Welcome once again to The Million Dollar Relationships podcasts. In this episode, our host Kevin Thompson invites Solopreneur Joel Erway to the show to share how he helps experts semi-retire with million-dollar offers through high ticket offers, marketing and selling through Infocasts, power offers, and mini webinars.
He also talks about his experience learning Todd Brown’s methodology live which gave him clarity on his hunches and allowed him to revamp his methodologies. His success story includes taking his cost per lead from $450 to $40, making two $25,000 sales within 48 hours by targeting a more specific audience with a shorter sales funnel and helping hundreds of clients develop their own power offer.
He explores the concept of the Promise Awareness Spectrum which is essentially a way to understand how competitive a market is. He then goes on to discuss the Power Offer framework which is a one-sentence question that can be used to create successful offers in any type of market.
This episode is sure to inspire entrepreneurs to focus on creating meaningful and profitable relationships.
[00:00 - 09:18] Semi-Retiring: Achieving Financial Freedom
- Joel Erway and his business help experts semi-retire with million-dollar offers by developing high ticket offers and marketing and selling them through infocasts, power offers, and mini webinars.
- Their ideal clients are people in the B2C space with high ticket offers or offer that can be high ticket, currently focusing on startup programs, Amazon, Kindle, and crypto offers. They have been doing this business since 2014.
- Joel's business focus is to help clients hit their financial freedom number with the fewest number of clients possible
[09:18 - 13:20] The Power of the Promise Awareness Spectrum
- Joel shares the story of how Todd Brown changed the way he started to do marketing.
- Joel learned from Todd about the Promise Awareness Spectrum, which is a framework that describes five stages that any offer goes through and helps paint clarity on the marketplace and how the offer is perceived in the market.
- He explains that on one end of the spectrum, you have a red ocean market with a lot of competition, making it hard to break through with your offer.
- Joel points out that on the other end of the spectrum, you have a blue ocean market where there is little competition, making it easier to make direct promises with your offer.
- Joel notes that understanding the Promise Awareness Spectrum has reshaped his approach to marketing and sales, and allowed him to be direct with his promises.
[13:20 - 17:50] Break Through the Competition
- The power offer framework is a one-sentence question, designed to quickly and directly connect with the target audience.
- Joel used the power offer to sell webinar creation services and was able to reduce his cost per lead by 90%.
- The key to the success of the power offer was understanding the Promise Awareness Spectrum, which helped Joel to target people who already knew they wanted a webinar but did not have the time to create one.
- The power offer is more effective for targeting people who are already aware of the need for a product/service and do not require extensive education in order to convert.
- Joel has used the power offer framework to help hundreds of people develop their own power offers for various products and services.
[17:50 - 20:38] Closing Statements
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Tweetable Quotes
“Understanding the Promise Awareness Spectrum really reshaped the way that I approach marketing, the way that I approached sales and it gave me permission to just be direct with my promises”. – Joel Erway