Chapter 1: What is the focus of The Top podcast and its unique approach?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per top. Five and six million. He is hell-bent on global domination. We just broke our 100,000-unit soul mark.
And I'm your host, Nathan Latka. Hey guys, yesterday morning you heard from Tim Fargo. He walked us through how he went bankrupt in 1991 to a multi, multi, multi-million dollar sale in 2003 in an industry you will not believe. All right, Top Tribe, it is a foggy, condensation-filled morning here in Blacksburg and Roanoke, Virginia.
You're going to love my Canadian and sometimes British, it depends on the day, guest. His name is Yuri Elkaim, and he's a New York Times bestselling author. He's founder of the Smarter Marketer Project. and leading business strategists for heart-centered entrepreneurs, authors, and coaches who want to multiply their online business and leave a lasting impact on the world.
Yuri, are you ready to take us to the top? Let's rock and roll, buddy. Let's do it, man. I love that. You guys have rock and roll in Canada? We do.
We actually founded rock and roll.
What? I didn't know that. I'm just kidding. I have no idea. I'd believe you. I'd believe you. All right. Walk me through this. So you, again, go to yurielkim.com. I'm on it right now. I've done some research.
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Chapter 2: How did Yuri Elkaim transition from bankruptcy to success?
You're very much a, would you say you're very much a personal brand versus a piece of software or a membership site or something like that?
Yeah, for sure. I mean, we do have membership sites, but I'm really the face of my brand on the health. Because I mean, I've really kind of built my business on health, nutrition, fitness, and I've been the face of that for at least online about a decade now.
And help folks understand. I mean, first off, the site's very slick. It's to the point. A lot of people are following you. It says on here over 200,000 folks in your community are on your list. Walk us through, what's the number one revenue channel that you're focused on?
So it's interesting, actually, because you can't even find it from my blog, but we have one of our programs. It's called Super Nutrition Academy, which is a membership program that I developed out of what I felt the necessity for everyone to kind of learn how their own body operates and get a better understanding of nutrition.
And I did that because my life kind of changed when I went to school for nutrition. So I figured, hey, why not teach this to everyone else, but in one hour a week as opposed to 40 hours a week. So like with all continuity programs, it was a bit of a tougher sell than I thought.
And then about a year and a half ago, we realized that why don't we just give people a solution to a very specific problem and then tie it in with a three-month trial of the academy. And so that's what we've been doing for the past year and a half.
Is the academy?
Pardon me?
The academy?
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Chapter 3: What is the Smarter Marketer Project and its purpose?
Do people see the Defeating Diabetes ebook or whatever it is, and they see that before the Academy option? Exactly. Okay. So that's at the top of the funnel. How do you get traffic there?
So we've done joint vendor traffic, affiliate traffic from, you know, just from ClickBank and stuff. We've sent our internal list to it occasionally.
And how many folks are on that?
On our internal list? We're at about 200,000.
Okay.
But it's not a major focus of ours because we don't necessarily have a lot of diabetics on our house list. So we got approached by some big time media buyers a little while ago and they said, listen, we love this offer. It's finally someone who's actually created the product, is the face of the product. It's not some voiceover and some random copywriter. And the story is completely legit.
It's an amazing program. And so because of the fact that we've spent so much time tweaking, split testing, looking at different ways to make our average cart value more valuable, increasing the lifetime value of our customer. We've been able to go to these media buyers and basically say, listen, yeah, we can make this happen.
Basically, on a CPA basis, we're paying them per customer acquired as opposed to a commission because we know our numbers on this. It's very exciting.
Well, that is extremely exciting. So again, he's so, you guys, in case you didn't catch that, Yuri's so confident in how much he can make from any individual customer. He's willing, probably in order to increase his margin, to pay these big media buyers a cost per acquisition up front before he's maybe even sold them anything, just because he has confidence in the funnel.
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Chapter 4: What is the main revenue channel for Yuri's business?
What's the Academy cost after the first 30, free 30 days? 49 a month. Okay. 49 a month. Okay. And how long does that average $49 per month customers stay with you?
So we're staying, we're looking at about 40, sorry, not 49 months. That'd be amazing. Four months right now.
Four months. Okay, so you're making about 200 bucks on lifetime value just on the Academy plus the 37 bucks for the diabetes thing up front. So is it true to say your average lifetime value is about 237 bucks?
Yeah, both there. And then we have a couple upsells, obviously, after they purchase either one of those options. Whatever we can do to add more value while at the same time increasing our average cart value allows us to reach more people. Because that's the way I see it. I'm like, listen, it's not about extracting more money from customers. It's about offering more value in a way where we can
increase the value of that transaction. Because if we can do that, then we can go to our media buying partners and say, listen, we can give you more money to acquire even more customers. And our goal is to help 10 million people by 2018.
And give us an update there. 10 million by 2018. How many people last month, let's just say in August, did you put through this funnel?
Honestly, I don't even know.
I'd have to look at our... Or maybe last year in total, whatever. Sometime...
It's tough. I mean, cause we have so many different channels and we've, we've helped over 11 million people on YouTube. Right. But I don't consider those people necessarily as customers. I see. I see. Right. So we're trying to use our, the size of our, I guess we're still trying to figure out how to quantify that, but we know that we're, we're about 10% of the way there.
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Chapter 5: How does the Defeating Diabetes Kit fit into the marketing funnel?
Well, right now we're basically at a 50, $55 per acquisition agreements. Okay. Um, so that's kind of where we're at right now.
So wow. The margin on the margin on that's crazy. So, so you're, you're getting basically net net margins of, you know, what should 185 bucks almost.
Yeah, over the course of about four months.
So let me ask you a question. This is a question even I'm thinking about right now. I always wonder, okay, when I make money as Nathan Latka, where do I invest that money to keep it making money? So if you're making a hundred and whatever it is, right? A lot of money, 65, 75 bucks, a thousand bucks per month, just on this one funnel. How do you decide what to do with that money?
Do you just keep pouring more in the same funnels or do you manage for diminishing returns somehow?
Well, it's interesting because our business over the past year has moved quite substantially from a strictly digital information business to growing our team quite substantially. I mean, that's a relative term, obviously, but also we've moved into consumables. So now we have the added dimension of cash flow and inventory. Wait, what is that?
Is that like marijuana? No, no, no, no. No, so we have... As I say, you seem like a good guy. You didn't look like you'd be... I mean, and look, people aren't bad if they do marijuana, but I'm like, Yuri, wow, Canadian. He's British sometimes. There's no way he sells... No marijuana.
No, it's... We have a green superfood powder. We have the healthiest and tastiest energy bars on the planet. And we're kind of expanding that product line. So that's kind of been an interesting learning curve. So a lot of the profits we're taking from our digital stuff, we're kind of pouring into... funding the consumable side of things and obviously investing in more people for our team.
And then whatever else we have extra, I mean, I take out for living, but I'm happy to reinvest in my business any day of the week because our margins, even on our consumables, are very, very good.
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Chapter 6: What strategies does Yuri use for customer acquisition?
Yeah. It's like, well, I mean, that's the thing is like, you want to figure out what do you keep? And if so, where do you put that? Like, is it some asset portfolio amongst foreign emerging markets, domestic stocks, real estate, you know, treasury inflation protection hedges?
I mean, it all depends, but I always like to ask that question because most people would say, well, I'm making great margins in the business. I should put all my money back in the business.
For me, I'm at a point now, we've obviously got three kids. We moved into a new house, pretty much our dream house, about a month ago.
Now that I have that all settled, now I'm starting to look at, if I wanted to take more money out of the company, looking at different investment opportunities, whether it's other startups or other things that I want to get behind, or even real estate in Toronto, which is absolutely incredible in terms of opportunities.
There's a lot of things to do, and I would prefer to invest it in my company because I know exactly what's going on there, or at least in things where I have some degree of knowledge. Yeah, exactly. I'm not going to invest in the stock market unless it's maybe an index fund, but that's about it.
Yeah, yeah, yeah. Well, this is amazing. Now, okay, Top Tribe, I want to give you more brain juice this month, totally free. If you're loving this episode, text the word Nathan, N-A-T-H-A-N to 33444 for your chance to win a prize on an upcoming show. The next prize is a pack of 14 business books valued at 250 bucks if you bought them on Amazon.
And these books are the ones that Mark Zuckerberg thinks every entrepreneur must read.
yuri we're getting to my favorite part of the show do you know what's next i don't so you're gonna play strip poker here what's well yuri i am down i'm down to do whatever you want to do top tribe uh would you like to see some strip poker here no here we go yuri it's time for our famous five are you ready let's do it number one what is your favorite business book
I'd have to say Influence by Robert Cialdini.
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