Thu, 23 May 2019
This episode is about what it looks like to put together million dollar offers and about why it would go much faster if you were dialed in: even idiots get rich.
(Or to paraphrase Michael Scott from The Office: K.I.S.S.: Keep it simple, stupid)
Tune in for some great insight and straightforward tricks from Travis Sago of Bum Marketing.
[3:26] Ryan introduces one of the people that has had the most impact on his life, his mentor Travis Sago.
[4:11] Simplicity and specificity of offers is one of the lessons that Travis had been waiting for Ryan to understand.
Offers x Execution = Business Success.
If you have a great product for the market (Offer) and build it, market it, and distribute it well (Execution), then you’ve “won” at business. That’s all there is to it.
It’s possible to do well with an awesome product and okay execution, or with a mediocre product and great execution, but you’ll find greater success doing well at both.
[6:15] Ryan shares his struggles with ideas he thinks are great but end up failing and asks Travis what can be done to remedy the situation:
1. Identify the offer
[6:37] Anyone can sit in a corner and imagine something. But, if you don’t look at what people’s actual purchasing interests are, you’ll have no idea whether or not it’ll make a wave in the market.
Let’s say you’re relaxing at a farmers’ market. If you just observe what shoppers are looking to buy and where and how they are dissatisfied with what’s on offer, then you’ve found an opportunity to meet an unmet demand.
2. Test the offer in the marketplace
[10:25] So you have this idea and it seems solid and people seem interested, how do you gauge the markets?
The answer is pretty straight forward: ask people! Gather data, run pilots and market tests and from those results, either jump in, shift your focus or can the idea.
Ryan’s recent braingasm [13:38] There is no need to learn this the hard way: always have market intelligence before spending time or money developing or investing in something.
[18:41] Travis shares the acronym he uses to classify ideas into areas of business people get fed up with: TIMER
Time. Identity. Money. Energy. Reputation.
An idea that doesn’t fit into any area should be floated, there is no harm in discovering a new category and broadening your offer! Just be careful of polishing turds.
[23:54 — 27:22] The Backroom.
[24:54] How do you know if your offer is clear? People are simple really, the best conversion tool on the planet is your index finger: make it so that you can point to your customer’s need as well as your offer to fill that need. Travis gives examples of how that might look in different industries.
[28:00] So the offer has been identified and tested in the marketplace, what is the sales mechanism?
It’s a very, very simple G3 order form (Gimme, Gimme, Gimme) or a payment link. Don’t overcomplicate this part.
[29:00] When you really start to dial-in on your offer, you will multiply value.
You can tweak and optimize your page 5% a month and see where that gets you overtime, but wouldn’t you be better off making a change in the direction of your offer to be something that really resonates with the market? That could multiply your revenue!
[39:10] Scaling what works: throw your spaghetti against the wall and then throw more of what sticks.
[41:08] Ryan thanks Travis for everything and gives him the floor to talk about where people can find and follow him.
Mentioned in this episode
Direct download: TBT_05-20rev1.mp3
Category:Business -- posted at: 5:00am EDT