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www.getwsodo.com www.getwsodo.com ASM7 Welcome Module: The 7-Figure Foundation Principles This Lesson Covers: Principle #1: Building a brand, not a product Principle #2: Choose a market that you have an interest in Principle #3: Give the market what the market wants Principle #1: Build a Brand, Not a Product Building a brand brings you so many more benefits than simply selling a product. Those benefits include: HIgher profit margins Repeat customers Raving fans to market and launch new products to Free marketing Higher business valuation (should you ever decide to sell) The Power of Brand Loyalty Having raving fans allows you to scale your business much faster than you could without them. Additionally, once you have established a fan base, launching new products to them becomes much easier. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com The numbers confirm how important a raving fan base is—the probability of generating a sale from a new customer is between 5%-20%, whereas the probability of generating a sale from an existing customer is between 60%-70%. Ultimately, building a brand allows you to scale quickly and efficiently, achieving success much sooner. Why Start with One Product? Scaling requires efficiency. When you’re first starting out, there is still so much to learn that trying to manage multiple products can have a negative effect on your productivity. There is a lot to learn, and your first product is your chance to master the process. Once you have successfully launched one product, you can repeat the process as often and for as many products as you like. So, start with one product, but plan on building a brand. The Power of Scaling Once you have mastered the product launch, it may be time for you to scale up your business. You can keep scaling simple to begin with, by adding more products. For example: 1 product at 10 sales/day @ $40 each = $12,000 per month 2 products = $24,000 5 products = $60,000 Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com 10 products = $120,000 per month Cross-promoting (for example, selling two or more of your own products as a bundle) by selling through your brand makes scaling even easier—cross-promoting with a 20% take = $144,000 per month! 2. Principle #2: Choose a Market that You Have an Interest In Working in a market that you love is critical, for several reasons: You’ll better understand what people like and don’t like about existing products You’ll be a natural tester for your products You’ll automatically think of content ideas to promote the products You’ll be able to better evaluate samples It’ll be easier for you to market your products You’ll be more excited about your business and your brand You’ll sell higher-quality products When building a business, remember that interest is more important than passion. Your primary goal is to build a business that meets your financial goals. If you want to change the world, it’s much easier to do once you’ve achieved financial success, so pick a market that you are interested in to greatly increase your speed of success! Don’t worry about picking a market you are passionate about—that will come later. Finally, don’t strive for perfection. Stick to following the system, ensuring product quality, and continually moving forward. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Market List Exercise Now, it’s time to build a list of potential markets that you could sell in. DO NOT SKIP THIS STEP—you will be using this list in Module 1! Make a list of 10 - 15 potential markets that you are interested in. To get started, ask yourself these questions: “What am I interested in?” “What hobbies do I have?” “What do I enjoy doing after work and on the weekends?” “What have I bought in the last few months?” (check your Amazon history!) My list of Potential Markets 10 11 12 Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com 13 14 15 3. Principle #3: Give the Market What It Wants The riskiest way to build a business is to invent something brand-new. One of the fastest ways to succeed is to improve upon a product that is already selling well, because this indicates existing market potential—in other words, an easy sales opportunity. And you don’t have to guess what the market wants, though—Amazon tells you. Go to www.amazon.com, and look for their best-selling products! There are tens of thousands of products that people already want, so there’s no reason that you can’t find a good opportunity in a market that you’re interested in. Now, make sure that you have your list of potential markets to sell in. Once that’s done, it’s time for the next lesson! Copyright © 2017 Amazing Selling Machine