I watched this video from Frank Kern about a month ago, and it seem’s he really is the Guru’s “Guru”.
He talks about the “Paid For Life” business model where rather than relying on creating product after product you turn them into loyal subscribers who pay you month after month for content / services.
Now let’s try to see how the recent launches of Mike Filsaime and Keith Wellmann tie in with this model, and why if we compare it to the real world it’s a great piece of marketing.
Until recently the marketing funnel went as follows:
- Enter your email to get a free report, audio interview, or video tutorial at a website
- You get presented with a related One Time Offer
- Follow-up via email giving you a mixture of content and reviews of related products
- The list owner will build a relationship with you, and when a big product launch appears they will try to sell you a home study course retailing at $997 - I’ve bought Butterfly Marketing & Million Dollar March at that price!
This method still works, but for every 1 big homestudy commission you need to put thousands in at the front end of the funnel, and trying to stand out from the crowd in this attention deficient age is growing ever harder.
By turning the funnel on it’s head and giving away the homestudy course Mike & Keith are getting the best customers onto their lists, and the “Paid for Life” model combined with Upsells for other HomeStudy packages means they will get a very healthy return on investment.
A real life example of this can be found by going down your local shopping center and paying a visit to a mobile phone shop. Look at all the newest models of phones, and you will see them advertised as “Free” but in order for this to happen you must give over your card details and sign a monthly contract. The assisstant will also try to upsell you extra minutes, texts, photo messages, and you’ll also have to reject the offer of a years worth of insurance for 50% off the monthly rate.
So the offer from Mike & Keith is a bit like a “Free iphone” campaign, it allows you access to the latest and most advanced technology without you having to fork out hundreds of dollars.
Go look at these offers and remember that unlike phone contracts you can cancel within 30 days, and all it will cost you is the shipping and handling.
Link to Mike’s site
Link to Keith’s site
Andrew
p.s. As ever I’d love to hear your comments, and note that the link to Mike’s site actually belongs to Bob The Teacher, and that the salespage has evolved put more emphasis on the monthly magazine.
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June 12th, 2008 at 10:54 pm
Without going into the details of my personal life, I’m the anti-prospect of internet marketers. I just don’t have a lot of cash to invest in training the way many marketers claim they did. (spending thousands on courses, etc.) Living hand to mouth, I don’t have many opportunities to acquire courses like these very often. That said, I did jump for Mike’s 7 Figure code promotion (anticipating it’s arrival any day). I’m just hoping to learn something from it that will help me to pull together a plan to start earning online. Thanks Mike, Frank, Russell and all the gurus who’ve seen fit to move the free line.