Pricing: Finding The Right Market -- A Starving Crowd Flashcards
“You could have the worst hot dog stand, terrible prices and and awful location, but if you’re the…”
…“only hot dog stand in town when the local college football game gets out, you’re going to sell out.”
The hot dog stand analogy illustrates
the importance of a starving crowd.
At the end of the day, if there is a ton of demand for a solution…
you can be mediocre at business, have a terrible offer, and have no ability to persuade people, and you can still make money
You could also be great at business, have a great offer, be amazing at sales and still not make money. Why?
Wrong, dying or dead market.
Don’t be ________ about your audience. Serve the people who can…
romantic;
pay you what you’re worth.
In order to sell anything, you need
demand.
We are not trying to ________ demand. We are trying to _________ it.
create;
channel
If you don’t have a market for your offer,
nothing that follows will work
You likely have a “normal” market. What does this mean to Alex?
- A Market growing the same rate as the marketplace.
- They have common unmet needs that fall under improved health, increased wealth, and improved relationships.
You can be in a _______ market that’s growing at an _________ _____ and still make ______ _______.
normal;
average rate;
crazy money.
What 4 indicators do you look for when picking markets?
(Markets need ALL 4)
- Pain +
- Purchasing Power +
- Easy To Target +
- Growing
They must not want but
desperately need your offer
Pain is anything that __________ people about their lives.
frustrates
Humans ______ alot. So for us entrepreneurs, endless ____________ abounds.
suffer;
opportunity
The degree of pain will be proportional to
the price you will be able to charge.
When they hear the ________ to the pain, and imagine what their life would look like ________ ___ _____, they should be _______ ____ ______ _______.
solution;
without the pain,
drawn to your solution.
What saying does Alex use to train his sales teams?
“The pain is the pitch.”
If you can articulate the pain a prospect is feeling accurately
they will almost always buy what you’re offering.
A prospect must have a painful problem for us to solve for us to
charge money for our solution.
What pro tip about copywriting does Alex give?
The point of good writing is for the reader to understand. The point of good persuasion is to make the reader feel understood.
Crucial point: Your audience needs to be able to
afford your services
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.
money;
access;
prices you require
If you have a perfect market but no way of finding the people that comprise it,
making a GSO will be very difficult
Make life easier by looking for
easy-to-target markets
What are some examples of easy to target markets?
avatars that have associations they belong to, social media groups, channels they all watch, etc.
If our potential customers are all gathered together somewhere,
then we can market to them.
If you want to target rich doctors, but your ad is being placed in front of nurses,
your offer will fall on deaf ears.
Growing markets are like a __________:
tailwind;
They make everything move forward faster.
Declining markets are like _____________:
headwinds;
They make all efforts harder.
what are the three main markets that will always exist? Why?
Health, wealth, and relationships
There is always tremendous pain when you lack in them.
The goal is to find a _________ _________ within one of those larger buckets that is
smaller subgroup;
growing, has the buying power, and is easy to target. (the other three variables)
The prospects in the most pain
value your service the most
order of importance
Starving Crowd (Market) > Offer Strength > Persuasion Skills
Even if you have a bad offer and are bad at persuasion, you’re going to make money if
you’re in a great market.
If you are in a normal market and have a GSO you’re going to make a ton of money even if
you’re bad at persuasion
If you have a normal offer in a normal market, you have to be
extremely good at persuasion in order to be massively successful.
this is the most difficult route.
Pick a niche and commit to it long enough
to get through trial and error
Niching down will
make you far more money
You can charge 100x more for the same product by
niching down
Niching product pricing example
You want the avatar to think
“this is made exactly for me.”
The actual pieces of the $19 course may be the ______ ______, but since they have _____ ______, and the _____ __________ could speak so much more to this avatar….
exact same;
been applied;
sales messaging;
they will find it more compelling and get more value from it in a real way.
You want to be the “guy” that
services “this type of person” or solves “this type of problem.”
even more niched: “i solve…”
this type of problem, for this specific type of person in this unique counter-intuitive way that reverses their deepest fear.
The purpose of this chapter is to reinforce two things:
- Don’t pick a bad market. Normal markets are fine. Great Markets are great.
- Once you pick, commit to it until you figure it out.
If you try 100 offers…
you WILL succeed.
