Chapter 1: What is the main topic discussed in this episode?
Please help me welcome host of the game, author of the $100 million series, Guinness World Record holder, Alex Ramos.
Okay, fantastic. Talk fast. Ready to rock and roll? All right.
Yes, sir. My name is Mike Carlson. I still go high level to online fitness coaches. I would eat $2 million in revenue and would love to be at $1 million a month.
Okay.
This is what is stopping me. So what is stopping you right now? Why can't you do more of what you're currently doing? Yeah. We basically developed and built up a better product because we had terrible retention.
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Chapter 2: How can removing constraints lead to business growth?
You had terrible retention?
Terrible retention.
And now you have good retention?
Yeah.
So what's true now? 7%. Monthly? Monthly. Okay. Over 9,000 LTV. Okay. What's CAC? Six to five or 4.6 to one.
Okay, so it's like 1500 bucks.
Okay, yeah, cool.
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Chapter 3: What strategies can improve customer retention?
Got it.
So how do you get customers right now? We have 40% come through strategic partnerships of other mentors business sending their clients to put out the funnels. Okay. And then organic and I would say the last piece is actually the meta ads or Instagram ads.
Are those working and profitable? Yes. Okay. So two of those are reliable word of mouth. We'll just put a pin in for now. So fundamentally, why can't we either do more meta slash Facebook ads or more strategic partnerships in terms of the outreach required to get more of those people on board?
Yeah, we totally think that Meta is where to go. We used to do it. We turned it off. Cool.
Chapter 4: How do effective marketing partnerships impact customer acquisition?
Okay. My real question, I think, on that is how do I make the CRM sexy on the front end to get somebody to actually inquire?
Are the ads working right now?
I wouldn't say we're spending enough to say yes. What are you spending? $2,000 a month. Oh, okay. We just have them on. Yeah.
Got it. Rule of thumb for everybody, just side note. I can't really test a campaign unless I'm willing to spend 2x my target CAC as just a test of whether this works or not. So it's like, if my target CAC is 2K, it's like, if I don't spend at least 4K, it's like, you can't know anything because the cadence of feedback is so slow on 2000.
It's like, every two months, you'd be able to get like a sale inefficiently. And so you would, because I have to be willing to spend more than my target CAC so that I can then get it efficient.
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Chapter 5: What metrics should be monitored for business performance?
Assuming that I'm going to literally knock it out the gate on the first shot is unlikely. Okay, so from an offer perspective, what problem does go high level stuff solve for the online fitness coaches?
We really break it down into four different funnels. We have basic mini chat killer. We have a link in bio, which is your lead magnet.
We have... So there's a pain there, which is you have followers. Want to turn your followers into customers without DMing anyone? It's going to be the pain of being in the DMs all day, I would imagine. They're all online fitness coaches? Yeah, and I'm guessing most of them are on Meta or IG or whatever as their primary way of getting customers. Instagram primarily.
Yeah, and maybe some like 20% on LinkedIn doing busy executives, whatever.
Yeah, I would say none of them actually are on LinkedIn.
Okay, so it's just IG.
Yeah.
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Chapter 6: How can businesses optimize their advertising spend?
So at least you have a very targeted avatar. So it's, hey, you're having trouble turning your Instagram followers into customers, all of this can be automated, we'll show you in seven minutes how to do it. And that's the lead magnet. And then it works a case study of somebody who had ideally 7000 followers, and then was able to get to this many sales per month. Intimidating.
That's what I would lead with. We'd be like, here's five different coaches who all had less than 5,000 followers who are all able to get five clients a week. That sounds sexy. Just using our automation. That would be my angle. But fundamentally, it would just be like, boom, five case studies. Let me break down each of these.
And each of the five would represent different psychographics or avatars. So it'd be like, jacked, white bodybuilding dude. And then it'd be like, skinny, vegan dude who's
Chapter 7: What role does sales training play in business success?
older and black and then there's asian girl vegan powerlifter and then mom's over 50 lady like all of them have their own niches and i'll just show that it because everyone's concerned after you say hey i'm an online crm is will this work for me and so you just would be like yes it will work for you and so that would be basically the representative that i would use there that's what i would do is my first shot but then yeah vsl sales call close trying to accelerate as much of that cash up front as you can
This is like a bingo, bingo, money, mango type play. No, for sure. Yeah. What parts, what part worries you?
I don't think any part worries me as much as just, we're not a mentorship group.
Yeah.
And so trying to sell the CRM with the automation process more so than another group, if you would. But just trying to find the right messaging. We know this is where we're supposed to go. The idea was like, before I just tried and figure it out.
Yeah. I'll tell you what I did when I had an identical business. with Alan. It wasn't just online, but it was brick and mortar primarily.
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Chapter 8: How can businesses effectively scale operations?
Same idea. Me marketing directly to SMBs sucked. And so I just marketed to agencies. And so to your point, like you're not a guru. You don't want to get in the guru business. I didn't want to be in the SMB guru business. I just found people who had agencies that were Cairo agency, whatever agency. And I said, hey, use my platform. I'll do this shit that you don't want to do.
And then they constantly would have clients coming in and out. But the people, but they stuck with me for less.
Suzanne, we should run a, from an ad strategy campaign to your business mentor.
Yeah. If you're a fitness business coach, hit me up. We'd love to do this stuff all for you. And we have stickier revenue than you do. And so like the pains for those people, aren't you tired of giving people the keys to the kingdom and the having them leave three months later? Wouldn't it be nice to have some recurring revenue that would actually stick year over year?
Imagine if you could have customers from three years ago or every customer you've ever sold in your whole life still paying you. How different would your business look? Probably materially. Each of those are probably hooks that I would test. And I don't know which one would work, but one of them would. And then as soon as I know, then crank.
But I would probably go there, especially if you're like, because what will happen is if you actually go straight to the quote fitness coaches, they'll be like, great, I have this thing. How do I get leads? And then you're like, fuck. Yeah, it's a whole nother process. So you'll end up having to get into that when in reality, the people, you have to meet customers who have the problem to solve.
You don't want to generate demand. You want to channel it. Yeah.
As the coaches that normally are already doing 10K are like our ideal clients. Great.
Yeah.
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