What’s the secret to unlimited wealth?
Testing & Measuring
Yes, I know this is not the answer that you were hoping for. This certainly isn’t the 5 steps to become a millionaire in just 5 minutes.
But at the end of the day it’s the numbers that tell us if we’ve got a good or bad idea.
You see, ideas are wonderful but they are meaningless. We all have ideas and most of them are left to wither and die.
It is action that turns an idea into the possibility of something great. It is the numbers that tell you if it is or not.
So what are the critical numbers for turning your expertise into cash?
Marketing budgets can be a pointless waste of time! If… you can convert leads into customers quickly and profitably.
If you can buy leads at £5 each and convert them into a sale for £200 in 24 hours then would you really need a marketing budget?
To learn the secrets of lead generation please read this blog: The Secrets of Lead Generation
Surely you would keep buying as many leads as possible as you get a 4,000% return on investment in just 24 hours.
Unfortunately, turning expertise into cash is not such a quick process which is why you need to become a spreadsheet geek and learn to love the numbers.
If you want to have huge success in transforming your expertise into cash then you need a huge community to help. The bigger the community, the bigger your impact and the bigger your income. It really is as simple as that.
That’s why you must constantly focus your attention on growing your community.
Not all communities are made equally because of the level of your level of control. If you have 1 million likes on your Facebook page and you make a post not everyone will see it. To spread your message on Facebook you need to advertise… even within your community that you’ve worked so hard to build.
With an email database you have complete control over the message. If you build a database to 1 million subscribers and you send an email it will go to everyone. So focus on building your email database above anything else.
There are 2 ways to build a community of raving fans and they both require you to create an ethical bribe to persuade them to join your list. Typically this is a free report or ebook.
But how do you offer your ethical bribe to your perspective customers? The fastest way is through advertising. So how do you know if your advertising is working? By measuring the cost per lead or cost per customer acquisition. This number tells you if you are doing a good or bad job. This number will also vary from industry to industry and as a ball park figure £5 per lead is good.
How much does it cost to buy a customer?
It is critical you know this because it may be more than the initial product you sell. Don’t worry this is not uncommon. That’s why you need to nurture your community and offer your existing customers some additional support.
Statistically, selling to existing buyers is 12x easier than to new customers so unless you want to work 12x harder you need to love and nurture your buyers.
The cost per sale is actually a measure of your sales conversion. So for every 1000 new leads how many are likely to buy within a given time period? This is your cost per sale.
Let me show you some specific numbers to better explain how to calculate this.
1000 leads @ £5 per lead = £5,000
1% sales conversion = 10 sales
Cost per sale = £5,000 ÷ 10 = £500
So if you are selling a £200 product you are actually losing £300 per sale!
That’s why you must love and nurture your customers so they want to work with you further.
How long does it take you to trust someone?
How long do you think it will take to earn the trust of your community?
You see, that’s the real question here. Once you have earned the trust of your community then they will buy from you. Until you do that, they will sit on the sidelines.
That’s why giving upfront value is so important. There’s no better way to earn the trust of your community than to give them results in advance. When you give immediately valuable information away, without asking for anything in return then you are demonstrating your expertise and earning the trust of your community.
When you combine this with an inspirational personal story you show your community why they should work with you over anyone else or doing nothing.
So there you have it. The secret to unlimited wealth is to continually test and measure… do more of what’s working… and stop what isn’t. It sounds simple enough and that’s why you need to become a spreadsheet geek. Listen to the numbers! Because they will tell you what to do next.
Please take the time to go through this process and use it to grow your expert business.
Remember: knowledge only becomes power when you use it. That’s why I’m determined to help you use this information.
If you found this useful then please leave a comment below. If this can help someone you know then please share it with them.
P.S. If you’d like the complete system to turn your expertise into cash then please click the link below to download your free copy of my new ebook: How to turn expertise into cash.
The book gives you my simple 5-step system to turn expertise into cash. With this system, I’ve made £672,989 in just 9 days! And you can too when you know how. So, click the link below to grab your free copy.
Roland Eva is a copywriter and marketing trainer, mentor and consultant.
For the last 5 years, Roland has helped authors, coaches, mentors and trainers in the property and business opportunity markets to fill seminars and sell high-end programs ranging from £1,000 to £6,000. Many campaigns have made over £500,000 in just 9 days. Roland has done this through what he calls value first marketing. Value first marketing builds trust by giving upfront value, before giving your community the opportunity to work with you further.
Roland’s marketing journey began when he lost his first business, a photography and graphic design studio. The pain of watching his business die slowly motivated him to discover a proven system to find your perfect prospect, earn their trust through value first marketing and persuade them to buy, by telling true stories that inspire people to change their life.
Today Roland’s mission is to prevent every business owner from suffering through the same pain as he did. Roland wants to take them on the ecstatic ride that comes with having a proven system to turn leads into customers and expertise into cash.
As a consultant, Roland works on a no win, no fee basis so you don’t risk a penny. As he says this makes the cash register ring or it’s free, simple as that!
To contact Roland please email him on: Roland@RolandEva.co.uk