How to Take Enormous Risks AND Play it Safe at the Same Time – PART 2

THIS IS PART-2 IN A SERIES... Most marketers falsely think that every single ad they run or campaign they do must be profitable. It’s a marketing fallacy that usually makes people limit the amount of money they spend on advertising, and ultimately limit the amount of money that can make in their business. On this multi-part edition of MOBE Daily, we take a look at a unique strategy for playing it safe and taking big risks at the same time. It sounds like a paradox, but you’ll see that it’s not. For 31 of the Best Internet Marketing Articles of the Year (So Far), Click [HERE](41475b/ct0_0/1?sid=TV2%3AmAczF37eU) [MOBE DAILY](41475b/ct1_0/1?sid=TV2%3AmAczF37eU) [] [START YOUR BUSINESS](41475b/ct2_0/1?sid=TV2%3AmAczF37eU) [] [SCALE YOUR BUSINESS](41475b/ct3_0/1?sid=TV2%3AmAczF37eU) [] [GROW YOUR WEALTH](41475b/ct4_0/1?sid=TV2%3AmAczF37eU) [] MOBE Daily #230 "Marketing is too important to be left to the marketing department." ~ David Packard Hey, In the last edition of MOBE Daily, we started a discussion about how to take enormous risks and play it safe at the same time. Go back and read that edition for PART 1. Let’s continue where we left off. To start to implement this idea of taking big risks while simultaneously playing it safe, you start with the very best plans, ideas, and offers that you have, and think them through in the deepest possible way before you begin testing. The very best plans are those combinations of products, services, and promotions that have made you the most money in the past, or which have worked the best for other people. Once you’ve made those plans, make small, aggressive tests of what you perceive as the best variants of these plans. Use your biggest, boldest ideas. Don’t worry about losing money as long as you’re testing small. You’re taking massive action by testing a lot of different things, but each test by itself represents a very small risk to you. When you test small ad spends and the offer bombs, then you’re out the smaller amount of money you spent on that one test. If you test 10 ideas at the same time, your total advertising cost is much higher than the one test, but you’re spreading your ideas and tests across a bigger area, lowering the overall risk. Now let’s look at the results from this kind of action plan. Let’s say you test 10 different variations of your ideas and offers. And let’s say that 7 of your tests completely stink, 2 show some promise, and one of the ideas does really well. You can ditch the 7, and re-test the 3 tests that worked the best. After testing and re-testing, you can confidently continue using the winning ideas, and roll them out on a big ongoing campaign. The reason this model works is because it allows you to test a lot of ideas on a small scale, and only implement the ones that worked the best. On the other hand, if you just randomly chose what you thought was the best idea, without testing, you might have gone with one of the failed test ideas, without even knowing you had another idea that was so much better. That’s not to say that this is easy. It takes a lot of work to test your ideas on a regular basis. But it’s worth the time and effort. Start with the very best plans and ideas you can develop. Then test as many variations as possible as fast and inexpensively as possible. Study your numbers, pick out the biggest winners, and roll out only with those. If you do that, you can lose money on up to 9 out of 10 of your marketing tests, and still end up making big profits. With this strategy, you’re not gambling your entire ad budget on a single marketing promotion or idea. This helps you separate the diamonds from the dirt you encounter as you mine for success. You’ll also find the occasional ruby or emerald — the ideas that do fairly well but don’t hit the ball out of the park. All that’s part of the success process, too. In the end, remember this: All it takes is one big winner out of a whole stack of “losers” to succeed in the long run. Not only does this let you take enormous risks and still play it safe at the same time, you can lose money on many of your advertising campaigns – and still roll-out the winners to make big profits. Think of the enormous power this gives you, and implement this strategy at once. [] [] [MOBE Daily#230-1](41475b/ct5_0/1?sid=TV2%3AmAczF37eU) [] True or False: Entrepreneurs Are Loners Some people think that being an entrepreneur means being a loner. It means working in your office by yourself, in front of a computer and never interacting with anyone else. Here's the reality, though. If you do that, you will probably not get very far. The entrepreneurs who go the furthest are those who don't try to do it alone. They surround themselves with fellow entrepreneurs and exchange help and advice. In [this video](41475b/ct5_1/1?sid=TV2%3AmAczF37eU), filmed at the [Titanium Mastermind](41475b/ct6_0/1?sid=TV2%3AmAczF37eU) in the Bahamas, Chris Lakey explains why entrepreneurs should not be loners. [] [] Are You An Existing MOBE Client? Want To Win A Free Holiday On My Private Island In Fiji? [Get all the details here.](41475b/ct7_0/1?sid=TV2%3AmAczF37eU) [] [] [MOBE Daily#230-2](41475b/ct8_0/1?sid=TV2%3AmAczF37eU) [] How Stories Can Help You Sell Even if you think you have zero marketing skills, you still have a story. Your story is your life experiences. Your life experiences are your knowledge, and your knowledge is your value. Everyone has a story. If you're only willing to tell and share yours, no matter how clueless you think you are about marketing and sales, your story will help you make sales. In [this video](41475b/ct8_1/1?sid=TV2%3AmAczF37eU), filmed at a Bonus day during the [Titanium Mastermind](41475b/ct6_1/1?sid=TV2%3AmAczF37eU) in the Bahamas, Bill and Michelle Pescosolido talk about how stories can help you sell. [] [] [MOBE Daily#230-3](41475b/ct9_0/1?sid=TV2%3AmAczF37eU) [] Do You Need to be an "Expert" to Sell Information? You've heard that there's a fortune to be made selling information that is in demand. But what if you don't have a PhD or years of experience in a given field? Would anyone actually spend money for information from you, when there are so many people more knowledgeable? The answer is yes. Anyone can sell information, even if you're not an expert. In [this video](41475b/ct9_1/1?sid=TV2%3AmAczF37eU), filmed at the [Platinum Mastermind](41475b/ct10_0/1?sid=TV2%3AmAczF37eU) in Fiji, Vince Reed explains how. [] Talk soon! Matt Lloyd [] [Matt Lloyd](41475b/ct11_0/1?sid=TV2%3AmAczF37eU) [] [] [Matt Lloyd] [] [] Are you reading the Inner Circle each Month? 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