There’s an unspoken law to having a successful business…
Keeping customers is easy if you take the long view and set things up well from the very first sale.
This is how I’ve been able to develop serious loyalty among my audience and keep the same people buying from me over and over, year after year (and I’m talking 13+ years).
So listen closely to what I’m about to say in this video. In fact – listen to it twice so it sinks in, because it’s super important:
The hardest sale leads to the easiest sale (again and again).
Let's delve into the dichotomy of the hardest and the easiest sales we will ever make. The toughest sell is invariably the first one we make to any individual, any prospect. This is when we have to overcome their initial skepticism and build their trust in us, bringing them into our sphere. On the flip side, the easiest sell, surprisingly, isn't the immediate next one but the third sale to a person who's already made two purchases from us.
This concept brings to mind a saying I encountered somewhere in my journey: the purpose of the first sale isn't simply to generate revenue; it's to acquire a customer. Because once a customer enters your world, and as long as you continue to serve them and deliver great experiences, they are likely to stick around.
Drawing from my own experience, I've been selling in this market, teaching people how to grow their businesses, since 2005 when I launched the first version of my Product Launch Formula. And I still have clients who have been with me since the beginning, who eagerly upgrade to the latest versions of my products each year. I have members in my Mastermind group who have been with me since 2010, faithfully attending all 38 meetings to date. The longevity of these relationships is a testament to the fact that if you consistently deliver great experiences and products and truly serve your customers, they will keep coming back.
The focus, often, when designing offers and determining pricing, is to maximize the revenue from each transaction. While that is important, also consider strategies to retain customers. How can you consistently engage them and delve deeper into their needs and desires? For instance, I usually release my Product Launch Formula® coaching program once or twice a year. It's a $2,000 product, and I spare no effort to serve my customers at the highest level and create an amazing experience for them. This commitment includes an upgrade program that allows them to stay connected to my work for a nominal yearly fee. This, in turn, invites them to join our Launch Club, a program that emphasizes mastery and costs significantly more than the Product Launch Formula.
The moment someone joins the Product Launch Formula, my goal is to serve them in the best way possible. Right now, I'm updating the product to make it even better. I leave no stone unturned to create a great experience within the Launch Club, helping people achieve tangible results. My intent is for them to see that I have held nothing back and that to achieve true mastery, they could move to the next level – the Launch Club.
In the old days, this would have been termed an Extension Ascension program. But to me, it's simply about bringing people in, serving them the best way you can, and knowing that there's always another level, a deeper way to engage with your audience. This starts with making that first sale, which is the hardest but the most critical.
From my experience and observation, the most successful people in the business are all following some form of my Product Launch Formula. Some have learned directly from me; others from those who learned from me. I am committed to serving people through this formula, knowing there's always another level to reach. The second, third, fourth, and even fifth sales become significantly easier once you make that first sale, serve your customers well, and stay connected with them. Not all of them, but enough will keep coming back for more, as evidenced by the fact that over half the people who joined my high-end Mastermind 13 years ago are still part of the program.
In today's competitive environment, it's challenging and costly to make that first sale. But once you do, and you focus on subsequent sales, the business becomes easier. You don't have to spend on customer acquisition, and it takes less effort to make those sales. That's the secret to making the business and the financial math work – focusing on that second, third, fourth, and fifth sale.
Now, it's important to remember that none of this strategy works unless you're doing a stellar job with that initial sale. That is the entry ticket, the cornerstone of your business. Your very first interaction with a customer sets the tone for your future relationship. If it is marked by genuine service, quality, and a desire to deliver value, you're already on the path to a long-term, profitable relationship.
In the grand scheme of things, the hardest part isn't convincing someone to buy from you; it's about proving to them that their trust in your products and services is well-placed. Once you cross that hurdle, every subsequent sale becomes a simpler task, a less uphill battle.
Moreover, it's important to continually improve and refine your products or services. For instance, in the case of my Product Launch Formula, we're perpetually updating the product, leaving no stone unturned to make it better. It's part of our promise to our customers, a testament to our commitment to serve them with nothing but the best. The constant pursuit of improvement is what has allowed us to stay ahead of the curve and maintain long-term relationships with our clients.
In conclusion, remember that every business operates on two fundamental principles: acquisition and retention. The first sale you make to any prospect is a step towards acquisition, but the journey doesn't end there. As you make that second, third, fourth, and fifth sale, you've stepped into the world of retention. Both these principles are crucial to the longevity and success of your business.
This concept of acquisition and retention, of making that first hard sale and then focusing on the easier, subsequent ones, forms the core of my work. It's the essence of my Product Launch Formula, and it's the principle that the most successful people in business follow, either directly through me or indirectly through someone who learned from me. This journey is what my work is all about, and I am committed to serving people with my formula, knowing that there's always another level to attain.