Sell To Players With Money
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NOTE: This is based on a dialogue between Late Dr. Sunny Obazu Ojeagbase (Dr. SOOJ) and his mentee (Ronald Nzimora)
Dr. SOOJ: So let's do a quick one. How much is your monthly income goal?
Ronald: Ummmm, ummm.
Dr. SOOJ: You don't know your monthly income goal?
Ronald: =N=1 Million. My monthly income goal is =N=1,000,000 per month.
Dr. SOOJ: Right now, do you have the resources to reach it every month?
Ronald: Sorry Sir, I don't know what you mean Sir.
Dr. SOOJ: What I mean is: what are you currently selling? For how much? How many people do you have on your list? Do you have any on-going sales partnerships?
Ronald: No Sir. I don't.
Dr. SOOJ: When was the last time you ran an ad to sell your product?
Ronald: Last month Sir.
Dr. SOOJ: Last month? What kind of business person are you Ronald?
Ronald: *Bowing in shame. Afraid to look into the big man's eyes*
Dr. SOOJ: Well, here's something you must understand.
A business person must be promoting EVERYDAY. You must have sales coming in everyday.
You must have people seeing your ads, making enquiries everyday and buying.
Otherwise, sooner or later, you'll face the same problem that kills most businesses - CASHFLOW.
Once your cashflow dries up. You will no longer be able to attract customers, and your business will die.
Ronald: Yes Sir.
Dr. SOOJ: So again, what's your monthly income goal?
Ronald: =N=300,000.
Dr SOOJ: Hahahahahahahaha! You just cut it by more than 2/3rds. Still my Dear, you don't have the resources to make it happen. You just said so yourself.
Ronald: Yes Sir.
Dr. SOOJ: Okay, here's what to do. You have skills that will make you money every month.
For example, create an offer to write salesletters for other marketers who advertise in Success Digest.
Or you can create an information product that helps a market segment solve a problem.
Make the offer irresistible, and charge a fair price. A fair price of course is subjective. It's based on how much value you're bringing to the table.
If you want to charge higher, you must be raising the value you bring on.
Ronald: Yes Sir.
Dr. SOOJ: So let's say your goal is to make =N=1,000,000 per month.
Divide that by 30 days which makes up one month.
This means you must earn at least =N=33,334 naira everyday, right?
Ronald: Yes Sir.
Dr. SOOJ: Okay, this also means that if you create a product/service and charge =N=33,000 for it, you need about 31 clients each month to hit your goal of =N= 1 million naira right?
Can you realistically get 31 clients per month?
Ronald: Yes Sir. I think I can.
Dr. SOOJ: Of course you can. But what if you charge =N=50,000 for your product, now instead of 31 clients, you need just 20 clients.
Which is easier? Getting 20 clients per month or getting 31?
Ronald: Getting 20 Sir. It's smaller.
Dr. SOOJ: Good. And all you need to do to charge that extra and bump your price to =N=50,000 is to increase the perceived value of your offer.
And how do you do that? How do you increase the perceived value of your offer?
Ronald: By making it more tempting I guess?
Dr. SOOJ: Well, how do you make it more tempting?
Ronald: Errrm...
Dr. SOOJ: I'll give you an illustration.
Take an airline for example:
It's mostly divided into 3 components - Economy, Business and First class.
Economy class is the cheapest. Seats are cramped, and you're served a cup of bland tea or water - you choose, maybe a snack, right?
Ronald: Yes
Dr. SOOJ: On the flipside, First Class, costs at least 10 - 15 times what Economy costs.
But the perceived value is different.
You have room to stretch your legs, even sleep. You choose what you want to eat, and you can eat as many times as you want, you just need to ask. You get a bottle of fine wine, plus in-flight entertainment (you also choose). With some airlines, you even get a makeshift bed so you can sleep.
Now people who pay 15 times more for a First Class ticket do it because
1. it's obviously far more valuable and convenient to them.
2. they can afford it.
You see the pattern?
Ronald: Oh yes Sir I see. *nodding my head*
Dr. SOOJ: So what you need to do is increase the value of what you offer and sell it to those who can afford it.
It takes the same amount of energy, time and effort to sell a product/service for =N=50,000 and more as it takes to sell it for =N=5,000.
The difference is who you're selling it to.
Ronald: Wow! I see!
Dr. SOOJ: Oh yes! That's why First Class seats are advertised inside Forbes, Time and Ovation magazines etc and not inside Complete Sports for example.
Ronald: I get it now Sir.
Dr. SOOJ: This does not mean you can't create and sell products for =N=5,000, you definitely can. All I am saying is always as much as possible determine who the correct target market is you want to sell to for the price you have decided to sell, and create products at their level.
Ronald: I totally get it now. Thank you very much Sir.
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As I left his office that day, I did the sign of the cross, a new vista had been opened in my mind.
Though it took me many months to get it down to a science and make it come to me naturally, I am might glad for the education I got from Dr Sunny Obazu-Ojeagbase that day.
It made me see possibilities.
It gave me so much clarity.
So my questions to you today is...
1. How much is your income goal?
2. How many sales do you need to make to reach your income goal?
3. Who is your target market?
4. What product do you want to sell to this target market?
5. How much do you want to sell it for?
Blessings, always.
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