Product Development

Passionpreneur Podcast

I’ve got something HUGE to share with you today…

But before you watch this interview, let me give you the back story.

Of all the students and mentees I’ve taught over the years, it’s rare I get to experience someone as ambitious and successful as Dev Gadhvi.

Sure, many of my mentees and clients achieve great success, but few have done it with the speed Dev has.

Born into a humble Indian family, Dev knew he was meant for more and wasn’t afraid to go after it.

In the last 5 years, I’ve seen Dev go from making $50K per year to $150K, to $1 million to $2 million, to $6+ million, and he shows no sign of slowing down.

He’s one of my most successful mentees and clients, and he invited me to his Passionpreneur Podcast for a ‘no-holds-barred’ discussion about business, life, and success.

Inside this EXPLOSIVE interview, you’ll discover:

  • The key differences between getting to 6 figures and moving on to 7 figures per year, and my secret for hitting your first million in business…
  • How to turn every adversity you face into an advantage…
  • How money REALLY works… (Get this right and you’ll never have to worry about money again)…
  • Why success is 1% idea and 99% execution…
  • How to detach from your goals so you can achieve them FASTER
  • The 4 stages of life, and how to figure out where you are so you can progress to the next level…
  • Why you DON’T need to be an entrepreneur to become financially successful, and what it really takes to become a world-class entrepreneur…
  • And so much more!

This was a deeply profound discussion where we even touched on the spiritual aspects of life and business, and my spiritual evolution over the last 5 years.

It’s packed with surprises and insights you may not expect to hear from me or Dev.

To your success,

Dan Lok

P.S. – To quote Roy H. Williams “A smart person learns from his mistakes, but a truly wise person learns from the mistakes of others.”

I’ve made more mistakes than the average person, and life always teaches you something if you know where to look.

3 Ways To Expand Your Business Without Sacrificing Margins

There is a prominent myth about business. People think businesses run on huge margins that leave the owners rolling in cash. But that isn’t the case. Margins have to be decent to account for the unforeseen costs of running a business. But they are often smaller than people think.

The hidden costs of owning and operating a business would astound the public. And when it comes to expanding your business, it can be impossible to sacrifice those margins. But you can expand your business without sacrificing your profit margins.

There are a few key things you can do that will need your time but not at a large monetary cost. Or you could trade one cost for another. 

These steps will allow you to expand your business while keeping your margins intact.

Ultimately, they will set you on the path to take your business to the next level. You’ve worked hard to get your business where it is. But what got you here will not take you where you want to go. 

So you need to learn how to put in place these skills. You will not only better your business but improve your presence in your industry.

The first step to this future is simple: use what you already have.

Expanding Your Business With Tools You Already Have

Why invest in something new if what you have is more than enough? This is the first step to expanding your business without sacrificing margins. You don’t have to create new long-term expenses. Instead, invest your time in evaluating what you already have.

There are two things every entrepreneur with an enterprise has: human capital and a process.

Your human capital is your team and any freelancers or agencies you use. Your process involves what you do to make your product or service happen.

If you operate any business at scale, you have these two items at some level. They helped you get your business to your current level, and they can help you go further. 

But they need to be adjusted if you are going to expand your business

expand your business through your team

Evaluating Your Human Capital

To expand your business, you need to build a powerful team. When operating a business at scale, your team will represent you to the industry. 

You will not be able to have a hand in every part of the process. So every time your team interacts with someone, that reflects on you. 

Conquering your industry requires recognizing that your role in the business has changed. Instead of handling day-to-day tasks, you need to operate at a higher level. 

You need to focus on your industry. 

This is one way to expand your business, but we’re getting ahead of ourselves.

As you are no longer part of the day-to-day operations of your business, you need a high-caliber team. You are most likely operating with a team already. So expanding your business without sacrificing your margins requires examining your team. Ask yourself:

  • What is your team structure?
  • Could they be more effective? 
  • Are they driven by your business’s culture
  • Do they represent your best interests? 
  • Are they costing you money with mistakes?

Being loyal to your team is an excellent trait, but you also need to be loyal to your business. That means acknowledging when a team member is no longer necessary. Or when they are costing you more than they contribute.

Employees are human. They make mistakes and need time to learn. But to maximize growth, reevaluating your team and its structure is important. 

Are there people on your team who have hampered your business’s growth?

Or could you encourage your team more to expand your business?

Does your team know you appreciate them through your wellness initiatives?

Is Your Team Happy?

There are several management styles. Knowing yours will help you better understand how you relate to your employees.

If you’re a very people-oriented manager, you may be in tune with your team’s happiness. But you may have difficulty restructuring your team because of your loyalty.

If you’re a more numbers-focused manager, you may not recognize if your team is happy. But you’re ready to restructure for growth.

But all the restructuring in the world won’t expand your business if your team isn’t happy.

Happy employees are more loyal with higher engagement levels. And engagement levels are very significant. A Gallup study showed businesses with engaged employees had 59% less turnover. 

Plus a 21% increase in profitability.

Wellness initiatives in businesses are not cheap. But asking your employees how they want to feel appreciated could reveal solutions. 

For instance, offer more flexible work hours. Adjusting work hours to fit employees’ lives would not impact your margins. Yet it would increase employee engagement. 

It would take time and a process to change the schedule. But there would be long-term benefits.

So investing in your human capital does not only mean restructuring your team. It also means evaluating their happiness. 

What are the little things you can do every day in your business to encourage your team’s engagement?

Do Your Employees Have Hidden Talents?

Another way to keep your employees engaged is to take advantage of their hidden talents. Allow them to express what they’re passionate about outside of their job description. Then, use those talents.

Keeping your team small and agile will help your business expand in the future. But that means everyone has to have multi-faceted jobs. While you do need to define those jobs clearly, people will still need to have roles.

So get to know your team. Find out what they are good at. 

An accountant might have a knack for photography. Or a salesperson may be a grade-A social media manager. 

And that brings us to an important question:

Are you outsourcing work that in-house employees could do more effectively?

There is a time and a place for outsourcing. Some positions need a highly-skilled person who does not need to be employed full-time. For instance, copywriting is often outsourced. 

If you are outsourcing and plan to continue doing so, ask yourself this:

Can you outsource more effectively?

Take a look at your external team. Are their services worth what you are paying? Are their offerings effective? 

This is part of examining your team as a whole. These contractors are not directly part of your team. But they are a piece of your external team, so they impact your business.

Therefore, you need to see their role in your business.

optimizing your process

Evaluating Your Process

The next step is diving into your process. You most likely have many processes. These could include marketing, production, distribution, accounts payable, and more. 

These processes all have a few things in common: they take time and they’re powered by something. Whether they are powered by humans or money, they require something to make them function.

Are you making them function?

Are you too involved in each process? Are you personally involved in processes you don’t need to be a part of?

If you truly want to expand your business, you need to delegate effectively. But you need to be sure that your process is streamlined for your team, so they are not wasting their time. Or your money.

Your processes should make use of technology and humans to the fullest extent.

Are You Up-To-Date With Technology?

We live in a world full of constantly changing technology. What was top-of-the-line tech five years ago is now deeply outdated.

When was the last time you examined your technology?

If your last evaluation of your tech was several years ago, it’s time to review your technology. This includes processes from payroll to production to lead acquisition. 

Software often makes up the foundation of these processes. Software companies will come up with updates for the software you are using. So make sure to check you are updating your software automatically.

And alternative options or solutions may have become available. So it’s important that you continually research and remain open to ideas. 

There will be switching costs. But they may be low in comparison to the switch off.

Or alternatively, you may find an all-inclusive software. If you are using a separate invoicing and bookkeeping system, you could find a service that does both. So you can consolidate your needs into one bundled solution.

Make sure to view your process with an open mind. You might also find ways to streamline by using technology less or differently. Pieces of tech you once considered critical may not be required anymore. 

But the key is approaching this evaluation with a very open mind. You need to be ready to change. This includes humans.

Are You Using Too Many Humans?

The process of evaluating your team and your process should happen at the same time. So you will know, when you go through your process, how your team will be impacted.

Because you have to ask yourself a harsh question: are you using too many humans?

Is there something you are paying for that technology could do?

If you are a people-oriented manager, this question will be really difficult to answer. And if you decide to keep people on your team that are doing jobs a computer could do, that’s up to you. But you have to recognize you could more efficiently expand your business in other ways.

One of those ways could be capitalizing on your people-oriented attitude. Not every business can say they are loyal to their employees.

But 87% of employees expect their employer to support their work-life balance. This is a large portion of the population who cares about how companies treat their employees. 

So if you are unwilling to replace humans with computers, capitalize on that market. 

Acknowledge that you may need to sacrifice some margins. It will not be as fiscally efficient to expand your business. But you do have a market that you can tap into without changing your business.

expand your business through additions

Expanding Your Business With New Additions

While you can use what you already have, you could also make additions. 

Depending on your business, this may involve new investments in people or technology. Replacing older technologies with new ones will create a short-term expense. If you replace technology, you may be able to make the process more affordable.

But the long-term ramifications will save you money.

Hiring someone to help with your evaluation could help, too. It would be an additional expense but with long-term benefits. A fresh set of eyes and open mind could help you identify areas to improve.

But there are other steps you can take to expand your business that involve you specifically.

As we mentioned, your role in your organization has to change to expand your business. If you want to take your business to the next level, you need to invest in your industry.

This is why it is so important you trust your team to delegate to them. And you trust your process to make sure your business is running according to your standards. 

Once you have those two factors in place, you will be free to explore your industry further. Take the opportunity to network with your peers and establish yourself as an authority. 

Collaboration With Peers

Networking with peers is fundamental to expanding your business. Knowing others in your industry will allow you to better understand your competitors. It will also help you capitalize on best practices in your own organization.

Can you honestly say right now that you know the standards for your industry?

The internet has made researching an industry easy. But nothing will replace gaining wisdom from those who are currently succeeding. That’s why finding the right mentor is so important. 

And networking with those in your industry around the world will help you to establish yourself as an authority. What are the benefits of being an authority with a recognizable brand? You will be top-of-mind when they need your services.

But networking with peers extends outside your industry. It includes similar industries or ones with which you work. And if you network correctly, that allows for collaboration. You could find new products or services to offer based on people you connect with.

This is why networking is so important to expand your business. Your business will be able to grow so much more when you keep an open mind to learning from others. Plus, you will give your business opportunities by being open to collaboration.

Networking takes time and social skills but virtually no large investment. It’s an excellent way to give your business opportunities without sacrificing margins.

Are You Networking Correctly?

The internet has given plenty of networking opportunities. LinkedIn is a great example.

But you need to know how to fully utilize the platform.

If you are attending an industry event, find out beforehand who is going to be at the event. Send them a connection with a note about attending the event. That way, at the event, you can re-introduce yourself but with research.

You know their job history, current responsibilities, and projects they’ve worked on. You can determine if collaboration would be a good option.

But even if you are not able to attend events in person, LinkedIn is still a good option for virtual networking. 

Don’t be afraid to connect with and message others in your industry. You can respectfully and professionally encourage them in their endeavors and introduce yourself.

Make sure to brush up on the proper way to connect with powerful people in your industry. They are busy professionals, and there is a proper way to go about it.

Even if you aren’t reaching out to others, you should post a few times a week about your own business and projects. If people know what you are doing, they can collaborate. Additionally, you should interact with peers’ posts, so they become familiar with you.

expand your business with networking

Expanding Your Business Through Networking

Ultimately, to expand your business without sacrificing your margins, you need collaboration. Collaborating has several benefits. Namely, you will establish yourself as an authority in your industry. Plus, you will learn best practices while setting industry standards.

”You have to put yourself in connection with other entrepreneurs who are seeking the same growth as you if you want to expand your business.” - Dan Lok Click To Tweet

Dan Lok’s S.M.A.R.T. Challenge is an excellent example of entrepreneurs coming together to build unbreakable and sustainable businesses and growing their networks at the same time.

The S.M.A.R.T. Challenge is only run a few times each year, and with every challenge, business owners see phenomenal results.

Being a relatively short but impactful implementation program is what sets the S.M.A.R.T. Challenge aside from other business-scaling challenges.

So if you’re serious about scaling your business with the power of Social Media, Marketing, Automation, Remote Teams, and Technology so you can build multiple streams of recurring revenue, then click here to join the S.M.A.R.T. Challenge today.

How Do You Know If Your New Business Idea Will Actually Work?

So you’ve got a big business idea. It could be something you’ve been stewing over for several years. Or it’s a spur-of-the-moment idea you feel you could actually commit to. 

Regardless of the stage of your idea, you may be asking: 

  • Am I willing to quit my job to pursue this? 
  • Do I have to sacrifice any money to make this work? 
  • Do I have what it takes to be an entrepreneur? 

Many times, these fears can be summed up in one question: 

  • How do I know my new business idea will actually work?

Life isn’t built on certainty, and the variables of success are too many to count. If you could ensure your ultimate success early in your entrepreneurial journey, wouldn’t you?

Of course you would.

These steps aren’t part of a mindless checklist. They require intensive research and effort. They’ll also call for a dose of introspection and plenty of thinking time. So if you’re looking for an easy checklist, you’ve come to the wrong place. 

But if you’re willing to put in the work to follow through on your business idea, these action items are for you.

The first step is asking the right questions. If you can channel the questions you have in an effective way, you’ll learn to better understand yourself and get a stronger grasp on your business idea. 

The second step is putting your business idea to the test. Technology enables you to test the concept behind your business before you go all-in. Using social media and other channels to test your business plan will let you know if you can succeed in the “real” world.

In this article, we’ll hand you the keys to both of these action items. First, we’ll cover some questions you should ask yourself as you think through your business idea. Second, we’ll share some of the best ways we’ve seen entrepreneurs put their ideas to the test. 

5 Questions to Ask About Your New Business Idea

1. Why do I want to start this business?

We’re not talking about your business plan here. We’re talking about your why.

The biggest success factor for your new business idea is you. - Dan Lok Click To Tweet

Now is the time to realize if you care about the business or if you’re chasing something else – fame, money, or approval. Fame, money, and approval aren’t bad in themselves. But if you make them your focus, you’re digging a hole for yourself and the business. 

Uncovering your “why” —your core business motivation —will be an advantage when you hit tough times. Your “why” will guide you through the challenges every entrepreneur is bound to face. 

Take a look at the mission statement for the Disney company: 

The mission of The Walt Disney Company is to entertain, inform and inspire people around the globe through the power of unparalleled storytelling, reflecting the iconic brands, creative minds, and innovative technologies that make ours the world’s premier entertainment company.

Everyone surrounding Walt Disney knew that he was an incredible optimist and a master storyteller. These core motivations haven’t changed since the company’s early days. They impact every movie Disney releases and add the spark of magic people experience at Disney World. 

As the founder of your company, this is the same kind of impact that you can have on the lasting legacy of your business.

walt-disney

2. Am I willing to do whatever it takes to make this happen?

Successful businesses rely on a leadership team with total commitment to the company vision. 

If you’re not willing to sacrifice a great job, free time, social life, or other things that are important, you may not be ready to launch your business. 

There was once a man passionate about duck hunting. He was so passionate that he actually turned down a career in the NFL to follow his vision. He ended up inventing several duck calls, and that’s the beginning of the story of the Duck Dynasty. That man was Phil Robertson, and he and his sons still run this hugely successful company. 

Does your business idea have to be your biggest passion? No. 

But do you need the inner resolve to push through the hurdles that are sure to come your way? Unquestionably, yes. 

Where there’s a will there’s a way, and this resolve increases the chances of your business succeeding.

Phil-robertson

3. What is the problem my business idea solves? 

Let’s face it: not having a problem you can solve with your new business makes success less attainable. We call these pain points. Unless your customers see a way your product can improve their lives, they won’t buy it. Simple as that. 

If you don’t know the problem you’re trying to solve or the way your company is making the world a better place, you’ll have no selling point for your product.

If your company is groundbreaking, there’s a chance you’ll have to show people a problem they didn’t know they have. Take Ford Motor company, for example. Henry Ford is famously known for saying 

“If I had asked people what they wanted, they would have said faster horses.”

Another example of a company that solves a huge problem is GrubHub. The company was started by two developers working for Apartments.com. Working late, they were frustrated with the lack of food options and the constant issue of having to give credit card numbers over the phone. 

So they built Grubhub—a directory for restaurants plus a service that allowed people to order food from the comfort of their homes. 

This is a problem most busy people had, but everyone just dealt with it. Grubhub posed a solution to a previously unsolved problem for many Americans. 

grubhub-maloney-evans

4. How big is the market my business could reach? 

Ask questions about the market you want to reach. This approach is simply an extension of the question “What is the problem my business idea solves?” 

Let’s take it a little further:

  • Is this problem something only a certain group of people have? 
  • Is this problem affected by where my customers live? 
  • How many people have this problem? 
  • Will my product be something anybody can access, or does the amount of money they make come into play?

Simply asking these questions means doing substantial market research. 

Wouldn’t you want to dive into the research if it meant more money?

There are two ways to make a lot of money:

  1. Sell a high volume of products at a reasonable price.
  2. Sell fewer products at a higher price.

If your target market is small (i.e. entrepreneurs in Chicago with a net worth of over $2M) then your product needs to be worthy of and sell for a higher price point. 

On the flip side, if the potential market for your company is large, you’ll need to find some way to convince that market of the value of your product. 

5. What strengths and weaknesses do I bring to the table? 

What do you think is the most important factor of success in your business?

YOU.

Start now and do some serious self-assessment. You won’t want a personal downfall to mean the demise of your business later on. 

When it comes to entrepreneurship, many founders are really good at one or two things. Yet they lack ability in several others. 

For example, some entrepreneurs are great at marketing and sales but are chronically disorganized. It pays for them to recognize this and to hire other people to manage the company operations. 

Others may be technically skilled but have no concept of how to pitch their product. 

If you correctly analyze your business strengths and weaknesses now, you'll do yourself a favor in the long run. - Dan Lok Click To Tweet

The success of Apple had to do with partners who complimented each others’ strengths and weaknesses. Steve Wozniak and Steve Jobs met while working a summer job. 

At the time, Wozniak was building a computer. Jobs, on the other hand, saw its potential to solve a global problem. 

Without the insight and business sense Jobs brought to the table, Wozniak probably would never have put the computer on the market. And of course, Jobs would never have had a product without Wozniak’s analytical and technical abilities.

apple-jobs-wozniak

6 Ways to test your New Business Idea

Now that you have gone through the big questions, it’s time to put your big idea to a potential test.

1. Use social media to test your ideas.

Isn’t it funny how one simple post asking a question on Facebook can get hundreds of comments? How quick are people to share their opinion on Twitter?

These are opportunities.

Start sharing the problem you’re solving with your friends. Ask them directly if they would buy the product you’re trying to sell. See if they’re willing to share details about the company you’re trying to build. Ask for their feedback on potential business models or marketing ideas. 

If you’re extra adventurous, try starting a Facebook page and running some simple ads to a landing page that explains the product you want to develop. 

Chances are if you can get engagement on social media around the idea you’re building a product around, there will also be people who want to invest money in it. 

Social media is also a great way to get an idea of other perspectives as you build out your business plan. Just remember to take everything with a grain of salt: not everything people say on social media should be taken to heart. 

2. Start a newsletter.

A newsletter about your business idea will have so many benefits. First, you’ll be able to test whether people are willing to make a commitment to your business.

An email is one of the most valuable things you can have when it actually comes time to launch your business. Email gives you direct access to a potential customer who is already invested enough in your idea to give you personal information. 

Finally, it’s going to be incredibly valuable to you to regularly share the progress you’re making on your business as you figure out how to build it. You’ll be able to stay accountable to potential customers and get continual feedback as you test and implement your product. 

3. Get yourself in front of investors. 

What’s one of the best indicators of success? When someone is willing to commit to and invest in whatever you’re building. 

You can look for potential investors by networking. You may have already been keeping your eyes open for potential partners in this business venture. If so, offer to take these people out for coffee or pay for their lunch and ask for their advice and ideas. 

Use LinkedIn to pitch investors who have been involved in companies similar to yours. Make a point to connect to these people. This way, when you’re ready to ask for investments, you will have a network of people who already know and trust you. 

If you don’t want to go the route of traditional investors, you could try crowdfunding. Kickstarter, SeedInvest, and Patreon are several options if you’re going for smaller investors.

Finally, maybe the best option for you will be to create an MVP (a minimum viable product) that you can test on the market for a lesser price than what you eventually want to charge. 

This way, you’re already accountable to the market while you’re bringing in the first bit of money you’ll need to grow your business. 

Regardless of how you choose to get your initial funding, the basic idea still stands: you won’t know your business can be successful until someone can put their money where their mouth is. 

4. Create a survey. 

Are you looking to do more market research and understand a bit more about your potential customers before you raise money? No problem. 

You can create a quick survey using SurveyMonkey, Typeform, Google Forms, or FormAssembly where people can give you their true opinions about what you’re building. 

Ask family and friends to complete the form as a favor to you. You’d be surprised how much they know about you! Then market your survey to a broader group of people.

5. Get an understanding of the financial side. 

Do you have any idea how much it’s going to cost to create your product? Or if it’s even reasonable to think you can make money off of it? 

How much of the work will you need to outsource? How many employees will you need st a minimum and how experienced do they have to be? 

If you don’t feel equipped to do the research on this yourself, flesh out the idea with someone who can give you good advice.

If you can’t make money, your business will ultimately fail.

And it’s better to find that out now rather than to run into a hiccup you could have avoided by doing the proper legwork in advance. 

6. Do some background research. 

Most people like to call this “researching the competition.” 

Know your competition and their successes. The time you invest in this research will be valuable when you’re assessing how to build your business.

Besides, it will let you know if your potential market is saturated or if you have the potential to create a true win. 

Here are several tools you can use to research your competition:

  • Social media profiles. What does a product similar to yours do for an Instagram page? How active are the founding members and C-level employees on social media? Do they run ads on Facebook or Twitter? 
  • Google. Search “Products for (Problem You’re Trying To Solve)” or “(Industry Name) Companies”. Take some time to assess the top pages that come up during your searches. Is your competition spending time creating content around the problem you’re solving? What are they doing to get noticed?
  • Keyword Tools. Want to know how your business can succeed? Study what people are searching for in your target industry. Keyword tools like Ubersuggest or Ahrefs allow you to study the analytics of certain search terms in your target industry. With these tools, you can see who consistently ranks for keywords in the space you’re targeting. The companies who are ranking for your target keywords are the ones you should begin to study.

If you’re interested in diving deeper, Dan goes into more detail about the idea in this video.

Wrapping it all up

In the end, you can’t determine the profit of your business by doing the same thing as another entrepreneur. You won’t have a guaranteed path to success by following a set of rules. 

Your business will succeed because of your hustle. It’s going to make money because of your determination to keep going.

Finally, your business will power through difficulty with your ability to research, test, and adapt. You can start the process while your business is still in the idea phase.

If you start the process of research today, you’ll set your business up for long-lasting success.

How To Start A Successful Consulting Business

Thinking about how to start a successful consulting business? You’re not alone. The consulting business industry has been growing for the past several years. In 2017, the global consulting market was forecasted at around 262 billion U.S. dollars. The number of management consultants in the U.S. reached 709,750 in 2019. But how do you start a successful consulting business that stands out from the crowd?

There’s a secret to going from zero to $100,000 to making a million dollars a year. Dan Lok shares these strategies with his students in the High Ticket Closer® Certification Program. In this program, Dan shares all of his lessons learned over the past twenty years. To help you start off in the right direction, we will share one of the most important secrets with you in this article.

Watch this video about successful coaching and consulting secrets.

Relationships, Not Transactions

When thinking about how to start a successful consulting business, you first have to be clear about what it actually takes. What do you think consulting is? You see, consulting is not about transactions and your sales of services. One thing far more important than selling a service is relationship management. Your relationship with the client and how you make them feel is as important as what you sell.

Dan Lok always tells his students – people buy because of what you sell, but they stay with you because of who you are. This means that you need to nurture and strengthen your relationships with clients. This is what distinguishes you from your competition. It’s all about how you made them feel. Often it has way less to do with the quality of your work and much more with the quality of the relationship you built. 

If you base your relationship with the clients on the transaction only, you will have a hard time generating consistent income. Money exchanged for service should not be the only thing connecting you with your client. You have to make your clients feel good to make sure they return and recommend you to others. If you only exchange your service for money, how will they get to know you? How will they connect with you?

How to Connect

If you want to know how to start a successful consulting business, you must cultivate transformative relationships. What does that mean? It means that you’re not being seen as a commodity where the client leaves the money and you do the work. Having a transformative relationship means enhancing the business in some meaningful way.

People buy because of what you sell, and they stay because of who you are. -Dan Lok Click To Tweet

But what if you provide technical support and your relationship is mostly transactional? Well, let’s imagine that you help people set up their automated webinars in their funnels. You provide the service and help them with the webinars. All of your interactions are business-related and online or over the phone. But how do you know if the relationship is transactional or transformational?

The tricky part is that you can’t communicate this difference. You can’t ask your client if they experienced a transactional or a transformational relationship. But let’s say you do a good job, and they pay you because they’re satisfied with the service. It’s a pretty good transactional relationship. But what would make this relationship transformational?

Well, as we already said, it’s how you make the client feel that changes the relationship. And how do you affect your client’s feelings? Create an important positive change in their business. If you transform their business in some significant way, you will transform their life and make them feel good.

Transforming A Man Using A Suit

A transformational relationship starts from day one. The first step is figuring out how you view what you do. What does this mean? Well, let’s take a look at a custom suit business.

Let’s imagine a customer comes into your store to get a custom made suit. You take measurements, choose the fabric, and make a suit. This is a very transactional process. However, you could do the same amount of work and get a different result.

Observe your client. Does your client show confidence? Or is there a strong sense of low self-esteem? If a man comes in with low self-confidence and low self-esteem, imagine what a good suit could do for him. You measure him, understand his personality, find out what he does and who he really is. If you do this, you can help bring out his best qualities through your suit.

If you know your client, you can choose the right shade of colors that match his skin tone to give him confidence. You could find the best fit for his form that makes him look confident. Ask him what occasion is the suit for. Is it for a meeting? Paint a picture of a successful meeting for him, and help him see himself differently. Use your experience and expertise to show him an image of his success and confidence in a new suit. 

Now, think about what a good suit that makes him feel good could do. Maybe it will help him get promoted in his company? His confidence changes his performance. Your suit could change that man’s life in many other ways, too.

Attract People You Resonate With

It’s the same suit as the one you just measured and made, but this time, you changed someone’s life. You did not just give him a suit – you gave him an opportunity. 

Do you see the difference? You don’t want to just make a suit and take the money. What you want to do is change your client’s life or business in some way. If you do this, you will also get a very different type of client. You will attract the people with whom you can resonate.

When thinking about how to start a successful consulting business, think about how you position yourself: are you a commodity or someone who can change a life and transform a business?

Changing Your Mindset

Let’s go back to setting up a webinar for a moment. If you’re setting it up for your client, it is likely transactional. But say that you don’t just set up a webinar. By making it automated, you are saving the client’s time. By saving time and helping the client to make more money, you also give them more time to spend with family or doing something else. This is likely life-changing.

It’s the same if you’re a realtor. You could sell a client a two-bedroom condo near parks and a school and hand over the keys to the new owner. Or you can sell a home – a place where the new owner can watch their kids grow up. It’s a different kind of responsibility to your client.

You see, you don’t even have to do anything different to create a transformational relationship. Your service can stay the same. But your attitude is different. You change your mindset and your belief about your own work.

When you’re still figuring out how to start a successful consulting business, your mindset is the key. In his High Ticket Closer® Certification Program Dan Lok dedicates the first few classes exclusively to mindset. This is because he knows that a person without the right mindset always stays a salesperson and never evolves into a powerful closer. If you don’t have the right mindset, you will not create the success you desire. 

How Do You View What You Do?

So what you really need to do is to take a closer look at how you view your own work. How do you feel about what you do? Are you bored with making one suit after the other because it doesn’t make a difference? You might be tired of showing houses to endless potential customers. You could also just be bored with your daily routine and the type of client you work with. 

If you feel uninspired, you are most likely forming exclusively transactional relationships. But when you have a different mindset, your client will sense the difference. As a service-based business, you want a long-term relationship, and your clients will sense that. They will feel that you care, and it will shift their attitude towards your business as well. 

If you are a lawyer, for example, you’re aware that you don’t just offer trademarking services while filling out a bunch of paperwork. You’re actually protecting the client’s brand. As a realtor, you’re not just helping a client buy a house, you’re helping them find a future for their family. This is the mindset we talk about.

Painting The Picture

So as a transformational consultant, you demonstrate to your client that you care about them more than about money. Your focus is not profit alone. You’re interested in a lifelong relationship. You are interested in positive transformation and making a difference. 

As a transformational consultant, you want to impart knowledge to your client, so they get the results they desire. This demonstrates that you care while being unattached to the transactional outcome of your relationship. This will also allow you to set healthy boundaries and not to take it personally if the client doesn’t respond as you imagined. 

But how do you actually do this? One simple way that Dan teaches his closers to do this is by painting a picture. This would be the picture of improvements in their business and life after a certain solution is implemented. To figure out what picture to paint, you have to talk less and listen more. Listen to their needs and pain points. Help them imagine what their business will be like if you do something for them. 

As you do this, make sure you distinguish between caring about your client’s progress and being attached to the outcome. There are many factors that contribute to their success or failure, and you cannot control that.

Many people can learn from the same mentor, yet each person will have different results. Everyone progresses at different speeds and different levels even if they are learning the same lessons from the same person.

Final Thoughts On How To Start a Successful Consulting Business

It’s easy to charge money for a product or service. That’s what most people do. But to make a high income from consulting, you need to build relationships and offer transformations.

Your client won’t have a transformation if you measure him and then bill him for the custom suit you just made. But if you take the time to make a suit that changes his confidence and changes his life, then you’ve opened the door to a lifelong relationship. You didn’t just create a suit, you created a feeling.

Start by changing your mindset. Show that you care about your client more than the product or service you are selling. When you can offer a transformation, the ripple effect will go beyond your service – it will impact your client’s personal and professional life.

To learn more about starting a successful consulting business, you should consider Dan Lok’s High Ticket Closer® Certification Program. This program is for people interested in evolving into transformational closers and leaders in their field. If you’re serious about creating change in your client’s lives and starting a successful business of your own, click here now.

How To Find Your Target Audience Personas In 3 Steps

Are you worried about your engagement rates? Or are the number of people that view your content not where you want it to be? If you want to know how to find your target audience and bump up those numbers, you need to understand your audience.

With so much content being pumped out every single day, getting clarity on how to find your target audience is more important than ever. The attention span of the average online user has decreased tremendously over the last couple of years. This means that people are much more likely to scroll past your content if it does not match their needs or interest. Unless your content directly relates to what these people are searching for, they are not going to be interested, and your engagement numbers are going to stay the way they are.

The biggest problem when it comes to knowing how to find your target audience, is the fact that the marketplace is always changing. The needs of your target audience today may not be the same needs a year later, which is why you always need to keep yourself updated. Knowing how to find your target audience is one thing – keeping them is another. 

If you’re struggling to get clarity on your target audience, you’re in luck. Today we’re going in depth on how to find your target audience personas in just 3 steps.

Step #1: Analyze Your Website And Social Media Traffic

The first step to discovering your target audience personas, is to analyze your traffic. If you’ve been producing content for awhile, chances are you’ve already built up a sizable following. You have traffic that’s flowing through your website on a daily basis, or a number of visitors commenting and watching your videos. If you have these things going for you, that’s good news. You’ll be able to analyze this information and use it to your benefit.

how to find your target audience

When it comes to analyzing your website and social media traffic, you want to determine what exactly is drawing your audience to your website or social media account. This could be factors such as the content you are putting out, what time or day you upload, or how engaged you are with your audience. As you analyze this data in more depth, it’ll reveal a bigger picture as to what kind of content your target audience likes. 

For example, let’s say you’ve uploaded a video every single day for the last 3 weeks to your Instagram account, and during that time your engagement has been doing well. When analyzing your social media traffic, you’ll want to look at what specific factor caused these people to watch or comment on your video. This specific factor could be the time at which you uploaded the video. Or the video was different in terms of content from all the other videos. You can also look at how engaged your audience was, such as the number of likes or comments that they left. All of this is information that will help you determine your target audience.

Don’t Look At What’s Consistent, Look At What Stands Out

One of the biggest mistakes most people make when analyzing their traffic is looking at what’s consistent. For example, let’s say you’ve posted 7 videos over 7 days. 6 of those videos got around 20,000 views, with one video only getting 5,000 views. Looking at this data, you might be inclined to focus only on the videos that got 20,000 views. But in reality, the best way to discover your target audience is to look at what stands out. 

The reason you want to focus on inconsistencies within your data, is because it’ll help you understand what works and what doesn’t. If your data shows you that every single video you’ve posted has gotten 20,000 views, you can’t learn anything. You don’t know what you’re doing right, or what you’re doing wrong. Your data reflects the needs and behavior of your target audience. The better you can understand what factors contribute to that data, the better you can understand your audience’s needs.

how to find your target audience

If there are specific days that stand out, focus on those days. Analyze what factors could have contributed to that particular outcome – whether it’s good or bad. If the outcome is a positive one, you can keep that in mind and experiment with putting more of that type of content in the future. If the outcome is negative, look at what differences are responsible for that negative outcome. That particular day could have been a holiday, resulting in less people browsing the internet and explains why your view count went down.

If you want to know how to find your target audience, focus on the things that stand out. They’ll give you more insight into your audience’s needs than focusing on what’s consistent.

Consistency got you where you are today. Will it help you get to where you want to be? Click To Tweet

Step #2: Audit Your Business Strategy And Compare It To The Marketplace

The second step to discover your target audience personas, is to audit your business strategy. Every time you put out a piece of content, or upload a new blog you should be doing it with a specific reason in mind. There should be a specific outcome that is achieved, which is what your business strategy focuses on. And with the marketplace’s needs constantly evolving and changing, you need to ensure your business strategy reflects those changes.

This is the difference between knowing how to find your target audience and knowing how to keep them. You may be able to attract new visitors to your website or new followers on your Instagram, but unless you understand how their needs change over time you will not have them for long. 

For example, at the time of this article being written – Tik Tok is the newest social media platform that has gained popularity. Since its launch in 2016, in just 3 years it has managed to accumulate over 800 million active users worldwide. Compare this to Instagram’s 1 billion monthly users, and it’s very evident how fast the needs of the marketplace can change.

Analyze What Your Audience Does And How They Behave

One of the reasons why Tik Tok gained so much popularity in such a short time, is because a large majority of its user base are young teenagers from Generation Z. This is why it’s important to understand your target audience persona and who you are catering to. 

how to find your target audience

Understanding the marketplace means also understanding what kind of people are interested in your content. You need to factor in things such as their location, age, gender, ethnicity, and interests. All of these play a part in determining what your target audience’s needs consist of, and are factors you will want to account for when analyzing data. One way to discover these factors is to look at what they’re searching for. 

If you’re using ads to direct traffic to your website, you can view a lot of information about your target audience through Google Analytics. Some examples of information you can use from Google Analytics are

  • Keywords that visitors search for to visit your website
  • Length of time visitors spend on your website
  • Method in which they got to your website (Organic search, links from other sources)

If you produce a lot of content around finance and one of the keywords your visitors searched for was “financial freedom”, right away you can tell this person is probably an adult or older. You can then proceed to look at what actions this person took while on your website, what blogs they may have looked at and what other keywords they searched for. When you put all of this data together, it’ll give you a better idea of what your target audience personas look like. And in many cases, you will have multiple target audience personas.

how to find your target audience

Creating A Target Audience Persona

Once you’ve gathered sufficient data, it’s time to get clear on your target audience persona. 

When creating a target audience persona, you want to get very specific about who they are and what their needs are. Some traits to include when building your target audience persona are:

  • Age
  • Gender
  • Relationship Status
  • Occupation
  • Who they follow
  • What they might search for
  • How familiar they are with your brand
  • How they spend their free time

The more specific you can get with these traits, the better your target audience persona will be. If you feel the need to include additional information, such as a target audience persona that “may or may not be in a relationship”, chances are you can create another persona and include that information in. The reason being that the needs and desires of someone who’s in a relationship, will be much more different than someone who’s still single and ready to mingle. 

Someone in a relationship might be thinking of getting married and starting a family. They may be concerned with the state of their finances and how they can support a family. This person will be more future-oriented in their thinking, and your target audience persona should reflect those factors.

On the other hand, someone who’s single has different priorities in mind. They aren’t concerned with starting a family – they may be looking to date around and to meet new people. This also implies that this target audience persona consists of a younger generation, who want to spend their youth experiencing all that life has to offer. This person lives more in the moment and is present-oriented with their thinking.

Confused People Do Not Buy

This is why you need to be very specific when it comes to building a target audience persona. Unless you are able to narrow down their traits as much as possible, you are going to create overlaps in the kind of message you’re putting out. That will cause confusion because your audience has no idea who you are trying to target. And confused people, do not buy. 

how to find your target audience

Avoid confusing your audience and yourself by being strict with how you create a target audience persona. If there are any traits that one audience may have that another audience wouldn’t, create a different audience persona to account for that difference. In our own company, we have multiple target audience personas that are based on a variety of factors such as their age, how much income they make and how familiar they are with The Dan Lok Brand.

Once you’ve created and understand your target audience personas, you can begin segmenting them and plan out what kind of content to produce. If you’ve created your target audience persona correctly, you will already know the needs and desires of your target audience. Now, all you need to do is create content that caters specifically to that target audience. The more specific your content is, the more your target audience will feel like you are speaking directly to them.

What’s important to note is that like the marketplace, your target audience persona will change overtime as well. That is why it’s important to frequently compare how your target audience persona matches up with what audience is in the marketplace. As long as you have a clear and solid target audience persona, you’ll be able to effortlessly audit your business strategy to match that audience’s needs.

Step #3: Segmenting Your Audience For Your Email List

Step 3 on how to find your target audience persona, is to segment your email list. We have already covered how to find your target audience persona by analyzing data (In Step 2), thus this section will go into how you can segment your audience for your email list.

Segmenting your audience for your email list is very important. As you have multiple target audience personas, you will also have multiple email lists with different audiences. The last thing you want to do is accidentally send one email list an email that has nothing to do with them. For example, one of the quickest ways you can make your male audience unsubscribe from your email list, is to send them an email letting them know there’s a 50% discount on women’s underwear.

You want to segment your email list to keep your audience engaged. In fact, a study showed that a company managed to increase their open rates by 40%, simply by segmenting their audience. Other benefits also include increased click through rates, increased conversions, more satisfaction amongst their subscribers and decreased unsubscribe rates. Segmenting your audience won’t just help you keep things organized, it’ll help keep your audience happy and engaged as well.

When In Doubt, Ask Your Audience

If you’re wondering what kind of emails to send to your audience, you might believe your target audience persona will tell you everything you need to know. And in theory, that is true and makes a lot of sense. But in reality, the best way to know what your audience wants to receive is to simply ask them.

When your audience wants to opt into an email list, give them a way to choose for themselves. That could mean setting up a checklist of email lists they want to subscribe to, or simply sending them an email from time to time asking them what their preferences are. By letting your audience choose what they want to see, you won’t encounter the mistake of sending them something they don’t want to see. 

how to find your target audience

Remember that you will never know your target audience better than they know themselves. Asking them what they want is a very effective way to keep your target audience personas updated to the needs of the marketplace. It also allows them to feel more engaged, because you’re taking their opinions and feedback into account. This is why the most successful brands and companies often send you surveys asking you to rate their services. They know it is important to hear the voice of their customers, and make sure their needs are met.

Instead of doing research and guesswork, simply go to the source and get the information you need from there. In many situations, you’ll discover that your audience will offer you a lot of insight as to what they’re looking for. They might even share with you their deepest darkest secrets and needs – things you never thought they would be interested in.

“The customer is always right.” – Common proverb

How To Find Your Target Audience Personas In 3 Steps

Knowing how to find your target audience persona can be simplified to just 3 steps:

1) Analyze traffic data

This is where you analyze the traffic data from your website and social media accounts. Look at factors such as keywords your audience is searching for, how much time they spend viewing content, and where they came from before landing on your page.

You’ll want to analyze any sort of data that stands out from everything else, as that will give you the most insight into how you should pivot your approach. Consistent data will show you what you’re doing correctly, but won’t tell you what you need to do to improve or get better. If you want to keep your audience following you for a long time, you need to make sure you’re taking steps to improve every single day.

2) Create target audience personas

From analyzing your traffic data, you’ll be able to gather a lot of useful information about your target audience and their needs. Using this data, you can create your target audience personas.

When it comes to creating and knowing how to find your target audience, you want to be very specific when it comes to what their behavior and traits are like. If there is any information that would overlap with another potential audience, you’ll want to create another audience persona to avoid confusion. If you’re putting out content and your marketing message isn’t clear, you will confuse your audience. This leads to higher unsubscribe rates, unfollows, and lower conversions.

Confused people don’t buy. Click To Tweet

3) Segment them based on their needs

Segment your audience so that you’re delivering to your audience exactly what they’re looking for. To do this, ask them what kind of content they’re interested in or what their individual preferences are. One of the biggest mistakes people make is trying to guess what their audience wants. In reality, it’s much more efficient to simply just ask them. You’ll develop a stronger customer-brand relationship, and be able to keep your target audience persona’s up to date with the needs of the marketplace.

Discover How Sifu Dan™ Scaled His Business To 7 Figures In 8 Months

Those are our tips on how to find your target audience personas in 3 steps. If you’re looking for more resources on how you can cater to your audience’s needs and scale your online business, the High Ticket Influencer™ program might be for you. 

Inside, you’ll discover the same system Sifu Dan™ used to scale his coaching business to 7 figures in just 8 months. You’ll be able to tap into his experience and wisdom to overcome pitfalls and obstacles, giving you the quickest and most efficient way to achieve success. Click here to learn more about High Ticket Influencer™.

7 Pricing Strategies To Make People Buy Your Products

Every entrepreneur thinks about the best pricing strategies and asks  – How do I know what to charge for my product or service? It’s a common question. Many business owners are unsure of how to set their pricing. You want to get paid for your efforts, but will your pricing reflect both your value and your worth?

Pricing is a fickle thing. Done properly, it can be used as a marketing tool to attract the perfect client. Improper pricing could be setting you up for trouble such as not getting paid enough for your time, the kind of clients you don’t want, or no clients at all.    

So how do you know what to charge? What is the best way to leverage pricing to position your business? We have 7 pricing strategies to share that can help you decide how to best position your value and in turn, set your pricing model.

Are You Making These Common Pricing Strategy Mistakes?

So let’s say you want to be super competitive and make sure that you have the best deal in town. Then, you realize you overshot it and are not charging customers enough. Before you know it, you are too deep in debt from overhead to recover and end up going out of business. When your pricing is too low, you are not making a profit. Regardless of how many customers you get, if you are not covering your expenses and still making revenue your business will be short-lived. 

Now, on the flip side, say you know that you are sitting on gold. You know that you’re worth top dollar and you need everyone else to know it too. Unless you have the following, marketing, and positioning to support premium pricing, you are going to have a hard time convincing customers that they should pay top dollar for what you have to offer. 

If you enter the market charging far more than anyone else in the industry, you are not going to have any business. No customers for you means no revenue. Without enough steady flow of income, you will run into the same problems as undercharging. You need a healthy volume of business to have any hope of growing. 

So how do you avoid these two most common mistakes when deciding on how to charge? Here are some suggestions for pricing strategies that might work for you.

Pricing Strategy # 1: Price to Your Competition

Though most entrepreneurs never want to think of themselves as average in their industry, pricing relative to your competition can be a good place to start. A common way to determine average pricing is the literal numeric value. Take the top 3 companies in the industry and find the mathematical average. 

If you are in a commodity industry, you may want to consider slightly underselling your competition. This may be a successful pricing strategy for your particular niche. Just be aware that when you are pricing in direct relation to your competition, you are most likely always going to be fluctuating in reaction to either the marketplace or other companies. This defensive position in pricing could quickly lead to charging too little.

Pricing Strategy # 2: Breakeven 

This pricing strategy is most often used when first entering the market as a way of testing the waters. The idea is to charge at a point where you are just able to pay the bills. That’s right, just cover overhead costs with little to no profit. It’s also known as self-liquidating. You have to use caution with this one or you run the risk of going from breakeven to bankrupt. But why on earth would you want to charge at cost, without profit? Great question! 

The concept uses a low ticket offer to acquire customers and build a following. The profit, then,  comes from high ticket selling when you introduce an appealing secondary offer at a higher cost. Consider this a bonus marketing business tip in a sense. It’s a way to generate leads for a higher price point because the breakeven offer has already drawn them into your funnel.  

Pricing Strategy # 3: Price To Time

This is an extremely popular model, especially in the professional services industry. You may know it as ‘charging by the hour’. Some companies adopt this concept by billing a monthly retainer or charging at different time intervals. Either way, you are seeking compensation based on your time output. 

We observed that as the world shifts from a job economy to a skill economy, this model is becoming more and more outdated. It still has a place on certain occasions, but in general, charging based on results instead of time makes clients a lot happier and much more eager to pay you top dollar. 

For example, when you charge based on the time it benefits you to take longer to complete a project while a client is focused on getting the job done quickly. Shouldn’t you be rewarded for working efficiently? This strategy creates a conflict of interest. 

If you charge based on results you have the ability to deliver top performance in a timely fashion and still earn according to how much value you have brought to the customer. More on this in #7. 

No fee is too high for success and almost any fee is too high for failure. Click To Tweet

Pricing Strategy # 4: Price To Cost Plus

Often found in construction, this method of charging is used by formulating a total price to complete a job, then adding a markup percentage. This strategy is useful in some cases, but once again, creates a conflict of interest. Spending more money drives up the job cost and results in a larger number for the markup percentage. In this respect, using a preferable material at a lower cost is not as profitable. We suggest aligning the focus of both parties on achieving efficient results.

Let’s say the project price is set at $1M. You as the service provider are expecting to receive $150K in payment. You might consider proposing that, if you can finish the project with equal or better quality at a cost of $850K, you would receive a 20 or 30 thousand dollar bonus. And a secondary bonus amount for finishing ahead of schedule. This way, everyone on the job is working toward the same goal – a time conscious, cost-effective, quality project.  You get to reap the benefits of bringing more value to your client.

Pricing Strategy # 5: Price To The Package

Creating packages is a well-known sales tip. It is about the perceived value your package offers a client rather than the actual cost to you. Combining products or services into a neat delivery system with a higher value than the price tag creates an irresistible offer.

But isn’t that called a discount? No. A discount is lowering the actual price. Instead of lowering the cost a customer pays, a package would increase the amount of benefit a customer receives. A good rule of thumb would be a 1 to 10 ratio of cost to benefit.  If you are charging $1K for a deal, then the value to the customer of each element separately should add up to about $10K. Now, this doesn’t mean it would actually have to cost you this much, but it should bring this much value to whoever buys it.

When forming packages, anticipating the future needs of your clients can be extremely helpful. If you are teaching a course that is easily performed on a particular software program, consider including the software they are most likely going to need or want. It’s more valuable to them to buy it all together at a flat rate than purchasing each item separately from different sources.  

Pricing Strategy # 6: Price To Positioning

Positioning is a pricing strategy that has everything to do with supply and demand. The shorter the supply, the more in demand that product is. If you have the only supply of the thing in demand or limit the supply, you can charge more for it. Dan Lok has only 6 hours a week available for consultations. He has 24 hours in a day, just like everyone else. Since no one can increase the supply of time, the price of his services goes up. 

This, of course, assumes valuable positioning, meaning that there is enough of a demand for the product or service you’re offering to warrant what you are charging. Limiting or controlling a supply does little good if there is no demand for it. No one will pay for something they don’t want.

Pricing Strategy # 7: Price To Value

This charging method is used frequently in high ticket selling because clients pay for premium results. 

The concept is simple. You price your services based on a percentage of the results you bring to your client. Whatever the amount of increased revenue you deliver to them as value, you get a percentage. You make them an additional $1M, you get a percentage of $1M. If you make them $10M, you get a percentage of $10M.

The focus of both parties is now aligned and everyone is working in the same direction. Clients don’t care how much time or effort you’ve put in, as long as it’s bringing them results. If you can get it done in a few hours a week, you don’t make any less because it’s not based on time. The faster and more efficiently you can do this, the happier your client is to pay you for it. 

The more value you bring, the more you earn. There are no caps, income ceilings, and no limit to how many times you can do this, over and over. You’re getting paid by what value you bring to their time.

How To Be Strategic With Pricing Strategies

Now you have 7 different suggestions on how to charge your customers and clients. They don’t each have to be used separately and independently of one another. You can be creative with the way you combine and adapt these pricing models. 

You may choose to combine price to time and price to value by charging a monthly retainer while still collecting a percentage on the value of each individual project. Perhaps you are more well known in your industry and want to leverage price to a position with a price to the package. The possibilities are endless. 

We suggest that you do give this some thought, though. It’s an important decision that has a big impact on your livelihood. Putting the wrong pricing method on even the best product or service can lower the value tremendously. Be sure that you take into account your industry, your specialization level, and your phase in the market cycle when determining what pricing model works best for you. 

Did you notice that some of the strategies we mentioned had a particular industry for which they were best suited? Did you know that there is actually an industry that is best suited for one of the pricing strategies? 

What You Need To Know About High Ticket Selling and Pricing Strategy # 7 

The price to value model is quite powerful. It highlights the worth of what you have to offer a client and sets the tone for a mutually beneficial relationship. If you combine that with a High Income Skill like High Ticket Sales, your earning potential is limitless. 

High Ticket Sales naturally lends itself to a results-based pricing strategy because that is exactly what you are trying to achieve – results. You are converting leads into clients and bringing additional revenue to your client with each sale. 

It would make sense then that your client would be happy to pay you a percentage of every conversion amount. If that happens to be a percent of a very large number, the better for you both. More revenue generated for your client and more commission for you is a win-win for everyone. 

This method of charging only works, of course, when there are actual results and conversions. So, where can you learn a skill that allows you to achieve valuable results? If you are already in the sales industry, how do you learn to improve your conversion rate?

How To Make Results-Based Pricing Work For You By Learning High Ticket Sales

There are many traditional sales tips and techniques that seem to have passed the test of time. In reality, many of these time-honored practices are actually repelling more customers than they are converting. Phrases and tactics that were once the industry standard now trigger consumer defenses.

If these methods are so appalling, why is anyone still using them? Well, no one has taught these salespeople any differently. It’s the equivalent of teaching technology from an outdated textbook. Unfortunately, the old book keeps getting handed down instead of updated. The information is simply not relevant anymore. 

“The Traditional Practice Of Sales As A Business Discipline Has Become At Best Ineffective, And In Many Cases Flat Out Obsolete.” - Forbes Click To Tweet

You may be aware that Dan Lok offers a series of programs which teach High Income Skills. One of the most popular is the High-Ticket Closer™ Certification Program. It’s a 7-week intensive course on how to convert leads into sales by utilizing the position of value for the customer. But what you may not know is that Dan condensed this program into a 64 minute and 47 seconds lesson called The Perfect Closing Script and made it available to the public. 

You can now learn the value that the skill of closing holds for you, your client and their customer in a single afternoon. Gain a competitive edge in your industry by knowing which common sales mistakes to avoid. Learn what never to say on a sales call. Stop using a pricing strategy based on how many calls you made or a flat rate for each conversion. Learn how to make results-based pricing work for you by learning how to increase your value.

Discover How To Get Paid Based On The Value You Bring 

High Ticket Closing is a skill that directly lends itself to pricing based on value and results – not on time, cost, or what competitors are charging. It allows you to get rid of pay caps, sales quotas, and unqualified leads.  Stop selling with the sleazy stigma and have both your clients and customers thanking you for your work. 

Are you serious about getting paid top dollar for the value you can bring to a business? Are you ready to start getting more sales, closing deals in one call, and making more money in less time? Do you want to learn more about a skill that works with a results-based pricing strategy?

If you are done with sales-killing tactics and outdated training, find out how to generate higher revenue through more conversions. Discover how you can start increasing conversions and getting paid for your worth now by clicking here for The Perfect Closing Script.