4 marketing lessons
Dear Friend & Faithful Reader of The Gary Halbert Letter,
Who is the most arrogant, rude and funny son of a bitch I've ever encountered in my life? A guy I liked from the first moment I met him. A guy that not only changed my life, but through what I share below, will change yours as well.
Of course, I am talking about Gary Halbert! And if you’ve ever met him, then you know what I’m talking about…
My name is Joe Polish, President of Piranha Marketing, a Direct Response Marketing Company that transforms people into multi-million dollar success stories… and I was proud to call Gary a friend and mentor for over a decade.
Actually, from the very first day we “hung out”, Gary took me under his wing and gave me an education in marketing which… in a nutshell… took me from “trailer trash… to mountains of cash!”
In this issue of Gary’s newsletter I will share with you a few of the most important marketing lessons I learned from him over the years… marketing lessons that have generated millions of dollars for both me and my clients.
Here’s how it all started…
My journey began when I was a dead-flat-broke carpet cleaner whose goal was to seek out the help of the greatest marketing mind who ever lived. I got started by reading “The Gary Halbert Letter” way back in 1992… back when I was still working my ass off trying to make a living. It never occurred to me that I would one day make my living teaching marketing to thousands of others…
In the very beginning, I spent several months learning everything I could about marketing & advertising… reading all the books and newsletters Gary suggested… and most of all constantly picking the brain of the man himself. I went on a learning frenzy with the same passion that a Great White goes on a feeding frenzy.
Of all of the money-making techniques I learned from Gary, here are 4 that I believe to be critically important:
Lifetime Value of a Customer/Client
A marketing concept almost everyone talks about… but too few entrepreneurs really follow. Put simply: You need to determine how much money a client is worth to you over the lifetime of your business… because until you do… you don't know how much you can afford to spend to get that client “on board”.
Let me explain further…
Gary taught me that you can be either a transaction marketer and sell something to a customer just once… or you can be a relationship marketer and sell them something over and over again.
He taught me that the real money is always on the “back-end”, which is everything you sell after you've made the first sale. With that in mind, if you can make your first sale (aka front-end) profitable or simply break-even, then you're in the perfect position to start taking on multiples of “new clients” who will, if handled properly, result in an ongoing influx of continual income that will make your bank account explode!
Until I learned this simple concept, I was always focused on just making a one-time sale. Even today, with as many marketers that have written about lifetime value of a customer, and how much it's been put out there, most companies just simply do not focus on the client. They spend all their time chasing after new customers!!!, new customers!!!, new customers!!!, while they neglect the ones they already have. You need to realize that the most profitable lead is the one that has already given you money!