https://www.youtube.com/watch?v=TNQyFxVbkBs

1 00:00:00.000 --\> 00:01:00.000 one of the biggest shifts that i had as
an entrepreneur going from you know making a few hundred thousand
dollars a year a million dollars a year to making you know just 10 or
nine figures like we do now has been um a simple understanding that i'm
trying to hit at a couple different ways and hopefully you'll be able to
shift your perspective in terms of how you see product and delivery and
so right now if you're not making the amount of money that you want to
make it's because the product you have is not good enough and it's it's
really hard to confront that fact but if you really do and sit here i
can't tell you the amount of times i talk to entrepreneurs and they're
like man if i just had more people if more people would just find out
about my product then all my problems would be solved but the reality is
that if you have any amount of customers then people already have found
out about your product and for one reason or another they have chosen
not to tell anyone else about it and you have to sit with that for a
second you have to realize that like people have found out about your
product and they're not referring people and you have to ask why why are
these people not sending me business and so one of the one of the first
times i heard a statement that i really liked about this was from dan
kennedy and he said most small entrepreneurs try and get

2 00:01:00.000 --\> 00:02:00.000 customers to make sales bigger
entrepreneurs try to make sales to get customers and the difference is
one person is all about trying to get to the money as fast as possible
what do i need to say to get this person say yes what i need to say to
get this person to buy right how do i get the money right the other way
is how do i make some sort of exchange so that i can now create a long
time relationship with this customer and continue to provide value over
time one has a compounding view and perspective on time and value and
the other is short-sighted and i can tell you the difference between the
people who are millionaires that i have that i'm friends with and people
who are billionaires that i am friends with this is probably one of the
most fundamental differences and so i was talking to a friend of mine
who's worth of rebellion and he was saying if it's not going to grow on
its own over time it's not worth doing and i really sat with that for a
second and it was like if if i if you put in a one-time effort like this
is what this is how people who are the ultra wealthy think if you put
one-time effort into something

3 00:02:00.000 --\> 00:03:00.000 and it compounds over time then that is
an enterprise or product that they want to continue to invest in on the
flip side if you have to consistently show up and consistently promote
and consistently get out there and sell and sell and do all this stuff
then what ends up happening is that the product itself is not good
enough right because people in and of themselves are not referring
business and so let me let me give you three questions that really
changed and hopefully will alter your perspective like they did mine
around product and service and so the first is if i have an existing
product or service and i were to make it 10 times more expensive so
really think about the price so or you can say a hundred thousand
dollars or a million dollars whatever it is right just a huge number and
if that's how much i were charging for it what would i need to do what
would the experience need to be what would the product need to deliver
in order for it to be worth that much what happens is you start thinking
in a very different type of mindset about how much value you have to
create right and so that is the first question that i ask there's two
more and the third one's my

4 00:03:00.000 --\> 00:04:00.000 favorite and i'll get to in a second
the second question i ask is if this product that i have cost one-tenth
as much as it does right now but i had to make it better than it
currently is what would i need to do what one-time assets would i need
to create that would consistently provide value that i could do at scale
that could i could do profitably right so first question if this were 10
times expensive or 100 000 or a million dollars is what i charge for my
product what would it need to be what would the experience need to be
and what value would i need to deliver in order for it to be worth that
much the second question is if it were one-tenth the cost but i had to
make it better than my current product or service what else would i
create or do or make in order to facilitate that outcome and the third
question which is probably my favorite which i think underpins the
entire ideology that that i'm hitting on here is if i had a business and
i were only allowed to sell one more customer and the rest of the growth
of my

5 00:04:00.000 --\> 00:05:00.000 business had to come from that customer
without me asking as in that that customer's experience was so
remarkable was so positive was so amazing that they they alone had to on
their own volition tell other people about my service what would need to
happen what would need to happen to create that experience and when
thinking about all three of these product frames i like them because
they kind of hit on different aspects of the product the first question
which is a hundred thousand dollar million dollar question hits on value
which is how do i create the most value in the product itself the second
question hits on the profit of the product because if it's one tenth of
cost and i have to make it better this means i don't have to do high
margin one-time investment type things to make the entire product more
valuable right so that hits on profit so first is the value of the
product the second is the profit to me right as a business owner and
then the third question hits on the experience which is what's the
customer experience which is everything else that surrounds the product
that we're selling or service that we're selling right what is the
experience

6 00:05:00.000 --\> 00:06:00.000 that has to occur in order for this
customer to become a raving fan that it's so good that they remark about
it they cannot help themselves but remark about it and what's
interesting is that every super wealthy person that i know pretty much
exclusively talks about product and usually the really small people that
i know only talk about promotion and promotion should really only exist
to get your product right and then once it is right then you can juice
it and then let it go and take care of itself and the reason that it's
so important at least in my opinion is that if you think about the six
ways of getting customers right and if you don't know what those are
it's paid media earned media so paid media's advertising right in
promotions uh earned media is followings right if you have any kind of
organic following the third is through your contact list so people on
your phone and your email list et cetera you already own their contact
information the fourth is through manual outbound so that's dms cold
emails cold calls cold all of that stuff where you reach out to people
the fifth is through affiliates so

7 00:06:00.000 --\> 00:07:00.000 partners who can promote your stuff and
the sixth which is the most powerful and the only one that compounds is
word of mouth so think about that for a second every of the other five
ways of acquiring customers is not compounding those are linearly scaled
right it means if you double the amount of outbound people you have you
double the amount of customers that you get if you double your ad spend
you might be able to double the amount of customers you get sometimes
it's less than that but you get the idea they skill relatively linearly
right whereas word of mouth referrals which is the sixth way of getting
customers is the only one that compounds it multiplies rather than is
additive all right if you get two people to tell two people and those
people tell two people then it continues to compound and that is what
creates enterprise value that is what creates an enduring thing and that
is what when you spend the extra time to make the product so good that
people have to tell their friends about it then that's where you get the
unending scale and also is where all the profit is right you don't have
to worry about the turn as much because the product's

8 00:07:00.000 --\> 00:08:00.000 so good you don't have to worry about
the negative reviews because the product's so good you don't have to
worry about customers badminton because instead they're telling their
friends about how good you are and this has been one of the shifts that
has been most helpful for me and honestly what i when i look back on my
own trajectory how much i talk about promotion in the beginning of my
career versus now i talk so much more about people and product the real
nuts of this is that everything that the ultra wealthy do is compounding
it grows with time where time becomes an asset instead of a liability
and if everything you do you have to go out and get more business go out
and get more business go out and get more business right it means that
it requires effort every single day whereas if you put a lot of
front-end effort which is the investment which is the patience right to
make the thing that much better in the beginning then it will pay you in
dividends over time and most people skip that step because they just
want to make the first sale they're just trying to get a customer to
make a sale rather than trying to make a sale to get a customer and so
um anyways i hope you found this valuable um i cover this stuff uh in in

9 00:08:00.000 --\> 00:09:00.000 my book which is basically free it's 99
cents it's the cheapest i could let amazon do it it's called 100 million
offers if you want to grab it i'm donating the 35 cents that amazon
gives you like it gives me um it's for you guys it's everything that
i've learned about how to create offers that uh are so good people feel
stupid saying no um i think it's the number one seller in advertising
and direct marketing on amazon right now um love you all hope you got
value from this if you did hit that subscribe button and i'll see you
guys in the next video lots of love catch you soon bye
