- Please write this down,
"Your most valuable commodity is your time,
"knowledge and energy."
The most valuable commodity is your time,
knowledge and energy.
- [Announcer] The King of High-Ticket Sales.
World's Highest-Paid Consultant.
Media Celebrity.
Multi-Millionaire Entrepreneur.
Acclaimed TEDx Speaker.
International Best-Selling Author.
Dan Lok.
- So I'll share with you, there was a period of time
where I was doing a lot of free consulting, right?
Free consulting.
And people would call up, and they would pick my brain.
I hate to hear that word, by the way.
Please do not contact me and write that,
that, "I wanna pick your brain."
(crowd laughs) Whenever people say
that to me, here's the image I have.
I feel like someone just cut out my, cut off my skull,
open it up, and with that cringed nail.
(crowd laughs) That's how I feel
when they say, "I wanna pick your brain."
That's the image that I have, okay?
It's scary.
Anyway. (laughing)
I was doing free consulting.
So people would call me up,
and I would spend hours with them on the phone.
I was just trying to help
and they could ask me all kinds of questions,
'cause I thought, right?
If I deliver value that way, that they would,
maybe they would do business with me, right?
They would see how smart I am.
By the way, people don't do business with you
because they know how smart you are.
People do business with you because they believe
that you can solve their problems, okay?
So anyway, so I was starting all these things,
and back then, I was still living with my ex-girlfriend.
Not my wife, my ex-girlfriend.
And I was just in my home office, I was doing these calls
and one day, I was doing a call, finished the call.
A gentleman called me up,
and I spent an hour with him on the phone
and gave him all kinds of ideas and strategies.
And my ex-girlfriend, Tiffany, at the time, walked by.
And she's Chinese, and she overheard the conversation.
And then she looked at me with those beautiful blue eyes,
right, beautiful brown eyes.
And she looked at me, speaking in Chinese,
and said, "Dumbass." (crowd laughs)
I said, "What?"
She said, "Why are you giving all your information away
"for free?"
"Well, you know, I'm just trying to help."
But she said, "But you invest a lot of money
"and time and effort to accumulate this knowledge
"and here you are,
"giving all this information away for free.
"Bits and pieces of it,
"enough to make someone dangerous
"and not getting compensated
"for your time, energy and resources, and effort.
"You should charge for it."
But I said, "I've never done this before."
Like, at the time, I was just doing copyrighting, right?
I've never done, like, marketing consultation.
I said, "I charge people for copy,
"but how much should I charge for consultation?"
"I dunno, just make up a number, try it."
I said, "Okay, I'll try it."
And so the next guy calls me up,
from the States, I remember.
Calls me up and said, "Oh yeah, I saw your website,
"read your article.
"I need some help."
And we talk,
and suddenly,
some courage comes from that, right?
'Cause sometimes we don't have the women
to motivate you, right? (crowd laughs)
So she was looking at me, like, eavesdropping.
And I was like, "Well, you know."
The guy was asking me all kinds of questions.
And here's how you flip it around, by the way,
here's how to flip it around.
"You know what, all those are great questions.
"And I'm more--"
Try with me, "All those are great questions."
- [Crowd] All those are great questions.
- "And I'll be more than happy to answer all
"the questions that you have."
- [Crowd] I'll be more than happy to all
the questions that you have.
- "But before that."
- [Crowd] But before that.
- "Do you mind if we talk about money for a second?"
- [Crowd] (laughing) Do you mind if we talk
about money for a second?
- That's it, okay?
He said, "Oh sure, we can talk about money."
"Yeah, well you know, I kinda charge for consultation."
I was very nervous, right?
"I kinda charge for consultation."
"Well how much you charge?"
"Shit."
(crowd laughing) I don't have a price
in my mind, I don't have a number,
I don't know what I'm gonna charge.
So here's a very good lie.
"What kind of budget are you working with here?"
(crowd laughing)
Like, "How much have you set aside for this?"
"Well,"
'cause I have no clue, right,
"Well you know, I was thinking of just hiring someone
"to write copy, but I think I need
"some marketing consultation.
"Maybe like, two grand or something like that?"
"Yeah, that's exactly what I charge."
(crowd laughs) "That's exactly
"my price point, two grand."
"Oh great, okay."
And then after, "Would you like to put
"it on Visa or Mastercard?"
That's it.
From that incident, I know, wow,
you know something you wanna ask,
when you value yourself?
You know the marketplace would act, you would act.
Let me give you one important piece.
Is it okay if I give you a bonus?
- Yeah. - A bonus, okay.
Supply and demand.
It's on the PowerPoint.
So, with supply and demand,
what we wanna do, you don't have to charge high prices,
you have to
use and utilize
the law of supply and demand,
and you have to use it to your favor.
You have to use it to your favor.
It means, your job is to keep driving up the demand.
Keep driving up the demand.
And you wanna limit the supply.
And this, you could do.
Let me give you an example.
Let's say you keep doing your marketing,
you're getting a lot of leads and you're talking
to people on the phone, and you're closing some sales.
If you're telling the marketplace,
"You know what?
"I can take on as many people as possible.
"I can take on anybody as possible."
Then it's not a lot, then you have infinite supply.
When you have infinite supply, there's no value.
Instead of saying, "You know what?
"I only take on two clients per month.
"You don't get in here, you're gonna have
"to wait next month.
"And I already have people on a waiting list
"for next month."
You control, right?
Use that to your favor.
So instead of saying, "Yeah, I'll take anybody."
No no, "I only take one client a month,
"because I'm very focused, I believe in delivering value.
"I can't work with 20 accounts.
"I'll work with one account."
Nicolas Kuzmic, the highest-paid Facebook strategist,
takes on only 10 clients a year.
10.
You wanna play with him, 100K minimum marketing budget
with Facebook per month.
Otherwise, he ain't playing.
That's it, you don't have a million in marketing budget,
he's not working with you.
Because he gets pay on, he gets 15K per month,
or 15 percent of the deal, that's how he works, right?
That's what I mean.
He's not saying, "I'll take on as many people as possible."
No, "I'll take one, 10 clients a year, that's it."
Because he knows, he understands supply and demand.
And that's why, with the demand thing,
when do you do marketing?
Hello?
- [Man] When you don't have work?
- When you don't need clients.
When you have more clients than you can handle.
When your pipeline is so full.
That's when you drive the demand even more.
Because now, you have all the autonomy,
you have all the power to charge what you want.
Because you don't care if you get the client or not.
You have so many people, "You know what?
"You don't want it, I got like, five calls after you.
"You want it or you don't want it.
"Doesn't really matter.
"And I got five more calls tomorrow.
"I only take on X amount of clients per year.
"What do you wanna do?"
When you come from that kind of posture,
you can dictate whatever price you want.
Does that make sense?
So it's about this.
Now, don't solve your marketing problem
by offering a cheap price.
If you don't have enough leads,
you're not talking with potential prospects,
lowering that doesn't help nobody.
It doesn't help nobody,
you gotta fix the marketing problem,
drive up the demand.
Keep driving up the demand.
I am doing, this year, I'm doing more quote, unquote,
marketing things, activities, more than ever.
And I'm busier than ever,
because I know it builds the momentum.
It builds the momentum.
I don't wanna charge 100K, I wanna charge a quarter million.
I wanna charge a half a million a year,
with one client.
In order to do that, who do I have to be?
Who do you have to become,
what kinda value you have to deliver to do that.
I don't stop.
You just keep doing that.
Tony Robbins charges a million bucks per client.
For one-on-one coaching,
'cause he's Tony Robbins.
He's Tony fucking Robbins, that's why, right?
Because he's got the reach.
Supply, and when Tony says, "I only take on
"five clients a year."
Right, "I'm exposed to millions of people every year,
"I take on five.
"A million each, who wants it?"
There you go.
Make sense?
- Yup. - Okay.