Business Lecture: Improve Your Offer and Increase Willingness to Pay

Key Concepts

Willingness to Pay

• Important factor in getting people to buy
• Chart where features are plotted with "highest willingness to pay" becoming the goal
• Four features with the highest willingness to pay:
  1. Exclusive access
  2. Exclusive content
  3. Exclusive events
  4. Exclusive merchandise discounts
• Priority support was considered, but it didn't score as high as other features

Strategies to Boost Conversions

• Personal Access: Daily calls with the business owner can increase engagement and conversions
  • Example: "Talk to Alex every day" format, addressing specific queries rapidly
  • Effective for high-frequency touches with fewer people
• Team Calls: Transitioning from owner-led calls to team-led calls
  • Focused on training team members to provide value
  • Role-playing and coaching the team for better presentation skills

Exclusive Content and Events

• Real-life events, including unique activities (e.g., wrestle in the mud + business mastermind)
  • Transition exclusivity to members after 12 months
  • Announce next events during current ones to maintain engagement

Fast Results and Bonuses

• Fast actionable hacks increase perceived value
  • Example: Removing certain credit issues in 72 hours
  • Each bonus should provide substantial value independently

Upsells and Events Management

• Plan next events in advance
• Lock events behind time frames (e.g., 12 months) to create anticipation
• Allow event participants to anticipate and stay engaged for future events
• Ensure only one entity (typically business owner) handles sales
• Segment audience by qualifications during events for effective upselling

Success Interviews and Lifecycle Ads

• Modeled around: Before, During, and After phases
  • Internal and external states of the client are analyzed
  • Highlight client concerns, their decision process, and results achieved
  • Can serve as valuable ads in testimonial format

Attracting the Right Customers

• Carefully curate qualifications in ads and marketing materials
  • Look at top 20% of customers’ attributes for ideal customer profile
  • Qualify leads through specific criteria (e.g., gym owner, specific revenue)
• Tailor bonuses to attract desired customer profiles

High Ticket vs Low Ticket Offers

• Differentiate between non-scalable implementations (high ticket) and scalable offers (low ticket)
• Test market demand before launching high-ticket items
  • High ticket customers usually request more from successful primary courses

Managing Reputation and Scams Perception

• Ignore negative press from non-customers
• Combat negativity by out-voicing detractors
• Accept complaint-free branding through valuable and honest promises

Learnings on Pricing Strategy

• Pricing should withstand customers’ worst month
  • Allows for continuity of service
  • Example: Instead of high peak prices, ensure the yearly value justifies monthly cost

Conclusion

• Focus on delivering value through exclusive offers, effective team training, real-life events, and fast actionable bonuses
• Upsell and cross-sell by planning in advance, tailoring offerings, and capturing testimonials
• Sound pricing strategies ensure continuous customer value perception