April 1, 2020
How to Increase Your Conversion Rates | Marketing Tips | Peter Thomson

How to Increase Your Conversion Rates | Marketing Tips | Peter Thomson

– I know a cracking idea for increasing the conversion rates
of your email marketing and particularly, your
direct mail marketing and I’m going to share it with you now. Hi there, my name’s Peter Thomson. I’m the UK’s most prolific
information product creator and over the last 40
odd years in business, I’ve been extremely fortunate
to have the opportunity to test, using my own money,
a variety of different ways of increasing conversion rates to all of my sales and marketing activity. This particular idea, I
was led to by Jay Abraham who you may have heard
of, a famous marketeer. Some 20 odd years ago,
I went to Los Angeles to attend a Jay Abraham three day event. There was about 200 people in the room. It was $5,000 a head. So a serious event and I
learned lots of ideas from Jay. Following that event, Nightingale Conant brought Jay Abraham to the UK for six different three day events and they asked me to host all of them. So as you could imagine, over that period I got to know Jay fairly well. One day when I was interviewing him for my Achiever’s Edge audio newsletter, I asked him this question. Jay, if you had to give up all of your marketing ideas except one, which would it be and why that one? He immediately replied without hesitation, endorsed mailings. Yes, endorsed mailings. Now, I’d call this idea
pyramid opportunities and here’s the thought. Who do you know who knows
the people that you want to know? Oh by the way, at the end of this video, I’m going to give you an idea
that will really help you when you approach people
for pyramid opportunities. So back to the idea. Who do you know who knows the
people that you want to know, the people who would buy
your products and services? Now I’m not talking about endorsement in the sense of getting
a sports personality or a celebrity or somebody to endorse it by giving you, effectively
a testimonial endorsement. I’m talking about going to the list owner, the person who has a relationship with the people on their list and their endorsement
carries a lot of weight so if they endorse your product or service to the people on their list, those people are far
more likely to buy it. Let me give you an example. Some years ago, I went to a lady who was famous in the
fitness industry in the UK, in fact around a lot of the world but particularly in the UK and I phoned up and I asked
to go and see her which I did. I took her out for lunch,
we had a great conversation and I gave her a copy
of one of my programmes called Accomplishment:
The Science and Practise and I explained my idea to her that I thought it would be
really great for her franchisees to know these ideas in this programme because it would help
make them more successful not only in their business
but also in their lives. And I asked if she’d do this. Would she listen to it? And if agreed with my
assumption that it would be good for her franchisees that
she would be prepared to endorse it to them? She listened to it, she liked it, she agreed to endorse it and the conversion rate
from that marketing was over 50%. Over 50% of people who
bought, not just inquired, this is people who actually
bought the programme. I’ve done pyramid opportunities
many times in the past so this is my thinking for you. Why don’t you make a list of all the potential pyramid opportunities that you could approach to
see if they would endorse your product or service to
the people on their list? Now, this could be the list owner in the sense of somebody
who has a business and they’re supplying products
and services of their own to people of a similar
demographic and psychographic to the people that you normally deal with but it could be wider than that. It could be associations,
it could be various bodies, it could be clubs, it could
be all sorts of people who have lists of other people who are the people that you want to get to because you could imagine if association agreed to endorse you to their members, obviously that would carry a lot of weight and would almost certainly, I believe, increase the conversion rate. Certainly has, from my experience
with this type of idea. Now, what about the little
idea to be careful of when approaching people? I don’t think it’s possible
to approach a list owner and ask them to do the first
ever piece of marketing on a particular product
or service you’ve got. I think what we have to do, particularly if there’s going to be a commercial relationship in this and I’ll explain how we
might do that in a moment. But if there’s going to be
a commercial relationship, then obviously we can’t be
saying to the list owner “Look, I’ve got this product. Will you endorse it to your list?” And they say “Well what are the conversion
rates at the moment?” You say “I don’t know,
I haven’t tried it.” Well, it’s not really fair, is it? What we need to do is need
to do the marketing ourselves whether that’s with pay
per click advertising on Facebook or LinkedIn,
on Google, on Bing, whatever it might be. We need to be doing it, perhaps
marketing to our own list if we’ve got a list of our own and we need to be establishing
some marketing stats. What’s the open rate? What’s
the click-through rate? What’s the conversion rate?
What’s the stick rate? We need this marketing
information, this intelligence to be able to talk to another list owner and say “Look, here’s my
stats. This is how it works.” Now, why would they do that? Why would they market at all? Well number one, they
might be in the business of renting their list anyway and you’re going to
make a payment for that and it might be a slightly
different payment, a bit more, if they’re
going to endorse you as well to the list or they might do it on a results basis in the sense of they endorse
your products and service but they’re going to take
a piece of the action. They’re going to take a commission out of the sales that you make. So they’re going to
carry the risk with you. Or it may well be because you’ve got an appropriate list of
people who are similar to the people they want to market to that they’re prepared to do a list swap and they’ll endorse your
product to their list and you’ll endorse
their product or service to your list. And finally, here’s another idea for you. A question to answer for ourselves. Who else succeeds when we succeed? So for example, if you’re in
business which you probably are and you have an accountant, if you’re more successful,
it could well be that you pay the accountant more fees or they own commissions
based on other things they introduce to you. So, by helping you be more successful is good for both of you. Therefore, they might be prepared to endorse your products and
service to their clients. Who else do you know where
you have a relationship that if you were more successful, you would pay them more money and therefore, they’d
be prepared to help you by endorsing your products
and services onwards? So, here’s the takeaways. I think if you could make a list of all the potential pyramid opportunities and start approaching those people, I think you’d be surprised
usually I’ve found how receptive people are to the idea and secondly, how much the conversion rate of the marketing goes up. Now if you’ve got any questions or if you’ve got any comments then put them down there somewhere. I’m happy to start a dialogue or answer any of the questions. And in the meantime, we continue
to wish you every success in your adventures in life as you have freedom from anything that may have held you back and freedom to be, do and have whatever you set your hearts and mind upon as you build for yourself a business and a life of choice. I’ll see you on the next one. Goodbye for now. Thanks for watching. Subscribe and hit the
notification bell for more videos. Then click to watch the next video. Remember to visit our
website at peterthomson.com and download your free
copy of my latest book, How to Write Your Business
Book in Five Days or Less. Until next time, have your success.

1 thought on “How to Increase Your Conversion Rates | Marketing Tips | Peter Thomson

  1. Hi Peter. Good stuff as always!

    One thought …

    "Pyramid Opportunities" might, to some, smack of MLM?

    It could be an idea to articulate this 'endorsement' model as JV's / strategic alliances with 'centres of influence'

    Just a thought. I do hope you & yours are well & all the best for 2020

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