$100M Offers Audiobook part 7
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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.
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.
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.
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Chapters
8 chapters
1
What is the significance of naming your product or service?
0:01–0:42
2
How can naming attract the right customers and repel the wrong ones?
0:42–2:13
3
What is the magic headline formula for effective naming?
2:13–4:20
4
How does offer fatigue impact local businesses?
4:20–6:50
5
What strategies can be used to refresh offers over time?
6:50–9:05
6
How do you create compelling offers that resonate with your target audience?
9:05–10:55
7
What are the essential components of a Grand Slam offer?
10:55–13:31
8
What final thoughts does the host share about entrepreneurship and offers?
13:31–25:16