Marco Torres, Co-Founder of MarketingBoost.com, has helped thousands of business owners worldwide boost sales and scale their businesses by as much as 5-fold through the use of incentive-based marketing. He teaches entrepreneurs how to soar sales & marketing through the use of “Value-Add-Incentives” instead of discounts. His Facebook Group is home to more than 27,000 active business owners who are raking in sales with his advice and amazingly affordable subscription program.
Join Marketing Boost – Discover the 3-step secret weapons of the world’s smartest marketers. Used promo code ONFIRE and get 10% off!
3 Value Bombs
1) Gratitude is number 1. You have to be grateful for everything.
2) Discounting can eat up your profit.
3) Incentives can make your existing lead magnet work.
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**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Stop Discounting! And instead Use Value-Add-Incentives
[1:40] – Marco shares something that he believes about becoming successful that most people disagree with.
- Gratitude is number 1. You have to be grateful for everything.
[2:57] – Everything seems so crowded these days… How can we stand out?
- Most businesses are looking at their competitors promos and marketing and they are trying to beat that – not realizing that they are losing more. Discounting can eat up your profit.
[5:23] – You have created the ‘customer drawcard incentive’. What is this incentive and how can we use this strategy in our business?
- Instead of discounting, we add value and incentives – like complimentary hotel stays and restaurant vouchers.
[6:39] – Why do Value-Added-Incentives beat discounting prices?
- We revolutionized the incentive-based industry to make a very affordable subscription model.
- These incentives will allow you to keep your price the same.
- Since Covid peaked there has been a demand for travel; a lot of people are loving these incentives.
[10:58] – You talked about a pretty incredibly giveaway – complimentary hotel stays. How do we give away these complimentary hotel stays with our call to action?
- Marco explains how they are getting these complimentary hotel stays and restaurant vouchers.
- The way it works is a win, win, win situation for all parties.
[14:27] – For years we have talked about the importance of a powerful lead magnet… Does a good lead magnet still work?
- An incentive can make your existing lead magnet work.
[16:08] – How is it even possible – or affordable – to use travel incentives for client acquisition?
- Because we are making Marketing Boost so affordable, it’s literally a no brainer.
- One client grew his Facebook group from 0-10,000 members using incentives.
- Incentives can be used for referrals, loyalty programs, to support local charities, etc.
[21:30] – Marco’s call to action.
Join Marketing Boost – Discover the 3-step secret weapon of the world’s smartest marketers. Used promo code ONFIRE and get 10% off!
HubSpot Podcast Network (2s):
Light that spark, Fire Nation. JLD here and welcome to Entrepreneurs On Fire brought to you by the HubSpot Podcast Network with great shows like being boss.
Today, we'll be sharing why you need to stop discounting and instead use value added incentives from Marketing Boost to drop these value bombs. I have brought Marco Torres and EOFire studios. Marco is a co-founder of Marketing Boost.com and has helped thousands of business owners, worldwide boost sales, and scale their businesses. By as much as five fold through the use of incentive based Marketing , he teaches entrepreneurs how to source sales and Marketing through the use of value, add incentives. Instead of discounts, his Facebook group is home to more than 27,000 active business owners who are raking in sales with his advice and amazingly affordable subscription program. Today, we'll be chatting about how we stand out in this crowded world, the customer draw card incentive.
What is it? Why does it work? We'll talk about complimentary hotel stays to your clients and so much more. When we get back from thanking our sponsors
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0 (1m 31s):
Marco say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with.
1 (1m 41s):
Hey, hello, Fire Nation, John. I'm really thrilled and honored to be invited on your show again. So thanks for having me and yeah, so what I think is different. Maybe people don't disagree with it, but I think gratitude is number one. You know, a lot of us think it's all about what I can accomplish and what I can do. And you know, I am, you know, how hard what your work ethic is, but I think you've got to start every morning out giving mega gratitude to the universe, to God, to whoever you believe in. But you've got to give gratitude about, you know, being alive, being excited and, and, and, and feeling blessed, then you'll help the energy to get up and do whatever you gotta do for that day
0 (2m 30s):
Fire Nation. Why don't you take a second right now and just think of a one unique thing that you are grateful for. I assure you it will improve your current state of minds. And as I mentioned in the introduction, we're going to talk about how you can stop discounting and instead use value added incentives. And let's just break into this Marco because everything, and I mean, everything seems so crowded these days. How the heck can we stand out?
1 (2m 57s):
That's a great question. Now this is probably the biggest question. Business owners never really asked themselves what is their unique selling proposition? What makes them different? So most of us is entrepreneurs and solopreneurs, where we're all competing with each other. For most of us, we're all, you know, like we just said in a very crowded ocean of offers. So what many business owners often end up doing the, studying their competitors and get even more and more frustrated as they find out they're often outspending them in Marketing budgets often undercutting their prices. So they find themselves lowering their prices instead of increasing prices as they should be with the inflation that we're seeing right now.
1 (3m 38s):
So standing out before, before I discuss ideas to stand out from the crowd, what I really liked to do, if you let me discuss just for a minute, how devastating discounting your prices can be in your bottom line, that'd be all right, break it down, brother. So let's say you are a SAS software as a service or a Marketing agency, or a butcher baker candlestick maker or whatever it might be. You do, you get the idea, you sell a product or service, and let's say your profit margin after expenses, let's say it's 20%. So on a thousand dollars in sales, you make a net profit of $200. For example, now you can get a bright idea from your, you know, your Marketing guru.
1 (4m 20s):
Let's do some discounting and you just kind of price and drop your offers by 10%. So the same sales, you, you now collect $900 versus a thousand. Now you're only making a hundred dollars in net profit. So because your costs are still the same and yet you just kind of the price. So you end up with the same cash profits in order to end up to get the same cash province he had previously, you're going to nearly need to double your sales to $1,800 in sales to take home the same previous profits of 200. So in that example, discounting as little as 10% can require you to nearly double your sales to end up in the same take home profits, which is what we're in business for.
1 (5m 3s):
We forget often, you know, we're here to take, to make an a D at the end of the day, take home a profit, which discounting can really eat it all up.
0 (5m 13s):
One thing that I really do want to dive into, because this is to me where you're bringing something really unique to the table is something called customer draw card incentive. What is this incentive and how can we use this strategy in our businesses?
1 (5m 29s):
So that question that the customer draw card incentive is really what Marketing booze brings to the table. Cause instead of discounting your, you know, your, as we talked about what we want to teach you is how to add value and add bonuses, like travel incentives to your, to your offers. So you can stand out from the crowd by offering, you know, for example, what we provide our clients is three incentives. Complimentary hotel stays and over 125 destinations around the world and a hotel savings cards and increments of 100, 200, 300 and $500 and restaurant savings vouchers. So you can use these w when you add these value, add bombs, as you like to say, value bombs, you add these value, add incentives to your offers.
1 (6m 18s):
You are, you can do, you can end up getting what you wanted to collect originally, it's that a discounting or even more by adding these value adds to your, to your product, offering
0 (6m 31s):
Down to the mean potatoes. Why do value added incentives, beat discounting prices? Not just sometimes, but every time and give us some real specific examples.
1 (6m 42s):
Well, we've talked about it a moment ago, how devastating it is to offer discounts and how do what that does to your bottom line. And so with Marketing Boost, what we've done is revolutionize the incentive based industry to make a very affordable subscription model, where you can for, you know, for next to nothing. We're giving you unlimited access to complimentary hotels days and restaurant vouchers and hotels savings cards that can be added to your offerings that will allow you to keep your price in place and also stand out from the crap. So now you're not discounting your price. You're making your full profits that you need to make, and you're offering a value bomb to your client.
1 (7m 26s):
And you're battering a huge perceived value of a complimentary hotel state. For example, we offer three night hotels, days in over 30 destinations in the us 5, 5, 9 hotel stays in places like Hawaii and Kuhn, port of a Jarkko Puntacana. We offer a seven night complimentary hotels stays in boot places like
1 (8m 15s):
So they're booming, they're exploding, and these incentives can really make a difference to your bottom line
0 (8m 20s):
Is you're going to dive into specifics on this. When we get back from thanking our sponsors
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0 (9m 30s):
Marc we're back. And you talked about a pretty mindblowing giveaway. Complimentary hotel stays. How specifically do we give these complimentary hotel stays to our clients as calls to action without going broke?
1 (9m 47s):
It's a great question. Thanks. Well with Marketing Boost, what we've done is we've literally changed the industry. I mean, the incentive business is not new, but the way we launched it about six years ago now has really revolutionized it. We for less than a dollar a day, as a subscriber to Marketing Boost, you're given access to unlimited of the three major incentives that I just discussed. So you can give away the complimentary hotel stays the restaurant vouchers or the hotel savings cards, and they way they work for the end user. They, it doesn't include airfare. Of course, it doesn't include food and beverage that include transportation or government taxes.
1 (10m 29s):
So the client, when you give them a complimentary trip, they're going to be responsible for paying the activation fee, which really covers the government taxes and fees for that hotel. Stay. The client gets a complimentary room for three nights to up to seven nights. And all they did is pay the taxes after they activate that they'll have 18 months to select travel dates. There's no hoops to jump through no phone calls to make no, no timeshare presentations or any kind of sales previews of these hotels or resorts. So it's literally a, after the activate, they can immediately start logging in online to look at the dates for the hotels, the destination, the year they selected and the dates available and choose from the participating hotels.
1 (11m 13s):
So it's an incredible win, win, win situation the way and the way it works. I mean, the next big question everybody asks is, you know, this sounds too good to be true. How can for less than a dollar a day, do I have access to give away all these complimentary trips? And what we do is we own a number of mega travel sites, but one of them that provides the, that fulfills these trips called redeem vacations.com. And what they do is negotiate with hotels around the world to help them fill what would have otherwise been empty hotel rooms. So every hotel averages about a 70% occupancy there nearly every night, depending upon the destination they've got about at least 30% of the rooms that are unoccupied, except for obviously peak season weekends, and what have you.
1 (11m 59s):
So we help them. We help them fill what would otherwise be empty rooms. And we create a win-win when the client, the hotels have agreed to accept these clients that are only paying the taxes, but they know that they're going to see people spend money at the restaurants, the bars, the casino, they're going to add additional nights. Quite often, they're going to come back and travel in the future. They're going to post positive reviews on, on social media that help them generate more business in the end. So it becomes a win for the hotel because they're filling a room that would have gone with zero income to the property. And with somebody staying on in the room, they're going to be spending money on property. Like I said, plus it's a win for our clients because now they can provide this incredible value, add incentive to their clients.
1 (12m 43s):
And it's a win for Marketing Boost because we've got, we're helping our, our business owners succeed and we're generating our subscription revenue. Plus we make money on upgrades and selling them additional nights and so on and so forth. So that's how it's a win, win, win for all the parties involved.
0 (12m 59s):
For years, we've been talking about the importance of a powerful lead magnet does a good lead magnet still work.
1 (13m 7s):
That's an interesting question. So let me go over, go over some ideas on how an incentive can make your existing lead magnet work and, and discuss what is a lead magnet. So big magnets show your potential customers that you're not just trying to make a hard sell. You're offering immediate gratification that communicates that you're, you're providing them interesting content of value, not just taking their money. So when you give these, what are examples of lead magnets, for example, you know, providing you providing a free book or e-book offering a PDF with, you know, resources, download cheat sheets, guides, or reports, toolkit full of resource resource lists and case studies.
1 (13m 54s):
So, but nowadays one thing that's challenging with these types of lead magnets is consumers are starting to get blind spots on some of these resources and downloads for lead magnets and adding a small incentive is what I teach that like a hotel savings card or a restaurant voucher with, with, from Marketing Boost. So when they're signing up for your lead magnet and you add on one of these smaller value incentives, and you're going to increase an impact, the amount of downloads you're getting to increase the value of your lead magnet, which means you can grab those leads, put them in your drip campaigns, your sales funnel. So you are nurturing them until they become a paid client
0 (14m 38s):
Back to travel incentives. How is it even possible or affordable to use travel incentives for client acquisition? I mean, I really want to give Fire Nation specific steps and strategies so that they can make this happen in
1 (14m 55s):
Well again, because we make Marketing Boost so affordable, it's literally a no brainer it at $37 a month is the starting price. If you're just going on a monthly plan and give you some ideas on some of my case study or clients that have done used incentives, for example, to grow one guy grew his Facebook group from zero to over 10,000 members in his Facebook group, using incentives to virally grow a I'll give you an idea. He would, he would tell people, you know, if you invite a hundred friends, two or 25 friends to the group, you'll be entered in to win a complimentary hotel, stay in Cancun, you'll win a chance, a chance to win five nights in Cancun.
1 (15m 37s):
And so he did all these different types of promotions like that, and grew his Facebook group to over 10,000 members, which now he monetizes substantially. It could be used to generate referrals. I know one company that used incentives to ask their clients to send a video review and in exchange for an incentive. And then I'll have over 25,000 video testimonials about their services. Loyalty programs can be, can be created. I've got tons of clients that have subscription plans that use incentives that reward their clients when they’re up a year later, for example, or for example, if you have a gym they could, after, after they reach their 90 day goal and lose 20 pounds, and what have you, boom, you're dangling the carrot and you're handing them out of travel incentive.
1 (16m 25s):
At the end of the 90 day or six month program, can't even begin to count how many have used incentives for staff or downline contests for those that do network Marketing , for example, and they have direct sales teams, you could be using these complimentary hotels days as your quick start program, you know, reach your goal at 90 days and get X, Y you know, X promotion. We have a huge network of members that use incentives to support local charities. And they're, you know, helping raise funds for local charities. And at the same time they're building their personal or their company brand in the press. As by giving back to the community.
1 (17m 5s):
First, this one is actually one of my favorites of the charities has been something that we've helped hundreds of members around the world because we offer our service to members literally around the world. We've got tons of clients in Europe and Australia and everywhere else, but in the U S I got a lot of them that literally use our incentives to give back to the local high schools that are raising funds for football team. And, and they walk in with the incentives that they're promote. They're giving to those, the nonprofit based, you know, from, from their company brand. And they seem like the hero they're given their trips. People are auctioning for these complimentary trips and, and then they raised money.
1 (17m 45s):
And that person's a hero and generates, you know, Goodwill in the community. Another idea is referral rewards. If you're a good way to use incentives, as you can use them to entice customers, to share, to provide referrals to you, and then share those links on social media, et cetera. So a lot of clients have done that very successfully reputation management is another big one. I've taught countless companies to use incentives, to build out and control their online reputation. So for example, I recommend doing a survey after they purchase a product from you. If you know, do a survey from one to 10, how did we score it? They're not happy.
1 (18m 25s):
You can use an incentive, like a restaurant voucher or a hotel card to help smooth over what the issue is. And it gives you a chance to go fix it. And, and then if they're thrilled and happy with your product or service, then encourage them to post a review and ask them if they'll share that review on other social networks, et cetera, then you can bonus them with a trip, for example, or one of the other incentives use it as an upsell. I've got a client recently out of Houston, Texas, that he's got, he launched a business in 20 January, 2021. And he offered all of his monthly subscribers. He had built up a big, big subscriber list, and he offered them, Hey, if you go from our monthly plan to our six month plan, you'll get three nights in Las Vegas.
1 (19m 13s):
And if you prepaid for the year, John, join our annual plan. You'll get five nights in Cancun or Hawaii. Well in generated over $400,000 in three days with one promotion. So these are just examples of how do using incentives to do everything from creating contests sweepstakes, lots of members using incentives to generate leads with these types of contest pages. There's unlimited ways to use these incentives. If you're creative. Another thing, when our members join us, they, we, we do have a Facebook group with over 27,000 members that are actively engaged and helping each other with ideas on how to use these Marketing Boosts incentives,
0 (19m 55s):
Our nation, lot of opportunities here, a lot of different things to test and try with your Marcet with your clients. Marco, give us the one key takeaway or value bomb. As you like to say that you can make sure Fire Nation walks away with, from our entire conversation today. Then give us the best way that we can connect with you. Any call to action you have, and then we'll say, goodbye.
1 (20m 19s):
First benefit you get. If you were to join Marketing Boost, as you get a complimentary trip, you can use yourself. So you want, we, we encourage you to test, send yourself one of the incentives. These are all immediately sent digitally via email or text message to your client. So like, you can get one for yourself. You have unlimited incentives to giveaway. You get the, the, our top 10 playbook on how to implement the incentives. You get a comprehensive video training. You get access to our Facebook group all for only $37 a month. And I'm going to break my own rule here, John, at just talked about not discounting, but exclusively for Fire Nation listeners.
1 (20m 59s):
When you go to MarketingBoost.com and use the promo code on fire, you'll save an additional 10% if you select the angle. So instead of $37 a month, which would come out to $444, if you use the on fire promo code with the annual plan that comes out to 312 bucks for the year, which is only 85 cents a day.
0 (21m 24s):
Love that Fire Nation. Take action. Get your Marketing Boosted. Cause you're the average of the five people you spend the most time with. And you've been hanging out with empty and J L D today. So keep up the heat and head over to EOFire.com type Marco in the search bar in his show notes page will pop up with everything that we've talked about here today in Marco. One more time. What's that call to action for Fire Nation?
1 (21m 50s):
Yes. Go to MarketingBoost.com and enter promo code on fire with the annual plan. Thank you.
0 (21m 59s):
Boom, Marco. Thank you for sharing your truth, knowledge value with Fire Nation today. For that we salute you and we'll catch you on the flip side. Hey, Fire Nation today's value bomb content was brought to you by a Marco and Fire Nation. What can three thousands of the world's most successful entrepreneurs teach you? How about how to achieve financial freedom and fulfillment? My first traditionally published book of The Common Path to Uncommon Success is a revolutionary 17 step roadmap that will lead you to the lifestyle you've been dreaming about. This book took me 10 years of accumulating the genius of the world's top entrepreneurs, and you can get it all in one place. When you visit UncommonSuccessBook.com, I'll catch you there or on the flip side
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