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Chapter 1: What is the significance of naming your product or service?
Hey guys, welcome back to the last episode of $100 million offers. We're covering three chapters today, naming, execution, and closing credits. Naming is gonna be the biggest heater here. It is a dark horse. It is one of the things that's useful for if you're a local business, if you're an e-commerce store, if you're a software company, if you sell services or anything in between.
If you sell stuff to people, naming it the right way will get the right people to buy it, the wrong people not to buy it, and ultimately make you way more money. Enjoy. Chapter 14, Enhancing the Offer. Naming. Implicit egotism effect. We are generally drawn to the things and people that most resemble us. Magic headline formula.
Chapter 2: How can naming attract the right customers and repel the wrong ones?
Like the tree that falls in the forest that no one hears, having a Grand Slam offer will not make you money if no one finds out about it. The goal must be that upon hearing about your offer, your ideal prospects are interested enough to take action. Naming it properly is an integral part of this process. Here's an example.
Say you see a free six-week stress release challenge and a float-take center session. While they may be the same thing, just named differently, you're much more likely to respond to the first. Now here's the rub. Overtime offers fatigue, and in local markets, they fatigue even faster. Why? In a local market, it costs relatively little to reach an entire population.
On most platforms, you can reach 1,000 people for about $20. So if there are 200,000 people in your addressable area, then it would only cost you $10,000 to reach all of them one time. Important disclaimer, reaching an audience one time in no way means an offer is fatigued. Most people don't even notice an offer the first mention.
That's why you need to create new creative videos and images and new hooks, stories, and copy around the same offers. You can still use offers for a long time, but when we're talking about years of use, not months, offers can eventually fatigue. Over time, you can rename the offer to refresh it. This one concept will get you leads forever. I mean it, so pay attention.
We are not changing the actual offer. We are only changing the wrapping paper. If you've put together a bundled offering, you're still ultimately going to be doing the same things. The work you do, the services you provide, and the products you offer will remain unchanged as the name shifts.
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Chapter 3: What is the magic headline formula for effective naming?
Again, we're simply changing the wrapper. Here's the simplest formula I've come up with for this process. Magic Headline Formula MAGIC M for Magnet, A for Avatar, G for Goal, I for Interval, C for Container. Important. Not all these components are mandatory. You will typically use three to five of them in naming a program or service.
If you can fit them all in, great, but it's likely the name will become too long. The shorter and punchier the better. So it's a balance between brevity and specificity. The only way to really know what works is to write the names out and test them. Let's run through the components now. Author note, marketing theory.
If you like understanding the concepts behind my chosen MAGIC or magic formula, each roughly translates to attention for magnet, discrimination for avatar, purpose for goal, timeline for interval, and method for container. Let's start with M, make a magic reason why. We start the name with a word or phrase that tells people the reason why we are running this promotion.
I like to tell people to think like a fraternity party planner. When I was in college, we had a party once because a guy got his wisdom teeth removed. I say this to say, the reason why can literally be anything. It really doesn't matter so long as you believe it. And you can even make a joke of it, like the fraternity example. But this should answer one or both of the following questions.
Why are they making this great offer? Or why should I respond to this offer? What's in it for me? Examples. Free. 88% off. Giveaway. Spring, summer, back to school, grand opening, new management, new building, anniversary, Halloween, new year.
Note, I will discuss how to monetize free and discount offers in volume three, money models, but having a promotion or discount gives a good and strong reason why. You can also cite the season or an occurrence that will also give you a strong reason why for the promotion. Announce your avatar.
This component calls out your ideal avatar, who you are looking for and who you are not looking for as a client. You want to be as specific as possible, but no more.
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Chapter 4: How does offer fatigue impact local businesses?
When in a local area, the more local you can make the headline, the more it will convert. So don't do a city, try and go to the sub-market or hyper-local area. Not Baltimore, but Towson, Maryland. Not Chicago, but Hinsdale, etc. Examples, bee cave dentists, rolling hill moms, brick and mortar businesses, salon owners, retired athletes, Brooklyn busy executives, etc. Give them a goal.
G, this is where you articulate your prospect's dream outcome. It can be a single word or phrase. It can be an event, a feeling, an experience, or an outcome, anything that would excite them. The more specific and tangible, the better.
Examples, pain-free, celebrity smile, first place, never out of breath, perfect product, grand slam offer, little black dress, double your profit, first client, high ticket, seven figure, 100K, et cetera. I, indicate a time interval. You're just letting people know the duration to expect here. This gives an example of how long your results will take to achieve.
Note, if you're making any sort of quantifiable claim like income or weight loss, most platforms will not approve this type of messaging with a stated duration to achievement because it implies a guarantee. It implies they're going to get this outcome in a period of time, which goes against many platform rules. So don't give a quantifiable outcome with the duration unless the platform allows it.
That being said, a duration is a powerful component of a Grand Slam offer, and you should definitely use it anywhere you don't need to deal with compliance. Alternatively, if the goal you help them with is not a claim per se, then absolutely use a time interval, $10,000 in 10 days versus make your first sale in 10 days.
Examples, AA minutes, BB hours, CC days, DD weeks, Z months, four hour, 21 days, six week, two minute, three month, et cetera. C, complete with a container word. The container word denotes that this offer is a bundle of lots of things put together. It's a system. It's something that can't be held up to a commoditized alternative.
Examples, challenge, blueprint, bootcamp, intensive, incubator, masterclass, program, detox, experience, summit, accelerator, fast track, shortcut, sprint, launch, slingshot, catapult, explosion, system, getaway, meetup, transformation, mastermind, game plan, deep dive, workshop, comeback, rebirth, attack, assault, reset, solution, hack, cheat code, liftoff, et cetera.
Pro tip, find time to rhyme. Good rhymes stick in people's minds. Rhyme your program name to win the game. Google rhyming dictionary for an easy shortcut. Note, don't try and force it.
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Chapter 5: What strategies can be used to refresh offers over time?
It's not a requirement. It's just a nice to have. Example, six pack fast track, five day book print sprint. Marriage thrive deep dive. 12-week two-putt shortcut. 12-month no-debt reset. Celebrity butt shortcut. Get some ass masterclass. Just thought it was funny, et cetera. You get the idea. Next pro tip, alliteration.
Alliteration is where you make all or most of the words start with the same letter or sound. An alternative approach to rhyming is to use alliteration when you're naming your program. This is easier for most people than rhyming. Again, you don't need to rhyme or alliterate. Don't force it, but if you can, I think it sounds better.
Make Money Masterclass, Change Your Life Challenge, Big Booty Bootcamp, Debt Detox, Real Estate Reset, Life Coach Liftoff, etc. I might be weird, but naming offers is one of my favorite parts of this process. What I want to highlight yet again is that your actual money model, pricing, and services will remain largely unchanged.
Changing the wrapper simply means changing the exterior perception of what your Grand Slam offer is. Below you'll find a few examples of named offers for different industries. Wellness. Free six-week Lean by Halloween challenge. 88% off 12-week bikini blueprint. Free 21-day mommy makeover. 60-minute make your friends jealous model hair system. Six-week stress release challenge.
Free bend over back pain-free in 42 days healing fast track. Doctors. $2,000 off celebrity smile. Lakeway Moms. $1,500 off your kids' braces. Lakeway Moms. 12 months to a perfect smile. $1,000 off for 15 families. Back to school free braces giveaway. Grand opening free x-ray and treatment. Instant relief. Back soar no more. 90-day rapid healing intensive, 81% off.
Tightness, $1 massage, new client summer special. Coaching, five clients in five days blueprint. Seven-figure agency 12-week intensive. 14-day find your perfect product launch. Fill your gym in 30 days free. I could keep listing these, but hopefully you get the idea. Now it's time for you to give it a try for your Grand Slam offer.
Again, you don't necessarily have to use all the power components of the headline. Using three to five will typically create something that is more unique and desirable, allowing you to separate yourself from the competitive field and create an offer that will get clicks and engagement and ultimately make you money. Furthermore, you don't need to do them in the magic order.
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Chapter 6: How do you create compelling offers that resonate with your target audience?
Do what sounds punchier to you. After doing this for a while, you'll see that some offers convert better than others. That's natural. And every once in a while, you'll get a name that takes off like a rocket. I honestly have no idea why some names win and others do not. So don't be emotional about it. Keep trying, keep striking out, then try more. You'll get there.
Now that you have several working names for your offer, you can use two or three of your best names in your advertising campaign. Quickly note the winner, then use that as a control to test against with new names. That is how you promote. Pro tip, name sub-items and bonuses. Use the magic headline formula for each item in your stack and bundle.
It will automatically enhance the value of your offering simply by naming it in a way that resonates with your prospects. What happens when offers fatigue? As you market offers, you will need to create variations over time as the tastes of the market change over time. Here's the order in which you will change things to keep lead flow consistent.
First, change the creative, the images and pictures in your ads. Next, after that doesn't work, change the body copy of your ads itself. If that doesn't work, change the headline or the wrapper of your offer. So free six-week lean-down challenge turns into free six-week tone challenge. Or holiday hangover to new year, new you. If that doesn't work, change the duration of your offer.
If that doesn't work, change the enhancer of your offer, your free or discount component. Six, if that doesn't work, change the entire monetization structure, the series of offers you give prospects, and the price points associated with them. That is much more covered in book two and three.
I follow this variation framework because most of the time, it's the first handful of items that need to be changed. Typically, they need to be changed again and again without touching anything on the bottom of the list. For example, when ads fatigue, we don't change our entire business. We run the same ad again with a different video or image.
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Chapter 7: What are the essential components of a Grand Slam offer?
Once that stops working, we change it again. Eventually, you need to change the words on your ads and repeat the process. Then and only then would you change the wrapper. So let's say we change from a six-week stress release challenge to a 42-day relaxing holidays challenge for a massage center. Same core offer, just a different wrapper.
Then, of course, you can change the duration of your offer, six weeks to 28 days, or eight weeks, et cetera. The lower on the list you go, the more operationally heavy it is, so be really sure you've exhausted the earlier, quote, lighter, ways of varying the offer. Once you've monetized the offer, rarely should you change it. Just rinse and repeat over and over again.
This can be hard because we are entrepreneurs and we love change. Change here usually just creates inefficiency and operational drag, costing you money. No bueno. So use your entrepreneurial ADD on the wrapper first, the look and feel of the offer, copy, creative, headlines, then change the seasonality of the offer, then change the duration.
If you're stuck, change what you were giving away for free or discounted. Change the entire machine behind it only as a last resort and for darn good reason, especially once you get traction. But how do you get initial traction? Good question. Try the offer structure and headline you think has the highest likelihood of working, then stick with it.
And if it doesn't convert at first, don't worry, you'll get better. Oftentimes, if you're using these types of models, many of them will work. In that case, stick with the one that gives you the highest return. You can also rotate between offers if it doesn't create lots of operational drag for your business. This is the ultimate position of power.
You have multiple aces in the hole that you can play at any time, which keeps your marketing converting at an even higher level. Author note. Marketing for local businesses. Ironically, local business marketing is both easier and harder than national-level marketing. It's easier to get to work, but harder to keep working or scale.
And the reason is, in local markets, it's easier because there is trust in the familiar. So selling in person at higher prices in a local market is inherently easier. It means you will convert a much higher percentage of your leads. This makes marketing work most of the time.
The downside of local marketing is that it offers fatigue rapidly because there is only a limited radius that a local business can serve. To reference an earlier concept, the TAM, total adjusted market for a brick and mortar, is only its immediate radius, most times. So by extension, the smaller radius, the faster the offer fatigues. This is a double-edged sword of local.
Learning to rapidly vary my offers, headlines, and creative when I had my local businesses was a cornerstone skill that made my expansion to a national level advertising much easier for me. So if you are in a local market, just remember you aren't going to change the value stack of your offer. You're just going to change the way it looks to the marketplace in your marketing.
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Chapter 8: What final thoughts does the host share about entrepreneurship and offers?
Naming summary. We must appropriately name our offer to attract the right avatar to our business. True to the moniker, people do judge a book by its cover. Half-assed naming your product or offering can ruin its conversions. Don't fall victim to lazy naming.
Follow the steps here to name your product or service offering and watch the same offer get two times, three times, or ten times the response rate. You'll believe it when you see it. I know I did. enhancing your offer section recap. Congrats! You figured out how to make your offer valuable, how to break your services into component parts, and how to rebundle them into more valuable whole.
You added a guarantee to get more people to buy your offer and actually consume it so they could be more successful. You presented it with urgency and scarcity to get more people to desire it. And now you've named your offer so it attracts the right prospects and repels the bad ones, all while containing a big promise everyone can understand. but we covered a lot.
So I want to give you a quick breather before we forge into book two to help you attract clients and monetize your offer. Free gift number 10. Bonus. Create the perfect name for your product. Naming your product properly helps your avatar know the product is for them and is valuable and will solve their problems.
If you want to do this live with me, go to acquisition.com forward slash training forward slash offers and select naming products to watch a short video tutorial so you can start using this in your business to make more sales ASAP. I also made a free naming formula checklist for you to use and reuse with your team. It also works for naming promotions. As always, it's absolutely free. Enjoy.
Hey guys, last call on the $100 million physical copies and Kindle. This is on Amazon. You can go and find them there if this has been useful for you and you want to have additional formats that you can have in your office to remind you to keep value at the top of your mind or have something to reference.
For me, I like having notes and highlights and things that I can always flip to immediately without worrying about the Wi-Fi or trying to scroll through things or let something load or trying to search for a thing. I just like having it available for me. So if you're like me, you know, go to Amazon, grab a copy. If not, Enjoy the rest of the last episode. Section five, execution.
How to make this happen in the real world. Chapter 16, your first 100,000. The first 100,000 is a bitch, but you gotta do it. I don't care what you have to do. If it means walking everywhere and not eating anything that wasn't purchased with a coupon, find a way to get your hands on 100 grand. After that, you can ease off the gas a little bit. Charlie Munger, Vice Chairman, Berkshire Hathaway.
March 2017. My heart was racing. I could literally feel each beat pounding into my chest. I clenched my jaw to fend off the knot in my throat that I knew would lead to tears. I wanted to give in. Years of emotions were bottled below the surface. Years of ignoring my reality and lack of success. Years of putting off how I felt, just focusing on moving forward.
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