10,000 x Customers Spending $100 Dollars A Year Each = A Million Dollar Business
Hello and Welcome to One Mummy- One Million Dollars- One Year. Please note there are 3 affiliate links in today’s post- 2 books from Steven Pressfield and 1 for Yaro’s Blog Profit Blueprint. If you would like to see the tally of affiliate links so far, please check out my affiliate page here, and if you are new to the series, and have no idea what I am talking about, you can catch up and find all the previous days posts in the links below:
In the previous days, we’ve covered lots of ground, learning about:
- The 6 things to sell online
- The 1,000 True Fan Theory
- Journey Mapping
- Affiliate Marketing
- Mathematical Breakdown of different ways to make one million dollars
- And, I’ve also made 4 products for sale too…and discussed why this is a bad idea (no market validation or demand) and the reason I’m choosing to go ahead with it (I need the worksheets myself.
Today we hit Day 6 in the challenge and the task is as follows:
To get 10,000 customers to spend $100 each as a way to hit the target of making one million dollars.
Now, 10,000 people seems like a really big jump in numbers, when we have been throwing around numbers like:
but I want to share with you a post Shawn Coyle wrote over at Steven Pressfield’s Blog titled:
Shawn tells us how Steve and Callie helped give away 18,000 FREE physical copies of- The Warrior Ethos– as a way to encourage readership of the actual “real” book Steve had just written titled The Profession.
He then goes on to close the article by saying that:
How hard is it to find 10,000 people who when handed a free copy by a friend would actually read it? If you can’t give ‘em away for free, chances are you won’t sell very many.Shawn Coyne
If Shaw’s theory is correct, I should be able to give away at least 10,000 copies of this story (or any of my other work from The Prosperity Project etc) for free as a way to see whether or not there is any market validation.
And then, just the same as Steven Pressfields’s visibility increased when he published The Profession, maybe my own author visibility will increase when it’s time to publish my own “real book” too?
And then what of the actual story itself?
The Warrior Ethos that was originally given away for free to the 18,000 fans?
In the article, Shawn goes on to tell us it was dropped onto Amazon and other online retailers to see if they could charge money for it.
And the answer?
It did sell.
Not only did it sell well, but it continued to sell a steady 1,000 copies per month- which at the time of writing had in total sold a combined 50,000 copies for the paperback, eBook and audio versions.
All of it done with no publicity or advertising (at the date of the written article.)
Giving away free stuff at the top part of the funnel is nothing new.
Although it seems counter-intuitive, there are actually a couple of great reasons for it.
The first one of course being what Shawn said in the Steven Pressfield article I linked at the start.If you can't give your stuff away for free, then it's going to be pretty difficult to get people to pay money for it!! Click To Tweet
OR what Gary Vee says in the instagram post I linked above about building community- more of which we will discuss (Community and what it means) in future months.
But another thing I learned years back when studying the work of Yaro Starak is that it’s often not the top part of the sales funnel that generates large amounts of financial wealth. (If you are new to Yaro’s work, you can download the blog profit blueprint from my affiliate link here- the guide is 100% free, and then you will work through the funnel as a customer and see how it works for yourself)
If you look at Yaro’s infographic, you will see that the top funnel products start at $9 and the bottom funnel product ends at $10,000.
The Blog Sales Funnel brought to you by Yaro from Entrepreneurs-Journey.com.
It’s the bottom part of the funnel, which has less clients, yet generates more income.
Many online marketers use a similar version of Yaro’s sales funnel model with giving away value packed freebies at the top of the funnel as a way to generate interest in their products.
But how does this translate to the story of One Mummy- One Million Dollars- One Year if our goal is to make money?
For those readers who have been reading each day’s story and downloading the worksheets, you would have noticed that we are doing resembles a kind of sales funnel of sorts…..take a look at the image below:
Although our sales funnel doesn’t look like the infographic of Yaro’s I first shared, if you put the two of them side by side together, you’ll see they are a little similar- I’ve just explained them differently and switched things up a little.
In the last few days, we’ve been working through the sales funnel in conjunction with our 6 things to sell…
here….take a look at the same infographic, but now updated with the knowledge from our worksheets when the 6 things we are selling are added into it. Keep in mind, that these 6 things could be swapped around in any order, they don’t have to be placed in the same spots as what I have done in 2021.
Once more, let’s add the last remaining pieces into our sales funnel…. the mathematical breakdown take from the 1,000 true fan lessons– again remembering that you don’t have to use the numbers I have used in 2021- this story has been written as a teaching resource which means I need to showcase how they all work, but in real life you can use them in any combination….
When we look at what I’m doing with the visual image, we can see that my funnel hasn’t been made in order of cost….it looks like it has been split into 2 x groups of 3, and we’ll come back to that at a later time.
For now, let’s go back to what Shawn Coyne was telling us.
He said that although Steven Pressfield gave away 18,000 copies of his Warrior Ethos Book in the beginning, he didn’t give it away for free forever.
After the initial physical copies were handed out, the book was offered for sale online, in print and audio version too, going on to make a steady and regular income for the author.
The two examples I’ve showed above-
The first with Steven Pressfield giving away 18,000 copies of a book,
The second with Yaro Starak giving away free copies of The Blog Profit Blueprint forever (indifinitely)
show that there are a few different ways you can give away free stuff, depending on what your goal is that you are wanting to achieve.
In my instance for 1M1M1Y?
What if I gave the entire story away for free in 2021, and then at the end of the year, also put it up for sale online, in print and in the audio versions too?
Or what if I gave the online copy away for free, and instead only charged for the printed book and worksheets?
I think either one would work just fine, but it all comes down to first getting the story into the hands of 10,000 readers, and seeing what the feedback is.
Our worksheets for today are going to introduce the sales funnel into our marketing strategy.
Yes, we will keep going with trying to think of what problems we could solve for our customer which we could ethically charge $100 for, *and* we will also choose either to use physical or digital products as the basis for this $100 as we work through the last two things in the 6 things for sale book.
But in addition to thinking of all of these problems we are solving or the products we are making, the other thing we need to start thinking of is:"Where on earth are we going to get all of our customers from, and how can we encourage them to "sample our work" before charging them money for higher priced goods and services?Could we do what Yaro Starak and Steven Pressfield did.. Click To Tweet Could we "give away" at least 10,000 copies of our work for free in order to go on and sell to a different part of our sales funnel at a later date?" Click To Tweet
If you are interested in today’s worksheets, you can find them in the shop or by clicking the images below