Wednesday Apr 27, 2022

Bundling NFTs with your products and services for massive gains. EP-026

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Transcript

 

Blake Beus  0:10  
All right is pretty centered, right? Okay, I think we're good. Yeah, we're good. All right. All right. So we're going to talk about,

Greg Marshall  0:23  
we're gonna do unique, unique bundles. Okay.

Blake Beus  0:26  
All right. Okay. Okay. So we were talking about different ways to bundle things. And I was telling you about some something unique that I saw and I wanted to like, dive in deep. So everybody's probably heard have heard of NF T's right now. Yeah, but not a ton of people, like know a whole lot about them. In fact, I'm one of them. Yeah. So if you were to guess, like, what would you say?

Greg Marshall  0:49  
To be honest? All I think of NF T's is some Gary Vaynerchuk. itself. That's, that's honestly what I think. And I think I've seen Tai Lopez talk about it. Yeah. And the the standard guys that are out there that are using up on the trends. Yeah. So that's, that's my extent. And I haven't looked, I think I've seen one called board eight. Yeah, that's a Tai Lopez one. I don't know if it's

Blake Beus  1:13  
one like that. That's those, the board eight collection is the most expensive NFT collection out there.

Greg Marshall  1:19  
So yeah, but outside of that, Oh, no.

Blake Beus  1:22  
So here's, here's what I here's what I saw. Interesting. So recently, one of my friends was telling me they saw they saw this and I dove into it looked into it a little bit. But Russell Brunson offered an NFT kind of bundle for anybody that purchased tickets to to live in called funnel, hacking live or whatever that that that is, he also offered an NF T to people to watch like a free webinar, basically getting people to do that. And then, and then one person that claimed the NFT was going to get essentially, well, everyone's gonna get entered into a drawing. And one person with an NFT with with that particular collection of NF T would win, basically free access to all of his recorded courses for life got because of the NFT. Yeah. And, and what what I found interesting about this was, this was essentially, he used a trending topic, that not a lot of people know what they actually are, but they've heard of them, offered one of these things, which is a digital thing to people for free, attached to real world value to it. And along the way, basically taught people how, how to create how to sign up for and receive and kind of manage NF T's all along the way. And he did all of that to people that don't know what NF T's are. Yeah, it's almost like they're going after people similar, like me,

Greg Marshall  2:52  
have heard, you know, NF t, it must be of some value. Yeah. Because people keep talking about Yeah. And so my assumption is, well, this NFT must have some value. So maybe I would want that. Yeah. Right. So it's almost like it's marketed perfectly to someone like me, who has enough knowledge to know that it exists, but not enough to actually know like, once I have it, what do I do?

Blake Beus  3:16  
Right? Well, and that's what I found most interesting about, and I can explain exactly what an NF t is, in a minute. But before doing that, what I found most interesting about this was he was able to use a trending topic, to incentivize people by bundling this unique thing, and offering a chance to win something. And it probably boosted sales by a large margin. Yes. And it got me thinking about just unique bundles, which you've talked about bundles before. Yeah. But I feel like the greater principle here is not necessarily the NF T's. Yeah, it's, it's that you need to be thinking about how to create a an offer that is a bundle offer that's interesting and harder, hard to you know, turn your back on. And it's it's unique, and it creates urgency and value. That is what was more interesting to me. And I feel like more businesses need to really think about this,

Greg Marshall  4:17  
I think, excuse me, I think what we can learn from it is how to make your offer more sexy to the audience right? Sometimes we have offers that maybe you know, they go stamp right so hey, you know, come sign up for this come sign up for that only works for so long before people are like, Oh, I'm no longer interested in that because we all have the attention span of like 10 seconds, right? And we want the new shiny object syndrome. And what I think a lot of these guys do very well, especially Russell Brunson is they know how to they understand that people have shiny objects? Yeah. So they know how to use that to their advantage. Right, right. And there's nothing wrong with that. No, that's literally what marketing is, is be to finish the conversation or continue the conversation has gone on in the customer's mind. And that's what they do is they are able to figure out how do I make the offer that maybe is has not changed at all? And how do I kind of reinvigorate it by go ahead and putting something new and fresh and to write the offering? Right,

Blake Beus  5:21  
new and fresh? And, like, in a way that doesn't increase your overhead? Correct? Right? Because Because like NFT was something that it may be cost. Russell Brunson. 50 bucks to mint to mint some NFT. And then he gave them to I don't know, 1000s of people probably. And then some time, right? Because there's some technical knowledge and he's happened to create your own NFT. But, you know, it just gets me thinking. If you pay attention, you see this. In in gyms, you see this with, with, with lots of different businesses, horses and horses. And it's but it's easy to forget when you're creating your own stuff, because it's almost like you're too close to your own business. You're too close to it or whatever. Right. It's

Greg Marshall  6:10  
too. Yeah. So that's a that's a great point. Because that's a challenge that I believe everyone has. I've had this before, we all believe that just our offer alone, because we did it is special enough. Yeah. But we don't if we take like an honest look and say, Is this intriguing enough to get someone actually want to do this? Right? Usually the answer's no. Right? I mean, usually you do have to work on really kind of making it something that people want to, that they become attracted to. And one rule of thumb that I have found, is whatever, it's almost like whatever you dislike out there, as far as how things are being sold, is how you're gonna have to sell. Right, right. So we all hate or I hate ads. I hate this. I hate when one more special offer. That's not all. But that all works. Right? Right? And so it's almost like you have to make a deal with yourself to say, you know, I don't necessarily love to sound that way. But it obviously worth it. Because yeah, that's how these guys are making millions and millions. Yeah, absolutely.

Blake Beus  7:16  
And, like one of the things I think about a lot is, it's almost like you need it's almost like you need multiple multiple offers one to get people in the door. And then one to keep keep them there. Especially when you have a business that's maybe a service based business with recurring revenue, or or people come back or you have returning customers or, or some sort of subscription or membership plan, like a gym or whatever, whatever. Right. So like, we talked about gyms a lot, because you have a background, it's kind of an easy thing to visualize. But when you were selling gym memberships, I'm guessing you had something to get people in the door. And then once they were in the door, you did some things to keep them coming through the door.

Greg Marshall  7:58  
Yeah. Right. You always had, you know, people, these are this is the example of stay offers now, you know, the seven day trial pass free personal training session. So you know, free nutrition plan, you know, you had to find a way to make the same thing sounds different. Right. Right. And so that's exactly it. You always had like some kind of heard some kind of, you know, we've talked ethical clickbait in this in this instance, it's ethical walk through the door Bay. And it's, you know, you basically want people to try something out, and you have to do something that makes them say, I'm willing to exchange my time for whatever it is.

Blake Beus  8:37  
Yeah, yeah. Yeah. And you can you can even see this in real estate, we were talking about real estate a little bit earlier, right? Like, there's 1000 real real estate agents in the local area here that I could reach out to any one of them. But why would I go with this person over this person? And oftentimes, it has to do with more than just the fact that they can show me some houses?

Greg Marshall  9:01  
Yeah, that's the most I guess. It's a very competitive space, because a real estate agent can't change homes to make their home better. Right? They're literally selling the same exact thing. So they have to figure out unique ways to stand out that has nothing to do with the actual product. And that's, that's how you win is because most of the stuff that we're all making is not new. None of none. Everyone has done what we most likely are offering. Yeah, it's how can we spin it to see different new, exciting, intriguing, and that's that's the name of the game. Yeah, right. Real estate agents are no different fact. They probably have one of the hardest jobs because you have to literally figure out how do I stand out from the 1000s and 1000s of people selling literally the same product in the same exact area and the consumer knows, no different,

Blake Beus  9:58  
right? And you can just mark everything off 20% Yeah, he

Greg Marshall  10:01  
can't give it this guy. Can I mean, I guess you could probably figure out ways to do that. But there's only so much you can do. Yeah, yeah. And

Blake Beus  10:09  
so you have ways to kind of like a realtor their way of bundling, is you're bundling basically, your service and your personality. And that's what comes with the purchase and whatever. And that's kind of a probably a harder place to think about bundling. But the bundling does work. It's almost like, the more common your product is, the harder and longer you need to think about how to separate, right, because they have seen your room, literally, yep, for 1015 20 years, the same sale offer, but the same exact sale offer so you have to change it up. You sell these tactics that a Russell Brunson uses where you take the same offer. And you make it sound like it's new by adding something that's trending. Yeah. Maybe give them an NF T for every house.

Greg Marshall  11:02  
Fine Art painting, you know, but one of the other challenges, I think in real estate and you know, financial markets is there's limits to what you can do as far as legal. Yeah, yeah. Right. Like there are regulations. You can't just do anything like can't say, buy this house. And I'll give you I literally will give you $5,000 back. Yeah, new cars. I mean, at least to my knowledge, I don't think do that. Yeah, absolutely.

Blake Beus  11:27  
Absolutely. Speaking of bundles, I know we talked about this one, and I want to keep bringing it back. Because in my mind, this was one of the more interesting bundles I've ever seen. But it was Gary Vee when he said when he launched his book back in August, I think is what it was. And the book had something to number 12 Like, marketing principles of stuff. I don't know. I didn't I didn't read it didn't work for me, I guess but. But he basically said if you buy 12 of these books and send my team that receipt will give you a free NFT Yeah, is what it was. And he sold like a million books at first 24 hours with that offer. And again, the NFT didn't cost him any money. Yeah, but what he did is he essentially convinced people to buy 12 have something Yeah, normally only by one. Yep. He 12x Yep. The average order number just by doing just by bundling with this, like free NFT or whatever. So but yeah, I don't know. We talked about NF t's a lot. Do you think it would be worth diving into a little bit of what NF T's are like you want me to spend a couple of years

Greg Marshall  12:26  
I don't even know to be honest. I am not I know it's like some digital and there's something that's a value I but I to be honest, I'm lost. I'm what entities actually.

Blake Beus  12:37  
Yeah. So I mean, NF T stands for non non fungible token, which really doesn't mean a whole lot. So it is non fungible means it's irreplaceable, right? So fungible means is replaceable. So the easiest way to think about this is in terms of $1. Bill. Yeah, if I give you $1 bill, it doesn't matter which dollar bill I give you. It's worth $1. Right? Now that that means it's fungible, doesn't matter which one it is, every time I give you $1 Worth It is worth $1. Now, something that's non fungible, would be something like a collector's edition dollar from the early 1800s that had a misprint and there was only like 10 of them. And nine of them were burned in the Chicago Fire and you have this only one one at $1. Bill, that $1 bill. It's It's irreplaceable. Yeah, that that is the the only one of those it's non fungible.

Greg Marshall  13:32  
So So NF T's are basically just collectibles, like Limited Edition type stuff. Yeah. If you think about him, like a limited edition of Michael Jordan, autograph card that I have. That's, that can be somewhat of an NFT. Right. Not. I mean, I practice some process to make this Yeah. And

Blake Beus  13:49  
it wouldn't be it would be non fungible, but it wouldn't be a token, it would be a non fungible thing, right. Like it's this collector's thing. So if you start thinking about NF T's like a, like a collector's thing, then they start making a little bit more sense on why this this board ape sold for 1.2. Guys. Baseball cards. Yeah, digitally. Yeah, yeah. Now the other the other aspect of that is if you have Michael Jordan card that signed or baseball card that's signed by Sandy, So sir, whatever. Typically, you need some sort of authentication certificate, certificate of authentication, right? Well, with non fungible tokens, it's a digital thing. So the certificate of authentication is on the blockchain, okay? Right. And blockchain, all blockchain is at a high level is a ledger of, of transactions essentially. So you think of it like a ledger book in accounting, you have your debits and credits, that's all it is at a high level. And so essentially, the transaction would be I created this NFT and then I transacted by giving it to you for however much you paid for it. And now everybody can look at the blockchain and say Greg's wallet Greg's wallet address, which no one else can face up. Greg owns that NFT. And you could sell that

Greg Marshall  15:08  
I can see now now that you explained that right now, okay, so it makes sense on why the younger demo is so excited about this. Because the instantly putting myself back into when I'm 1314 years old, how interested I was in baseball cards, and the value and trade I used to trade baseball all the time, I was a kid. And this basically just sounds like this is a new form, but real money involved in collecting baseball cards. I have this unique, you know, rookie card, or, you know, Michael Jordan, and no one else has it. And I got it and Don Ross's, you know, bag, one once upon a time. And so I was like hitting the lottery in a way you're like, I've

Blake Beus  15:54  
got this really valuable thing that Yep, people want? Uh huh. And, and there's only so many of them, right? And so because you have it, the value is super high. And you could actually transfer that and get money for it. Yeah, that's basically NF T's are is like, basically baseball cards. Yep. Now we can take it to one level higher, though. Now imagine that there was a special event that only people that had this limited edition signed baseball card could go to, okay, so now there's this real world, like, value for having it not just value that owning it, and I could sell it, but you're getting value out of, you're getting actual value right now by by being the owner because it's your ticket to get in the door out to this elite thing is the I see. So basically, it has like dual value, because now I can you sell it. But you can use it as a way to be part of

Greg Marshall  16:50  
a VIP group or

Blake Beus  16:52  
part of a club, right you can, you can attach some real world value. Now that has less to do with like the technology itself and more to do with basically saying, as the creator of this NFT. If you own this NFT, then I will provide this real world value to you. So there's no like, technical, you've got to scan your NFT to get in the door. It's just like, we're only going to send invites out to people. And you can verify that on the website before we give you the ticket that you're the owner of that NFT. And then you get into that or you get with Russell Bronson's case you get entered into a drawing, yep, right. With Gary Vee, he offered, he basically said there's going to be some events and things that you'll be able to come to, or you could offer people discounts if they're NFT, owner or whatever, right? So and that's where we're starting to see a little bit of a transition, where because, again, as a creator, I can create an NFT. And it cost me maybe $50, in what's called gas fees to mint those. But then I can give them out to whoever because they're there to create, I created them. And when I created them, I could say there's only going to be 100 of these. And once that's done, it's locked in, I'd have to create a new collection in order for me to

Greg Marshall  18:04  
can there be so something that I have a question about is could there be an oversaturation of entities? Oh, yes, it is. Yeah. So is this a hurry up and get in early now? Before it's too late type deal? Or is this? Like, it's still the value is still be based on who created the entity? And that doesn't matter. Yeah.

Blake Beus  18:25  
Right. More of the latter, because what we're seeing is a shift, right? The whole get in early kind of happened like 18 months ago. And that's where all of these that's more than a cent, all the others. The frenzy happened and everything and, and in order to play that game, you got to drop some serious money. Like, I think the cheapest board ape is maybe $50,000 or something like that idea. I

Greg Marshall  18:51  
do know that the board. That's why I remembered it because I I heard that it was extremely expensive. Yeah, sounds like wow, what is that? I don't even know what it is. But after this explanation, I don't know why people would pay that

Blake Beus  19:04  
right. And I think boarded gets you into some events and some other either some of the real world benefits for being an owner. But what we're starting to see now in my eyes is is a shift, where you're starting to see NF T's being given away. Because we want to provide some additional value or whatever, or that value can be bought and traded and sold and traded and sold in whatever

Greg Marshall  19:31  
country club. Yeah, so yeah, it's like having a membership at a concert. Yeah, you could,

Blake Beus  19:35  
you could do that. Or you could, you could launch a commemorative NFT for anybody that did this Krump commemorative event, or all of you the VIP members are the founding members of a particular group. Everyone gets an NF T and there was only 50 of those because there's only 50 members and now you're the owner of that and it's not really worth selling. But basically it's like a badge or a metal that you can wear or a ribbon that says that that was me. I'm the authentic you know, if the authenticate, you know what I'm thinking now that I understand NF T's now that you've explained it to me. And this manner, Guru marketing might take a whole nother level. Because the smart ones out there, the ones that are always on the newest trends, they're going to be able to utilize this as a way to make their guru status even more cemented. Yeah. Right? Because you can use this as hey, you know, you're at my country club now. Yeah. And if you want to be closer affiliated to, you know, buy this, or get this and you can create value just from being affiliated with you. Through these NFT. Yes, because you're the only one Yeah, yeah, I think we're gonna see a lot of creative use cases for this, where they're not necessarily being sold and traded as collector's items, but they're being used in ways that we probably can't imagine. But they're being used to basically say, Yeah, I was there, or Yeah, I did that, or, yeah, I'm part of this group. And I'm

Greg Marshall  21:02  
not saying that's a bad thing. No, I don't think that's so I'm actually saying the guru marketing. And I know guru sometimes negative connotation, but I guess an influencer or someone that is creating stuff or like you're using the creators, they could use it to build a more loyal following, and really create some cool stuff. I mean, if you think about it, if you've got a specific, let's say, an actor, right? Like, I love the rock, or the rock created one of these, and he saw an NFT. That was like, if you buy this, you have access, you could literally meet the rock. Yeah, at his next movie, Sean. But you know, it costs you $10,000 on this, and every time he rolls out in the movie, you can be there. Yeah. You know, now, that's interesting.

Blake Beus  21:48  
That's interesting, like, and that's something that could be sold down the road to someone else. And

Greg Marshall  21:53  
I can see that value. Because there's two types of value. One could be, you know, an acquiring and selling value, like a house, right? I buy a house and I sell it I'm making money off or it can be something that caseloads you. Similar to like, if an actor gives you this, it's almost like a cache on a way where it's like, I have unique access to this person. Anytime when they brigade something, and that's a value, I value that more than the transaction value selling. Right.

Blake Beus  22:25  
Exactly. Exactly. And I think I think it's ultimately good because of this is very approachable, because because a lot of a lot of tactics and strategies, and all of these things can sometimes feel like they're, they're not approachable, unless you're you've already made it. Yeah, right. But something like this is, is approachable, there is a technical learning curve. But it's something that your typical internet savvy person could probably figure out in a few days, how to mint, their own NF T's. And how to use those to provide value to again, their group, their club, their, their, their business is at a customer, thank you, whatever. And some of your customers will be like, Yeah, whatever. But some of them will think it's really interesting and amazing. You know, it's funny, I think, and I have a client now that I have a better understanding of who would absolutely dominate this. I'm not gonna say who it is. But I'm gonna bring it up to them tomorrow. Yeah. And mentioned, they really should think about this, this technology, because the nature of their business is actually in the collectibles space are real, and they sell very unique stuff. And so with that being said, and I don't think they're looking at this, the CEO, he's always on top of things. Yeah. But he's very, he's operations. He's constantly thinking of innovative operational ways to do things. I don't know if he's seen this particular trend, like, it's actually spent much time on this, and I'm gonna present it to him and say, you know, you really should consider since the nature of your business fits perfectly with this. Yeah, that's I mean, that's a I think that's a great use case. Another use case that kind of came to mind here would be you know, Russell Brunson has his two comma club for anybody that uses Click Funnels to, to sell over a million dollars of something you get to comment, you could do something similar like when, I don't know if you're, if you're in health and fitness, or maybe you're helping with weight loss or whatever. When someone hits their goal, they get an NFT, right, or when someone hits some sort of milestone stat, like, there's like an NFT that they will get out of that that they can again present as like this badge of honor. You can even create, like little like a landing page on some of these sites that will basically say, Hey, this is my page. It's cryptic, lat graphically verified to be mine. And here's all of the badges of honors as aka NF T's that I have, and you can display those off. Yeah. So I think NF T's you know, so So, if we round it back to how you can apply this to mark, and number one is, I mean, NFT sounds like it hits all the boxes as far as solid marketing, which is, you know, create some kind of community with your customer, create something unique, create something that's intriguing and exciting, new, innovative. I mean, it's checking off all the boxes, it's a different offer, right? Not everyone can get it, you can have some exclusivity. So that's basically the moral of the story of NF T's and anything that you do your marketing is, how do we make the offer, hit these check these these boxes, how they check off the boxes, so that people respond. So people are excited about what you have. Because at the end of the day, when people are looking to market their products and services, with the route when they say I want to market my stuff, what they're saying is I want to get sales today. Yeah, right. That's what they mean. And, or faster. If it's not today, it's if it takes me 90 days gives me how do I get it and 45. Right. And so this is how you do it, right? You create offers that are unique and different, exciting, creates urgency creates, you know, Country Club feel,

Greg Marshall  26:17  
maybe you can't get in so if I buy this, so there's different angles to use. So I could see how NFT is applied. Basically. Standard fundamental market.

Blake Beus  26:29  
Yeah. And if you're out there listening, and you're like, NF T's, I don't want to go down this tech rabbit hole or, or maybe you're not a technical person. There is a way you can apply the same principles in any sort of way. Like I guess it Russell Brunson is two comma club. Yeah, it's a plaque. Right. plaques are not new. Yeah. But it was a very sought after thing, because of how hyped up it was, and everything along those lines. And there's a lot of there's a lot of different ways to to please.

Greg Marshall  26:57  
Russell Brunson is a

Blake Beus  26:58  
marketing genius. And I have no problem saying that he's very, very skilled at what he does. And a lot of things that he does, is cutting edge. It's new, exciting. It checks all the boxes that we just talked about. And I think you can learn a lot from what he's doing, versus what people are saying, right? If you watch what he's doing, and try to mimic that in your own way.

Greg Marshall  27:23  
You know, you could you can win. Yeah.

Blake Beus  27:25  
You know what I'm most jealous of him about? It doesn't seem like he overthinks everything over things. So he's well, he's always like doing something when he throws a video out there. He just he just gets it out there. Yeah. And and I talked to people about this in my membership all the time. And I'm Yeah, I overthink a lot.

Greg Marshall  27:42  
Well, I think thinking of overthinking. Right, I think it's just because your skill set is a different skill set that he probably can never touch. Right. And so we all have a different way of how we think. And so what I mean for him, you know, he's he's like, he appears I don't know, but he appears to be creative, impulsive. So he could just sit here and think alone, believe idea and get it out to market within seconds. Right. Whereas some people may be someone that has a mindset of yours that knows how to build things. You're thinking, Well, how does that enter? Why would I launch that now? I just started like, two seconds ago, I can't just launch. I gotta think this because you're thinking of how will it you know, apply? And

Blake Beus  28:30  
that's everything. That's That's how like software engineers think. And again, that's my background. Yes. I love that. I came from software engineering over into marketing, because I feel like it gives me a super unique perspective and a lot of a lot of areas. But yes, that's a very much a software engineering like way to think about solving a problem.

Greg Marshall  28:46  
Well, and that's it's necessary, right? Because you can't just build something with no, absolutely no regard to everything else. Because they'll break. So yeah, I think that's, you know, that everyone kind of has a different skill set. And that's what I think he has that's really good is he's probably on the high level of creativity and impulses. So he probably, I'm assuming, you know, because he's from Idaho, I think he's LDS. So he doesn't have any of these bad habits. He should never get into gambling in Las Vegas. Exactly. We're proud for that search

Blake Beus  29:23  
to make to make you feel better and Russell's actually shared this video but he's got a video of him out there at his very first like sales conference trying to sell something. Yeah. And he's like fumbling with WordPress. It's terrible. It's terrible. It's awful. And and so if you're out there and you're thinking I could never be like charismatic. I definitely find that it's out there on YouTube. Some find that and you'll you'll think, oh, everyone starts somewhere. Everyone starts somewhere and but yeah, so hey, let's wrap this up. Everyone. Go go get it Greg.

Greg Marshall  29:56  
Yeah, you can book a strategy session called me if you need some help with tomorrow. think Greg Marshall Dotco What about you, Blake?

Blake Beus  30:02  
Like, like you stock calm and I have a membership on there where I help people with social media marketing. So well, great,

Greg Marshall  30:09  
I think hopefully enjoyed this session. I know I learned a lot about NF T's and I can see what's so attractive about it. Yeah. So thank you, Blake for educating me on that. And until next time,

Blake Beus  30:20  
we'll catch you guys later. Bye. Later.

 

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