Kyle Tully On Specific Mindset Techniques to 10X Your Prices
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- Scientific Advertising
- Theory of Constraints
- Power of Full Engagement Managing Energy, Not Time, Is the Key to High Performance and Personal Renewal by Loehr, Jim, Schwartz, Tony [Free Press,2005] [Paperback] Reprint
Related / Mentioned Podcast Episodes:
- Episode 001 – Neil Patel on Branding, Client Selection and Investing
- Episode 002 – James Schramko on Recurring Income Models
- Episode 018: Buck Rizvi on How To Build an EIGHT figure Business Using The Right Systems And Culture
- Episode 022 – $50 Million and Counting
- Episode 048: John Logar On How to High Value Consulting Techniques To Increase Profitability
- Episode 050: James Schramko On Frameworks for Business Profitability
Key Points (Timestamps)
- 00:41 — Intro and overview
- 02:04 — Discussion around why pricing isn’t the only factor when making an offer to a client that actually converts
- 02:40 — Eighty percent (80%) of the market isn’t price focused. There are other factors e.g. Results, you can generate, timeframes you can turn it around.
- 03:42 — Discussion around how to get comfortable with value-based pricing
- 05:33 — The importance of having high-level strategic conversations with customers
- 06:51 — How to use a business partnering approach to aligning yourself with the customer’s strategic results
- 08:57 — The difference between positioning yourself as someone offering solutions and someone offering commodities
- 10:21 — Value-based pricing – how to position yourself as a person delivering value
- 10:29 — Factors Kyle looks to when pricing his services:
- What would the value be if he did it for his own business?
- Value-based factors e.g. What incremental revenue this will bring
- What a new client is worth
- Lifetime customer value
- 11:57 — A lot of our anxieties around price are in our own heads, not in our prospects’ heads.
- 13:35 — “The price discussion cuts both ways.” — Kyle Tully
- 14 :29 — The price you charge attracts a certain quality of client (also mentioned by James Schramko).
- 16:29 — A person who buys a $10 product is making a much lower level decision than a person making a $5,000 purchase.
- 17:22 — “Price is what you pay. Value is what you get.” — Warren Buffett
- 17:33 — Case study: An example of high-priced offers that converts. How Patrick changed from a commoditized approach to a solution-based approach which included high-priced offers.
- 19:51 — Key challenges when quoting high prices and how to overcome them
- 23:27 — Action steps you can take right now:
- Get in front of a mirror and get comfortable with quoting your price.
- Get clear on the value you bring to the table.
- Move from a fear-based (price-based) mindset to a value-based mindset.
- 24:27 — An exercise you can do that will help you to 10X your pricing
- 26:32 — The books that have had the biggest impact on Kyle and why they’ve had such a big impact
- 29:02 — How to get in contact with Kyle
- 29:27 — Wrap up and recap of key concepts
- 30:43 — Related podcast episodes