viral marketing &world internet summit Martin Lee on 29 May 2007 11:51 am
Mike Filsaime – Viral Marketing Expert
Every student of Jay Abraham will be able to relate to what Mike Filsaime taught on the fourth day of WIS.
Upsell, downsell, cross-sell, bumps, frontend, backend, lifetime value of customer
Before going into that, Mike talked about the 10 key foundation points that everyone should have.
1) Begin with the end in mind. (If that sounds familiar, you probably heard it before. Clue: Stephen Covey)
2) Know what it is you want.
3) Know why you want it.
4) Declare, Focus, Tools, Action
5) Don’t be a perfectionist. (Mike got it spelled as perfictionist. Don’t know whether it was a deliberate spelling error to bring out the point, but I found that pretty funny.)
6) Always think automation, leverage & scability.
7) Form a mastermind.
8) Find a mentor. (Interesting almost every speaker mentions this fact. Emebedded command for you to buy their advanced training?)
9) Do what you do best, outsource and outtask the rest.
10) Always sharpen the saw. (sounds familiar again? Answer: 7 habits of highly effective people)
Hedgehog Concept
Next, Mike Filsaime briefly talked about the hedgehog concept. This term was something new to me too.
Do something that
1) You can be best in the world at.
2) You are deeply passionate about.
3) Drives your economic engine.
Now, the marketing process
1) Stop selling upfront.
2) Use a free gift to gather optins.
3) Convert prospects to customers (more details in the picture).
4) Drive customers and prospects through your marketing funnel (Sell them backend products with different price points).
Here’s how it looks graphically:
That will be followed by the backend products. The backend products is really the key to all this as it will tell you your lifetime value of a customer. Knowing that metric, you can
1) spend more on your advertising;
2) offer a higher commission to your affiliates.
This can set you up as the dominant player in your industry.
Overall, an excellent presentation by Mike Filsaime with lots of content and only a ten minute “pitch” for his products at the end. It even comes with a 90-day “Make $5000 and get 5000 optins or you get your money back” guarantee. I have to say his offer is pretty compelling.
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