048. John Logar On How To Use High-Value Consulting To Increase Profitability

October 16th, 2015 By: Ash

How To Use High-Value Consulting To Increase Profitability — With John Logar

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Key Points (Timestamps)

  • 0:36 — Intro and background on John Logar
  • 1:34 — How John helps increase profitability through strong acquisition and retention strategies
  • 1:49 — One of the biggest mistakes businesses make is to treat their business like a promotion.
  • 2:35 — Start by knowing who your customers are and then make an offer.
  • 3:07 — Understand how much you’re willing to pay to acquire the customer.
  • 3:33 — “If you want cash, make an offer.”
  • 5:03 — A lot of businesses don’t invest enough in their marketing.
  • 5:28 — What you can do if you understand customers’ buying motivations and habits
  • 5:50 — How John uses these 2 published lists to identify target clients
  • 7:07 — Why companies need to value the leads they generate and farm the leads properly
  • 8:51 — Google’s study in 2009 on the zero moment of truth (google’s study relating to purchases)
  • 9:31 — In 2016, the average customer uses 18 frames of reference before making a decision. You need more engagement with your target audience. More touch points required to make a sale.
  • 10:10 — If you have 7-8 touch points with the same customer, you’re 80% more likely to make sales.
  • 10:34 — Intra podcast summary of key points so far
  • 11:29 — Businesses should be asking themselves: ‘What else could I be offering the customer at this point in their life/phase in their purchase cycle?
  • 12:12 — “From a business point of view, we are in revolutionary times.” – John Logar
  • 12:48 — A case study on an e-commerce business (importance of customer engagement)
  • 18:17 — John’s personal example around the importance of not underpricing your offer
  • 19:38 — Being the cheapest isn’t always the best strategy.
  • 19:59 — Price can also be a signaling factor. A higher price signals higher value.
  • 20:58 — Price anchoring and how it impacts price in the customer’s mind
  • 23:11 — Businesses that do really well plan for it.
  • 23:27 — The purpose of your business vs the goal of your business and why that distinction matters
  • 24:41 — Get clear on your purpose and then get clear on how you can create a profitable path to achieve that purpose.
  • 26:58 — The question businesses should be asking themselves is: Why should people buy from me rather than from a competitor?
  • 27:24 — Apple case study on premium positioning and value-based pricing without significant discounting
  • 28:22 — How Apple executes on a clear purpose to deliver spectacular customer experience
  • 30:48 – Apple has ‘taught’ their customers well which is why they will be more profitable.
  • 33:15 – “Most people give up too early.”
  • 33:30 — If you want to do bigger deals then understand those people and create multiple touch points.
  • 34:21 — Recap on key insights and key obstacles businesses face
  • 34:52 — Action points for business owners to take:
    • Get clear on your purpose, then create a plan around that purpose.
    • Focus on value, not price. Big clients are visible and, therefore, easier to find.
  • 35:52 — The key obstacles to obtaining more customers and how to overcome those obstacles
  • 36:35 — The best thing you can do is invest in your marketing, advertising and measure everything.
  • 36:50 — The basic principles (like referrals) have been the same for 6,000 years.
  • 37:24 — Globally, e-commerce only accounts for 12% of purchases online.
  • 37:56 — Get clear, get a plan in place and go and make an offer.
  • 38:02 — John Carlton said, ‘You’re only one email away from your next big paycheque.’.
  • 38:34 — John’s favourite sequence of emails within a campaign with multiple follow-up offers
  • 40:45— Key insight – Rather than trying to go wide, go deep.
  • 41:24 — If you want to maximise your conversions, pick up the phone and talk to a real person.
  • 42:13 — How you can get in contact with John and find out more about him

 

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