MBA2664 Why I Hate Selling My Program But Still Do

Welcome back to Listen to youo Heart. I'm Jerry.

And I'm Jerry's Heart.

Today's topic, repatha Evolocimab heart. Why'd you pick this one?

Well, Jerry, for people who have had a heart attack like us, diet and exercise might not be enough to lower the risk of another one.

Okay.

To help know if we're at risk, we should be getting our LDL C, our bad cholesterol checked, and talking to our doctor.

I'm listening.

And if it's still too high, Repatha can be added to a statin to lower our LDL C and our heart attack risk.

Hmm. Guess it's time to ask about Repatha.

Do not take Repatha if you are allergic to it. Serious allergic reactions can occur. Get medical help right away if you have trouble breathing or swallowing. Swelling of the face, lips, tongue, throat or arms. Common side effects include runny nose, sore throat, common cold symptoms, flu or flu like symptoms, back pain, high blood sugar and redness. Pain or bruising at the injection site.

Listen to your heart.

Ask your doctor about Repatha. Learn more@repatha.com or call 1-844-repatha.

Substance use disorder and addiction is so isolating. And so as a black woman in recovery, hope must be loud. It grows louder when you ask for help and you're vulnerable. It is the thread that lets you know that no matter what happens, you will be okay.

When we learn the power of hope, recovery is possible, find find out how@startwithhope.com, brought to you by the National Council for Mental Wellbeing, Shatterproof and the AD Council.

You know what? I honestly hate selling my program. If I can give everything away for free, I would. And for the most part, I do. You're listening to this podcast which has over 2,600 business lessons. 2,600 episodes, completely free. I don't hold back. I give everything I know here on the podcast. And that model works. It brings in leads, it builds trust. I grow my brand. And it's monetized through sponsorship, which makes the podcast a seven figure business alone. But when it comes to the $100 MBA program, I charge for it. And I do it very intentionally. Not because I love selling. The truth is, I would prefer to just create content, but because not charging for that program would hurt the people it's meant to help. Let me explain why. Welcome Back to the $100 MBA Show. I'm your host, Omar Zenholm, where I deliver practical business lessons three times a week Monday, Wednesday and Friday to help you start grow and SC business. Free feels good, but it doesn't actually work all the time. We all love free and free has a place, right? Free samples, free YouTube videos, free newsletters. All great for learning something new and exploring an idea. But when it comes to making a real change in your life, in your business, free doesn't cut it. Let me hit you with some real numbers. A report from Harvard and MIT found that an average completion rate for free online courses is between 3 and 6%. Meanwhile, paid courses consistently see completion rates between 30 and 60%, depending on the price point and the structure. A study from the Journal of Marketing Research found that even a dollar price tag on something increases the perceived value of the actual usage by over 80%. So if someone asks, why don't you just give your full program away? My answer is because then you probably won't finish it. This is why I only charge $100 a month and not thousands of dollars. Because I need my students to have enough skin in the game to get the most out of it. And this is not theory. This is proven through time. When I first launched the $100 MBA program over a decade ago, I gave away 10 free scholarships. I handpicked a few people that were really ambitious dreamers, people who just needed a break. And you know how many of those 10 people logged in?

2.

2. Out of the 10 people that were desperate for this program, you know how many people finished the program? 0. Meanwhile, paying students who invested in the program were logged in. Showing up, completing the lessons, asking questions, taking action. Right? That was a wake up call for me. It taught me what every experienced entrepreneur eventually learns. People who pay pay attention. They value what they pay for. And you don't just want attention, you want commitment. And a commitment often requires a transaction, something that allows you to have. Like I said, skin in the game allows you to feel invested in this experience. I wish it wasn't this way, but that's just the facts. Here's another experience we had backed with real data. In the first few years of the $100 MBA, we launched a free mini version people absolutely loved. We had thousands of signups, but very few people actually completed the lessons and implemented what they learned. In fact, less than 6% of the people completed the free mini course. They most likely bookmarked the page and said, I'll come back later. Spoiler alert. Later never came. After the experiment, we canned the free course, charged $100 for the program, which was the original price. When we launched it and suddenly people paid attention. They completed the course and actually 61% of the people that took the course completed it. They asked questions, they took action. And in fact one of our students emailed me and said the fact I paid for this made me carve out the time every night to go through it. And now I've got my first paying client. That's the power of skin in the game of investing in yourself. Here's some research to back this up. A study from the Journal of Economic Psychology showed that people value a product more when when they pay for it, even if it's the same product they could have gotten for free. Think about that for a moment. People value something more because they gave up something. They gave up their money for it versus having it without giving up anything. Dan O'Reilly, author of Predictably Irrational, writes about the zero price effect and how people perceive free items as less valuable even if they're incredibly useful. The example that comes to mind when I hear this is Google Maps. Google Maps is absolutely free, but if they charge $10 a month, I would pay gladly and actually would value it more. I'm kind of taking it for granted right now. So yes, I could go fully free and monetize the podcast through ads and partnerships and sponsorships alone and just focus on that. And honestly, that model might even be easier. But again, I believe in results. And we've learned over and over through all these studies and examples that results don't come from free stuff. If you're running a business, you know that every time you miss a call, you're leaving money on the table. Every customer conversation matters, and that's why you need a phone system system that keeps up and helps you stay connected 24 7. That's why you need OpenPhone. OpenPhone is a business phone system that streamlines and scales your customer communications. It works through an app on your phone or your computer, so you're not carrying two phones or using a landline. With OpenPhone, your team can share one number and collaborate on customer calls and texts, just like a shared inbox. That way, any teammate can pick up right where the last person left off, keeping response times faster than ever. Listen. Your customer support is how your customers perceive you, and with OpenPhone you can become the market leader when it comes to serving your customers. We made customer support the number one priority in all our companies, and that's why we've had any kind of success over the years. OpenPhone is offering my listeners 20% off of your first six months@openphone.com MBA that's O P E N P H O N E.com MBA and if you have existing numbers with another service, OpenPhone will port them over at no extra charge. OpenPhone. No missed calls, no missed customers.

Running a business is complicated. There's dozens of software programs that you need and they're all so expensive. And since they come from different companies, they don't always play nice with one another.

But what can you do, right? Odoo.

That's what Odoo has all the software business owners need. We're talking sales, CRM, manufacturing websites, literally every kind of software. And it's an all in one platform. So it all works together and it's quality software, so you're not sacrificing. It's simply a better experience than a.

Hodgepodge of programs trying to fit together.

You'd expect to pay a premium for it, right? But that's the most amazing part about Odoo. This interconnected suite of business software costs less than the mismatch of disconnected programs you're currently using. So the question is, why spend more on software programs that are less efficient when Odoo's simple software program can handle everything for a fraction of the price? Discover how Odoo can take your business to the next level by visiting odoo.com.

That'S o-o o dot com. Here's the thing. I'm not one of those always be closing guys who absolutely love sales. I don't mind it, I don't hate it. I've learned to start to enjoy the sales process. But if I could choose not to sell, I would choose not to sell. I was a teacher before I was an entrepreneur. I love teaching. That's why I started this podcast, to allow me to teach business lessons three days a week. That's why I built the $100 MBA program. But I still sell that program because it's the only way I can ensure that we're maximizing the potential for our students to get results. You have to actually complete the program. You have to learn what's in there so that you can implement. Can't implement what you don't know. When you pay, you show up. When you show up, you do the work. And when you do the work, things change. And that's what I care about. The truth is, is that I make enough money with the podcast and sponsorships, but I need results, right? I need to prove that what I am teaching actually works. And that's why we have the program, because it allows people to Be invested in their progress, invested in starting their business, and they apply the things they learn and then tell us, hey, thanks, this actually works. And let's be real, giving away free content is better for me. It grows my brand, it builds my trust with my audience and lets me help a lot of people at scale. But if all I did is give away content, I wouldn't be doing right by the people who really want to change their lives and build a business. Because to really help somebody, they need to be invested. Like I mentioned, you know, they need to be financially, emotionally, mentally invested. And that's where paid programs come in. My paid program, the $100 MBA, is a full business training program to help people start, grow and scale their business profitably from scratch, without fluff or theory. Even if you're starting out with no money, it's more than just tools. It's more than just video lessons. It's practical templates. It's a workbook that tells you what to do next. So you're building your business as you're watching the videos. It also has some really robust a high tools that allows you to ask questions and validate ideas and make sure that you're on the right path. It's a culmination of everything I've learned along the way as an entrepreneur in a structure that allows you to start and grow your business as fast as possible. And yes, I charge for it. I don't charge thousands of dollars a month. I charge a hundred dollars a month. And that price point came about because we found that that is enough money for people to feel like they need to log in every month and do the work. So, yeah, I would pre to give away everything for free, but I still don't, because I know that charging works, not for me, but for my students, but honestly for me too, because I need case studies to show that what I'm teaching actually works. And the only way I can get that is if people actually do the work that is required to get the results. When you pay for something, it forces you to take it seriously, to commit, to finish, to actually execute on what you're learning. And when that happens, your business and your life will change forever. So if you're ever wondering why somebody like me who loves free education still has a paid program, well, now you know. And the honest truth is, is that like, the money that we make from the program is so insignificant compared to what we make with the podcast with free content. So it's not about the money, it's about the results. Thank you so much for joining me here on the 100 MBA Show. Every single episode, I'm going to give everything I can to help you grow as an entrepreneur, build that business of your dream, and live the life that you want. If you found today's episode helpful and you want more practical business lessons to help you start, grow and scale your business, the best thing you could do is subscribe to this podcast, hit subscribe, or follow on your favorite podcast app, the one that you're using right now, whether it's Apple or Spotify or wherever you listen to podcasts. By hitting subscribe, you get our next episode automatically and it's the best way to support the show. It's absolutely free and it's a way for you to commit to growing your business. And now that you've subscribed, I'll check you in the next episode.

Substance use disorder and addiction is so isolating. And so, as a Black woman in recovery, hope must be loud. It grows louder when you ask for help and you're vulnerable. It is the thread that lets you know that no matter what happens, you will be okay.

When we learn the power of hope, recovery is possible, Find out how at startwithhope. Com Brought to you by the National Council for Mental Wellbeing, Shatterproof and the AD Council.