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How do you turn a free trial into a customer magnet without the risks of an unconditional guarantee? Today, we’re sharing innovative strategies to attract and retain customers with compelling front-end offers. We’re breaking down Alex Hormozi’s “Win Your Money Back” model and how it applies to different business models.
You’ll learn how you can give customers the chance to earn their money back instead of offering a no-strings-attached refund. We also explore how conditional offers can spice up your product or service’s appeal and why it’s essential to incorporate a continuity program into your sales process.
In this episode:
05:44 How the ‘Win Your Money Back’ model works
11:17 Implementing the ‘Win Your Money Back’ strategy
15:43 How to structure your free trials
18:46 Webinar selling strategy and upsell techniques
26:20 Structuring continuity programs
Resources mentioned in the episode:
Previous Episode on Alex Hormozi’s $100M Money Model:
https://perpetualtraffic.com/podcast/episode-734-alex-hormozis-100m-money-models-launch-debunked-key-takeaways/
Alex Hormozi’s Book, $100M Money Models: How To Make Money: https://www.goodreads.com/book/show/240367486-100m-money-models
Alex Hormozi’s Interview on the Jack Neel Podcast: https://www.youtube.com/watch?v=5f_UL-z1xgI
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Connect with Lauren Petrullo:
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- LinkedIn – https://www.linkedin.com/in/laurenpetrullo
- Consult Mongoose Media – https://mongoosemedia.us/
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READ THE TRANSCRIPT:
$100M Money Model Case Study: How to Squeeze Money Out of Your Non-Ideal Customers – Part 1
00:00:00:00 – 00:00:02:08
Ralph
you should never give a free trial with no conditions.
00:00:02:08 – 00:00:06:07
Ralph
there is an opportunity here to really get a kick ass front end offer
00:00:06:07 – 00:00:09:15
Ralph
and attract more customers using these types of techniques.
00:00:09:22 – 00:00:16:00
Ralph
So if you’re ever offering a free trial for anything that you sell, always have conditions that they have to meet
00:00:16:00 – 00:00:17:20
Lauren
instead of giving a guarantee of
00:00:17:20 – 00:00:22:05
Lauren
unconditional guarantee for their money back, you’re giving them the chance to win their money back,
00:00:22:05 – 00:00:22:19
Lauren
which is
00:00:25:02 – 00:00:33:11
Ralph
Hello and welcome to the Perpetual Traffic Podcast. This is your host, Ralph Burns, founder and CEO of cheer 11, alongside my amazing co-host.
00:00:33:12 – 00:00:36:14
Lauren
Lauren E Petrullo, the founder of Mongoose Media.
00:00:36:16 – 00:00:57:05
Ralph
So glad you joined us here today. If you’re Director of marketing, VP of marketing, a CMO running your own business, doing your own marketing or a marketer, you have come to the right place. We teach you how to do marketing the right way here through metrics that matter and growth at scales. And today we’re going to be talking about something that just sort of happens to both of us.
00:00:57:07 – 00:01:22:15
Ralph
We didn’t realize we were both doing this. We were both reading the same book. And if you are in digital marketing at all and you live under a rock, you probably don’t know about this guy, but he’s obviously somebody that we hold in very high regard. And of course, that is Alex Camozzi. If you haven’t seen any of his stuff, this stuff is really, really good.
00:01:22:17 – 00:01:40:11
Ralph
Really interesting story. How he sort of came to be and, you know, he is now, I think it holds what the Guinness Book of World Records as the fastest or most profitable or biggest book launch in history. Did I hear that? Correct, Lauren?
00:01:40:17 – 00:01:49:01
Lauren
He’s got a bunch of them. He he took care of more than one Guinness World Record. So, yeah, he’s he’s collecting them the way I collect pink shoes.
00:01:49:03 – 00:02:20:14
Ralph
Now I know, and, and you’ve got a lot of pink shoes, so. Yeah. Anyway, well, this guy is, it was sort of fortuitous because I was on my way to a client meeting this past Monday, a full day session that we do, for specific clients, like ones that are looking for sort of a restructure in their strategy, sort of an overhaul of their entire business to sit down and go through everything and do this, you know, for a number of different clients, especially ones that are in transition and their business.
00:02:20:14 – 00:02:35:13
Ralph
And this guy definitely is in transition in his business and really needed some help. And myself, my other strategist, went to his office and we went through everything in his business, like soup to nuts. And the funny thing was, is that
00:02:35:13 – 00:02:40:02
Ralph
so much of the things that are in hormones, his latest book, Money Models,
00:02:40:02 – 00:02:44:05
Ralph
which if you haven’t gotten it, we’ll leave a link in the show notes for that, of course.
00:02:44:05 – 00:03:03:07
Ralph
Or you can just Google it, find it on Amazon. So much of what’s in that book I had actually prepared as I’m reading the book, I’m like, this was my plan to discuss with this guy. And it added a few more things, a couple more wrinkles, just because of things that I hadn’t thought about. But we’re going to get into that in just a second here.
00:03:03:07 – 00:03:21:15
Ralph
But it’s odd that you and I are reading the same book at the same time, and you’re doing it slightly differently. The way that I do it is I read the entire book, I listened to it and read it. It’s one of his hacks that he always talks about. You know, it’s obviously it’s a great way to, to, to upsell the audio version of the book.
00:03:21:15 – 00:03:26:19
Ralph
Of course, eating it. Upsell, immediate upsell makes sense. It’s like it’s great. I think it’s like on page.
00:03:26:19 – 00:03:33:05
Lauren
Eight, he says, if you’re listening to this, you should buy the book. If you’re reading this, you should get the audio.
00:03:33:07 – 00:03:53:11
Ralph
Yeah. So that hack onto itself, like if you’re reading a book that you really want to absorb, I find my best way of doing it is going through it the entire book. And then I go back and I reread it. You’re doing it a little bit differently. So this is sort of just a difference in learning. You’re doing it by reading one chapter, then implementing, which I think is super interesting.
00:03:53:11 – 00:03:59:03
Ralph
And I believe you’re on the first money model, which is when your money back, if I’m not mistaken.
00:03:59:04 – 00:04:10:10
Lauren
I am, I am, I’m up to like a whole. Page 30, ladies and gentlemen. I’m like, oh my gosh, maybe 10% of the way through the book. How many pages this is sucker 175 okay, so I’m a little further.
00:04:10:11 – 00:04:18:13
Ralph
So you’ve got like the physical book, I’ve got the Kindle version and the audible version. So I’m listening. You’re actually doing the whole like go old school.
00:04:18:15 – 00:04:32:18
Lauren
That’s all. Look at this. I’ve been carrying this with me from California. I’m in Arizona today. I’m taking this to North Carolina, taking this on all my travels. Because the way, like, if you’re watching the YouTube channel or if you’re watching the video recording of this, like, I like take look at all the notes that I tear apart on this book.
00:04:32:18 – 00:04:40:17
Lauren
Like this looks like a textbook from high school. There’s more my own writing. I feel like on pages than has.
00:04:40:19 – 00:05:03:15
Ralph
That’s historical. It’s just different ways of learning. Like everyone learns slightly differently. I think what I like about his stuff is that, not for me. Like I’ve been doing this for about 15 years now, so it’s like not a lot of it is new, but it reminds me of the things that maybe I did know, and it puts a different spin on the things that I was familiar with and maybe didn’t know.
00:05:03:15 – 00:05:29:14
Ralph
So that’s what I love about Hermosa. And his teaching style is like, it’s just so simple and straightforward, but also it’s jam packed, like, you know, money models is like, there’s no crap in there at all. There’s a couple of stories, but he gets right into it, like go into like your, you know, your your, you know how you what your money models are and you know, there’s there’s like no break to it.
00:05:29:14 – 00:05:39:02
Ralph
So I think the way that you’re doing it actually makes sense because reading it all at once is almost too much. But the way that I learn is I go through it all quickly, and then I’ll.
00:05:39:02 – 00:05:40:14
Lauren
Go, you power through, then go.
00:05:40:19 – 00:05:48:16
Ralph
Power through it, and then I back through it. So you’re doing win your money back. So just explain to people like what win your money back is. And if you
00:05:48:16 – 00:05:57:03
Ralph
got an offer like no matter what you are doing right now, whether it your e-commerce, whether you’re in service, whether you’re, you know, doing digital products like all of this stuff matters.
00:05:57:15 – 00:06:14:21
Ralph
The in-person session that I did with this client is actually he has a coaching program so very applicable. So we’ll we’ll talk about down sales. We’ll talk about upsells. We’ll talk about all that the of things that we went through, you know in that meeting. But what we didn’t do is we didn’t really change his offer all that much or his money model.
00:06:14:21 – 00:06:24:17
Ralph
We added to it in a lot of different ways. But you’re going through the first one, which is called Win Your Money Back. So tell us a little bit about what this one is, because it’s actually it’s it’s a really cool one.
00:06:24:18 – 00:06:28:18
Lauren
So when your money backs essentially the chance of someone’s going to buy
00:06:28:18 – 00:06:37:16
Lauren
instead of giving a guarantee of like conditional guarantee or an unconditional guarantee for their money back, you’re giving them the chance to win their money back, which is
00:06:37:16 – 00:06:46:21
Lauren
still kind of like a conditional guarantee. But as long as you participate, I’ll just let you. I’m saying roll over the money so that you can use that as a credit.
00:06:47:14 – 00:07:00:13
Lauren
So it’s just essentially a way that you can show up, do the things that you wanted to do, and then that will become a chance for you to apply that credit for an even bigger purchase, because you’ve earned that discount by doing the work.
00:07:00:13 – 00:07:09:00
Ralph
Right. He actually uses an example in the book of his wife, Layla. This Layla right.
00:07:09:02 – 00:07:29:13
Lauren
That I up? Yes. How absolutely. I am such a super fan of her. Like you don’t understand her content, so I’m fired. I was there, I was like one of her first, like, thousand. Not probably boatloads, but I remember being, like, the 30th person to like the second person to comment. Now it’s like 300 shares. Yes.
00:07:29:15 – 00:07:38:01
Ralph
So you were you were a super fan before. Like before she was like, you made her famous, right. And I was just saying, here you was a part of her rise to fame.
00:07:38:02 – 00:08:07:19
Lauren
No, she was already. She was already famous in mind. Alex is I think what I think is really cool. And I’ll do that. Side note is that she is a partner in access income. Yeah. The difference between her and Alex is that Alex wrote a book and put his name on it. She is running the operations and so much of the stuff behind the scenes, they are like president and vice president and have, I don’t know, their power dynamics in the company, but she has been there for nearly every step of the way, especially for the empire that he’s built thus far.
00:08:07:21 – 00:08:27:01
Lauren
And she has been in his shadow. And even when she initially made content, it was similar to what his was and what I think has been great. She’s made such a shift to say like, hey, yeah, I have been the co-creator of so much of this stuff, and so much of her content is like, what is it like working with a partner?
00:08:27:03 – 00:08:46:00
Lauren
What is it like creating together? How do you go through the hard moments? So she’s the softer side, the realistic side where Alex like, do this, do this, do this. And she’s saying, well, you need to be mindful that if you guys aren’t talking to each other, this has to happen. So he wouldn’t have been successful without her.
00:08:46:02 – 00:09:07:20
Ralph
So if he’s more than just like the visionary integrator kind of thing, she seems she’s very visionary. But she’s also, like Alex does, give her a lot of credit as being like the integrator. The person who actually executes gets the stuff done. But I do think that he’s probably on the visionary integrator scale. He’s probably more visionary if that sort of makes sense.
00:09:07:22 – 00:09:21:19
Ralph
I’m not as familiar with her stuff as I am with his, but is that a fair assessment, or is she sort of because she has her own thing? It’s not like and it’s distinct and different from Alex, but they’ve built that business together.
00:09:21:21 – 00:09:44:12
Lauren
I think that the thing that’s distinct from her is that so much of it is like, I feel like a third of her content is specifically on relationships. Okay, Alex, besides saying that he loves his wife, doesn’t show up as a romantic at all on social media and isn’t caring about the hearts and flowers, whereas a third of her content is like relationship based server content, I think is the entrepreneur side.
00:09:44:12 – 00:10:00:12
Lauren
So he he for sure is the entrepreneur. I don’t know enough of their story. But this was his company and then she was the entrepreneur inside of it. And I think she’s just been such a fan of helping him grow his vision that he had the vision of what he want, and she had the vision of how to get there.
00:10:00:14 – 00:10:17:08
Ralph
And I think for any business, I was just actually just talking with another agency owner this morning, we connected through a private equity partner of ours and he doesn’t have the I was like, you know, what do you need? Like what you need? First off, you need a sales person and you also need somebody to execute on your vision.
00:10:17:10 – 00:10:19:06
Ralph
And that person is like,
00:10:19:06 – 00:10:22:17
Ralph
if you want to get to that next level of scale. Certainly seems like
00:10:22:17 – 00:10:36:19
Ralph
a Layla in this case. And Alex even says this, and a lot of his books, like he’s not great with like, the interpersonal relationships, like the management, you know, kind of thing. He sets the vision of it, but she’s the one who sets up all the systems and understands, like, all right, we’ve got 100 people now.
00:10:36:19 – 00:10:46:03
Ralph
We need help. And, you know, does a lot of that internal stuff, but also helps him, you know, I think articulate his vision.
00:10:46:03 – 00:10:58:11
Ralph
So it’s like it really does seem like they’ve got a good, you know, working relationship. And I think for any business that wants to scale like that is a dynamic that is essential. You know, without it you’re going to have a hard time scaling just all on your own.
00:10:58:11 – 00:11:17:05
Ralph
You definitely need somebody else to, to take that to the next level. It’s a great book by Gina Wickman called Rocket Fuel, which talks about sort of that visionary integrator relationship, another book that we’ve read many, many times, you know, through their the iOS, the Entrepreneurial Operating System, Gina Wickman. But like, that’s the whole idea behind there.
00:11:17:05 – 00:11:34:02
Ralph
So the interesting part was when he’s introducing this when your money back section of the book, he actually talks about, I think it was an HR software that Lila was trialing, and that’s where he kind of got the idea for this. When your money back, do you remember that story?
00:11:34:04 – 00:11:47:18
Lauren
I did not see the story. The part that I, I mean, it might be further because you’ve consumed it all. He had talked about how, like, you can buy your six months and he was like talking about I mean, the gym and the supplements pieces. But I don’t tell me that story because I did not hear about it.
00:11:47:18 – 00:12:15:15
Ralph
I believe it was, so she was this is great for software people because it’s like your offer is just everything in software. Because everything in software is book a call schedule a call is, you know, a salesperson will will assess whatever your needs are. We just bought a software this past week, same model, I think in this case, the HR software that she was looking at, they would waive the onboarding fee if she did X, Y and Z like eight different tasks.
00:12:15:15 – 00:12:30:05
Ralph
So it’s like then after that then they would start charging. So she said, okay, well I can save whatever it was $500. And I’ll do like these eight tasks. By the time you finish the task, you’re fully vested, like you’re going to buy the software you’re going to want.
00:12:30:05 – 00:12:40:05
Lauren
Because you’ve applied everything from it, like the eight tasks are getting you hooked. It’s like your your quick fix. And so now you’re attached to the vein.
00:12:40:06 – 00:13:01:22
Ralph
Exactly. So it’s reverse psychology. So they take the credit card. They don’t charge her the onboarding fee she had to work through I think like three weeks. It took like 2 or 3 weeks. I forget exactly. But they didn’t charge for that section. And then as soon as the monthly hit or at the third or fourth week, then they started charging.
00:13:01:23 – 00:13:10:19
Ralph
So it’s like it is kind of like a free trial, but not really. It’s like you’re winning your money back, but you’re never really paying for it.
00:13:10:19 – 00:13:30:13
Lauren
So there’s no money down. So for in that case, she didn’t have to put money down in this example from like what we saw in the book was you had to put money down. And one of the things we had talked about was like, if you lost weight, if your goal was to lose 50 pounds and you’re in this initial six week trial and you’re like, cool, you’ve lost 8 pounds, great job.
00:13:30:15 – 00:13:50:06
Lauren
But is that your real goal? No, your goal is 50 pounds. So why don’t we give you the chance you can win all that money back and apply it into your annual membership so that we can keep going towards your goal. So there was a there was a dollar amount put down first. I wonder if there’s another piece later that says the illusion of winning your money back.
00:13:50:08 – 00:13:59:19
Lauren
But the like empowerment of the free trial. Oh, I just flipped to a page says offer a free trial.
00:13:59:21 – 00:14:28:06
Ralph
So it is similar to a free trial, but it’s how like win your money back is is in essence, you get if I think in the in the software model I that we just mentioned, I think that’s more of the free trial because you are getting it for free. But if you don’t, you know, if you don’t actually execute on all eight steps in a set period of time, they will charge your credit card.
00:14:28:08 – 00:14:31:08
Ralph
So it’s yeah, free trial with conditions.
00:14:31:08 – 00:14:40:18
Ralph
So if you’re ever offering a free trial for anything that you sell, always have conditions that they have to meet which are easily trackable benchmarks
00:14:40:18 – 00:14:51:23
Ralph
or sort of milestones along the way. And if someone does all those things, you were setting them up for success, but also you’re setting them up for the next level of success.
00:14:51:23 – 00:15:11:13
Ralph
Lose 8 pounds in 30 days. Okay, you know, you could do a free trial. You could do a win your money back on that. But your main goal is really is to lose 25 pounds, which you know, is going to take more than a month. So like there’s a way in which to position this and the win your money back and the free trial which you gets into later in the book.
00:15:11:13 – 00:15:25:09
Ralph
For me it was like I was like, well, wait a second, isn’t that kind of like when your money back? So it’s just all in how you’re positioning it. But I think there’s definitely something here. If you are a software, if you are like a coaching company, if you’re doing, you know, gym memberships,
00:15:25:09 – 00:15:33:09
Ralph
like there is an opportunity here to really get a kick ass front end offer and attract more customers using these types of techniques.
00:15:33:10 – 00:15:38:13
Ralph
Whether or not you do when your money back, or whether you do a free trial with conditions
00:15:38:13 – 00:15:41:03
Ralph
because you should never give a free trial with no conditions.
00:15:41:12 – 00:15:57:17
Lauren
But there’s like go on leave. Did I think about email is more like, say like a cellulite cream or something. And they’ve got a great free trial model. Which makes me think of this where, you get the products of full size products for 21 days in a trial. If you don’t like, you will not be charged.
00:15:57:17 – 00:16:16:00
Lauren
You have to send the products back, but you’re trying them for 21 days. And if you don’t, you’ll be charged to like $100 or whatever the products are. And then, of course, they have a bunch of upsells and free product giveaway. But they had that’s running that. If you try it and don’t like it, and you can return it within 21 days, you don’t get charged.
00:16:16:00 – 00:16:34:21
Lauren
But if you keep it, they charge you and then you’re on a renewal automatically. So it’s just a delayed payment like you’re deferring when you’re committing to it and actually seeing if you like it. I tried it, it made me feel like my butt was on fire. Like I was like, no, thank you. So I returned it, but I was like, I heard.
00:16:34:21 – 00:16:35:21
Ralph
It and you got your money.
00:16:35:21 – 00:16:53:07
Lauren
I did, I okay, I did. So one thing though is I returned and I said, hey, guys like this is court. Like I’m uncomfortable for the last 25 minutes. Like it’s, you know, like when you have like Bengay or like warming creams, this was like, set it on fire. I thought I was like, at the church. Oh my God.
00:16:53:08 – 00:17:10:07
Lauren
On top of the candles, sinning like I was like, this is burning hell. And I like to pretend I just don’t have cellulite. So that’s why. But the model was really good. And so while that’s not a cream I was specifically searching for, I thought the concept was really good. I would give it a try. It’s not something I would have ever bought.
00:17:10:09 – 00:17:30:06
Lauren
I tried it, hated it. I returned it, but they had put me into a subscription. So like a week after I returned it, a full set of four new products arrived at my door with an auto charge of like 120 bucks or something. I was like, hey guys, I reached out. I said, this was a negative experience, can you please cancel this?
00:17:30:07 – 00:17:47:16
Lauren
They were great. They’re like, yes, we’re doing it back. I was like unopened. They they did just that, like small thing that tricks you because if you return something, just always remember you have to cancel. If there’s also a subscription. I assume that when I had said I have like second degree burns right now, that they would not have renewed it, but it was.
00:17:47:17 – 00:17:55:06
Lauren
Anyway, sorry if anyone works at Macy’s. I think it’s a really great system. The Protestant work from my skin. I’m sure it works great for other. They’ve got thousands of reviews.
00:17:55:06 – 00:18:02:11
Ralph
But I don’t know why you’re using a cellulite, you know, remover. Anyway, I don’t like it when you file on your body. So just just saying.
00:18:02:13 – 00:18:15:10
Lauren
It could have been the reason why I didn’t work it was a couple there. We got in there. You go on all and see and understand, like, this is such a unique offer. But anyways, that I wonder if it’s not similar, like deferred payment model.
00:18:15:14 – 00:18:32:03
Ralph
So when your money back off her, one of the big keys that he does mention in this book is that if you are going to give their money back for a set period of time, let’s say it’s a 30 day period because they have done X, Y, and Z. Let’s say that’s seven different things that you need to do in order to win your money back.
00:18:32:05 – 00:18:45:21
Ralph
Obviously applies to the fitness space. Really? Well, it applies to, you know, signing up for an HR, software or any sort of software is that you can then use that credit for the next offer or for the next purchase.
00:18:45:23 – 00:18:48:05
Lauren
So we’re trying to do in a webinar that we’re.
00:18:48:05 – 00:19:00:04
Ralph
Doing the money model that you’re using is what specifically. So this is like you reading and then applying. And then obviously we’ll follow up on this in a later show. But what’s your when your money back model.
00:19:00:06 – 00:19:11:12
Lauren
And Carly comes out my webinar will have happened. So we’re doing a webinar on 1010 at 10 a.m. CST. So we’re talking about email marketing and ways that you can compete in their crowded inboxes.
00:19:12:04 – 00:19:32:06
Lauren
And part of that webinar is so we have it’s a free webinar with an upsell. So if you want to have the VIP at $17 before the webinar, 37 during the webinar, or $97 after the webinar, what the VIP gives you is the recording for six months and the bonus webinar on the following link. So I like it’s cheaper in the beginning because it’s called The Stranger Tax.
00:19:32:06 – 00:19:55:04
Lauren
If you’re seeing this as an ad or whatever, and you don’t know me well enough to justify $17, okay, no problem. You don’t have to buy until maybe during the webinar, you’re like, wow, this is so good. I need this recording. Okay. You delayed. You didn’t get to take advantage of the stranger tax discount. So what we’re saying that was on that VIP, like, if you buy our win your money back.
00:19:55:04 – 00:20:17:04
Lauren
So whether you’re paying 17, 37 or 97, you will have the chance to win your money back by doing four things. So we are saying you have to attend each webinar for at least 40, 40 minutes, live like you have to show up live. And then I need you to post four times. Hey, give me stories. I’m not asking to do a permanent feed, but I need you to post during the webinar.
00:20:17:06 – 00:20:34:04
Lauren
I need you to post after the webinars. So you say during webinar, like whatever I’m watching this, having to post, you can be like, man, this girl is so annoying. She’s making me post. So here I’m doing it and you tag myself among this media. So if you post during and then you post, what was your biggest takeaway?
00:20:34:06 – 00:20:51:21
Lauren
And that can be negative. Like I’m not saying it has to be good. Ideally I’ve given you enough value, but I just be like, hey, what’s something you learned from it? And even if it’s like I learned that this girl just wants to be tagged on socials, I don’t care, like you can whatever it is. So you tagged four times what you learned after each webinar, including the bonus, and you attend the webinar.
00:20:51:23 – 00:21:16:05
Lauren
And then the third one is that I ask you to take a five question survey after the webinars, so that I can learn how to be better at them, because I want to do this once a month, and I’m going to keep the webinar initially free for this calendar year, but I’m giving the chance to people to win their money back if they do those four things, and then it will roll into after the webinar, we’re doing a six week trial of marketing rehab, where they’ll get a group coaching call with me every week.
00:21:16:06 – 00:21:38:05
Lauren
So if they depending on if they’ve paid 17, 37 or 97, it actually won’t matter. So they attend the second one. I’m going to assume everyone paid 97 and give them that $97 discount for a six week group coaching call with me, which will be a huge, significant discount, especially if they only paid 17. So they’ll be rewarded for paying less and buying really big time.
00:21:38:05 – 00:21:42:21
Lauren
I hope they don’t buy early though. I want them to buy later, but whatever. It’s up to them.
00:21:42:23 – 00:21:47:15
Ralph
So that’s 17 that. What did you say 37 and 97.
00:21:47:17 – 00:21:54:02
Lauren
Yeah 17 if they buy before the webinar 37 if they buy during the webinar. 97 if they buy after the webinar.
00:21:54:04 – 00:22:01:16
Ralph
Got it. And that will all be credited back into the next upsell. The next sort of cross-sell upsell purchase got.
00:22:01:16 – 00:22:30:17
Lauren
It into the six week trial of, hey, if you liked these two webinars, imagine if you got this every week. But instead of me deciding the topic, it’s personalized and specific to your business objectives and the marketing or growth challenges you have. Great. You have now a full $97 discount. So we’re charging 197 for that six weeks. Even if you paid 17, you just got a bonus because I’m making it up to 97, so it only cost $100.
00:22:30:21 – 00:22:49:01
Ralph
It’s a great idea. It’s a great offer. And like the whole part about this that I really love is that you’re being silly. You’re paying one number, you do X, Y, and Z, whatever those critical things are, you know, what are those in your business? What must they do in order to set themselves up for success? For the next stage?
00:22:49:03 – 00:23:17:09
Ralph
And you’re crediting that money back. Same can be done with a free trial. The free trial is contingent upon them executing on step one, two, three, four, or five. Perfect for a, you know, up for a software, perfect for a coaching program, perfect for, you know, maybe a little bit less so on e-commerce to a degree. The point is, is like both you and them, the client is betting on themselves to execute.
00:23:17:11 – 00:23:38:17
Ralph
And that’s the big part to this is like they’re vesting. They are getting involved in their own success with money on the line, and then you’re rewarding them for that. And whether or not it is the free trial or whether or not is the win your money back. It’s a great way of bringing in clients that you know you otherwise probably wouldn’t have sold with just sort of a straight line offer.
00:23:38:17 – 00:24:03:09
Lauren
Yeah, I’m like, I think of important pieces too. It’s like winning your money back. Yeah, I’m crushing them. The 17, 37 and $97. But I’m actually asking them for more money, so I’m asking them for a second purchase. So it’s not that like I’m refunding, I have, an unconditional money back. I said, if anyone is 20 minutes and five minutes in and they find that everything I’m doing is useless, then I will 100% require their money.
00:24:03:09 – 00:24:21:11
Lauren
I care more about their time on the webinar than I care about 17 or $37 like that doesn’t mean anything to me. Them being present for an hour were me showing things that work for our clients and our business, and giving them the chance to empower their small businesses to reap the same benefits. That’s way more valuable to me.
00:24:21:11 – 00:24:44:00
Lauren
So I like I have the unconditional. If you don’t find this useful, here’s your full money back I I’m sorry I wasted your time because your time is way worth more than 17. The other thing I have is, so that’s it. I’ll give you your money back. But I’m rolling that money. And when I’m asking you to give me more money, I’m just not charging you the full price because I’m giving.
00:24:44:00 – 00:25:05:11
Lauren
I’m applying what you’ve already paid. So if I’ve collected 17 now, I’m going to be collecting 100. So it’s new money. It’s just not the full price money. So exactly said maybe someone wouldn’t have paid 197 without having paid zero before, so this just allows it to get it cheaper. And again, the most important piece is I’m collecting money again.
00:25:05:13 – 00:25:21:16
Ralph
All right. So the bottom line with this is like if you’re going to do this you have to figure out what is your XYZ EPD Q you’re one through seven. You’re one through five that somebody must do in order to win their money back. And or if you’re doing a free trial, what are they going to do? It’s conditional.
00:25:21:17 – 00:25:46:17
Ralph
Never, ever offer a free trial without grabbing a credit card. Maybe charging $1 like he talks about this in later like latter parts of the book, but super important because it does relate back to when your money back and the client that I was meeting with, we were trying to figure out, okay, what could be your guarantee? Is there a potential guarantee here in a win your money back kind of scenario or a free trial kind of scenario?
00:25:46:17 – 00:25:51:02
Ralph
And they just wouldn’t go for it. They just their finance is just some businesses.
00:25:51:03 – 00:25:51:11
Lauren
Not you.
00:25:51:12 – 00:26:14:06
Ralph
Just not going. It’s just too much too soon. However, like we’re talking, let’s a $10,000 program. So that’s pretty significant. That will affect the bottom line to a certain degree. But if you are thinking about like, how do I spice up my offer? Like, this is a great way of doing it because it puts the results, it mixes results and action together, which is what I love.
00:26:14:11 – 00:26:19:00
Lauren
And provided that you have another offer for them to continue to receive the result.
00:26:19:00 – 00:26:26:23
Ralph
Correct? Correct. And he talks about this and I don’t know if your offer actually has. This is like this is a perfect segue into a continuity offer.
00:26:27:01 – 00:26:47:08
Lauren
Oh that what do you think marketing Rehab goes into? It’s like you get a six week trial at 197, and then I’m selling you into marketing rehab, which is a weekly meeting mastermind. So that’s the continuity. And then in that second, I was like, if you see the screen, I have it here is if you do the six week trial, I’ll actually let you win your money back again.
00:26:47:08 – 00:27:06:11
Lauren
Where you attend all six calls, you attend an orientation call, a transformation post and a check in call. So there’s a three orientation check and call transformation feedback call. If you attend those three calls and you attend each of the six sessions of marketing rehab, I’m actually going to roll your 197 into if you want to buy annually.
00:27:06:11 – 00:27:28:22
Lauren
And then I’m following her Moses up options like I’m not giving you your $197 back right away. I’m taking that 197 off over the next three months. So instead of charging for 95 a month, I’m charging you for 29 a month. So I’m taking it 197 and applying that discount over the next three months. Then you’ll be in for 97.
00:27:28:22 – 00:27:36:11
Lauren
Or if you want to double that when your money back and you buy the annual, you’re actually going to get $400 off of the annual purchase.
00:27:36:13 – 00:27:51:23
Ralph
Yeah, that makes sense. Right. So if you do have a if you do have a continuity program, that’s what he recommends. It’s like spread that over three, six, nine, 12 months. Whatever happens to be in your case it’s three months. So perfect because it rolls right into continuity. And continuity is a great model.
00:27:52:06 – 00:28:03:02
Speaker 1
Hey, please stay tuned for part two of this episode by subscribing to this show so you don’t miss the golden nuggets. To help you with metrics that matter and actually scale your business. I’ll see you in the next video.
