$100M Offers Audiobook Part 5

Hey guys, welcome to the special collaboration between The Game Podcast and $100 Million Offers, the audiobook. Today we're going to talk about offer enhancers, specifically scarcity and urgency. First off, the difference between the two. Second off, the ethical ways of using them in business and the unethical ways of using it, which I highly don't recommend. Long term, you'll lose money. So definitely use it the right way and make more money. That seems like the best thing to do. Hope you guys enjoy. And hey, if this podcast has been useful to you, share it with a friend. You know, I took a year to write this book and it took me 2 days to record this audiobook for you guys. If it takes you 15 seconds to click share on this and send it to a friend or share it on your stories, it would mean the world to me and might even mean the world to someone else. Section 4: Enhancing Your Offer. Scarcity, urgency, bonuses, guarantees, and naming. But wait, There's more if you order today. Every infomercial in the '90s. May 2019. Arnold Schwarzenegger's home. After School All-Stars fundraiser. The line of cars outside Arnold's house was around the corner, and we were in one of them. We were sitting in our Uber when a security guard with an earpiece, black suit, and black sunglasses knocked on the driver's window. It was like straight out of a movie. The driver rolled down the window. Name? Alex and Leila Hormozi. He scanned the list on his clipboard, nodded, then checked off our names. "Great," he said. His demeanor transformed from stern to inviting. "Welcome to the fundraiser. Stay in this line. You'll make a left, then security will escort you the rest of the way." The security guard talked into his walkie-talkie to the next post down the road, signaling our car was approved. Pulling in front of the estate was like entering a Bond movie. Lamborghinis, Bugattis, Ferraris, and brands of cars that are too expensive to even speak of. Old guys with young, scantily clad girls, A-list actors, celebrities with millions of followers were recording themselves as they arrived, talking to their iPhones, to their audiences and us. The fundraiser was $25,000 per ticket to attend with an invite list of only 100. There was a red carpet and all. Every year, the fundraiser culminated in a big auction for memorabilia and items some of the business owners in the audience gave away for charity. We walked around looking at the entertainment stations purposely devised to get donors in the giving mood. We saw $10,000 scotches, $500 cigars, pre-released items from major brands that wouldn't be available to the public until months later. And of course, the most expensive cuisine you could imagine. Layla and I were just soaking it all in. It was a wonderful night. We definitely felt like cool kids. Ben, the CEO of the charity, saw us looking lost and walked over. He took me by the arm and introduced me to some of the other donors. These were all men who were older than me, donating $100,000 and up without a second thought. The man he introduced me to was one of the charity's biggest donors. He had built an ultra-high-end jewelry and watch business. I'm talking $100,000, $500,000, $2 million plus rare status symbols that people buy only so other 0.001 percenters know they belong. He had donated upwards of $700,000 in merchandise as prizes for the fundraiser that evening. "Alex and Leila, meet George," Ben said. "He's been very generous with his time and money to the cause. George, this is Alex and Leila. They're donating $1 million tonight to After School All-Stars." "I figured you are both good people and wanted to connect you two." "Nice to meet you," George said with calm and weathered eyes. He was in his late 60s, tall and sturdily built. You could hear his Eastern Bloc origins in his accent. He sounded like a man who had fought tooth and nail to be here, but had softened his demeanor for a gathering such as these. But the tiger with the teeth and claws remained under the surface, ready to be called upon at a moment's notice. I felt like I understood this guy. Ben broke the ice. So George was the one who got me to raise the price from $15,000 per ticket to $25,000. We had more demand than ever this year, but I took his advice. I cut the amount of tickets we sold and raised the prices. That's right, George said, content that his sage business advice had been followed. When demand increases, cut supply. He perked up slightly because we started talking about money. This man had built his business from nothing and had found ways to sell things for extraordinary profits by understanding human psychology. I had long learned about supply and demand, but this guy was using its psychological underpinnings to fuel a fundraising. You could take the tiger out of the jungle, but not the jungle out of the tiger. People want what they can't have. People want what other people want. People want things only a select few have access to. He was dead right. They had raised an extra $1 million that night before the event had even started by cutting the supply of tickets and raising the prices. On top of that, all the people were more qualified than ever to be big donors. The night ended being the most successful night in the charity's history, raising nearly $5.4 million from only 100 people. That's $5,400 a head. Each of the items was auctioned off as a one-of-a-kind item, and if you missed it, you'd never have a chance to buy it again. Arnold even threw in some bonuses when two people would get high enough in the bidding, allowing the charity to get both donations. It was a masterful display of human psychology at work in a setting where people knowingly overpaid for products. The products remained unchanged, yet within this setting, an item that wouldn't sell at a different venue for $10,000 sold for $100,000. That's how powerful scarcity, urgency, and bonuses are, and breaking down how to use them to further increase demand for your offer without changing your offer is the purpose of this section. Author note: other persuasion powers at play. Scarcity, urgency, bonuses, and guarantees were not the only persuasion tools being employed to get egregious prices at the fundraiser. They also use commitment and consistency, status, peer pressure, goodwill, celebrity endorsements, competition, etc. However, scarcity, urgency, bonuses, and guarantees are the four that I will be breaking down in this book, as I believe they're the ones that belong with the offer and less with the actual selling, which I will talk about more in depth in Acquisition Volume 4: $100 Million Sales. The delicate dance of desire. Pictured in the book is the supply and demand curve. Fundamentally, all marketing exists to influence the supply and demand curve. We artificially increase the demand for our products and services through some sort of persuasive communication. When we increase the demand, we can sell more units. When we decrease the supply, we can sell those units for more money. The perfect profit combination is lots of demand and very little supply, or perceived supply. The process of enhancing your offer is designed to do both of these things: increase demand and decrease perceived supply so you can sell the same products for more money than you otherwise could and in higher volumes than you otherwise would. Over a long enough time horizon. The new supply-demand curve pictured in the book is the curve that has been shifted to the right by bonuses, scarcity, urgency, guarantees, and naming so that you can get more units sold at higher prices. Author note: This assumes a regular business who is not trying to gain mass market penetration for some other strategic advantage. Desire comes from not getting what you want. In fact, I heard this quote that I love from Naval Ravikant: Desire is a contract you make with yourself to be unhappy until you get what you want. It follows, therefore, that we only want things we do not have. As soon as we have them, our desire for them disappears. Therefore, if we seek to increase the demand, or desire, we must decrease, or delay, satisfying the desires of our prospect. We must sell fewer units than we otherwise can. Let that sit with you for a second. Consider this example: we promote some 2-day workshop that is upcoming. First, we whisper that it's coming. Then we tease it with some benefits. Then we shout that it's launching in a week. Then when we launch this amazing workshop, we have two supply-demand scenarios. Scenario 1: We sell 10 units at $500 each, sell the entire pyramid of demand at a price that everyone says yes to. Scenario 2: We sell two one-day workshops, one-on-one, for $5,000 each. We skim the top of that pyramid with 80% of people not being able to purchase or choosing not to. It's worth noting that each of these prospects have different buying thresholds. In my experience, demand for services is nonlinear. Instead, I found demand to be fractal, aka 80/20. In other words, 1/5 of prospects are willing to pay 5 times the price or more. In the example, I might have 10 people willing to pay $500, but 2 of them willing to pay $5,000. So I would make more, have lower cost, aka more profits, provide more value, and increase the demand in the remaining prospect base by selling fewer units. Think about how exclusive scenario 1 versus scenario 2 would feel. Think about all the people who would want to purchase but would not be able to. Would this increase or decrease their desire? It would increase it, of course. On top of that, if people see that others who are able to get in are loving it, it would further increase their desire. And the next time they would act with more urgency and be willing to pay more for the same thing than they originally did. So now in the aftermath of our second scenario, we would still have 8 people who have unsatisfied desire. This increases their desire further. And to boot, we now have new prospects who weren't in the original pool who now want what we have. The next time we promote Scenario 2, we then open up 3 spots at the same price and sell them all, still leaving some prospects with pent-up demand. This is a continuous theme. Conversely, if we were to promote Scenario 1 again, the $500 price point, we would probably sell fewer slots the second time around. Why? We have no pent-up demand. All desire has been fulfilled. When you, quote, pull the trigger too early, each successive instance we promote, we sell even fewer. Eventually we run out of sufficient demand to even make a single sale. This is the sad state many businesses find themselves in, always trying to generate more demand to make another quick sale. Or Mosi Law: the longer you delay the ask, the bigger the ask you can make. The longer the runway, the bigger the plane that can take off. We must endeavor to keep our supply and satisfaction of desire under the demand that we are able to generate. This maximizes profits and keeps desire ravenous in our customer base. This is the real key to never going hungry. Summary points: the reason I titled this subsection "Delicate Dance of Desire" is that supply and demand are inversely correlated, in theory. If you satisfy zero desire, aka provide zero supply, you will not make money, and eventually people will leave feeling rejected. Note: It takes much longer than you think. Conversely, if you satisfy all the demand, you will kill your golden goose and not know where your next meal will come from. Mastering supply and demand comes from the elegant dance between the two. If you sleep with your significant other every day, they have less desire than if you haven't slept with them for a week. We want the ravenous prospect, not merely the aroused. Therefore, understanding the interplay between these variables is key to enhancing the offer and the amount of profits you will make over time. Up to this point, we have covered all the things inside of your offer that can make it immune to price comparison and transform regular services and products into things that people will find a way to pay for. It would follow that the next variable that can make your offer more desirable is how it is presented. In other words, the outside variables that position the product in your prospect's mind. These forces are often more powerful than your core offer. In the next section, enhancing your offer, I will show you how I: 1. Use scarcity to decrease supply to raise prices. And indirectly increase demand through perceived exclusiveness. 2, use urgency to increase demand by decreasing the action threshold of a prospect. 3, use bonuses to increase demand and increase perceived exclusivity. 4, use guarantees to increase demand by reversing risk. 5, use names to restimulate demand and expand awareness of my offer to my target audience. I will define each, then give you examples on how to use them. We will use all of these variables to enhance our offer and shift the demand curve in our favor, leaving our customers always wanting for more. We will start by tactically stimulating fear of missing out, a.k.a. FOMO, through scarcity. Hey guys, real quick, we have a physical copy and a Kindle version of this book. It's on Amazon, and that's for those of you who didn't know it's available. If you like consuming multi-formats like I do, I'd recommend picking it up. I promise I'm not trying to break the bank account here. I mean, it's available already for free on my, on my podcast, but unfortunately they don't print books for free. So if that sounds good to you, go check it out on Amazon. If not, keep enjoying. Chapter 11: Enhancing the Offer. Scarcity. Sold out. Scarcity is one of the most powerful and least understood forces to unlock unlimited pricing power. If you want to learn how to sell air for millions of dollars, then pay attention. The reason for an authority like a doctor, a celebrity like Oprah, or celebrity authority like Dr. Oz or Dr. Phil can charge egregious rates is because of implied demand. People assume that there's a lot of demand for their time and therefore not a big supply of it. As a result, it must be expensive. That being said, it's hard for most businesses to understand what it's really like to have an uneven supply-demand curve until you've experienced it. I'm going to try and walk you through what it felt like for me for the first time I experienced it in order to give you a taste of the power. When I got in this world of acquisition, I saw mentors of mine selling days of time for $50,000+. My mind was blown for two reasons. First, because I didn't understand how they could make so much money for a single day. Second, because I didn't understand who in their right mind was buying it. Over time, I learned. I'll start with the buyer. If I have a rare problem and I must solve this problem for my own pursuit of happiness, it will consume all of my attention. By the nature of my problem being specialized, there will be very few people who can solve it. This means there is not a large supply of solvers. In many cases, I will perceive only one possible solver, aka supply equals one. Beyond that, if solving this problem speeds up my achievement of a goal by a year or two, or immediately results in me making hundreds of thousands of dollars or millions of dollars, that solution becomes far more valuable, does it not? Of course it does. And so it would follow. If I can pay someone $50,000 for a day of their time and see an increase of $500,000 per month in revenue within 3 months because of the insights and strategies revealed, that would be a hell of a return on investment, right? So there are 2 components to value here. First, how rare the sources are. Second, the actual value being provided. The value and rarity compound to create some truly breathtaking profits. Specialized consultants are paid millions of dollars to solve problems worth tens of millions to clients. The client pays for all the experience and expertise the expert has and avoids the cost of errors, time, and money. In short, they skip the bad stuff and go straight to the good stuff more quickly and for less money than it would cost to figure it out on their own. A beautiful economic exchange. I personally experienced this for the first time when I had two different people offer me $50,000 for a day of my time after speaking at an event. They were scaling an education business in a niche not too dissimilar from my own. And could not get past the million-dollar-per-month mark. As someone who was doing $1 million per week in the same business type at the time, I was a very specific type of person with the keys to their problem. So what happened, you ask? Drum roll. I didn't accept the offers. Why? Because I was making more than $50,000 a day in profit in my business and didn't want the distraction. Author note: It was years later that I started Acquisition.com to help these very people. But instead of charging a day rate, I simply became an equity holder in the company to completely align interests for short and long term. And so I could see the implementations through. And as my time is limited by the laws of physics, for everyone else below the $3 to $10 million per year mark, I make all these materials for free. After the event concluded and I was speaking with Layla, I realized how I had somehow become one of those people I had always wondered about. It was very surreal for me. I finally understood how premium prices were truly made. Simple supply and demand. There is little that substitutes for incredible demand. You can try and fake it, but there's a special type of zero fucks given vibe that's hard to replicate when you truly don't need a person's money or even want it. That's how these guys can charge so much because they don't need it. The person who needs the exchange less always has the upper hand. I always try to remember that. It's one of the negotiating and pricing principles that has best served me in my life. But Alex, how are you going to show me how to use scarcity to increase the amount of people who want to buy my offer when currently no one does? Great question. Let's attack some real-world, in-the-trenches strategies to reliably create scarcity. Creating scarcity. When there's a fixed supply or quantity of products or services that are available for purchase, it creates scarcity. Or a fear of missing out. It increases the need to take action and by extension purchase your offer. This is where you publicly share that you are only giving away X amount of products or can only take Y new clients. For example, if a musician drops a limited edition hoodie and says he only made 100 and they will never be made again, are you more or less likely to buy it than one that is always available? More likely, naturally. The idea that you can never get it again makes it more desirable. This is an example of scarcity. It is the fear of missing out on something. It pulls on our psychological fear of loss and gets us to take action. Humans are far more motivated to take action to hoard a scarce resource than they are to act on something that could help them. Fear of loss is stronger than desire for gain. We will wield the psychological lever to get your clients to buy in a frenzy all at once until you are sold out. 3 types of scarcity. 1, limited supply of seats or slots in general or over X period of time. 2. Limited supply of bonuses. 3. Never available again. But how do you use this properly without being phony? I'll try and give you some real-world examples. Physical products. Having limited releases is a tried and true method of using psychological bias to your advantage. You can have limited releases for flavors, colors, designs, sizes, etc. This month we're releasing 100 boxes of mint chocolate cookie flavored protein bars. Important point: to properly utilize this method, you should always sell out. Here's why: it's better to sell out consistently than over-order and fail at creating that scarcity. This method stacks in effectiveness if it is done repeatedly over time, just not too often. Once a month seems to be the sweet spot for most of the companies that I know who do this with regularity. Second important note: when using this tactic, you must also let everyone know that you are sold out. That is part of what makes it work so well. This way, even people who are on the fence when they see that it was sold out gives them social proof that other people thought it was worth it. And now that the choice has been made for them, they desire it more because there's no way they can get it. So the next time you make the offer, they will be far more likely to take you up on it. Fun fact: Chanel, a brand that has maintained insane margins and pricing for over a century, is a master of scarcity. They send only 1 to 2 of each piece to each store, so every store has a different selection and every item is the last or second last item in stock. This allows them to price far above market and turn buying impulses into purchases. Services. With services, especially if you want to consistently get customers, it can be a little trickier to use scarcity. But I will show a few very simple ways to employ scarcity ethically to increase your take rate on offers. These all have similar elements with very slight tweaks. I'm enumerating these because one of these might mentally fit your business model more than others. Number 1. Total business cap. Only accepting X clients. Only accepting X clients at this level of service ongoing. This puts a cap on how many clients you service but also keeps them in. You create a waiting list for new prospects. The moment your door opens, they jump right in and price resistance disappears. Periodically, you can increase capacity by 10-20%, then cap it again. This works well for your highest tiers or service levels. A. This is like saying, "My agency only will service 25 customers total, period." Over time, you can increase your prices and squeeze the lower-performing accounts out and bring in new, more profitable accounts, or you can periodically open up slots as your capacity allows, always leaving some demand unmet. 2. Growth rate cap. Only accepting X clients per week ongoing. We only accept 5 new clients per week. We already have the first 3 spots taken. I have 6 more calls this week, so you can either take the spot or one of my next calls can, and you can wait until we reopen. I have used this method since the beginning of my business. I always knew what my capacity per week was and simply chose to let our prospects know how many openings we had left. This banks on the fact that you can only handle a certain amount of new customers anyways on a regular basis, so you might as well let them know. 3. Cohort cap. Only accepting X clients per class or cohort. Similar to the above, except done on whatever cadence you desire. Only accepting X clients amounts per class or per cohort over a given period is another way of thinking about it. Imagine you only start clients monthly or quarterly. This helps you get some cadences in place in your business operationally while also allowing your sales team some legitimate scarcity. Example: we take on 100 clients 4 times a year. We open the doors, then close them, etc. Pro tip: provide limited access for higher-ticket services. These scarcity tactics work especially well for higher-ticket upsells. If you want to create one-off workshops, trainings, events, seminars, consulting, etc., these are the things that by their nature take time and provide more access. Pairing them with the clear scarcity or fixed amounts, seats, or spots will rapidly drive up demand. But always remember, have less spots available than you think you can sell so that when you want to do it again in the future, everyone will remember you sold out fast. This is a compounding strategy that increases in effectiveness over time, one of the few in the marketing arsenal. Let me give you a real-world example of scarcity to enhance the value of a free lead magnet. If I were to tell you right now that I have a checklist that you can download for free that has all these materials for you in this book in bulleted format, you might be inclined to put this book down and go there to download it now. But if I told you I have it set so that every week the page only allows 20 new people to download it, you'd be far more likely to go and see if you can grab it. And even more so if when you try, you see that it has already run out for the week. Result? You join a list that notifies you the next time 20 or more checklists become available for download. What happens next? When you get that notification, you'll hit the link on your phone and you'll go to the page because you don't want to miss out again. By employing scarcity, we make what would otherwise be a neat free download into a desirable thing that not everyone has access to. You also, by extension, would be far more likely to consume it when you do get your hands on it, all because of how we controlled supply. Cool, right? Honest scarcity. The most ethical scarcity. The easiest scarcity strategy is honesty. Wait, what? Let me explain. I'm sure right now you probably couldn't handle 1,000 clients tomorrow, right? But how many could you handle? 5, 10, 25? Well, you might as well define a number that you're willing to take on in a given period of time and then advertise it. Simply letting people know that you are 3/4 the way to capacity this week will move people over the edge to buying from you. Or letting people know that you're 81% to capacity in your total business will make more people likely to sign up with you, quote, before they lose the chance. Scarcity also implies within it social proof. If you are 81% to capacity, then a decent amount of people made the decision to work with you. And the closer you get to your arbitrary fullness, the faster the spots will disappear. But only you get to draw where that line is, quote, full. Neat, right? Summary points: employ one or multiple methods of scarcity in your business. You will drive a faster purchasing decision from your prospects and at higher prices. Just let them know your limits and let psychology do the rest. Now that we've covered some of my favorite scarcity tactics that you can use year-round, what else do you do to increase demand without changing anything about your offer? Increase urgency. We will cover that next. Pro tip: Extreme scarcity. If you don't hate money, sell a very limited supply of one-on-one access. You can do that via any of the mediums described in the delivery cube: direct message access, email access, phone access, voice memo access, Zoom access, etc. There are lots of ways you can do this, but I promise you this: if you want to immediately make a lot of money, create a very exclusive service level based on access to you that you cap at a tiny number. Price it very high, then tell people. You will make more money than you thought possible. These also tend to be some of the best clients. And limit your delivery to something that you don't hate. For me, I hate emails and messages, but don't mind Zoom calls. Make it work for your working style. The cream of the crop, the 1% of the 1%, will adjust and take action. Pro tip: once you're out, you can never come back. You can create scarcity by also capping your service level and saying that if they leave, they can never return. This type of scarcity makes people think extra hard about leaving. I started doing this with my gyms early on, then I was in a mastermind that employed this, then I started using it in my highest level at Gym Lords. This works best with small groups like the above example. As groups become much bigger, the tactic loses some of its teeth. Speaking from experience. Chapter 12: Enhancing the Offer. Urgency. Deadlines drive decisions. Scarcity is a function of quantity. Urgency is a function of time. This is where you only limit when people can sign up rather than how many. Having a defined deadline or cutoff for purchase or action to occur creates urgency. Frequently, scarcity and urgency are used together, but I will separate them out for you to illustrate the concepts. I'm going to show you 4 of my favorite ways of using urgency on a consistent basis. Ethically: 1. Rolling cohorts. 2. Rolling seasonal urgency. 3. Promotional or pricing urgency. 4. Exploding opportunity. They will employ urgency in your business without being phony. My favorite way of doing this is having cohorts of clients start on a regular cadence. This has the added operational benefit of helping you create a choreographed onboarding experience for new clients. As you scale, this will become increasingly important. Number 1: Cohort-based rolling urgency. For example, if you start clients every week, even in unlimited amounts, you can say, "If you sign up today, I can get you in with our next group that kicks off on Monday. Otherwise, you'll have to wait until our next kickoff date." If you wanted to juice it up a little bit, you could say, "I actually had a client who signed up a few weeks ago drop out, so I have an opening for our next cohort that kicks off on Monday. If you're pretty sure you're going to do this sooner or later, might as well get on it now so you can start reaping the benefits sooner." rather than paying the same and waiting. Those two tweaks above have pushed so many sales over the edge by just reminding a potential customer that if they sign up, they will be starting on Monday, and if they do not, they will have to wait a week. It's small things like this that nudge people to take the action that they know they should already take anyways. Obviously, the less frequently you kick off new customers, the more powerful this is. For example, if you only start clients two times a year, people will be very inclined to sign up, especially as the date approaches. Even starting new clients every other week can confer this urgency nudge. What if I lose sales by turning business away? Just like guarantees, there is always a fear that you will make less money by employing this strategy. We are afraid that we will lose sales that we would otherwise have made. Every experienced marketer on the planet will tell you it is a fear and it is unfounded. The biggest sales on a week-long campaign or launch happen in the last 4 hours of the last day, up to 50-60%. That means that the last 3% of the time allotted creates 50 to 60% of the sales. That's completely illogical, but also unmistakably human. So just like a guarantee, you will make more money from the many people who decided to take action than people who already missed out, because in reality, those people were never going to buy. Heck, they didn't even buy when they had their feet to the fire, so why would they buy now? Good to remember. What to do if you just started a cohort and someone wants to buy. You have two options. One, you can offer them a speedy personalized onboarding to get them up to speed as a bonus for signing up today and still get them in. Or my preference, you can explain to them that since the next group starts in a little, they will have the advantage of having more time to review the materials, talk to their employees for a B2B product, for example, or families for a B2C product. On top of that, they can have a more extended payment plan that you can only make available to them since the start date is so far out. —an advantage that most clients do not get. In the end, remember, you always have the advantage because you are the one who calls the shots. 2. Rolling seasonal urgency. In a digital setting, having actual signup date countdowns is very useful. But make sure they are real. If they aren't, you'll lose credibility and just look like every other wannabe marketer. This is very common with internet businesses that use launch models. I personally love having the dates that I am running a promotion through on my landing pages and in my copy. I want it to be visible everywhere. The nice thing is that you can always fire up another ad campaign and a new landing page with new dates and be right as rain. You will see your conversions go up through the roof, and it takes maybe 5 minutes of editing. Well worth the time investment. Example: Our New Year promotion ends January 30th. Next month, our Valentine's Day Lover promotion ends February 30th. Next month, our Sexy by Spring special ends March 31st. Next month, "our Fools in Love April promo ends April 30th." The actual promotion may be the same, but naming it something different by season gives you the real differentiator that gives you a start and a finish. Deadlines drive decisions. By simply having these, you can point to them and let human beings push themselves over the edge so as not to miss out. Pro tip for local businesses: this is my number one strategy for local businesses. They must vary their marketing more frequently than national advertisers. Putting a new wrapper with a date on the same core service gives you urgency and novelty that will consistently outperform the same old campaigns. 3. Pricing or bonus-based urgency. This is another way of creating urgency using your actual offer or promotion/pricing structure as the thing they could miss out on. Kind of brilliant. It allows businesses that sell clients year-round to still use urgency. For example: "Yes, let's get you started today so you can take advantage of the discount you came in for." I'm not sure how long we'll be running it as we change them every 4 weeks or so. And this is one of the better ones we've run in a while. This creates some fear of missing out on the promotion or discount or bonuses rather than your actual service. It would be a lie to say that if you own a roofing business, you won't service them if they buy after the date. But if you talk specifically about the promotion, you can often elicit the same urgency on buying the prospect while maintaining your integrity. Win-win. You can interchange a pricing promotion, discount, or added bonuses like free install or free onboarding or an extra workshop valued at $1,000 if they buy now. These are all things you can swap around your core offer to create urgency. Pro tip: clean your pipeline with every price change. If you ever really are planning on raising your prices, hopefully soon if you're reading this book right now, then you can always clean out your pipeline by letting people know the price is going up, so get in now. Never raise your prices without letting people know. It shows a position of strength and will give you a nice little influx of cash from the people in the pipeline who are on the fence. 4. Exploding opportunity. On occasion, you will be exposing the prospect to an arbitrage opportunity. The opportunity itself has a ticking time clock, as all great opportunities do. Every second someone delays, they miss out on disproportionate gains. Example: If I were explaining an arbitrage opportunity between buying products on eBay and selling them on Amazon, this market efficiency would correct itself over time. The sooner someone acts, the better it will be for them. This could be true for selling someone on the opportunity of trading cryptocurrencies, buying a stock, getting into a new platform to advertise before competitors jump on the bandwagon, or anything else like that. Highly competitive job environments often get job offers that are exploding offers every day. They wait to take the job, their pay or bonuses decrease. This forces prospects to make fast decisions rather than try and wait it out to to see if they get a better offer. All of these examples show opportunities that decay with time. So if you find yourself in front of an opportunity like this, make sure to emphasize it. Summary points: adding a deadline and incorporating one or multiple forms of urgency will get more people to take action than otherwise. I have employed all 4 of these methods with great effectiveness. I suggest you do the same. Next up, bonuses. Free gift number 7: bonus tutorial, how to ethically use scarcity and urgency. If you want to walk through some live ethical examples of scarcity and urgency with me, go to acquisition.com/training/offers and select scarcity and urgency to watch a short video tutorial. You'll also be able to grab my scarcity and urgency checklist that I use when creating offers. As always, it's absolutely free. Enjoy. Hey guys, hope you enjoyed scarcity and urgency and are already thinking about ways you can use it in your business so you can sell more stuff to more people. I have a visual course version of this on my site, acquisition.com/training. It's absolutely free. You don't even have to give me your email. Uh, it's purely yours and it comes with downloads and checklists and things that you can immediately print out or just use on your computer, uh, to start executing this stuff in the real world. Cause at the end of the day, if you don't do anything, nothing is going to change. And, uh, next episode we're going to talk about two more offer enhancers, bonuses and guarantees. Can't wait to see you there. By the way, share this, leave a review. That makes you an awesome person. Acquisition.com Volume 1: $100 Million Offers. How to make offers so good people feel stupid saying no. Written and performed by Alex Hormozi. Copyright 2021, Acquisition.com. Audio production copyright 2021, Acquisition.com.