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Video Transcript: The reason you want to build a database is because that’s where the money is. The money is in that data base and continuing to market to it. When I run launches, particularly in the trading niche now, I’ve built up a significant data base where I can continue to go back to them with good offers and then they buy. As long as that value is there and they see that value, I can continue to market to them.
In a business, and I talked about it being the most important component and it is, building that data base of clients, both prospects and buyers as well. It’s good to segregate those because you’ll find the buyers are obviously the ones who are worth more to you than people who have just signed up for a free email report.
Once you’ve got them though, there are so many different things you can do. You can survey the list which is great. I wanted to show you this. This is an example of one of the surveys that I ran to my trading list. This was for the lead up to I think the Online Trading Mastermind launch. It might have been the first launch, it might have been the re launch, I’m not sure. Let’s have a look.
Basically I used a thing called Survey Monkey. It’s just a website where you can sign you where you can survey you clients, asking them a series of question about them. I wanted to know more about them so that when I launched my product, I could make sure that I tailored the marketing to who they are. It very much influenced the type of headline I used. I asked them, what kind of a trader are you? Are you a day trader, are you a short term trader, are you a long term trader? That way, when I write my sales headlines when they visit the website I can say: Are you looking for part time trading systems that make money?
The reason I chose part time was because I knew all of them were part time traders. So that’s why we did that. I’ll give you an example so let’s come back, so this is the data just extracted out. So you can see here, one of the first questions: would you like to learn more about: entry signals, charting patterns, money management, building a trading plan, analyzing a chart, complete trading plans and trading psychology.
You can see how many people ticked. It was just like a little check box. So you can see, with 462 people responding, the winner was complete trading systems. So it influenced my headline. I should have got the headline here but it was almost, in fact we might even be able to check it out what the winner was. Online Treading Mastermind: What timeframe do you trade? Intraday, short term, medium term, long term. So we had 458. Here we go, I am a full time trader, I trade part time, I don’t trade yet. So 60% of the people said that they traded part time. So let’s go to my sales letter. So we just gave away some good content. ‘Who else wants complete, ready to trade, part time trading systems that make money?’
I just tailored that headline to my demographic by doing that. This is a fantastic way to increase your conversion rate, understanding your market, getting into their mind and then tailoring your marketing to them. That’s what this did. It was around 842 people ended up filling out this survey. I asked them what they were trading. Most people were trading stocks, they considered themselves intermediate.
Now drawing that back to your business, how can you, once you start to build the database can you start to find out about who you’re marketing to? By running surveys and asking them questions.
If you’re thinking about creating an information product, rather than going out there and creating a product on rock hard abs, like I was saying earlier, maybe what you do is, send an email to your list and say, Hey, I’m thinking about making a product about rock hard abs, how to lift your own body weight with dumbbells, how to run a six k marathon in under a minute, I don’t know, coming up with different product names, emailing the list, getting them to give the results and say, yes, I want to learn more about the rock hard abs. Ok, so I know I’m going to create a rock hard abs product.
Now ask them, how do you like to consume information? Do you like DVD, do you like online video, do you like pdf report? Get them to tell you what they want and then they’ve just told you what product to create. What does that do? It’s another micro commitment. So when you create a product, they’ve been involved in the creation of that product. It’s also increasing the chances that they’re going to go ahead and make that purchase with you.
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