Paying Peanuts And Expecting Champagne
In my breakthrough special report, “The 7 Crucial Mistakes You Must Avoid When Hiring A Copywriter”, I divulge some pretty nasty secrets hidden in the copywriting industry.
In this post I’d like to share #4 with you.
Because it’s a BIG mistake I see business owners make.
I call it…
The High Cost Of Cheap Copywriters
Let me explain.
When you invest money into your business, the main objective is to achieve a high ROI.
Duh.
More importantly…
For every small increase in results you can get from a better copywriter, you’ll reap those rewards for as long as your business is alive.
Even small increases can make huge differences over time. Let me show you with a little math.
For example’s sake, lets say your business does $500,000 per year. Let’s also pretend you have just 1 product, selling at $197. To achieve $500k in sales in a year, you would have to sell 2,538 units per year. That’s 211 per month (or 7 per day, based on a 30 day month).
You’re looking to increase those numbers, so you look for a copywriter.
In the image below, I’d like to point out to you exactly what can happen and what you can expect if you go with a copywriter with more experience and more results… even if it means costing you a little bit more upfront.
In this example, you would spend an extra $3,000 but in return you would receive an extra $8,274 in the first MONTH of implementation.
Your “Extra” ROI By Hiring A Better Copywriter?
• 175.8% in the first MONTH
• 3,209.59% in the first YEAR
That example should make it crystal-clear that quality pays for itself. Very quickly.
As you can see, hiring so-called “affordable†copywriters is RISKY. Remember, you only have to pay the copywriter once, while you reap the rewards of increased profits for the lifetime of your business.
In this case, you would only need an extra 15 copies sold from the better copywriter to pay for the increased fee. Considering you are selling 253 per month (8.4 per day), you will recoup that extra $3,000 in less than TWO days!
I can’t stress this enough.
Cheap Copywriters Are Cheap For A Reason
If you’re shopping for a copywriter based on price, you’re making a colossal mistake that will eat away at your profits for years to come.
With that said, let’s look at this in terms of your ROI general and whether or not you should make the investment in the first place.
If this scenario happened, you would have spent $5,000 to hire the copywriter and he would give you a 40% increase in conversions. That would add an extra $198,576 to your bottom-line NET profits.
$5,000 invested –> $198,576 extra created.
That’s a 3,871.58% return on your money in the first year alone.
That’s an extra $198,576 you have in available cash flow to grow your business and achieve more financial stability. Another $198,576 to put back into the business by doing things like…
- Outspend the competition – The more profit you making, the more you can outspend your competition which builds brand awareness and increases your traffic (plus eliminates that competition!).
- Create & Launch New Products – Adding profits means more money to put into additional products and services, which bring in fresh customers and more revenue.
- Buy More Traffic – Without high conversions, you can’t afford to pay for better traffic. With higher conversions and higher profits, new traffic sources come to life, funneling new customers and new profits into your bottom-line.
- Hire New Employees – How many employees do you have, and what are your gross profits? Do this math to figure out your “profit per employeeâ€. Increasing your profits allows you to add more employees, which in turn increases your profit again!
- Test New Forms Of Advertising – Most business owners don’t test new traffic sources because they don’t have excess money to test. Choosing the right copywriter gives you that excess cash which can be used to fund the testing of new traffic sources.
The difference is simply amazing.
Think about this the next time you’re hiring a copywriter… or for that matter… ANY person who has a direct impact on your bottom line.
– Jeremy Reeves
