It wouldn’t be a healthy Friday without Cinco Bala. This week's top 5 lessons, hacks and quotes I’ve been pondering, applying and battling.
For those of you who are new, this is a concept I took from Tim Ferriss. (This is just focused on MLM and online marketing) If you don’t subscribe to his newsletter. You should do it.
Lesson in Network Marketing: Create Unity - There’s one skill that rivals the ability to market in MLM. That is the ability to lead.
Without leadership, you’re barking up the wrong tree. Might as well just be a normal online marketer with no residual income.
See, if you recruit 1,000 people but can’t lead them, they’re going to quit.
And you’re back to square one.
So how do you retain people so you can lead?
1. Help them make a ton of money.
2. Help them believe they will make a ton of money someday.
3. Help them have so much fun they don’t care about 1 or 2.
If you can do one of the three, you’ll retain a lot.
Two of three, you’ll retain more.
Three of three, you’ll be rock solid.
But the FIRST rule of retention is to create unity in your team.
How? Don’t be a bonsai rep.
My “Secret” Network Marketing Hack: Go Full Time FAST - I’ve been preaching this for over a year but most people still don’t understand that this is ENTIRELY POSSIBLE REGARDLESS of what MLM you’re in.
Yes, you could make $10-$30k/month within single digit months with this “hack”.
But here’s a warning…
If you watch this video - You have ZERO excuse as to why you’re not crushing it within the next year.
Lesson in Online Marketing: Money In vs. Money Out Is All That Matters - A 50% increase in cost per lead is enough to crush most people’s online businesses…
And that’s exactly what happened to us not too long ago.
In fact over a 10 day period we found out that not only was our reporting software WAY OFF in giving us proper data…
We found out that our overall cost per lead was about 200% higher than we thought!
That’s enough to bury most funnels in the red.
THE WORST part is that ON TOP of that is that our ACTUAL CPL was rising at an alarming rate and was 50% higher than it was the previous month.
It was a humongous mess.
How did we not catch it?
How are we still alive?
One phrase.
Cash is king.
More specifically - The funnel I’m referring to has such a good return on ad spend that we didn’t even notice our cost per lead was actually 200% more than we thought.
In fact, once we crunched the REAL numbers and found out the above,
PLUS that our REAL CPL increased by 50%,
We’re STILL 4X return on ad spend...
So the ending (as of now) is quite happy.
However, I’d be lying if I told you I didn’t think about driving my fist through every wall I saw.
I’d be lying if I told you I wasn’t anxiety ridden for days.
But I would NOT be lying if I told you what I’ve said so many times before…
Money in versus money out is the only metric that REALLY matters.
I don’t care how many likes you get…
How many followers you have…
How many courses you produce…
How many people are on your team…
What your cost per click is…
What your click through rate is…
ALL I CARE ABOUT is…
Are you making more than you’re spending?
Now, we have to fix the problem we found. But the only reason we can fix it is because we have cash to operate.
Vanity metrics don’t matter and you can’t buy groceries with your “likes”.
Focus on producing valuable offers and not only will you be able to sustain yourself but you’ll be able to properly and FULLY serve your customers.
Quote I Love: “Now is an inconvenient time to cry.” - Ashley Spear (In reference to needing to leave each other for a few days and both of us being sad about it. We wanted to cry but needed to crank out some work before a deadline. Quite funny.)
Another Quote I Love: “The More We Value Things Outside Our Control, The Less Control We Have…”
Talk soon,
Zach
