High Ticket Sales Price Justification

Hey there, YouTube, Myron golden here and today, while we were in studio, had somebody ask me a great question about justifying premium prices, right? So when you make a premium value offer, how do you justify the price? Like, and then I said, well, what do you mean? And she said, well, you recently raised one of your programs, like your, your, your VIP day, from $200,000 to $350,000. Like, how do I justify that price, that price increase? How do I justify my price? So a couple things I'm going to say about justifying your price. What, whether it be a price increase or just creating a price in the first place, one price is the result of something. So, and what is the result of the price is the result of value. So the thing that's going to justify your price is a. The thing that's going to justify your price is a marker. The thing that's going to justify your price is a measurable.

Desirable.

And then statable.

And clearly statable, statable.

Outcome.

That the person that you're talking to desires. Now, the measurable part, it needs to be. There needs to be a measurable before.

Like an immeasurable after. What does that mean? So after has to look different than before. So measurable before and after. So that's what I mean when I say measurable. So when somebody asks you what do you do? They're not asking you what you do, they're asking you what you can do for them, right? And your answer needs to be something they can measure. So people who say, well, I just help people overcome their trauma and get over mental health issues. There's no measurement in that. There has to be a clear before, clear after, right? I help people go from the pit of poverty to the pinnacle of prosperity. I help people go from stuck like Chuck in a pickup truck at a job they hate to living their life like it's golden on the Financial Freedom freeway, making six and seven figures a year. Like, it has to be something that's measurable. Does that make sense? I help people who are overweight and exhausted and in pain all the time get back to the place where they have energy and like, vitality and life, right? It has to be clear before. And I show people how to lose 10 pounds in 10 days. It doesn't need to be some radical example like that, but it needs to have a clear measurement. If it's not measurable, it's not. Like, if it's not measurable, it's not desirable. Now, when I say desirable, it doesn't mean you desire to Sell it. It means they desire the outcome. The desirable part is on their end, not your end. And so many people. I just want to write the book because I want to tell my story. No, nobody cares about your story like you and your mom care about your story. And she doesn't want to read about it. She was there when it happened, and it wasn't that interesting to her. Then it's not going to be that interesting to her in a book. Right. So desirable means they desire to buy it, not you desire to sell it. The book you write is not a book. You shouldn't desire to write the book you want to write. You should desire to write the book that the marketplace wants to buy. Not just the marketplace wants to read, but the marketplace is willing to buy. You only want to sell something if the marketplace wants to buy it. But I don't know. I just love this. I want to do the thing I love. If the thing you love, nobody cares about, is not desirable, you can't make it as a business. Just do what you love and the money will follow. It depends on if the thing you love is something the marketplace loves. I love what Warren Buffett said. He said the thing that you love should be your hobby. The thing the marketplace loves should be your business. Okay, and then statable. What does statable mean? It means you need to be able to say it in a sound bite. When you say it, you need to be able to say it in a sound bite. And that sound bite needs to be clear, and it needs to be concise, and it needs to be measurable, and it needs to have a level of curiosity and a level of contrast and a level of conflict. But it needs to, most importantly, have a level of conviction. If they don't believe you believe that you can provide that result for them, they are not gonna buy it.

So what you have to do is you have to, like. All of these things have to be included. And when I say soundbite, like, make it clear, don't make it clever. And so many people, when they come up with titles, book titles, they want to. I want something that sounds catchy. You don't want clever, you want clear. Clarity trumps clever every single solitary time. This is how you create a pricing structure that makes sense to the marketplace. I don't care if it makes. Now, I will say this. You have to be willing. When you decide what your price is going to be, you have to decide on a price that you are willing to stand by regardless of whether people buy it or not. So you have to have for yourselves. You have to state a price. And in that price, it needs to be something that you are willing to work for. For instance, when I first started coaching.

I'm going to go back before that, back in 2005 when I created my first premium value offer, I decided on a price that I felt like nobody was going to buy. And see, most people are so addicted to. Yes. It's like when you have a job, you're addicted to a paycheck. When you become an entrepreneur, you're addicted to getting clients. You need to break yourself of both of those addictions. Okay, so I made my price. When I was going to teach people how to sell from stage, I made my price a price that I thought was so high, nobody would ever pay me that amount of money. Are you all ready? It was $3,000. And I made the offer fully expecting no one to buy it. Like, I'd already made up my mind. I don't care if they buy it. I need to practice. I need to practice saying this. If nobody ever buys it and two people bought it, I was like, what just happened? That was crazy. But guess what I realized as soon as I made that offer and somebody bought me teaching them how to sell from stage and. And $300. Guess, I mean, $3,000, guess what happened? I realized I made the price too low. But my limiting was so fragmented. It was so shrunken by the fact that the cultural, hypnotic, societal mechanism had already superimposed its li identity on me. And I didn't recognize my identity. I didn't have my identity or a hi denty yet. I only had the li identity. And so I'm thinking to myself, well, what can I. How can I. You know what I'll do? I do what I'll do, I'll raise the price. I raise it to $4,000. Like the next month, I made the offer for $4,000. Seven people bought it. What just happened? And I kept raising the price, raising the price. When I stopped selling that a couple of years ago, when I stopped selling that offer a couple years ago, I was selling it for $35,000. And more people bought it at 35,000 than bought it at 4,000.

Why? Because I got tired of showing people. Like, literally, I would teach somebody, come to my speaker training, they would go out, they would have $100,000 weekend, and I'm like, what am I doing? Why am I teaching people how to make $100,000 in a weekend for 5, 6, $9,000? This is insane, right? And So I stopped basing my price on analogy. What are other people who teach this charging, which doesn't make any sense, and started basing it on the result that I knew I could get for other people. And then when I did that, I was like, oh, ta da. This is working, right? Okay, now, last year I created a concept called. Well, before I tell you that one, I'm going to tell you one more.

My coaching per hour, like when I first started, it was 2,000 an hour.

I sold some, then I raised it to 5,000 an hour. And I got this really famous influencer. He bought my speaker training, had a $5 million day. He calls me on the phone, hey, do you do hourly coaching? I want to learn how to tell stories like you do. I said, yeah, but it's 5,000 an hour. He said, Good, I just sent you $40,000 in 18 hours. I'm like. And as soon as he said that, like, I literally as soon as he said that, I raised the price. I raised the price. Like, before I got off that zoom call, I raised the price to $25,000.

And then last year, I created this VIP day. And on the VIP day, like, people would pay me $200,000 to come to spend a day with me. Plus they'd get to get on a private jet with me, go to a live event, watch me do a lot of like 6, 7 figures, sometimes for other clients, but still, it didn't matter. Like re pitch, pre pitch, all that, okay, all that. They got to watch me do all of that and then get a debrief after it was over to figure out what I did. And I offered it for $200,000. Guess what I did.

First person I did the VIP day, they went out and did an event that two weeks later had a seven million dollar day.

Like, I can't make my prices high enough to make it make sense to me.

So somebody else did a VIP day.

Next week, $2.6 million. Like the next week. These are high level entrepreneurs. They already had stuff going. But I'm just like, how do I make this make sense to me, right? And so I raised the price $350,000. So if the value is there, value being something that's measurable, desirable, and stable, no price is too high. The value is not there. Any price is too high. So make sure you can produce a measurable, desirable, stateable result for your clients. And then make sure you charge a price that you are willing to work for. And if they're unwilling to pay it, you are Unwilling to do the work for then you will know what your price should be. So hopefully that helps some. I'll tell you one last story. In the age of free plus shipping book offers, everybody's selling their books for like you can get the book for free and then you just pay the shipping and handling. $7 shipping and handling. So I wrote Boss Moves last year. I don't like cheap stuff and it doesn't match my brand. Right?

It would be like seeing a Rolls Royce at Walmart. It just doesn't fit. Okay, Y' all get it. So anyway, so I put my book Boss Moves. It's a paperback book, 170 pages. Made the price $30 plus $9.99 shipping and handling. Well, guess what? One guy bought it. He was like so mad. But then he saw in the sales video, I said, this is like two hours of coaching when my coaching was 25,000 an hour. This is like $50,000 worth of coaching for.

30 bucks plus $10 for your handley. It's a no brainer. And so he bought the book and he was happy about it. Why? Because I gave him something to compare it to. Right? So you don't have to do what everybody else is doing just because it's working for everybody else. If you think of something that might be a better idea, it's worth testing because. Cause that might work for you even better. Hope that helps. And by the way, to all of our subscribers, we just got in the in. We just got our 100,000 subscriber play button. And I just thank you for subscribing. I thank you for liking our videos and commenting. I read a lot of the comments. I don't always comment back. Sometimes I do. But I just want y' all to know that I appreciate y' all watching. I appreciate y' all subscribing. I appreciate y' all liking the videos and notification bells and all the YouTubey stuff y' all know how to do. I appreciate all of it. Thank you. See you on the next video. Peace out, Cub Scouts.