Joe Troyer: Matthew asks, “What’s the profit potential for local video marketing?” Matthew, great question. What’s the profit potential for local video marketing? When I think about local video marketing and when I think about local services that I would consider offering to a business inside of my marketing agency, the first thing I’m gonna ask myself is, is this a core offer? Core offer is, to me it means, and for the people that I coach means, that the service is at least … Excuse me. At least a thousand dollars a month recurring.
Joe Troyer: Each and every one of you guys should have at least two recurring services. You need more than one. If you don’t have different services, you should have different levels. So maybe it’s $1,000 a month and it’s $3,000 a month, both through video marketing.
Joe Troyer: So is it a core offer? Video marketing is definitely a core offer. So you need to be charging at least $1,000 per month. And the end of the day then, you’ve got to think about what are your hard costs. At the end of the day with video marketing, there are zero hard costs. So the markup on video marketing is ridiculous. Right? Are you going to have to put some elbow grease in? Are you going to have to do some work? Yeah, of course. But at the end of the day, the markup is what’s crazy. I think that’s what you’ve got to think about.
Joe Troyer: What’s the markup on a service? What’s the markup, meaning what do you sell it for and what do you get to keep? What do you get to put in your pocket? Let’s not talk about building a seven figure business where you to pocket $40,000 at the end of the year. That sucks. Who wants to do that? I don’t want all that responsibility for 40 grand. And you shouldn’t either. So I think that the profit potential for video marketing is huge.
Joe Troyer: I would engourage you as you’re thinking if you are a newer marketer or you’re going into freelancer, you’re wanting to do this stuff, think about of course what it is that you’re charging. Don’t do anything that’s recurring, that’s a core offer, for less $1,000 a month. But then on top of that, think about how much you’re sticking in your pocket. That’s where you need to be going. Even if it a little bit harder to sell, take that one that has a 90%, that 90% that you get you stick in your pocket. Out of the thousand bucks, you get 900 in your pocket every month. You can’t fricking beat that, and that’s the beauty of this industry.