How YOU Can Build an $8 Million Text Marketing Business ...
Transcript of How YOU Can Build an $8 Million Text Marketing Business ...
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How YOU Can Build an
$8 Million
Text Marketing Business
Like I Did
Dick Larkin
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Who is Dick Larkin?
Ran the US division of
Nintendo’s first licensee
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Who is Dick Larkin?
Published Games & Music
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Who is Dick Larkin?
Built a $40 million
Internet Yellow Pages
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Who is Dick Larkin?
$8 Million of Text Marketing
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New Mission is
Transforming Healthcare
for Seniors
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Loogootee,
Indiana
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What Makes
Text Marketing
an Attractive
Business?
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You control the
pipeline from the
business to their
customer
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Selling ads on someone else’s platform
makes you a share cropper
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Low Hard Cost
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High Perceived Value
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Perfectly
Timed
Delivery
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Immediate
Measurable
Response
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Good News – Bad News
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The things that
make it HARD are
the things that
make it GOOD
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Must BUILD Opt In List
•Can’t buy a list
•Requires effort
•Takes time
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Must BUILD Opt In List
•Exclusively Yours
•Can keep using it
•Perfectly targeted
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Even a very small
list will often deliver
fantastic results
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No Network Effect
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Series of Silos
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What we did right
Leased our own shortcode
Piloted multiple packages
Picked ONE package
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What we did right
Lots of hoopla and training
Kept it VERY SIMPLE for
customers & reps
Separated sales & service
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What we did right
Created FULL SERVICE for
our customers
Dedicated text specialists
Printed & FedEx’d signs
Constant sharing of
success stories
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Full Service is Key
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Onboarding Plan
The first 48 hours are the
most critical in onboarding
the SMB with system
training and handholding.
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Remove Uncertainty
SMBs will pay a
premium flat rate to
avoid the uncertainty of
paying per subscriber
or message
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Selling with Stories
Use examples of
businesses with a
similar problem,
not a similar
business
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The more effort you put into
getting paid upfront, the higher
quality customer you’ll have.
Get skin in the game.
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What we did wrong
Lacked CRM system to
manage the text specialists
Renewal process was
choppy
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Shortened
Launch Time
from 4 Weeks
to 4 Minutes
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Sold some poor categories
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Car Signs FAILED!
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Signage
Print and
FedEx the
Signs
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Decisions Kill Sales
Remove decisions
and uncertainty
from the buying
process
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Frequently Asked Questions
You don’t need to own the
platform or hardware
Consider owning your
shortcode (phone number)
$6,000 - $12,000 / year
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FAQ
You CAN outsource
the coaching,
customer service &
fulfillment
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FAQ
Merchants do NOT
need to install POS
hardware
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Messaging costs are usually
not a significant cost
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How Frequently?
3 to 5 messages per month
for special offers
Must be very high quality
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Legal Concerns
Highly regulated AND
monitored
A GOOD platform vendor
will keep you compliant
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Additional Features
Appointment Reminders
Birthday Clubs
Surveys & Polls
Text to Win
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Picking a Platform
Determine your customer
service requirements
Features of differentiation
- Full customer service
- Email integration
- Loyalty App
- Franchise System Controls
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Low Hanging Fruit
Bars & Restaurants
Beauty & Fitness
Retail & Grocery
Auto Repair
Elective Medical
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Sell Pain Relievers
Not Vitamins
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Biggest Problems
Slow Days
Inventory
No Shows
Loyalty Program
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Messages That Work
Valuable
Exclusive
Time Sensitive
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Magic Price Point
Deals under
$20 pull
500% better.
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Mobile Marketing is NOT Going Away