fbpx

The 80/20 Way to Make $1 Million

Stop with the complexity when it comes to your marketing!

I’m sharing this because some of you really need to hear this… you need to stop being so complex when it comes to your marketing, your funnels, to everything in your life.

I live by something I call the 80/20 rule. That means I want things to be as simple as possible.

I put in 20% of the effort to get 80% of the results.

Too many people spend too much time thinking about all of the different automations, tags, and complex funnels that you “need” to make your first million. You think you need to have the chat bots, the email followup sequences, the retargeting ads… and if you don’t have all of these you won’t be successful.

It’s just not true. You need to keep it extremely simple.

In fact, complex funnels and complex marketing have a tendency to break.

Want to know exactly how you can simplify at various stages of your business and actually increase your profit?

Watch this video… but only if you are ready to make your life more efficient in less than ten minutes.

Only here for the tl;dr? That’s okay.

Here’s the easiest way to understand the 80/20 rule for successful marketing funnels (and life)…

Let’s say there’s 100 things that you have to do in order for you to reach $1 million in sales. The 80/20 rule dictates that out of these 100 things, 20 of them are going to generate you $800,000.

It’s true. 20% of your activities will generate the vast majority of your results and your sales.

So instead of trying to do all 100 of the things you COULD do, you should focus on figuring out and executing the 20 things that need to happen in order for you to get $800,000.

When you hit that $800,000, guess what? There’s a whole new set of rules and things you need to focus on, because you’re no longer in this 0 to 10K per month bracket. You’ve now reached that million dollar threshold.

Now you want to go focus on the next 20 things that are going to generate your next $800,000.

So which would you rather do… all 100 things you could do to generate $1 million, or only 40 total activities to generate $1.6 million? I don’t know about you, but I would go for the one that has the least complexity possible.

But what should I be focused on, Mikael?

I’m glad you asked. When you are just starting out, you want to focus on product market fit.

When you’re at or below the 10k/month mark and you want to scale your business to 100k/month, you need to focus on the simple sales funnel.

You need a simple front end funnel that you can sell.

Then you want to work to acquire leads at a breakeven price. To start, you want to make sure that when you spend a dollar on ads you at least breakeven on your front end so that you can continuously bring people into your world.

So focus on figuring out your simple front end funnel that will allow you to break even on the front end so you can continuously sell your core product on the backend. If your core product is $500, then for every lead at a breakeven you are making at least a dollar. If it costs you a dollar and you’re making a dollar, you’re getting leads – and customers – for free. And everyone you sell on the backend – people who are already in and a good fit for your market – is pure profit.

This is how you scale to $100,000/month.

But how do you scale your business or agency from there?

Once you’ve hit the $100,000 per month level, the next goal is anywhere between $500,000 to $1 million per month.

At that point you need to switch focus to what else you can sell your existing customers. It’s a lot easier to sell to current customers than it is to acquire more customers.

So the next question you need to ask is “What can I sell on the backend to my core audience?”

When you reach that level – which is where we’re at right now with Funnelytics – you need to start looking at how to bring in different front end offers and flood your system with new clients because now it’s about scaling your marketing.

Think of it like a marketing firestorm. When you’re at this level you want to be everywhere all of the time… but there’s no point in advertising on Youtube AND Facebook AND Twitter and wherever else until you’re at the stage where you’re really trying to scale.

So start with your market fit. Figure out your core offer and the simple funnel that will acquire leads at the break even point. Keep selling your core offer until you’re consistently generating $100,000 per month, then tack on a backend offer to increase that to multiple six figures per month. And when you’re at that stage it’s all about the marketing firestorm and going to all these really different places to get leads and sales.

That’s how you keep your sales funnel simple. Follow the 80/20 rule, figure out what will take the least effort for the biggest results, keep things simple… and achieve insane results.