The revenue and traffic customers bring aren't just numbers. These are a reflection of their wants. Knowing what customers want is the first step in generating interest that will ultimately take your business further. However, understanding how to identify what the market wants requires a systematic approach—this is why applying the Ask Method is so important.
In this episode, Ryan Levesque talks about his experience as an author and entrepreneur. He discusses effective methods to construct surveys and how to use human nature to capture customers and generate traffic. He also emphasizes the need to sacrifice your profits if you want to invest in your company's growth and long-term success. Join us and learn more about Ryan's Ask Method.
About Our Guest:
Ryan Levesque is the CEO of The ASK Method Company, a worldwide leader in digital marketing education and training. He is also the best-selling author of the award-winning book Ask, the go-to guide for entrepreneurs on discovering their customers' wants. He is also the co-founder of bucket.io, a leading marketing funnel software that builds assessments and surveys which aid in market segmentation.
The Ask Method in Lead Acquisition
About Ryan’s Book
- Ryan’s book was officially released on April 21, 2015.
- As a number one best-seller, the book sold about another 20,000 copies on top of the 50,000 initially sold.
- He saw his own book at the JFK airport and felt surprised.
Ryan’s Mentoring Event
- His event is a three-day sit-down meeting wherein he discusses the entire Ask Method with participants.
- Some nuances and details simply can’t be read in the book.
- The participants walk away with a fully designed survey.
- The $10,000 investment from businesses pays off big for them in the long run.
- The return on investment of these kinds of events is invaluable. Either people feel it's ludicrous or it's a good price, and he looks for people with the latter mindset.
The Formula for Segmentation Surveys
- You can do both asking a simple question and taking into account the entire response in segmenting people into different groups.
- Segmentation is effective because it customizes the solutions based on the customers' answers.
- If you try to be all things to all people, you’re effectively nothing to nobody.
- When there’s still not enough data with one question, you need to ask multiple questions and use a scoring algorithm to segment people.
The Two Types of Surveys
- The deep dive survey is a series of open-ended questions.
- You generally won't run a deep dive survey once with the expectation that you're going to stop running it, gather and analyze the data, and use the analysis to design the second type of survey.
- With the deep dive, you focus on the fraction of hyper-responsive takers.
- The other type of survey is called the micro-commitment bucket survey. It is essentially a quiz with multiple-choice, close-ended questions
- This type is a permanent part of your lead acquisition strategy.
Using Human Nature to Your Advantage
- Human nature states that people don’t want a generic solution. Instead, they always want something more tailored to them.
- Even if the solution is essentially the same, you talk about it in slightly different ways for each customer.
- A quiz is very persuasive and information inducing, and people love taking quizzes.
- Thousands of people will take a quiz if it is designed right.
The Phases of Scaling Traffic
- Once a person finishes the quiz, what they see next will be an offer. You are offering value in exchange for their email address.
- You don’t only give the result of the quiz, but you also provide a band-aid fix for free.
- However, they have to pay for the program to get a better long-term solution that will solve the customers’ problems faster.
- Even if they don’t subscribe to your paid solution, you still get their email address and can sell them more things down the road.
Investing on Traffic
- Imagine your traffic as a bull’s eye target. There is more traffic as you move farther from the center, but there is less ROI with that traffic.
- You’re not going to make money in the short-term, but you’ll be able to build relationships with the email addresses you have collected.
- Assess your risk tolerance and whether you are willing to forego money now to make more money later.
- Take into account the time it will take to make money on these investments.
- The longer you're in business and the more you know the number of lifetime customers, the more you can invest in traffic confidently.
The Trade-Off in Growing Your Business
- Growth and profit are diametrically opposed forces.
- You cannot grow at a high rate and profit a lot because, by definition, growth comes from reinvesting your profits back into the business.
- Ask yourself how much are you willing to reinvest in terms of time, effort, and money.
- You may also have to go below breakeven to grow the business.
- In business, it's not just about money, but it's about impact. And impact comes with making sacrifices.
Advice on Building Your Team
- The best team members are those who believe in the mission and are fans of the methodology.
- In every hiring choice he’s made, he wishes he hired the person sooner.
- It's difficult, especially when you're unsure if you can afford it.
- Take the leap—it will free up a lot of your time to do more work you can’t outsource.
Ryan’s Personal Restart
- He would consult in the short term only to make money and move on to scalable business models.
- Entering the three big markets—health, wealth, and relationships—is a good idea.
- He won’t create a new product but will diagnose someone’s situation instead and prescribe the needed solution.
For more insights about the Ask Method, connect with Ryan through his personal site or The Ask Method's website
- Do you already have a successful business, meaning you're up, running, and paying your bills with some profit left over?
- Are you interested in growing your business, automating/streamlining things, and staying one step ahead of your competition?
- Do you want to achieve your goals, get more things done in less time, and double your sales?
📨 If you can answer YES to all three questions, please reach out to me through Facebook: https://www.facebook.com/daryl.urbanski, and describe your situation, goals, and the best time/way to contact you.