Lessons - How to Command Premium Prices While Delivering Extraordinary Value | Yuri Elkaim - Sales & Marketing Expert

In this lessons episode, learn why starting with a high ticket offer is the smartest move for entrepreneurs looking to grow fast. Learn how to price your services based on the outcome you deliver, not industry standards. Learn how group coaching not only scales your business, but creates a powerful support system clients never knew they needed. So when you look at all the different things, different products that people can launch, you can have these lead magnets that are really free. If you have a $100 item or a $200 e-book or whatever, then maybe that is better suited. Maybe that could even be used as a lead magnet for a higher ticket offer as opposed to you trying to, like you mentioned before, it's very hard to make that profitable. So maybe don't be running ads to that. If you had a large organic audience that you've already built, then maybe you can throw that into the mix and then upsell from there. But ultimately, you don't want to be spending money to acquire customers at like a sub $200 price point. That could be difficult. I mean $20 or whatever is very difficult. Maybe do it, but still $5,000 makes a lot more sense. So if you start again, and this is all about focus, it's all about focusing on the thing that's going to make the most financial sense for your business. So I was not saying that you can't have a $100 product or a $20 e-book or a lead magnet and a high ticket item. It's like, okay, where should you start? So you can start to make a little bit of money. So once you start to make a little bit of money, first of all, you can scale that. Maybe you realize you don't have to have a $100 or $20 or $50 product. Maybe you realize you can just stick with that. But also then that'll give you some, that'll actually give you some revenue to help you build up these other products properly so that you're not stressed financially as you're trying to figure out the perfect possible, you know, ad campaign for a $20, $30, $40, $50 product. Maybe that, or maybe you don't want to, maybe you don't want to run ads to maybe you hire somebody to help you with your social and you've grown organic audience and that products for that. But ultimately, money makes the world go round and needs some money to be able to test all these different things. Start with high ticket. When you want somebody to start with a high ticket product, how do they justify the value of that product? What are the things that they should look for in structuring that product so that it makes sense? I heard you mentioned transformation, which is important. But what does that actually mean to somebody's trying to build something? So the unique position that we're in with our clients is we're talking like we're helping world-class experts like these are these are practitioners and doctors who can save someone's life. Like we're not just like I just got certified last weekend. I lift some weights and I'm going to bring some clients on like that's we're talking about people who are world-class and the challenge with our clients is that they actually devalue their own value because they're so close to it. And I'm like hey guys remember like they're in my eyes there's no other profession that is more important than like if someone's had debilitating migrants for 20 years. If they've been up and down on the weight roller coaster for 10 years and they feel like shit every time they look in the mirror and you can come along and help them eradicate that problem. Is that not worth two three four five thousand dollars? Like well I feel I mean like I want to make health accessible for everyone. Well good come to Canada and see how that works. It doesn't work right when people don't pay they don't pay attention. And if you want to make healthcare accessible for everyone my take is fill up your cup first with those who are willing to meet you at that level and then give everything else away for free. And you can do that you know whether it's like for me I'd say we have our high you know heart-taking coaching and then everything else I give away for free on YouTube. And you know if you want to donate to charity you can't donate to charity if you have no money. So that's the context like you have to be an expert at solving a significant problem for someone. So if it's and again it's not just you don't just have to be a health professional obviously you can be into business where finances are accounting or anything where someone has a bleeding neck problem or a very very strong desire. And obviously if you go upstream up market where you're dealing with business owners or people in whatever neck of the woods they're in that are a little bit more sophisticated than it's generally a little bit easier than working with absolute beginners right like if you're working at beginners in any market it's going to be a bit challenging to you know go premium price. So the most important thing is to recognize okay where where's the problem where's the bleeding neck problem that I can solve and then understanding that it doesn't even matter what people charge like if you have competitors which you probably will in any market who cares what they charge I would be looking at like obsessing about your clients instead of the competition and at the end of the day pricing in my eyes is a hundred percent arbitrary there's really no formula to saying you know it should be 5,500 instead of 5,000 no it's just like where do you have the most conviction and the way I look at this is like as long as the value you're helping someone or you're giving to someone and more specifically the outcome you're helping them achieve is perceived or true in terms of its value relative to price then you can price it wherever you feel comfortable so if someone's able to save someone from 20 years of migraines like how do you even put a price tag on that yeah that's one of the ways you understand what you're saying but I know anything for that yeah but but also like with health well if you've got migraines is that is that is like if you're working somewhere is that a liability or an asset oh you can't shop to work every other day do you think well what would happen if you lost your 80,000 dollar your job now we have an 80,000 dollar your problem not just a 5,000 dollar solution so a lot of this is being able to have the conversation to show people the contacts of the gravity of their situation and that could be a health thing it could be you know whether you're a contractor or like it doesn't matter what it is it's about being able to articulate the problem someone's experiencing they have to be in enough pain to want to change and then your solution needs to fundamentally solve the problem once and for all and if you can do that then you I mean there's no reason you shouldn't command premium prices because in my experience you always get what you pay for in life yeah right the only exception to that I have personally noticed is wine I don't really drink but I've also had $900 bottles of wine that were not as good as a $20 bottle so I mean but wine is not healthcare wine is not solving wine is not solving you know financial problems in your business wine is not solving the fact that my customer pipeline is driving up a drying up excuse me and I'm you know my my revenues declining year over year and I have no idea what to do about it and this is the only way I support my family so I think that yes I think that bleeding neck problems are a little bit different and I think that you do get what you pay for I want to understand one other piece of how you position this because when you sell a high ticket product or a high ticket that's solving is bleeding neck problem the perception from the customer is my problem is so unique to me and I need personalized care I mean personalized triage to fix this thing whether or not it's a migraine or the fact that I'm getting audited by the IRS I need I need someone to come in and like hold my hand and solve this which that's great that's what that's what will allow them to spend the five ten thousand dollars but you mentioned something before you mentioned like group coaching is very effective because it's one person teaching five ten twenty people obviously that hours of that per of the of the of the you know the the coaches consultants service providers time is now worth exponentially more because they can do it in this group coaching session which allows them to scale so how do you there's two different ideas there's two different ideas here there's two different points of view on one end you have the customer who wants to spend five ten thousand dollars of personalized care on the other end the service provider wants to scale and bring twenty people onto a call at once how do you reconcile these two ideas so that you can build a business around it because even even if you do five thousand dollars an hour there's still a point where that doesn't scale you only have so many hours in a day and we're all optimizing for freedom so you do need to have this group coaching environment to really get a significant return on on these types of you know these type a significant return on on your expertise but that runs conflict to what the people are trying to accomplish yeah so it's a great question and I'll address this in two ways one is contextualizing the value and second is understanding like a lot of times we're not even aware of what we're not aware of so a lot of people think that one-on-one is better because they're going to have more personalized attention but the example I'd like to give is like if I if I had a magic button that I could press on your forehead and it would get you to the outcome you want or we could have a one-hour conversation once a week over the next couple weeks to eventually get you there which one would you prefer and most people would say the magic button it's like cool well I don't have that magical power but what it tells me is you're more interested in the outcome than how we get you there it's like okay so is there any and now again if you have a track record and what you're doing and it's like well is there any reason to believe that with our proven process you would not be able to get where you want to go with this type of setup so part of that is recontextualizing the value and if someone is still like hellbent on a special snowflake then you can certainly add office hours into a group type of program so let's say you have your group coaching and it's like one to 10 one to 20 whatever it is you can still offer office hours what office hours are like let's say you take a two-hour time block on a Friday from 1 to 3 pm you chunk it down as a 20-minute time slots and you give people the option to book in on those specific times so now it's on your terms not just some random one-hour conversation here and there and I did this when I started and I realized that all these 101 conversations were the same conversations I was having in our group calls I'm like I don't need to have these conversations anymore and the other component to this is that it's not just like the leverage that you get as the coach or the business owner more importantly it's the leverage that is created by having this community of people who support each other and what you'll find and this is what we have found we have we actually have clients from around the world and they they organize meetups in their local towns like hey who's in Vancouver who's in Boulder and they'll get together in these co-working spaces and have these meetups I'm like this is beautiful like people are just starving for a community and so there's this this whole piece that a lot of people don't even recognize until they're in it and they're like this is probably the most valuable piece like look at them for the content or the system but they'll stay for the community so that's the first thing in terms of recontextualizing the value the second way just from a positioning perspective is if you want to if you want to position your group as more interesting more valuable or as the more ideal thing for someone to purchase just price your one-on-one out of like out of the universe so for me I'm like if someone wants to work with me one-on-one it's 160 grand for six months you have one call a month and you have to be doing you have to do a million dollars and more already yeah but why would you do that when you get more access to me and up to 40 coaching calls a week with my entire team of world-class experts for pennies on the dollar yeah you don't need this just do this instead say well okay so now if price anchored this I'm just trying to push people away from even considering that and now this seems like a much better not just price point but there's more value there's actually more personalized support there's more of this over here and so that's one of the things I strongly recommend people consider if they're wanting to minimize their one-on-one is just price it out of love where someone gave you that money be like shit cool take it yeah I'll do it yeah thanks for tuning in if you found this valuable don't forget to hit that subscribe button so you never miss an episode and if you want to dive deeper into this conversation check out the links in the description to watch the full episode see you in the next one