Learn Nehemiah "Neo" Davis's Ultimate Strategy Challenge
A man who needs no introduction but certainly deserves one is the entrepreneur, author, and philanthropist, Nehemiah "Neo" Davis.
A friend of the David & Donni show, Neo makes monthly appearances to share his extensive knowledge with the social proof audience. This appearance was no different, because Nehemiah lit the studio on fire with his strategic challenge strategy!
Nehemiah goes into deep detail, highlighting all the things an entrepreneur or community founder should consider before launching a challenge.
This mastermind podcast episode, the Social Proof Podcast #292, needs to be archived, bookmarked, studied and leveraged to boost your revenue and service your community simultaneously.
Whatever you're doing right now, this second, go to all podcast streaming outlets. Click download and play this episode while you workout, as you drive. It needs to be heard. Let's GO!
What is a challenge?
According to MindTheChallenge.com, an “online challenge” is virtual content on the net in which one or more people attempt a specific activity, often daring other users to do the same.
Within the last ten years, it has become the optimal way to boost online community engagement. For the challenge creator, if done properly, it's a way to see a spike in revenue sales.
There are many tactics to make a challenge successful. You just need the right sauce and fit for you. To find the ingredients, you need to ask yourself so crucial questions and execute essentials to get it done.
The Danger in Discounts
To entice customers to engage in their challenges, sometimes vendors or business owners feel they have to slash their products, but often these discounts incur a loss, not necessarily a gain.
Nehemiah cautions owners to use discounts wisely.
Reducing the price could compromise the integrity of your efforts if you are offering the exact product or service. You undervaluing it with a discount.
On the flip side, as David adds, there have been sellers who have set up a discount model and have seen immense success. By knowing your business, you can determine which path works for it.
Nehemiah broke the podcast with this one.
As the conversation progressed, Neo shared some best practices he's done for his brand. He created a genius concept called Pre-Black Friday. It is a strategy entrepreneurs, sellers and business owners can purchase that equips them with everything they need to have an effective Black Friday launch.
The Nehemiah double downs on this strategy, suggesting sellers launch their Black Friday promo as early as November 1. This sets the brand apart from others, enabling them to be the TOP marketer, and it grabs the buyer's attention. Then you do another Black Friday sale on November 25 as normal.
Then he blew the roof off when he said shared his next play. This program uses a "pay what you want" sales model. David & Donni and the audience called pause on this one.
Neo explained that the ultimate way to build value is to meet the client where they are.
Do this by determining a payment range and let your buyer decide what they want to pay. This allows autonomy and freedom that breeds loyalty. On the back end you cap how low the buyer can go and also, how high they can go.
Will you be trying the pay what you want model? Let us know in the comments below.
Donni did it with this one.
Social media can help your brand and business meet and exceed goals you've only imagined when it's used wisely and strategically.
Donni shared a unique and useful way to leverage others' influence for your brand's benefit. If you meet someone of influence, instead of tagging them in random offers, post a pic of you meeting them or sharing space with them. Then tag them.
You may think I live in Oklahoma. Who am I going to meet? That is the beauty of living in a digital and virtual world. If something they have said or done affects you, make a post about how it added value to your life and tag them. If you are going to tag a person of influence, please make it count!
David brings it back.
As brilliant ideas and commentary swirl in the studio, David brings it back to the basics to focus on forming the challenge. To be clear, David, Donni and Neo don't want you to watch this episode, read this blog, and suddenly start a challenge tomorrow.
"If you're thinking of doing a challenge next without a strategy, you're already wrong. "
-Donni
To prevent doing your challenge incorrectly, start with the thought. What is my objective? As a matter of fact, Neo encourages you to write the question down and its answer.
After that, you need to pick a launch date and build out an appropriate marketing schedule. You could launch cold, but don't be surprised if your sales are just as stale. Neo suggests you should have at least thirty days to build out the marketing behind your launch.
Once you have a date, pick a time. Publicize this time and then create an incentive for your first buyers. Maybe the offer is for them to get $500 cash or they get a gift card. Something. They are looking out for you, so return the favor.
Neo gives you the formula of finding your optimal challenge length.
Nehemiah says that he's seen so many people spend lengthy time with a client in a challenge and then, the offer they have at the end is a fraction of the cost. This is because immersion equals conversion. Specifically, the more time consumers spend with you, the more they will pay at the end of the challenge.
You have helped many people! Ask them to tell their story.
As you know, we are huge proponents of providing social proof. Do this by having clients whose lives you've affected share your impact. Their story can affect someone else, but it won't unless you share it! Go collect some testimonials and publicize your wins!
The Psychology of Marketing
Get people excited to take action! You do this by empowering your clients to buy! Once they get into the environment, get inspired, they will want to do better.
Another tactic to use for your advantage is, people are driven by the sense that they are possibly missing something. If you weave in scarcity and urgency into your email campaign, then your clients, not wanting to miss anything, will pull up.
Lastly, everyone wants to be included and involved. They feel they are a part of something. Keep all your buyers in a private group on Facebook, called a Secret Buyers Club. When you do this, you establish exclusivity to feed the FOMO (fear of missing out) in your client base and you show support to those that support you. Also, you can get more testimonials through there.
This is a community you want to nurture.
As soon as you can, you need to add a special role to your company.
Do you know what an integrator is? A person who operates is basically the glue of your company. They're your right hand, who you tell your vision, and they start and keep the momentum flowing.
Right now, as you build, you are probably your own integrator, but when you scale, get one! They will add value and help you build out all your online challenges and any other ideas you have. Add them to your team.
Is learning knowledge and doing nothing with it your method of operation?
Sometimes we get so caught up in learning, and then we just sit on the information and never execute on it. Don't become addicted to education and allergic to execution. It does no good to learn and let it take space in our brain. We have to execute!
Now let's be clear, this episode was a word! You should have all that you need to get your challenge up and running. I encourage you to watch the entire episode several times in order to create a challenge that works best for you. You got this!
