?
UPSELL [27:07] You should upsell immediately, on the order confirmation page, on the order confirmation email. The shipping confirmation email has a 95% open rate, you never see that elsewhere, use it.
[40:46] The real scaling of a business comes from dialing in the back end, knowing your numbers and being able to comfortably lose money upfront.
Learning all of this is complex and complexity can be scary, but the more you put yourself in complex situations, the less fear you will feel.
[51:34] Joel recaps the 4 steps to scale any business fast:
1. Maximize front end offers through testing, optimization and refining your marketing skills — never outsource marketing.
2. Dial in your back end and know your numbers, know your numbers, know your numbers.
3. Do the work and get comfortable with back end reporting.
4. Be willing to go negative upfront to outbid your competition — don’t go beyond 180 days.
Thanks for listening!
Mentioned in this episode
Other Joel Podcast
Dan Fleishman — social media presence build