Perry Marshall Minute: Why a 100% conversion rate is bad

What's the lesson?

Mel, Roundtable member Todd sent "lumpy" direct mail packages to 40 of his cold prospects. Spent about $2000. About 30% of those became very warm leads. $2 million worth of very warm leads. One closed very quickly and has spent over $100,000 with Todd. No website needed. No email needed. Just ye olde postal service and the phone. What's the lesson? Quite a few. But one is…Todd needs to mail more. When I said this to Todd he said, "Yes, I was reading an article by a sales expert and he said if your closing rate is 100%, you're not making enough calls." Todd's not mailing enough. His conversion rate is too high. Keep mailing and keep mailing. Repeat until rich. Should Todd worry about his website? Should Todd worry about his email drip campaigns? Should Todd worry about SEO or Display ads or Facebook or LinkedIn? Maybe…someday. But not now. 99% of his results are coming from 2% of his actions…Mail and phone. Sometimes we stop doing things because they work too well. Sometimes we feel guilty that our website doesn't look as good as someone else's. Sometimes we beat ourselves up because we are not attending all the webinars, reading all the books, or using all the hacks and tips and tricks. I give you permission to stop thinking like that. It sounds like simple advice, but you'd be surprised how many entrepreneurs completely ignore it…Every. Single Day: Find what works and do more of it. What I teach in New Renaissance works. Click here to join New Renaissance Club if you're not already a member. Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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Perry Marshall Minute: Tire-kickers and Looky Lous…what do they cost YOU?

What questions can we ask upfront to eliminate as many of them as possible

Mel, Roundtable member, Rocco, sells a high-ticket IT service to corporations. He's surveying his email list to find good prospects for a new service he's developed. More than anything this is a DISqualifying process. Because Rocco needs to speak to them in person, on the phone, or on Zoom. This is not something you "add to cart" and enter your credit card information to buy. And because Rocco's (and his prospects') time is very valuable, he needs to sift and sort … and only talk to the right people "live." In my 80/20 Sales & Marketing Book you'll find John Paul Mendocha's 5 Power Disqualifiers. John was in a similar position to Rocco years ago. Selling high-ticket products to corporations. He was handed a stack of leads. Rather than set an appointment with everyone in the stack and waste his time. He came up with his 5DQs… Do they have the money? Do they have a bleeding neck? Do they buy into my unique selling proposition? Do they have the ability to say yes? Does what I sell fit into their overall plans? And determined which ones were worth his time BEFORE he met with them. And set sales records doing it. Are you sifting and sorting your prospects this way? Do you or your staff spend a lot of time trying to sell "tire kickers" and "looky-lous"? Review John's DQs and ask, "What questions can we ask upfront to eliminate as many of them as possible…before we waste our time on them?" It's pure 80/20. This is how we think in New Renaissance click here to join if you're not already a member Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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Perry Marshall Minute: Too many t***s in the swimming pool

Their ethnic is "Let's see how much we can get away with."

Mel, About ten years ago, at a mastermind meeting I was hosting, a "mercenary" marketer was in the hot seat. He was selling something to the elder market…senior citizens. And he was frustrated that the sheep weren't doing what he wanted them to do. "Why is it so hard to sell to these geezers?" "What's the matter with these stupid people?" Then, longtime Planet Perry member, Nancy Slessenger, in her inimitable British accent, asked something like, "Well, have you ever considered respecting your customers as human beings?" And everybody laughed. And he never came back to another meeting, Nancy had called him out, and everybody knew it. And that is precisely what is missing from most marketing communities. Most marketing communities have 3, 5, 10, sometimes 25% or more members who are really just trying to gray hat everything. Their ethnic is "Let's see how much we can get away with." It is a major reason why the big platforms like Facebook, Google, and YouTube are so difficult to get along with. There ARE a lot of scammers out there and they have to overregulate the "good guys." Dan Kennedy used to say, "Anything in marketing that works really well eventually becomes illegal." Why? Because a percentage of marketers will abuse it. Use it to rip people off. And after you get so many turds in the swimming pool, you have to start arbitrarily banning people from the swimming pool. And to play devil's advocate, that's why Google, Facebook, Amazon, Apple, Tik Tok, Microsoft…anybody who is running a public communication, social media, or advertising platform…cannot accept just anybody who will give them money. Free speech is great, but if you yell "FIRE!" in a crowded theater, you'll go to jail. You MUST regulate what is said on social media to some degree, you MUST regulate advertising. You can't just let people do whatever they want. So, the real issue is marketers self-regulating. And many won't. That means big problems for everyone else. Part of Planet Perry culture is being willing to call out each other on our crap. The only way we can stick up for each other is when we self police…when we stop turning our heads when we know somebody in the room isn't really an honest operator. There just aren't that many marketing communities that are mature enough to self police. But if you've been around Planet Perry for any length of time, you know the ethic here. If that's not the ethic you subscribe to, you should click the unsubscribe button below. If it is, you should click here to join New Renaissance Club if you're not already a member. Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. If you prefer not to receive these messages, click here to be removed from the Perry Marshall Minute series. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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Perry Marshall Minute: Play Dumb for Higher Profits

When's the last time you acted like your dumbest customer?

Mel, When's the last time you acted like your dumbest customer? John McGee (Fancher) was working with a Roundtable Europe client recently. One of the things John does as part of his Tactical Triangle Reviews is "act like a dumb customer." John says, "I'm VERY good at acting dumb…it comes naturally." Anyway, John tries to buy or sign up on the client's website. Noting, as he goes along, what might confuse a "dumb" customer. What might make them stop? Think? Do the wrong thing? Or just bail out of the site completely? He was doing this for the Roundtable Europe folks and as he did, the client would say… "Oh that's not supposed to happen." "Hmm we need to fix that." "Why did that page only show up for 1 second and then disappear?" All that, plus John's recs for making their process as "dumb-customer-proof" as possible. We online marketers rarely see exactly what our customers see. We assume everything is working the way it's supposed to work. We have blind spots that blind or confuse our customers. A confused mind always says NO. If these guys fix the problems they found with John, they could significantly improve their conversions and lower their cost to acquire a customer. Could be worth thousands of Euros each month. Your million-euro advice for today: Play dumb. Or, much better yet, have someone else (outside your company) play dumb for you. And if you haven't already, play smart by clicking here to join New Renaissance Club where members get discounts on events and programs like Tactical Triangle Review. Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. If you prefer not to receive these messages, click here to be removed from the Perry Marshall Minute series. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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Perry Marshall Minute: Are you in the “RFM” of Planet Perry?

If you are not leveraging RFM, you could be accused of not marketing…at all.

Mel, RFM: Recency, Frequency, Money is one of the most hallowed and important marketing concepts. If you are not leveraging RFM, you could be accused of not marketing…at all. RMF is the 80/20 of maximizing the revenue "available" to you on your customer or prospect list. It is Marketing 101. But you'd be surprised how few marketers know about it or put it to work for them. What is it? RFM simply says that the customers most likely to buy from you next are… Customer who have bought from you most recently Customer who have bought from you most frequently Customer who have spent the most money with you in the past (and the same applies to prospects. Just replace "bought' or "money" with "clicks" or "time.") Segmenting your list according to RFM tells you where to spend most of your marketing dollars and time. It 80/20s your list and tells you who to talk to, who to email, who to send direct mail to, who to call on the phone…who is WORTHY of your marketing resources. It keeps you from wasting marketing dollars on those who are NOT worthy. Your million-dollar advice: RFM your customer list today if you have not already. Speaking of RFM…New Renaissance Club members are near the top of my RFM matrix. They spend frequently (monthly), they have spent recently (this month), and they often purchase more from me than other members because they get discounts on things like live events. And they also hear about things that non-members do not hear about. For example, I'm delivering a "Summit" in April all about what I consider to be the most challenging problem facing marketers…and the world…right now. But I have to be very careful about where and to whom I advertise this event. It will not be advertised on Facebook, Google, TikTok, Instagram or the usual online places. The letter outlining the event will not even be on my website. And I will be emailing only the top "RFM" of my list. New Renaissance Club members have been getting emails about this event. They will see the letter in the members area when it goes live TODAY. Many have already registered. We already have 18 registered, with several more applications still to be processed. Maximum attendance for this event is 50. Yes, we are already well on our way to filling it up even though the letter did not go live until today. If you have not heard about the event, the best way to be in the know is to click here to join New Renaissance Club. Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. If you prefer not to receive these messages, click here to be removed from the Perry Marshall Minute series. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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Perry Marshall Minute: How to get $4000/hour advice without paying $4000

I look for posts that start with "Perry" and I try to give the best answer I can give…

Mel, Once a month I dip into the New Renaissance Club Google Forum. I look for posts that start with "Perry" and I try to give the best answer I can give…to as many posts as I can…over the course of the day…usually the WHOLE day. R was about to start a brand new business and wanted my advice. I charge $4000/hour for one-on-one consultations. R pays $99/month for his New Renaissance Club subscription. It's BY FAR the most affordable way to get my advice on your specific problem. I can't guarantee I'll get to your question, but I'll do my darndest. And the advice I gave to R is sound advice for every business owner. (Unless you're Amazon or Wal-Mart (you're not)).

Hi Perry, I am ready to launch a new business in 2 weeks, so this opportunity to ask you comes at a great time for me. THANK YOU. I want to teach English. Wrote a book in 1994 on this topic and taught people 5% grammar and avoid 95% that is complicated. During Covid I taught a Zoom course on "Confidence in Speaking English for Working People". 21 people (2 doctors, 2 professors, 3 engineers, 1 CPA, 1 insurance salesperson, 1 teacher, etc.) got 100% result in a total of 16 hours of training in 8 days. No homework. Nothing. Just live training. This method works for all working people. 100%. The product (training) is great and works. It is inherently scalable because a Zoom meeting can handle a large number of people. Kindly advise regarding how to proceed: I think I can narrow my focus to engineers (30 million in India) and software programmers (5 million in India). Perhaps 20% are not confident in speaking English. -R

Here's my reply…

The narrower the better. "Confidence in Speaking English for Engineers" or "Programmers" or even "C Programmers" or "Ruby on Rails Programmers" or "2 Weeks to Confidence in Speaking English for Software Engineers" Even if it's 95% the same course as you would sell to a doctor or plumber, the 5% that's specific to engineering jobs and situations makes it 2-3X more valuable. Narrow, narrow, narrow. You could even subdivide it down to different native languages or dialects (Hindi vs other languages).

***

Perry, I can deliver the training over Saturday-Sunday (16 hours) or over 8 days (over 2 weeks; 4 days per week). Perhaps I can reach them via LinkedIn by sharing content and ads. I think I can charge between $150 to $300 per student. Perhaps I can sell 5x more people at $79. There are no significant upsells for general audience. But, if I narrow the focus on software programmers/engineers only, then I can have upsells focused on "Using Non-Tech Skills for Rapid Career Growth for Programmers". One such idea resulted in 3x income in 7 months after I quit Intel (All I did was write at the top of the resume: I specialize in short-term high-stress projects).

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Yes exactly. Don't sell to 30 million people, sell to 1 million or less by being even more specific. Survey the people who sign up about their specific issues and frustrations and dial it in. Perry

***

Thank you. I am grateful for being in this forum, getting replies from you as well as other members R

Congrats to R! I look forward to hearing more great things from him in the future. Are you trying to sell to too many people? Maybe not 30 million…but too many? It's a great way to make sure you're paying way too much for traffic and killing your conversions…and your business…maybe before it's even born. Dial it in. If you're not already a New Renaissance member and you want a shot at getting my advice the most affordable way possible, click here to join New Renaissance and ask away! Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. If you prefer not to receive these messages, click here to be removed from the Perry Marshall Minute series. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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