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Business coach Robin Waite helps coaches, consultants, freelancers and small business owners build businesses that make double the income with half the clients. Each week you get one of two kinds of episode. In solo episodes, Robin shares the frameworks, mistakes and lessons from over 20 years in business. On The Business Bench, he sits down with a real business owner and coaches them live through their biggest challenge, from pricing and finding clients to cash flow and confidence. Everything comes back to three pillars: 1. Your offer. Build a product you love delivering, that gets real results. 2. Your pricing. Charge two to three times what you do now, without the guilt. 3. Your lead flow. Attract the right clients and turn them into paying ones. Robin is the international bestselling author of Take Your Shot, Fearless Pricing and The Fearless Business Blueprint. Through the Fearless Business Accelerator he has coached hundreds of business owners. Grab a free signed copy of Take Your Shot: https://www.fearless.biz/tys Book a free coaching session with Robin: https://www.robinwaite.com/app More at https://www.robinwaite.com and https://fearless.biz
Episodes
Feb 11, 2022
Feb 11, 2022
27 min
Essentially buying expensive things gives you pleasure, so we can apply some basic principles to our products in business as well. In short there are surprising benefits to having an expensive product in your suite of core products.
In this episode I talk about:
- The blind taste test of two bottles of wine - essentially scientists switched the labels on two similar bottles of wine and the most expensive still came out on top both times
- Apply Pareto's 80/20 principle to your suite of core products - focuses on increasing profits by removing the 20% of products producing the lowest profit
- Also 80/20 your clientbase by removing the 20% of clients who contribute the least profit to your business to increase profits and create more time for yourself
- Sometimes you can leverage high-priced products that don’t sell very often:
- Mobile phones (iPhone, 128gb @£949, 512gb @£1249, 1tb @£1449)
- Cars
- Coffee
- Communicate expertise, Costco sells a $600,000 diamond
- Prestige - Think Jack Daniels Black Label versus Single Barrel ($50 a bottle), Silver Select ($120 a bottle) or even Sinatra Century ($600 a bottle)
- Use Expensive Products as a Gimmick to Create Free Publicity - the £8,000 haircut in the Guinness Book of Records
Why most business don’t have a super expensive offer:
- Because they don’t think anyone will buy it
- But because it’s not on the shelf nobody EVER WILL BUY IT!
- Frank Kern talk about “putting offers out there”
Resources and links
- Book a free coaching session with Robin: https://www.robinwaite.com/app
- Free signed copy of Take Your Shot: https://www.fearless.biz/tys
- Free copy of Fearless Pricing: https://www.fearless.biz/fp
- Take the Fearless Business Quiz: https://www.robinwaite.com/quiz
- Robin's YouTube channel: https://www.youtube.com/RobinMWaite
- Work with Robin: https://www.robinwaite.com
About Robin Waite
Robin Waite is a business coach, professional speaker, and international bestselling author. Through the Fearless Business Accelerator he has helped coaches, consultants, and freelancers productise their services, fix their pricing, and build businesses that deliver double the income with half the clients.
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