November 17, 2020
My Guest today is Tom Green, Founder of Growth Hacker
Golf professional turned entrepreneur, Tom founded his first company six years ago and has focussed on all things growth and technology. Currently, he's running Growth Hacker which offers training consultancy and done for you services to grow your business.
Creating a 5-day challenge is often an underused marketing technique, but for freelancers such as coaches and consultants, they can hold a lot of benefits and be an effective marketing strategy. Episode 63 of The Fearless Business Podcast focuses on 5-day challenges and how to make the most of funnels and automation in your business.
One of the main reasons for having a 5-day challenge is the ability to provide value. They work well as a lead magnet because people can come and see your value straight away, and you have enough time to create an experience. This in turn builds trust and helps with conversions.
They also provide a way to a thousand people in one go, but still providing a sense of community and engagement, which in itself can boost conversion rates. With many platforms existing nowadays, 5-day challenges are great for directly showing your audience who you are and how your business works, and have the prospect of delivering wins.
It’s understandable that 5-day challenges can feel off-putting. You have to create consistently valuable content, set up the automation system, and ensure the offer at the end is at the same standard of quality.
Podcast guest and expert Tom Green highlights the benefits of outsourcing work, at the very least to someone who is an expert in automation and knows how to run these kinds of challenges effectively.
By bringing in external support and creating high-quality challenges, conversions can be between 3% and 10% depending on the industry and ticket price at the end, which has the potential to bring in between 3 and 10 times return on your investment to bring people into the challenge.
It’s also important to not see 5-day challenges as a one-off event, but something to implement on a recurring basis once you have set up the format which brings in the ROI. The likelihood is the first challenge will bring you the least return, so once you do have that winning formula designed and a VA to take care of the administrative side of things, then you can systemise it.
Like with anything, you have to start from somewhere, so talks of outsourcing and investing in challenges is scary when you are starting.
The key, like anything in marketing, is testing. If you have an organic following, then you can start off by using your existing network to participate. Whether that is 10, 20, or 100 people, this could be enough to get feedback on whether the structure of the challenge works, even if the main purpose isn’t yet conversion and any conversion you do see is a bonus.
Once you’ve tested your structure, you can then begin to develop it further. You do not want to be investing your money in paid marketing without assurance that what you are doing is working. A lot of this comes back to developing your customers and understanding your target audience.
Successful challenges which can see thousands of people take part have their own hurdles too.
When you get to a point with thousands of inquiries, dealing with an increased capacity brings its own obstacles. The cost of advertising your challenge goes up, but also the amount of queries from people currently taking part. Making sure the systems are set up and having a team involved to deal with the volume of participants is vital. Your team needs to share the same approach as you and know that they have guidelines on how to respond in the right way. Having feedback sessions also makes sure you are on the right track. When you are running a challenge, your team also plays a big part in keeping the rest of your business running smoothly. The 5-day challenge requires a lot of focus, so it’s good to have your team there to maintain the other aspects of your business.
So what software is best for your 5-day challenge? Tom Green recommends Active Campaign or Infusionsoft for better scaling, which along with Pipedrive allows for strong visual sales, being able to separate data based on revenue and streams to name a few.
Zapier is another strong tool because you can integrate it with so many other platforms, reducing the chance of bottlenecks and saving money from manual work in the long-term. If you don’t store data anywhere or integrate it elsewhere, then investments into Facebook ads for example will have to be duplicated to retarget that audience. Zapier allows your audience to remain in your ecosystem though through connecting multiple platforms and streamlining your work. Sometimes you get people dropping out of challenges because of personal life and timing issues, and likewise Zapier means that they still remain in your community, and can take part in the next challenge because they are still seeing your content and have got to know you.
With these pieces of advice and more in the podcast, you will see the value of 5-day challenges and the benefits they bring to your business. Remember to test the framework, make the most of successful structures, and bring in external support and platforms to help you manage the workload involved.
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