https://www.youtube.com/watch?v=oRMG_HpOAN4
- Price Anchoring: Introduce an extremely expensive product or service that you don't expect to sell, creating a psychological anchor that makes your core offerings appear more affordable.
- Advertise Relentlessly: Most people don’t know your business exists. You need to advertise far more than you think to get noticed.
- Focus on Advertising to $100k/Month: Until you reach $100,000 a month in revenue, focus solely on advertising to bring in more customers.
- One Channel, One Avatar, One Product: Under $1 million in revenue, focus on one customer type, one product, and one marketing channel to build a strong, scalable foundation.
- Start for Free: Always start by offering your service or product for free to build trust, gain testimonials, and refine your offering.
- Proof Over Promise: Accumulate as much proof (testimonials, case studies) as possible, as it is more compelling than making big promises.
- Raise Prices: Raising prices often leads to more revenue, even if you hear “no” more often. High prices can also simplify operations by reducing the number of customers needed.
- Talk to Customers: Regularly communicate with your customers to understand their needs, gather feedback, and solve problems, which is key to improving your business.
- Closer Framework for Sales: Use the "Closer" framework (Clarify, Label, Overview, Sell, Explain, Reinforce) to structure your sales conversations and increase conversion rates.
- Do 10x More of What Works: Before trying something new, do ten times more of what’s already working to maximize results.
- Accept Stress as Part of Business: Growth, stagnation, and decline are all stressful, so accept stress as an inherent part of running a business.
- Extend the Billing Cycle: Extend the time between billing cycles to reduce churn and increase customer retention.
- Sell Sawdust: Find ways to monetize the byproducts or excess capacity of your business, similar to how lumber mills sell sawdust.
- Arm Your Salespeople: Equip your sales team with content that addresses customer objections and unifies your sales and advertising efforts.
- Unify Sales and Marketing: Combine sales and marketing into a single department focused on customer acquisition to eliminate internal competition and maximize efficiency.
- Three Functional Leaders: Ensure your business has three core leaders: one for customer acquisition, one for delivery, and one for operations.
- Highest Standards Lead: The person with the highest standards in a department or team should be the one in charge.
- Raise the Bar with Each Hire: Hire people who raise the average competency level of the team to continuously improve the business.