"MBA in a Box" Daily Challenge Diary!
The Challenge Is Over, But you can Still
See the Amazing Results Below:
You're going to see AMAZING things happen on this page. You're going to see exciting tales of go-getter entrepreneurs and business people DRAMATICALLY boosting their profits by implementing the FREE FormulaFIVE principles we've given away at http://www.StomperF5.com.
They've been participating in this incredible life-and-business-changing Challenge as well as for a chance of winning fabulous prizes! Including the GRAND PRIZE of a FREE copy of FormulaFIVE including ALL Fast-Mover Bonuses… OR a MacBook Pro Notebook Computer.
Final Entries Must Be Posted Below by 6PM Eastern, Sunday January 18, 2009 to be eligible.
(NOTE: The Challenge is closed to new entrants at this time.)
Visitors, you can CLICK HERE to jump ahead and start reading the Challenger Diaries Right NOW!
Contestants, please read the instructions below before posting.
Contestant's Instructions for Daily Diary Entries:
In order to win a prize in this Challenge:
- You must currently have a business in operation.
- You must be registered to participate in the contest. (Registration is currently closed to new entrants.)
- You must apply at least one of the specific Formula FIVE techniques discussed in any of the videos we have released.
- You must be able to prove the ‘before’ and ‘after’ details in your post below.
Each entry must contain the following:
- The business problem – The “Before” status
- The number and type of specific FormulaFIVE techniques implemented
- Which one(s) you did and how you implemented them
- Time it took to get the first result
- Level of success (% increase in sales, margin, etc)
- Projected Long?Term Impact on the Business
You have to be able to prove your results to win. If there's a chance you could win, we're going to ask for your phone number (via the email you provide in your post below). By winning, you'll also be agreeing to let us publish the results. Since this promotion will probably be seen by over a million people, it's hard to imagine how that could hurt your business!
You can keep entering every day but only once a day for the daily prize. All valid posts will be entered into the final drawing. However, every separate FormulaFIVE tactic you use will get you an extra entry into the grand prize drawings. Remember, if you make a YouTube video of your Challenges (and include a link to the Challenge in that video), we'll DOUBLE your entries into the drawing. Include links to any videos you make in your posts.
Finally, we have a sample post below, so you can get an idea of exactly what we will look for when selecting prizewinners and eligible entries for the grand prize drawing.
Paul and Andy,
I sell a bunch of different things online, including my main product, Optimized Widgets. I was selling about 100 Widgets a month before I implemented the "Wing and a Prayer" F5 technique, or a bit over 3 Widgets per day.
When I saw your video on Monday I decided to try this method, and went ahead and raised my price by 15% (what the heck right?) that day. It's now Friday and I'm still averaging 3+ widgets per day.
This means I'm putting $15 more in my pocket for every single Widget I sell. If this stays steady (and after I do "Valuizing" next I'm sure it'll just get better) I'm on track to put $18,000 more profit in the bank this year!
Thanks!
Frank
If you have any questions at all about the Challenge, please email us at f5contest@stompernet.com. All rules on the Rules and Registration Page for the contest still apply. (Note: Registration is closed to new entrants.)
Leave your entries below and Good Luck!:
I've learned quite a lot from your videos until now, and I'm sure I will be glad to watch your next videos no matter what you are covering on them.
dunno how i missed this. Maybe I will participate in next MBA in a box challenge.
Cheers,
Matt
It's not rational. But it's true. Interestingly enough, more people are also taking up the up sell . I think this might be in part due to the smaller bridge between the core product and the up sell, now the former is a tad more pricey.
I decided to take two ideas and combine them. I went back to old customers and those which did not purchase with a simple survey to find out why they did not buy, and then gave them an offer to join.
I think this might be in part due to the smaller bridge between the core product and the up sell, now the former is a tad more pricey.
Nice post…Videos are excellent and i gained many information…It is very good for the beginners to start a new business…We should make a challenge in order to get success in the life…Thanks you for sharing all the information!!!!
I went back to old customers and those which did not purchase with a simple survey to find out why they did not buy, and then gave them an offer to join.
Thank you for your awesome insight. Now I see that is what the big business sites are doing. Great info, I appreciate your expertise.
Interesting Article. Thanks for the read!
Thanks to you guys I made about $6500 in 4 months using a similar technique.
I'm giving you credit because the motivation was planted by you guys. This number that i am
giving you is an additional income, not counting my main bread and butter work.
Thanks again to AJ
Dallas Replacement Windows
After hearing some of Paul's accolades I figured he would be too stuffy and institutional for my business (I didn't think my biz was big enuff) boy was I wrong… I am glad he is now a Stomper and I can't wait to ingest all he has to share with us…
Tyron
http://TheHipHopSchool.com
Hey there,
I thought I would give increasing conversion a shot by tweaking our video landing pages… the final numbers are not in yet but by just adding testimonials to the page we increased our conversion by about 50%! That is huge!
We will see when the results are done… but it looks very promising.
You can see both pages on our blog.
http://switchwebvideo.com/2009/01/29/battle-of-the-video-landing-pages/
Results coming soon.
Andrew
So here's the deal (I don't give a damn if the contest's closed). I been following this for the past few weeks.
And hecky. Here are some results:
Decided to raise prices of a $7 course to $17 (not a big change, but worth it, I figured… if I could keep conversions as good).
It makes no sense, though. The more expensive one is OUT-CONVERTING the cheaper one (tested on almost 800 people, not 6 LOL).
It's not rational. But it's true. Interestingly enough, more people are also taking up the upsell (whose price I left the same). I think this might be in part due to the smaller bridge between the core product and the upsell, now the former is a tad more pricey.
Fascinatingly absurd.
w00t w00t! Stomper RAWKAGE.
I have watched all the Formula 5 videos and can not wait to use more.
I decided to take two ideas and combine them. I went back to old customers and those which did not purchase with a simple survey to find out why they did not buy, and then gave them an offer to join.
But, following Formula 5 , the offer I gave them was nealry 20% more expensive than the offer they had turned down. I just added a PDF report that took me an hour to write.
30% of the customers have signed up just over the weekend.
What is so great about Formula 5 is there is not rocket science. It all so obvious, once it has been explained to you. I tihnk even the local charity shop could use many of these ideas.
I watched the second video and put a plan into action to wake up my dead clients – I think I am getting this, the first part of the challenge was the preparation of the future, this step will provide my future so thinking along those lines wow yeah this is rather important!
Time to make a plan and MAKE it work!
I prepared a newsletter type of email and sent it to all the clients (criteria? no work done for 12 months), yikes there were more than I thought I would have to say that about 70% of my business was dead or asleep!
Because this was so important a step for my business I didn't want the plan to be "just send an email and hope for the best" – no that was the icebreaker, I did get some responses not many about 3% and I immediately followed those through, but, those WHO DID NOT RESPOND were the ones I was after so I sent another personal email to these businesses this time, it took time but I had assessed what they first had done and what they could now do to make improvements on that to help them increase their business then emailing them telling them all I had discovered for them – now they were awake
this was followed up by a phone call to chat with them "Hi did you get my email? …." these actions woke them!
Out of those that I have contacted of the 70% (it takes time to assess & I have to do the work so I grouped them) this would be only 30%
So far so out of those 30% only 2 clients have said not right now, the rest all ordered work! That means that I have just created a work increase of 98%
I am so busy now and my business is flourishing that I am booked up for work for the next few months again already!
I have written in my diary to contact the remaining 40% over 2 sessions (broke them up into 2 x 20%) before I finish with the work from the first 30% then in the future of my diary I have to go back and assess again any dead clients that need rising from the dead! It is now part of my business plan forever! This week I earned £1,000 that I would not have other wise earned and I have more booked in!
I'm happy!
Thanks guys for the lesson
Sue
Hi Andy,
Thanks for the video. Watching your video I realized I'm sitting on old customers…who need to followed up. So…I sent out my first batch of emails and got my first client back on Friday.
Thanks for the awesome marketing info and videos.
Formula5 will rock!
ek
Hi
Before watching the videos and reading the MBA in a box report I wrote out a proposal for a website redesign for a new client.
Luckily I didn't send it out to them, so after watching the videos and downloading the MBA in Box report and scanning though the techniques which reinforced the video content, I went back through the project proposal and raised my quote by 15%.
Following that I went through the detail of the proposal and put a value on all the extras I was including as part of the deal.
And finally I added an up-sell of not only an ongoing maintenance , SEO and Support Contract, but also included an all sing and dancing option of totally managing the site on their behalf , highlighting that everything will be done for them except processing and dispatching the orders (of course I put a monthly monetary value of all the features and benefits).
I've just heard from the client that I've got the redesign project, and they are very tempted by the all in offer, but at the moment they want to go with the support level below that, with the option to upgrade at a later date.
So by offering the extra upgrade level I've got them to take what would have been my previous top offer (plus the 15% increase), with the possibility of a future upgrade.
So I would thank Paul and Andy for putting an extra £150 in my pocket straight away and at least another £1,000 extra over the next year, with the information provided in the sneak preview of the formula 5 system.
All from about an hours extra work going through my proposal again.
I can't wait to keep repeating that with each new project proposal.
The other ideas in the videos have also got my mind buzzing on how I can help my clients improve their businesses, by implementing some of those techniques especial waking the zombies, all for an increased fee from me of course.
Wow, I was skeptical, not anymore. I added a free product to one of my products and also increased price back up to the msrp. I hadn't sold any of these products for around six months because I refused to come down on my price anymore. Well, after I increased the price and added the free product, I made a sale within a couple hours. At this time I cannot predict what this will mean to my bottom line however everytime this product sells I am now putting $60 in my pockets compared to $0 which is what I was getting with no sales.
Here is my final video I just posted to youtube. In it I discuss Formula 5 PROVED to me that the results from each module REALLY DO multiply on every other module.
http://www.youtube.com/watch?v=-SRPgF9pPm4
Thanks again Paul and Andy for the absolutely AMAZING Free FORMULA 5 Videos!
Bob Nelson – 2 Time winner of the Formula 5 Daily Challenge!
Hey Guys,
I sell online educational tools for EMT and Paramedic students including national registry board exam aids. My business is a small one compared to others seen listed here with only about 50 sales a month in total from the entire product line. But I decided that because I was small, I had nothing to lose.
I decided to look at adding more productive time to my day and try to apply the MBA in a box tips to my business. Since my business is a "one man band" finding time to stop and think is not always easy but I decided that I could schedule hour a day, early in the AM before anyone else got up to focus on planning — In that planning time I was going to stop focusing on trying to do huge things all at once but instead decided to focus on the small, 15% changes like Paul and Andy told me. How could I move more product a little at a time.
I focused on some of my JV projects and selected one. I talked to him about expanding our arrangement and let him package one of my digital products in with his biggest seller for a small fee as a value added item for his customers. He agreed and even let me require his customers to opt in to my email list to get the product for "free."
Based on this Margin Magnifier agreement alone, which took 30 minutes of planning and 15 minutes on the phone, I have already seen sales roll in and expect an additional $2,500 in new sales from the JV partner. Plus, it created a Lead Landslide of an additional 200 to 300 known buyers to my leads list this year and someone else spent the time converting the sales and gathering the leads for me!
I've already set up an auto responder to follow up with related sales to these known customers from another person's business line and I'll be using the Sales Stackers (OMGTSETIFLACFNDIY) model to funnel them into additional study and test prep tools in my store based on what I know they spent with someone else! How cool is that?
It's amazing! I had never thought about my business this way before and I'm looking at a ton of incremental changes I can make that will all compound with each other to raise my in pocket money significantly. I put in play a Turbo Thruster concept to focus for 1/2 hour each morning on 1 simple concrete thing I could do to increase my sales, THAT DAY, to generate more leads, and create more income sources. Stop doing things that don't work and focus on the ones that do.
No more trying to hit one out of the park with each and every effort, the odds are stacked against me. I can make small, compounding changes to my business. Test and improve over time with just a .150 average. In the end, I don't have to hit home runs, I will own the whole team!
Thanks guys!
Hi Andy and Paul
Thanks for the webinar it really reinforced all the previous pieces you put together.
This month we emailed about 1,000 old (Rigormortis had set in) email addresses we had on file.
To date we have seen an increase of 20% in sales from these customers, plus we increased our prices by 5%. Many Thanks
Peter
Here is a link to my updated Youtube video.
http://www.youtube.com/watch?v=wek9lWLGgb8
My video is a summary of two of the formula 5 strategies I used.
Raising my prices by 10% on one product category, put an extra $298 right in my pocket in just 4 days.
Upselling an item by posting a picture and reminder message in my shopping cart helped me sell the same amount of one item in 10 days as I usually do in one month!
I love formula 5!
Bob Nelson
Greeting from Bali
I could kick myself. This is so simple, BUT I NEVER really thought about, or implemented it. The Formula 5 system really did lead me to “Systematic” ACTION. That’s the difference.
And I was flabbergasted because the results were unexpectedly FAST!
As we are a High End Training and Organisational Development Company primarily dealing with Multinationals based in Asia, the turnaround time for decisions on our services are “Usually” one or two months, so and the economic downturn has seriously affected budgets related to organisational development.
I only tried one technique, the “Profit recon action block”, and I tried it on a Friday (usually not a good time for emails to professionals). We talked about needing help to “seriously improve our service in 2009, not only with our training and change programs, but with products that will help you attain your personal and organisational goals.” We sent this to approximately 12% of our database, about 4800 people.
But let me explain what happened when we applied this!
The first result was a question that came in almost immediately at 10:22am, and by the end of the day it was US$9,800 Pure Profit deal (for 2 days work) PLUS Expenses and our proprietary Tools and books that that added another $3,108 ($1,861 from that was profit).
But there was another even more unexpected benefit, some of our change as an incentive to fill out the questions; we offered a coupon for one of my books on Amazon.com, “Lesson from the Monkey King – Leading Change to create Gorilla sized Results”. Buy Saturday evening (Bali time), we had sold over 77 copies (while margins were small with Amazon, we have gotten lots of change programs worth over $100k from people reading that book in the past, so the future looks even brighter).
And of course there was the wealth of information that started to come in, lots of stuff we had NO IDEA, and a great thing we found out now rather than later.
Anyway – looks like I am on my way to writing my next book with this blog entry so I think I have said my piece. And as usual, STOMPERS ROCK!
Arthur F Carmazzi
http://directivecommunication.com
http://carmazzi.net
Hi Andy/Paul
This is a bit of late entry but I only came across formula5/Stomper Blog Last week.
Formula 5 seems to be the best business programme I have come across and I am
looking forward to getting hold of it.
We have a few different websites that are doing OK. The problem for me is I know
there are 100's of thing is can do to improve them, I even know what some of them
are. The thing is, there is so much to do that It is hard to know where and how to start.
Also we are at a stage where I need to take on more staff to get it all done, but if we
take them on what do we get them to do?
I tested one of your margin magnifier blocks and simply increased our prices by 4% on one
of our sites on Thursday last week. I did nothing else, just put our prices up.
We saw no decrease in sales at all, and it took me around 35min to make the changes.
Yesterday that site took £2682.65 ($3,951.81), that is an increase in net profit of
around £107.00 ($157.00).
The long term impacts are staggering. Across our sites we will take around £350 000.00
($515,585.00) over a 12 month period, that means an increase in our net profits of around £14 000 ($20,623). That's if we do not grow our business, an impossibility if we use the formula 5 program.
Even bigger than that, with a clear strategy to grow our business (Formula 5), our business
will grow making the changes even bigger. Not only that but the way you have put this together I am sure we could take on staff, sit them in front of the formula 5 videos and say just do that!!
Exited about the next 12 months
tom
Youtube for 5x the final drawing entries.
http://www.youtube.com/watch?v=R8sR4F1T18E
Hi Andy,
My name is Addison. I'm young. I'm an entrepreneur. And I have several small businesses that are "spare bedroom-sized" as you put it in your video. I've implemented at least 4 techniques into my business thus far.
I applied your margin magnifier — it didn't seem to affect sales — a person that had added 3 items to his cart and abandoned it still purchased when followed up with after the price hike! The average markup was only 63c.
Expecting the sales to stay the same, if I would have applied it to the sales I have made since opening, I would have another $724 of profit! If sales continued as they were last month, I would make an additional $100 EACH MONTH.
I applied your OMTISET… module (as you will see in the video). It hasn't been enough time to see the results for that. I implemented the Framus Converter upsells in another one of my businesses. I un-zombified quite a few customers shortly before your video — great insights!
From what I've seen, here's the bottom line:
Formula5 is to be the most concentrated, power-packed system for transforming your current business into thriving powerhouse of profit. Period. I may be young, but that doesn't mean I can't be the next teenage millionaire.
Thanks so much for considering me!
-Addison
P.S. – Just as a sidenote — according to Mailchimp, my december email got 160,394.6%
Campaign ROI!
Hey Andy, Here's my Entry! I'll post the youtube link in a sec.
Today I took some orders. I raised my price on my product 10 dollars and added an
ad on that gave me an additional $10 profit. The Price increase gave me 10% more profit on my
unit sales and I had 2 add on sales which gave me an additional 15% net profit on those 2 sales.
The add on sale was a great value for the customer as it enhanced the product that they were buying.
Two simple steps- increase price and offer an add on.
I project that if I continue this with all other sales, I will increase my net profit this year by 12%
Thanks for the great info
Don
Hi Paul and Andy,
I made a short video of some of the results I have posted here. I posted it on youtube.
Here is the link:
http://www.youtube.com/watch?v=geDX7UuL6zA
Its my first attempt to upload a video, and for some reason it looks like a bad martial arts movie because my mouth is out of sync with the video.
Later tonite I will see if I can fix the issue, but for now. Here is the link again
http://www.youtube.com/watch?v=geDX7UuL6zA
Bob Nelson
Here is the same video testimonial again, but I converted it to an .FLV format so audio and video sync up.
http://www.youtube.com/watch?v=wek9lWLGgb8
Bob Nelson
Hi Paul and Andy
I watched all the Formula5 videos.
I decided to act on the upselling and existing client .
Last week I met with my client to review his website.
history : We have designed his website in 2006 – We Optimized his website in 2008 .
The client pays us a monthly retainer fee to keep tracking his website ranking.
we successfully upsell him 2 new products and increased the fees of another product:
a) Upgrade website functionality and client portfolio for a value of $2000
b) adwords campain set up
c) doubled the retainer fees i.e 100% increase of monthly retainer fee from that client.
How we did it :
We first showed client our latest websites functionalities. That convinced him to add these functionalities on his website.
Next we showed him his website analytics and then compared it to another website that has adwords campain attached to it. that was a great approach to sell him another product
Yes, The client bought the Adwords campain from us also.
He will be paying for tehe set up fee of the campain and a monthly Fee of $1000. This will be part our fee + adwords budget.
at the end of the meeting, I successfuly sold an exting client upgarde and set up fees of a $3000
and I doubled my retainer fees fees.More than 7000$ of additional revenues for 1 year in 1 hours. not counting the Extra money going to google campain + $10000
Formula5 will gives good results.
Hey Paul and Andy,
I wanted to share the results I received from the "The Zombification Gambit" module. On Monday January 12th, I posted my intention to use this stragegy on 3200 contacts that my email service provider pulled in September from my monthly email list and put in to an "invitable" list. I got one chance to get them to "opt back in".
I was really stuck at a crossroads.
Should I email them with a huge discount and hope for some sales?
Or
Should I ONLY ask them to opt back in?
Fortunatly, Paul was kind enough to share his opinion with me.
He said to go with the discount. "You've got to offer them something to entice them and perhaps convert into SOME action right then and there. And the ones you lose? Who cares, you lost them anyway."
So, here is what I did today:
I composed an email that asked the customer to opt back in, but also included a discount code (which I can track) for them to use if they want to order now.
It took a couple of hours to write the email.
After only 5 hours I have received:
3 opt ins
2 orders with product sales of almost $100.00
The reason I couldn't wait to post my results is I wanted to point out several factors of Formula 5 at work.
You told me that each module of Formula 5 multiplys each other module. Well here is the proof.
* Formula 5 convinced me to raise my prices – I did and every sale I make is more $$ in my pocket
* The Zombification Gambit module told me to reactivate old customers – after a few hours im already getting results
* Every customer I reactivate and buys is more money in my pocket because I raised my prices
* The Formula 5 circle diagram says to increase by 15% how much you get done. – im WAY past 15% on that!
After watching the newest video, it looks like I have some more work to do!
Bob Nelson
MBA in a Box
Hm. Could this be "Marketing Action Blocks" in a Box?
Well, I've raised some of my product prices a whopping 4% for starters – on my most popular products – the spelt berries. People are pretty concerned about food prices, so I have been a little wary. I have a few people telling me (before F5 came out) that I need to just leave prices where they were and pray that things sell. However, I am going on the wing and a prayer that things will keep moving.
I've also been more mindful of quoting prices where I actually make a profit. I have a few items that I just say to please contact me for further information.
On one such item today, I made sure to "valueize" and show this person all the money he was going to save by buying this package versus one similar to other companies. I also made sure I had at least my 15% markup – rather than the bare minimum I usually work for. I haven't heard back, but I'm feeling better about my selling points and if these work out, I could be better off for the sales. (Wouldn't we all??)
Thanks for the insights. And keep them coming.
Sincerely,
Jamie
Not doing the F5 program (at least not yet), but STSE has been a huge success for me. I offer TONS of praise to you guys. In about three months I took a new site and identified 33 main keywords that we wanted to optimize right away. As of today, 15 of those words are on Page 1 of SERPs, 9 more are on Page 2 and we also have 4 more on page 3… so 28 of 33 keywords in the top 30 (and climbing)…
W00T!
Oh, and Andy… my guess of what MBA means is: MEGA BANK ACCOUNT!!
I have had a sudden shock, in a previous post I said we raised our prices worked out how much this was going to increase my profits etc etc that wasn't the shock that was the jelly knees stuff lol
the shock I have had is that I have now realised that my whole world was completly absorbed into my computer – I have been so busy with doing clients work that I obviously haven't had time to look around beyond my screen! What do I mean by this?
Well after we increased our prices by what I thought was a huge amount 117% for one service, that when I looked around at other businesses in the same niche my price increase came in still under their prices! some level with their prices yikkesssss!
I thank you guys for waking me up for getting me out of my cave lol my prices were too low and I didn't check out competitors prices! doh! A huge no no in business
wake up everyone don't become so absorbed in your world – check your competitors lol
I wonder how long I have been loosing money
I have watched the second video and am now taking steps I have written a plan of action that will be taken – I have been asleep for far too long!
cheers
Sue
********************************
Thursday Jan 15th WINNER
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Click Here to see ALL WINNERS!
Hello Paul,
I had my customer service department send emails to old contacts and guess what? I made some sales and brought these "Old" contacts right back into my business arena with an increase to my sales by 3.5% which really adds up.We are also offering discounts to the customer if they make a purchase with us today and offering a coupon for a discount that never expires which they can use on all future orders.
Thanks Guys You Really Rock !
It was a pleasure to speak with you this afternoon Paul. I appreciate you taking the time out of your busy schedule to speak with me.You are AWESOME !
Yours In Success,
Todd Ash
You are awesome. Todd – this is a perfect example of a tiny action — like sending an email to a list of old contacts – that can make you an additional month's worth of income in fifteen minutes.
Thanks for bringing it up.
Hi Paul and Andy,
Earlier, I successfully doubled the sales of plastic address label dispensers by putting a reminder for the customers in the shopping cart, so when they purchased address labels, they would see a reminder to order a label dispenser for it.
Here is what im going to try now. In going to see if I can increase the numbers even higher. I think this would fall under conversion category. Not conversion as a customer, but conversion of increasing conversion of the upsell item.
I plan to test different versions of the image and text reminder for the dispenser in the shopping cart.
I also plan to try the same strategy on the product page of the address labels. I have had such amazing results so far with Formula 5 im extremely confident I will see an improvement if I keep testing.
Once I have the results, I will post them here.
Bob Nelson
********************************
Wednesday Jan 14th WINNER
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Click Here to see ALL WINNERS!
ok…watched all the videos…excellent stuff. I probably was not going to raise my prices..well I definately was not going to raise my prices ..After watching I thought ok I'll do it. I went to one of my top selling digital products and …froze..I didn't realized I was even scared:) but after I hesitated awhile I raised all versions by 10 dollars,then upsell versions by 10…made some changes to my page as well. changed some text ,graphic,etc. I thought I know this is a small amount but this is a very tight niche and this takes guts to raise prices now…after going back and forth ..it was done.phew…I don't think anyone even noticed but me..lol….hasn't stopped anyone from purchasing . I know alot of time has not passed but I have not drooped off in fact I have been going on what my average sales are per day or a little higher.
I am also working on a second package option …an all inclusive upsell…so thank you guys…I know I wouldn't have raised prices now,tweeked my site, working on another upsell or worked this quickly …and already seeing positive results…and I haven't even done any promotion yet…I am working on that as well.
ok I'm convinced ..this stuff DOES really work…what made me think it will work for everybody else..but me?..lol I don't know…but Thank you again
WOW…I Won!!! whooohooooo!! Now I feel like a double winner..!
Thank YOU Thank YOU so much..I'll keep you posted as I continue on..
Just signed up – last years sales $12, 000 – essentially a part time business started in 2003. I would love for it to become full time. It will be interesting to see how this works out.
I have a number of digital items that I sell on eBay. They sell for around $10 each. Would the simple principal of raising the price work for this too? What is a price point that would be good for a CD? I could go to $17.
Clearly some folks have really been doing well implimenting F5.
I have a number of projects on the go and must focus on these before taking on new tasks. However, I am sure that when it comes time to find further guidance, I will be coming to you guys at Stompernet. I have been implimenting many recommendations from your magazine, The Net Effect. These have been helping me a lot (wish I still had the magazine coming).
Thanks so much folks!
Jeromy
Hi Jeromy,
Good luck with implementing all the F5 strategies, I know Andy and Paul and the whole gang are getting a real buzz out of everyone seeing such huge results.
You mentioned The Net Effect and that you're no longer receiving it, please drop me a line at cwatson@stompernet.com and I'll look into your account.
Cheers,
Chris Watson
Publisher – The Net Effect
The challenge I find, I am sure I am not alone here, is TIME. Finding the time to put all the pieces together. If one has the budget, Outsourcing would likely be a big boost to a persons business activity.
I absolutely loved the NetEffect. I look forward to receiving it again soon. I have subscribed to three different Internet Marketing Magazines and The NetEffect is BY FAR the best I have read. I am finding myself reading and re reading it over and over.
Cheers!
Jeromy
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Tuesday Jan 13th WINNER
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Click Here to see ALL WINNERS!
Hey Paul & Andy – (& the rest of the behind the scenes Formula5 Team)
I just want to start by saying thank you. This free content is AMAZZZING. I have been really impressed with StomperNet's free video's for some time now and you all continue to deliver, so thanks so much for all your hard work.
The site that I tested F5 on is a niche based website that is 5 months old. Thanks to info from stompernet we've got some strong rankings and did well in our season. Now we average from 1-3 orders per day, sometimes more sometimes less.
What we did was
1. Raise our prices by an average of 8%
2. Offer an UpSell (right as an option along with every products, like andy so brilliantly does with one of his stores)
3. Place an ad for related items on our receipt.
4. Put together our zombie email (not quite time to send it yet as this site is fairly new)
ALL 3 OF THE ORDERS THAT CAME IN SINCE WE OFFERED THE UPSELL HAVE OPTED IN!
(not to mention they all paid the 8% percent higher)
This is huge for our business. This will improve our in pocket profits between $5000 to $7000 per year. Now thats not like some of the sums above but for us on this niche site, ITS HUGE. Not only that but as our visibility increases with better rankings etc…we'll be making more money on every order guaranteed. We cant thank you enough.
BTW – 90 minutes of work. (thats like $3000 per hour)
Can anyone say awesome!
thanks so much!
Paul & Andy Hi,
Sorry no gravatar waited for access then remembered I wanted to thank you guys for another great product.
The MBA in a box was somewhat over board for me realizing researchers say it is OK on what my mind allows in at a time at my age. My thought was play it over again stop it take notes on Andy's great presentation then he comes out with that great PDF.
I am hanging in there, some mught ask why but I do not give up easy.
I was just putting my foot in the water to take a swim (by filling for PPC) and now because I live in Massachusetts deciding to outsource my business set up to a company in California can only look at the foundation as I wait for house to be built.
There might be about fifty entries but there area a lot of repeats at lest this one is different,
Thanks again guys
Be coming at you soon.
I just watched the second video. Great info by the way. You asked whether we would like more traffic, or a higher conversion.
I would definitely like to see a lead landslide. My site is typically quite good converting. In december I had a spike up to 25% conversion rate that day.
I sell Dr. Christopher's products and would love to attract a bigger portion of the market share for these products.
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Tuesday Jan 13th WINNER
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Click Here to see ALL WINNERS!
Ok, so I have been a watching the video's and reading the posts with some skepticism. I decided to test you guys and put some of your concepts to work that I watched in the "Dead Simple" video.
Bottom line results: STUNNING
I operate an ecommerce web site that sells sporting goods and our average order is around $175 with a fairly high profit margin (60 to 80%), so any change that increases revenue if significant.
Here is what I did: First I looked at my reports of the products that have recieved the most traffic in the past 30 days and added a couple of the Focus Factors to right above the "Buy Now" button. There were about 15 products. I added statements about our lifetime guarantee, return policy and also added a "free factor." Additionally, I increased the pricing by an average of 5% on these products.
Now January is the slowest month of the year for us. It seems like everytime I turn on my email, there is a plethora of new orders…and the interesting point, they are all the product in which I added these Focus Factors. In the past 4 days, we have sold well over $5,000 product with an average margin around 60%. I just made an extra $3k after spending 20 minutes adding these factors.
I cannot wait until the spring when our traffic increases 10x.
This is truly amazing….
Dave
Hi there,
You asked what video we would like next. I would like the traffic video next. I am about to start a internet business and getting traffic has always been a bit of a mystery to me.
Thanks
Steve
Hi there:
I hope someone can fill me in on this sounds like increasing prices and still getting sells. How do you justify the raise in prices and still increase traffic. Need to know how to get my traffic up and sales in.
thanks
noma
You know I was really nervous and I was the doubting Thomas believing this would not work for a normal business that it would be fine for the list builders selling e-books this was my motivation for testing this out so after watching the F5 video and hearing to increase my profits I have to increase my prices had me on wobbly knees! I mean it is a tough time for businesses and I wanted to encourage more clients not less, do I dare to do this?
I sat down and had a strong cup of coffee then opened my accounting system and increased all of my prices across the board some by just a few pounds others by a bit more, funny but after the first 2 were increased the easier it became and receiving emails from my clients at the time I was actually doing it with comments like "Thanks for the prompt work, first class as usual, am very impressed by the service that …" this helped me feel that the increase was warranted and due (thanks for the wakeup call!)
Next job for the day – I had to write out invoices to my clients and as I hit send on the system I held my breath waiting for calls of complaint…. waiting….. Still waiting….. Yikes no complaining! Is it really that easy? Did I really do it? Wow I feel clever without actually really doing anything! lol wow wow wow I just increased my profits!
so to give you an example – I am a web designer (almost from the birth of internet it feels lol shhhhhhh)
I put my hosting price up the most daring increase as it is an increase of almost 117% (the most daring increase I made) so this gives me an increase of £10 per client in my pocket doesn't sound much compared to others that I have read here but when you multiply this by my current client list (and remember not everyone has just one website but lets say for this they only have one each) 119 x £10 = £1190 in my pocket cost for this? £0 and that is just on this one item!! This year the accountant will be very pleased with me
The future? Well duh it's working trying to prove these guys wrong made me a profit I am now wearing the dunce hat but no time to sit in the corner because based on last years work load I will make an extra £5074 this year and that is just with the one module completed! Now I am looking forward to watching the next video… stay tuned!
Hi All
1st results from F5 Dead List
About two and half hrs of programming and two hours of training sales staff.
Here what I did
ran a report to identify dead customers
criteria was last order more then 150 days ago with a order history of more then 3 orders with a total value of more then $300
The reason I did that is I am not sending out a email I am cold calling which is very costly so I wanted to increase my chances.
The results
30 numbers dialed in 1 hour 3 conversions = about $950
We have something called TCV (total customer value) which is the based on reorder rate and order amount of customer
With the historical sales invoice we have on the customer which is 4 orders at this point I value them at $6200 for the whole year. That is if we don’t lose them again. Unless there is a video for awakening the DEAD DEAD ?
Test was a WIN
Max
Hi Paul and Andy,
Here is what im working on now. I need to raise some dead zombies from my customer list. The challenge here is I only get one shot.
Long story short about 3200 contacts (18% of my list ) got pulled and put in to an "invitable" list. and I get one chance to get them to "opt back in".
Since I only get one chance to email these particular contacts, I could ask them to opt back in to my list … AND… put a discount offer in the body of the mail. Although it will generate SOME sales, if they dont opt back in, I lose them forever.
OR
I could ask them to "opt back in" and tell them about a great discount they can get if they opt back in.
I havent decided which way to go.
One of the most valuable things I have learned so far from Formula 5 is that once you get an idea. STOP EVERYTHING AND JUST DO IT.
I will let you know which way I decided to do and report back.
Bob Nelson
Curious which way you go. I have an opinion… Want it?
pl
HI Paul,
I would LOVE your opinion. When I originally wrote the post I was going to ask but I wasnt sure if it was appropriate.
Im anxious to hear your suggestion.
Thanks
Bob Nelson
Bob – think i put this in an email, but I'd go with putting the discount special offer in the reactivation email. You have to offer them something stronger than, "oh, i missed you" to get them to take action. And the ones you lose? Who cares, you lost them already.
PL
Hey guys,
I was a bit late in watching the videos, but man, I'm glad I did! Prior to watching the videos, I was charging $699 to optimize a website for a client. I took the advice the video mentioned about increasing pricing, albeit a bit more than 15%, up to $800. My most recent client didn't even bat an eye at that – in fact called it "golden"!
I wasn't able to close that client on that first phone call a couple of days ago. So, remembering what the video said about closing the deal 15% more of the time, I emailed them and tried to get a feel for how close I was to signing them up. I got the dreaded email back today that went something like, "We're not quite ready to move on this. February is looking good, though."
I get that about eight out of every 9 leads. Typically, I reply something like, "Ok, well, let me know when you're ready to move and I'll help you out." And then I hear nothing from that lead ever again. When I can't get a client to close on that initial phone call, I typically close less than 5% of the time.
But this time, I pushed myself to push the client just a bit more in the hopes that it would close the deal. I added one sentence to my typical "I'll be there for you" email – that went something like this:
"No sweat about waiting it out. But remember – and I've seen this dozens of times – it's very easy to lose momentum with marketing your website. And the money you spend on marketing your website will be the best money you can invest right now."
The client emailed me back within FIVE MINUTES and replied, "You're right! Let's do it. Can you take a credit card?"
So, with a tiny bit extra effort, I closed a client that I typically would have lost nearly 100% of the time. What does that make my productivity increase? 100%?
From now on, whenever a client tries to push off my services, I plan on being a bit more pushy to get them to close. It's against my nature to be pushy, but if I can get these results to repeat themselves, I can see a major upswing in my productivity and income this year.
Thanks for the great vids guys!
Darren Barkett
http://www.Creative-eMarketingSolutions.com
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Monday Jan 12th WINNER
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Click Here to see ALL WINNERS!
Andy and Paul
At the end of last year (Nov) we launched a new look to our site http://www.morrck.com and spent some time on the SEO side of things (following the last going natural videos – cool content that still is awesome!).
In the first 5 weeks we doubled our site visitors and web traffic so thanks for that!
When the F5 videos went out at the beginning of Jan I knew we were going to make another leap forward. F5 is all about compounding for growth right?
Well we knew we had more visitors, question was how to get better conversions and then how to increase the profit margin.
We did a couple of simple things. We increased the price (about 6%), we polled our visitors over a couple of days using the script from woopra (it freaked a few of them out to begin with!) to find out what holes we had in our site and what we could do to increase conversions.
We fixed the things we were told weren't great and published testimonials on the site for social proof evidence.
Now remember, we've not done the Zombie thing yet (our old list is in another system and it's taking time to get the data out) but we have doubled the traffic, increase the price and the conversions.
But you don't want to know what we did right, you want some results I am guessing….well did we got some results!
Conversions went from a pretty average 2-3% to 8-15% (yep we've had 15% of traffic convert on two different days in the past 10).
To quote from Jerry McGuire "Show me the money!"
Well, our turnover has increased by a little over 250% (that's not bad for a week), our net profit has gone up by just under 275%. Last year we did around $170k, this year (based on just the changes we've made) we should do around the $500k mark.
Actually we think we'll do more than that because of all the other things we can implement as part of the F5 system!
Now the company has been running okay for a few years but in the last month we've grown more as a business than at anytime in the past. At what's even better is we're asking much better questions about how we run the business.
Thank You Thank You Thank!
AJ & the team at Morrck.com
One of the slides that interested me was the slide about Dead customer lists and awakening them. I also worried about unsubscribes if I sent a sudden flurry of promotional emails to the list.
This video shows a $48,000+ product launch with unsubscribe results after emailing the list 6 times in 8 days. It also shows revenues of $4,600+ from a 2 year old dead list which we unzombified after reading the FormulaFive MBA in a box.
http://www.youtube.com/watch?v=8ng4TDdSPL0
Hi Guys
I have a question I am to implement lead management/ lead control
The way I want to do this is with shopping cart abonament
I am trying to indentify the users of who drop out. I am recording there IP address and session ID with the cart contents but if they drop off without entering in there email I will not know who they are.
My idea about how to solve a portion of this problem is send out a email blast to the list. Record the IP address of the opens and clicks. Then cross referrers those against the shopping cart abonament list for a period of time.
Problem with this idea
Need to know which ESP records IPs of opens and click
And if there is a better way of doing this I would like to know
Thanx
Max
Max,
That strikes me as far more complicated and somewhat less effective than just improving your checkout process. If you capture an email address on the first step of checkout, you wouldn't need to go through all that – just send a cart-recovery email if they haven't completed the process within a certain time.
If you want to do it though, every ESP should be recording IPs as proof of opt-in, so if you have a double-optin list, it's just a matter of which providers would let you see this information. If you use double optin with such a provider you wouldn't need to send out an email blast.
No matter what, you'd only be recovering carts from people who got on your list at some point in the past – is that a large portion of your customers?
I am not tring to identify the shoppers that went so far in the check out as to enter in there email.
I am going after the shoppers that fall out before they enter there email address.
The IP recording that I want to do is from opens and clicks of a recent email I would send out to ensure the IP address data
Example
from one of my lead capture pages I would pull a list of lets say 3000 opt. in users.
Normally I would send a email out and hope they convert.
but with my idea I would send out the email record the IP address of the Opens and clicks
(which Identify the people with interest ) then from those cross them agents the cart abonament report to see if there is a match. The reason I was to do that is shopping cart value is high $150-$1000 I should be able to convert them with a personal touch via phone call.
Max
That makes more sense now.
You should actually be able to capture all the data with a simple script before you direct the form input to whatever sends the mail.
Hi Dan
Any idea where to find a script or can you tell me a little more in detail so I may write the script
Thanx
Max
OK, first of all you guys rock!
My business is sales and marketing for independent integrators of low voltage products. Now, for the most part these business owners don't know a thing about sales and marketing. That's why they hire me ~:-)
After reading the pdf's and watching the videos for F5 Unleashed I realized that you have put together a system that anyone can digest and implement. So, I sent this out to a client of mine to just see what his reaction might be since I saw that this was something anyone could do. Let's just say that his reply was not only enthusiastic about that the fact that he now understood concepts like the "Zombification Gambit", but also for the fact that we can easily incorporate it into his own business.
Lead Landslide would definitely be my choice for the next video. That's definitely what my customers are looking for from me, and it seems that lead gen/conversion is getting more challenging in this "gutterball economy"
This stuff is awesome. Thanks for all you do!
RB
Hey Ryan,
Good thinking about sending the MBA-in-a-Box pdf. Keep passing it around!
PL
Glad you thought so Paul. I wasn't really sure I had the rights to freely pass this info.
Again, thanks for all you do!
RB
After starting to learn about internet marketing what seems like an age ago thanks to F5 i have started
Nothing big nothing complex.
I bought a domain and am not using PPC to pump traffic to a clickbank site and waiting to cash in the checks, and plan to reinvest 100% of the profits (start up costs £18 Estimated cost per sale £5 revenue per sale 25) so once i make one sale i can pump everything on expanding the current plan and then into a new business to impliment these cool ideas.
I probly wont win because I havn't technicaly implimented anything but im 16 and running a business in my spare time which is cool!
Big thanks to both you guys cant wait to learn more my notepad is almost full now of stuff to implament.
David George
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Monday Jan 12th WINNER
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Paul & Andy,
I'm so glad I stumbled upon Formula 5.
I have been running an e-commerce store which sells hip-hop related products for the past two years and had never once thought thought about using a technique such as "The Zombification Gambit" to try and regain 'dead' customers. Holy cow, did this thing surprise me. Andy suggested there would be a 10-30% success rate in getting a 'dead' customer to turn back in to a 'living' one again… I had close to a 39% success rate, and we're not talking small numbers here either – I'm talking 7,000 dead customers…
I generated 2725 sales from sending ONE email as you guys suggested – holy crap! I actually can't believe I had not thought of doing this before! It's insanely simple, I'm kicking myself for not doing this sooner!
Even if I don't win, I'll be buying Formula 5. Two words: IT WORKS.
Huge HUGE thanks to you both!
Kieran
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Sunday Jan 11th WINNER
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Click Here to see ALL WINNERS!
Hi paul and andy,
I sell address labels and rubber stamps from my ecommerce site. By far, my biggest seller is address labels on rolls.
I offer a plastic label dispenser for the labels, but most customers dont order it. To try to get more customers to buy the dispenser, I created a graphic with a picture of the dispenser and text that read:
DON'T FORGET A DISPENSER
<— Just click the dispenser to go to the order page
If you ordered address labels on rolls
make sure to order your very own
high quality plastic label dispenser.
Clicking the image of the dispenser brought the customer to the product page where they could add it to their shopping cart.
The results were totally cool. Before I added this to my shopping cart, I sold on average 55 dispensers per month. This is 1.8 per day.
Since I made the change, The average per day has doubled!
Since there is no such thing as 1.8 of a dispenser… if I round it up to 2 per day. Here is some very compelling numbers.
Selling 2 more per day at $2.99 each works out to and extra $ 2182.70 in sales per year.
Now… working backwards…. Since I have been in business for 10 years, it means… I lost out on over $21,000 in sales.
Looking more positively, in 10 years it can be another $21,000 PLUS whatever I make on other upsells on other products.
Bob Nelson
Hey guys,
I am just checking in, I'm in the middle of a launch… I am using the dead man zombie in the next few days… I going to raise my prices after my launch.
Warmly
G Allan Roberts
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Sunday Jan 11th WINNER
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Click Here to see ALL WINNERS!
Hey Guys,
I was nervous at first and then I went ahead and did the unthinkable !
Last week after I watched your video I increased my prices for the first time in 4 YEARS. I have increased my income by 40% and my sales continue despite the price increase.
Todd Ash
This is not exact lyrelated to my business, but I believe shows that the mindset behind the F5 ethos is important. There was work needed done in my house, which has been needing done for years.
I have been procrastinating, not sure of the best way of doing it and putting it off.
The advice of Paul and Andy struck a cord in respect of this. That is just take action, does not mattert how much action you take, just take some action.
This helped me to have a go. I completed the work successfully!
Now I have to apply the same mind set to my business, and just take some action.
Hey guys, i was just wondering, how do these ideas translate to retail, for example branded chairs.
Brand X model ABC retails for 14.99, this is the price on amazon target and awebsite.com, thing is, why would someone pay more at my website?
Leon — the trick with being priced higher than Amazon (and thousands of etailers are) is to offer something that Amazon can't. Might be wider or deeper selection, better service, ability to talk to a live person, more personalized site, more information about the product, product comparisons, technical support (doesn't mean much in chairs), things like that. Now think about this – I'm not sure what kind of margins you're making – but let's say they're 30%, which means you're clearing $4.98 per chair. If you raise your price by a whopping 67 cents, you'll increase your gross margin by 15%!!!!!! Do you think you could raise your price by 67 cents and continue to get business – especially if you came up with an idea like the ones above? That's the idea.
Try it. (67 cents!)
Paul Lemberg
Leon, I face the same problem with some of my items too. The best way to go around it if you are going to raise more then 15 % is raise it on the shipping. Here is a Power example of how this will work and has worked for me. Start with the increase of the original products profit as Paul said thats about .67 cents no one will know. 2. increase the price of shipping by 15 % lets just say your shipping is $25 the increase would make your shipping $28.75. You will not lose any customers that way. website buyers do not think shipping will be inflated so they do not compare with other websites. Auction houses like ebay buyers will compare. 3. here is the kicker the UPSELL offer them a optional insurance for $.70 cents it does NOT cost you anything UPS offers this FREE upto the 1st $100.00 but most shoppers don’t know that. So lets review, you went from a $4.98 Profit to a $10.1 Profit
$4.98+$0.67+$3.75+$0.70
Ha You just doubled you profit Do this today roll it out on Monday and test. You should not see any decline in sales.
Thanx Max A. Hunter
Well, here's a report from the NON-IM world – the world of selling of little round discs called (music) CDs to music fans. A *great* report that really worked on the atrophied biz muscles of this long-time veteran of selling online(since '96 w/ my main web site – check the way back machine! Actually, then again, don't – yuck!) and hardened cynic(well, not all the time – I keep an open mind but i'm a bit cranky from a lackluster December).
In the Formula Five report and Sales Stacker video(in particular, "The Truth About Price" section of the book) – no offense – was a "duh!" kind of experience – small business folks hear that all the time, afterall. But, as I read I had a disquieting kind of feeling and went back and wrote down the points and, as I was writing them, it occurred to me that I had not raised my prices in 4 years – NOT EVEN my shipping costs after last years' price increases. "master of the obvious" is a kingdom I do not rule in.
So I did two things on Friday. One, I have a printed book(w/ CD) that came out a year ago and has been a success with selling 1,735 copies at $39.95(well, the presell was $24.95). It's 3rd printing has pretty much run its cycle and it's almost of print and I've mailed my list on the book many times in the last year – sales are done w/ the main list, basically.
So WHY NOT? I will raise the price of it to $49.95 and test to it my list, tell them of the increase and pull it off the market in a month(thus, beginning the conditioning process of selling the next book at a higher price). But here's the thing. The REALLY big thing. (well, there are two big things – read on!)
I have two more books coming out in 2009. Instead of charging $34.95, it will be a PRE-SELL of $39.95(previously I did this at $24.95) and 'after publish' price of $49.95. Now, I can't know what the pre-sells and after-publish sales will be – but going from my previous book, this is what would happen w/ the same numbers as Book #1:
Pre-Sales(887 X $5 additional charge) = $4435.00
Post-Publish Sales(848 X $15 additional bump) = $1272.00
That is a total of $17,115.00 EXTRA revenue.
We've not even touched the up-sells inside the offers!
Uh, DUH, Bruce! The math has hit me between the eyes. A strategies goes folks, this one IS *Easy*!
SECOND THING, since I've not raised my margin requirements and prices in 4 years, I bumped the prices of all the items on my home page by 50 cents(CDs are priced between $10-18). Can't empirically gauge what the increase(or decrease, honestly) is vis-a-vis what I would have been but this I DO know. An across the board raising of prices of 5-8% of selling price X(times) the amount of CDs I am estimating of selling in '09(21,000) means an extra $16,000-20,000 in sales for the year. A massively impactful, bottom line result which swells me with hope to more aggressively commit to a larger investment in my marketing budget than I was thinking just 3 weeks ago!
Not brain surgery, folks. But we get so caught up in the research, the marketing, the fulfifillment, etc. that the simple, key strategies are over-looked. To the severe detriment the health of our businesses – do NOT forget the increasing costs of doing business is not going away in '09. Inflationary elements are part of the backdrop of business in '09 – this is a fact, sadly.
Some of this stuff is kind of "Duh"-ish but in the straightforward context of the report, the numbers just clicked and clicked me into action. It's all in the communication(thanks!) and mindset to be open to looking at old issues in new ways. Beers(and martinis 'n mags) are on me!
Oh yeah, I need to raise my shipping prices next week!
Lesson? Don't be so damn timid and reactive – believe in what yr selling and value it aggressively, frame it and let the market affirm the merit of the value proposition and tweak. Then, have an extra drink!
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Saturday Jan 10th WINNER
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Click Here to see ALL WINNERS!
Hi Paul and Andy,
After watching the formula 5 module this week, I increased prices on one of my product categories by 10%. From January 7th to January 10th, I sold 160 of these items. In just 4 days I had $3017.00 in sales.
My profit increased by $298.00 in just 4 days on just this one category! What I love about this strategy is how simple it is to implement. Also, every single dollar goes right in my pocket. I wish I had done this two months ago because November and December are my biggest volume months.
Well, I gotta go. Im off to try another strategy.
Bob Nelson
Hey Bob,
This is amazing. And I'm guessing, you did it without attempting to provide more value – you just bumped your prices. You know, not everybody can do that in every category, but you know what? EVERYBODY CAN do it when they add to their value proposition. Then the higher price is justified and makes it even easier. Imagine what you could do by following the Formula 5 techniques and adding to your value proposition!
Great job,
Paul Lemberg
Bob – just another tip. You can measure everything. You just have to figure out how.
PL
Hi Paul and Andy,
Thanks for the fantastic information.
I would be interested in knowing more about the Lead Landslide information but as I am promoting nutritional supplements through the network marketing channel, would this be relevant for use?
Thanks.
Eugene
http://www.howcanigethealthy.com/healthblog
Today I am using the Dead list video and i am going try and resurrect some zombie's. Dead list here I come.
Warmly
G Allan Roberts
http://www.gallanroberts.com
Hi Andy, I really appreciate your videos. I have been watching them for a couple of years now and you are always entertaining which keeps me watching. I think you are so right about fear…fear seems to drive so many of our decision making opportunities. I actually was trying to talk my business partner into lowering our price before I watched your video, because our product costs have gone down slightly and I wanted to pass that onto the customer…I'm an idiot!!! Anyway thank you for saving my wallet and look forward to more (kick ass) videos!
JP Ragon
Cornhole.com (its not what you think, get your head out of the gutter Andy)
ok, so instead of decreasing the price I increased our price by depending on the product from 5 – 10%. Our sales yesterday were 18 with gross amount being $2,008.35! With adding the increase in price we made an additional %17.4 in profit!!! Awesome Dude!!!
Oh ya if you look on our site it actually looks like we have lowered our price but thats the old make it look like its a sale kinda thing.
I am anxious to try each of the building blocks. There's nothing gained if I don't try. My input would be for landslide as the next video. I am trying to increase my membership site.
Thanks
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Saturday Jan 10th WINNER
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Click Here to see ALL WINNERS!
Paul and Andy,
I sell done-for-you credit repair online.
When I saw your video on Monday I decided to raise my price by 50% that day. It's now Friday and I'm still averaging the same number of sales per day and my income is up 50%! If this keeps up I'll take in another $20K in sales per month.
I'm now adding a $300 up-sell and I'm developing an online course, book, and an instructional audio cd series for my back end. Oh yeah, and I got back to split testing my landing page and my conversions went from 5% to 12%!
Thanks for the kick in the ass.
Brian
Dear Brian,
A hearty congratulations on your outstanding success in using just one of the 7 pillar techniques!
I was wondering if you would share your site name on credit repair? My son is in college in the school of business and i am showing him some of the real world examples of different areas of opportunities.
Thank you and keep up the good work.
Sunita Pandit
Hey Andy,
I own a few online businesses, one is a Web hosting business. I am planning on doing a test with an increase from 4% – 15% before I roll it out to call customers.
I can't wait for the results (should be interesting).
~Brett
http://www.FreeTrafficBigProfits.com
Andy
I would be interested in the "LEAD LANDSLIDE" information.
However, aside from that, I really have to thank you so very much for the info I've already received from you videos. I am so excited about the possibilities I can realize with the tips you've already shared. Things that are so simple, and yet they never occurred to me. You've given me hope that I can make my business profitable and viable. Thank you again.
Jim Bond
I've viewed each of the videos the past week. Since I am new and just starting a business a lot of it is beyond my ability to implement, however, I am very excited at the possibilities. One advantage I have is that I am a "clean slate" and can utilize these principles as I begin building my business.
You requested feedback concerning which topic to cover in the next video…landslide leads or customer conversions…tough call because I need help in both areas and they really are like Siamese twins…I mean if I get traffic and do a poor job of conversion I'm missing out and vice versa…at this point I'm struggling to get traffic so I'd like to see that first. Once I'm generating a steady stream of traffic I can work on boosting my conversions. At lease that's my thought, but I'd appreciate comments and advice from more experienced entrepreneurs to let me know if they think I'm on the right track, i.e. focus on getting traffic first and then optimizing conversions.
Thanks for the great series.
John Cicone
Perry Hall, MD
listbuilderjedi.info
This also reminds me of an Earl Nightingale story "Acres of Diamonds" here is a link.
http://hotshorturl.com/ta33 very profound
Hey Peter,
Great point. There is tremendous untapped veins of gold waiting to be mined in most businesses. Formula 5 is 238 separate plug-and-play action blocks that you can use to find them.
Paul
Amazing videos Andy….
I've learned quite a lot from your videos until now, and I'm sure I will be glad to watch your next videos no matter what you are covering on them.
In my oppinion you should cover hwo to attract more traffic and get even slitly conversions on fresh new leads. I know those are the 2 different modules, but hey, that's what I and I assume most people need.
The ability to generate more leads cheaper and even for free will definatly be a humonges booster for any business.
Thank you so much for all you guys from stompernet are putting out, amazing pre sell,
Best Regards
Marcos Martins
Thanx for the awesome insight. I see that is what the big business sites are doing. Great info, I appreciate your expertise.
Hi Andy,
Just finished the videos and I'm going through the PDF right now, absolutely fantastic stuff. It's a little bit early for us as we are probable 2 weeks off from launching our new (and 1st) service on-line, so we are the real newbies
The info so far has made us sit back and look at what we are doing, all very straight forward ant to the point.
Fantastic stuff.
Fred Gillen
Melbourne, Australia
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Friday Jan 9th WINNER
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Click Here to see ALL WINNERS!
The FormulaFive MBA in a box PDF report, talked about getting business from old customers and prospects you've ignored. I remembered a list of prospects I had built in 2006 and hadn't mailed for two years. The reactivation idea centers around warming up old customers and prospects so you can sell them more.
I had a new infoproduct relevant to the list, which had around 3000 people on it. I decided to email them about the new product. Results? $1,706 in sales from one email that only 200 people clicked on. 6% conversion. That excellent conversion leads me to believe that this product is very well targeted for the list and I should easily be able to double or triple that revenue over the next week as I properly warm them up and follow through.
Video at: http://www.youtube.com/watch?v=GA0bAPdt3xY
Jeff
Hi,
I have suffered from being OK at a bunch of things. I got myself into the position of having several businesses that are moderately OK. But because I have three or four things going I am always fighting focus. So number one is to zero in on one business for this project. I am headed to a trade show next week and instead of beating for leads I am going to focus on finding 15% more good conversations to have that will lead to sales and not just getting cards from tons of people who will never buy my product.
Oh and I am going to outsource some of the things I hate t0o do and which take too long since i hate to do them. (like accounting and book keeping to start)
And instead of getting more sales by cutting price I am going to ramp up my system of making my customers feel like they are getting a deal for the full price since we tell them exactly how much value they are getting for the product. Holding their hands so to speak and making it easy for them to understand the value of using the product. That has not happened in the past.
Kevin
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Friday Jan 9th WINNER
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Click Here to see ALL WINNERS!
Paul and Andy,
I watched your F5 video this week. On Wednesday, I made two changes to my site. I increased 1 product option by $46, and the other by $100, and included the total value of the free tools that we offer with a paid order.
Well…the first day I promoted was today, January 9th, and I generated $5,896.00 in total sales. My normal pricing would have generated me $4,952.00, so that's an additional $944 in NET PROFIT that I never would've had. This will mean $1,000's in additional net profit to my business every month. As I'm writing this, I just got another order!
I also sell another product which we were already considering raising the prices on earlier this year… this will NO DOUBT give me the confidence to add this immediately to start reaping the rewards. Who knows how much additional revenue this will bring me, but I'm excited and will keep you posted. Thanks to you guys, my 2009 is off to a great start. Love it!!!
Thanks,
Jason