Sometimes the best business lessons are learned outside of business.
You can spend big on courses, watch hours of videos and read reams of blog posts. But sometimes you just don’t catch on until life drops the same lesson in your lap.
I had the chance to catch an Electric Light Orchestra show here in LA. (They were a favorite of mine growing up.) And since their mastermind, Jeff Lynne is getting up in years I thought this might be my best last chance.
What I wasn’t expecting was when I went online to buy my tickets, I’d get a lesson in how to make more money in my business.
The arena seating map for the show revealed something important on the types of offers that can maximize your profits. There it is. Can you see it?
Look again. Closer. Still no?
OK, let me tell you exactly what it is. Along with three amazing insights on what people really look for and want. And how to offer it..
** The best, most expensive seats go first ***
Even though they’re the priciest, the most expensive seats are the ones that are most in-demand. Because when you provide people with an experience they treasure and yearn for, they will find the money. But then came something that was totally unexpected:
** The next most in demand seats were the cheap sets ***
Yep, that surprised me too. Those seats are either really high up, really far back (or both). You definitely won’t get an up close and personal look at the performers. But guess what? Surprisingly, many of them are gone.
But then came the real shocker …
** The mid-priced seats are the last to go. ***
Look at those massive swaths of blue available seats. They’re not the best seats, or the worst seats. They’re the ones smack dab in-between. But they’re still available … and a lot of them.
So what does this tell you? And how can you apply these ideas to your business?
*** INSIGHT ONE: High Value / High Ticket Delivers (even if you’re a newbie)
Yeah, I know: You’re not famous yet and you’re not a guru. But you might be surprised that as long you offer a game-changing product or service that delivers a high-impact outcome, and you know how to position it, package it and message it …
… there are people in your tribe and in your audience who will pay a premium to take advantage of it. I know that doesn’t seem true. But it is.
When I was starting out I was always surprised that no matter how much saying that big monthly fee number made me sweat, how often my prospects jumped at the chance.
Tip: If you want to experience this in your business stop selling the stuff (sessions, email access, PDFs) and sell what the stuff makes possible.
*** INSIGHT TWO: The BEST outcome is one they already want ***
This is crucial! Too many of you are trying to “convince” your market they “should” want what you’re selling. (Trust me: Jeff Lynne didn’t have to “convince me” to come to his ELO concert). Get out in front of something they already want, and use your talent and ability to show them how they can have it faster.
*** INSIGHT THREE: Your next most important offer is your entry level ***
It’s true: A lot of people won’t take the leap for your elite level service, but they still want to benefit from what you offer. Or they may be intrigued enough with you to want to give one of your programs a spin. So you want to satisfy that demand with a more affordable product.
So … do I ditch the mid-level programs entirely?
No … and here’s why:
Your mid-level programs are a great alternative for the folks who are inspired by your highest level of service (and the outcomes they deliver) but just can’t swing the price.
They can also be a good option for more cautious folks who liked your entry level, but aren’t ready yet to make the leap to your top of the line offering.
The thing to note about mid-level programs is they don’t have the buzz and excitement of your elite level programs, or the low-risk of your entry level.
So they don’t sell first.
But they are great to have as options after you have dialed in your elite and entry level.
So to wrap it all up in a bow:
A surprising number of people will first shoot for the best possible experience and payoff. And if its the one they really truly want, they will extend themselves in order to pay for it.
The other large group will opt for a way to have a taste of that experience at a lower cost and risk.
The mid-level catches the rest: The folks who need more than an entry level but can’t afford the premium. Or the folks who want some of the buzz of the premium, but can’t quite make the price.
