Ep 47. This Is How You Become Financially Free – with Mike Dillard
Do you want to become financially free? Listen to how Mike Dillard leveraged one specific strategy that YOU could do, and how he made over $50 million to become financially free.
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Everyone’s trying to start a business. In this digital age, the term ‘entrepreneur’ is as widely used as ‘employee’ as more and more people aim to become financially free. Mike tells us that there is one thing that has consistently worked for him through all of his business ventures, and that is a strong email list. It’s a personalized distribution system for him, regardless of what his product is. Mike’s loyal audience follows him from business to business.
Is Starbucks really in the coffee business? No; they are distributors, and they just so happen to distribute coffee. With 28,000 stores worldwide and growing, they have an intricate network of customers who rely on their product.
Lead-capture Mechanism: You offer a visitor to your website something for free in exchange for their email address.
After opt-in: Once you have a new address on your list, have a lower-level product to sell. These small sales will provide a budget for advertising.
The difference between professionals & amateurs: Professionals spend the money to build a list and push advertising the right way. Amateurs bootstrap and attempt to do everything for free.
A real-world example using Mike’s podcast:
- Each podcast episode focuses on a different specific topic
- Each episode gets its own landing page with a lead-capture device
- Each page gets advertised via Facebook ads or similar
- After a visitor opts-in, they get a thank-you video from Mike, and a link to the actual episode
- Mike mentions one specific topic that he’s an expert in, and offers a mentoring course for $97/year, with full money-back guarantee
- Mike spent $320 in Facebook ads
- 98 visitors joined the opt-in
- $3.26 per lead ($320 / 98 leads = $3.2653)
- This is about 100 new subscribers to Mike’s list in just a few days
- 3 out of the 98 sign-ups decided to pay for the mentoring course, which gave Mike $291 in profit
- This drops the cost per lead to just $0.29!
A list is just a list… take the time to personally connect with the members of your list. Build a meaningful relationship with your potential customers to make the most of your list.
“People need to be challenged, to be pushed off the fence.”
“Find a problem that people specifically have, or teach people a skillset which can set you free.”
“You don’t have to be the be-all end-all expert in a topic in order to start a business around it.”
You never have a traffic problem. People think their issue is with traffic, but it’s actually with conversions. You must have a capture page that converts successfully. If you have an offer that’s worthwhile and converts visitors properly, the traffic will increase.
A snippet from Mike’s website:
I’ve always believed that the greatest achievement each of us can strive for in life is to have the ability to create the world around you, so that it matches the dreams in your mind. This is how the most advanced city in the world sprung from the desert sands of Dubai in less than 10 years. How Bugatti built the 253 mph Veyron. How Steve Jobs created the iPhone. And how Paul Allen And Burt Rutan built Spaceship 1.
Whatever that dream may be in your mind… Whether it’s unlimited time with your family, a new dress, the chance to work full-time for your favorite charity, to design your dream home, or change the future of mankind through your leadership…
Selected Links from the Show:
- Mike’s website: Build your business, build your wealth, live your dream
- Grow $6,000 worth of organic produce for $300, in your own home
- Mike’s podacst, Self-Made Man
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Audio Editing, Show Notes & Action Guides by Podcast Masters