Why Business Is A Game of Margins, Not Volume – How To Sell High-Ticket Products & Services Ep. 1 | Big Money Investing Review
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I don’t hear about them I’m actually quite sick that’s why my voice is not as optimal is as usual but not gonna let that affect my performance okay cuz I’m here to deliver okay so get ready take notes how to sell high ticket products and services how does I sell how to get product and services question number one what would you consider as high ticket for you does y’all yell the number ten grand hundred grand okay ten grand five ten twenty K okay ten thousand ten thousand half-a-million yes so we’re talking anything from from anything so it depends on your comfort level some people what mic say oh it’s it’s 3000 or 5000 or 10000 so one good ship with you today applies from there as little as $3,000 – as much as it could be half a million dollars even million dollar contract a lot of the strategies and the tactics would apply of so everything in between is $2,000 things $5,000 $10,000 thing last year my business partner we sold a contract to a pharmaceutical pharmaceutical company for $800,000 us to one month sell $800,000 us so it’s the same function is the same psychology the same ideas would apply so don’t feel like oh you know what what what then what you’re saying might not exactly apply to me is the same okay so let me go through the seven reasons why you want to sell high priced products and services that you you might not aware of you might not wear first reason the reason number one is more profit and less what hassle less hassle when you sell a high ticket item you make more higher profit margins everybody knows that but here’s the thing within your your marketplace most of your competitors my guess is they’re not comfortable selling at a high or they don’t know how to sell at a high price so very few companies you notice yes there but then there are companies who do well something you know low margin products such as Walmart right it’s Walmart but you notice if you read you look at history before warm out there was came on boys came on God before that they were Sears with Sears God almost God barely breathing yeah okay so what happens is when you are selling at a low price when you are in a commodity business when you’re selling to the to the general public the problem with low prices is it’s not a sustainable advantage in business write this down competing on price is not a sustainable advantage in business because it’s very very easy for someone and come in to your space and say I’ll charge you less I’ll charge you charge X I’ll charge Y so your advantage of all we guarantee the lowest price some morons could just come in and say we’ll we’ll sell 20% less than you your advantage it’s gone instantly okay and they could maybe how the hell do they do that I mean I’m barely making a profit well a lot of companies they go into marketplace knowing they are basically using the capital and say I’m going to I’m going to grab market share I’m going to acquire these customers and a loss just to put you out of business just to put you out of business they might know well you probably won’t last six months away if we have enough cash the last one year you’re gone when you are gone then they become the game in the marketplace and then they check up the price again so and also customer in infrastructure it to serve more clients at a low price it requires bigger more infrastructure ie more customer service they can office more people more shipping handling everything it’s more so it’s rights and more complex infrastructure personally and this is my personal preference I like to keep my business lean mean and simple I’m not a big fan and they’re people who make a lot of money doing that and that’s kudos to them just my personal preference I like to keep my business lean and mean and simple if I can hit my goal my financial goal with 1,000 customers versus 10,000 customers I prefer 1,000 customers you’ve gotta hit my goal with a hundred customers I pay for 100 customers than 1,000 customers ok so more profits less hassle but here’s the cool that I have business is a game of margins not volume in fact we pit after me business is a game of not volume some entrepreneurs to say what but then I’ll make it up in volume and I’m doing half a million I’m not making my margin it’s like this oh if I make 3 million then my margin would go up don’t bet on that don’t bet on it do not bet on it so business is a game of margins not volume I was watching how many have seen the the the show the profit okay if you guys have not seen the show watch the show I don’t watch a lot of TV but that’s a great show to watch it’s like a mix of kitchens nightmare combined with Shark Tank Dragons Den kind of touch show so the profit of what was what you want the episodes so basically Marcus who is the CEO of Camping World billion-dollar company he goes into these businesses and try to fix them and help help the business owner he would put in the money but they were also put in a time and effort and investors expertise and turning around the company one of the episodes I was watching Marcus when it is this meat packing business ok the business the meat business has been around for many many many years I think I think if I remember correctly 75 years or something like that they’re doing 50 million dollars a year in sales 50 million it’s a little bit of money on that a lot of money right 50 million cells for 400 grand in losses every year you might think how to help could have come in 15 million dollars a year in business and yet lose 400 grand and also there are four million dollars in debt in debt in loans and everything else and when Marcus Lucas looked as in that God’s business he has 30 K 30 K 30 grand cash in the bank to say that the business is in trouble is an understatement okay so if you think wow 50 million dollars a year so because business is a game of Marge’s love volume it doesn’t mean anything this business is so close when Marcus looks at number they are weeks weeks away from bankrupt weeks away seventy-five years of history weeks away from bankrupt so think about that not testing so guys do not believe what the ladies tell you because size matters size matters okay I’m talking about transaction size okay some of you are thinking about something else transaction size matters it does matter okay so let’s take a million dollars as an example just to make a million bucks you have a few ways you could go let’s see if you sell a $25 product you get 40,000 customers you make a million dollars yes oh itself $50 product you sell to 20,000 customers you make a million dollars okay a hundred dollar products 10,000 customers on million dollars or one thousand dollar product one thousand customers a million dollars or ten thousand dollar product only a hundred customers you make a million dollars now you might be thinking but then a hundred dollars versus ten thousand dollars does that mean it takes a hundred times more effort to make a ten thousand dollar sell versus a hundred dollar sell what do you think no no no because think of in terms of to sell that 100 dollar product do you see you have to do marketing there’s two costs involved and to get there 10,000 customers nowadays cost money I don’t care what you sell it costs money they’re quieter customers 10,000 on the other hand well I only get a hundred customers to get two million hmm and what if I don’t get 100 customers you get 80 customers let’s just do a counter grant does that make sense so look at this numbers and look at death from your from your business look at your business where your ad at huh yeah man if I’m selling a $50 thing [ __ ] I need 20 customers to make a million sales revenue not profit this is hit a million or if I want sells what if I scan increase the price if I can sell at a premium price how would that affect my business to let things just think to sink in a little bit ten times your finances 10 times your business ten times your marketing ten times your life hit the subscribe button 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