(#81) Funnel builder’s $100k/month funnel tips, the secret to JVs, and much more…

Trivia: How much did the most expensive domain name sell for?

Trivia: How much did the most expensive domain name sell for? (Check your answer at the bottom of the newsletter.) How a former Apple exec nearly killed JCPenney Hey Funnel Hacker, Fastest way to business success? Learn from other businesses failures. Like when Ron Johnson (the guy who made Apple stores the envy of the retail industry) nearly killed JCPenney. The JCPenney board were certain Ron would work his magic and make the store cool again. But, things didn't exactly go according to plan… Before we dive in: Would you like the step-by-step blueprint and tools (used by the top 1% of successful info-marketers)? This Wednesday (June 19th), Russell and Dan Kennedy are going live to give you exactly that in a free masterclass. Learn more and grab a spot now (while you still can): Register for the free masterclass And now, about JCPenney… Today, in less than 7 minutes, you discover: How Ron Johnson nearly killed JCPenney The most important rule of product pricing The secrets to successful joint ventures Proven sales conversion tactics Funnel builder's 3 top tips to a $100,000/month funnel Audio vs video: A surprising study finding How Ron Johnson nearly killed JCPenney Ron's Plan Having successfully developed Apple Stores, Ron aimed to apply similar strategies at JCPenney. He made the following big calls: Elimination of Sales and Coupons - Ron believed customers would prefer straightforward pricing, so he introduced "Fair and Square" pricing, eliminating all sales, discounts, and coupons.  Store Layout and Design - Inspired by the sleek, modern design of Apple Stores, the traditional layout was replaced with a more upscale, boutique-like experience featuring branded shops within each store. Marketing and Branding - Ron rebranded JC Penney to attract a younger, more affluent demographic. The Result Although Ron's ideas sounded great on paper, they were a disaster for JCPenney… Source: worldfinance.com See, JCPenney had a very strong brand. Therefore, convincing a young and affluent market that it was now the trendy place to shop was like convincing a health obsessed person to start eating at McDonalds. It wasn't going to happen. But, that's not all… As they were failing to attract new customers, they were alienating their loyal customers. These loyal customers loved the regular sales and discounts!  With promos gone, so were they. As such, sales dropped 25% in 2012, resulting in a $4.3 billion loss in revenue.  In April 2013, Ron was replaced by former CEO Myron Ullman, who quickly reinstated sales and discounts in an effort to win back lost customers.  However, the damage was done, and JC Penney has never regained its former position. What Can We Learn From The Story of JCPenney? Two things really: Ron made changes based on what he thought would work instead of what was working in the market. To avoid making the same mistake, always be funnel hacking your top competitors. Hack everything from their ads, to their funnel, to the products they offer to know what's working in your market. The price you charge is far more than just a number. JCPenney's success with discounts and sales wasn't due to the price tag being lower, it was something far deeper (which we'll discuss next). Both points are vital to your success but can be difficult to get right. Get one of our funnel builders to help you with the funnel hacking side of things at the Funnel Builder Marketplace here… And, let's dive into the most important rule of product pricing next: The most important rule of product pricing (how to make more sales) Have you ever offered something for a super low price but found people still weren't buying? You would naturally think if a product is cheap more people will buy it. However, what we expect to happen is rarely what does. If you want your products to fly off the virtual shelves (regardless of price), you have to remember the most important rule of product pricing: People don't want to buy cheap products, they want to feel like they're getting a bargain. The same exact person who couldn't find $7 for your product today may jump at the chance to spend $7000 on another product tomorrow. More often than not, it's not about the price. It's about how you've framed your offer.  By changing the frame, you can significantly enhance the perceived value of your product and make customers excited to pull out their card and buy.  There are two ways to significantly change the frame: 1. Change what your product is compared to Look at the offer below. Does it feel like a bargain to you? This was a hugely successful campaign for UK supermarket Marks & Spencer's because…   They reframed what their product was compared to.   Instead of comparing supermarket to supermarket, it's framed in a way that makes you compare it to the cost of going to a restaurant.   This instantly transforms it into a huge bargain!   2. Create a strong offer stack   A strong offer stack can transform your funnel's success.   Similar to JCPenney's original success with sales, an offer stack makes your customers feel they're getting enormous value for money.   …Especially when there is a deadline included.   This is what makes offers irresistible.   Aim to create a stack with a total value of around 10x your offer price.   If you need inspiration for your own offer stack, see how we've built up immense value in these 3 offers below:   The Expert Secret Book The One Funnel Away Challenge (the challenge also features a must-see video on creating your offer stack) ClickFunnels.com   If you look at your offers and implement these two points, you should see your sales rise quickly. Popular This Week... ClickFunnels Radio Podcast Ep. 710: The Secrets to Successful Joint Ventures Uncover special guest Charles Byrd's secrets to affiliate marketing and joint ventures… Watch this episode   From Our Blog: Sales Funnel Conversion Tactics From 3 Print Ads If your conversions are low, these tactics can help convert more traffic… Check out the conversion tactics   In The Group: Advice needed! Justin D'Costa's daughter wrote her first book at 12 and needs your advice on using a funnel to sell it… Share your ideas here Funnel Builders's top 3 tips on building a $100,000/month funnel 2 years ago, Justin Babcock built his first funnel that got a client into the Two Comma Club!   That funnel still makes over $100,000/month today.   If you're wondering how he did that, you're in luck…   Justin shared his top 3 tips. Here they are:   "So, I thought I'd give my top 3 tips on creating a 2CC funnel...⁣ ⁣⁣ #1 Sell based on outcomes rather than features.   People don't really care about you or your product...⁣ ⁣ They care about the impact you'll make on their life.⁣ ⁣ A good question to ask yourself is "What outcomes do they get?"...⁣ ⁣ Instead of "What's included?".⁣ ⁣ This can be used to strengthen your offer stack and create compelling copy for you funnel.⁣ ⁣ #2 People don't care about you. ⁣ If your funnel is all about how good you or your business is...⁣ ⁣ You won't get many sales.⁣ ⁣ A lot of people want to showcase their achievements thinking that will "add authority"...⁣ ⁣ When in reality... ⁣ ⁣ The way to build authority is describing their problem better than they can describe it themselves.⁣ ⁣ If the people who visit your funnel can feel like they're being heard and understood...⁣ ⁣ They will automatically assume you have the answer.⁣ ⁣ You can still have your achievements in the funnel...⁣ ⁣ Like in headlines, sub-headlines, or briefly mentioning it in copy..⁣ ⁣ Just don't create an entire section dedicated to yourself.⁣ ⁣ #3 Have undeniable social proof. ⁣ If you only have a few screenshots or testimonials on your page...⁣ ⁣ You're leaving room for people to assume it might not work.⁣ ⁣ When you add a minimum of 20 testimonials on a page instead of 6...⁣ ⁣ It makes an incredible difference in conversion rate.⁣ ⁣ Having that many people speak on your behalf...⁣ ⁣ And making people scroll a decently long time to get through testimonials at the end of your funnel...⁣ ⁣ They will automatically think "okay I get it... it works"⁣   Note: You can sprinkle the 20 throughout the funnel…   And I do recommend having social proof towards the top of your funnel." Audio vs video: A surprising study finding If you had to guess, which form of content generates more user engagement: Video or audio?   Most people would say video…   However, a compelling study found that Audio content (e.g. podcasts) may have the potential to create stronger connections with consumers, even if their stated preference is video.   Study Insights   For the study, researchers selected emotionally charged scenes from popular shows and movies such as Game of Thrones and The Silence of the Lambs.   Although participants rated video segments as 15% more engaging, their biometric data suggested otherwise:   Skin Conductance: Electrodermal activity (EDA), indicating emotional arousal, was higher by 0.02 microsiemens for audio content   Heart Rate: Participants' heart rates were higher by about two beats per minute while listening to audiobooks.   Body Temperature: Body temperature was roughly 2 degrees warmer (1.66°C) when engaging with audio. The Power of Audio   These responses suggest that listening to a story is a more active process of co-creation through imagination than watching a video.    Essentially, listeners experience the story more deeply and vividly.   Is it time to add more audio content into your marketing strategy?   (We mentioned further up the newsletter that the One Funnel Away Challenge has a must-see video on creating your own offer stack… well, it also has a must-see video on getting onto podcasts! Check it out here.) Trivia Answer The most expensive domain name sold to date is Cars.com, which was purchased by Gannett in 2014 for $872 million! And, with that piece of trivia, we close out another newsletter!   Be sure to keep an eye out for next week's newsletter because we're going deeper on price strategy, the contrast principle (increases sales), and much more.   Have a great week,   -ClickFunnels Team   Not sure the best way to get started? Follow these simple steps to hit the ground running. Step #1 - Get the Funnel Books: DotComSecrets  |  Expert Secrets  |  Traffic Secrets The Linchpin  Step #2 - Get the Funnel Software: ClickFunnels  |  Voomly Cloud  | GERU Step #3 - Online Training To Ignite Your Funnel: Your First Funnel Challenge  |  Magnetic Marketing Challenge One Funnel Away Challenge | PLR Funnels Step #4 - Connect With The Community: FunnelHacker Facebook Official Facebook Group Funnel Hacking LIVE (Annual Event) Facebook  |  Instagram  |  YouTube  |  Twitter   © Etison LLC    By reading this, you agree to all of the following: You understand this to be an expression of opinions and not professional advice. You are solely responsible for the use of any content and hold Etison LLC and all members and affiliates harmless in any event or claim.   If you purchase anything through a link in this email, you should assume that we have an affiliate relationship with the company providing the product or service that you purchase, and that we will be paid in some way. 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