£10k In 90 Days | Day 4 | How To KISS
by NicolaCairncross on October 23, 2009
in Money Gym | Business
Podcast: Play in new window | Download (Duration: 25:10 — 5.8MB)
The Money Gym has just launched The Boardroom, an easy, quick, flexible way for your business to access a crack business team comprising 18 of your very own non-executive directors, plus Judith Morgan and Nicola Cairncross. As part of the launch of The Boardroom, The Money Gym is offering a 33% discount on the 1st year membership (offer closes midnight 31st October) and Nicola & Judith are hosting a daily BlogTalkRadio show, where they help each business caller work out how to create an extra £10k in just 90 days from their existing business.
Today’s caller on The Money Gym “£10k In 90 Days” Challenge on our BlogTalkRadio show was our Really Useful Internet Day’s lucky winner of a Boardroom place for 2009/2010, Suzanne Barnett.
Suzanne is an experienced trainer and owner of a training company, previously selling all kinds of software and computer training into the corporate market, which, in spite of an excellent reputation, for obvious reasons has found the going pretty tough recently.
On one of her first Money Gym weekends, Judith and I were able to encourage Suzanne to think about moving away from the corporate market and aiming her company services at small business owners who are faster at making their minds up, in charge of their own budgets and generally in some sort of pain around learning to use computers more efficiently to make more money.
Suzanne has subsequently teamed up with fellow Money Gym member, Eileen Bowley (who came joint second in our “Gold For Christmas” competion you may remember) to deliver high quality, on demand, virtual computer & software training.
At the recent “Really Useful Internet Day” the girls entered the Gary Vaynerchuk challenge, and after some rigorous coaching by Nicola on their brand, ended up buying on the spot the domain name http://www.KeepItSimpleSoftwareTraining.com (or KISST for short).
On the show, Judith quizzed them on their planned offerings; what, how much, how many people, etc. and it turns out that they have done some market research of their target market and our Google group and that their first – or lead – product will be a live virtual class on how to use your Outlook more efficiently, to avoid email overwhelm, sort your inbox out and how to be able to find important emails more easily.
The suggested price for that was £27 and I felt that was too cheap, but that the product was worth at least £47, but could be discounted for the first 100 customers perhaps, on it’s launch next week. Suzanne and Eileen are working on the squeeze and sales pages as we speak.
You would need 370 customers at £47 to make £10k in 90 Days, so we turned our attention to the “back end” product, the live training on how to use your newly organised Outlook, in conjunction with your existing database, to market more efficiently and cheaply.
Suzanne and Eileen already had one ecstatic customer, none other than Karen “Timebomb” Gilbert, star of yesterday’s radio show (listen here http://bit.ly/mg10k90days3) whose database they had exported from her ecommerce software, and were working through, emailing those customers with an incentive to sign up to her hosted list service.
Suzanne was going to charge £360 for that training course, which we of course upped to £379, and worked out that you only needed 30 customers for that to make £10k in 90 days.
I asked Suzanne how many of the first set of (Outlook) customers she thought might take up the offer of the Database offer, and she bullishly said 70%. I downgrade that to 50% and with the aid of Judith’s trusty calculator, we did some sums.
To get 50 new customers at £379.50, you needed to convert 50% of 100 OUtlook training customers, and to get 100 Outlook training customers you needed to get in front of 2000 warm leads, and then Suzanne dropped the bombshell that she already had a database of 7800.
Perhaps 50% of those were still warm clients of her existing training company, and even allowing for drop off of corporate clients, we figured that if she just converted 15% of 50% of those, she could reach a sales target of 485, or four times the required 100.
Cool!
We then talked about the value of being able to market to your customers by email, quickly and cheaply, to any business, and decided that the back end product was worth nearer £795 but could be discounted to £379 for the first 30 customers.
A good discount focuses the internet browsing mind wonderfully and a deadline, either time or numbers bound, makes it focus even more!
One of our MOney Gym Google group has subsequently suggested another brilliant front end lead product, but I won’t share that here to give the girls time to work it up.
Over to Judith and Suzanne now for their comments, feedback and questions!
** Share your thoughts, comments or questions about this particular challenge by using the “Share Your Thoughts” link at the top of this post, by the Title **
Would You Like Your Business To Make An Extra “£10k In 90 Days?”
The Money Gym has just launched The Boardroom, an easy, quick, flexible way for your business to access a crack business team comprising 18 of your very own non-executive directors, plus Judith Morgan and Nicola Cairncross. As part of the launch of The Boardroom, The Money Gym is offering a 33% discount on the 1st year membership (offer closes midnight 31st October) and Nicola & Judith are hosting a daily BlogTalkRadio show, where they help each business caller work out how to create an extra £10k in just 90 days from their existing business. We are setting the same challenge to new Boardroom members the same challenge, making your investment in The Boardroom a complete no-brainer.
