In this podcast, the host engages with Emmanuel Bolo and other guests in a dynamic discussion about entrepreneurship, sales, and marketing strategies. The conversation delves into the importance of persistence and tactical high-ticket offers, with a focus on the value of niche targeting and the power of guarantees to enhance customer acquisition and retention. The discussion also touches on the pitfalls of spreading oneself too thin across multiple ventures, emphasizing the need for focus and the benefits of growing through elimination. The speakers highlight the significance of understanding customer journeys and activation points to improve business outcomes, and they also explore the challenges of crafting compelling offers in various markets, including relationship-based services. Additionally, the podcast covers the concept of "grow or die," stressing the necessity for businesses to adapt and set achievable growth targets. Finally, the importance of solving every perceived customer problem creatively is underscored, illustrating the balance between over-delivering value and operational efficiency.
Speaker A: Crazy story guy reached out to me a hundred times and said, I promise you, if, if you will come on my thing. Speaker A: And motherfucker messaged every human he knew and got like 200 people live.
Speaker A is recounting how Emmanuel Bolo persistently reached out to him to be a guest on his podcast, promising a large audience, and then delivered on that promise by bringing in 200 live listeners.
Speaker A: But the first half of the podcast is all about making high ticket offers. I think you guys will dig it. We got pretty tactical with it because he's like real grassroots right now.
Speaker A introduces the topic of high ticket offers and suggests that the discussion will be practical and applicable, particularly for listeners who are at a grassroots level in their business ventures.
Speaker A: Welcome to the game where we talk about how to get more customers, how to make more per customer and how to keep them longer, and the many failures and lessons we have learned along the way.
Speaker A sets the stage for the podcast, highlighting that the content will cover strategies for customer acquisition, maximizing customer value, and retention, along with sharing failures and lessons from experience.
Speaker C: And when I went through your book was on changing niches and people having to move from one niche to the other because they feel that I'm not able to get clients in this niche.
Speaker C mentions a topic from a book about the tendency of businesses to switch niches when they have trouble acquiring clients, setting the stage for a discussion on whether this is an effective strategy.
Speaker D: As long as you're selling something that people want... The issue is usually that you have a lack of skill in some way. Speaker B: And the thing that I kind of go with is that all of those will work, but none of them will work if you try to make them all work.
Speaker D points out that as long as there is a demand for the product, the real issue in failing to sell often lies in the seller's lack of skill. Speaker B adds that while various strategies can be effective, attempting to implement them all simultaneously will lead to failure.
Speaker B: So you have to grow through elimination, right? Because I'm a big believer in theory of constraint, we'll grow to the constraint that we have.
Speaker B introduces the concept of growing through elimination, referencing the theory of constraints, which suggests that businesses should focus on overcoming their primary limiting factor to grow.
Speaker B: For zero to a million, which is most people are starting out, right, it's one, one, one, all. Right, it's one product to one avatar on one channel.
Speaker B provides a straightforward formula for business growth, emphasizing the importance of concentrating on a single product, target audience, and marketing channel when starting out.
Speaker B: It's in my opinion, easier to just make a more compelling offer, do more for your clients, even if you only have a handful of them, that is not scalable.
Speaker B suggests that instead of trying to scale immediately, businesses should focus on creating compelling offers and providing exceptional value to their initial clients, which will lead to sustainable growth.
Speaker B: So people won't pay you for the value you're currently trying to provide? That's the issue, right? Is that they won't pay you for what you're comma, for what you're trying to provide them, right? But if you try and provide in excess of that.
Speaker B addresses the issue of clients' unwillingness to pay high prices by suggesting that the solution lies in offering value that surpasses their expectations, thereby justifying the higher price point.
"If I were to say I can double how much you're making...or I'll pay you twice of the cost of the program."
The quote emphasizes the attractiveness of an offer that promises to significantly increase income, with a safety net of compensation if the promise isn't fulfilled.
"I think it's reasonable to believe that people would pay between 10, 20, $30,000 for that skill."
This quote suggests that people are willing to invest a substantial amount of money to acquire skills that can lead to increased income, drawing a parallel to the investment in a college education.
"Then let's solve the problem, which is that you don't know how to do that."
The speaker suggests focusing on solving the underlying issue of not knowing how to guarantee outcomes, which is a more constructive approach than being unsure about customer acquisition.
"I will run your ads for free, and I would like to own the entire process."
This quote outlines a strategy where offering services for free in exchange for control over the entire process can lead to both learning and profit.
"You're not good. That's why they're not paying you. You need to get better."
The speaker stresses the importance of skill and value improvement as a reason for business success or failure.
"You just create the guarantee on the experience they want to have."
The quote suggests that in markets with intangible outcomes, guarantees should focus on the desired experiences rather than specific measurable results.
"People want to see progress, right?"
This quote highlights the importance of showing customers progress toward their goals as a way to satisfy them and reduce refund requests.
"If you can teach your clients to think on a continuum rather than in the binary, you'll shift their thinking enough..."
The speaker is advocating for a mindset shift in clients from binary to continuum thinking, which can lead to a more positive perception of progress and satisfaction with the service.
"When it comes to qualifying the avatar, that deserves your grand slam offer, right?"
The quote raises the topic of customer qualification, suggesting that not all customers are suitable for certain high-value offers.
"You can increase the quality of your product when you increase the quality of your prospects."
This quote emphasizes the importance of targeting high-quality prospects to improve overall product quality.
"What was the experience the people who won had in their first month? What are the things they did that were different than the people who failed?"
Speaker B suggests a retrospective analysis to distinguish between the behaviors of successful customers and those who did not have a good experience.
"What are those milestones that have to occur to activate the customer so that they're likely to experience the outcome that."
Speaker B is highlighting the need to identify specific milestones that lead to customer activation and success.
"Your customer success team should be driving towards those activation points those milestones."
Speaker B underlines the role of customer success teams in guiding customers toward key milestones for a successful outcome.
"So then all of your effort goes towards pushing them through that milestone so that they can change the color of their flag and then get to where."
This quote suggests that all efforts should be concentrated on helping customers reach important milestones that signal progress and success.
"You help stay at home moms with working husbands achieve a better marriage who are between the ages of 30 and 50."
Speaker B provides an example of how specific niching can make marketing messages resonate with a particular demographic.
"But you can be more specific about it. And in so doing, you can command higher prices because you can provide more tailored solutions which in a very real way provides more value to that avatar, even if the fulfillment looks the same."
This quote explains that specificity in targeting can justify higher prices because of the perceived increased value to the customer.
"So, for example, whatever your price point you're selling at right now, if you change your avatar from anybody who's a course creator to people who have high business ROI, then you'll probably be providing far more value to those people."
Speaker B illustrates how targeting a more specific avatar, such as course creators with high business ROI, can increase the value provided and justify higher pricing.
"And so if you decide to be more selective with that avatar, then that should be reflected in the pricing and the fulfillment that goes along with that."
This quote reinforces the idea that selectivity in choosing an avatar should influence both pricing and how the service or product is delivered.
"We just, boom, we take you from half a million to a million, half a million to a million, because that's something that I can repeatedly do over and over and over again, and I can demonstrate that value in a very, very high degree of success."
Speaker B shares their strategy of focusing on a specific outcome for a targeted group, which they can consistently achieve and demonstrate success.
"And I can do with lots of operational efficiency since the process is so clear cut between each customer."
This quote points out that a well-defined process for a specific customer group leads to greater operational efficiency.
"You talked about market efficiency, or basically the market is growing by a certain percent every year, and if you don't keep up, you basically are going backwards."
Speaker C introduces the idea that businesses need to grow at least at the same rate as the market to maintain their position, which is a core tenet of their company philosophy.
This quote captures the essence of the "grow or die" principle, emphasizing the need for businesses to evolve and grow to avoid regression.
"It's more about embracing change and about being flexible in terms of the goals that we set."
This quote emphasizes the importance of adaptability and flexibility when setting goals for a company.
"We can either get more customers or... We can make them worth more."
Here, the speaker outlines the two primary strategies for business growth: customer acquisition and increasing customer value.
"That would be the goal for the quarter. And I would say we need to take our customer ascension from 40% to 50%."
The speaker provides a specific example of a goal, which is to increase the percentage of customers who upgrade their purchases.
"I would probably make the goal of bumping front end volume by ten to 15%."
This quote exemplifies setting realistic and achievable targets for business growth.
"That is how we improve the business. We're not doing rocket science here. We're just trying to incrementally improve these things."
The speaker explains that business improvement is about making step-by-step enhancements rather than complex innovations.
"Focus is knowing what you're going to say no to, not what you want to do."
This quote highlights the significance of focus in business strategy, where saying no is as important as setting goals.
"So you have to solve every perceived problem, right."
The speaker underscores the necessity of addressing all customer concerns to improve the business.
"It's not that you have to go grocery shopping for every customer, it's that you have to solve the problem around the difficulty of grocery shopping."
By using the example of grocery shopping for a weight loss program, the speaker illustrates the importance of solving the underlying issue rather than the symptom.
"We want to solve every problem in some way, and then over time, what will improve your product and your business is how effectively you solve that problem relative to the cost to you."
This quote explains that the goal is to find effective solutions to problems that are cost-efficient for the business.
"If you don't have that many customers, be willing to do more are so that you can over deliver, learn more about them, and then over time become more operationally efficient."
The speaker advises that new businesses should go above and beyond for their early customers to learn and build a strong foundation.
"The stories behind what you're going to discover there are so valuable, it's silly not to do it."
Emphasizing the value of customer stories and data, the speaker suggests that these insights are critical for business improvement.
"Next half of this podcast, we actually go back in time. I'll talk about how we gather testimonials, gather reviews, and how do you tactically go get leads in the beginning of your business so you can go get sales, make money, and do the stuff."
The host teases the content of the next podcast segment, which will focus on practical methods for business growth and customer engagement.