If you’re starting a new online business, there is one huge mistake that will sink your business before you even have a chance to succeed. And you’re probably making it.
Online marketing guru Alex Jeffreys works with hundreds of coaches, consultants, and service providers each year. In those hundreds of conversations, he noticed one common fear holding all of them back.
“They’re scared to spend money on advertising because they think they’re going to lose money,” Jeffreys said.
But what they don’t understand, he said, is just how cost-effective and easy it is to grow your business with Facebook advertising. In this exclusive interview, Jeffreys shares his secrets on how to overcome your fears and make paid advertising work for you.
When most people start their business, it isn’t structured correctly, Jeffreys said. Aspiring coaches will often use Facebook Live to promote their new business, but nobody understands what they’re trying to sell. New entrepreneurs don’t have an attractive offer, and they’re underselling themselves and charging by the hour, he said.
The key is to have an irresistible offer that people are willing to pay top-dollar for, Jeffreys said.
Most people get stuck on how long their programs should be, he said. They’re wasting time worrying about whether their coaching program should be 10 sessions or last six months. Instead, they should be figuring out how their program will change clients’ lives.
“The market doesn’t care about the length of time,” Jeffreys said. “They only care about the outcome. What kind of results are they going to get after working with you?”
After you create your offer, it’s time to set up the “TeleFunnel.” Jeffreys developed this proprietary strategy for closing sales, and he teaches it to all of the students in his coaching program. The TeleFunnel is an automated system that will turn interest in your offer into phone calls — and new clients.
“When you have a high-ticket offer and a TeleFunnel, the world is your oyster,” he said.
When you have these pieces in place, it’s key to start advertising before you need to. There will be plenty of easy opportunities, or low-hanging fruit, to make money in the beginning, but eventually the well will dry up. The challenge is to make the business sustainable, Jeffreys said.
Advertising will make your business sustainable and help you scale, he said. Instead of thinking of advertising costs as money spent, he recommends changing your mindset to focus on the money your advertisements are helping you generate.
“I have an agreement with Facebook,” he said. “Here’s my credit card, it’s unlimited. Please take as much money out of my account as you can every single day. That’s my deal.”
Why this deal? Because it works. Jeffreys said Facebook advertising has cut his sales cycle down to about four days. He is seeing a large return on investment, so he is able to invest those profits into growing his business.
Jeffreys sums up his approach in one simple phrase: “Start small, think big, scale fast.”
Jeffreys recommends you start spending $10 per day on Facebook advertisements, with the goal of spending thousands. Spending thousands of dollars a day seems terrifying at first, but you will gather valuable insights as you increase your ad spend.
As time passes, Facebook collects data that will make your advertisements more effective. The platform will use the data it collects about your clients to find others who have similar attributes. Because these people are like your current clients, they’re much more likely to become new clients.
“Everybody’s going to be scared at some point,” Jeffreys said. “There’s going to be resistance. There is uncertainty, and I would work with people who can instill confidence into you, and start small, think big, and scale fast.”