So last week we looked at creating authority and a crowd of followers.
I shared with you the 5 things you need to achieve to get recognised as an authority in your field:
1.Have people come into contact with your ideas or information.
2.Have people see that many others are also aware of you, and your ideas
3.Have people see that other famous people endorse you and your ideas
4.Have people see that you have some results or experience in your field
5.Have people see you as an authority
…And we talked about (mostly) steps 1-4 and how to achieve this by doing one simple thing – writing a book.
How to be seen as an authority and profit wildly from it
This week lets' look at a much more challenging and profitable subject… how to achieve step 5 – having people see you as an authority and, more importantly, how to make money from it.
This is where we (Internet Phenomenon) really speak from years of experience. Knowledgesource – our parent company has been doing this step for years and has used what I'm about to teach you to build a business that did $100Million in revenue in the last five years.
The single best way to have people see you as an authority and to be able to sell those people a high ticket product… is to have a live event.
Yep – to get up on stage with a presentation and sell your high priced product to them.
There's a well know piece of trivia that most people are less scared of death than they are of public speaking, so, if that's true then this is not going to be for everybody.
But, if you can muster up the courage to do this – there is no faster way to make a million dollars and beyond than to sell from the stage.
If you write a sales letter for a web page online the industry standard for making a sale is around 1%. and that's for a $100 product.
On a webinar, you can get a conversion rate of 5% or more for a much higher priced product.
We've had up to a 10% conversion rate for a webinar selling a $3000 product that is pretty amazing considering…
We regularly get between 20% and 30% conversion with our more skilled speakers, and often for even higher ticket items.
Now I have to start up front as a disclaimer that we have three major things going for us.
1. The topic of these seminars is one that people are not only interested in but also highly motivated by…, i.e., money
2. KS is very good at driving traffic to the landing pages via Facebook ads, email marketing and other traffic sources.
3. KS has Very good speakers who are experts in their field, have personal results to back that up and have been able to put that information into an excellent educational package that is easy to sell.
While these are all very important, that last point is probably the most important and also the one thing that that, if you are doing this for yourself, is the one thing you'll most easily be able to replicate.
If you are the expert, then you are in complete control of the content of the course and the on stage information.
Creating success in this game comes down to knowing your numbers.
You have to put some money into this as a sales platform so you can have the opportunity to stand in front of a crowd and test the effectiveness of your information and pitch.
Once you know your conversion numbers (which you can improve on over time), you'll know what a bum on a seat is worth to you when you fill a venue.
Knowing what a bum on a seat is worth means that you know what you can afford to spend to get that seat filled.
This is critical.
If you know what you can spend, you can budget correctly and afford to buy as many as you need (as long as your event is converting into sales)
With a conversion rate of 20% and products, that start at $5000 it's then possible to work out what it's worth to get a person into that room.
To get people in front of that information.
Once you understand the numbers you can do, and improve upon, you will be able to work out what you can spend to fill your event.
Final thoughts: What I have not factored into this equation so far is the residual value of people coming onto your list.
You see when someone registers, you are capturing them onto your email marketing list.
If only 40% turn up to your event, you've still got 60% of those people who, even though they didn't turn up, did express an interest in your subject and may be able to come along next time.
Once you start email marketing these people, sending them good information and building a relationship, you'll be even more likely to get them to come along next time you are running an event.