Transcript
Speaker: So many businesses get stuck at the low seven figures mark, you know, the one to three million dollar range. The solution they think is often, you know, you need more products, more traffic, more people, but you actually need less.
Speaker: You really just need one, one, and one. And so that's one, traffic source, one funnel, and one product.
Speaker: So in this video, I'm gonna show you the fastest way to get to $10 million. dollars And this is exactly how I took our business from $200,000 to $2.5 million dollars in one year, then to $16 million dollars in the next year, then $25 million. dollars And now this year we'll do about $65 million. dollars Because you know how they say, don't put all your eggs in one basket?
Speaker: That's complete nonsense. The most successful people put all their eggs in one basket, then they know that basket very well. They know every single inch of it, every single fiber in there. And that's exactly the fastest way for you to get to $10 million. dollars The one-one-one method. One traffic source, one funnel, one product. You nail each one of those items better than anybody else.
Speaker: And that's how you scale to $10 million dollars way faster, more easily, and more profitably. So let's get into it. So first, let's talk about the product. So Red Bull launched in 1987 and for 15 years, it only sold one product and reached a billion dollars in annual sales with just one product. So we don't need a dozen different products to build a business to a million dollars, $10 million, dollars or even $100 million, dollars which is crazy. You can get there with just one product because there's a saying that I keep in my head that might be useful for you is your goal determines your product.
Speaker: And so if you wanna build a million dollar business, you need a million dollar product. If you wanna build a $10 million dollars business, you need a $10 million dollars product. And the same applies to $100 million. dollars So if your goal is to get from where you're at now, which could be starting from nothing, or you could already have a one, two or $3 million dollars a year business,
Speaker: and you want to build a $10 million dollars business, the mistake most people make is that they think the solution is to add $10 million dollars products. What you need is one $10 million dollars product.
Speaker: And nowadays, there's so many resources online, whether you're selling on Amazon, or you're looking at competitor data, or you're just listening to what people are talking about in their businesses on podcasts, it's easy to find out how much revenue businesses are doing now and how much revenue certain products are doing. And so your solution to get from where you're at, and especially if you own a low seven-figure business, you might've been stuck there for years at this point.
Speaker: So the way to get to the next level is to not to grind harder, hustle harder, to launch a bunch of new traffic sources and products and add a bunch of people. You don't need any of that stuff. You just need a better product.
Speaker: And it starts with a product that can actually get to $10 million. dollars So the first thing you need to figure out is in your current business, can your main product, I also love to call these keystone products, can your main product support $10 million dollars in sales?
Speaker: And the way to do that is like going back to the beginning when you first launch your product is can that product, is an existing competitor at that level yet? Because that's the best sign of whether you can get there. If you know there's a competitor out there that's doing 10, $20 million dollars a year, all you have to do is create something better or slightly different or for a segment of that market, then your product can likely get to that $10 million dollars a year level.
Speaker: If you don't see anybody else out there doing that and the market's just not that big, then this is not the right product to get to $10 million. dollars So I'd recommend looking at a product that can get to that level.
Speaker: Ideally, it fits within your current business. Nine times out of 10, that's what you wanna do because you already have an existing customer base, you've got customer service function somehow figured out that supports that product. You've got social media profiles, email list, a store, all that stuff that's supporting this one brand.
Speaker: So what you need to do is hopefully find a product within that market that's related to that business, because you want your whole business value to grow, that can support $10 million. dollars If that's not at all possible, or you feel like you've done everything you possibly can to make that business grow, then that one time out of 10, which is not what would recommend for most people, is then you can look at a new business, a new product.
Speaker: But don't start there. Ideally, grow the business you already have to keep things as simple as possible, because the one supporting function here is one business. The last thing you want to do is be adding multiple businesses, but 10% of the time you may have to. But start by trying to find your $10 million dollars product that can fit within your current business. So about a decade ago, I ended up partnering up with a guy that owned a brand selling cell phone accessories like screen protectors and that sort of thing. And that business was a complete nightmare because in that market, there have been some businesses that have been built big in that space, but it's not an easy business. You think like, oh, you're just selling these screen protectors. Like what's the problem? The problem is there's so many different devices and they change every six months to 12 months. that means you're constantly having a hustle to get new products out, constantly having to launch products. And so when looking at the product you wanna sell,
Speaker: get into a business where you can have literally just one product, and if possible, just one skew. You know, we sell coffee, and our main roast, medium and dark, they do the vast majority of our sales.
Speaker: If we only sold medium roast, I almost think that our sales would probably be 80% of what they are. But if you're selling like apparel, there may have to be multiple variations, so maybe you still lump that into one product. But the ideal holy grail business is like Red Bull, the 8.4 ounce can that does a billion dollars a year in sales. So if you can get there, that's what you're shooting for.
Speaker: But the two most important criteria that you really want for your product is to either be something that's consumable or subscription. And so the reason for that is we love the consistency of the sales, but a big reason you want consumable or subscription as an option is just because the customers are worth more.
Speaker: When you can get people to sign up to automatically be billed every single month on their credit card, that's guaranteed to make those customers buy more stuff from you because they have to opt out of getting billed more. So it just increases the value of those customers.
Speaker: But that's not the only way to get a lot of money out of people and pick the best product. The other way is you get all that money up front. I've got a buddy in the survival space. People are never going to use his product unless there's like a nuclear war or something. And so most people are just going to buy his product. It's going to sit on their shelf or maybe in their bunker and they're never going to touch it. But he makes a lot of money up front.
Speaker: And so that's totally fine. And the amount of cash flow he produces in his business would make most of us drool. He doesn't have a great subscription component, but that's totally fine. So you don't want a subscription business, consumable product, food products, supplements, beauty creams, things that get used up over time because those customers are worth a lot. But if you can also build a business and when you get a lot of money from customers up front, even Apple kind of fits in this category. Most people don't upgrade their phones for three plus years, but that's why they have to sell them for a thousand bucks up front because that's where they make all their money.
Speaker: So you want one of those two types of products. I started coaching some guys that they exited an Amazon business a few years ago. They wanted to build a new business. Their goal is to get to $100 million. dollars They're already at $3 to $4 million dollars a year in sales. But they're selling your typical Amazon products. So I started working with them to help them scale their sales on Shopify using Facebook ads.
Speaker: The problem was, is their Amazon product that sold a lot there was all built on constantly getting new customers because it was a relatively low margin, one-time purchase product. So not in one of those two categories we talked about.
Speaker: but then they started working on it took them about a year to develop and they started this before i even started working with them and then they developed this new product that's a high margin one-time purchase product in the automotive space that product almost from day one started crushing it with facebook ads and shopify in part because they put in place the right funnel the right ads and things that i've been coaching them on but part of it's also because they're in that category a high margin one-time purchase product So each customer is worth a lot of money to them, which allows them to spend more money to acquire customers.
Speaker: So when looking to add your new product, first determine if your product that you have now can support your goal. And if not, then you want to add a product that's either consumable or a high margin one time purchase product.
Speaker: So now let's get into the funnel piece. So when we were first growing our brand Life Boost Coffee, we did it with basically just one page. And it was not the prettiest page. It was this long, ugly page that my business partner, who had started the company a few years before, but kind of had it just sitting there as a side project, I came in to help accelerate growth. He had that page just kind of sitting there. He built it years before. It wasn't working very well. And so I used that as the base and just tweaked the quap copy, tweaked the angle, started testing different hooks, and we found a model that really worked.
Speaker: And so that one page, is what built the business to today. Now we have all kinds of pages, we have multiple products and that kind of thing, now that we're basically $65 million dollars a year company.
Speaker: But to get all the way to $10 million, dollars it was really all just based off of that one page. So the big lesson here is that one page can get you to $10 million. dollars And also that it's performance of the page, not the prettiness that determines if the page is good. And the data will show you whether the page is performing well or not. We could talk about that in just a second. But there's really three page models you wanna consider.
Speaker: The first one is what we did, which I have been training before, have called it the long, ugly page. And so I first discovered this, you know, probably when I was... 19 years old or so i was in college and for whatever reason i wanted to be able to jump higher so i was looking for all the tricks and gadgets and these big goofy shoes and everything i could find to be able to increase my vertical jump and so i ended up finding this like internet marketing guy who apparently had like a 40 inch vertical he created this jump program and it was sold through this super long page
Speaker: And I was like, man, this thing is like super ghetto. i was like looking at it on my phone, I think at the time. And I was scrolling and scrolling and scrolling, but it convinced me to buy the thing. Because with that long page, it basically includes every possible reason to buy.
Speaker: So when you're selling your product, that is a good page format. It's probably the most difficult one. just because you have to include so much content on there while also not being repetitive.
Speaker: But you wanna make sure you include the attention grabber, some reason for people to wanna pay attention that speaks to your audience. You wanna include some message that communicates that you understand their problem and that your product is the solution to their problem. Then you include other basic copywriting elements, such as all the features, the benefits, some sort of guarantee. And then you wanna have a nice call to action section that tells people what to do and gives them a good offer.
Speaker: which is usually implying or directly offering some sort of time-limited discount. And so that's basically how this whole page format works. The second page format, which is not used that much in e-commerce, though I do know people that have built $50 million dollars plus businesses in e-commerce, and I've used it a lot outside of e-commerce, which is what's called a video sales letter page or VSL page. This is basically taking all that stuff you would put in a long form page and putting it into a single video and throwing that on a page. Very simple page. All the heavy lifting is done by the video, but not as common unless you're selling high ticket coaching or services or courses or something like that. The last page is probably the simplest and what I would recommend most people start with. And it's called a listicle.
Speaker: So this type of content got popularized a long time ago. Somebody way back in the day literally wrote a book that was called the Book of Lists.
Speaker: And it would include random things like which celebrities died while having intercourse and random stuff like that. and it was literally a book that was sold and did pretty well. And then, you know, sites like BuzzFeed, when the internet was getting more and more popular in the early two thousand they started creating content like you know stuff on celebrities. You'll even see this stuff today in GQ, for example. They'll be like, the 10 best t-shirts to wear for the summer. And so that is a very natural piece of content.
Speaker: Marketers have found that structure works very well to sell stuff too. And so Grooms basically is a maker of vitamin gummies. They just sold for a billion dollars.
Speaker: If you go to Facebook ad library and you hunt down one of their landing pages, nine times out of 10, it's a listicle. All a listicle is, is creating an ad for your product that's on a page and looks like one of these list articles you would see on a content website.
Speaker: And so in their case, it's like seven reasons GLP One users love Grooms. You could do the same thing for your product. This one is very simple. And so you create a headline like that. You have seven reasons that are basically just an excuse for you to sell your product. Then you have an offer section and then you have social proof.
Speaker: That's the entire extent of the page. So once you have the right product like we've talked about, then you need the right kind of landing page. And I would pick one of these three models. And the best thing you can do to find out which page model to go with is to look at your competitors.
Speaker: If you've got any competitors in your space or an adjacent space that are crushing it, Google Facebook ad library, open up Facebook ad library, start clicking on their ads, and you're gonna see what type of page they're sending people to.
Speaker: In most cases, it's gonna be one of these three types of pages. And so your best bet at turning your product into sales and scaling to $10 million dollars with just one page is to figure out which page model the best people in your space are using.
Speaker: Then do that for your brand. And nowadays, it's so easy. I've created other videos on this channel about how to use AI to model pages. So you can watch one of those videos to see the exact steps of how to do this. But basically, you can use AI now to say, hey, here's a page that's working really well. I want you to modify this page, but create it for my product.
Speaker: And that's it. That's 90% the work. Then you just have to put the page live on your site and then you have to start optimizing it. But you need to start getting traffic first before you start optimizing it.
Speaker: So let's get into the traffic component. So once you have the right product that can get you to $10 million dollars and you've got one good funnel, the only piece that's left to get you to that target is the right traffic source.
Speaker: So when I was building our business that does e-commerce coaching called amazing.com, our traffic source from the very beginning was affiliates. And so these were people that had built blogs, they had built software companies, had sold their own courses and stuff. And they had these big email lists and they basically told their email list, hey, this guy is teaching people how to do stuff on Amazon. You should join his free webinar or you should watch his video series. And then when one of those people bought our product, they got a 50% commission, which could be as high as $2,500.
Speaker: And so we did a great job with the program, with the course, with delivering it and with selling it. So those affiliates made more money promoting us than anybody else. And so that was like 95% of our traffic and our source of sales for that business that did over a hundred million dollars in sales.
Speaker: So our one traffic source was affiliates. Then years later, when I was scaling Lifeboost, That traffic source started with Facebook ads, which is now basically called meta advertising or meta owns Facebook and Instagram and meta is the parent company of both. And so I'll use those kind of interchangeably by habit. But basically at the time, it was pretty much only Facebook advertising. And that's what got us to over $10 million dollars in sales.
Speaker: We had our one product essentially with a few different variations. We had one funnel and then we just had one traffic source, which was Facebook ads. And so that got us to over $100 million in sales.
Speaker: So you don't need a lot of traffic sources. In most cases, that's a mistake. Where I see people go wrong and their growth slows and their costs increase and their profit goes down is when they try to add too many traffic sources before mastering one.
Speaker: The most efficient way to grow is to master one single traffic source. And there's always different ways to grow. i was reading about a brand called Comfort that does like $600 million dollars a year in sales selling hoodies, basically. Their main traffic source, because the guy basically had to in his first business because he was a young kid and didn't have any money,
Speaker: He basically had to build it using influencers. I believe it was Snapchat at the time. Comfort was built with TikTok influencers. That's totally fine. But the default for most businesses should be meta advertising, which once again encompasses Facebook and Instagram basically by default. They have about 4 billion users on that platform, which is half of the world's population.
Speaker: You don't need anything else for most businesses to get to $10 million. dollars Just do meta advertising. I would say that would be traffic source number one. Traffic source number two would maybe be the influencer game. So and now today, basically you'd be recruiting an army of TikTok influencers. How long that's gonna last? I have no idea, but it's working very well for businesses today. And if I had to pick a third traffic source,
Speaker: I'd probably say organic social media, putting out content on these platforms and not necessarily running ads immediately, but just getting really good at the organic content game. But I prefer meta advertising because it's fast, it's highly scalable, you can learn really quickly, and it's got half of the world's population you can reach with as little as a dollar and up to basically as much money as you could ever possibly want to give Mark Zuckerberg. So it's infinite scalability.
Speaker: So I would recommend mastering one of those traffic sources. And I really prefer things like meta-advertiser, even organic social media, because they're more related to demand generation versus where I started in e-commerce, which was doing SEO and then selling on Amazon. People have to actually be searching for keywords. So in our case, they'd have to be searching for organic coffee or low acid coffee. And we never would have gotten to that scale because they're basically good at capturing demand because people are searching for those keywords versus something like Meta, which allows you to put ads on Facebook and Instagram. That's more demand generation.
Speaker: So if you have a good solid message, people don't have to know your product even exists yet. They just have to know, like in our case, oh, my stomach hurts when I drink coffee. And then we show them a testimonial of a 60 year old woman who says, oh I'm drinking their coffee. Now my stomach feels amazing. And now I can drink coffee again after 20 years. So they don't have to actually even know the product exists yet. So we generate all this demand that we capture in most cases immediately on our website through our sales funnel,
Speaker: But then also some of that bleeds off on the platforms like Amazon and Google and YouTube searching. And we capture that demand there as well. So I much prefer the scalability of a demand generation traffic source. So that's what I recommend you default to to get traffic.
Speaker: And the way you get better at any of the platforms, it doesn't matter what platform you choose, whether it's Facebook ads, whether it's TikTok ads, whether it's TikTok influencers, whether it's organic social media content,
Speaker: or even the affiliate gain, any of those sort of stuff, the way you get better is first, you start by studying what's working for other people, the other big businesses in your space and in adjacent spaces.
Speaker: So even today, when we wanna launch new ads, despite having launched thousands and thousands of ads for our business, I'll still go look and see what other similar size or even bigger businesses or just young hungry businesses that are just really optimizing their Facebook ads.
Speaker: I'll go see what kind of ads they're running and what kind of funnels they're using. And so I will model our ads off of what's working for theirs. I never steal their content or any of that kind of stuff. I'm just seeing like, what is the script? What are the visuals? What are the hooks and angles that are working? And that same strategy applies to everywhere.
Speaker: So you start by modeling what's working and then you launch those ads or those pieces of content first, then whenever that starts running, you find the stuff that's working well, you spend more money on it, increasing spend or doing more of that type of content. You'd find the stuff that's not working well, turn it off so you stop wasting money, and then you keep iterating like that. You keep doubling down on the stuff that's working, you keep pulling ideas from other people that are as good if not better at that game than you,
Speaker: And then you just keep rinsing and repeating this machine, scaling the stuff that's working, killing the stuff that's not working, getting new ideas in, and that's the entire process. And at first you could do this yourself in as little as a couple hours a week, and eventually you hire other people to do this stuff for you.
Speaker: But at first I recommend learning that stuff yourself. Because it doesn't take a lot of time when you're spending a little amount of money. A lot of times what I see people do, especially people that own you know low seven-figure businesses, is they want to immediately outsource everything.
Speaker: So they're trying to figure out like this new traffic source that could take their business to an extra $10 million dollars a year in sales, but they don't want to spend any time learning any of it. They want to immediately go to hiring an agency that probably is no good. Because in my experience, 19 out of 20 agencies are terrible. And so they're hiring this agency that's no good. They're not paying attention to them. And the thing never gets off the ground.
Speaker: Versus if they just kind of went back into beginner mode and spent a couple of months learning that platform, spending a couple hours a week creating some ads or at least monitoring somebody else creating ads and really figured out how that machine worked, that would make all the difference in the world.
Speaker: So that's the entire process to... take a traffic source and master it in a very short period of time. So once you've been through these three steps, you've got the right product, the right funnel, the right traffic source.
Speaker: How do you really make this whole machine work? Because I'm sure a lot of people have thought they've done these steps well, but then it's just not working. Well, basically you work your way back up this process. So you start with your traffic.
Speaker: And so the traffic, what you're really looking at is, is it profitable or not? are you making money on acquiring those customers? And in most cases, just breaking even is totally fine. If you know how much a customer's worth to you in terms of gross profit over say a year, as long as you're acquiring customers at that price or less, your traffic is doing its job.
Speaker: But a lot of cases you have to keep optimizing ads and that's kind we why we went through that whole process. The next piece is once you're comfortable with the performance of your traffic or at least the process to improve it is to look at your funnel.
Speaker: And so a few benchmarks to look at on the funnel, which are going to vary by industry and market and that sort of thing. But number one is conversion rate. When you're running ads at people that have never heard of you before, a typical benchmark conversion rate is like two to 5%.
Speaker: And so as long as you're somewhat in that range, you're doing pretty good. So conversion rate is one thing you want to look at. The next thing is your average order value or how much money you make upfront per customer. A general benchmark is two to three times the price of a product.
Speaker: And so if you sell a product for say $25, you want your average order value to be somewhere 50 to $75 plus. If not, you're gonna have a tough time scaling because when you're running traffic against people that are all using the same source, the same kind of ads, because it's all public, you can see it all the Facebook ad library,
Speaker: And if you don't make enough money per customer because you're not getting a high enough conversion rate or you're just not, don't have enough, high enough average order value, then you're going to have a tough time scaling. So that's the next piece to fix.
Speaker: Lastly, you don't want to just create a product and leave it alone and forget that it exists. You want your product, a good benchmark is like 4.7 stars. For example, if you're on a five star rating system, even internally, even if you never show those reviews to anybody, you want to be capturing those reviews. So you know if people are happy with the product or not.
Speaker: So you should constantly be looking at reviews and seeing if you can improve the product for people. I once met this Amazon seller. at a dinner and i didn't know who he was, but he was doing like $2 million dollars a month on Amazon selling basically unbranded products.
Speaker: But he basically said, I was like, how are you doing this? i was like you're not really building a brand, any of that kind of thing. He's like, go he's like, you know, I just basically improved my product every time I reorder it. It had this unbranded umbrella, which ended up on one of the morning shows as the best umbrella you could possibly buy on Amazon. And that was his whole game, just improved it on every reorder.
Speaker: So if you keep improving your product, you're gonna get more reviews, better reviews, more referrals, which is gonna make your funnel work, because you can add that there, which is then gonna also make your traffic work. So this is how these three pieces fit together and how you can scale from where you're at to $10 million dollars or even much higher.
Speaker: So the fastest way to scale to $10 million dollars is to apply this one, one, one method. So if you're not already subscribed to my channel, go ahead and subscribe right now because every single week I'm giving new videos like this that show you everything I basically know about scaling business as quickly as possible. I'll see you in the next video.
