Do you think that why so many business owners are too fearful to charge high prices

Share it with me. What have you talked about? Aha insights, questions. So that I can take a break, right? Okay, yes. – Okay, by charging them higher price points to eliminate those low paying I guess. Sorry, like cheap clients. Yes. So you eliminate that and you only deal with like, the high-end clients. Yes. Do you eliminate the other risks or something? – Yes. You can serve the people that are willing to pay at a higher level and deliver more value the higher up you go. And you descend down the sales funnel and focus in on How old are you?

I’m 16. 16, high school kid! Talking about the sales funnel. I love it, man, I love it. I love it, I love it, I love it. Yeah, good, good, yes. Yes, coming from the back. Let’s see someone in the back. Awfully quiet you guys, come on. Yes. Do you think that there’s a reason that so many business owners are too fearful to charge high prices? Or why a lot of them, it’s their natural, you know. Coming next, coming next, yes, yes, a lot of time yes. How um, because I actually tried to do some research. Yes. I research like high net worth individuals, I was researching the whole market. Yes. But when I was trying to do primary research. Yes.

I couldn’t find anything. Like, about the need for my niche.  Ah, what would clients want? I couldn’t find any access, you know? To like, talking to people, I just that’s not. Do you mean access to the ideal clients that you want that are high net worth? – That’s right, yeah. Yeah, first of all, people that are high net worth, they are very what? Protective. Very protective, very guarded. Right, very guarded. And you notice if you go on Amazon, very few books, very few authors. First of all, very few businessmen know how to sell to individuals. Very few. Do you know why? Because they’re not one themselves. Because they’re not one themselves.

We sell to who we are comfortable with. So it’s like an agent. well you know yeah I can sell a half a million condo. But oh, selling a $10,000,000 home, I don’t even know where to start man. ‘Cause I’ve never lived in a $10,000,000 home. So a lot of businessmen they are not comfortable and they don’t know how to communicate with these people. And they would very often project their value on them. Okay, let me give you an example. Before the R8 I was, one of my dream cars when I was younger. And 20 something years old, was the RX8, the Mazda. I remember.

You remember, right? Yeah, the red and I had it on my vision board and I said someday I’m gonna get the car. And I would to the Mazda dealership. I would try to test drive the car. Okay? And I would go to one dealership and test drive, couple months later go to a different dealership of course, right? Test drive and test drove it three, four, five times. And finally, I could afford it. I walked into the dealership, Burnaby on Kingsway.

I walked into the dealership answer said, “I want that car.” And the salesman was saying, “Well, would you like to test drive it?” I said, “No.” “Well, you want me to walk you through the features?” And he was walking through the whole, “Let me show you the engine and this”, I said, “I’m ready to buy.” Like dude, take my money! Right? “Oh no let me walk you through this and this and that. “And then oh, actually no, we have this option here, “That it actually cost less.” Like, you know you can save some money on the, you know, the rims and the tires.

I don’t want to save money! Don’t you get it? Give me the best! Oh no no no, you don’t want to waste money on that.  And I was getting so pissed off I said, “Let me talk to your manager.” And the manager was smart. The man, “Hey, Sir, you’re looking for this car? “Good looking car, right?” “Yes, I want to buy it.” I said, “You know, we got just one in the store. “But not for every customer.” Slick, not for everyone. “And it’s a little bit more expensive, “It’s got all the features and sunroof and this and that.” and he explained, “But it cost a little bit more than “The usual feature, usual model.” “That’s the one I will take.” Five minutes closed my sale.

Done, paperwork, right? Just now financing everything else. So the sales guy was projecting his values on me, right? Because see, I’m not gonna buy a sports car. I’m driving the bus. He’s not listening to my needs. So when you sell to, I’m gonna go into some strategies and psychology. How to sell to affluent clients. And that’s why most businesses we’re comfortable selling to people at the same level or maybe slightly higher. And I always say, there was the other day I was talking to a coach. A coach. There are so many coaches nowadays it’s unbelievable.

A coach anyway, a success coach, whatever that means. A success coach and he was struggling and he’s saying, “Dan, I tried to sell to these clients. “Man, I tried to sell them a $10,000 package “And I’ve been trying it’s just nobody would buy.” I said, “Hmm.” I said, “Have you bought a $10,000 package? “Have you ever invested $10,000 in coaching yourself?” He said, “No, hell no! “I’m not gonna pay 10 grand.” So you have not done that before. You don’t know what it’s like to invest 10,000 in coaching. Then how can you expect you could sell someone on the idea to pay you 10,000 for coaching? It doesn’t make sense. ‘Cause you haven’t experienced it. And I said “The first thing you gotta do. “You better make enough money so you invest in somebody, “Right, that you know what it’s like.”

That 10 grand, you write that check. You know what the experience is like. He said, “Oh, no.” That’s the problem. Does that make sense?  That is the problem. So let’s talk about self-image for a second here. So most businessmen most of the time they are too slow to what? Raise prices.  To raise their prices. And it’s more about confidence and self-image than the actual value delivered. It has to do a lot with self-image. Because you don’t believe it as a businessman. You don’t believe you’re worth it. You don’t believe or maybe it’s not the right time. Or mindset, right Thomas? Oh, if I raise my prices, all my customers they’re gonna leave me. They’re gonna be gone, oh my God! Then I’m not gonna have money coming in, I can’t pay the bills.

The good mindset kicks in. If you are most businessmen if you’re afraid that raise your prices. And you’re afraid customers will leave, it’s not a pricing issue. It’s a marketing issue. It means your pipeline is not full enough. You don’t have enough people you’re talking to. You’re not selling to enough people. Not enough volume, that’s why you’re afraid. If you’re so busy. You have so much business coming in, you know if you increase your prices you’ll lose 10, 20%, do you care? No, because you lose that 10, 20%, it will be replaced by what? Better customers. Better customers! So it’s a sales issue.

Your pipeline is full, you don’t care. You do not, that’s the same thing that I tell the person that is bitching about 20 bucks to fuck off. My goal is to impact a million businessmen. There are a lot of them out there. I don’t have time to care about everyone’s feelings. If this is the big picture if you think about it. Right, 7,000,000,000 people on the planet. I’m busy, move on. That’s how I think. So the same thing with the business. If you’re busy, you don’t care. And I always, sometimes I tell, are there, let me ask you a question. Are there customers who we think of your business right now? Just picture this okay.

Are there customers with your business right now that you are just like, you would be happy very happy to get rid of them? Yes, those are what I call clients from hell. But why don’t you get rid of them? Because they pay. Also because what? Fear. Fear, yes. You try but they keep coming back because they’re- – They keep coming back, right? They’re a pain in the ass to deal with and they keep coming back. But think in terms of these difficult clients if you get rid of them.

Just imagine for a second, just imagine for a second okay? If you get rid of them, how would you feel? Free. – Okay. And how much more time that would free you up? So you could do more for the other clients and you can attract better clients. So it’s almost self-image, it’s fear. – Ten Times Your Finances, Ten Times Your Business, Ten Times Your Marketing, Ten Times Your Life. Hit the Subscribe button now.

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