Stop only selling your "main" product — Transcript

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1. 0:00Sounds like good, but it takes a long
2. 0:02time to get the LTV, so they stay within
3. 0:04a year at least their business, but I'd
4. 0:07like to find out a way to bring the cash
5. 0:09forward.
6. 0:10So, it's kind of like, you know, we're
7. 0:11getting cash, but it takes 2 3 months
8. 0:14for us to really get good profits, and
9. 0:16then of course after that you're really
10. 0:17well, but how do we bring that cash up
11. 0:19forward and present it
12. 0:21ahead of time?
13. 0:22>> Are you billing insurance, or are you
14. 0:23billing private?
15. 0:26>> Uh private. No no insurance.
16. 0:28>> Okay, got it. So, do you bill monthly,
17. 0:30or how do you bill?
18. 0:33>> Yeah, so we bill, you know, the first of
19. 0:34the month, and a lot of times we look to
20. 0:37collect first and last month's rent.
21. 0:38>> Okay.
22. 0:39>> The last month's rent is fully you know,
23. 0:40the final bill on our 30-day notice, but
24. 0:42it's not until like I'm moving out and
25. 0:43paying that.
26. 0:45>> Yeah, got it. So, I would have I mean,
27. 0:48honestly, all there's there's really
28. 0:50only um two options that are like
29. 0:53immediately
30. 0:54available to you. All right, I guess
31. 0:55three.
32. 0:56So, number one is you could have some
33. 0:58sort of setup and enrollment, some sort
34. 1:01of fee like that that you could put into
35. 1:04the upfront payment. That's thing one.
36. 1:06Thing two is you could require first 3
37. 1:08months upfront.
38. 1:10That's option two.
39. 1:11Um option three is you can add on
40. 1:13additional service that many of them
41. 1:15need, and then you could uh contract
42. 1:17that out. So, let's say that What are
43. 1:19the other things that someone has to buy
44. 1:21in order to begin your service? I'm
45. 1:22guessing there's some sort of moving
46. 1:23costs or moving services, right?
47. 1:26>> Yeah, there's like ancillary like
48. 1:28transportation, you know, beauty, hair,
49. 1:30nails, stuff like that.
50. 1:32>> Yeah, so basically what we'd do is just
51. 1:34create a bundle that many of those
52. 1:36people immediately need to buy in
53. 1:37addition to Have you read the Money
54. 1:40Multiplier book?
55. 1:42>> Yeah.
56. 1:42>> Okay.
57. 1:43>> Yeah, I'm reading through it, and I I
58. 1:44bought the course, too.
59. 1:45>> Oh, awesome.
60. 1:46Um so,
61. 1:48big picture, the one of the first
62. 1:50stories I tell in there is a guy who
63. 1:51owns a storage facility, right? And so,
64. 1:53he gave a free month of storage away.
65. 1:55So, very similar business to yours. I'm
66. 1:57not saying that you get free month, but
67. 1:58the same idea. It's like, "Well, what
68. 1:59else do you need to have
69. 2:01when you have a storage unit?" You need
70. 2:02a lock.
71. 2:04Oh, uh you need boxes. Oh, you need
72. 2:06insurance. Oh, you need maybe a bigger
73. 2:08unit, right? It's all of these things
74. 2:10pull cash forward. And so, well, not the
75. 2:12bigger unit, but the other ones do. Um
76. 2:14and so, same degree, it's like, "Okay,
77. 2:16can we sell insurance on top? Can we
78. 2:17sell the move-in services? Can we sell
79. 2:19the boxes associated with that?" Um you
80. 2:22know what I'm going with this?
81. 2:22>> Yeah.
82. 2:24>> So, I think people will have some some
83. 2:26sort of elasticity. Like, people are
84. 2:27very, very sensitive to the monthly fee,
85. 2:30right?
86. 2:31>> They are.
87. 2:31>> Right. Less the people are less
88. 2:33sensitive to one-time fees, cuz it's
89. 2:35only once.
90. 2:36>> Correct.
91. 2:37>> So, we just need to create that one-time
92. 2:39fee for people,
93. 2:41um and it'll be even more profitable,
94. 2:43obviously, if it's not just a fee, but
95. 2:44it's also tied to stuff they already
96. 2:46have to get solved. If they do it
97. 2:47through you, then it just feels easier.
98. 2:51>> Yeah.
99. 2:51>> Does that help?
100. 2:52>> Yeah, something else I was thinking
101. 2:53about, too, when it's like, "Do you
102. 2:54furniture?" I mean, we have it fully
103. 2:56furnished, but maybe we could give them
104. 2:58like a buy extra furniture if they want
105. 3:00a nice queen size or upgrade on their
106. 3:02bed. We could offer that to them, too.
107. 3:04>> Yeah.
108. 3:04>> That's something that Yeah, just popped
109. 3:05up. I didn't think about that.
110. 3:07>> Yeah, exactly. So, we just look at all
111. 3:09the other problems that a customer has
112. 3:10that they're going to pay somebody to
113. 3:12solve when cuz you're at a transition
114. 3:13point in someone's life. So, money's
115. 3:14coming out of their pocket, and it's
116. 3:15already in the wallet's already open.
117. 3:17And if you can, especially cuz this is
118. 3:18such a like a stressful time for many
119. 3:19families,
120. 3:21um if you can just say like, right, if
121. 3:23you can just say,
122. 3:24"We'll handle everything. Just pay us
123. 3:26this extra fee. We'll make it easy."
124. 3:29Uh many people will just give you that
125. 3:30money. And then I think you would pull
126. 3:31forward all your your uh cash flow to
127. 3:33act to our customers.
128. 3:36>> Awesome. Okay, well, sounds good, Alex.
129. 3:38>> Appreciate you, William.
130. 3:40>> Yep.
131. 3:41>> All right, have a good one.
132. 3:42>> Thank you, sir.
133. 3:43>> All right, that's it.
134. 3:44>> You too. Bye.
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