One of the aspects of creating products I enjoy the most is the lessons I learn.
As they say, the best way to learn is to teach.
This is so true because it forces you to focus and prepare since people are expecting something from you.
The responsibility you have to your members means you HAVE to learn what you are teaching otherwise you won’t be a very good teacher.
Since I tend to procrastinate studying, giving myself a deadline of delivering to my paying members is one of the best ways to force learning on my part.
Leveraging My Own Information
We’ve just entered the sixth month of the EJ Insider interviews club for the foundation members.
Each month I re-listen to the exclusive interviews I deliver to my members in order to create the action plan for that month.
The action plans, in my opinion, are incredible teaching tools.
They are not long, around 15 pages of content where I cover what are the leverage points of each person I interviewed that month.
Leverage is vintage 80/20 Rule – it’s what these individuals do with their business to achieve above average results. It’s the one or two things that result in the big gains, the 20% that delivers 80% in value.
The great thing about writing the action plans is that I get excited about applying what the people I interview do to gain leverage.
Here are some of the powerful insights I have gained about leverage doing these interviews and writing the action plans…
Rich Schefren Works With Bigger Numbers
Rich Schefren taught me how important it is to think in bigger numbers.
During his 2+ hour interview, he covered several different businesses he has run, from a clothing retailer, to a hypnosis chain, to selling niche ebooks online and his current business, Strategic Profits.
One of the constants with Rich is that he has expectations for results that are in the millions, not a few thousand.
Consequently when he sees something that works to reach a lot of people he has no hesitation throwing a lot of money behind it to really ramp it up.
This was demonstrated when he advertised his hypnosis service using direct response advertising he learned from Jay Abraham and Dan Kennedy.
He was buying ads in newspapers and it was working well. Since it worked one day a week, why not buy the same ad every single day, so he did.
Rich ended up spending over a million dollars a year in advertising with that business, which of course he wouldn’t do if it wasn’t delivering results.
If it works, you should extract as much value as you can from it.
Most people, including myself, don’t fully develop what is working, possibly because of fear, or laziness.
Change this attitude and you have a real example of leveraging the “lowest hanging fruit”.
Can you see anywhere in your business where something works that you haven’t fully taken advantage of?
Terry Dean Shows How Simple Finding Customers Can Be
In terms of raw practical techniques I could directly apply to my business, the Terry Dean interview delivered big time.
One of Terry’s gifts is seeing the simplicity in online business.
He has a three step formula –
- Find a need in the market
- Sell something to meet that need
- Find ONE source of traffic to reach those people
Terry does a lot of ad buying. Traffic is not hard for him like it is for so many people.
The internet is full of options, from Facebook advertising, Google AdWords, buying banners, solo ads in newsletters, affiliate marketing and so on.
For me Terry’s key insight was to show that you only need one really good source of traffic to have a hugely successful business.
So many people give up because they don’t reach enough of the people who could buy their products.
How many times have you complained about lack of traffic? I know I have.
Terry helped change my attitude. Traffic is everywhere if you are prepared to find a way to tap into it using a profitable model.
Find a way to reach people that costs less than the return you make selling your products and you win.
All it takes is the determination to keep testing until you find that combination.
Hungry For Action
Every time I create the action plans for the EJ Insider Interviews Club I am both proud and excited.
I’m excited because the success my interview guests achieve inspires me to build a better business.
I’m proud because I know the action plans can do the same for you (if you are a member of course!).
The interviews are incredibly motivating and the action plans mean you always walk away with something practical to actually implement in your business.
The EJ Insider Interviews Club is all about finding what other people do to generate a lot of traffic and then make a lot of money from it so you are no longer confused by the process.
I want to take away the “mystery” so you can see it really is just a process that some people spend the time to execute well.
I hope you have a productive week and find your hungry customers.
I’ll talk to you in the next newsletter,