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  • Hey, it's Marie Forleo and you are watching MarieTV, THE place to be to create a business

  • and life you love. And this is Q&A Tuesday except it's not a normal Q&A Tuesday because

  • I'm not answering the question today. Once again I have a special guest. He's been on

  • the show before and I'm so pleased to have him again. It's my friend New York Times Bestselling

  • author Ramit Sethi, who wrote I Will Teach You to be Rich. Ramit, thanks for coming back

  • on.

  • How's it going?

  • It's going awesome. And we're gonna have some fun today because one of the things I love

  • about you, you're a great entrepreneur, you're a great teacher, you sell information products

  • and training programs and you're quite successful at it. So congratulations. And I know your

  • products and your services... you actually don't have services. Your products help a

  • lot of people. I have a lot of folks in my audience who also would like to sell information

  • products and training and one of the most common questions I get asked is, "Why is my

  • product not selling? I've put so much work into it, so much heart and soul, no sales."

  • And I have a feeling that you may have an answer that can really help people out.

  • There's a lot of reasons and I studied them systematically over the last few years. I...

  • my first info product was a $4.95 ebook. Which I still...

  • Was it really?

  • Yeah, it was called Ramit's 2007 Guide to Kicking Ass. And I still laugh at how naive

  • my marketing was and my pricing and recently my... I sold a product for $12,000. So along

  • that entire gamut of understanding what works and what doesn't, I've been sort of watching

  • and learning and testing different approaches. One of the biggest things I find is we are

  • not specific enough with who it is we're going after and what our product does. So, for example,

  • I have a course that is called Earn 1K on the Side. And it's helped a lot of people

  • earn 1, 2, 5,000 dollars a month on the side while they keep their full time job. it took

  • us 6 months to get that name. Right? You'd think we were just sitting around drunk in

  • the back of a like... our office like, "Oh, Earn 1K on the Side." No. Think about it,

  • when you're talking about earning more money there's an infinite number of possibilities.

  • Make more money, there's those scammy get rich quick things, there's all... live a better

  • life through more income. Why did we call it Earn 1K on the Side? And then I'm gonna

  • tell everyone how to apply this to their own life. Earn 1K because many of my successful

  • readers end up earning tens of thousands of dollars. But if I say Earn 10K, what do you

  • think people think?

  • No way. Impossible. I can't do it, not gonna happen.

  • I'm not the kind of person that could earn 10K. But 1K, yes. And, by the way, 1K for

  • most of us, 1K a month is life changing.

  • Yes.

  • Then on the side what we discovered in our research was people believe if you talk about

  • earning more money, they have to quit their jobs and start the next Google. Wrong. You

  • can earn money on the side while you have a full time job. So this radically changed

  • our positioning and it enabled us to really do well with that course and help people earn

  • a lot of money. When I look at some of the products... and I've done a lot of research

  • on your students and your readers. And when I gave a talk last year at RHH, I studied

  • them very carefully. And I noticed that a lot of them use very similar phrases.

  • Yup.

  • And a lot of them... the courses and products and services are in the relationship or financial

  • area. So help you get your business up, help you find love, etcetera. And not many of them

  • were as specific as they could be.

  • Yes.

  • So I'll challenge your readers right now. If you are trying to help your clients with

  • their relationships, I would say who are you targeting? And when I asked this question

  • at the talk I gave, many people said, "Women." I was like, "That's not specific." So I said,

  • "How old are these women?" And they said, "25 to 54." Ok, there is virtually nothing

  • identical about a 25 year old woman to a 54 year old woman. Nothing. In fact, if you're

  • talking about love, a 24 year old woman thinks of love totally differently than even a 34

  • year old woman. And, by the way, what if the 34 year old woman went to an Ivy League college?

  • She thinks of love even differently. So getting really specific... to be able to say, for

  • example, I'm targeting let's say 24 to 29 year old young women who are interested in

  • X, Y, Z, and this is what they're doing. The second question to ask is, who am I not targeting?

  • And that brings us to a whole nother question of why we don't get specific.

  • Yeah, let's talk about that for a minute because every time in many of my programs when I talk

  • about being specific and drilling down, people freak out because, "I don't wanna leave anyone

  • behind and my information can help everybody." And I understand that the intention behind

  • that is very admirable because they believe in what they do and they really do wanna help

  • as many people as possible. But from a business and marketing perspective, it's shooting yourself

  • in the foot.

  • Yeah. In a world of infinite choices, when you see something that is not directly for

  • you, you close the window and move on. So if I'm let's say a young man and I'm looking

  • for some shirts and I go onto this website, Nordstrom.com or whatever, and I see this

  • shirt and there's a... so I click to zoom in and there's a guy modeling it. And it's

  • a guy that kinda looks like me, he's young, you know, he's wearing these kind of shoes.

  • I'm like, "Alright." Then I click to the next photo. The next photo there's like this 16

  • year old little punk with a skateboard and now I'm like, "Wait a minute." And then I

  • click to the next one and there's this grandpa who's on the beach with, like, you know, Dockers.

  • And socks.

  • And white socks. And I'm like... what do I do? Close the window.

  • Yes.

  • Because it's not for me. What this site has tried to do is appeal to everyone, but ironically

  • they've turned us all off. 16 year old punk doesn't want me and he definitely doesn't

  • want Gramps. And Grandpa doesn't even know how to use his computer, so he's not even

  • looking at this website. So we have a big problem here. We have a really big problem.

  • The point of this is, you have to be able to say who you're targeting as well as who

  • you're not targeting. And while on the first hand it does seem like why would I want to

  • shut people off?

  • Right.

  • You have to understand that you're not trying to appeal to everyone, you're trying to appeal

  • to the right people. And when you do that, when you can get deeply into their mind and

  • understand what it is they want, you can tailor your product and service exactly for them.

  • You can use the language that they use. Again, a 24 year old young woman looking for love,

  • her language around relationships totally different than a 45 year old looking for love.

  • Totally different. We all know that. So put yourself in the mind of your client. If they're

  • 24 and they're looking for X, what language are they gonna use? What are they gonna look

  • for? How much are they gonna be willing to pay? And if you're looking at helping 44 year

  • old clients, they have a totally different mindset. They're probably willing to spend

  • a lot more.

  • Yup.

  • Alright? They probably have a very different phrases and words that they use. And when

  • you can reach directly into what they want, in fact will you find that not only will your

  • clients become happier, your business will dramatically grow because price will become

  • a mere triviality. You're actually solving their problems by getting specific.

  • Love it. Ramit, this is genius. So let me give you a typical example of something that

  • I often hear in the words of some of my clients and some of my readers. And I know they need

  • to drill down and be more specific, so I'd love to hear how you'd handle this. So many

  • people want to build their business around empowering women and empowering women to,

  • you know, find their life purpose and live it out and have the life of their dreams.

  • What would you say to someone who wants to do that, because it feels very general. How

  • would you get them more specific?

  • Hold on.

  • I love that we kind of fried your brain for a second because...

  • I'm speechless for the first time in 30 years.

  • Yeah.

  • So they wanna empower women to live the life of their dreams.

  • Yes.

  • Ok, so let me tell you, and I just heard this for the first time just now, let me tell you

  • 5 ways that I believe these clients might be empowered to live a better life. They might

  • buy a nicer shirt. They might get a better haircut. They might get a better car. They

  • might make more money. They might find the life partner that they deserve. Ok, so are

  • you selling cars or are you selling relationships or what... what is is that you're selling?

  • Right.

  • Empowering is a good word, but it's so general that without some kind of additional positioning,

  • it is meaningless.

  • Yeah.

  • And what happens is a lot of us will look at really large companies and say, "Well wait

  • a minute. Coca-Cola, they sell happiness." Well Coca-Cola's been around for over 100

  • years and they have a multi billion dollar market cap. So they can do that because people

  • know what Coca-Cola represents. When you're starting off, nobody knows who you are. So

  • if a client or a potential client, a prospect, goes to your site, put yourself in their mind.

  • What are their hopes, fears, and dreams? And when you say empowering women, let's get really

  • specific. Are you talking about helping them with their relationships? Or with their job

  • and their career? Or their finances? If so, I would suggest starting off with one of those,

  • nailing it. Because one of the best things you could do when you're getting specific

  • is to show 3 or 4 testimonials of before and after. You know who does this really well

  • is P90X. You know the workout regiment?

  • Absolutely.

  • Love their site because it is so simple, it's not particularly beautiful. But if you go

  • there, you see ultimate specificity. You see the skinny guy who got big, you see the fat

  • guy who got toned, you see the post-pregnancy woman who got back to her pre-pregnancy weight.

  • You see every single specific niche and you're like, "That's me." And you click it and you

  • read it and you say, "That's me again." Buy. So what could you do on your site and in your

  • positioning to make somebody come and say, "That's me. She described my problem, she

  • described a potential solution, and best of all she showed me an example of 2 or 3 other

  • people who went through this process and came out on the other end. And they're exactly

  • where I wanna be in my life."

  • So I love what you just said. So why don't you come up with our MarieTV challenge for

  • today. And it sounds like it's a little bit of a before and after.

  • Let's do a classic before and after. I'll challenge each of your readers to take their

  • current positioning whether or not they have a business, even if they just have an idea

  • for a business. What is it right now? What's your before? So I wanna help empower women

  • to live their authentic lives and authentic best selves and... whatever that phrase may

  • be. Now let's take it to the after. Let's get really, really specific. We did instead

  • of make more money, we did Earn 1K on the Side. Instead of helping you find, you know,

  • true love, maybe it is Helping You Find Your Perfect Relationship for the Ambitious Career

  • Woman. Ok? Niche it down, get ultra specific. And I think... it's hard. It's not easy. But

  • when you do that, you're gonna see the power of how specific you can get and now you know

  • exactly who you're targeting.

  • Love it. Ramit just laid down an amazing challenge. And remember, the best action happens after

  • the episode at MarieForleo.com, so make sure you go take our before and after challenge,

  • leave a comment below, and we will see you there.

  • Like this video? Then subscribe and share it with your friends. And if you want even

  • more insights from me, resources all kinds of great things to create a business and life

  • you love, get your butt over to MarieForleo.com and make sure to sign up for email updates.

  • Ramit, thank you so much for being here. It was awesome.

  • Thanks for having me.

  • Now you need to stay on your game and keep going for your dreams. The world needs that

  • special thing that only you have. Thank you so much for watching and we'll catch you next

  • time

  • on MarieTV.

Hey, it's Marie Forleo and you are watching MarieTV, THE place to be to create a business

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