The numbers in this book are theoretical and to be used for illustrative purposes only. This book is my attempt to share that skill with you, with a particular focus on building Grand Slam Offers so you can experience the same levels of success.
HOW WE GOT HERE
Hormozi,” said the voice on the other end of the line, “we need to hold on to this money for the next six months. Somehow, in the transition between “passionate about helping others” and “owning my first business,” we gradually realized that we don't know anything about business, let alone making a profit.
How We Got Here (You Just Finished It)
Provide value at no cost that is far more than what the rest of the market is asking for. Earn the trust of the hyper-performing business owners who use the frameworks to scale their businesses to $3M.
Pricing: How To Charge Lots of Money For Stuff
Here's how: I know these business owners can do the frameworks I have without handholding, so they would very likely succeed with the next set of frameworks (getting to $30M, $50M, $100M looks different than getting to 3 –10 million dollars). You don't cram for a midterm and you're not some flabby philosopher.
Value: Create Your Offer: How To Make Something So Good People Line Up To Buy
Invest in these companies to gain more impact at scale while helping everyone else for free. As such, I can confidently say that we know how to recreate success using the frameworks I share over and over again.
Enhancing Your Offer: How To Make Your Offer So Good They Feel Stupid Saying No Section V: Next Steps: How To Make This Happen In The Real World
PRICING
Massive Pain
The degree of pain will be proportional to the price you will be able to charge (more on this in the Value Equation chapter). I have a saying I use to train sales teams "The pain is the pitch." If you can accurately articulate the pain a customer feels, they will almost always buy what you offer.
Purchasing Power
Easy to Target
Growing
But how important to your success is finding a "great market" versus a "normal market" versus a "bad market?" The answer: it actually depends. You want to be 'the guy' who serves 'this kind of person' or solves 'this kind of problem' and even more firmly 'I solve this kind of problem for this specific kind of person in this uniquely counter-intuitive way. brings back their deepest fears.” And if you pair a Grand Slam Bid with a crazy market, you likely won't need to work anymore (seriously).
So keep this skill set—the ability to accurately evaluate markets by considering pain, money, targeting, and growth—in your back pocket so that when lightning strikes, you can make sure it strikes twice. In addition, it is the only choice that will allow you to truly provide maximum value, a unique and strong position in the market. Here's the basic premise of why you need to charge a premium to best serve your customers.
Unsurprisingly, they rated them based on their price, with the most expensive being 'best', the second most expensive being 'second best' and the third, cheapest option being rated as 'cheap wine'. And the goal isn't just to be slightly above market price – the goal is to be so much higher that a consumer thinks to themselves, "This is so much more expensive, there must be something completely different going on here."
VALUE - CREATE YOUR OFFER
It's not about how much you increase your client's likelihood of success, or decrease the time lag to performance, or decrease their effort and sacrifice. But the logical solutions have usually been tried..because they are logical (that's what everyone would try and do). The dream result is simple; it is "getting there" where the value is enhanced or degraded.
So it's not about money, it's about status (perceived increase or decrease in relative status when compared to others socially or professionally). It's a new level of frustration when you can't even give your services to people for free. The first thing they should do: Shopping for healthy food, grocery shopping 1. Shopping for healthy food is difficult, confusing, and I won't like it 2. Shopping for healthy food will take a lot of time.
It is beyond the scope of this book to go into, but simply adding the "how" and then turning the problem around will give most people new to this process a good place to start. That said, if this is your first Grand Slam offering, it's important to deliver like crazy. Even if you come up with something you're not actually willing to do, that's okay.
It is worth spending time creating these because they will generate a high margin for years to come.
ENHANCING YOUR OFFER
Cohort-Based Rolling Urgency
If you sign up today, I can get you into our next group that kicks off on Monday, otherwise you'll have to wait until our next kick off date." I actually had a client who signed up a few weeks ago drop out, so I have an opening for our next batch that kicks off on Monday. If you're pretty sure you're going to do it sooner or later, might as well start now so you can start reaping the rewards sooner rather than paying the same and waiting."
These two tweaks above have pushed so many sales over the edge by simply reminding a prospect that if they sign up they will start on Monday and if they don't they will have to wait a week. For example, if you only launch customers twice a year, people will be very likely to sign up, especially as the date approaches. The biggest sale of a week's promotion or launch occurs in the last 4 hours of the last day (up to 50-60%).
Or, in my opinion, 2) You can explain to them that they will have an advantage because they will have more time to review the material, talk to their employees (for b2b products) or family members (for b2c products). Additionally, they may have a more extended payment plan that you can only make available to them since the start date is so far away.
Rolling Seasonal Urgency
In the end, remember that you always have the upper hand because you are the one who decides.
Pricing or Bonus-Based Urgency
Exploding Opportunity
They say that if you buy the program, you will get things that you wouldn't normally be able to get. If you secure enough of these ratios, you can literally justify your entire price in the savings and additional true-to-price bonuses. As if that's not already awesome enough, if you really want to be a jedi, negotiate a group discount and a commission for yourself.
If you follow along, each of these bonuses can become income streams for you indirectly by making customers say YES more easily, and directly because you can negotiate that each of these businesses can pay you for the people you send to them. And if you really want to get crazy, come up with a grand slam offer with these partner businesses using the same concepts in the book so that each of the bonuses itself becomes even more valuable than a simple commoditized service. If you want to do a live deep dive with me on this, go to Acquisition.com/training/offe rs and select “Bonus Cre ation” to watch a short video tutorial.
If you have a tremendous amount of cost associated with your product or service, you'll probably want to use a conditional warranty or an ANTI-warranty, since you'll have to eat the cost of the refund AND the cost of fulfillment. What makes a guarantee effective is a conditional statement: If you don't get X result in Y time period, we will Z.
Unconditional Guarantees
To give a guarantee teeth, you need to decide what you will do if they do not get the result. Better example: You will get 20 customers in your first 30 days, or we will give you your money back + your advertising money spent with us.
Conditional Guarantees
Anti-Guarantees
Implied Guarantees
For whatever reason, if you want your money, you can have it because I only want to keep your money if you're happy. What the customer gets: If you don't get value, we'll refund your product and your hotel + airfare. My opinion: I really like this, especially if you have a very systemized process to get the first result.
What the customer gets: If you don't perform, they don't have to pay. If you put together a bundled offering, you'll still end up doing the same things. If you can fit them all in, great, but the name will probably be too long.
If you're still stuck, change what you're giving away for free or discounted. So if you're in a local market, just remember that you won't change the amount of your bid value.
EXECUTION
I clenched my jaw to avoid the lump in my throat that I knew would bring me to tears. We hit $100,000.” I could hardly get the words out because I didn't want the tears to burst out from the trembling of my voice. It was as if every knot in my body that I had been holding on to instantly melted away.
I didn't want to look her in the eye because I knew it would send me over the edge. At the time, $33,000 a year was more than enough for us to live on for three years and a few years at our current expenses. Tens of millions of dollars in the bank later was, and still is, the richest I've ever felt in my life.
It was the beginning of the next chapter in my life as a businessman and entrepreneur. Or you can at least use components that you were missing in your offering to make it more attractive to your market.