[OM Week 6]: What Really Makes A Freedom Business Profitable?

[Click to play the video above]

What Is Operation Macau?

  • Myself and another entrepreneur have set up difficult physical and business goals
  • We have six months to make these goals a reality OR ELSE
  • We do one weekly call to share strategies, review challenges, and set new targets
  • Weekly challenges that are not completed are met with a punishment
  • Below you will learn the proven methods and strategies that we’re using to make these goals a reality

Yo!

This week in ‘Operation Macau Land’ things got REAL.

Here’s what happened…

Live on the call Matt and I discussed one of the most powerful strategies in Freedom Business…

Customer Personas.

Or as I like to call them, your One Key Fan.

This concept is one of the three pillars of success in online success.

(The other two are Ads and Offer)

Here in this article I’m going to break down exactly what this concept is about.

As well as how you can use this strategy to make it rain.

So grab a pen and notepad – because this stuff can literally transform your business.

But first, a quick rundown of where Matt and I are at in the challenge:

Matt:

  • Fitness: Smashed the gym (with extra workouts), and calories were good (successfully resisted the pizzas :P)
  • Business: Sent 115 ‘Thank You’ cards to recent customers equipped with…
    • An Offer: Discount promo code
    • Accountability & Tracking: He can track the particular coupon code and measure the conversion rate of the card promo
    • Marketing Savvy: He’s testing the promotion with a small batch of his list before blasting it out to his entire list

Me:

  • Fitness: On track for 15% body fat by August
  • Business: Completed everything except Million Dollar Launches Module (sidenote: I’ve done three separate million dollar launches – each in one day and in the first 3-4 hours of opening the cart – so I’m breaking this process down for my private clients so they can do the same)

As mentioned in the video I failed to complete one task.

And this week Matt’s given me a kind of bittersweet punishment…

Screen Shot 2017-04-07 at 10.10.40 AM


I have to buy some of Tai Lopez’s merch (a hoody).

It’s bittersweet because this guy ran an absolutely obnoxious social media campaign a few years ago.

But I also have a huge amount of respect for what his campaign accomplished (taking over the internet).

And I have my community of Freedom Business clients to thank for this punishment.

Okay, now it’s time to get into the MEAT of today’s article.

I’m going to show you what a Customer Persona is…

As well as why they’re what REALLY makes a Freedom Business profitable.

Tim, What The Hell Is A One Key Fan?

Picture this for a second…

In any business you have two parties:

  • The party that sells stuff (the business)
  • The party that purchases the stuff they’re selling (the customer or client)

We’re cool on this, right?

Well where most businesses screw up is that they market to huge, broad groups of people.

But success in Freedom Business is about marketing to INDIVIDUAL people.

Here’s why…

You want your customers to see your marketing (ads, landing pages, sales copy) and feel as if it’s SPEAKING directly to them.

Literally.

You want your sales copy read as if you were sitting beside your prospect at the bar and chatting to them.

Screen-Shot-2017-04-07-at-11.50.16-AM


And the best way to do this is by first building out your One Key Fan.

These are also called Avatars, or Customer Personas.

And what they are is a very detailed description of who your ideal customer is as a single individual person.

It’s about narrowing in on the 20% of prospects who bring in the 80% of income.

And once you’ve found out who the 20% are, you want to find all of the correlating traits and information…

From that you build your One Key Fan avatar.

This will be one of the the most valuable information assets in your business.

It will form the basis of almost everything you do in your business.

Especially when it comes to the products you create and how you market them.

Kevin Kelly wrote a awesome article (later made famous by Tim Ferriss) that talked about this concept.

The article was called ‘1,000 True Fans’ and in it he said:

“A true fan is defined as a fan that will buy anything you produce. These diehard fans will drive 200 miles to see you sing; they will buy the hardback and paperback and audible versions of your book; they will purchase your next figurine sight unseen; they will pay for the “best-of” DVD version of your free youtube channel; they will come to your chef’s table once a month. If you have roughly a thousand of true fans like this (also known as super fans), you can make a living — if you are content to make a living but not a fortune.”


Still with me?

Cool.

So that’s a bit of background and overview on this rad concept.

Next I’m going to show you the three EASY steps you can use to build your own customer personas.

And here’s the really cool thing…

Most people make the mistake of creating a product and THEN looking for a hungry market (of One Key Fans).

Let’s get into it…

Key Learning #1: Laying The Foundation Of A Winning Customer Persona


When building your One Key Fan you need to think about two main categories:

  • Demographics
  • Psychographics

Demographics are the quantitative, hard facts about your One Key Fan.

Things like age, gender, income, ethnicity, and where they live.

But where it gets interesting are the Psychographics.

This refers to your One Key Fan’s psychology.

It’s refers to their beliefs, values, religion, political views, fears, concerns, hopes, and their dreams.

And you literally want to build as detailed a picture of your One Key Fan as possible.

Here’s why…

Not knowing who you’re One Key Fan is can be catastrophic.

This isn’t hyped bullshit, get this…

In 2011 businessman Ron Johnson was appointed CEO of American retail giant J.C. Penney.

J.C. Penney is one of those companies like Walmart that you’d think is ‘too big to fail.’

Well Johnson decided to shake up the model of the store by ditching coupons and re-branding it as more ‘upscale.’

And then this happened:

“Just 16 months later Johnson was out. Penney was hemorrhaging cash; it lost $1 billion during his one full year as CEO. Its shares were hurtling downward.”


He literally brought a retail giant to its knees.

How?

Screen Shot 2017-04-07 at 10.55.49 AM


By not understanding what his customers wanted.

The people spoke…and they wanted their damn coupons!

Knowing who your customer is and what they want is almost ALL that matters.

To use another retail example, Lululemon (who are smashing it) have their One Key Fans down to a tee.

An article in Business Insider talked about Lulu’s detailed One Key Fan personas.

They literally called them Ocean, and Duke.

But here’s the thing…

Where you and I screw up as Freedom Business owners is that we think our customer is a certain kind of person…

But then we send out a survey, check the results, and find out they’re the total OPPOSITE.

In the video Matt and I discussed the benefits of knowing exactly who your One Key Fan is.

One of the top ones is that it 10X’s the potency of your sales copy.

Consider this for a moment…

Think about the different people in your life: your parents, your best friend, the guy who makes your coffee, your work colleagues.

You communicate with all these people differently, right?

Well the effectiveness of your sales copy will depend on how well you know the person you’re communicating with.

There’s no ‘one size fits all’.

Matt shared how he thought his prospect was like him when he started out.

He thought his customer was 20-30 years old and tech savvy.

Then after surveying his list of past clients he found out that they were actually way older, wealthy, and academically intelligent.

…So the polar opposite of his assumption.

Remember this:

You can have the best ad and landing page in the world, but if it’s in front of the wrong audience then it was all for nothing.

So when it comes to zeroing in on your ideal customer – expect the unexpected.

Key Learning #2: What Are Their Biggest Pains Or Most Vivid Dreams?


The most important thing you need to know about your One Key Fan is this…

You need to know what’s keeping them up at night.

Here’s what I mean…

You need to know what the biggest pain and frustration in their life is.

Most of us buy things to solve a burning problem.

OR to help move us towards a dream or desire.

NOTE: If you spent your entire Freedom Business career finding people’s pain points and selling products that solved them you’d soon find yourself living in a palace.

Remember what I said in Week 0:

“We feel worse off losing $100 than we feel better off winning $100”

Pain points tend to have stronger selling power than marketing to people’s aspirations.

That’s why ads like this one can be so powerful…

Screen Shot 2017-04-07 at 11.31.29 AM


But the balance of that will depend on your unique One Key Fan.

Key Learning #3: How To Research And Get To Know Your 1KF


Okay so here’s what we’ve talked about so far…

1) What a One Key Fan Is
2) Why you need to build one

Now it’s time to talk about how you can actually do the recon and get the data on them.

Conversion XL defines the process of building a One Key Fan persona as having this goal:

“The goal is to get inside your customer’s heads to make sure your personas are based on what real people think, not just your idea of what they think.”


And by far the best way you can do this is by surveying your list.

Programs like Survey Monkey are great for getting insightful info about your market such as:

  • What their frustrations and sticking points are
  • What negative emotions they’re experiencing
  • What products and services they like and pay for
  • How much money they make
  • What their hobbies and interests are
  • Their favourite celebrities

And this research can not only improve your sales copy, but your ad targeting too.

Matt also shared a pro tip in the video.

He said that you can upload your list to either Facebook or Towerdata, and they’ll give you data about your customers cars, income, house price, kids, marriage status, and religion.

But what if you don’t have a list?

Easy.

There’s a TONNE of free content out there that you can use to build a One Key Fan persona.

You can literally build an entire persona by looking at:

  • Blog comments
  • Youtube Comments
  • Amazon book review comments
  • Facebook ad & post comments
  • Meeting and talking to One Key Fan’s in person
  • Hosting a live webinar

These methods are all free and they don’t require a list or existing customers.

How cool is that?

From this you can sneakily (and awesomely) find out what people’s pain points are.

It’s just another way of validating a product or service BEFORE investing money in it.

Which is what I’m all about.

So, To Bring It All Together…


The most important thing to remember is that your market is one person.

Your best One Key Fan isn’t someone who would kind of want what you’re offering…

It’s someone who’s desperately SEARCHING for it.

Then you want to craft ads and sales copy that speaks to who they are so directly that they think:

“Wow, this is me! This person understands me. This is exactly the thing I’ve been looking for!”

That’s it for this week…

Did you find this article fun and helpful?

Leave a comment below and let me know what you thought.

Talk next week,

TMARC

 

Previous Articles In This Series:

Week 0 –  Using The 5 “Unfair Advantages” To Get Rich… Or Anything Else You Want
Week 1 – The Failure And The Punishment
Week 2 – Confessions Of A Freedom Business Builder…
Week 3 – Automation: Your Key To Freedom
Week 4 – Spiritual Pizza Fail
Week 5 – 3 Travel Hacks

 

Footnotes/References:

Kevin Kelly: 1,000 True Fans
http://kk.org/thetechnium/1000-true-fans/

Fortune: How To Fail In Business While Really Really Trying
http://fortune.com/2014/03/20/how-to-fail-in-business-while-really-really-trying/

Business Insider: Lululemon calls its ideal customers ‘Ocean’ and ‘Duke’ — here’s everything we know about them
http://www.businessinsider.com.au/lululemon-idea-customers-ocean-and-duke-2015-2

Big Think: The Science of Incentives, Motivation and Choking
http://bigthink.com/insights-of-genius/the-science-of-incentives-motivation-and-choking

Conversion XL: How To Create Customer Personas With Actual, Real Life Data
https://conversionxl.com/creating-customer-personas-using-data-driven-research/?hvid=2AD8ar