Boss Moves Myron Golden | Book Summary | Myron Golden Boss Moves Book Part I

Trashman to the Cashman

Speaker and trainer with 24 years of experience in the area of sales marketing and financial literacy. He has coached several seven-figure and eight-figure business owners. He charges twenty-five thousand dollars for an hourly consultation, so you can imagine how much value he provides in each consultation, and people are willing to pay him twenty-five thousand dollars for an hour.

The Book: Boss Moves

The book “Boss Moves” is a written format of the Million Dollar Roundtable discussion during Funnel Hacking Live 2021, hosted by Myron Golden. Myron Golden devoted two hours of his time to this Million Dollar discussion, and he crafted this book from that coaching. Funnel Hacking Live is a virtual and live program conducted by Russell Brunson and his ClickFunnels team.

Without any further delay, let’s get started.

Myron Golden’s Perspective

So, starting with the book, Myron Golden says that it is easier to make a lot of money in a short period than to make a little money over a long period. Basically, as many people do, they get into a kind of obscure business that takes a long time to make a small amount of money, but they neglect the money they can make from premium buyers, such as selling those High ticket offers. So this book will help you to understand the secret of selling High ticket offers or generating wealth fast. Let’s dive deeper into the book.

The Three Boss Moves

The first section of the book is about the three boss moves. Let’s first understand the meaning of “Boss moves.” Here, Myron Golden says “Boss” means “Business Optimization Success Secrets” that came from the Million Dollar Round Table. Now, let us talk about “Boss moves.” There are three moves that we need to take to generate wealth fast.

Move 1: The Right Business Model

First is the right business model. There are basically four types of business models. Each businessman is associated with these four types of business models:

1. Entrepreneur: It is a business model that talks about people who sell a low volume of product at a low price, so you can see here, LV times LP, and ultimately low profit. When they sell a low quantity of products with lower prices, of course, they make less profit. This model is represented by LV times LP, meaning low volume and low profit. Myron Golden advises staying away from this business model.
2. Waltopreneur: This business model focuses on selling products or services in high volume but making low profits. Walmart, for example, is an example of this model. Sam Walton, who was once the richest man in the world, made millions of dollars with Walmart. But if a normal person like you and me can’t start this business because we have to have a huge amount of money and need to sell a high volume of products to make such a huge profit. You can do well in this business once you have a huge product volume, but the major drawback of this business model is that you have to sell a very high volume to make a high profit, so it is really difficult.
3. Entrepreneurs: This business model focuses on selling a low volume of products or services and making high profits. An example of this model is a coaching program that teaches people how to make fifty thousand dollars by investing five thousand dollars. The expenditure is very low here. Once you have created your product and it is ready to serve, then your next job is to just promote the product. If you have a social media channel or if you run ads to drive traffic, you can make a huge profit by spending less money. In this model, you will make a huge profit by delivering massive value. So, it makes sense that you have to deliver massive value to earn that huge profit. This business model is really good if you are someone who runs your own business, meaning you don’t have any team. Then you can run this business model.
4. Wealthopreneur: Myron Golden says that this business model is one of the best business models. This is a business model of a boss’s business model. This model focuses on selling a high volume of products and making a high profit. So, this model helps you to generate wealth faster than any other model. Now we will take the same example of a coaching business we saw in the entrepreneurs’ model. Now, if you can hire a team to build a proper system to bring a high volume of traffic, you start generating a high volume of leads and sales. So, you finally have a high profit that is incomparable to any other model. So all you need to do is to install a proper automation system in your business and hire a team that can manage everything.

The Mindset of High Ticket Selling

The last model that is the “Wealthopreneur” reveals the mindset of high ticket selling. Here, Myron Golden says it is easier to sell a fifty thousand dollar offer than the five thousand dollar offer. The simple reason behind that is human psychology, and this is the most beautiful thing I have ever heard. The simple human psychology is that if you are the cheapest, no one believes you are the best, and if you believe you are the best, then they don’t expect you to be the cheapest. This is what made a huge mindset shift in life. Imagine you got to know that you have a heart problem. What do you search for? The cheapest heart surgeon? Definitely not.

Pricing for the Best

You will search for the person who is the best heart specialist in the town, and you know that if you’re searching for the best, then it should not be the cheapest. You know he will be the costliest. So, to be the best, you have to charge the highest. Now, a lot of us might think that pricing high will be an issue, but the truth is that when you focus on value, price is never an issue. If you just price high, I mean you are just charging high and not offering value, then this is definitely a sure formula for failure. So, you need to be very careful when you price high. Make sure that whatever the price you are charging, the customer can get 10x value or 10x return on the price they are paying. When you promise them that result, then the price is never an issue. You should always focus on selling the payoff, that is the massive payoff that they are going to get when they purchase from you. If you are charging high, then they are definitely looking for the payoff that they will get from your offer.

Choosing the Right Business Market

Now, let us discuss the boss’s second move, which is the right business market. There are basically three kinds of business markets: commodity market, middle mass markets, premium markets.

Commodity Market

In the commodity market, people talk about the price. It is price-sensitive. For example, crude oil, gold, and grains are some examples of raw materials that are commodities. And this market is price-sensitive because it is a market that trades in the primary economic sector, rather than manufactured products.

Middle Mass Market

In the middle mass market, people talk about cars, houses. In the middle markets, Myron Golden says that he doesn’t like this market because the price is set by the cost of the goods, not by the value of the goods. So eventually, less profit margin. We saw earlier that if you want to make more money, then you have to provide 10x value, but this market is cost-based; it is not a value-based market. So eventually, you will make less profit.

Premium Market

The premium market always has a higher profit margin. It is where you sell your high-ticket offers and make a high profit. This is the market of premium customers where you generate wealth fast. So if you want to generate wealth fast and make more money, then you must serve this market because the premium buyers are existing here. The reason you think it is difficult to sell high-ticket products or high-ticket offers is that you are selling to broke people or people who always look for cheap stuff. If you want to sell high-ticket products, then you have to sell only to the premium buyers, and then only you will be able to make more sales and more money.

Crafting the Right Message

Finally, boss’s third move is the right message to the market. If your message appeals to everyone, your message appeals to no one. Yes, it’s true. If you try to sell your offers to every person, you will end up selling to no one. You should sell only to the specific group of people resonating with you. To deliver the right message to the market, you need to figure out how you can produce a big payoff. Myron tells that one of the things he discovered on the path of creating wealth is that you never make more money than the amount you allowed yourself to think of as a lot of money. If you don’t allow yourself to think about the big amount of money or you only limit yourself to thinking about a small amount of money, you will make that amount of money, respectively. So, it depends on you how you think about money. Your real problem is who you think you are. The worst than you are not. Remember, you will never make more money than you are allowed to think about yourself. Myron says that he doesn’t allow himself to think about less than one million dollars. When someone asks him how much he charges, he says that he charges one million, but he assures that he will help them to make 12 million within a year. So this is what happens when you have the right mindset about money. If you don’t allow yourself to think about more money, then you will never make more money. So, you should never limit yourself only to less money. You should always think beyond that, like you can achieve a huge amount of money. This is all a mindset game. When you have the right mindset, you will always achieve the right thing.

The Four Core Areas to Grow the Business

Now we have arrived at the most important area of this section, which is the four core areas to focus on to grow the business like a boss. These four core areas are: lead generation, lead conversion, customer ascension, customer retention.

Lead Generation

When leads come into your business, you can take your business to the desired level you want. When you have a proper system in your business, you can generate as many leads as you want. For example, today you have a system and you are generating 100 leads, and you have an offer that is $1000, and you are having a 10% conversion. So how much you are making out of 10 conversions, that is, you have 10 customers buying, you are generating $10,000. Now, if you tweak something in your lead generation system, like you are spending some time understanding things or understanding what works and implementing the new sources of capturing leads, you can easily double up the flow of the leads. Previously, if you had only 100 leads, now, after tweaking your lead generation systems and using new resources and tools, you are generating 200 leads, and you have the same offer price, i.e., $1000. Here also, you are getting a 10% conversion, so now you are making $20,000. This is the power of lead generation. You need to have a proper lead generation system so that you can make more money.

Lead Conversion

Previously, our lead conversion was 10. If we can improvise our system so that we can increase our lead conversion from 10 to 20, then we can make more sales and generate more revenue. This can be done by creating a better marketing message, focusing on attracting the right kind of clients in a narrow niche, talking about the big secrets in your webinar, and talking about breaking the big domino in your webinar. You can do a lot more things to increase the conversion rate when someone enters into the system. Meaning when you’ve captured the leads, now they entered into your system. So, you can increase the conversion rate by improvising the above-mentioned points. Previously, you made $20,000. Now, if we can increase the conversion from 10 to 20, we will make $40,000. This is a massive change from making $10,000 to $40,000.

Customer Ascension

Customer ascension means helping your customer to move to a higher level or selling them a higher-level product so that their journey becomes easier and smoother. We can see there are a lot of businesses that have a segment of customers who would be willing to pay if they are offered a high-ticket offer. For example, Starbucks is known for the best coffee, but they also have coffee makers that they sell and offer to a small segment of their customers. With an average percentage of conversion, they make additional income at the end of the year. The income they generate by selling coffee makers is very huge because the coffee-making machine is expensive, and the conversion rate is also average. So, they are making additional income at the end of the year. This is what customer ascension is. When you have a business, always try to focus on having a high-ticket offer. Taking our previous example, just imagine that you got 200 leads, and you are getting 20 conversions from your $1,000 offer, and you are making $40,000. Now you have a high-ticket offer, and the price is $10,000. You have a total of 40 customers who already purchased your $1,000 offer. If out of these 40 customers, there is a 10% conversion, which means you are having four customers. So, you are making four times $10,000, that is $40,000. This is crazy, as you are making an extra $40,000 just by creating a high-ticket offer. This is what helps you make more money when you have a high-ticket offer.

Customer Retention

A lot of people make a mistake that after selling their front-end offer, they stop selling. This is the biggest mistake they make, and that’s why they don’t make enough money. When you have a customer, what you need to do is build a continuity program like a subscription offer. You need to have a kind of monthly subscription plan so that you can hold customers for a long time. This will help you make additional income at the end of the year. This could bring an additional $100,000 per year, depending on your offer. If your offer is great, expensive, and a high-ticket subscription offer, then you can make $1 million or half a million dollars, and that depends completely on your offer.

Delivering More Value in the Marketplace

Now, we are going to talk about how to deliver more value in the marketplace. You have seen some people have a higher level of income, and some people have a lower level of income. There is a big reason behind that, and the reason is that income is the result of the value created and offered in the marketplace. The amount of value that you create in the marketplace, you make money accordingly. There are four levels of value we bring to the marketplace and make money accordingly.

Implementation Level

At the implementation level, you are the person who does the thing. You are the implementer. Implementers are the people who actually complete the task on their own. They don’t go to the third person to get their work done. For example, car mechanics or constructors are implementers. They produce value in the market, but one thing that limits creating value is their time. Suppose if you are a constructor, then your time limits value because you trade your time to make money. You have only 18 hours in a day, and you try to produce value in that limited time. That’s why you create limited value in the marketplace. The average wage range in level 1 is between minimum wage to $80,000 in a year. Level 1 is often very active, in the opposite of passive income. The resource that you use at this level is your muscles or energy.

Unification Level

At the unification level, you will be using your management skill to unify laborers and workers to work for you. For example, if you have a team of 10 to 30 people, then you can unify them to work for you. At this level, you bring more value to the marketplace through a team of 10 to 30 implementers. When you are unifying people like the implementers, those people who use their muscles to add value, and you are unifying them at one place and using them to deliver value, then you can deliver more value compared to the first level. The average income range in level 2 falls between $80,000 to $150,000. At this level, you are focused on buying back your time by hiring workers for your tasks. The resource that you use at this level is your management skill.

Communication Level

Here, you use your words to create wealth, i.e., your mouth or communication skill. For example, if you are an actor, a singer, a salesperson, or a YouTuber, then you are delivering value in the marketplace or creating value in the marketplace through your mouth or your communication skill. The value created in the marketplace at this level is more than at the other two levels. You use your communication skills that create a higher impact and higher income while helping others. Because you are delivering value through your communication skill or your voice, you create a bigger impact in the life of others. The income range for level 3 is between $100,000 to $1 million, and the resource that you use at this level is your voice.

Imagination Level

Imagination is the fourth level of value creation. At this level, you use your creativity and innovation to create value in the marketplace. This is where you think outside the box, come up with groundbreaking ideas, and develop new products or concepts that can change the way people live or work. Imagination is not limited by physical resources or time constraints. Instead, it leverages the power of ideas and innovation to create massive value.

Examples

Another example is Tony Robbins, who is an entrepreneur as well as a coach. He has transformed so many lives with the help of his mind and imagination. So many people are getting inspired by him daily, and he has been coaching so many people. The last example is Warren Buffett. Warren Buffett is an investor who uses his money to generate wealth. This is where people make money at this level with the help of their money and imagination. They deliver or create the highest level of value in the marketplace. The income for level 4 can range from 1 million to billions or you can say infinite. The bigger your ideas, the more value you create, and the more people you serve, the more money and love you will receive back from the marketplace. In level four, all you do is focus on creating ideas that serve the masses. The resource that you use at this level is your mind and money. That’s why this is the highest level of value created in the marketplace.

Boss Skill: Selling

Finally, we have arrived at the final part of this section, which is the boss skill you must master if you want to make a lot of money and want to transform many lives. Then you have to be good at selling. Myron here says selling is uncovering the value of what you have to offer so well that people are happy to exchange the money they have in their pocket for the value you give. People will only pay you for solving their problems. They are not going to pay for the problem that you want to solve. You want to solve a problem they know that they have. So, the bigger the problem is for the person you are solving for, the bigger amount of money they will pay you for solving the problem. If you want to solve a problem that people don’t have, then you will not make any money. So, if you want to make money, then you have to solve the bigger problem people are facing by talking to the people, and you’ll understand what kind of bigger problem they have. And if you can solve the problem, and they know that if you can solve the problem, then they will always pay you the bigger amount of money.

The Skill of Persuasion

Now, the boss’s second skill you must master is persuasion. Remember that persuading is not convincing. Selling is not about making someone purchase. So when someone is trying to convince you to buy something, it’s like they are convincing or trying to get you to buy something even though you don’t desire it. But the actual persuasion is helping people to make a decision they already decide to make for their reason. That’s why if you want to be very good at selling, then you have to be very good at listening. Here listening means active listening. Every great salesperson knows that listening is the most important of all sales skills. So if you are not a good listener, then you will never make any sales. The core of the persuasion skill is the content and the context. Content is a solution or the transformation that your prospect seeks. Content is a material matter or medium contained within the works that are available for your audience. So content is your teachings, your practical ideas that they can implement, and they can get the result. Whereas context is the frame that you put it around content. Context is the positioning of the content, context is the positioning of the content storyline or purpose that provides value to the audience. For example, it could be in the form of an audiobook, it could be in the form of a book or ebook, or it could be in the form of a video or anything. Never sell the process; always sell the payoff for the massive result. When you try to sell the process, people don’t understand anything, and it becomes very complicated because they don’t understand what process they will be going through. When you talk about the result, that means you are talking about their desire, so they will understand then and the sales will happen. A lot of people never make 150k or 1 million sales because they never think about the problem of the premium buyers. If you want to make a one million dollar sale, then you need to first figure out the one million dollar problem. You need to have a one million dollar offer, and you need to think about the big payoff as the 10x payoff that you are going to give them when they will purchase from you. Always figure out the high-value results that you can create for the business owner, create high ticket offers to serve your best.