July 9, 2024

Conversion Formula and Compelling Offers

Conversion Formula, Compelling Offers

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio...

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Conversion Formula, Compelling Offers

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here is

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your host. President of Next Step CFO Michael Barbarita and

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joining Michael for today's show as an executive moderator is

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chooky obia.

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Yes, this is chokey, and I believe that gratitude is

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undefeated and growth is about the next step, So it

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is an honor for me to moderate today's discussion with

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my good friend Michael.

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Michael, how are you great?

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How you doing?

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I am doing well, doing well.

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Hopefully you had a nice Fourth of July week and weekend.

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Well, you know, sometimes I can't I can't tell all

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my secrets about how much I love my business.

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So well, there you go.

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Yeah.

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Look a quick disclaimer.

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Michael and I are both affiliated with a number of

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different organizations and I currently serve as the managing director

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of business Development for Veta Price, a global business focused

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law firm. In addition to that, I collaborate with Michael

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to moderate business roundtables really across the country, and then

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we document the insights that we get from those business roundtables,

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and we've actually pulled a number of those insights into

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our book, Powerful Business Strategies.

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So same name as a show.

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Now, please note that the views expressed on this show

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are our personal views based on our successful experiences, and

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my mission today as your fearless moderator, is to ask

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the right questions to help you and help me candidly

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learn the best business strategies that the competition isn't doing. So,

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with that all out, turning over to Michael.

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Thank you, Thank you, Jocky.

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So my name is Michael Baberrita, or the president of

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Next Step CFO, and Next Step CFO is a fractional

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CFO and strategic implementation firm, and our vision is to

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ensure overwhelmed business owners achieve the time, freedom, and consistent

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profits to build a legacy and the life they desire.

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Our mission is to empower small business owners to earn

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multiple six figures in profit and income and build seven

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figures and business value. And this show, Powerful Business Strategies

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and our book of the same name is a step

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toward accomplishing that.

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Vision and mission.

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So with that, I'd like to turn it back over

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to our my co author and moderator for the show,

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choky Obia.

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Yes, so, Michael is interesting, and you mentioned legacy and

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I really love your reference to the legacy and even

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just thinking of the name of the business next Step CFO.

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Legacy is about that next step, taken that next step.

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And one of the ways that we've organized these episodes

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is to have an impactful story that we share and

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then we connect that story to a strategy. So in

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our first episode, we had started to talk through just

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this incredible story, Michael, of your career trajectory to what

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led you to establish the business at next step CFO

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and candidly some of the victories that you've had, some

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of the vulnerabilities that you've had.

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So I was just really inspired by that.

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And folks, because we've got a number of our people

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listening on look, if you've not checked out that first episode,

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I would highly.

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Recommend you check that out.

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Michael put together a really inspirational story just as part of.

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His business background.

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Now, we talked about the conversion formula, right, the conversion equation,

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and a big part of that, Michael, if you recall,

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I mean, we got into a really good discussion and

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we didn't get through all the points that we wanted

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to get through. So let's complete that discussion. And then, Michael,

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there's a piece of that conversion equation that I want

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to ask you some questions on as it relates to

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how business owners can make compelling offers in the way

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that the competition isn't doing. Okay, so let's pick up

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on that first with the conversion equation.

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Okay, thank you, Chickie.

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So, as Chicky said last week, I talked about the

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conversion formula, and this is a formula that converts prospects

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to sales. I got to the fourth and final step

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of the conversion formula called the compelling offer, and we

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ran out of time.

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So today, uh.

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I'll tell you a couple of ways that I used

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a couple of the components of compelling offers. Then I'll

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review the conversion formula again, and then I'll go over

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the five components of a compelling offer, and hopefully we

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have time for all of that. So my first business

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was a specialty retail business, and we grew the company

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from two and a half.

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Million to eight million in five years.

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Wow.

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Now yeah.

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A contributing factor to that growth was a strategy called

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a risk reversal, where the seller in the transaction takes

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all or most of the risk. And one of the

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problems that the customer had in the ski industry is

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they really never knew if the ski they were being

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sold by some hot shot ski salesperson was yeah, was

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the right ski for them? And a lot of you

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know a lot of people were intimidated by those hot

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shot ski salespeople. We learned in we actually learned that

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in survey's jooky you know that you know, they come

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across really slicked with their you know, we have steling

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go and it's it's very intimidating to a to a prospect.

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Yeah, amazing, remarkable.

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So he said, Ski Lingo, there's a whole dictionary and

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encyclopedia of ski.

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Yeah, I wish I knew it. I'm not a hot

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shot ski tale person.

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So we implemented what we call the ski guarantee, where

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we let the customer ski the ski three times. If

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it wasn't right for them, they could take it back

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and would refit them with a brand new pair.

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Now chooky.

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Just so you understand, when when a ski, a pair

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of bindings goes on a pair of skis, it depreciates substantially,

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not to mention, it appreciates even more when it gets

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skied on. Ah.

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Yeah.

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So so my employees and managers thought I was nuts. Yeah,

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but you know, I knew that no competitors would actually

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do it. So, you know, and and since the the

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the prospect was pretty intimidated by that hot shot Lingo,

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they really never knew until they get up to a

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mountain whether the ski, whether the ski was right for them.

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So we implemented this and we sold eight thousand pair

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of skis the first year we implemented it.

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I was a twenty five percent injuries and only eight

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came back the next year. Remarkable.

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Yeah, next year, eleven thousand apparently fourteen came back.

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You know it. It's testament to the fact that customers

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love to buy. They just don't want to be sold.

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That's true, you know, because as long as they had

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that assurance that they could ski the ski and determine

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on their own whether it was right for them, they

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weren't looking to put one over on the store, you know.

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I mean eight thousand pair of skis, eight came back,

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eleven thousand pair of skis, fourteen came back.

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That's one.

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That's one percent, I believe, or last It just it's

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just a testament to the fact that customers love to.

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Buy the yeah, just don't like to be sold.

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It's interesting.

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And Michael, look, I mean you and I we've both

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been in business a while.

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Certainly you've got quite a bit of experience.

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I'm fascinated by how much emotion is involved with buying decisions.

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Even just to pick up on that comment about how

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people don't like to be sold to, right, they feel

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like salespeople are pushy or you know, when they have

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a bad sales experience. It's always described in kind of

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an emotional way when they have a bad sales experience,

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and then when they have a good sales experience, it's

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also described in an emotional way. Right, it seems like

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buying decisions really revolve around emotions.

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Yeah, there's no question about it.

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And when we get to the conversion formula, because I

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do have one more story about another component of the

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compelling offer. But yeah, when we get to the conversion formula,

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we'll see how we can actually get into the mind

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of the prospect based on two emotional issues.

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Brilliant.

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Yeah, and so so we'll get to that. But another

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contributing factor to the growth of of our ski business

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was a strategy called packaging and bundling.

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Ah.

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Yeah, you know, everybody in the ski business, everybody packaged skis,

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bindings and polls. And when I say everybody, I mean

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I don't I don't know if there was a store

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or a ski chain in America that didn't package skis,

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bindings and polls. And I'm pretty sure, though I'm not

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up on it, I still think that's the case today. Well,

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we also did, right, but we also packaged clothing.

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Wow. Yeah, So yeah, I.

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Want to pinpoint this, So you folks were doing a

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lot of what the competition was doing and just having

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kind of the.

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The ski package right, right, But.

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Then, if I understand what you're saying correctly, Michael, it

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seems like you introduced this new kind of bundle that

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the competition was not doing.

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Correct.

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Please tell me a little bit about that and maybe

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even some of the resistance that you may have gotten

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with that.

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Okay, Sure, So we also packaged skis, but you know,

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we we we decided that that packaging is a part

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of a compelling offer, and so we packaged clothing, and

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we packaged a Parker, a ski pant, a sweater, and

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a hat packaged up for ninety ninety five and chooky,

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we sold out every time, every single time, every single time.

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And the management was against it because well they felt

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it was an inventory nightmare. Ah, yeah, which I will say,

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I will admit it was an inventory challenge, but not

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quite a nightmare if you buy it right, and you know,

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you and your few merchandise it right.

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So they were they were a little there.

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So they were a little shy gun shy about doing

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it because of that. But you know, everything was all

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color coordinated, not only the clothing pieces were color coordinated,

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but also they were color coordinated with many of the

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ski package combinations and so yeah, so it was a

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way for the person who who came to the store

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that was just interested in clothing, yeah, to actually show

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them a package that matches the clothing package that they

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just bought.

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That's interesting, Michael, I want to pick up on that, right.

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I mean, from my perspective, this connects to that whole

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emotional buying experience. Right where you mentioned color coordination. I imagine

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there's maybe a sense of pride, maybe some kind of

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an image that these customers wanted to portray with having

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matching components to their ski outfit. Just give me a

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sense of that.

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How much of that was sort of emotional?

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It's like, oh, you know, I've got this kind of

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blue get up or I've got this red get up,

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and you know it's sort of all coordinates.

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Yeah.

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Well, it was a problem that they had. They had

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two problems, Jookie. One was they really didn't know if

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the ski they were being sold was the right ski

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for them.

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Interesting, and their.

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Other problem was more of a fashion problem.

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Exactly, you know, are they being able to make a

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fashion statement when they go on the slopes, and you

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know that it was both male and female. It wasn't

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just a single gender on that it was both male

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and female that wanted to make sure that they were

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color coordinated from head to toe. And you know, it's

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easy to put together a clothing package that's color coordinated relatively,

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but to make sure then that it matched the ski

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packages that was another challenge. But a lot of the

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ski manufacturers made sure and actually consulted with the clothing

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companies when they chose their colors for their skis and

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and boots.

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Yeah, that's interesting.

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So Michael, look, we've got a lot of business owners

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tuned in and listening right and across different industries, service industries,

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product industries. Now, folks might hear you describe this idea

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of a compelling offer and how you got some resistance

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Michael from your management team, particularly as it leads to inventory.

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And you know, some of these folks might be thinking,

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you know what I mean, Yeah, Michael, you able to

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pull that off, but I don't know how we pull

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that off on this And even if they buy into

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the fact that, yes, customers and clients are making buying decisions.

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For example, if you want to make fashion statements or

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color coordinations. People want good deals with the bundle packages.

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But there's no way that I could get through my

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management team on that. There's just no way that I

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could do that in my business. Will be a response

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to those business owners, well, lots.

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Of times I did listen to them. Ah, to be

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totally honest with you, there's just certain things that a

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business owner fields will work or.

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Needs to try.

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Yes, that you have to kind of pound the table

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one and and and that was and those two examples

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were two which were two examples most of the time

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because when I got into the ski business, I never

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skied before, so I was really green to the entire

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business and had to depend upon the experience of the

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people that I hired to you know, to to guide

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to guide to guide me and decision making. But there

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were certain things that I knew that the conservative the

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conservative nature of my staff wouldn't go for, but that

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I wanted to try. And so if you're selective impounding

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the table on certain things, you'll gain their respect, especially

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if it works. Now obviously if it doesn't work, you

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run the risk of losing their respect. But there but

286
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the reason why it didn't work needs to be explained

287
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and and you have to take the blame for it,

288
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meaning as the business owner. And that's where you gain,

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we gain the respect of the staff.

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That's so spat on in Michael. I'm thinking some notes

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on this because part of what you're driving at is

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the fundamental characteristic of a good leader, right, Just good

293
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leadership is you you have to take some risks, You've

294
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got to lead right, and you also have to consult

295
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with different stakeholders to then drive that decision making process.

296
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So I really resonate with that, and I want to

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pick up on that point, particularly as it relates to

298
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what we talked about in the first episode. So this

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idea of a conversion formula where you feel like there's

300
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a need in the marketplace, there's a want, a desire

301
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in the marketplace that your service or your solution or

302
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your product is situated to address, and you might be

303
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getting some resistance from management, you might be getting some

304
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resistance from employees, but you still have to push forward

305
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and make that case to the marketplace. Now, what I

306
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remember from the conversion formula where they're four steps. There's

307
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a captivate, there's the fascinate, there's the educate. And then

308
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there's this concept of a compelling offer.

309
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Right, So did I recount that correctly?

310
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Because I know you and I have done some research

311
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on this even as part of our book.

312
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Yeah, recount it correctly.

313
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Absolutely brilliant. Michael.

314
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Let's pick up on this point then, and again I

315
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want you to look at this through the lens of.

316
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How leaders have to lead. How do you take a

317
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basic offer and make it compelling?

318
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Okay, so, well took it.

319
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What I like to do first is go through the

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conversion formula leading to the offer, and then talk about

321
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the compelling offers.

322
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So absolutely would love that.

323
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Okay, no, no problem. And so the key to what

324
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we what our research.

325
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Showed when we were writing our book, is that the

326
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key to successful marketing is that you must enter the

327
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conversation taking place in the head of the prospects. Now,

328
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you might say, well, Michael, you know, how in the

329
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world am I going to read someone's mind? Well you're not.

330
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But here's what we observed. That you can enter the

331
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conversation taking place in the buyer's mind when centered around

332
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two things. Okay, one is the problem the customer has

333
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they don't want, and second, the solution they want.

334
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That they can't find.

335
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And so we enter the conversation in the buyer's mind

336
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using what we call the conversion formula. So, now here's

337
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the thing about the conversion formula. It is a four

338
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pot formula that allows you to address the prospect's problem

339
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and solution and do so at the right time, just

340
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like if you were in the prospect's mind. Okay, yeah,

341
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And it must be followed like any other formula. It

342
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must be followed in the exact order, otherwise it just

343
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doesn't even.

344
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Have a chance.

345
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So let me review those the conversion formula again, because

346
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it is such an important topic in business. I did

347
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say it last week, but I do want to review

348
00:18:50.759 --> 00:18:52.759
it again, and I might even review it a few

349
00:18:52.759 --> 00:18:57.480
more times because it's that critical. So the conversion formula

350
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starts with what we call the captivate. Now, to captivate

351
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is the headline, which happens to be the problem that

352
00:19:05.839 --> 00:19:09.519
the customer has that doesn't that they don't want, and

353
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it's designed to stop the prospect in their tracks, to interrupt.

354
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Them, if you will.

355
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And this headline or problem is the first thing that

356
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you say out of your mouth or whatever a person

357
00:19:23.319 --> 00:19:28.559
sees or hears from your business. Uh, and it and

358
00:19:28.640 --> 00:19:32.200
it really and it must really identify the problem that

359
00:19:32.240 --> 00:19:36.680
they have, as you'll only have three seconds to keep

360
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their attention. So what I mean by that is, I

361
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think I gave this example last week about the painter.

362
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A painting company can't say that the problem their customer

363
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has is they can't pick the right color paint, because

364
00:19:51.400 --> 00:19:54.799
any painter can help you pick the right color paint.

365
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But what you've got to do is.

366
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Identify the problem that the that the prospect has, maybe

367
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not probably one perspective is the problem they have with

368
00:20:06.799 --> 00:20:10.039
the industry as a whole, Like yeah, you know, like

369
00:20:10.759 --> 00:20:14.000
I don't know, they go in with dirty feet, you

370
00:20:14.039 --> 00:20:15.359
know what I mean, and they make a mess of

371
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the house.

372
00:20:16.079 --> 00:20:18.160
Yeah, there's no cleanup afterwards, yeah.

373
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Or no cleanup or you know, they go in like

374
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a slob. So it's it's it's it's it's really identifying

375
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the problem. That's that's important. And that's a process in itself.

376
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It's not one of these things where you just sit

377
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down and think about all the problems that a customer has,

378
00:20:36.200 --> 00:20:39.400
because in no likelihood those are the customers, those are

379
00:20:39.400 --> 00:20:40.559
the problems.

380
00:20:40.119 --> 00:20:41.640
That your competitives can solve.

381
00:20:42.640 --> 00:20:46.640
You've got to identify a problem that your competitors maybe

382
00:20:46.640 --> 00:20:49.279
they can solve it, but they haven't thought about bringing

383
00:20:49.279 --> 00:20:50.000
it to the front.

384
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Interesting.

385
00:20:50.839 --> 00:20:55.160
Well, look, I mean, Michael, you're you're striking a pretty

386
00:20:55.160 --> 00:20:58.119
hot iron here, because we're getting some nice comments in questions.

387
00:20:58.119 --> 00:21:01.440
So this question just will lated to what you last said.

388
00:21:02.759 --> 00:21:05.240
How much time do you think a business owner has

389
00:21:05.240 --> 00:21:08.759
got to really invest in identifying that problem that is

390
00:21:08.759 --> 00:21:11.839
a little bit deeper than what their competitions already identified

391
00:21:11.839 --> 00:21:12.440
and is solving.

392
00:21:13.680 --> 00:21:17.759
Well, tricky, it's a thirteen week process. Interesting, yeah, it is.

393
00:21:17.880 --> 00:21:21.759
It is that, and it takes that long, and sometimes,

394
00:21:21.799 --> 00:21:24.960
depending upon the industry, it could take a little longer

395
00:21:24.960 --> 00:21:29.279
than that. It could take sixteen, seventeen, eighteen weeks. Very

396
00:21:29.440 --> 00:21:32.640
rarely does it take ten or eleven, but it can

397
00:21:33.160 --> 00:21:38.839
so anywhere between ten and sixteen seventeen weeks, because there's

398
00:21:38.880 --> 00:21:41.160
a process that you have to go through in order

399
00:21:41.160 --> 00:21:45.680
to identify that problem and that unique problem and that

400
00:21:45.839 --> 00:21:49.400
problem that you can solve, because there might need to

401
00:21:49.440 --> 00:21:51.240
be some operational.

402
00:21:50.599 --> 00:21:52.519
Changes that you have to make in order to solve

403
00:21:52.519 --> 00:21:55.720
that problem. Oh I see, yeah, yeah.

404
00:21:56.920 --> 00:22:00.880
But obviously if those operational problems can't be made, then

405
00:22:00.920 --> 00:22:04.920
you have to focus on a different problem. But there's

406
00:22:05.119 --> 00:22:08.720
there's a lot that goes into identifying the problem. Okay,

407
00:22:09.240 --> 00:22:12.839
there's a lot that goes into identifying the solution.

408
00:22:13.440 --> 00:22:14.559
Yeah.

409
00:22:15.119 --> 00:22:19.640
Yeah, and so uh, those are the things that take

410
00:22:20.119 --> 00:22:24.640
most of the time of the thirteen of the thirteen weeks.

411
00:22:26.000 --> 00:22:27.799
And then yeah, and then.

412
00:22:27.720 --> 00:22:31.160
The second step is, now that you've interrupted the prospect

413
00:22:31.200 --> 00:22:35.039
with the problem, we have to keep their attention and

414
00:22:35.079 --> 00:22:38.160
we have to engage them with a sub headline or

415
00:22:38.200 --> 00:22:40.839
the second thing they say which happens to be the

416
00:22:40.920 --> 00:22:45.200
solution to their problem that they can't find. Okay, And

417
00:22:45.279 --> 00:22:48.599
this is how you enter the conversation that the prospects

418
00:22:48.599 --> 00:22:52.279
are having in their minds. It's to captivate and fascinate.

419
00:22:53.160 --> 00:22:55.160
And so I'm going to just repeat it quickly one

420
00:22:55.200 --> 00:22:59.319
more time by you know, by way of review. The

421
00:22:59.400 --> 00:23:02.720
captivated the headline or the problem that your customers or

422
00:23:02.720 --> 00:23:06.559
clients have that they don't want the fascinate is the

423
00:23:06.599 --> 00:23:09.400
sub headline or the solution they're looking for that they

424
00:23:09.440 --> 00:23:13.599
can't find. And these first two parts of the conversion

425
00:23:13.680 --> 00:23:18.079
formula are the keys to successful marketing. And if these

426
00:23:18.119 --> 00:23:21.519
first two parts are not right, are not doing their job.

427
00:23:21.960 --> 00:23:24.400
You never get to part three. You never get to

428
00:23:24.519 --> 00:23:27.880
part four. And we have a special name for these

429
00:23:27.920 --> 00:23:31.440
first two parts, and it's called a position of market dominance.

430
00:23:32.680 --> 00:23:35.319
And so you need to get the position of market

431
00:23:35.440 --> 00:23:41.759
dominance right. And the next part of the conversion formula

432
00:23:41.880 --> 00:23:42.640
is the educate.

433
00:23:43.000 --> 00:23:48.559
Okay, and so now that the now the third component.

434
00:23:48.759 --> 00:23:49.799
I'm sorry, you can go ahead.

435
00:23:49.839 --> 00:23:51.240
Oh, Michael, like I have really good timing.

436
00:23:51.279 --> 00:23:53.519
By the way, your timing is impeccable, because we've got

437
00:23:53.559 --> 00:23:56.440
like at least two questions. I'm sort of scrolling through here.

438
00:23:56.519 --> 00:23:59.000
Oh okayast at least the ques just related to that.

439
00:23:59.079 --> 00:24:01.480
So just this idea of the position of market dominance,

440
00:24:02.240 --> 00:24:04.039
I'll paraphrase one of the questions.

441
00:24:04.720 --> 00:24:05.920
So is this concept of.

442
00:24:07.359 --> 00:24:10.599
So when you've established that sort of captivate and fascinate

443
00:24:10.720 --> 00:24:12.960
and as you call it, the position of market dominance,

444
00:24:15.160 --> 00:24:18.559
is it worthwhile to think about it as you now

445
00:24:18.640 --> 00:24:22.240
have the license to educate the prospect? So is it

446
00:24:22.279 --> 00:24:25.119
almost like a ticket to admission to like, now educate

447
00:24:25.160 --> 00:24:25.759
the prospect?

448
00:24:26.039 --> 00:24:33.839
It is because now you've got their curiosity, you've presented

449
00:24:33.880 --> 00:24:39.119
the solution in a short version. Now with the educate,

450
00:24:39.200 --> 00:24:42.000
Now that we've captivated and fascinated, then we got their attention,

451
00:24:42.079 --> 00:24:43.640
which is you know, ordinarily very.

452
00:24:43.480 --> 00:24:44.200
Difficult to do.

453
00:24:44.759 --> 00:24:49.839
Yeah, but because the captivate and fascinate, we're so effective.

454
00:24:50.640 --> 00:24:54.359
We have the time to give the prospect more information

455
00:24:55.160 --> 00:24:59.480
on how we go about solving the problem. And you know,

456
00:24:59.599 --> 00:25:02.640
normally that about a minute to a minute and a

457
00:25:02.680 --> 00:25:03.440
half in duration.

458
00:25:03.799 --> 00:25:06.000
I have seen some.

459
00:25:06.079 --> 00:25:09.039
Educates work successfully for a whole five or ten minutes,

460
00:25:11.359 --> 00:25:16.880
and so it all that all varies, but the shorter

461
00:25:17.000 --> 00:25:17.799
the better usually.

462
00:25:18.119 --> 00:25:20.960
And then the second question was again within the concept

463
00:25:21.000 --> 00:25:23.640
of how we've got to figure out what the competition

464
00:25:23.839 --> 00:25:26.759
isn't doing if we want to grow and expand and

465
00:25:26.839 --> 00:25:29.319
capture market share. So one of the questions related to

466
00:25:29.359 --> 00:25:34.359
that was, it seems like my competition they educate first.

467
00:25:35.200 --> 00:25:39.160
So what you're saying, Michael, to do is to delay

468
00:25:39.319 --> 00:25:44.279
the educate till after captivate and then fascinate. As part

469
00:25:44.279 --> 00:25:46.319
of what they're saying is a lot of what they

470
00:25:46.319 --> 00:25:48.599
see their competition doing is their competition is in the

471
00:25:48.599 --> 00:25:50.759
marketplace educating first.

472
00:25:51.440 --> 00:25:57.799
Thoughts on that, Yes, well that's what everybody's doing, chooking,

473
00:25:57.880 --> 00:25:59.160
everybody's educating.

474
00:25:59.279 --> 00:26:01.359
Everybody's life listing services.

475
00:26:01.720 --> 00:26:06.480
Everybody's talking about largest selection, everybody's talking about lowest prices,

476
00:26:06.559 --> 00:26:11.079
best service. That's as I think I might have mentioned

477
00:26:11.240 --> 00:26:14.559
last week, that's what I call I hope so marketing,

478
00:26:14.759 --> 00:26:20.200
because yeah, if you talk about lowest prices or best service,

479
00:26:21.640 --> 00:26:26.880
most convenient, we specialize, we're ensured, we're honest.

480
00:26:27.599 --> 00:26:29.559
The customers saying to themselves, I hope so.

481
00:26:29.640 --> 00:26:33.440
I wouldn't do business with a company that is an

482
00:26:33.519 --> 00:26:36.720
experience that doesn't provide good service. I wouldn't do business

483
00:26:37.000 --> 00:26:40.400
with a company that wasn't honest. And sincere, I wouldn't

484
00:26:40.440 --> 00:26:42.640
do business with a company that wasn't experienced.

485
00:26:42.880 --> 00:26:45.839
I hope so, I hope so.

486
00:26:45.960 --> 00:26:49.000
And yeah, it just leads into the fact that everybody

487
00:26:49.039 --> 00:26:53.400
starts with the educate, like you said, because they want

488
00:26:53.440 --> 00:26:56.880
to make sure that they get out every service that

489
00:26:56.920 --> 00:27:00.359
they have, every single one, and make sure that it's

490
00:27:00.519 --> 00:27:03.640
it's it's in a they put it sometimes in a

491
00:27:03.680 --> 00:27:07.880
sixty second elevator pitch. Yeah you know, and this line

492
00:27:07.920 --> 00:27:10.720
list everything like they're gonna be they're gonna be missing

493
00:27:10.759 --> 00:27:14.039
something where it's not addressing the customer's problem at all.

494
00:27:14.079 --> 00:27:17.000
It's the educate component, and you can't start there.

495
00:27:18.359 --> 00:27:20.000
Michael, that's powerful, it's very helpful.

496
00:27:21.519 --> 00:27:24.079
And then I'm getting it's a nice We'll get a

497
00:27:24.160 --> 00:27:26.519
number of thank yous on that, so a number of

498
00:27:26.599 --> 00:27:28.559
tys and thank you so yeahme to you.

499
00:27:28.519 --> 00:27:31.680
On okay, And so we get to the close.

500
00:27:31.880 --> 00:27:35.480
And you know, this is a very important part of

501
00:27:35.480 --> 00:27:37.680
the conversion formula. I don't want to minimize it, but

502
00:27:37.759 --> 00:27:40.839
it is the last step because you can't get to

503
00:27:40.880 --> 00:27:43.960
the close if you don't have the attention of the prospect.

504
00:27:44.480 --> 00:27:47.799
And that's what the captivate and the fascin eight does

505
00:27:48.359 --> 00:27:52.359
along with the educate. And so we always have to

506
00:27:52.559 --> 00:27:55.519
end the conversion formula with an offer that has to

507
00:27:55.559 --> 00:28:00.680
be so compelling and so irresistible that the problem prospect

508
00:28:00.680 --> 00:28:05.160
would be foolish not to take it. And so we

509
00:28:05.240 --> 00:28:12.319
have broken down a compelling offer into five components. Now

510
00:28:12.359 --> 00:28:16.000
some of those I gave stories on, but the first

511
00:28:16.000 --> 00:28:20.160
component that I'd like to talk about is scarcity and urgency.

512
00:28:20.519 --> 00:28:22.240
Okay, now.

513
00:28:23.599 --> 00:28:26.920
You and by the way, it's it's important to note

514
00:28:27.599 --> 00:28:33.240
that I'm going to outline five components of a compelling offer.

515
00:28:34.400 --> 00:28:37.200
It's important that your offer has.

516
00:28:37.119 --> 00:28:41.160
At least one of these interesting but it's better if

517
00:28:41.200 --> 00:28:45.279
it has more than one, It makes it really compelling

518
00:28:45.759 --> 00:28:48.559
if it has more than one of what I'm about

519
00:28:48.599 --> 00:28:49.240
to talk about.

520
00:28:49.480 --> 00:28:51.440
Okay, and Michael, please hold that thought, and I want

521
00:28:51.440 --> 00:28:53.319
to pinpoint that point specifically.

522
00:28:53.319 --> 00:28:54.000
So it seems like.

523
00:28:55.680 --> 00:28:57.559
For the offer to be compelling, it's got to have

524
00:28:57.599 --> 00:29:01.720
at least one of these five ingredients that you'll share.

525
00:29:01.519 --> 00:29:05.960
With us one or more. Yeah, and the best practice

526
00:29:06.079 --> 00:29:07.319
is to have more than one.

527
00:29:07.720 --> 00:29:08.119
I got you.

528
00:29:08.359 --> 00:29:10.640
Yes, great, Okay, very very helpful.

529
00:29:10.680 --> 00:29:17.799
I thank you for clarifying that. Yes, So scarcity and urgency.

530
00:29:17.880 --> 00:29:21.480
You know, this offer ends tomorrow or a certain date.

531
00:29:22.680 --> 00:29:24.960
You have to you have to try to get the

532
00:29:26.039 --> 00:29:31.920
in order to get the prospect customer prospect prospect to react,

533
00:29:32.720 --> 00:29:37.960
you have to have a deadline of some sort. And

534
00:29:38.000 --> 00:29:42.039
then we couple that with scarcity where there's only three

535
00:29:42.119 --> 00:29:44.599
left or there's only ten left.

536
00:29:45.519 --> 00:29:49.359
You know, many times when I was in the.

537
00:29:49.279 --> 00:29:53.400
Ski business, uh, we used to run four day sales,

538
00:29:55.480 --> 00:30:02.559
that's it, and day one was always the most successful day,

539
00:30:02.599 --> 00:30:04.880
but day four was the second.

540
00:30:04.559 --> 00:30:05.559
Most successful day.

541
00:30:06.160 --> 00:30:09.119
So day one was always the most successful day because

542
00:30:09.200 --> 00:30:11.359
everybody knew it was just a four day sale and

543
00:30:11.359 --> 00:30:17.079
they wanted to get the best inventory. Ah, Okay, so

544
00:30:17.119 --> 00:30:20.640
that's the scarcity and urgency, right, there's only so much

545
00:30:20.680 --> 00:30:25.119
good inventory at least that's the that's the problem.

546
00:30:25.519 --> 00:30:26.920
That's the issue we portrayed.

547
00:30:28.240 --> 00:30:32.240
There's only so much good inventory, so you want to

548
00:30:32.279 --> 00:30:35.799
get there first. And by the way, out of all

549
00:30:35.839 --> 00:30:40.799
four days, the biggest line at the opening was the

550
00:30:40.799 --> 00:30:44.000
first day, where the second biggest line at the opening

551
00:30:44.200 --> 00:30:49.559
was the last day. So it's that scarcity and urgency

552
00:30:50.200 --> 00:30:54.000
that really And I know some people might be saying, well,

553
00:30:54.119 --> 00:30:58.599
you know, you keep relating it to retail. This works

554
00:30:59.519 --> 00:31:04.279
incredible well for any business. This is not anything that

555
00:31:04.319 --> 00:31:08.279
we talk about. Is not industry specific.

556
00:31:08.680 --> 00:31:13.400
Yeah, so industry agnostic, right, so it cuts across multiple industries.

557
00:31:13.720 --> 00:31:17.559
And by the way, that's both products and services online offline.

558
00:31:18.200 --> 00:31:20.279
That's correct. Ok, that's correct. Yep.

559
00:31:21.000 --> 00:31:24.240
And you know it's service it too, like like you said, yeah, absolutely,

560
00:31:24.559 --> 00:31:29.920
it's it works the same way. So so having a

561
00:31:29.960 --> 00:31:34.279
deadline for when the offer ends and then having scarcity.

562
00:31:35.680 --> 00:31:35.799
Uh.

563
00:31:35.920 --> 00:31:38.759
And the reason why the last day works so well

564
00:31:39.000 --> 00:31:41.799
is that was it. Yeah, And we used to promote

565
00:31:41.839 --> 00:31:45.200
that real heavily. You know that this is it. You know,

566
00:31:45.279 --> 00:31:48.920
it's all over, there's no more deals it ends on Sunday,

567
00:31:49.400 --> 00:31:53.000
and that's where we went from Thursday to Sunday, and

568
00:31:53.039 --> 00:31:56.839
it created incredible urgency. There were days, there were sales

569
00:31:56.880 --> 00:31:58.839
that we would do a million dollars in four days.

570
00:31:59.799 --> 00:32:05.640
It created that much urgency. So scarcity and urgency is

571
00:32:05.680 --> 00:32:11.119
a very very powerful component of a compelling offer. The

572
00:32:11.160 --> 00:32:15.440
second one that's very powerful. The second component is the

573
00:32:15.559 --> 00:32:20.119
risk reversal, where the seller in the transaction takes all

574
00:32:20.640 --> 00:32:23.720
on most of the risk. Just like the ski business example,

575
00:32:23.799 --> 00:32:26.519
we took all the risk when we said ski the

576
00:32:26.559 --> 00:32:30.480
ski three times, Okay, bring it back for a brand

577
00:32:30.519 --> 00:32:32.960
new pair if you don't like it, and keep bringing

578
00:32:33.039 --> 00:32:34.279
it back until we get it right.

579
00:32:34.359 --> 00:32:35.640
We added that as well.

580
00:32:36.079 --> 00:32:39.799
So yeah, so, and no one ever brought it back

581
00:32:39.799 --> 00:32:42.359
a second time, you know, out of the very few

582
00:32:42.400 --> 00:32:44.400
that came back the first time, nobody ever brought it

583
00:32:44.440 --> 00:32:50.160
back the second time. So the risk reversal. Now, risk

584
00:32:50.240 --> 00:32:54.359
reversals can also come in the form of guarantees, whether

585
00:32:54.400 --> 00:32:58.039
it's a five year guarantee that you might have if

586
00:32:58.079 --> 00:33:04.640
you're in the construction industry, or uh, you know, a

587
00:33:04.680 --> 00:33:07.960
a some type of performance guarantee.

588
00:33:08.160 --> 00:33:08.400
Yeah.

589
00:33:08.440 --> 00:33:11.359
So a couple couple of questions from the audience related

590
00:33:11.400 --> 00:33:15.559
to this with a satisfaction guarantee. So folks are saying

591
00:33:15.599 --> 00:33:19.200
they see businesses use one hundred percent satisfaction guarantee.

592
00:33:19.400 --> 00:33:22.359
Does that relate to this risk reversal concept or not?

593
00:33:22.960 --> 00:33:23.559
Absolutely?

594
00:33:23.880 --> 00:33:24.160
Great?

595
00:33:24.200 --> 00:33:24.759
Absolutely?

596
00:33:24.839 --> 00:33:29.400
Now, the thing about one hundred percent satisfaction guarantee is

597
00:33:29.440 --> 00:33:30.559
a lot of people use it.

598
00:33:31.519 --> 00:33:34.680
Ah, So it's a little, it's a little. It's still good,

599
00:33:34.720 --> 00:33:36.000
it's still a it's still a.

600
00:33:36.039 --> 00:33:42.319
Risk reversal, but it's a little overused and consumers, unless

601
00:33:42.319 --> 00:33:49.319
you're specific as to what satisfaction means, then the customer

602
00:33:49.599 --> 00:33:51.279
has a tendency to overlook it.

603
00:33:51.680 --> 00:33:52.519
That's really interesting.

604
00:33:52.559 --> 00:33:56.039
Now, would it's be a really good occasion for a

605
00:33:56.079 --> 00:33:59.799
business owner to combine that one hundred percent satisfaction guarantee Michael,

606
00:33:59.799 --> 00:34:04.480
with something else that is another ingredient of a compelling offer.

607
00:34:06.400 --> 00:34:08.719
Yes, okay, so you could.

608
00:34:09.719 --> 00:34:12.639
Well one of the things we did, hear me out,

609
00:34:12.719 --> 00:34:18.280
So we had on our four day sales, we had scarcity, right,

610
00:34:18.639 --> 00:34:21.960
you know, lack of inventory if you don't react urgency

611
00:34:22.360 --> 00:34:27.239
just four days, a risk reversal where you ski the

612
00:34:27.239 --> 00:34:29.360
ski three times, you don't like it, bring it back

613
00:34:29.400 --> 00:34:38.239
for brand new pair and then we had packaging and bundling, ah,

614
00:34:39.280 --> 00:34:43.159
which is the third component of a compelling offer. Now,

615
00:34:43.199 --> 00:34:47.239
the packaging and bundling is when I gave the example

616
00:34:47.480 --> 00:34:49.760
of packaging.

617
00:34:49.360 --> 00:34:53.559
The clothing, and.

618
00:34:55.039 --> 00:35:00.880
So in one sale or one offer, we had scarce

619
00:35:00.920 --> 00:35:05.719
of inerncy, we had a risk reversal, and we.

620
00:35:05.719 --> 00:35:09.519
Had packaging and bundling. That's yeah.

621
00:35:09.559 --> 00:35:12.119
And so we had three of the components of a

622
00:35:12.119 --> 00:35:13.800
compelling offer in one offer.

623
00:35:15.159 --> 00:35:22.280
And that's that can be very effective and so and so.

624
00:35:22.519 --> 00:35:29.800
Continuing on, another component of a compelling offer is adding

625
00:35:29.880 --> 00:35:34.000
low cost but high value to your product the service. Now,

626
00:35:34.039 --> 00:35:35.360
let me see if I can give you an example.

627
00:35:35.400 --> 00:35:38.159
This won't be in the ski business, but this example

628
00:35:38.400 --> 00:35:41.440
I'm going to give you a couple of examples actually great.

629
00:35:42.519 --> 00:35:46.320
So the first example is, let's say you sell popcorn

630
00:35:46.360 --> 00:35:51.559
in a bag for five dollars okay, And let's say

631
00:35:51.559 --> 00:35:56.679
for packaging, you have an option to use a plastic

632
00:35:56.760 --> 00:36:00.800
reusable container okay, to hold the popcorn instead of the bag,

633
00:36:01.880 --> 00:36:07.400
and it costs one dollar more. Now, in all likelihood,

634
00:36:08.159 --> 00:36:13.440
the perceived value of the plastic packaging will likely allow

635
00:36:13.480 --> 00:36:16.880
you to increase the retail sales price of the popcorn

636
00:36:17.519 --> 00:36:22.039
to seven dollars because of the perceived value. There's much

637
00:36:22.079 --> 00:36:28.039
more value perceived in a plastic container that's reusable than

638
00:36:28.159 --> 00:36:33.679
a bag that's thrown away. Right, So you can actually

639
00:36:33.719 --> 00:36:36.559
increase your selling price by two dollars with just one

640
00:36:36.599 --> 00:36:37.880
dollar of additional cost.

641
00:36:38.280 --> 00:36:39.000
That's remarkable.

642
00:36:39.000 --> 00:36:43.280
And you don't change the amounts of the popcorn that's packaged, correct.

643
00:36:43.119 --> 00:36:45.480
Right, No, No, that would stay the same.

644
00:36:45.880 --> 00:36:48.440
That's all the costs associated with the production of the

645
00:36:48.440 --> 00:36:52.000
popcorn would stay the same. It just costs a dollar

646
00:36:52.079 --> 00:36:57.159
more to put it into and to obtain a plastic.

647
00:36:58.239 --> 00:36:58.840
Package.

648
00:36:59.199 --> 00:37:02.360
Yeah, I'm really tread by your use of the phrase

649
00:37:02.400 --> 00:37:03.559
perceived value factor.

650
00:37:03.719 --> 00:37:06.920
We're getting some comments on that because look, a lot

651
00:37:06.920 --> 00:37:07.800
of growth.

652
00:37:08.960 --> 00:37:11.880
Could be packaged right in that sort of concept of

653
00:37:11.920 --> 00:37:14.440
the perceived value of a thing, of a service, of

654
00:37:14.480 --> 00:37:15.039
a product.

655
00:37:15.800 --> 00:37:17.159
So that's a really interesting concept.

656
00:37:17.159 --> 00:37:19.880
Then you're right, you know, I could see how a

657
00:37:19.920 --> 00:37:23.519
plastic bag probably doesn't command as much perceived value as

658
00:37:23.519 --> 00:37:26.480
like a plastic container that's recyclable.

659
00:37:26.679 --> 00:37:28.480
Right, Yeah, that's really interesting.

660
00:37:29.480 --> 00:37:36.639
And so another example is a toothpaste company. Okay, they

661
00:37:36.639 --> 00:37:40.159
would put a QR code on the tube of toothpaste,

662
00:37:40.159 --> 00:37:42.719
not on the outside packaging, but in a tube of

663
00:37:42.760 --> 00:37:46.559
toothpaste that leads to a video that shows people four

664
00:37:46.639 --> 00:37:48.440
areas inside their mouths.

665
00:37:48.679 --> 00:37:51.119
I'm making this up, by the way, but you'll get

666
00:37:51.119 --> 00:37:51.760
the concept here.

667
00:37:51.840 --> 00:37:52.400
Uh huh.

668
00:37:52.480 --> 00:37:56.280
That leads to a video that shows four areas inside

669
00:37:56.320 --> 00:38:00.559
their mouth that are neglected, that are most neglected, brushing

670
00:38:00.559 --> 00:38:03.559
their teeth and the best way to brush those areas.

671
00:38:04.760 --> 00:38:10.639
All right, So that's a great because information is also

672
00:38:10.719 --> 00:38:12.159
a great way to add value.

673
00:38:12.639 --> 00:38:14.039
And what's the cost of that?

674
00:38:15.599 --> 00:38:18.400
Not that much, not that much.

675
00:38:18.480 --> 00:38:21.440
It's funny because even just a second example, Michael, that's

676
00:38:21.480 --> 00:38:28.039
also a nice marketing feedback loop, right, absolutely, because you're

677
00:38:28.039 --> 00:38:30.320
bringing them on some some kind of a landing page

678
00:38:30.599 --> 00:38:34.480
or some piece of content that you control, and you

679
00:38:34.559 --> 00:38:39.000
get to continue the conversation with the customer based on

680
00:38:39.039 --> 00:38:39.920
that's really interesting.

681
00:38:40.000 --> 00:38:41.760
Yeah, right, that's right, great point.

682
00:38:41.800 --> 00:38:45.000
You get to upsell, down cell and cross sell right

683
00:38:45.000 --> 00:38:47.840
from that point after they see the video exactly. I

684
00:38:47.840 --> 00:38:50.599
mean it's called you know, it's suggestive selling at that point.

685
00:38:51.559 --> 00:38:53.800
Interesting. Take a note on that.

686
00:38:54.679 --> 00:38:59.599
And so so I'll just review packaging and bundling again

687
00:39:00.039 --> 00:39:05.119
real quickly, because just to cover that point. And by

688
00:39:05.159 --> 00:39:09.440
the way, so we've covered four areas right now of

689
00:39:09.519 --> 00:39:12.519
a compelling offer, and I also and I gave an

690
00:39:12.559 --> 00:39:17.000
example of where we use three of them in one offer.

691
00:39:17.320 --> 00:39:17.719
Correct.

692
00:39:18.039 --> 00:39:21.559
The real bonanza is to be able to use all five.

693
00:39:21.639 --> 00:39:27.920
But we'll get to that in a minute. But the

694
00:39:27.960 --> 00:39:31.320
fifth one is indifference to the outcome.

695
00:39:31.960 --> 00:39:33.480
Mm hmm. Yeah.

696
00:39:33.880 --> 00:39:40.119
See, generally speaking, Uh, the prospect can tell when you're

697
00:39:40.159 --> 00:39:44.000
pressing to make a sale, you know.

698
00:39:44.079 --> 00:39:45.320
They just can. I don't know.

699
00:39:45.480 --> 00:39:49.440
Sometimes it's body language, sometimes it's your words. Yeah, sometimes

700
00:39:49.440 --> 00:39:51.480
it's your level of too much excitement.

701
00:39:52.119 --> 00:39:52.440
Michael.

702
00:39:52.519 --> 00:39:56.039
You know, I heard someone in my professional network, uh

703
00:39:56.800 --> 00:40:02.760
call that commission breath sales commission breath. You know, they

704
00:40:02.800 --> 00:40:04.719
want to make the sale, and you could smell that

705
00:40:04.800 --> 00:40:06.719
they really want to make that sale and they don't

706
00:40:06.760 --> 00:40:10.559
care about the value to you or the ability to

707
00:40:10.639 --> 00:40:12.840
have that address a problem that you have. Right, It's

708
00:40:12.920 --> 00:40:16.400
really interesting, So yeah, not continue on. I'm really fascinated

709
00:40:16.480 --> 00:40:19.119
by this point of indifference to the outcome.

710
00:40:19.480 --> 00:40:20.119
Yeah.

711
00:40:20.159 --> 00:40:26.360
So basically they can feel that you're pressing that that

712
00:40:27.039 --> 00:40:30.519
their problem isn't on your mind. Your problem is on

713
00:40:30.760 --> 00:40:36.360
your mind. So by being indifferent to the outcome, and

714
00:40:36.400 --> 00:40:38.280
I'm going to give you. I'll give you a quick

715
00:40:38.320 --> 00:40:41.239
example of what I mean by that. But but by

716
00:40:41.320 --> 00:40:45.719
being indifferent, it puts you and the prospect on the

717
00:40:45.760 --> 00:40:51.199
same side of the table along with and one strategy

718
00:40:51.440 --> 00:40:53.639
is really getting to know the person in terms of

719
00:40:53.679 --> 00:40:58.440
their inspiration, goals and objectives. That really helps with this process.

720
00:40:59.119 --> 00:41:01.679
If you could get into the if you could talk

721
00:41:01.760 --> 00:41:04.679
with if you're if you're doing a one to one

722
00:41:05.760 --> 00:41:12.400
uh sales presentation, getting to know the person's true inspirations, Yes,

723
00:41:12.559 --> 00:41:16.320
really understanding what their number one goal is, Yeah, and

724
00:41:16.360 --> 00:41:19.039
their objectives really helps with that process.

725
00:41:19.280 --> 00:41:20.679
Great. So it's interesting.

726
00:41:20.719 --> 00:41:23.679
I mean, Michael, we just got a comment about the

727
00:41:23.920 --> 00:41:26.360
educates that I think relates to what you're saying.

728
00:41:26.440 --> 00:41:30.000
So is the educator two way street?

729
00:41:30.039 --> 00:41:33.559
So how would you get that number one goal and

730
00:41:33.639 --> 00:41:38.360
that kind of insight on what really drives a prospect?

731
00:41:39.000 --> 00:41:41.760
Yeah, through the educator where you're you're having.

732
00:41:41.639 --> 00:41:43.920
A back and forth conversation. So they're educating you and

733
00:41:43.920 --> 00:41:46.800
you're educating them. And what's sort of your impression of that.

734
00:41:46.840 --> 00:41:49.199
Well, to be to be I'm glad you brought this

735
00:41:49.360 --> 00:41:53.440
up because the sales presentation is the educate in the

736
00:41:53.480 --> 00:41:58.159
conversion formula. Interesting sales presentation is actually the educate. That's

737
00:41:58.199 --> 00:42:02.119
really interesting because you've already activated and fascinated them to

738
00:42:02.199 --> 00:42:07.480
get into your sales process. So now it's now it's

739
00:42:07.480 --> 00:42:11.920
the educate. And so the selling process is actually the educate.

740
00:42:12.400 --> 00:42:16.639
But it's also the offer. Yeah, ses, the sales process

741
00:42:16.679 --> 00:42:19.880
of the last, yes, the sales presentation, if you will,

742
00:42:20.280 --> 00:42:24.760
as the last two components of the conversion formula. Right,

743
00:42:25.760 --> 00:42:28.480
And that's why we're saying, in difference to the outcome,

744
00:42:29.559 --> 00:42:32.519
is one of those components to make the offer compelling

745
00:42:33.079 --> 00:42:39.760
because you have the prospects problem, your concerned, and the

746
00:42:39.800 --> 00:42:44.679
way you portray that your concern is the prospects problem

747
00:42:44.800 --> 00:42:47.800
that you want to solve. Whatever that is. It could

748
00:42:47.840 --> 00:42:52.079
be their number one call, it could be it could be, uh,

749
00:42:52.840 --> 00:42:55.119
they have a problem brushing their teeth, and the example

750
00:42:55.199 --> 00:42:57.760
that I get that they have too many cavities when

751
00:42:57.760 --> 00:43:00.000
they go to the dentist because they're not hitting certain areas.

752
00:43:00.280 --> 00:43:01.320
So it's it's.

753
00:43:02.719 --> 00:43:06.320
It's when you can get more concerned about their problem.

754
00:43:07.800 --> 00:43:11.360
And one one strategy, and I'm just gonna throw out

755
00:43:11.360 --> 00:43:14.440
a phrase here, one particular strategy.

756
00:43:16.239 --> 00:43:18.159
That's used is.

757
00:43:19.239 --> 00:43:22.800
Uh, whether you work with me or someone else, you

758
00:43:22.880 --> 00:43:24.719
need to take these steps.

759
00:43:24.360 --> 00:43:27.920
To accomplish the goals, whether you work with me or

760
00:43:27.960 --> 00:43:29.480
someone else, that's in difference.

761
00:43:30.039 --> 00:43:32.480
Yeah, right, powerful phrase.

762
00:43:33.840 --> 00:43:36.079
And and that's what I mean by indifference to the outcome.

763
00:43:36.239 --> 00:43:39.440
So so, in review again, the four components of a

764
00:43:39.440 --> 00:43:42.639
compelling offer where I left we left off last week

765
00:43:42.920 --> 00:43:47.719
is scarcity in urgency m hm, risk reversal mm hmm,

766
00:43:48.280 --> 00:43:51.159
adding low cost but high value to your product or

767
00:43:51.159 --> 00:43:54.119
I should say, adding low or no cost but high

768
00:43:54.199 --> 00:44:01.119
value to your product or service. Also packaging and bundling.

769
00:44:02.840 --> 00:44:08.840
And then finally that indifference to the outcome, where the

770
00:44:08.960 --> 00:44:13.519
prospect is is convinced that you have their well being

771
00:44:13.599 --> 00:44:19.639
in mind and not yours. Yeah, and yes and so

772
00:44:20.480 --> 00:44:23.159
uh and one of the things too chooky as we

773
00:44:23.440 --> 00:44:26.880
as we have about six minutes left. One of the

774
00:44:26.960 --> 00:44:30.440
things I wanted to get back to on that, on

775
00:44:30.559 --> 00:44:32.880
that packaging and bundling.

776
00:44:32.559 --> 00:44:33.920
Story that I had. Yep.

777
00:44:37.079 --> 00:44:41.519
What was interesting in the aftermath of that, okay, okay,

778
00:44:41.840 --> 00:44:47.559
is that one of our competitors sales people told one

779
00:44:47.599 --> 00:44:52.519
of our salespeople that people were going into that competitive

780
00:44:52.639 --> 00:44:58.280
store looking for a clothing package and when they said

781
00:44:58.320 --> 00:45:01.079
they didn't have it, they'd walk out.

782
00:45:01.920 --> 00:45:02.159
Wow.

783
00:45:03.880 --> 00:45:06.960
And that's what I mean about doing what your competition

784
00:45:07.159 --> 00:45:14.760
isn't doing. It's developing that creativity. So that compelling offer

785
00:45:14.880 --> 00:45:19.639
of packaging and bundling and the way that we packaged

786
00:45:19.719 --> 00:45:23.480
clothing was not offered by the competitors yet.

787
00:45:24.079 --> 00:45:27.000
And so because people always comparison shop.

788
00:45:27.519 --> 00:45:31.199
Yes, you know, I always said, Chooky that if I

789
00:45:31.280 --> 00:45:34.440
ever added another store to the store, we had five stores.

790
00:45:34.480 --> 00:45:37.000
But if I have added a store, a store to

791
00:45:37.079 --> 00:45:39.239
the stores we had, it would be right across the

792
00:45:39.280 --> 00:45:42.760
street from the store we have because with a different name.

793
00:45:43.239 --> 00:45:47.000
Because that people would be able to comparison shop. They're

794
00:45:47.000 --> 00:45:48.960
gonna they're gonna go in there, you know what I mean,

795
00:45:49.000 --> 00:45:53.880
They're not going to hit it. So but anyway, it

796
00:45:54.360 --> 00:45:57.280
when you know you really have a compelling offer, when

797
00:45:57.440 --> 00:46:00.960
the competition isn't doing doing it, and the competition actually

798
00:46:01.039 --> 00:46:04.039
feels the impact, you know.

799
00:46:04.039 --> 00:46:07.880
What this reminds me of, It makes more sense than

800
00:46:08.320 --> 00:46:12.360
why you refer to this as the position of market dominance. Right,

801
00:46:12.360 --> 00:46:14.360
even just giving the example that you shared, Michael, where

802
00:46:15.400 --> 00:46:18.920
you've created something and experience a product or service that's

803
00:46:19.039 --> 00:46:21.840
so compelling, where.

804
00:46:23.840 --> 00:46:25.760
Your competition, right, your.

805
00:46:25.679 --> 00:46:28.760
Competitors, they're getting the pressure of that, right, So people

806
00:46:28.760 --> 00:46:30.760
are walking in and saying, hey, why are you not

807
00:46:30.880 --> 00:46:32.880
doing things like Michael's doing it right?

808
00:46:33.000 --> 00:46:34.840
Or you know, it's just really really interesting.

809
00:46:35.280 --> 00:46:37.280
Yeah, and where are your clothing packages?

810
00:46:37.719 --> 00:46:38.920
Where are clothing packages?

811
00:46:38.960 --> 00:46:39.199
I mean?

812
00:46:39.559 --> 00:46:40.679
And in some ways, like.

813
00:46:42.159 --> 00:46:44.760
You now dominate the marketplace given the fact that you've

814
00:46:44.880 --> 00:46:51.480
introduced this great sort of creation where you've now sensitized

815
00:46:52.119 --> 00:46:55.760
customers and prospects and clients like ask for that, right, right,

816
00:46:56.079 --> 00:46:59.079
that's really really interesting. It's you know, it reminds me

817
00:46:59.119 --> 00:47:01.119
of a little bit Michael. You have this phrase, uh,

818
00:47:02.800 --> 00:47:07.599
creation over competition, Ah, right. One of the ways that

819
00:47:07.639 --> 00:47:09.519
you can outcompete is you know, you create, And it

820
00:47:09.559 --> 00:47:12.880
seems like that's part of the principle that's at play here.

821
00:47:12.920 --> 00:47:13.039
Now.

822
00:47:13.159 --> 00:47:16.400
I'm fascinated by this story, and Michael, give us a sense,

823
00:47:16.480 --> 00:47:19.639
So any other loose ends that you want to.

824
00:47:19.639 --> 00:47:22.000
Tie together on this, Yeah, this had a real big

825
00:47:22.039 --> 00:47:23.000
impact on the business.

826
00:47:23.360 --> 00:47:24.880
Well, I want to talk about what we're going to

827
00:47:24.920 --> 00:47:28.360
talk about next time, and yeah, I want to touch

828
00:47:28.440 --> 00:47:34.159
upon what's called the buyer's journey. And this is a

829
00:47:35.280 --> 00:47:39.000
this is something that a lot of business owners, they

830
00:47:40.039 --> 00:47:44.119
they understand it conceptually but when it comes time to

831
00:47:45.599 --> 00:47:53.440
really understand it enough to implement strategies around it, they're not.

832
00:47:53.639 --> 00:47:54.360
They're not into that.

833
00:47:55.360 --> 00:47:59.440
And it's tended around the fact that only one to

834
00:47:59.679 --> 00:48:05.719
three percent of any market in any industry is ready

835
00:48:05.760 --> 00:48:09.360
to buy today, is ready to buy now, and so

836
00:48:09.760 --> 00:48:14.159
all the competitors in your marketplace, I'm going desperately going

837
00:48:14.239 --> 00:48:18.880
after that one to three percent of the marketplace one

838
00:48:18.960 --> 00:48:23.280
to three percent. Where what we're going to talk about

839
00:48:23.360 --> 00:48:27.960
next week is something called the buyer's journey, where that's

840
00:48:28.039 --> 00:48:31.079
the where the ninety seven to ninety nine percent of.

841
00:48:31.079 --> 00:48:38.599
The prospects reside and how we go about capturing those prospects.

842
00:48:39.840 --> 00:48:45.239
So that I would like to, you know, definitely talk

843
00:48:45.280 --> 00:48:49.840
about that next week and talk about how people aren't

844
00:48:49.960 --> 00:48:50.559
following up.

845
00:48:50.840 --> 00:48:52.079
It's just not following up.

846
00:48:52.440 --> 00:48:56.079
Yeah, it's funny. I mean, Michael, you really struggle, Cord.

847
00:48:56.239 --> 00:48:59.320
I'm getting some comments on there's some folks providing feedback

848
00:48:59.440 --> 00:49:01.719
like can we have another hour where you talk about

849
00:49:01.760 --> 00:49:06.079
that now, folks, you'll have to wait out till the

850
00:49:06.119 --> 00:49:09.360
next episode and that's next Monday.

851
00:49:11.639 --> 00:49:11.840
Yes.

852
00:49:12.559 --> 00:49:16.159
Well, let me say this as we signed off today

853
00:49:17.039 --> 00:49:19.400
to get a copy of the book Powerful Business strategy.

854
00:49:19.480 --> 00:49:23.360
Simply go to our website www dot NEXTSTEPCFO dot net.

855
00:49:23.719 --> 00:49:27.280
It's totally complimentary and until next Monday at noon Eastern

856
00:49:27.360 --> 00:49:31.079
time for Chucky Obio. My name is Michael Babarita, and remember,

857
00:49:31.280 --> 00:49:34.840
don't keep doing what your competition is doing.

858
00:49:35.679 --> 00:49:41.039
Yes, you have been listening to powerful business strategies finding

859
00:49:41.079 --> 00:49:44.039
out that everything you ever learned about growing your business

860
00:49:44.280 --> 00:49:47.320
is wrong. Tune in next week and every week at

861
00:49:47.519 --> 00:49:50.960
noon Eastern time on W four CY Radio with your

862
00:49:51.079 --> 00:49:56.159
host Michael Barbarita of Next Step CFO and moderator Chucky

863
00:49:56.239 --> 00:49:56.599
Obio