If there’s a company in your industry that’s the 500-pound gorilla, would it make sense to model what they do? Consider companies like Agora and Amazon. Would it be reasonable to assume that if you did what they’re doing, that you’d eventually end up with the same success?
This episode is part two of a mini-series - listen if you’re looking to take the fast track to grow your business. Roland has extraordinary insight from a wealth of experience. Today he breaks down three more of these five strategies to increase your chance of success.
Five Incumbency Advantage Strategies
Strategy #1, Go Negative (Listen to episode 135 here).
Strategy #2, Hire The Best (Listen here).
Strategy #3, Use Trust Agents
“Big names definitively sell. Influencers are all the rage because they have audiences that look to them as aspirational figures to copy, or as trusted guides to recommend products and services.” Roland Frasier
Listen today for what to do if you don’t have the budget to gain top branded personalities:
- Start with your dream endorsement in mind and then work your way back with people and organizations that you can afford.
- Use Micro-influencers and work your way ‘up.’
- Find an access point such as someone who knows them, or their preferred charitable cause.
- Send them a complementary product.
- Check out the Cameo App.
- The key is, to focus a portion of your budget and efforts on ‘Trust agents.’
Strategy #4, Operate In High-Profit High Demand Niches.
Listen For,
- How Roland helped a well known public-figure scale into related markets by adding a high ticket product into their value chain.
- Why you need to take a look at your value chain and create bundles, higher-priced products, continuity products, and affiliate offerings.
- How to Increase your ARP (Acceptable Recoupment Period) and LCV (lifetime customer value) to increase your Customer Acquisition costs, and therefore get more customers.
“You have to develop, create an affiliate relationship with, or acquire higher priced high margin products or services, to be able to sell them to your list after they make their initial purchase. This allows you to ‘go negative’ on the acquisition, yet still make a profit within your ARPs (Acceptable Recoupment Period)”. Roland Frasier
Strategy #5, Be Risk Tolerant.
Many gurus could be out of business in just one Regulatory battle. It's not for everyone, and that's okay. If you’re not comfortable with this kind of risk, stay away from offers in Health, Finance, Making Money, and Weight Loss.
If you’re going to play in high margin high-risk industries, you need to,
• Have a strong stomach and excellent legal compliance.
• Plan a war chest fund.
Summary
Take the best from the 500lb gorilla in your industry, but understand that it doesn’t mean it’s easily duplicatable. Recognize the incumbency advantages, and use these five actionable strategies to boost your business.
Opportunity To Work With Roland
If you’re interested in working with Roland on your business, listen for his invitation to the upcoming Intensive on March 16-17. Nobody teaches what Roland is teaching at this workshop (Leverage, Exit, Grow, & Scale)! It’s a small, limited group – so act quickly.
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