Promotions, Bundle Sales & Membership Models, Oh My! A Lifestyle Builders Q&A Episode
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Episode Brief Description
Join us for another behind the scenes look at a Q&A call with members of Lifestyle Builders. We answer and discuss various questions from marketing to selling to business structures (and more)
Are you looking to create your ideal lifestyle? Then we invite you to become a #lifestylebuilder.
Key Insights & Timestamps
- [00:30] – Welcome
- [01:22] – Question 1 – Is there an optimal size for a paid membership? Can they be too big?
- [01:55] – Work backward. How much money do you want to make, then what price do you have to charge and how many people do you then need to make that much? Will people pay that? Adjust the numbers up or down until you find a spot where it makes you the money you want, has the number of members that you want, and people will pay.
- [04:41] – Memberships are nice because of the recurring income, but you make less per person each month. Typically scale up to your target revenue, then see where a membership/recurring offer fits in
- [09:11] – Question 2 – How do I prioritize what to work on?
- [09:19] – Urgent vs important. You typically want to do the urgent and important tasks, and work over time to have less urgent tasks. The prioritize and focus on important tasks.
- [11:18] – Time Blocking
- [13:58] – Create metrics to help you track and stay on track
- [17:35] – Question 3 – Should I have 1 LLC to umbrella under or multiple?
- [18:22] – We are not attorneys or CPAs, so consult them, but here is our experience. We have 1 business entity for each major business – real estate, wine and liquor store, coaching. We should break our real estate up into different LLCs to reduce risk. Multiple entities typically comes down to reducing risks. Typically 1 entity for your online business will likely work unless there is a reason to have multiple
- [21:21] – Question 4 – 100th podcast episode celebration ideas, developing interview skills, developing a bundle/ box, thoughts?
- [22:18] – Consider doing a giveaway. Tease it! Have some big announcement or promotion and get people excited for it. Also a great opportunity to use it as a reflection episode. Highlight some of the most popular previous episodes to direct people back, and lay a path for the future on what they can expect
- [27:35] – Question 5 – What do you think would get someone excited to promote my bundle sale as an affiliate? I’m paying 75% commissions, it’s by all my club members and I’m going to be promoting the club itself fairly heavily during the sale and after. Any suggestions on reaching out, what would attract you, etc?
- [28:39] – The right audience is key. Partners that have your same audience but serve them in a different way. Think of how your offer solve a problem that a potential promoter has.
- [31:17] – Question 6 – When you have multiple small products, how do you create a promotion calendar for them. Or is it best to have a sale on the entire shop. I’m trying to map out my evergreen funnels and the membership will now remain open but not sure what to promote first. I know people shy away from the membership and prefer to buy what they need in the shop
- [31:42] – Consider promos on one thing. Holiday specific promos. Demographic or customer segment promos. Big sales tend to devalue your products
- [34:46] – Featured products do not necessarily need to have a price reduction, the excitement of the feature is often enough to sell it regardless
- [41:20] – The same concepts work in both digital and brick and mortar, don’t be afraid to explore the same ideas for your online space
- Want to submit a question for us to answer live? Go to tomandariana.com/question
- Plan With Purpose: The Ultimate Guide to Creating Your Ideal Lifestyle
- Lifestyle Builders Mentorship
- Join our very own Lifestyle Builders for another Q&A session
- Learn about sales, marketing, prioritizing and managing costs