Ask : The counterintuitive online formula to discover exactly what your customers want to buy...create a mass of raving fans...and take any business to the next level by Levesque Ryan

Author:Levesque, Ryan [Levesque, Ryan]
Language: eng
Format: azw3, epub, mobi
Published: 2015-04-20T16:00:00+00:00

COLUMN U: SMIQ (SINGLE MOST IMPORTANT QUESTION)

Between Column A and Column U, I’ve “hidden” all the data we won’t be using (e.g., Session ID, IP Address) to simplify what we’re looking at. Column U is where we list the answers to our open-ended Single Most Important Question (SMIQ).

COLUMNS V, W, X

This is where we list what categories each respondent falls into in each of our multiple-choice questions:

• Column V: Full-Time vs. Part-Time (FULLPART)

• Column W: Biz Owner, Consultant, Employee, etc. (TYPE)

• Column X: Revenue category (REVENUE)

COLUMNS AA, AC, AE

In these columns, we use a simple formula that spits out a 1 if the field in the previous column contains data and is not blank.

For example, if someone provides their PHONE in Column AD (which is hidden), Column AE spits out a 1. If they do NOT provide their PHONE in Column AD, Column AE spits out a 0.

This allows you to sort all the people who provided their name, email, and phone number—which, as you’ll see in a moment, we’ll be using in our analysis.

COLUMN AF: LEN

In this column, we use an MS Excel formula called “length” (LEN) to calculate the number of characters from our prospect’s response to our open-ended SMIQ. This tells us how long each prospect’s response is.

The reason why response length is vitally important is because it’s an indication of hyper-responsiveness, which is a leading indicator of how likely someone is to purchase a paid solution for the problem or challenge about which we’re asking.

In plain English, all things being equal, the longer a prospect’s open-ended response is, the more likely they are to be a buyer of whatever it is you’re selling.

For example, let’s say you’re selling a medical device that helps reduce back pain, and if you, as the business owner, ask, “What’s the single biggest challenge you’re having with back pain right now?”

Let’s pretend someone types in, “My back hurts.”

And the second person types in, “Five years ago I got into a car accident; it was a head-on collision; I had to go through physical therapy for six months; I went through three different back-pain medications; I was even on morphine for a period of time; I’ve been out of work for the last two-and-a-half years; I can’t hold down a stable job and it’s all because I can’t sit down in an office chair and I’ve been trying to find a solution for the last five years and I’m desperate to find anything that works.”

Which of those two respondents is more likely to purchase a product if you have a solution that solves their problem? The second one, of course. This is why we pay attention to response length, and why it’s so important.

COLUMN AG: MULT

The next column is MULT, which stands for multiplier. This column uses a simple MS Excel formula to check if the PHONE field is > 0 (i.e., if someone has provided us with their phone number). If they have, then the formula spits out a 1.5. If the person did not provide their phone number, it spits out a 1.

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