07: How a 23-year-old College Dropout went from $8735 in debt to 6-Figures through Digital Marketing

FUM 7-2

Today we have Benson Sung on the show today.  We are so excited to have him on the show today.  Benson went from dead end job to dead end job, before he figured out how to make money online.  Now’s he 23 years old and has a six-figure business online.

Benson’s Back Story:

  • 1st generation immigrant to Vancouver, BC
  • His parents were office workers and just barely made enough to scrape by in Taiwan
  • He knew he needed to be successful in order to help his family out
  • He dropped out of college because he didn’t feel he could learn business from a book
  • He wanted to learn from people who had business experience
  • He accumulated $8735 in debt and he could not make the payments on it
  • He started and failed in 5 businesses of his own before he became a success
  • Failure and mistakes are a part of success in life

How he dealt with failure:

  • It’s hard to handle failure when you haven’t been successful yet
  • Mindset is everything and you have to stay positive
  • Utilize resources that will feed your mind with things to balance your mindset
  • Be selective with who you surround yourself with.  Especially be careful of those you associate with at your dead end job.  Only deal with them at work when necessary.
  • Be able to handle different types of people at the different stages of your development
  • Let your dead end job motivate you to work harder than you ever dreamed of

The importance of a Mentor:

  • He would not have been successful without his mentor, Dan Lok
  • The right mentor has to be more successful than you and they have to be where you want to be 5-10 years from now.
  • You have to be able to relate to them on a business and personal level
  • They have to challenge you to grow and push yourself
  • They also have to be constantly growing themselves too

Benson runs a digital marketing agency, where he consults with clients to take them from 6 figures to 7 figures each year.

Digital marketing is marketing, but done online.

4 parts of Digital Marketing:

  1. Getting Traffic – organic/free traffic or paid traffic through Google adwords
  2. Marketing piece to attract ideal customer (FB ad or banner ad)
  3. Funnel – the opt in sequence goes to tip wire, low cost item to cover the advertising cost, then the upsell
  4. Conversions – more people clicking on your piece of marketing and getting more out of your advertising.

Benson had an award winning funnel at a ClickFunnels event.  He thinks Click Funnels is the best software for opt in conversions.

Award Winning Funnel for the Survival/Fitness Niche:

  1. Gave away a 7 video course series (online) to get an opt-in for email
  2. Trip wire was a survival kit with all sorts of products and that was $7
  3. Upsell was a bow and arrow and that was $39
  4. Conversions of the bow and arrow was a down sell of a video series called bugging in/bugging out for that survival niche.
  5. Everyone went into a webinar funnel.  Webinars sold the membership site.  That cost $497 for a lifetime membership.

What’s the entry point for a digital marketer?

You don’t have to be super smart to do digital marketing.  Benson was a C student and failed English 3 times.  A good way to learn digital marketing is to find the top 3 people in the area you want to be in.  Follow those 3 people and see what they are doing.  Process what they are doing and reverse engineer what they are doing.  This is a great way to start out.

Top resources to learn digital marketing:

  • Benson follows people rather than guides.  Your most important resource should be your mentor.
  • Jay Abraham – the Godfather of Direct Sales Marketing; he’s a brilliant marketing legend
  • Frank Kern – internet marketer who focuses on direct response and is a brilliant email copywriter
  • Surround yourself with select people who you can soak up their content
  • Russell Brunson – creator of ClickFunnels, he’s 32 and has done very well for himself
  • Uncle G – Grant Cardone – for sales and marketing he’s the best – Omni-present marketing
  • Neil Patel – brilliant digital marketer who helps Amazon, GM, etc.  #1 digital marketer on the planet.
  • Richard Koch – wrote The 80/20 Rule – he is a great business person
  • Richard Branson
  • Jack Mah – Alibaba founder
  • Warren Buffet – great investor
  • Orit Gadiesh – Chairman of Bain and Co.

Money is a harder worker than you are!  Using money to make more money is how the smartest people view money.

Pat Flynn, Sam Ovens (The Consulting Blueprint), Russell Brunson are people that Benson suggests we interview on the podcast.

3 Lessons Learned:

  1. Always add value up front without expecting anything in return.  Not sure how to add value, ask how you can help someone.
  2. Don’t take everything at face value.  Ask the why behind it.
  3. Focus on developing your skills.  It’s the foundation for everything.  Communication.  Sales. Marketing.

Next week on the FU Money show, we’ll go behind the scenes with one of our “No BS” mentoring sessions with our mentor, Dan Lok.

Tagged:
Get Instant Access To The
Massive Passive Income Workshop
& Take Your Life To The Next Level.