3 Mistakes That Keep Your Business Stuck Pt .2

Reasons Your Business Can’t Scale

On a recent video I talked about reasons your business can’t scale today I’m going to show you five more reasons your business can’t scale when I say scale. I’m not talking about incremental growth I’m not talking about growing your business 10 per year or five percent per year I’m talking about end over end growth I’m talking about 100 growth 200 growth 300 growth I’m talking about the kind of growth that when you have it it changes your life that’s what we’re going to talk about in this video.

Not Enough Leads

There are five reasons we’re going to cover today your business can’t scale reason number one is not enough leads you don’t have enough leads. So you’ve got to resolve that problem um now before I even go into not having enough leads in case there’s anybody watching this who doesn’t have a business you don’t even know what a lead is let me describe what a lead is a lead is somebody who has some level of interest in hearing what you have to say about your offer because of a problem they already know they have that’s Elite okay now you don’t have enough leads for a myriad of reasons maybe you don’t have enough leads because you didn’t even know you needed to have leads right and so so one of the things that I learned to do when I first got started as an entrepreneur I got started in the financial services business I learned how to Prospect and I’d go out and I’d talk to strangers and I’d I’d I’d just knock on doors sometimes I talk to friends I talk to neighbors I’d walk up to some stranger and just start talking to them one of the things that I’ve discovered as I’ve developed Proficiency in sales is that prospecting is largely a waste of time instead you would be better off to generate leads because then you only spend time talking to people who’ve already raised their hand.

Okay so how do I generate a lead well I generate a lead by getting some get giving somebody something they already desire to have in exchange for something I desire to have so most people think that promotion is marketing right so what do they do they go out they hand out flyers the only thing maybe in the world that’s worse than prospecting is handing out Flyers Flyers are a ridiculous waste of time effort energy and money if you are a business owner and you’re handing out flyers I know you’re broke so let’s fix that what do we do first stop handing out flyers what do you do next you start generating leads instead of handing out a flyer figure out a problem you know your ideal client has or better yet five problems or better yet seven problems if they’re 14 that’s even better and then you solve those problems for that client don’t have so many that it becomes overwhelming so somewhere between 5 and 15 is a good number okay um and so you want to create what we call a lead magnet why do we call the lead magnet because a magnet attracts something so you want to create something that attracts someone so if I were in financial services today I would create a lead magnet that says something like this the five biggest mistakes married couples make that cause them to have Financial Devastation or the five biggest mistakes marriage married couples make that lead to bankruptcy then and I would use that to generate leads of married couples then I would do one the five biggest mistakes single parents make that lead to bankruptcy then I’d make one the you could you could literally take that one headline the five biggest mistakes doctors make that cause them to end up in bankruptcy the five biggest mistakes plumbers make the five biggest mistakes electricians make and you can decide on you can make the same exact lead magnet for a wide array of different avatars individuals particular types of clients okay the five biggest mistakes they make now why do I say the five biggest mistakes um before I do that let me tell you let me give you a belief that I have belief number one the biggest mistake most business owners make in lead generation and I usually only teach this on my make more offers challenge but I’m going to teach it right now not as in depth but I’m going to teach It Anyway the biggest mistake business owners make when they generate leads when they’re attempting to generate leads is they’re attempting to generate leads towards pleasure so they’ll say seven steps to seven figures okay the scam alarm goes off in people’s mind when they read that when you make somebody a promise who doesn’t know you they automatically don’t believe you like why would you do something good for me I don’t even know you so you have to understand human nature some and human nature says.

Not Good at Sales

Maybe you’re this person maybe you have plenty of leads you’re just not good at sales. People say things to me like, “Myron, I get people on the phone, but I just can’t close them.” Well, let me tell you something, that’s a learned skill. It’s not something you’re born with; it’s a learned skill.

Ineffective Sales Process

Maybe the second reason you’re not good at sales is that you have an ineffective sales process. Now, what is a sales process? A sales process is simply a sequence of events that happen when somebody expresses interest in what you have. For example, they opt-in for your lead magnet, and then what happens? What’s the next step? What’s the step after that? What’s the step after that? What’s the step after that? What’s the step after that? Right?

Most people don’t have a step-by-step sales process that they can take people through that leads to a sale. They’re just winging it. They’re just making it up as they go. They’re hoping that if they talk to somebody long enough, that person will eventually say, “Okay, I’ll buy.” Well, that’s not a sales process; that’s just hoping. That’s just wishing. That’s just praying.

Lack of Confidence

The third reason you’re not good at sales is that you lack confidence. People can hear it in your voice; they can see it in your body language. When you’re not confident, people don’t trust you. And if people don’t trust you, they’re not going to buy from you. Confidence is key in sales.

Inadequate Follow-Up

The fourth reason you’re not good at sales is that you have inadequate follow-up. You’re not following up with your leads. You’re not following up with your prospects. You’re not following up with your customers. You’re just letting them slip through the cracks.

Weak Offers

The fifth reason you’re not good at sales is that you have weak offers. Your offers are not compelling. Your offers are not irresistible. Your offers are not so good that people can’t say no. Your offers are just kind of, “Eh, okay, maybe.” But they’re not like, “Wow, I need that right now.”

So, those are the five reasons why your business can’t scale. If you want to scale your business, you’ve got to address these five reasons: not enough leads, not good at sales, ineffective sales process, lack of confidence, inadequate follow-up, and weak offers.

Remember, it’s all about end-over-end growth, not just incremental growth. You want to change your life, and these are the keys to doing it.

Sales Is About Helping, Not Convincing

The number one reason people who are bad at sales are bad at sales is because they are thinking about themselves. They’re thinking, “I hope this person says yes because if they say no, what will I do? I’ll be crushed. I really need to make a sale so I can make a commission.” This self-centered thinking is detrimental to sales success.

The best thing you can do to get better at sales is to become obsessed with the problems of the people you sell to. You need to shift your focus from yourself to your potential customers and understand their needs and desires.

Sales Is About Persuasion, Not Convincing

People often confuse convincing with persuasion. Convincing is trying to get someone to do something for your reasons, while persuasion is helping them make a decision they already desire for their own reasons. To be persuasive, you must know your customers’ motivations and care more about their needs than your own.

Presentation Skills vs. Sales Skills

Many people think that being good at giving presentations is the same as being good at sales. However, presentation skills alone won’t make you a successful salesperson. The speaker shares a personal story of creating an excellent presentation but struggling to make sales for 18 months. Being good at presenting is not the same as being good at selling.

To transition from being a good presenter to a good salesperson, you need to understand that selling is about helping people solve their problems, addressing their needs, and guiding them toward making decisions that benefit them. It’s not about convincing or self-centered thinking.

If you want to excel in sales, you must focus on the customer, be empathetic, and develop the skills necessary to address their concerns and provide solutions.

Positioning Is Crucial in Selling

What is more important than the presentation in selling? It’s the positioning of the offer. The positioning of the offer is more important than the presentation itself. In fact, the speaker mentions that they would prefer to have great positioning with an average presentation than a great presentation with average positioning.

Positioning is about creating a context for your offer. It involves making your offer stand out by showing how it compares to other options. The human mind learns through contrast, so if you don’t position your offer effectively, people will naturally compare it to something less valuable or more costly.

Positioning by Contrast

One common way to position an offer is by contrasting it with something less valuable that costs more. For example, if you’re selling a coaching program, you can position it as a more valuable investment compared to buying a luxury car. The car might be enticing, but it won’t make you money or improve your skills, while the coaching program can potentially help you earn more in the long run.

Positioning Against College Degrees

The speaker also mentions that many people spend a significant amount of money on college degrees, often around $120,000 or more. However, the return on investment from a college degree in terms of income potential is often limited. In contrast, some coaching programs or skill-building opportunities can provide a higher income potential at a lower cost.

Understanding Customer Desires and Pains

To be effective in selling, it’s essential to understand the desires, pains, and pleasures of the person you’re selling to. This understanding allows you to craft your offer in a way that addresses their needs and shows them how your product or service can help them avoid pain and gain pleasure.

The Importance of Questions

Questions play a significant role in selling. By asking questions, you can uncover the specific desires and pain points of your potential customers. This knowledge enables you to tailor your offer and messaging to align with what they truly value and need.

In summary, effective positioning, understanding customer desires and pains, and using questions strategically are crucial elements of successful selling that go beyond the presentation itself.

Honoring Your Promises

One of the critical aspects of building a successful business is honoring your promises. If you’re not delivering on your promises, it can have a detrimental impact on your reputation. Negative word of mouth spreads faster than positive word of mouth, and people will eventually discover if the products or services you sell are subpar. To succeed, you must be so good and honorable that you’d rather keep your word and deliver on your promises, even if it costs you time, effort, energy, or money.

The Challenge of Having Character

Having character, being honest, and maintaining integrity in your business dealings can be challenging. It’s hard to be punctual, truthful, and to do what you said you would do, especially when it’s not convenient or when it requires more than you initially expected. However, these qualities are essential for building trust and a positive reputation in the long run.

Profit Margin in Your Business

Profit is another critical factor that can hinder business scaling. There are three primary reasons for not having enough profit in your business:

1. Selling Services: If you primarily sell services, it can be challenging to scale because services often require your time to fulfill. However, scaling is possible through automation and delegation, where you leverage technology and employ others to handle some of the work.
2. Products vs. Services: The speaker prefers selling products over services because they find it more scalable. They sell books, courses, services, coaching, and more. The coaching offered varies, with group coaching being more common and one-on-one coaching being rarer but at a premium price.
3. Maintaining Pricing Integrity: It’s crucial to maintain pricing integrity in your business. If you start making concessions on your pricing, you risk undermining your credibility and the perceived value of your offerings. It’s better to stick to your pricing structure and ensure you’re providing excellent value for what you charge.

Commodities vs. Value

In business, it’s crucial to distinguish between selling commodities and selling value-added products or services. Here’s an explanation of the key differences:

1. Commodities: A commodity is a product that has only utilitarian use and no perceived value beyond its intrinsic functionality. Commodities are typically undifferentiated, and customers often choose based on the lowest price available. For example, a box of nails is a commodity because customers typically select based on the lowest price, as there is little perceived difference between brands or types of nails.
2. Value-Added Products/Services: Value-added products or services offer more than just the basic utility; they provide additional benefits or transformations. These products or services solve specific problems or meet particular desires, making them more valuable in the eyes of customers. The speaker emphasizes that the real value of what you’re selling lies in the transformation it offers to customers.

Profit in Your Offers

Insufficient profit in your offers can hinder business scalability. There are two primary reasons for this:

1. Commodities: When you sell commodities, profit margins tend to be thin because competition often dictates the pricing. Since customers make decisions based on the lowest price, it’s challenging to build substantial profit into commodity sales.
2. Pricing Based on Others: Another reason for insufficient profit is pricing your offerings based on what others are charging, especially when those others didn’t have a high-profit margin in their offers. Instead of copying prices from competitors, it’s essential to understand the value your product or service provides and price it accordingly.

Charging Premium Prices for Premium Value

The speaker shared an example of how he initially priced his product at a premium value offer, thinking nobody would buy it. However, customers did purchase it, which led him to raise the price further. He realized that people were willing to pay for transformation and value. Charging premium prices for premium value is possible when you understand the unique benefits your product or service provides and communicate that value effectively to your audience.

Pricing and Competition

Nobody offers stuff at the price I offer it at. Nobody. I don’t know anybody. Maybe somebody does if they do their copying off of me, but I don’t know anybody who does it. I’m not patting myself on the back; I’m just telling you I don’t know anybody who does it. Why? Because I didn’t base my offer on their offer. I based my offer on the transformation I knew I could bring.

Reasons Your Business Can’t Scale

Okay, that’s the third, fourth reason your business can’t scale. The last business you’re using, the last business your reason can’t scale. I used to talk now, just read about it.

Sales Events and Continuity

The last reason your business can’t scale is that people don’t buy often enough. Like, you don’t have people buying from you often enough. The reason you don’t have people buying from you often enough is, number one, because you don’t have sales events often enough. It blows my mind. I teach people one of the things I teach people how to do is I teach people how to do challenges, right? How to do a sales challenge or like an offer challenge. And so they create this offer, and they do a challenge, and they make four hundred thousand dollars. They say, “I’m going to do that again in six months.”

Consistency and Scaling

Why would you wait six months? Put that thing on rinse and repeat, baby, right? And so they don’t… They don’t have sales events often enough. That’s number one reason they don’t have clients buying often enough. The other reason they don’t have clients buying often enough is because they have no continuity program. Continuity means you sell it once, but they pay for it from now on, like your cell phone, like your electricity and your water and your gas. Those are all continuity programs: your Netflix, your Apple Music. Those are all continuity programs.

Achieving Success

So when you wrap your mind around this idea that if I do these five things, if I generate more leads… Do you realize right now, if you’re generating no leads and you start generating a hundred leads a month and you started converting ten of those leads on a thousand-dollar offer, that’s ten thousand dollars a month. That’s an easy path to ten thousand dollars a month. And then you do what you said you’re going to do, so when people talk about you, they talk good about you, they don’t talk bad about you.

The Power of Continuity

And then a percentage of the people who buy your thousand-dollar product, they want more access or they want to achieve something that’s bigger, right? Or they just have bigger aspirations. If you create a ten thousand-dollar offer and offer it to some of those people, a percentage of the people who take your thousand-dollar offer are going to buy your ten thousand-dollar offer. Why? Cognitive dissonance. Maybe… I mean, cognitive bias, like cognitive dissonance. Maybe I mean cognitive bias. What’s cognitive bias? Some people will buy the ten thousand-dollar thing to prove to themselves and others that they didn’t make a mistake when they bought the thousand-dollar thing. Just human nature.

Personal Journey

It’s human nature. If I work with human nature, human nature works for me. If I work against human nature, human nature works against me. Does that make sense? Are y’all tracking?

Conclusion and Inspiration

So what we want to do is we want to make sure that we are not making these mistakes. If we don’t make these mistakes, our business has to scale. It’s not that it can scale. It can’t not scale. It has to. Generate more leads, get good at sales, deliver on your promises, create some high-profit offers, and then get some continuity. It’s so fascinating to me because like, if you remember back to a time in your life where you weren’t doing as well as you’re doing right now, all of us can remember that, right? Can I get a witness?

Personal Journey Continued

Okay. Back then, the thought that you could be doing as well as you’re doing now never crossed your mind, right? Well, just like as good… Like, you might be doing twice as good now as you were doing back then. You might be doing five times better now, ten times, twenty times, a hundred times. Well, just like you couldn’t conceive doing better this good then, how good you’re going to be doing in ten years, you can’t perceive that now.

Motivation and Encouragement

Like, you can’t even wrap your mind around it. When you’re not doing it yet, but I’m telling you, ten years ago, it felt so hard to me. This was not clear in my mind. You know what’s clear in my mind? I used to be rich, now I’m broke. I feel like an idiot. That was clear in my mind. That was very clear. I used to be rich. I used to have more money than I had time to spend, and I am broke, raking and scraping and borrowing money on the title of my car. Like, this is not what… This was not a part of my entrepreneurial vision.

The Path to Success

But guess what? These things right here created the rise of the Phoenix. It’s a whole different story now. I remember I was talking to Jerry, one of my mentors, back in probably 2013 or 14. No, 2015 probably when Tai Lopez was really, like, killing social media. Like, “Jerry, how much you think Tai makes?” He said, “I don’t know, man. Probably about eight hundred thousand a month.” And Jerry was guesstimating because he buddy knew Tai, and he was… It’s not like they had a conversation. So I’m not disclosing Tai’s income, right? He said, “Probably eight hundred thousand a month.” And I thought to myself, “Eight hundred thousand dollars a month? What do you do with eight hundred thousand dollars a month? Like, if my mind couldn’t wrap around it…”

Empowerment and Reflection

I was like, “I don’t… What are you talking about, man?” He turned my brain into mashed potatoes that day. Eight hundred thousand dollars a month. If we don’t do at least eight hundred thousand dollars a month, well, more than that, we’re having a bad month. I was broke ten years ago. I’m not… I’m not… I’m not… I’m not telling you this to impress you about me. I’m telling you this to impress you about you. Are y’all picking up what I’m putting down?

Final Thoughts and Encouragement

In June, we did seven or eight million dollars in June in one month. And I’m not saying that to brag. I’m just telling you, if it’s possible for me, it’s possible for you. This all I do is this stuff. All I do is the stuff in that Boston’s book. That’s it. I don’t do anything else. I ain’t fixing none of that. I ain’t… I ain’t getting bored with them, just getting paid with it. So if you will do these things, your business will scale. Not my scale, not a hope it’ll scale, not I think it might scale. Your business will scale if you do this. Period. Thank you for watching.