052. Specific Mindset Techniques To 10X Your Prices — With Kyle Tully

November 4th, 2015 By: Ash

Kyle Tully On Specific Mindset Techniques to 10X Your Prices

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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

 

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