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If your response to that question is no, please stop reading now and stop wasting your time and mine. Simply, the rest of this article will be of no interest to you.
However, if you literally said a resounding YES then read on because for some of you, your ducks have finally lined up.
To set the stage, I need to wind the tape back a little and reveal a true story that some of you may of heard from me before, unlike most stories they will not be romanticized overtime, it will be true and factual.
It pinpoints the time and place where I discovered one of the greatest marketing breakthroughs that exist on the planet today. This breakthrough is single handily responsible for making millionaires and multi millionaires among my members, past and present.
It has single handily taken businesses from the brink of bankruptcy to MASSIVE success… at warp speed. It’s the one thing that if you get it right, you can literally afford to get everything else wrong and still succeed above your wildest dreams.
It’s the “Billion Dollar Secret” weapon used by just a handful of very smart corporations worldwide.
So here is how I discovered this “billion dollar secret” and how deploying it could easily be worth $100 million dollars in the right hands…
It’s the year 1998 and I am in Brisbane to do one of my evening workshops, in those days to sell a box of marketing stuff for about $3,000. The way I did this was to present for about an hour and a half and then auction a mars bar which included massive added value by way of a box of marketing manuals and audio tapes.
I busted the package up, added a manual and more products as the bidding went higher. The titles as I recall included “How to Turn and Ordinary Business into an Extraordinary Business” manual and 2 hour audio presentation, “How to be a Marketing Expert” big fat beefy manual was included also.
Anyway, I did the DEMTEL thing and stacked the products on top of each other until I was left with about half a dozen folk in the room still biding feverishly.
I had already reminded them this was a real auction and real money was involved.
Then I added the “WOW” factor or “IT” factor if you like… The one thing they wanted more than anything else that took their eye completely off the price and made sales where no sales existed…
In this case the “WOW” factor was a half day personal coaching with me.
This strategy saw the price climb rapidly and “new players” entered the auction who were previously uninterested in a box of stuff but were interested in the “WOW” factor.
Generally, the price quickly climbed to $7,000 – $10,000. With biding still feverishly continuing, I would suddenly stop the whole auction.
Usually at this point there is 3 to 4 bidders left and I would knock down the price to the remaining bidders to just $3,000 for the whole “stack” including me as the “WOW” factor.
Then I would say to the winning bidders “if it’s ok to offer the package to the whole room except this time, they wouldn’t get a half day with me”, they would just get an hour on the phone. I have never known those lucky bidders to refuse that proposition.
Then I added urgency and scarcity by saying that “this deal is only available to the first 17 to place their order tonight. You can’t get this deal tomorrow, just tonight and tonight only!”
I usually enjoy $40,000 to $60,000 hour and a half and I found a perfect way to get the price up and knock it down with my integrity fully intact and a pile of money in my back pocket.
By the way, this was long before I ever bought a box of stuff on how to “Speak on your Feet”, just sought of figured it out on my own. Heck, it would even work again today, in fact, I have got excited about the idea and might give it a go just for fun.
Anyway, back to the story. The night before my talk I needed to grab a couple of mars bars for my auction. I usually bought 3 or 4 knowing I would hand those to the “lucky bidders” on the night.
For all the chocoholics that bought the pack, I always threw in a mars bar, so when they opened the box, they would remember the auction and the “WOW” they experienced at the time.
So I went into a 7/11 on Ann Street in the Brisbane CBD to buy my mars bars and I asked the guy behind the counter two very important questions, one of which I knew the answer to.
It was obvious, the question was “What is your best selling chocolate?” Frankly, there were mars bars stacked everywhere. Anyway, the guy didn’t say a word, bent down under the cash register and pulled out two shopping bags full of mars bar wrappers.
You see, in those days mars use to say “Buy a mars bar and have the chance to win a mars bar” Today of course, they actually guarantee that one mars bar in six will be free. Here is how it works…
The mars bar rep comes around, counts the empty wrappers and replaces the free mars bars that the store keeper has given away. That was complicated… NOT!
Then I asked “Why do you stack mars bars everywhere?”I wasn’t smart enough to know the answer to this one. He replied “Because everytime I buy two hundred boxes of mars, they give me forty boxes free”
Now, with a profit margin of 18% – 23% on chocolates, you are going broke… slowly. But when you make a 100% on the last forty boxes, you are making some REAL money.
After all, the store owners biggest frustration, want, desire and need is to pay the bills and make a profit.
Mars turned a mars bar into a profit centre because that is the best product
you can ever sell… the opportunity to make money
That is how you make a gooey chocolate bar that is no better than a Cadbury Moro the number one, or number two, if you want to argue, selling chocolate bar on the planet.
Mars continued to take this to a new level. I’ve seen, if my memory serves me well, a chance to win one of three cars, a chance to win one of three prizes of $250,000, a chance to win one of one hundred freezers, what has any of this got to do with a chocolate bar? Absolutely zero, that’s what!
The strategy of today, I articulate as a “giveaway part of a profit you don’t have to get a profit you never would of had… and make your bonus your product”
Point being, the only time you give something away is when you make a sale. So in reality, you are giving nothing away, just part of a profit you never had.
Now let’s fast forward thirteen years, it is this strategy that I used to literally save financially, my now good friends and clients, Carl Smith’s and Mark Selbst’s “All Heads Services” business in Melbourne.
Today, when a mechanic buys five reconditioned motors off them, the sixth one is free, but only after they buy five.
When someone buys a patio from Dean McKain at “One Stop Patio Shop” in Perth, they get to win one of half a dozen prizes which include a “No Strings Attached” overseas holiday, an outdoor setting and even a barbecue.
When of course do they win these prizes? After they buy a patio. Dean’s often told me and other members who will listen, he is the dearest patio company in Perth and he is booked out three to five months in advance regardless of the economic climate.
This strategy has played a big part in that, the other strategy that has helped Dean of course and is switching from selling to educating to lead generation using “The Ultimate Sales Weapon… The Shock And Awe Package”
Recently, Cherry Jackson-Saw from the “Tweed Valley Weekly” gave away as I recall, a 7 night holiday to Phuket for two, staying at a flash hotel and including airfares, total value of $6,300 when you book one of three advertising packages for a full 12 months in her newspaper she has on offer.
The value of Cherry’s packages were over $9,000 and the holidays cost her around $400. If you are going to spend money on advertising anyway, wouldn’t it be a great incentive to get them to “buy it from you” instead of some other media by offering them a holiday…
After all, spend $9,000, get a year’s advertising and a holiday valued at $6,300 for two people is a real no brainer.
This strategy takes the clients or prospects eye completely off price and totally changes
the playing field… so NO competitor can compete with you
My good friends and clients, Andrew and Daryl Grant are giving folks who attend their 4-day seminar in Sydney a chance to win one million dollars. I know for a fact that this had an instant effect on the number of people wanting to attend.
I’ve often told the story of “The Greater Building Society of Newcastle”, how when you “swap your mortgage to them” you get a holiday, the detail of which depends on the value of your mortgage. It is usually six or seven nights including airfares in Thailand or somewhere similar.
I’ve been telling that story since 2002 and the guy that created it in 2001, was the “WOW Factor” man himself, John Dwyer. In a business sense, John and I have connected more recently. He is a long term admirer of my teaching and me as an admirer of his work.
He has been applying this strategy as have I, to businesses for years with incredible success. In fact, with “The Greater Building Society of Newcastle”, John tells me, they are the only Building Society or Bank in the world that has not advertised their rates in the past 10 years.
Man, that is really taking the eye off price. My advice, go and figure out how you can use the “WOW” factor in your business. Go figure out how you can “giveaway part of a profit you don’t have to get a profit you never would of had… and make your bonus your product”
To your success,
Committed to Elevating the Financial Wealth and Wellbeing of Society
Through Entrepreneurial Excellence and Guilty of Conspiracy to Create Capitalism
Posted on June 23, 2011 - 07:00 PM- Updated on June 23, 2011 - 07:00 PM