"Why Do I Keep Losing Customers I Just Landed?" — Transcript

Full transcript

1. 0:00Um, so I sell I sell acquisition systems
2. 0:02but mostly the IGDM funnel to content
3. 0:04creators that have strong organic
4. 0:06followings but struggle to monetize a
5. 0:07high ticket offer.
6. 0:09The problem that I have is
7. 0:11getting clients consistently amazing
8. 0:13results. And so, the activation point
9. 0:16I've deemed is if they hit a record
10. 0:17month in their business with cash, they
11. 0:19seem to stay forever. If they don't,
12. 0:21then it's basically like three, four,
13. 0:23five months depending how well I can
14. 0:25navigate the um
15. 0:26>> Yeah.
16. 0:26>> the relationship. But, that's the
17. 0:29problem I'm running into. I keep trying
18. 0:30to raise price, I keep closing, and it's
19. 0:32just more pain in the plants. So.
20. 0:34>> Yeah.
21. 0:35Um, it sounds like you just need to nail
22. 0:37the first 30 days.
23. 0:39So, basically there's two two
24. 0:41components. One is uh who they are and
25. 0:43the second is what they did. And so, if
26. 0:45we have a specific type of avatar that
27. 0:47consistently does better, and those
28. 0:49people do a set of set of things, then
29. 0:51it's like how do we get only those
30. 0:53people to only do those things so that
31. 0:55we can get as many of those people as
32. 0:56Like fundamentally Jim wants to the same
33. 0:58concept, right? Which is um
34. 1:00our average cash collected for the first
35. 1:012 years I think was
36. 1:03was $30,000 the first 30 days
37. 1:06using our stuff. And then I think
38. 1:08over time cuz uh CAC went up just from
39. 1:11ads and whatnot, I think like as of
40. 1:13right now I think it's something between
41. 1:14it's like
42. 1:1515 or 16k uh in the first 30 days. Um
43. 1:19but for us we just knew if we got
44. 1:20somebody to close a high ticket sale in
45. 1:21the first 7 days,
46. 1:23that like that was the emotional shift.
47. 1:25As they go from selling, you know, $500
48. 1:26things or $100 things to sell $2,000
49. 1:28things, it's like holy You know,
50. 1:29it's like their whole their whole
51. 1:30paradigm changed. Um And so for you it's
52. 1:33probably similar to that. And so,
53. 1:36the the churn bucket, it's like
54. 1:39something that's just helpful in terms
55. 1:40of thinking about churn is like churn
56. 1:41feels like this big amorphous monster,
57. 1:43but it's much more
58. 1:46how do I get them to 6 months? Like
59. 1:48churn after 6 months of all across all
60. 1:50memberships is 2% per month.
61. 1:52The issue is people look at blended
62. 1:54churn between all different cohorts. And
63. 1:56so they barely get anyone to the 6-month
64. 1:57mark, but people past month six they
65. 1:59churn at a very, very low rate. So it's
66. 2:01really not how do I cut churn in half,
67. 2:03it's how do I get into six months. It's
68. 2:04just so much easier frame to to think
69. 2:06through.
70. 2:07And so that means that the first six
71. 2:08months needs to be very, very curated.
72. 2:10And the three drop-off points are day
73. 2:1130, day 90, and then at six months.
74. 2:13Those are the three points that you have
75. 2:14to like drag someone through.
76. 2:15Um
77. 2:17And so do you give them the offer to
78. 2:19make?
79. 2:22>> So So there's two primary people that I
80. 2:25work with. The first is that they're
81. 2:27brand new into high-ticket sales and
82. 2:28they have a very vague offer. Them, yes.
83. 2:31The second is like fitness coaches is a
84. 2:33great example where they they already
85. 2:34have an offer, they already have a lot
86. 2:36of stuff, and I just run it for them
87. 2:37better.
88. 2:39I tend to get better, longer-lasting
89. 2:41results and and like better clients from
90. 2:43the first, but they're technically
91. 2:45smaller and I have to do more for them.
92. 2:52>> Basically, you want as much of this to
93. 2:53be as turnkey as possible, so that
94. 2:55there's just fewer variables for them to
95. 2:56mess up.
96. 3:00>> So the the first group, where it's like,
97. 3:03for example, I have a client that had
98. 3:05basically he's done like 300k over the
99. 3:07first six months, and prior to that he
100. 3:09did like none.
101. 3:11And uh
102. 3:12he was able to sell. Like I get him
103. 3:14people on his calendar and he can sell
104. 3:15them, and he just keeps increasing
105. 3:16price. But if they can't sell, then it's
106. 3:18like
107. 3:19>> Well, no matter how many people are
108. 3:21>> then maybe
109. 3:22one of the requirements for working with
110. 3:25you is that they have sold someone
111. 3:26before.
112. 3:29>> Does it matter the ticket price? If
113. 3:32they're typically like
114. 3:33>> if they've gotten something if they've
115. 3:34gotten someone to give them money I
116. 3:37mean, it'd probably just be over the
117. 3:38phone,
118. 3:39I'm guessing.
119. 3:41So that would probably be the
120. 3:43requirement.
121. 3:46Again, it's like I want to find the
122. 3:46simplest thing that that separates the
123. 3:48winners from the losers.
124. 3:50And then you just re-engineer the funnel
125. 3:51to say that up front. Like you have to
126. 3:53have these three things.
127. 3:56>> Mhm.
128. 3:57Okay.
129. 3:58>> You must be the
130. 3:58>> And so then forego
131. 4:00forego the people that can pay and fall
132. 4:02in.
133. 4:04Like technically the bigger clients are
134. 4:06not as good.
135. 4:08>> Not as good because they don't make as
136. 4:09much money?
137. 4:12>> Um
138. 4:13the bar is higher to keep them around
139. 4:15longer. A lot of a lot of people that
140. 4:17have done DM funnels in the past,
141. 4:19they're like, "Dude, two years ago I did
142. 4:2180K in a single month."
143. 4:22>> Yeah.
144. 4:22>> If you don't do that, I'm not working
145. 4:24with you versus
146. 4:25>> Well, I think this is an expectation
147. 4:27thing.
148. 4:27>> that have never sold.
149. 4:28>> Yeah, it's an expectation thing though.
150. 4:30It's just like, "Yeah, two years ago."
151. 4:31And then what have you done last month
152. 4:32and the month before that and the month
153. 4:33before that? Okay, great. So, let's set
154. 4:34let's set appropriate expectations here
155. 4:35because like no one cares what you used
156. 4:37to bench.
157. 4:39>> Mhm.
158. 4:41Mhm.
159. 4:43Okay.
160. 4:45>> But the question is what's the limiter
161. 4:47of the business?
162. 4:50>> Um the limiter is
163. 4:53the pickier I get, the harder it is to
164. 4:55get customers in the door.
165. 4:57>> I mean, that's how
166. 4:57>> The less picky I am, the the less they
167. 5:00stay.
168. 5:02>> Mhm.
169. 5:03>> So, right now right now customer
170. 5:05acquisition is
171. 5:08we partner with
172. 5:10like companies that teach people how to
173. 5:11do DM setting foreign, like uh Eastern
174. 5:14Europe and things like that. And we have
175. 5:16them coming in to cold outbound for me.
176. 5:17So, we're sending 3,500 or 4,000
177. 5:20messages a week to ICP
178. 5:22and then they go through a funnel, show
179. 5:24up on my calendar.
180. 5:25>> Mhm.
181. 5:27>> But if they're too big, they're either
182. 5:29already going to have a setter
183. 5:30or they're uh
184. 5:33yeah, just not not even to see messages
185. 5:35via cold outbound.
186. 5:36>> Yeah.
187. 5:43I mean, what stops you from doing 8,000.
188. 5:48>> Yeah, we're we're slowly growing now.
189. 5:50Slowly is a is the wrong word. We're
190. 5:52we're actively pushing that really hard.
191. 5:54Getting to
192. 5:55>> I mean, you either sell more units or
193. 5:56you make them worth more, right? That's
194. 5:58the like that's the game. You sell more
195. 5:59units, you make them worth more. Like
196. 6:00those are the two levers that you have.
197. 6:02And so, if we're not changing pricing
198. 6:04anytime soon, then we have to sell more
199. 6:06units. Like the 4,000 DMs that are
200. 6:08getting sent is a relatively arbitrary
201. 6:10number in my mind. You could have said
202. 6:11100, you could have said 100,000. Like
203. 6:12it's just same same. You're not going to
204. 6:14run out of people, though. I promise you
205. 6:16that.
206. 6:18>> Okay.
207. 6:19>> So, yeah, I think you could get more
208. 6:20aggressive on that side.
209. 6:22As long as they have a scalable solution
210. 6:23on that side, there's like really
211. 6:24nothing that stops them, which is why
212. 6:25I'm a big fan of outbound in general,
213. 6:26cuz it scales linearly.
214. 6:29>> Okay, so
215. 6:31get more cold outbound, and then the
216. 6:32second piece is uh
217. 6:34set better expectations with people that
218. 6:36have already done well in the past, and
219. 6:37then the last piece is uh
220. 6:40make it more turnkey.
221. 6:42>> On the offering side.
222. 6:44>> packs.
223. 6:44>> Yeah.
224. 6:45And I would probably ask more questions
225. 6:47on the application around their their
226. 6:49experience selling
227. 6:52>> I see.
228. 6:53Okay.
229. 6:54>> And then you can set expectations. If
230. 6:55you've never sold, dude, it's probably
231. 6:57going to take you a month to learn how
232. 6:58to sell. And we're just going to It's
233. 6:59okay, though, cuz it's
234. 7:00>> I I Oh, you mean them selling. I was
235. 7:02like, dude, I sell a lot.
236. 7:03>> I know. I'm saying about them.
237. 7:04>> Yeah, yeah, yeah.
238. 7:05>> Right? So, you have to just you have to
239. 7:06set the expectation.
240. 7:08Like people only leave when the
241. 7:09expectations don't match reality. So,
242. 7:10the goal is and this is the this is the
243. 7:12push and pull of selling, which is you
244. 7:14promise really high, then you get more
245. 7:16closes, but people back out because you
246. 7:18promise really high, right? Um
247. 7:20the perfect world is that they everybody
248. 7:22just buys, but then they don't buy at
249. 7:23the price you want because you promised
250. 7:24nothing. And so, this is the the the
251. 7:27delicate balance, if you will.
252. 7:30>> I see.
253. 7:31I understand. Thank you.
254. 7:33>> Yeah, you bet, man. If you like this
255. 7:34video and you're business owner who
256. 7:35wants to break through your current
257. 7:36revenue ceiling, I just distilled every
258. 7:37lesson from scaling 10 businesses past
259. 7:3910 million and three businesses past 100
260. 7:41million into a completely free scaling
261. 7:43road map that I've used to go from zero
262. 7:45to one, zero to 10, and zero to 100
263. 7:47plus. And so you can click here and you
264. 7:48can check it out. Again, absolutely
265. 7:50free, and since you're a business owner,
266. 7:51appreciate you, and enjoy.