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Lessons - How to Command Premium Prices While Delivering Extraordinary Value | Yuri Elkaim - Sales & Marketing Expert · Success Story with Scott Clary

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