$100M Offers
Last read December 10, 2024
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Highlights
31 highlights.
(VALUE) is worth more than what they are giving in exchange for it (PRICE). The moment the value they receive dips below what they are paying, they stop buying from you. This price to value discrepancy is what you need to avoid at all costs.
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“There is no strategic benefit to being the second cheapest in the marketplace, but there is for being the most expensive.”
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anyone can raise their prices, but only a select few can charge these rates and get people to say yes.
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Those who understand value are the ones who will be able to charge the most money for their services.
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The shorter the distance between when they purchase and they receive value/the outcome, the more valuable your services or product is.
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The thing people buy is the long-term value, aka their “dream outcome.” But the thing that makes them stay long enough to get it is the short-term experience.
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Pro Tip: Fast Wins Always try and incorporate short-term, immediate wins for a client. Be creative. They just need to know they are on the right path and that they made the right decision trusting you and your business.
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The only thing that beats “free” is “fast.” People will pay for speed.
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So if you find yourself in a market competing against free, double down on speed.
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You can either be right or you can be rich.
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What level of personal attention do I want to provide? one-on-one, small group, one to many What level of effort is expected from them? Do it themselves (DIY) - figure out how to do it on their own; do it with them (DWY) - you teach them how to do it; done for them (DFY) - you do it for them If doing something live, what environment or medium do I want to deliver it in? In-person, phone support, email support, text support, Zoom support, chat support If doing a recording, how do I want them to consume it? Audio, video, or written. How quickly do we want to reply? On what days? during what hours? 24/7. 9-5, within 5 minutes, within an hour, within 24 hrs? 10x to 1/10th test. If my customers paid me 10x my price (or $100,000) what would I provide? If they paid me 1/10th the price and I had to make my product more valuable than it already is, how would I do that? How could I still make them successful for 1/10th price? Stretch your mind in either direction and you’ll come up with widely different solutions.
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Don’t get romantic about how you want to solve the problem. Find a way to solve every problem a prospect presents with.
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The longer you delay the ask, the bigger the ask you can make. “The longer the runway, the bigger the plane that can take off.”
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it’s better to sell out consistently than over order and fail at creating that scarcity.
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When selling one on one, you ask for the sale first, before offering the bonuses. If they say yes, then after they have signed up, you let them know the additional bonuses they’re going to get.
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On the other hand, if the person does not buy after the first ask, then you present a bonus that matches their perceived obstacle, then ask again.
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You simply agree with the prospect, add the bonus, and ask if this consolation was “Fair enough.” People have a hard time rejecting reciprocity, so adding a bonus to accommodate, then another, then another, and people will feel almost obligated to buy from you.
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- Always offer them (you can use the bulleted bundle we came up with at the end of Section III) 2. Give them a special name that has a benefit in the title 3. Tell them: a) How it relates to their issue b) What it is c) How you discovered it, or what you had to do to create it d) How it will specifically improve their lives or make their experience
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- Faster, easier or less effort/sacrifice (value equation)
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- Provide some proof (this can be a stat, a past client, or personal experience) to prove that this thing is valuable 5. Paint a vivid mental image of what their life will be like assuming they have already used it and are experiencing the benefits 6. Always ascribe a price tag to them and justify it 7. Tools & checklists are better than additional trainings (as the effort & time are lower with the former, so the value is higher. The value equation still reigns supreme). 8. They should each address a specific concern/obstacle in the prospects mind about why they can’t or won’t be successful (bonus should prove their belief incorrect) 9. This can also be what they would logically realize they will need next. You want to solve their next problem before they even encounter it. 10. The value of the bonuses should eclipse the value of the core offer. Psychologically as you continue to add offers, it continues to expand the price to value discrepancy. It also, subconsciously communicates that the core offer must be valuable because if these are the bonuses, the main thing has to be more valuable than the bonuses right? (No, but you can use this psychological bias to make your offer seem wildly compelling). 11. You can further enhance the value of your bonuses by adding scarcity and urgency to the bonus themselves (which takes this technique and puts it on steroids).
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So, then, what does it take to grow? Thankfully, just three simple things: 1) Get more customers 2) Increase their average purchase value 3) Get them to buy more times
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There are really only two ways to grow: get more customers, and increase each customer’s value. “Increasing each customer’s value” has two sub-buckets: 1) Increasing profit per purchase 2) Increasing the number of times they buy.
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It’s an offer you present to the marketplace that cannot be compared to any other product or service available, combining an attractive promotion, an unmatchable value proposition, a premium price, and an unbeatable guarantee with a money model (payment terms) that allows you to get paid to get new customers . . . forever removing the cash constraint on business growth.
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Here’s the key takeaway from all this: a business does the same work in both cases (with a commoditized or a Grand Slam Offer). The fulfillment is the same. But if one business uses a Grand Slam Offer and another uses a “commodity” offer, the Grand Slam Offer makes that business appear as if it has a totally different product — and that means a value- driven, versus price-driven, purchase.
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There is a market in desperate need of your abilities. You need to find it. And when you do, you will capitalize, all while wondering what took you so long. Don’t be romantic about your audience. Serve the people who can pay you what you’re worth.
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In order to sell anything, you need demand. We are not trying to create demand. We are trying to channel it.
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First, don’t pick a bad market. Normal markets are fine. Great markets are great. Second, once you pick, commit to it until you figure it out.
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First and foremost, charge a premium. It will allow you to do things no one else can to make your clients successful. We were able to charge a premium because we provided more value than anyone else in the industry. In a real way, we were charging on a fraction of what our clients made using our system. This is important. Our clients still got a deal. The gap between what they paid (price) and what they got (value) was massive. As a result, the virtuous cycle continued to spin. We charged the most money. We provided the most value.
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Many entrepreneurs believe that charging “too much” is bad. The reality is that, yes, you should never charge more than your product is worth. But you should charge far more for your product and services than it costs to fulfill it.
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As you can see from the picture, there are four primary drivers of value. Two of the drivers (on top), you will seek to increase. The other two (on the bottom), you will seek to decrease. (Yay) The Dream Outcome (Goal: Increase) (Yay) Perceived Likelihood of Achievement (Goal: Increase) (Boo) Perceived Time Delay Between Start and Achievement (Goal: Decrease) (Boo) Perceived Effort & Sacrifice (Goal: Decrease)
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Perception is reality. It’s not about how much you increase your prospect’s likelihood of success, or decrease the time delay to achievement, or decrease their effort and sacrifice. That in itself is not valuable. Many times, they will have no idea. The Grand Slam Offer only becomes valuable once the prospect perceives the increase in likelihood of achievement, perceives the decrease in time delay, and perceives the decrease in effort and sacrifice.
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