Joe Troyer: So Mike’s Question is, I’ve always done local SEO. All right. I’ve always done local SEO and related local business services and he says he’s got a niche product that has proven sales and any recommendations on taking it national. So he’s got a digital product that teaches people how to do fiberglass molding. Okay. Mike saying, it sounds like the same for reverse mortgage. I should apply, uh, to the fiberglass mold. How to product? Yes, exactly. 100%. So Mike, do you have any ideas on, on your price point you’re going to kind of let the market tell you, you have any prices in mind. You think in 1,000 bucks you think in 100 bucks, what have you found so far?
Joe Troyer: So definitely I would focus on instant traffic sources and guys, I’m not trying to hype up that name, instant traffic sources, but I want you guys to get the point. I want you guys to understand that it’s important that you guys focus on traffic strategies that you guys will use now right not traffic strategies that you guys are going to get into effect and get working for you in months. So then info product, I would go after instant traffic sources. Okay. Just thinking out loud though with this type of product. Okay. How do apply fiberglass mold, right? Or how to create fiberglass molds. I don’t really know where, where the, where the volume exists. So like is there more people on Google searching for this already that you can just capture with Google ads? All right. Or is there almost nobody for you to capture with Google. If there’s nobody right, then I would use Facebook. Right. And I would target people based upon demographics in their job, etc.
Joe Troyer: Okay. So those are kind of the two criteria in terms of traffic sources that I would figure out. But then second, when you got to figure out is your price point. So I know if this is something where like people would go to like continuing education, so to speak, right? Where they go to ITT tech to learn something and it’s going to be a 10 month program, right? And you’re just doing it digitally, right? If so, like those things can cost five, six, $10,000. Right? Okay. So this is a $50 product, okay? So this definitely not that. So price point is going to be 50 bucks. Okay? Was that type of price point? You’re just going to have to do some type of sales letter or VSL.
Joe Troyer: Okay? You’re going to have to work the math backwards. So you’re going to have to do that test, just like we talked about in the last video with the instant traffic source, right? And you’re going to have to figure out that you’re a CPA is 50 bucks, right? So you’re just gonna have to start setting some goals and working backwards. So you’re going to have to figure out what your cost per click is and what your conversion rate is and understand that all you’re going to do is make some assumptions. You’re going to actually implement and do run some ads, right? Then you’re going to start making some changes, right? You’re going to say, you know, if I drop my CPC, what’s going to happen if I drop it by 20% am I going to be at breakeven or am I going to be making money if I increase my conversion rate by 5% what’s that gonna do?
Joe Troyer: Right? But all that you want to do is continually iterate, right on. Essentially these two things. Well, the things that are going to get these two changes, right? Changing in your cost per click and changing in your conversion rate, okay? Obviously the other thing that that is hugely important is your average order value. So that’s assuming just a $50 sale on the front end, right? But the way that you beat everybody, the way that you become an industry game changer, the way that you scale faster than everybody else in the industry is by having a better average order value than everybody else, right? So if everybody’s out, you know, $50 that they can, they can spend to get a customer and break even if you can get your average order value, right? to $75, you’ll be able to crush everybody else, right? You’ll be able to come into the market and take it by storm.
Joe Troyer: Okay? So let me back up and let me give you a different example for a second there. Let’s assume that your price point was higher ticket just because I got asked a similar question. We can come and knock out two with one stone, to those would be guys that have a consulting business, right? This applies as well. To those of you guys that do higher ticket services, right? Your services cost, you know, 1000 bucks a month and you can put them in a yearly package, right? You guys could do this. You guys could very well take an instant traffic source, right? Like Google search or Facebook and it says Google searching. That doesn’t make a whole lot of sense. All right, I’ll get rid of that. I never put it there for the record. Uh, so you’ve taken these instant traffic sources and if it’s a higher ticket product, so let’s say you’re selling Seo, let’s say that you’re selling paper click, let’s say that you’re selling anything like that to start, what I would do is I want to send traffic directly to a VSL, a video sales letter in specifically not just any video sales letter.
Joe Troyer: I wouldn’t do a whole lot of pitching and I would make the VSL specifically like a value add, right? So, uh, let’s say that you’re going after a service-based businesses and you’re helping them, uh, with their marketing in this VSL value add, right? You didn’t show that you’re an expert. That’s the goal.
Joe Troyer: So we want to show our expertise, okay, when we’re doing this, we can talk about the marketing and what’s working, right? We could give them a copy and paste system. We could tell them what Facebook ads or Google ads are working, what ads are working right, what copy is working, what offer is working. We can do all kinds of stuff like them, right? To show our expertise. And then you can make a call to action or a consult or a strategy session, okay. When you’re doing something like this on a higher ticket product, that that’s like, let’s say 7k a year or more, okay. This map can work out very easily, right? You could be paying, let’s say you’ve been on the high end, you’re paying 15 to $20, right? To get that strategy session or that consult, right? If you can convert, let’s say one in five, right, to a paid customer at 7k a year, right? Even on the high end, at 20 bucks, at one in five, you’re paying $100 and Facebook or Google search, right? For a $7,000 a year off. Okay? So I wanted to share with you guys really quickly how you can use what we’ve been talking about so far in this AMA and how you can use it in your own business if you run any type of marketing agency as well. Good stuff. Alright, fantastic. All right, Mike, I think we got you answered, buddy. Hopefully that added some value for you, man.