Want to know how to actually start selling your products?
For those of you selling information products like courses and training, membership sites, books (online and offline), events, webinars, conferences, masterminds, live coaching and consulting … anything where you are selling knowledge, you will start getting results if you follow these 5 Laws of Selling!
Today I am going to explain The 5 Irrefutable Laws of selling an information product.. and this is BIG.
To get started, you need to know the 5 Laws of Selling:
- The Law of the Unknown
- The Law of Offers
- The Law of Persuasion
- The Law of Temperature
- The Law of Sequence
“With these 5 laws, you can make a lot of money selling information.”
#1 – The Law of the Unknown
Imagine you are selling a Black Box, but the customer doesn’t know what’s inside that Black Box. This causes a problem leading to mistrust and a real barrier to the sale because the customer cannot physically try the outfit on, drive the car. They cannot experience the product.
The laws to overcome this starts with #2 The Law of Offers
#2 – The Law of Offers
As Russ explains in his DMDU Connect Presentation on the 5 Laws, “The problem is not the product itself, but the way you are structuring the offer.” Products are not offers! To start, there is a big difference between a product and an offer.
By placing a Black Box (your product) on a table… that does not become an offer, however, when you add a price to a product, that becomes an offer. “Give me $XX amount and I will give you your Black Box.”
By adding a price, this now becomes an offer, not a very compelling offer, but it’s an offer. So now you have to persuade your customer on why they should buy your Black Box.
#3 – The Law of Persuasion
The other #1 factor in selling a product (yes, this is equally as important as the first number one), is the words you use to describe the offer. This is called copywriting or writing compelling copy or writing compelling video script or emails… If your words aren’t compelling, it’s not going to sell.
“If an information product is not selling, the product may not be the problem… it’s more likely the way you are articulating the offer in a non-compelling way”. You need to work on the sales copy.
The description of your product is all the customer goes off.
When selling a Black Box you need to focus on 3 areas of sales copy…
The next Law is the Law of Temperature.
#4 – The Law of Temperature
It has never been harder to sell a product to a stranger.
Russ talks about Ice cold prospects. They are the biggest group out there that don’t know your product. This is one of the ways to grow your company. You need to go out there and find new people that have never heard about your product before. However… The trouble with cold prospects is that they are the most important, difficult and expensive activity your business will undertake… CUSTOMER ACQUISITION and LEADS.
This is where The Law of Temperature comes into play. The upside to ice-cold prospects is that there is a never-ending supply of people that have never heard of your product.
If you sell your product to these prospects, YOU MUST REDUCE THEIR RISK. When selling information products, you want to provide some way to allow new cold prospects to “dip their toes in the water with you”. Cold prospects don’t want to jump straight into the ocean or pool.
Russ recommends “Splintering”.
“Splinter” a product out of your larger, expensive, more risky products. Something that your prospect is not going to buy (because they aren’t ready to jump all the way into the pool with you and they don’t’ know you yet).
Example: Take a small piece out of your larger product, whether it’s an event or online course, and put it out on the front end for a very low price (let prospects dip their toes in the water for just $19 or $10).
Tony Robins example: Another example: DigitalMarketer Ask yourself what product can you splinter to allow people to “dip their toes into the water” and eliminate risk so that YOU CAN GAIN THEIR TRUST.
The last Law…
#5 – The Law of Sequence
It has never been easier to sell a Black Box to someone that has already bought a Black Box from you.
Sequence in marketing is super important. If we don’t take the leads and customers we already have, and monetise them further, you will run yourself out of business. You need to monetise those warm and hot leads further. Customers that are warm and hot, that is people who join your content, consume it and have bought from you before, people who have bought again and again.
The great thing about warm prospects is that … they already know, like and TRUST you… You have given them great value in the past and they like your product and they are happy and they are then likely to buy your $295 product. The problem with hot prospects is that there are not enough of them, there is a limited supply! You need to go out there and turn more cold prospects to hot!
So, with your existing hot prospects, they have already purchased your product, again and again, they’ve listened to your podcasts, read your blogs your emails… Use the LAW OF SEQUENCE. You have already spent the money, the time, the energy to transform this person from a cold prospect to a warm/hot prospect and you need to monetise that.
HOW TO MONETISE EXISTING CUSTOMERS: Take the leads and customers you already have and sell to them more and more often. Things you can do:
- Add a Continuity Offer or recurring billing offer like a membership.
- Add an event. It’s hard to fill up an event with cold prospects. BUT with hot prospects, they know your product, they will fly across the country and stay a few days and you will fill up an event. Example: DMDU Connect – The people that attend these events are warm and hot leads
- Add a High dollar, done-for-you service. One way to monetise is to do it for them and charge 10X, 20X, 100X more.. There’s all kinds of levels.. maybe you do it all the way or just parts of it. Example: Schedule a strategy session with your customer.Example: Digital Advisor – Russ charges $10k for 3 months
- Offer SPEED and/or EASE to get RESULTS. Example:
Speed: “I can get you results quicker and easier” Ease: “So that you can get the results you want while staying focused on the responsibilities you already have. So there you have Russ Henneberry’s 5 Irrefutable Laws.
Content Marketing Expert & Founder of Modern Publisher Russ Henneberry literally wrote the book on digital marketing and is a Content Marketing Expert! He co-authored “Digital Marketing for Dummies” and was formerly the Director of Editorial at DigitalMarketer. Russ recently established “Modern Publisher”, a community of people selling information products that provide tremendous value to their audience. Russ is a featured speaker at the DMDU Connect 2020 event on the Gold Coast from 31 July to 1 August 2020. Secure your future and your success, get your tickets now so you can learn from Russ and 20 other amazing speakers. Looking forward to seeing you at DMDU Connect 2020! BTW… You don’t have to wait to join the DMDU Connect community, get 14 days FREE access now to listen and watch hundreds of speakers from past events and podcasts.