Quote: “Many people die at 25 and aren’t buried until they’re 75.” Benjamin Franklin
Thursday: Infinity Customer
So what can you learn from “the kids” these days? Actually… quite a bit.
Now I absolutely hate the line of thinking that you can “give up” your social media posting to a teenager or that you can call a “young” person to fix a computer, quite frankly you can’t.
The teen might know how to use a social media account, but they won’t understand the psychology or branding needed to effectively use it. Same for a computer, a teen that can press buttons but doesn’t remember dial up internet, is at a disadvantage for troubleshooting.
But I digress
There is a lot to learn from those in their 30’s about internet marketing. It’s something I’ve been studying for about a year… and you know what… when you combine your “old school” marketing skills with “new school” marketing tactics, woah… you’re going to rock it.
Can I say “rock it”? I’m not sure about that… anyway.
Last year I attended a conference for a software program. The vast majority, like I’d guess 80% of the room, was younger than me. That’s crazy, I’m not even 50 yet… so there were lots of “young” people in the room. Now… at one point… awards were handed out to recognize those that have made one million dollars using the software. Well, over 400 received the award.
Think about that.
Four-hundred people, primarily in their 30’s, had made over one million using a software that has only been around 5 years. HUMMMM… something VERY special is going on here. Did I mention that there were 4,000 at the conference and each paid around $1,500 to be there ($6,000,000)? Yeah, lots of money in the room.
Next… last week I went to another conference. Again, most younger than me. The leader has created several companies on line… each making over a million dollars. In this room, she enrolled 80 people to pay $10,000 each for her special learning group. One conference, $800,000 plus the 400*297 to attend $118,800 — plus swag sales – that’s a million dollar conference.
So where am I going with this?
“Old people” don’t know how to price things.
It’s something I’m learning and trying to fully grasp what the heck is going on… I’ve raised prices but still start to wonder if I price things too high. But I regularly take a course online for $497 – in fact, when I watch the webinar and wait patiently for the price, it doesn’t shock me if it’s $797 or $997.
IF you come from a pricing mindset that you created the online course/info product and price from your efforts, you lose. You need to look at what people are willing to pay and price in line with that.
The online course is the greatest revolution of our lifetime. You work your butt off to create the course and then it’s done. You sell, sell, and sell. You simply market and gain new buyers, but you do not create the product again. You don’t package it. You don’t mail it. You don’t travel to a location to give a presentation. You just go away and carry on with your day to day life, the computer takes care of it all!
This is where “the kids” have one up on us “old folks”.
They charge more. Here’s why… they get others to “sell it” for them! They mark up the price and then set up affiliate programs. So if you sell a program for $197 and sell 1000 of the program you make $197,000. NOW… if you raise the program to $497 to be competitive with a “low cost” comparative program BUT you offer a 50% affiliate program. THEN you actually sell more and make more. Imagine if you sell an extra 500 but you make $248.50, you pick up an extra $450,000! Not to mention that the original 1,000 was sold at $497.
It makes your head spin, doesn’t it.
AGAIN, you create the program once and sell it over and over and over.
THIS IS THE POWER OF AN INFINITY PRODUCT.
That software conference I attended last year… they have 77,000 users. The program costs roughly $297 a month… That totals $22,869,000 dollars A MONTH.
Again, it’s time to learn a few things from “the kids” cause they are at a completely different level of business and marketing.
PS: I looooooove capitalism.
Tomorrow… come back for my episode on “Big Cash Small Change”!
PS: Like my vibe? I want you to join my tribe!
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Infinity Marketing Machine Daily Topics:
Monday – Character (Subject Matter Expert)
Tuesday – Content & Consistency
Wednesday – Midweek Motivation
Thursday – Infinity Customers
Friday – Big Money
Saturday – Try This!
Sunday – Week in Review