Mini MBA by Rahul Bhatnagar & Team

Episode 1 - Earn lakhs through Funnel | E-book Funnel | Mini MBA by Rahul Bhatnagar
Season 1

118 Views
Feb 18 2022

In this video, we have covered about Funnels in the simplest possible way followed by an explanation of the E-book funnel. Let's get started by understanding - What is Customer Acquisition Cost? Most people are not about to start something is their own as they believe they don't have any corpus or capital. At one point in time, even I did not have money. Then how have we been able to build something that is sustainable and scalable? One important thing is to have a mechanism through which you have a regular in-flow of people. Here comes the importance of Customer Acquisition Cost. Irrespective of whether you are getting a database, selling something dependent on your business model. You need to build systems & processes through which customers will come to you either paying a small amount or for free. Let us consider a layman example of a mall. Everyone who visits the mall is a visitor. Consider some people standing outside the mall to call you inside by telling you we have food joints, gaming zone, shopping complex, movie house etc. Then you find some salespeople who tell you no worries even if you don't want to buy, have a look at least. They are trying to engage you with their content/ product/ service. Then you end you buying something or the other. In the case of online business, you'll have a website. Everyone coming to your website is a 'visitor' Your website is your 'mall' Then you make them engage with you by giving either some videos or Ebooks. It can either be a paid lead or free depending upon your business model. You might have even seen lucky draw coupons, where they ask your details and tell lucky winners will get a car or a scooter or something. Here what they are doing is acquiring your database. When you do it digitally, you give a valuable lead magnet. Some examples of lead magnets are: - Ebooks - Webinars - Videos - Newsletters - Workshop - PDF - Checklist - One to one session - Facebook group - WhatsApp group - Sample of physical product Your lead magnet ultimately helps you generate trust. Once you buy something, maybe two months later they call you and tell you we have this offer, last time you got this done, it is been a while you must get it done again. They also offer some discount which will get you inclined towards it. It increases the Repeat Purchases. Most businesses grow because of Repeat Purchases. It is not about finding new customers all the time. Rather selling your second or third product to your old customers is easier. Now let's discuss one type of funnel The E-Book funnel: 1.) Determine your niche Develop your authority in your niche. 2.) Write down the topics Write down 50 topics in your niche on which you'll compose E-books. You can start with a lesser number as well. You can make an E-book day of 28 pages each and at the end give questions for the readers to answer & implement. 50 E-books * 28 pages = 1400 pages. You can also give a schedule to read as per a particular sequence. Supposedly you price it at Rs. 500 + GST. In my case, I already have an audience thus I can easily still 2000 set of E-books in a month. 2000 E-books * Rs. 500 = Rs. 10 Lakhs. In this case, it is pure profit as we are not running any Ads. 3.) Workshop invite I'll give 2 Lead Magnets. As soon as someone buys E-books, they'll automatically be registered for a free workshop. In the workshop, we give more knowledge & information and then serve you with my mentorship program. 4.) Assuming 5% conversion 100 people enrol for the mentorship program priced at Rs. 10,000 (For the paid audience, the conversion will be much more, consider the worst-case scenario here) 100 people * Rs. 10,000 = Rs. 10 Lakhs. You might even take 2 years to reach here, and then in a month just by one offering, you can make even Rs. 20 Lakhs in a month. 5.) More products in the future This will increase the LTV (Life Time Value) of your customer. 6.) Your case. I understand you might not have an audience base now. Supposedly you serve 20 individuals in the first month. 20 people * Rs. 500 = Rs. 10,000 7.) Second level product Just 2 people buy it. 2 people * Rs. 5000 = Rs. 10,000 Cumulatively you've made Rs. 20,000 in a month. 8.) Reinvest back into your work Run Ads, do collaborations and reach out to more people. 9.) Assuming you are investing Rs. 200 to sell a set of E-book You are still having a profit of Rs. 300 along with acquiring the database. This model is going to work for subject matter experts. In your case, if it is not true, give yourself some time of 3 to 4 months, develop that knowledge and get incredible results. Thank you so much. Do share this video with maximum people. Love & respect Rahul Bhatnagar