"Why Do Rich People Never Buy From Me?" — Transcript

Full transcript

1. 0:00Stop selling from your own wallet.
2. 0:01Especially if you're one of the people
3. 0:02who, you know, you're in that in that $2
4. 0:05category, right? You're that bottom 50%
5. 0:07right now. I get it. I've been there.
6. 0:09You have to forever imagine this is a
7. 0:11gift. Forever imagine that everyone is
8. 0:13rich. So, here's the reality that will
9. 0:15shock you. That top 10%
10. 0:18top 10% of Americans have a million
11. 0:20dollar plus net worth. One in 10 people.
12. 0:22One in 10 people.
13. 0:23Million dollar net worth.
14. 0:25They've got the money.
15. 0:26You just aren't selling them something
16. 0:28that they want. And you might even be,
17. 0:30and this happens a lot, especially for
18. 0:32newer business owners, you might even be
19. 0:33too cheap for them to even believe that
20. 0:35you're good. Like, we had a company that
21. 0:37that was in the health space a while
22. 0:39back.
23. 0:40And looking at all the research, it was
24. 0:42a doctor and all the stuff, and
25. 0:45I just fundamentally believed that they
26. 0:47were mispriced. And so, what I did was I
27. 0:50raised I wanted to raise the price by
28. 0:51double. He fought me back and forth
29. 0:53forever. And I've I was able to finally
30. 0:54get a 50% price raise through. But,
31. 0:56guess what happened? We raised the price
32. 0:58by 50%. That's a lot. What do you think
33. 1:01it did to the close rates?
34. 1:03They went up. They were so cheap
35. 1:06compared to the promise and what they
36. 1:08were delivering that people didn't even
37. 1:09believe that it worked. And so, some of
38. 1:12you guys are so cheap because you're
39. 1:13selling out of your own wallet. You're
40. 1:15selling based on what your friends and
41. 1:16family who might also be in that $2
42. 1:19bottom 50%
43. 1:21are telling you. But, why would you
44. 1:23listen to the people who don't have
45. 1:24money on how to get money? They don't
46. 1:25know where it is. They don't know how to
47. 1:27get it. And more specifically, they
48. 1:28don't know how to serve the people
49. 1:29who've got it.
50. 1:31So, that's the first thing.
51. 1:33The second thing is that if you're going
52. 1:35to do this
53. 1:36listen to me on this.
54. 1:38Whatever your upsell is, 5 to 10x the
55. 1:41price. And then just make sure it's
56. 1:43something that you'd be happy to deliver
57. 1:44for 5 to 10 times the price. Sometimes
58. 1:46I'll get pushback from people who are
59. 1:48like
60. 1:49ah, that would that would be so much
61. 1:51work. And I'm like, cool. We have value
62. 1:53and we have price. Move one of them.
63. 1:55Either do less or charge more. I would
64. 1:57encourage you to just charge more.
65. 1:59Right? And so, if I were to say, "Hey, I
66. 2:01want you to 10x the current price of
67. 2:03your upsell,
68. 2:04what would you do that would absolutely
69. 2:05blow people away? How much does it
70. 2:08actually cost you?" When you look at the
71. 2:10cost compared to that 10x bigger price
72. 2:11with a zero on the end of whatever your
73. 2:13core offer is, you might find it's like,
74. 2:14"Actually, it's only like, you know, 5%
75. 2:17of that price." It's like, "Right.
76. 2:19Really high margin."
77. 2:21So,
78. 2:23as long as you're happy making more
79. 2:24money serving fewer people, go do that.
80. 2:27The third one is that you should expect
81. 2:29only one in five or one in 10 people to
82. 2:30say yes. Expect more no's. And this is
83. 2:34the sweet spot of making money. Right?
84. 2:36The sweet spot isn't the most yes's.
85. 2:38It's the most money. And that is never
86. 2:41with the most yes's. So, if you pitch
87. 2:43your 10x bigger price to this bottom
88. 2:4650%, none of them are going to say yes.
89. 2:49And you're going to mistakenly believe
90. 2:50that this is a bad idea. But, the route
91. 2:52is that you're just not talking to the
92. 2:53people who have the money. And so, you
93. 2:55should expect that if you have a
94. 2:56representative amount of people that you
95. 2:58speak with, one in 10, maybe even one in
96. 3:00100, is the is the person who is the
97. 3:03correct avatar. And for that person, you
98. 3:05might also find they'll just say like,
99. 3:06"Yeah, that sounds good." You'll be
100. 3:07like, "Oh my god." And I only say this
101. 3:09as somebody who's had it happen for the
102. 3:10first time, you're like, "I can't even
103. 3:11believe this is possible. I can't
104. 3:12believe this person would give me this
105. 3:13much money." It's cuz to them, it's not
106. 3:15that much money. It's only that much
107. 3:16money to you because you still live
108. 3:18here.
109. 3:20If you sell to rich people long enough,
110. 3:21they will make you one of them.
111. 3:25And so, with your upsell, make it crazy.
112. 3:28And this is called an anchor for a
113. 3:29reason. Right? If no one buys it, no big
114. 3:31deal. Or most don't, no big deal. But,
115. 3:34the good news is that it'll still help
116. 3:36you sell the rest of everyone else
117. 3:38at a higher percentage and even at a
118. 3:40higher rate because it'll look like a
119. 3:41good deal in comparison.
120. 3:45And I said this before, but I'll say
121. 3:46this again.
122. 3:48The next reason is the only thing worse
123. 3:50than selling a $1,000 thing to a hundred
124. 3:52dollar buyer is selling a hundred dollar
125. 3:53thing to a thousand dollar buyer. In the
126. 3:55first you lose a hundred bucks. In the
127. 3:56second you lose nine hundred. And not
128. 3:58only that, that nine hundred is probably
129. 3:59disproportionately profit. And this is
130. 4:01what no one understands. This is why
131. 4:03most businesses don't make money.
132. 4:05They just try and sell to these people
133. 4:06who are the biggest pain in the butt.
134. 4:08And the thing is is you see so many of
135. 4:09them that you're like, "Oh, this must be
136. 4:11how it works." No, it's not how it
137. 4:13works. It's just how you're working.
138. 4:14This is how the average business works,
139. 4:16which is why the average business
140. 4:16doesn't make money.
141. 4:18They don't go to the where the money's
142. 4:19at.
143. 4:21The next reason is you have to think
144. 4:22about
145. 4:23absolute profit rather than relative
146. 4:25profit and you'll be blown away. So, a
147. 4:27single person paying ten thousand
148. 4:30dollars for something that cost two
149. 4:31thousand dollars
150. 4:33a single person, right? One, right?
151. 4:38Buying a ten thousand dollar thing
152. 4:40that cost two thousand dollars
153. 4:43is the same
154. 4:45as
155. 4:46four hundred people
156. 4:48buying a fifty dollar thing
157. 4:51that cost twenty-five dollars.
158. 4:54These are the same.
159. 4:58So, do not underestimate the power of
160. 5:01large prices and small quantities. If
161. 5:03you're a business owner and you are not
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