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Video Transcript: Database goldmine. Then the idea of monetizing: the database is a goldmine. Once you build up that database, then you can continue to market to that database as I talked about. So there are lots of things that you can do.
Survey your list – trading database.
Once you get over 250-300 subscribers, start to do things. Survey your clients. Ask them what it is that they want: what’s a good product and service that they’re wanting? How do they want to consume information? If you run a survey, you can find out more about that avatar. Heather, you were talking about how do you find out about who your perfect target market is and what it is that they’re doing. If you’ve got a database, you could e-mail that database a survey, using a service like SurveyMonkey, with a series of five multiple choice question and answers and then you can find out exactly what it is.
We did that for the trading database and I found out they’re all males. They’re over 50. They prefer to trade part-time. They don’t have much time. They like DVDs and things like that. I found out a whole series of information. So when I next create my information product, I create what it is that they’re looking for.
Question: My question is, what tools do you use for surveys and how do you collate that data?
David: SurveyMonkey is probably a good one. It’s quick, it’s easy and it’s cheap. You can just build surveys and you send an e-mail to your list and say, click this link here to complete the survey. You might incentivize the survey if you’re finding you’re not getting enough people filling it out.
4-day cash machine – MFC launch
There are other things you can do on the back end as well. Once you’ve got a database you can do special sales, there is a four-day cash machine thing which is a thing Frank Kern talks about. You just do a promotion over four days and just building some amazing value into this offer where you say, for the next four days, if you book a celebrant service, we’ll also throw in this, this and this. Say, but it only lasts for four days. So it’s trying to get them to take action.
Product launches – TYTP launch
Do product launches. Product launches is a whole thing unto itself. There is so much money in product launches. It’s not funny, if you’ve got a database. If you want to find out more about that, go have a look at Jeff Walker’s Product Launch Formula.
Affiliate promotion – OTM launch
Then you can do affiliate promotion as well. I did a promotion just recently to my list. So I’ve built up that rapport over the years, and now I’m their trusted advisor in the stock market space. When I introduce and recognize someone who I think can add value to them, then I do a JV for them. I’m helping Justine Pollard resell her course to my list and I’m helping manage the launch of that particular product to that niche. There are a lot of things you can do once you get a database. That’s the main thing.
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