The Mafia Offer: How to Presell your Product at 80% (!) Conversion Rate
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This document outlines the "Mafia Offer" framework for preselling a product at an 80% conversion rate without having built the product. It involves conducting customer interviews to identify problems, building a minimal demo solution, employing marketing techniques like social proof and scarcity to build desire, anchoring the price comparison, making a bold promise, and qualifying early customers to ensure a good fit. It recommends taking Ash Maurya's free online course to learn how to implement this preselling strategy.
The Mafia Offer: How to Presell your Product at 80% (!) Conversion Rate
- 1. The Mafia Offer How to Presell Your Product at 80%Conversion Rate ...no horse heads involved J By @Jesterman & @VladBlagi Big thanks to @ASH MAURYA !
- 2. startups/ innovations / products 9 out of 10 HOW DO YOU KNOW IF YOURS WILL SUCCEED?
- 3. L The Bad News: YOU DON’T!
- 4. THERE IS A DIFFERENCE BETWEEN WHAT PEOPLE SAY AND WHAT THEY DO Not even if you have interviewed your customers
- 5. J The Good News: THERE IS A SYSTEMATIC WAY TO FIND OUT, WITH A HIGH DEGREE OF CERTAINTY
- 6. YOU DON’T EVEN HAVE TO BUILD A PRODUCT TO START SELLING IT What if I told you
- 7. The framework is called The Mafia Offer AND IF DONE RIGHT, IT CONVERTS AT 80%
- 8. Yep, you read that right SAY YES… AND BUY!4OUT OF 5
- 9. Ash Maurya Credit Ash is a serial entrepreneur and the best selling author of Running Lean Want to create YOUR OWN mafia offer? Check out Ash’s FREE 3-part video course: j.mp/Mafia-Course
- 10. steps to build your own Mafia Offer6
- 12. Do 20 Problem Interviews A 1st problem is… Does this resonate with you? How do you deal with it today? Is it a must-have?...
- 15. Do 30 Solution Interviews This is how our solution looks today (screen per problem). Which of the screens resonated the most? Which could you live without? Are there any additional features you think are missing?
- 16. Central activity: DEMO Don’t start development yet! Build a MINIMAL demo that visually demonstrates the solution (to your customer’s problems), NOT a working prototype.
- 17. People might start asking for the price and when will it be available… This is a Buying signal
- 18. But Wait! A buying signal does not necessarily result in a sale! You need to take this a STEP FURTHER
- 19. DESIRE Build 3
- 20. Try a mix of these irresistible MARKETING TECHNIQUES Social Proof Personal Authority Prizing Scarcity
- 22. Learn from the master. When Steve Jobs announced the price of iPad, he has first compared it to a notebook ($999). The iPad was introduced at “JUST” $499
- 23. $200 is less than 4 hours of development time (spent on a home brew system)
- 24. BIG PROMISE Make a 5…you intend on keeping
- 25. CONCIERGE MODEL Close interactions with first customers mean you are not only selling your product. You are actually selling your expertise in the form of consultancy. To the customer, this consultancy, combined with the software product is surely worth way more than $200/month. For you, the consultancy is necessary to ensure that the product you are building matches the expectations of your customers.
- 26. RAISE IT! Don’t lower the signup friction, 6
- 27. Thoroughly QUALIFY who you allow to be in your first set of customers – don’t just let anyone in. Avoid that people sign up, only to be asking their money back after 30 days.
- 28. IN PRACTICE How to get started and put this
- 29. Ash is a serial entrepreneur and the best selling author of Running Lean If you missed Ash Maurya’s workshop Do Not Despair Ash has made his new material available online for FREE (only until 25th of May!) j.mp/Mafia-Course