Pricing: Finding The Right Market -- A Starving Crowd

Question 1

“You could have the worst hot dog stand, terrible prices and and awful location, but if you’re the…”

Answer 1

…“only hot dog stand in town when the local college football game gets out, you’re going to sell out.”

Question 2

The hot dog stand analogy illustrates

Answer 2

the importance of a starving crowd.

Question 3

At the end of the day, if there is a ton of demand for a solution…

Answer 3

you can be mediocre at business, have a terrible offer, and have no ability to persuade people, and you can still make money

Question 4

You could also be great at business, have a great offer, be amazing at sales and still not make money. Why?

Answer 4

Wrong, dying or dead market.

Question 5

Don’t be ________ about your audience. Serve the people who can…

Answer 5

romantic;
pay you what you’re worth.

Question 6

In order to sell anything, you need

Answer 6

demand.

Question 7

We are not trying to ________ demand. We are trying to _________ it.

Answer 7

create;
channel

Question 8

If you don’t have a market for your offer,

Answer 8

nothing that follows will work

Question 9

You likely have a “normal” market. What does this mean to Alex?

Answer 9

1. A Market growing the same rate as the marketplace.
2. They have common unmet needs that fall under improved health, increased wealth, and improved relationships.

Question 10

You can be in a _______ market that’s growing at an _________ _____ and still make ______ _______.

Answer 10

normal;
average rate;
crazy money.

Question 11

What 4 indicators do you look for when picking markets?
(Markets need ALL 4)

Answer 11

1. Pain +
2. Purchasing Power +
3. Easy To Target +
4. Growing

Question 12

They must not want but

Answer 12

desperately need your offer

Question 13

Pain is anything that __________ people about their lives.

Answer 13

frustrates

Question 14

Humans ______ alot. So for us entrepreneurs, endless ____________ abounds.

Answer 14

suffer;
opportunity

Question 15

The degree of pain will be proportional to

Answer 15

the price you will be able to charge.

Question 16

When they hear the ________ to the pain, and imagine what their life would look like ________ ___ _____, they should be _______ ____ ______ _______.

Answer 16

solution;
without the pain,
drawn to your solution.

Question 17

What saying does Alex use to train his sales teams?

Answer 17

“The pain is the pitch.”

Question 18

If you can articulate the pain a prospect is feeling accurately

Answer 18

they will almost always buy what you’re offering.

Question 19

A prospect must have a painful problem for us to solve for us to

Answer 19

charge money for our solution.

Question 20

What pro tip about copywriting does Alex give?

Answer 20

The point of good writing is for the reader to understand. The point of good persuasion is to make the reader feel understood.

Question 21

Crucial point: Your audience needs to be able to

Answer 21

afford your services

Question 22

Make sure your targets have the _______, or _________ to the amount of money, needed to buy your services at the ________ _____ ________ to make it worth your time.

Answer 22

money;
access;
prices you require

Question 23

If you have a perfect market but no way of finding the people that comprise it,

Answer 23

making a GSO will be very difficult

Question 24

Make life easier by looking for

Answer 24

easy-to-target markets

Question 25

What are some examples of easy to target markets?

Answer 25

avatars that have associations they belong to, social media groups, channels they all watch, etc.

Question 26

If our potential customers are all gathered together somewhere,

Answer 26

then we can market to them.

Question 27

If you want to target rich doctors, but your ad is being placed in front of nurses,

Answer 27

your offer will fall on deaf ears.

Question 28

Growing markets are like a __________:

Answer 28

tailwind;

They make everything move forward faster.

Question 29

Declining markets are like _____________:

Answer 29

headwinds;

They make all efforts harder.

Question 30

what are the three main markets that will always exist? Why?

Answer 30

Health, wealth, and relationships

There is always tremendous pain when you lack in them.

Question 31

The goal is to find a _________ _________ within one of those larger buckets that is

Answer 31

smaller subgroup;

growing, has the buying power, and is easy to target. (the other three variables)

Question 32

The prospects in the most pain

Answer 32

value your service the most

Question 33

order of importance

Answer 33

Starving Crowd (Market) > Offer Strength > Persuasion Skills

Question 34

Even if you have a bad offer and are bad at persuasion, you’re going to make money if

Answer 34

you’re in a great market.

Question 35

If you are in a normal market and have a GSO you’re going to make a ton of money even if

Answer 35

you’re bad at persuasion

Question 36

If you have a normal offer in a normal market, you have to be

Answer 36

extremely good at persuasion in order to be massively successful.

this is the most difficult route.

Question 37

Pick a niche and commit to it long enough

Answer 37

to get through trial and error

Question 38

Niching down will

Answer 38

make you far more money

Question 39

You can charge 100x more for the same product by

Answer 39

niching down

Question 40

Niching product pricing example

Answer 40

Question 41

You want the avatar to think

Answer 41

“this is made exactly for me.”

Question 42

The actual pieces of the $19 course may be the ______ ______, but since they have _____ ______, and the _____ __________ could speak so much more to this avatar….

Answer 42

exact same;
been applied;
sales messaging;

they will find it more compelling and get more value from it in a real way.

Question 43

You want to be the “guy” that

Answer 43

services “this type of person” or solves “this type of problem.”

Question 44

even more niched: “i solve…”

Answer 44

this type of problem, for this specific type of person in this unique counter-intuitive way that reverses their deepest fear.

Question 45

The purpose of this chapter is to reinforce two things:

Answer 45

1. Don’t pick a bad market. Normal markets are fine. Great Markets are great.
2. Once you pick, commit to it until you figure it out.

Question 46

If you try 100 offers…

Answer 46

you WILL succeed.