(dramatic orchestral music)
- Share with me.
What have you talked about?
Aha insights, questions.
So that I can take a break, right?
(attendees chuckle)
Okay, yes.
- Okay, by charging the higher price points
to eliminate those low paying
I guess, sorry, like cheap clients.
- Yes.
So you eliminate that and you only deal with
like, the high end clients.
- Yes.
Do you eliminate the other risks or something?
- Yes, yes.
- You can serve the people that are willing to pay
at a higher level and deliver more value
the higher up you go and you descend down the sales funnel
and focus in on--
- How old are you?
- I'm 16.
- 16.
(attendees laugh)
16, high school kid!
Talking about sales funnel.
(applause)
I love it man, I love it.
I love it, I love it, I love it.
Yeah, good, good, yes.
Yes, coming from the back.
Let's see someone in the back.
Awfully quiet you guys, come on.
Yes.
- [Man Attendee] Do you think that there's
a reason that so many entrepreneurs
or business owners are too fearful
to charge high prices?
Or why a lot of them, it's their
natural, you know--
(laughter)
- Coming next, coming next, yes, yes,
a lot of time yes.
- How um, because I actually tried to do some research.
- Yes.
I research like high net worth individuals,
I was researching the whole market.
- Yes.
But when I was trying to do primary research.
- Yes.
- I couldn't find anything.
Like, about the need for my niche.
- Ah, what would affluent clients want?
- I couldn't find any access, you know?
To like, talking to people, I just that's not--
- You mean access to the ideal clients
that you want that are high net worth?
- That's right, yeah.
- Yeah, first of all, people that are
high net worth, they are very what?
- Protective.
- Very protective, very guarded.
Right, very guarded.
And you notice if you go on Amazon,
very few books, very few authors.
First of all, very few entrepreneurs know how
to sell to affluent individuals.
Very few.
Do you know why?
- [Man] Because they're not one themselves.
- Because they're not one themselves.
We sell to who we are comfortable with.
So it's like a realtor,
well you know yeah I can sell a half a million condo.
But oh, selling a $10,000,000 home,
I don't even know where to start man.
'Cause I've never lived in a $10,000,000 home.
So a lot of entrepreneurs they are not comfortable
and they don't know how to communicate with these people.
And they would very often project their value on them.
Okay, let me give you an example.
Before the R8 I was,
one of my dream car when I was younger and 20 something
years old, was the RX8, the Mazda.
- I remember.
You remember, right?
- I remember.
- Yeah, the red and I had it on my vision board
and I said someday I'm gonna get the car.
And I would to the Mazda dealership and I
would try to test drive the car.
Okay?
And I would go to one dealership and test drive,
couple months later go to a different dealership
of course, right?
Test drive and test drove it three, four, five times.
And finally I could afford it.
I walked into the dealership,
Burnaby on Kingsway.
I walked into the dealership answer said,
"I want that car."
And the salesman was saying,
"Well, would you like to test drive it?"
(attendees chuckle)
I said, "No."
"Well, you want me to walk you through the features?"
And he was walking through the whole,
"Let me show you the engine and this",
I said, "I'm ready to buy."
Like dude, take my money!
Right?
(attendees laugh)
"Oh no let me walk you through this and this and that.
"And then oh, actually no, we have this option here,
"That it actually cost less."
Like, you know you can save some money on
the, you know, the rims and the tires.
I don't want to fucking save money!
Don't you get it?
Give me the best!
Oh no no no, you don't want to waste money on that.
(attendees laugh)
And I was getting so pissed off I said,
"Let me talk to your manager."
And the manager was smart.
The man, "Hey, Sir, you're looking this car?
"Good looking car, right?"
"Yes, I want to buy it."
I said, "You know, we got just one in the store.
"But not for every customer."
Slick, not for everyone.
"And it's a little bit more expensive,
"It's got all the features and sun roof and this and that."
and he explained, "But it cost a little bit more than
"The usual feature, usual model."
"That's the one I will take."
Five minutes, closed my sale.
Done, paperwork, right?
Just now financing everything else.
So the sales guy was
projecting his values on me, right?
Because see, I'm not gonna buy
a sport car, I'm driving a minivan.
He's not listening to my needs.
So when you sell to,
I'm gonna go into some strategies and psychology,
how to sell to affluent clients.
And that's why most entrepreneurs we're comfortable
selling to people at the same level or
maybe slightly higher.
And I always say,
there was a, the other day I was talking to a coach.
A coach.
There's so many coaches nowadays it's unbelievable.
A coach anyway, a success coach,
whatever the fuck that means.
A success coach, and he was struggling and he's saying,
"Dan, I tried to sell to these clients.
"Man, I tried to sell them a $10,000 package
"And I've been trying it's just nobody would buy."
I said, "Hmm."
I said, "Have you bought a $10,000 package?
"Have you ever invested $10,000 in coaching yourself?"
He said, "No, hell no!
"I'm not gonna pay 10 grand."
(attendees laugh)
So you have not done that before.
You don't know what it's like
to invest 10,000 in coaching.
Then how can you expect you could sell
someone on the idea to pay you 10,000 for coaching?
It doesn't make sense.
'Cause you haven't experienced it.
And I said "The first thing you gotta do
"You better make enough money so you invest in somebody,
"Right, that you know what it's like."
That 10 grand, you write that check.
You know what the experience is like.
He said, "Oh, no."
(Dan murmurs)
That's the problem.
Does that make sense?
- [Attendees] Mm hmm.
- That is the problem.
So let's talk about self image for a second here.
So most entrepreneurs most of the time
they are too slow to what?
- [Attendees] Raise prices.
- To raise their prices.
And it's more about confidence
and self image than the actual value delivered.
It has to do a lot with self image.
Because you don't believe as an entrepreneur,
you don't believe you're worth it.
You don't believe or maybe it's not the right time.
Or scarcity mindset, right Thomas?
Oh, if I raise my prices,
all my customers they're gonna leave me.
They're gonna be gone, oh my God!
Then I'm not gonna have money coming in,
I can't pay the bills.
The scarcity mindset kicks in.
If you are most entrepreneurs
if you're afraid that raise your prices,
and you're afraid customers will leave,
it's not a pricing issue.
It's a marketing issue.
It means your pipeline is not full enough.
You don't have enough people you're talking to.
You're not selling to enough people.
Not enough volume, that's why you're afraid.
If you're so busy,
you have so much business coming in,
you know if you increase your prices you'll
lose 10, 20%, do you care?
No, because you lose that 10, 20%,
it will be replaced by what?
- [Man] Better customers.
- Better customers!
So it's a sales issue.
Your pipeline is full, you don't care.
You do not, that's the same thing what I
tell the person that is bitching about a
20 bucks to fuck off.
My goal is to impact a million entrepreneurs.
A million entrepreneurs.
There are a lot of entrepreneurs out there.
I don't have time to care about everyone's feeling.
If this is the big picture, if you think about it.
Right, 7,000,000,000 people on the planet.
I'm busy, move on.
That's how I think.
So same thing with the business.
If you're busy, you don't care.
And I always,
sometimes I tell,
are there, let me ask you a question.
Are there customers who we
think your business right now?
Just picture this okay.
Are there customers with your business right now
that you are just like, you would be happy
very happy to get rid of them?
(attendees chuckle)
Yes, those are what I call clients from hell.
But why don't you get rid of them?
- [Man] Because they pay.
- Because they pay you.
Also because what?
- [Man] Fear.
- Fear, yes.
- [Man] You try but they keep coming back
because they're-
- They keep coming back, right?
(attendees laugh)
They're a pain in the ass to deal with
and they keep coming back.
But think in terms of these difficult clients
if you get rid of them.
Just imagine for a second,
just imagine for a second okay?
If you get rid of them, how would you feel?
- [Man] Free.
- Okay.
And how much more time that would free you up?
So you could do more for the other clients
and you can attract better clients.
So it's almost self image, it's fear.
- [Presenter] Ten Times Your Finances,
Ten Times Your Business,
Ten Times Your Marketing,
Ten Times Your Life.
Hit the Subscribe button now.
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