16. Advanced Offer Stacking. How To. | $100M Lost Chapters Audiobook
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What is the concept of advanced offer stacking?
Advanced Offer Stacking.
How to. The amount of money you make is directly proportional to the amount of goodwill you have multiplied by the amount of offers you make. Frank Kern, Timeless Copywriter and Marketer.
How does goodwill affect revenue in business?
Before we dive into this, there's one strong warning I must make. Adding more offers and services is a fast track to adding operational complexity. That makes business hard. If you're looking at your own business, you want to look at things that you can do to add revenue that add little to no cost, time, money, or complexity. If something is going to add complexity, it had better be worth it. Lots of profit or very little cost. Keep that ratio high. I think of a conversion process like an accommodating resistance exercise.
What warning should businesses consider when adding offers?
What that means is that in exercise physiology, the perfect rep is repetition of exercise that maximally match your ability to generate force at every point in an exercise and, with each repetition, should get proportionally lighter so that you're always 100% effort at all times. This allows you to work on muscle more efficiently, gaining strength and muscle faster. For example, you're much stronger at the top of a squat than you are at the bottom. This is why experienced lifters add bands and chains to their barbells to get it to be harder at the top where they're strongest and lessens at the bottom where they're weakest. To date, there is no machine or apparatus that does this perfectly, but understanding the concept is how I think about selling.
I want to match my ticket price and value perfectly with the buying ability and desire of each customer without increasing the complexity of my business. This is where the creative fun begins. identify adjacent customer needs and opportunities.
How can businesses add revenue without increasing complexity?
First, I look at all the revenue streams a customer is buying that are related to the core desires I'm solving, power, money, beauty, weight loss, et cetera. Then I see if I can create affiliate relationships or relationships where another business owner pays you to send them customers. Or if I can add it in with little to no operations, I'll do that. Adding in a sales consult to sell physical products is an example where the only added complexity is a meeting with the customer. That is usually worth the cost of making lots more money per customer. Here's what the quote need streams look like before and after they've been turned into revenue opportunities. So with the old model, a customer comes to you to solve this large problem and only pays you for one component of it and then pays five or six other businesses for other components of that problem.
With a new model, you can look at every single one of the problems that the customer has and they give you all of that money. Most businesses refer out a lot of revenue. They make recommendations of products or services that are complementary to their own. Over time, though, you'll find that constantly thinking with this mindset adds up. At the time of this writing, I have directly made more than $3 million in affiliate commissions. Those pennies, since they are pure profit, go straight to your bottom line and are not to be underestimated. For example, take a small business owner who makes $35,280 per year take home off of $282,000 per year in revenue. Adding in $2,000 per month in retail sales commissions may not seem like a lot when compared to the $23,000 the business is making off selling services, but the added $2,000 per month takes their take-home income from $35,000 to $59,000, which is life-changing for many.
Do not underestimate it. That being said, if something you refer out makes even more money, sometimes it's worth buying or incorporating that business altogether. Pro tip, free onboarding. I was able to pay for my entire onboarding team and customer support team by adding additional call to our onboarding process for new clients. They appreciated the extra support and I was able to guarantee each of my customers clicked each of my affiliate links when signing up for the solutions they needed.
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Chapters
7 chapters
1
What is the concept of advanced offer stacking?
0:00–0:12
2
How does goodwill affect revenue in business?
0:12–0:37
3
What warning should businesses consider when adding offers?
0:37–1:23
4
How can businesses add revenue without increasing complexity?
1:23–6:00
5
What strategies can help identify adjacent customer needs?
6:00–7:30
6
How do you monetize customer needs effectively?
7:30–13:28
7
What are the steps to create a successful sales process?
13:28–13:39