Bill Bonner

How Bill Bonner can be so wrong and still so successful

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I’m in Palm Beach. The place is rich.

This morning, I walked along the sandy beach facing the Atlantic, a few hundred yards from where Billionaires Row starts — where people like the CEO of Blackstone and the widow of David Koch have their palatial residences.

I was walking there with my friend Sam, who came to Palm Beach with me.

We were discussing how nice the weather is here… how good the Atlantic Ocean looks against the pristine sand… how pleasant the people are in Palm Beach… even how there’s magically free and abundant parking on the island.

“It’s kind of like heaven,” Sam said. “It makes me want to make a fuckton of money so I could move here.”

I paused for a moment. I looked inside. And I concluded:

Palm Beach is great. But I have zero ambition to move here for the long term, or to make the tens of millions of dollars that would be necessary to support even a B-level lifestyle among the billionaires and multimillionaires here.

I’m telling you this because after the beachside walk, I had the good fortune to have lunch with one of the most successful copywriters in the world.

I won’t name him — I’m not sure he wants me to. But I will say he is a senior copywriter, working for 10+ years at one of the biggest and best-known direct response financial publishers.

Over lunch, one topic that came up was how Bill Bonner — the founder of direct marketing behemoth Agora — has been making financial predictions for 40 years.

Most of those predictions have been proven to be wrong. Year after year, decade after decade.

And yet, loyal readers of Bill Bonner continue to read his opinion pieces. Apparently, he now has the most successful financial-topic Substack out there, making some $1M/year from I guess editorial content alone.

The question is, why would people continue to listen to a financial prophet who is consistently making mistaken prophecies?

The very successful copywriter I met today has an elegant and interesting take on it. It’s something I hadn’t heard before. But that’s his intellectual property, so I won’t share it here.

What I will tell you is my theory on it, which I really got from legendary marketer Dan Kennedy:

The best customers, the most long-term customers, are not really buying whatever offer you’re supposedly making them. Instead, they are really buying you as a person. And they decide whether to buy you or not by how they match up with you on certain intangible, vaporous values.

All that’s to say, you might have really horrible, taboo things inside your head, things you think you should never share about yourself with your audience.

Such as for example, the fact that you are not very money-motivated — not a helpful thing to reveal to a bunch of business owners and marketers.

And yet, even though revealing such things is sure to drive many people in your audience away… it will bind a small number of them even more closely to you. And you can build a successful business — or even, if you insist, a large business — on the strength of those strong bonds alone.

Threats and shaming in early-morning emails

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Two mornings ago, I found myself on the street outside my house, in the dark. There were no cabs because it was 4:30am on New Year’s morning. I took my phone out to rent a city bike as the first step of catching my 7am flight, but instead of opening the bike app, I automatically opened my email inbox.

“Hello,” I said. “This will be useful.”

It turns out I’d gotten a new email from marketer Ben Settle. The subject line read:

“Why my ‘no coming back’ policy will inevitably be the new normal”

Ben was talking about his policy of never allowing people who unsubscribe from his paid newsletter to resubscribe.

I have no doubt that Ben’s prediction is right, and that this policy will become more and more common.

After all, newsletters are the Ford Edsel of the information publishing industry.

As Agora founder Bill Bonner, who has sold billions of dollars’ worth of newsletters, supposedly said once, nobody wakes up in the middle of the night, heart racing, pajamas wet from sweat, with the sudden realization, “Good God… we’re all out of newsletters!”

Newsletters are something that the marketer dreamed up, because they provide continuity income, automatically, without the need to keep getting credit card details.

Newsletters are something the market doesn’t really want, not without a huge amount of bribes, indoctrination, and in Ben’s case, threats and shaming. From his email about his “no coming-back” policy:

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“Plus, practically speaking, if the trash lets itself out why take it back in?”

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Whatever. People will justify anything to themselves out of self-interest.

Fortunately, my self-interest isn’t aligned with selling you a newsletter, because I tried it and found I hate it, even before I had to give a single thought to retention.

The good news of that is, I don’t have to threaten you or shame you, which is something I find personally distasteful.

The bad news is, I don’t ever hear the satisfying sound of shopping-cart notifications telling me I’ve made a bunch of sales on autopilot.

Instead, I have to keep sending emails, writing sales letters, and doing my best to tempt you into buying the offers I’m selling.

That’s okay. Like I keep saying, I’m okay with working a bit, regularly, and for the long term.

And I’d rather have my freedom, both from the fixed schedule of publishing a paid newsletter, and from the psychological toll of barking at my subscribers and cracking my whip at them.

Perhaps you also value freedom over automatic shopping cart notifications. Perhaps you can understand where I am coming from. In that case, you might like to sign up to my (free) daily email newsletter.

You can try it… find it doesn’t work for you… unsubscribe… and later, if you change your mind, you can subscribe again. No threats or shaming.

To get started, click here and fill out the form.

“Awful Awful Waste of Money”

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Some time ago, I got tempted into buying Dan Kennedy’s book, “The Phenomenon: Achieve More In the Next 12 Months than the previous 12 Years.”

Does that make me possibly the stupidest person on the planet?

Probably. After all, check out one review on Amazon, which I read before I decided to get the book:

Awful Awful Waste of Money

I seriously think this is the biggest waste of money and quite possibly the biggest waste of time I have ever spent. This is nothing but a pitch for Dan Kennedy and everyone of his student’s products. There isn’t a single how to trigger the Phenomenon. This is an even worse type of push that Tony Robbins does where he at least gives a little info before trying to sell you on spending 10K for a seminar. Do not pay for this.

And yet… I did pay and I got myself a used copy. For one thing, because I love DK’s stuff. For another, because the promise just sounded so appealing I couldn’t resist.

Result:

There is nothing new in The Phenomenon. In fact, the book is mostly not written by Dan, but by a bunch of his coaching students hyping themselves up. And like the review above says, there’s no how to.

Well, there is a checklist of “rules” right at the start. I jumped on it yesterday, my greedy opportunity seeker eyes shining in the dark. Rule #1 said:

“There will always be an offer or offer(s).”

My head sank to my chest. “That’s the one thing I didn’t want to hear,” I said to Dan, who couldn’t hear me.

This rule is certainly something I have known for years. It’s one of the pillars of Ben Settle’s email system, which Ben inherited from Matt Furey and ultimately Dan himself.

Whenever I’ve worked with clients on their email marketing, I’ve always insisted we put an offer at the end of each email.

For one thing, you’re never going to make money without an offer.

For another, engaged readers actually like buying, or at least having the choice to buy.

And yet, I don’t consistently have an offer in my own emails.

Sure, I promote trainings like my Copy Riddles on occasion, and I will do so again in the future. (The next run of Copy Riddles will be in June.)

But I have no default offer I can always go to, even when I’m not in the middle of doing a launch of relaunch of a product.

So it turns out Dan’s Phenomenon book is hardly a waste of money or of time, even though it’s mostly slapped-together self-promotion.

And yet,​​​ I remain possibly the stupidest person on the planet.

After all, if I had a client like myself, I would have either forced him to include some kind of offer each day in his emails, or I would have fired him long ago.

So take it from Dan to me to you:

If you are doing email marketing, or really any kind of marketing, make people an offer. With each of your messages. It might turn you into a phenomenon.

But what about me?

Still no offer.

I have to have something. So I decided to offer…

C​onsulting.

Now, I fully expect absolutely nobody to take me up on this offer, at least today.

That’s because I’ve gotten pretty good at coming up with offers over the past couple of years, working both with clients and on my own projects.

And “consulting” is an awful offer. It’s vague — what exactly does it mean? There’s no sexy name. And who would possibly want it?

Like Agora founder Bill Bonner said, nobody wakes up in the middle of the night, heart pounding, wet pajamas stuck to his back, face to face with the awful truth — “We’re out of newsletters.”

Well, likewise, nobody wakes up at 3am thinking, “I gotta have some more consulting.”

I’ll fix some of those problems in the coming days and emails.

I’ll sharpen up the offer. I’ll tell you what exactly I can consult you about, and why it would make good sense for you to pay me to do so.

I’ll tell you some case studies of clients who have hired me for consulting, and what they got out of it (and what they didn’t).

Maybe will even come up with a sexier name than “consulting.”

But all that in future emails.

For now, if you do want my guidance or advice on marketing and copywriting problems, and you want it before others get to me, then fill out the form at the link below, and you will hear from me soon:

https://bejakovic.com/consulting

The ABT’s of writing persuasive stories

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“I was sitting in a park today when I spotted a leggy girl in a blue dress, walking with a certain sashay. And so I ran after her. I stopped her, ready to give her a compliment. But once I was there, face to face, I was no longer sure she was a girl. I wasn’t even sure she was a she. She was taller than I was, and stronger in the shoulder and jaw department. When she started to speak, my suspicions deepened. Therefore, I started looking for ways to gracefully exit from this situation — not so easy to do, because my new blue-dress acquaintance seemed pleased with me and ready to talk.”

I did eventually get out of there and get to the apartment I’m staying in, where I started to read about copywriting. Specifically, I started to read about a way of structuring your stories so they keep readers reading. It’s a simple technique called ABT:

AND – that’s your setup of the story

BUT – that’s where the conflict or complication happens

THEREFORE – that’s the outcome or resolution

If you’re a diligent duck, you can go back and see how I ham-fisted those conjunctions into my park story above. Or just take a look at this next short story:

“An immigrant from a developing country arrives to the US, learns basic English, AND decides to become a professional copywriter. BUT his initial results are underwhelming and he doubts whether he can succeed. THEREFORE he develops his own unique copywriting system, which causes his sales jump 10x, making him the most successful copywriter at a major direct marketing publisher.”

Like my blue-dress adventure above, this immigrant story is true. It is the story of Evaldo Albuquerque, who over the past few years has been the most sellful copywriter at Agora Financial.

I read about the ABT technique in Evaldo’s short book, The 16 Word Sales Letter, in which he lays out his unique copywriting system.

​​I haven’t finished the book yet, so I won’t give you my opinion. ​​But Bill Bonner, the founder of Agora, says, “This is the book I’ve been waiting for.” And Mark Ford, a master copywriter who helped grow Agora to the size it is today, says, “I’m going to recommend this as a must-read to all my copywriting proteges.”

And that’s that. But maybe you don’t know where to find Evaldo’s book so you can see if it’s for you. Therefore, here’s the link:

https://bejakovic.com/evaldo

The beginnings of empire: How Agora made its first sales

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You look out your window, past your gardener, who is busily pruning the lemon, cherry, and fig trees… amidst the splendor of gardenias, hibiscus, and hollyhocks.

The sky is clear blue. The sea is a deeper blue, sparkling with sunlight.

A gentle breeze comes drifting in from the ocean, clean and refreshing, as your maid brings breakfast in bed.

For a moment, you think you have died and gone to heaven.

But this paradise is real. And affordable. In fact, it costs only half as much to live this dream lifestyle… as it would to stay in your own home!

What you’ve just read is the opening of the International Living sales letter.

Bill Bonner — the founder of Agora, a $1B+ publishing company — used this sales letter to launch his first newsletter over thirty years ago. The letter supposedly brought in $3 for every $1 of advertising spend. Today, it still continues to bring in new paying readers.

I bring it up to illustrate a powerful marketing truth, which I first heard from another famous copywriter, Dan Kennedy:

Sell escape, not improvement

Bonner wasn’t selling people on eking out more from their meager social security. He was selling them escape, to heaven, with nothing more than what they already had. Well, with nothing more but a subscription to International Living.

You too can do the same. ​​Selling people a lighter shade of drab is hard work. Selling them a bright and exciting new color, well, that’s the kind of approach that can help you start a billion-dollar empire.

Speaking of escape:

Imagine checking your email every day, and among the dozens of boring, pushy, or irrelevant messages from God-knows-who, you see it.

It’s a daily email, one that I sent you. It talks about marketing and persuasion, but mostly, it’s a way to escape for a few moments.

For a moment, you think you have died and gone to heaven. But this paradise is real, and surprisingly affordable. In fact, it’s free. You can sign up to make this dream a reality by clicking here.

The grandmaster of marketing secrets fesses up

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A few weeks back, I wrote a post about the trouble with marketing “secrets.”

​​It’s not that packaging things up as a secret doesn’t work. It does. It works great, and that’s why so many marketers use secrets as a crutch.

Today, I want to warn you about secrets again, but from the other side. Not a warning to you as a copywriter peddling secrets… but to you as a prospect getting sucked in by the promise of secret copywriting knowledge.

And to do that, I want to share a quote I heard in a speech given by an A-list copywriter who might be called the grandmaster of marketing secrets. I’m talking about Mark Ford, who, along with Bill Bonner, was one of the key people who made Agora the direct marketing behemoth it is today.

In case you don’t know, Agora is a conglomerate of a bunch of smaller publishing companies. Much of what Agora does is sell secrets — in the finance, health, and most recently, make money online markets. From what I understand, the selling of secrets at Agora all started with Mark Ford, who literally wrote the book on selling secrets (Great Leads, along with John Forde).

So Mark Ford and Bill Bonner were talking about the psychology underlying what they do… and they concluded the following:

“There is an inverse relationship between the value of knowledge and what people are willing to pay for it. The most important things in life you’ve probably heard a hundred times before, but you’re not paying attention. When you’re in the right place and you hear it, you have that ‘aha’ moment and everything changes.”

In other words, these two guys, who have collectively made hundreds of millions of dollars selling secrets, concluded that secrets aren’t worth that much.

So what am I saying?

Nothing. Draw your own conclusions. But perhaps Mark Ford’s confession above is something to remember the next time you hear an alluring promise of “insider knowledge” and “7-figure copywriting secrets.”

Speaking of alluring promises:

I write a daily email newsletter. It’s full of non-secret, highly valuable information. If you’d like to sign up for it, here’s the link.

Simple price negotiation with long-term clients

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Yesterday I talked to a previous client about a possible new job. He offered me to handle emails for one of his businesses on a straight-up commission basis.

At this point, a lot of copywriters would start running and screaming “Red flag!” But I got no muss with getting paid all on commission, at least with this client. I’ve worked with him already… he’s legit… and his business is making money and growing.

At issue is how much commission I would get paid. The client wrote:

“What’s the minimum amount you’d want to be making for the volume of emails that I’m proposing?”

Hmmm. That’s not a question I have a good answer to. So I thought for a minute. And I responded using a strategy that I saw described on Mark Ford’s blog.

Mark says he saw his client/partner BB (I assume Bill Bonner, the billionaire founder of Agora) using this strategy throughout his career.

It’s a way of negotiating that’s very simple, but effective if your main goal is a long-term relationship and a fair outcome for everyone involved.

I think Mark’s post explains it very well, so I won’t rehash it here. It’s worth reading if you find yourself negotiating prices with clients, and you hope to do business with them again. Here’s the link if you’re interested:

https://www.markford.net/2019/10/23/11059/?doing_wp_cron=1576003704.1623599529266357421875