1. CVO Customer Value Optimization:
1.1. The STEPS to CVO
1.1.1. Step 1:
1.1.1.1. PRIOR to Marketing a Product or Service -
1.1.1.1.1. Answer the attached 8 Questions:
1.1.1.1.2. Complete this Before / After Sheet
1.1.1.1.3. From answereing the above Q's, Complete this Statement of Value Sheet
1.1.1.1.4. Fill out the Lead Magnet Worksheet
1.1.1.2. CVO Flowchart:
1.1.1.2.1. Attached
1.1.2. Step 2:
1.1.2.1. Chooses a Traffic Source.
1.1.2.1.1. Become a Master of a single, steady traffic source. Stay focused on that traffic source, & once mastered, add a second and a third traffic source.
1.1.3. Step 3:
1.1.3.1. Offer a Lead Magnet.
1.1.3.1.1. Definition: The Lead Magnet is an irresistible bribe that gives a specific chunk of value to a prospect in exchange for their contact information & permission to follow up.
1.1.3.1.2. Great Lead Magnets are SPECIFIC
1.1.3.1.3. Find Your Hook:
1.1.3.2. Steps:
1.1.3.2.1. Course to Create a Lead Magnet
1.1.3.2.2. 1. Get a Segment picked out to use for my lead magnet.
1.1.3.2.3. 2. Create Your Lead Magnet TITLE:
1.1.4. Step 4:
1.1.4.1. Offer a TripWire
1.1.4.1.1. Definition: The Tripwire is an irresistible, super low-ticket offer (usually between $1 and $20) that exists for on reason and one reason only… to convert prospects into buyers. In markets selling high-ticket products and services Tripwire offers as high as $500 can convert well.
1.1.4.2. Types Of TripWire Offers:
1.1.4.2.1. Physical products can make fantastic Tripwire offers…
1.1.4.2.2. physical books…
1.1.4.2.3. pieces of software…
1.1.4.2.4. paid webinars like Digital Marketer’s Black Friday Bootcamp…
1.1.4.2.5. And lastly, an a la carte service like a deeply discounted teeth whitening session from a dental office or a ridiculously cheap domain registration service works wonders at acquiring customers…
1.1.4.2.6. Tripwires are all around us.
1.1.4.3. The strategy behind the Tripwire is simple:
1.1.4.3.1. Convert the maximum number of Lead Magnet leads into paying customers, even at the expense of your profit margin, with the understanding that acquiring a paying customer will deliver profit through the next three steps:
1.1.5. Step 5:
1.1.5.1. Offer a Core Product
1.1.5.1.1. You likely already have a Core Offer. It’s your flagship product or products.
1.1.5.1.2. In some cases, sales from the Core Offer will make you profitable. But it doesn’t have to. If you follow through on the CVO process, you could take everything you make from the Core Offer and reinvest it to acquire more customers.
1.1.6. Step 6:
1.1.6.1. Offer a Profit Maximizer
1.1.6.1.1. The second of Jay Abraham’s business growth methods is to increase the average transaction value per customer. The Profit Maximizer does just that.
1.1.6.1.2. Most businesses don’t have Tripwire Offers and they don’t have Profit Maximizers. They live and die selling cold prospects on their Core Offer.
1.1.6.1.3. And Premium Subscriptions (recurring billing) like membership websites and other continuity offers make fantastic Profit Maximizer offers…
1.1.6.1.4. What could you be offering as an upsell or cross-sell? What could you bundle with your Core Offer? How can you incorporate a subscription or membership site into your business model?
1.1.7. Step 7:
1.1.7.1. Create the Return Path
1.1.7.1.1. The last way to grow a business is to increase the number of transactions per customer.
1.1.7.1.2. The Return Path is anything that brings the customer or prospect back more frequently including…
1.1.7.2. The single most impactful action you can take right now is to set up what I call The Machine.
1.1.7.2.1. The Machine is the Ultimate Email Marketing Gameplan
1.2. Double Your Sales
1.2.1. The Formula:
1.2.1.1. L x C x M x F = GP
1.2.1.1.1. The Number of Leads you Have, times..
1.2.1.1.2. the Number of Customers, times...
1.2.1.1.3. the Margin you have, times...
1.2.1.1.4. the frequency of purchases, equals...
1.2.1.1.5. You GROWTH POTENTIAL
1.2.1.2. The GOAL is to Double each of these 4 areas by twice as much.