Lessons

Lesson Info

The Top 5% Opportunity

This is the nugget of all and it's hard to do, but when it works it's wonderful and I consider this a go slow to go fast. First of all, most of us the solo entrepreneurs we clearly most of us know but most medium and big businesses don't even know who their biggest customers are it's changing a lot for some because of the technology that they use that real clear they can check sales but considering how deeply we are in technology aa lot of midsize businesses don't why am I saying that it's that cradle principal these are the people that showed that our most lucrative market there are precious thing that we want to take very good care of but gain a warmed up introduction to them is gold, so one of the ways to do it is to ask them to buy something up front. In other words, someone just give you some ideas many people that have small businesses that are physical, they sell pizzas ah floral bouquets, another kind of food things that are wonderful and khun b frequently used they approach th...

ose office buildings, the hr people or the head of a department and say, if you buy up front and next pay x number, then when you want to reward a team with a pizza or something else, you just call us and we'll send it to you so up front, they've taken care of that and they just get to choose when and how they send it somewhere is the level of efficiency and seamless, but the kicker is, and if you do buy up front that much from us, we want to give you a bonus benefit of three elaborate bouquets that you consent when you want to someone else from our partner. So then you gain introduction as people with the bouquet, a warmed up introduction to accompany that might bar by more and vice versa because they do the reciprocal gift. I've also done it with people, which are selling cars like lexus and mercedes and two cases where they want to give their top spenders as something extra that's becoming with their band brand and works well with it. So it's, called on for three years, said, if you stay over the three day weekend that happens to be one of their slower times. We want to give you one day use of the brand newest model of a mercedes fits called on mercedes, so classic basic, but I build down and think that we can all do that to some degree when you're thinking about and you don't want to reduce your price, you want them to spend more up front or you want to give a gift to the top five percent where you're reciprocating partners make the same value now the tricky part is it just may be that more people want my bonus gift or my upfront thing than the reverse some other words let's say we're going to do it for five times worth so I might say you by the new lexus we're going to give you this kind of home service repair so they've done it a lot of ways that I wasn't show would work and the reason I'm saying that is you want experiment a bit you want a company that fits your personality and it doesn't have to necessarily be complimentary in the situation but it's something where it will feel good for your kinds of customers to get it they earn it with an upfront payment that makes it bigger or they've already demonstrated over the past year that they buy buy more and tell others when that happens what's the bonus gift you can give and whose what's the company that would want to offer it you say let's limit our downside risk by saying when it goes up to five l cap it so I can say the first five that do it and it goes up to five for you so they're the same price value of gifts but it doesn't have to be done within a certain amount of time um I've done over forty of these with clients and it's been one of their biggest things because people like getting something for free it's something that happens in psychology and a couple of ways where we're staring at that thing it's the tipper I called that tips you over and thinking why that sounds sort of good I think I'll do that and it might be that you do a joint offer that way to going back to the low cost ones and join offer meaning that you share as as the offer in your individual lists and you see which offers tend to work overtime now we're closing out on this because I want to be able to have stir your mind a bit this is a tough one to think about it has got to be trust that you think the quality of their product and the style of it and it's much smaller product than the one that that amount of money they spent so just think about that forbid if you would and I'll go through and give some suggestions about it but um this is something I would always work towards because a remarkable number of people in the warmed up introduction their lucrative spenders there already bought in because they're so invest in the loyalty of the first company unless this next one is much more dodgy than you think the way it's presented the service is not as good or the product it really is a rapid expansion it's a tighter knit it helps you see who has what traits in common between you so you see oh my gosh they're traits are traits there's more of an overlap than I would have thought now I know this is a big tough one to ask but does anything come to mind about a lucrative top five percent partner that would come to mind for you and then well aware that this may be a tough one obviously a tough one you know it is tough that's good to think about actually while we continue with some slides but maybe you know that's something to think about just when we come back in just a just a moment when the customers spend a certain amount I'm just drilling this down so you see what I've been talking about when they spend a certain amount um there's a reciprocity that's inherent you're doing it both ways you want to settle in the amount of the gift that you're going to give your partner's customer the amount and the kind and have a discussion about it so that's one way you figure out whether it's actually what's right for you whether it really is helpful first you to take this kind of risk um there's another way about that you can collect we become much more helpful if you become much more helpful it's also a tipping point in that so what are you doing that saves them time money or resource is and I'll go back to a couple that we've been doing we're finding that when people has certain specific situations and one of them goes back to one of our students here it's parents of young kids of a very specific age whether it's toddlers kindergarteners fourth fifth graders the more no you get it it's easier to find a way that you can get to those parents and they become bigger spender customer spending customers and you can distinctively think of something else that you'd want to reciprocate about another way to look about being coming collectively coming or helpful is when they're really avid about something when they're added about something they want anyway that makes some better at it quicker at it or gives them an edge. So you think again about cyclist avid cyclist I have a dog owners so sometimes you just think about who's avid you think is there any way that they're ravenous ties to me? So for example, if I'm a super athlete, I might be more prone some athletes to getting a massage more often because I want to be actually being active more than usual or I maybe, um someone you think about the seminal times in life birth, death, divorce, downsizing those are all seminal times where people feel strongly about things what's in the life event where it's something really remarkable you think when that happens there's a way if I'm more helpful them and considering it and one things I see that companies they're struggling with is they don't know how to give meaningful gifts and meaningful ways to the star performers and I truly believe that going back to why do you rob the bank assets for the money is if you think about large companies who happen to have the kind of employees they're the kind that would most like your product, why not say so? You're not selling yourself, you know, as a company I know that you want to recognize your top talent keep them and the spurs spree decor in a filling of teamwork so I've got five different options the things you could give them that would be experienced this because many people want experiences more than products and some of you have certain experiences that you can share with them let them choose among the three of us the five of us members of full powered partnership and see which ones they want so they want to have five massages do they want to have great art that's actually meaningful for them in their space? Do they want to have actually it's a school match where they were there really interesting where the kids going to go so again think where is a large market where they've gotten prosaic and boring and we can create some things more creative and meaningful and the people get a choice in which when they get so having gone through that, you can think of the ways that you can actually make it much more helpful. And so that's, what I'm asking to think healthfulness is a power helpfulness is a power and of healthfulness is a power house specific and you get and the q and a a customer service, the tips make it so colorful, so vivid, so iliff illustrated your co creating it together. Then when you do that, go back to where we started with the utility and say the people are most collectively helpful together are going to be most likely be top of mind when they want to buy and how do you make those tips situation related, brief and so on? And the more partners you have involved, like home helpers, home helpers could be those realtors, electrician's and whatever they're all giving tips together so the realtors should not be in a buying selling homes they should be into helping homeowners and that's a different mission, so you revise the mission. So closing this part out, I'm saying just shift towards everybody. I believe over half the companies do not have the core mission that most helps serve their customer, they have the selling up front rather than who is our customer, what most matters to them and how with partners do we offer the most helpful tips collectively together specific, brief and again you cite other people who you may want to pull in and vet as partners later on so that's stacking up quite a bit in this section, but I want to state concrete about it because each of these involved more vetting, more trust, more close examination, the behaviour and all those things that janine mentioned earlier see them in action, see what they're like in their place, see how they treat their own people, so that closes out this part of it and I just want to say, if you'll just think for a moment I won't be putting you on the spot what's one specific thing if I don't even look at my notes that stuck in my mind from that and that's going to pull you and help you think more what's one specific thing. And so closing up this I want to say we're going to open up the next session with another hero of mind and a partner as well, who is an artist who has an installation at the portland airport one time and who's now the head of an organ of the freelancers union and she's just a very entrepreneurial person rebecca shapiro so she's going to help us dig into this next section and I'm just so very proud of her and that she was willing and interested to partner with me three years ago it was special