A Wicked-Smart Way To Generate More Profit From Your Virtual Event, With Roland Frasier

Foreign. You're listening to Business Lunch with Roland Fraser. This is your seat at the table. Welcome to the show. In today's short episode, Roland shares a powerful strategy on how to reduce your ad costs, increase your profit margin, and create upsell paths, all by using the power of referrals. This is the exact strategy that he used in his recent Epic Challenge. Here's Roland.

So I had a live event that we changed to online when Covid happened. And we've done seven of these events. It's called the Epic Challenge, which teaches people how to buy businesses with no money out of pocket. And we were originally going to offer what we had been offering before. And we surveyed the people who were in the very first challenge that we did, and the responses were clear that what we were originally planning to offer, which was basically just a two day online version of what we were teaching in the live events, wasn't what people wanted. They wanted more templates and instruction and things like that. And so we changed our offering based on that and we ended up with a 33% conversion rate of the roughly thousand people that were in our audience for the very first challenge. We also did a paid challenge which helped us liquidate the media cost. But what I want to share with you is that when you are doing any of these things, whether it's a stacked event or a three hour training or a challenge or anything, one of the things that's really cool, that's been a game changer for us as far as just a lot of additional revenue and savings, is to do a challenge within a challenge. Now, what that means is what we do is within the challenge, we challenge everyone who has signed up for the challenge. And so the very first day we say, listen, we're excited about this and we want to share this with more people and we want to incentivize you guys to share it with more people too. So we want to challenge you, everybody that's in this challenge that we're taking right now, to share this with other people that you think would benefit from it. And we do that over a four day period. So we typically start our challenge on Thursday and we give them Thursday, Friday, Saturday and Sunday to share with other people. And our challenge for them is we want you guys to help us get 100 more people into this challenge. Now, my challenge is kind of narrow in focus, right? Not that many people are interested or know that they should be thinking about buying businesses. So if you have a broader market, you might, you know, ask for 300 people or 500 but I just want 100 referrals for that. So we say we'd like for you guys to get us 100 more people to come into the challenge. And so that's a challenge within a challenge. And when you do, because we believe in the power of the group, we're going to give everybody this training. We've actually sold for $2,000. So we offer them that to incentivize them to refer other people, right? So what we have averaged on throughout these challenges is somewhere between 100 referrals on the low side and 186 referrals on the high side into our challenge. And that's at $55 a person, but it's not $55, because we do two upsells. So our average customer value, our average order value is actually $103, right? So we have all of these buyers coming in that are worth $103 apiece. Now, over the last few months that we've been in this Covid thing, right, we've had 829 people who were referred who bought at an average value order value of $103. So what that means is that that's been an extra $85,487 in sales. And what's cool about that is it costs us quite a bit to get a buyer, right? So to get us a buyer, on average, it's been crazy. During the election time, it was over $1,000 to get a $55 buyer on YouTube. Insane, right? And does it make sense to spend that? No. So that curtailed what we were able to spend. But we refer people. So our average cpa, our cost per acquisition for a customer to come in to the Challenge averaged about $193 across YouTube, Facebook, the other places that we were getting people. So the other thing that those 829 buyers did was it saved us our average acquisition cost of $193 per buyer. So that earned us 85,487 in sales, but it saved us 159,997 in ad costs, right? So now it's kind of getting exciting right now. Those buyers of the challenge convert into an upsell. We have two upsells in that program. One of them is 2995, $2,995. One of them is 69.95 $6,995. So of the people who were referred into the challenge, the 829 people that came in, we actually ended up with 127 upsell buyers. So basically that's 829,000 total just because we said, hey guys, would you mind helping us share this and refer a hundred people in? And when you hit that goal, we're going to give you this digital program which other people paid $2,000 for but costs us nothing to give. Right? So what I would encourage you to do is that in anything you're doing, whether it's a live event or a referral, just ask for referrals and give them a goal to set. Because for US it was 85,487 extra dollars in front end sales. We didn't have to lay out 159,997 in cash and we made an extra total of 829,849 just because we asked people to share.

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