Sometimes we all have lessons that we have forgotten. Recently, Dave had to relearn some lessons from Russell on product value.
Tips and Tricks for You and Your Business:
DON’T devalue your product or service! (3:00) Becoming resourceful (7:00) Difference between price and value (9:30)Quotable Moments:
"By adding greater value, the value will overcompensate for any price reduction"
"There is a huge difference between resources, and being resourceful"
Important Links:
FunnelHackerRadio.com
FunnelHackerRadio.com/freetrial
FunnelHackerRadio.com/dreamcar
---Transcript---
Speaker 1: 00:00 Welcome to funnel hacker radio podcast, where we go behind the scenes and uncover the tactics and strategies top entrepreneurs are using to make more sales, dominate their markets, and how you can get those same results. Here's your host, Dave Woodward. Hey everybody. Welcome back to
Speaker 2: 00:18 radio. This has been a crazy, crazy time. I'm actually recording this in my master bedroom of kind of snuck away here during Thanksgiving holiday. The families over there on the other rooms. I went over here to hide to record this, but I didn't want to. I want to make sure you guys got this. Uh, so I just did a facebook live about it and wanting to make sure that I didn't forget the emotion that I was having right now. So I, I've had the opportunity of knowing Russell now going on I think 11, 11 years, 12 years, something like that. Some crazy amount of time and it's been fun for me to see, uh, our friendship grow and change and develop over the years, being a part in click funnels, all that kind of stuff. But the thing I'm always amazed by as I continue to learn from him and there's nothing more frustrating to meet and having to relearn a lesson, it just pays me wanting to kind of capture this.
Speaker 2: 01:06 And so honestly I thought about just calling this the confessions confessions, but I relearned about black Friday from Russell, but I think we changed it so it'll be something more along the lines of, of market less black Friday mark lesson, something like that. Anyways, backstory here. So Russell was heading out of town on Tuesday, spend the holidays with his family down in Utah. I was here in the office and, and uh, uh, Tuesday and Wednesday and our offices were closed Thursday, Friday. So I knew we were kind of coming down to the end. We've never done a black Friday sale before. And I thought, you know what, I'm going to try to provide extra value here to Russell. And uh, she even get a black Friday sale into for funnel hacking live tickets, a Julie's story. And was out. She had some family thing she was out with.
Speaker 2: 01:48 And so I was kinda running the show. They're on a couple of marketing meetings and all that and so I literally, as I was driving into the office thought, okay, what if we end up doing a cyber black Friday cyber Monday sale? So I'm trying to think of what different things we could do and I thought, you know what, why don't we ended up having a to a basically two payment plan option. We've never done it to payment plan option for funnel hacking live tickets. I thought, you know what, that'd be an awesome idea. What a great idea. How to two payment plan for funnel hacking live tickets. It's only good for cyber for black Friday and cyber Monday for those four days. And I know what I should probably just run this by Russell first. So I said on vox a, but I'm sorry. You know what?
Speaker 2: 02:29 I know your family. Everything else. Just while it's. No, I was thinking about doing this and usually Russell's real good at getting back to me on stuff and I realized that this family stuff that, you know, I'll let this slide for a bit and after a few hours and I didn't hear back and I thought, oh, maybe that's not the best idea. And because one of things I'm known for wrestling live have known each other a long time. We know how each other work real well. And so one of the things I know with Russell is he hates to say no, he hates to be the guy to disappoint and hate. No. And so I've learned that for me. Then the best thing to find out is typically way he'll say no, he just won't respond to something. So I'm sitting there thinking, you know what, I'm going to, I'll post this to him one more time and if I don't hear back then that's a no.
Speaker 2: 03:14 So I posted it one more time. Say, Hey, I know you're with family, I just want to kind of run this by before we do this. And uh, we have an inside joke about a guy who's been lily badgering Russell to do consult and this is a guy gets paid millions of dollars for consulting that Russell just doesn't have the time and the bandwidth to work with, but continues just to say, would you please, please? So he's just begging him in and it got to the point where it's like, listen, I don't respond. That's just my way of saying no. So I just kind of put the guy's initials there, said it might be in like this. And he kind of joked about it and vox dyson, all right dave, so this deal, why not, instead of lowering the price, even though it's the same price, instead of doing a payment plan, if you want to do a black Friday sale, isn't there something we can provide a value instead?
Speaker 2: 04:04 And I'm like, oh, of course price is the worst thing to compete on, especially during black Friday and cyber Monday. Because everybody else is doing that. And anytime you're competing on price, it is a race to the bottom. And everybody knows that there's no competitive advantage of being the second lowest price leader. It just isn't. So why in the world be racing to the bottom? And I'm like, oh, I know that lesson and I've said that lesson, I've taught that lesson a million times and yet I'm falling prey to it again. And so I was just kicking myself and go, oh, you got to be kidding me. So we came up with this other amazing thing where it was funnel emerged in which the product that we were sold in the past only in one time offers and fit and it has a $3,000 value, which they huge, huge bonus, which is a much better opportunity for anybody who is wanting to go to funnel hacking live.
Speaker 2: 04:52 But the other lesson about anytime you find yourself in a situation where you're lowering price, even on black Friday and cyber Monday, what happens here is now you are rewarding people for postponing purchases, which is a terrible thing as a business to do. In fact, the last thing you want to do is to encourage people to wait. That's why we use urgency. We use scarcity, all these kinds of things and so I sit there going why in the world where have done that and I was thought I was being so creative and so smart, but it was a terrible, terrible thing to do and then I'm going through some of my facebook posts that I've got this post from Dean Holland and in his his English cheeky way, basically sarcastically posts out there, shout out to all of the product owners and service providers that are about to alienate their trust in customers by discounting their products for black Friday, cyber Monday for the people that didn't buy yet.
Speaker 2: 05:43 And I was like, oh, it was like a knife to the heart and I know Dean's right to. So I got Russell and Dina. I'm like, okay, I totally screwed this thing up. But again, the lesson here I want to make sure you guys gain and get here is anytime. Find yourself trying to lower price in an attempt to gain market share. It's never, ever, ever going to work to your advantage. There has to be a way that you can add greater value and by adding greater value, the value will overcompensate for any price reduction, and so whenever you're looking offers, try to find ways of reducing price, try to find ways to where the value becomes so huge that the price seems ridiculously low because of all the extra value that they're getting. So that was the first lesson. Then the second lesson came this morning where I got this box from Steven Larsen, who's just love the guy to death.
Speaker 2: 06:38 He's just been doing amazing things recently and so he was in our facebook group and we've seen a lot of people complain and say, I just. I just can't afford funnel hacking live tickets. There are a thousand bucks. It's during the holidays and a million different excuses. Now you have to understand there's a. there's a huge different between resources and being resourceful. I've understand there's been a lot of times where I did not have the resources, meaning the money, the cash, whatever it was to actually purchase something, but the key is to find a way of becoming more resourceful. So you can either earn the money or find a different way of doing it. Now, steven has probably been the king of this when it came to funnel hacking live because this first year at funnel hacking live, he became extremely resourceful. He again still in college, didn't have a job, didn't have much money, was building funnels for people.
Speaker 2: 07:25 Thought you know what? I'm going to barter funnels for funnel hacking, live ticket, and I'm going to barter funnels for airfare and I'm in a bar to funnels for a hotel and it's exactly what he did. And because he did that, he not only got the benefit of actually being at funnel hacking live, he also got the benefit of of increasing his skill set by building more funnels, by becoming more resourceful instead of complainants. And I didn't have the money. So back to where Steven's box came in today, it's like, hey russell, Dave, I'm so tired of seeing people say they can't afford it. He goes, I personally think that person shouldn't pay their rent or shouldn't pay their other bills and she by the phone that can I have a ticket first? Because they do that, they'll find a way of paying their rent.
Speaker 2: 08:06 They'll find a way of of paying their bills. If they keep thinking they're eventually going to find a way to pay for fun, I can life. They never will. They'll never change the life. So he said, what if I actually jump on into the facebook group and I'll do a facebook live or something like that in the facebook group and and teach people how they can become more resourceful. And I'm like, Steven, that's an awesome idea. That's a great idea. And I think in everybody's out of town and didn't want to inconvenience people, I think know what, see why don't we do that like the first week of December and will be a great opportunity for us to come up with another offer and I get this little box back from Russell. He's like, Dave, you want to take advantage of this right now when we already have an offer going and like a slap in my face going again, that's like two lessons.
Speaker 2: 08:51 I know this more than anybody else and that is anytime you have a marketing opportunity and slapping you, staring you right in the face, take advantage of a right then and there. Don't think of postponing it because postponing that loses the momentum. It loses the excitement, loses the energy, and I'm sitting there just kicking myself going, Ugh, here I try to be so helpful and both times it backfired on me, but because of that seems actually gonna be doing a facebook live on Monday morning for us and it'll be an amazing facebook live. I'm sure he'll go for an hour plus just teaching people the seven lessons that he learned sitting next to Russell for two years as a funnel builder. The third lesson out of all this and that is whenever you are putting together offer understand there's a huge difference between price and value and the key when you're presenting the offer is you always talk about the value and not the actual price because the value is what people understand.
Speaker 2: 09:51 They perceive it's what they. That's what they're buying. So take for example, if you are to. We have the offer going on right now for funding by the time you listen to his argument pass, but it's a lesson in hindsight you can learn from. So what we have right now is you actually get a 2000, $997 value free, absolutely free when you go ahead and you buy your phone. I can like take before midnight on cyber Monday. The problem is if a person says, well, you know, it's, I saw it as an oto is only $300. If I was to tell the person, listen, you get a $300 product, when you buy a $997 value, they're going to go, ah, that's okay. But if I tell them that you get a $3,000 value, which to me, it's actually worth a ton more than $3,000. Considering all the values in that product is insane.
Speaker 2: 10:43 You have a $3,000 value for free when you purchase a $997 funnel hacking live ticket. So real quick summary here, understand first and foremost, never, ever, ever, ever compete on price because all it does is it alienates your best buyers. It also frustrates them because it encourages people to wait and so you lose urgency. You lose scarcity and you're doing everything wrong. He's got completely opposite of how any marketing should be done. Second, if you have a marketing opportunity staring you right in the face, take advantage of it, don't postpone marketing opportunities. They're there for a short period of time. And the third thing, always, always in your offers, talk about value and not about price. When you're talking about the value they're going to be receiving. So with all that said, if for some reason you have not purchased the funnel hacking live ticket, I don't know why I don't.
Speaker 2: 11:37 I honestly, I don't know why, but for some reason you haven't. Please go to funnel hacking live.com and get your and get a ticket. I would love to see you guys meet me there and say, you know what, Dave, I listened to that episode during Thanksgiving and I'm here because of that. That would be like awesome, or if you buy your ticket because you listened to this, send me a personal message or whatever. I would love just to see that this resonated. It made sense. Anyways, I hope you have an amazing day. I can't wait to see you guys at funnel hacking live in Nashville, the 20th through the 23rd of February. Again, funnel hacking live.com. Get your tickets and please take the heartless three lessons that I had to relearn from Russell today. So amazing. Have a great time and we'll talk soon.
Speaker 3: 12:18 Everybody. Thank you so much for taking the time to listen to podcasts. If you don't mind, could you please share this with others? Rate and review this podcast on itunes. It means the world to me or I'm trying to get to as a million downloads here in the next few months and just crush through over 650,000 and I just want to get that next few 100,000 so we can get to a million downloads and see really what I can do to help improve and get this out to more people. At the same time, if there's a topic, there's something you'd like me to share or someone you'd like me to interview, by all means, just reach out to me on facebook. You can pm me and I'm more than happy to take any of your feedback as well as if there's people you like me to interview, more than happy to reach out and have that conversation with you. So again, go to Itunes, rate and review this, share this podcast with others and let me know how else I can improve this or I do to make this better for you guys. Thanks.
