Latest Talks Podcast - Ep #17 Topics What Is A Business - Sales Psychology - Business System.

this is how to make a million dollars caterer schools he's going to circle back the beauty of having an investor a travel agent right there Millionaires and poor people no matter what [Applause] [Music] hopefully the podcast while the podcast number 17 okay I hope not so far off yeah [Music] hopefully and hopefully guys hopefully guys from 17 to 26 14 to 17 [Music] episode is sponsored by psychology psychology psychology own the psychology part fully into it [Music] computer number automatically certain May laptop salmon the best this is a book book a professional book fluence the the book Dr Robert c i a l d i n i influence scientifically so rules bring book is basically Foundation found in business jewelry store jeel now the cage te can just browsing just browsing help you do you need help took the yes but I came here instead so can I help you no thank you I'm just looking now no thank you I'm just looking just browsing whatever his terminology is for the sentence if I said I'm just looking I'm not GNA buy anything because if I buy it means when I said I'm just looking it's called consistency a person wants to be consistent with themselves the back from the store back from the St water machine comfortable in the surroundings excuse me how much is that [Music] instead of making the sale happen he says something that actually repels the customer from buying examples but example [Music] AG Point travel agent ra win whole family takes you just repelled them from buying because you never ever ever all day long you never raffle off the item that s [Music] mention the question is family of the friends a partner in some business and whatever the partner why is a partner number one and you could stop me if I repeat myself but if you don't know that you I didn't say it the garden mortgages property hello the phone hello yeah building no I don't need aage my building that was the end of the conversation now in hindsight for by the time it would have come that I would have even asked him he would have known because they would he would already heard them in mortgages so it's always going to be harder for a person's friends and family to take them seriously they have baggage they have history not there anything wrong with history whatever has a certain look at you and it's very hard to change that look full grown C so he built up his muscles essentially therefore in business It's always important to deal with strangers you get your the best result that's part one of your question is it ethical to to experiment on Strangers or and the the compliment in the patient my first day on the job she ruined it she ruined it because so first of all everyone starts some place by the way congratulations my first patient Val in consultant okay Talent help feel I would love to do it every day a whole day for the rest of my life listen hidden income opportunity say bu mention mistake says you could make a living doing what you love statement mention but it's much more helpful to learn to love what you do than to do what you love and try to make a living off it if that's the only way to bring home the money that's what he should [Music] do now so credit score okay credit scores think we spoke about this to make a long story short whole origin story we heard so I won't repeat the origin story but the point is as my first client is a book bus credit business in general having said that that's where I'm aiming for if I go there that will be so Google ability psychology Google so credit score and the next help reporter Harrow H and Harrow is essentially on book consistency reciprocity scarcity Authority social proof and liking consistency Authority scarcity social proof liking and I just forgot one anyway from the shut off Pro authority authority the backwards the Gutenberg printing press so this highest Authority when I mention patient exam trust separate office there's the reason for the president and um politicians American flags in the back mention service served in the meeting quote in the media is in cr's New York business cons telling you the cranes phone is going to ring off the hook be ready when the cranes New York business and Chicago business cleaning lady lawy office poetry INX flaky maybe it's not real maybe Mays now gave him value to mention looking for pediatricians to comment onni what's it called this new Omicron and the Omicron variant in young children so now you can't respond to that because you're not a pediatrician but resp professionally resp professionally looking for people who who were with falls in the last 6 months to say what they thought and what happens is I'm a connection with a reporter first of all you're in the media in general second all you have connections to reporters and over time you develop those relationships more and you get quoted in the media which is worth way more than advertising every time you get a mention in the media that you did not pay for it's worth much much more than four or five advertisements of the same size as the article you're mentioned in the part that's about you so guys auth cons do Rabbi I want to change my whole clientele my whole my whole um practice was the problem I have all these old people they come in and I say hello Mr Smith how are you and Mr Smith says my back hurts my foot hurts we could change your practice I have a lot to offer you but first one thing when Mrs Smith walks in you say Hello Mrs Smith how's your foot if you don't say how are you how's your foot if the foot doctor you immediately eliminate the part of the the part that's bothering you come home in a bad mood you know depressed from all the all theal stress yeah again but that goes back to your first question of psychology so that's so we discussed Authority we discussed consistency now um social proof is is what we discussed before when you see a guy holding a a d computer or eating a piece of salmon in a restaurant he wasn't gagging while he ate it by the way that's the salmon I would like to have three life hack another one that I said as you say the and by the way one thing I don't want to clap you I try to be careful not to have to clap that one I'm ready so says he's ready to hear okay so you only take clients no but a lot of times people come to me and he got a client guarantee business but I gave him back his money because he couldn't hear what I had to say I told him business he wants to go into a bad idea I think what you're doing is not a good idea the kicks of the MoneyWise or of the concept from the so number one at some point even especially in the beginning as well but especially later you have a feel for these things second of all When someone tells you about a business that makes no sense you just know makes no sense usually of data was the market mention X product first of all product is not a company that's not a right but we're talking about making money is not what we're talking about Che by what the reason inv in the buiness snake yeah out there doesn't mean that, 100,000 [Music] products investors because everyone that wanted this it's a good idea but everyone who wanted this has it already very good now the answer to your question about the kigle slicer is it's a good idea I get for mashed potatoes it's not it's not patentable doesn't mean it's a bad idea you can make it you can sell it f how many people out there are going to buy it I don't know if you have somebody who really likes kle and wants to give he wants to donate and it should be called you know a kigle slicer and wants to give it to EV as Ana it's a great idea but as far as if if it's worth manufacturing and packaging and selling if you'll end up making money on it that I can't tell you [Music] that okay but because to have shab morning right so but best you have a flame it has to be covered no whatever number yeah so every family essentially let's start let's start at the very beginning how big is okay hold on hold on kigle slice has to be if it's going to be a professional kigle slice has to be 9 by 13 9 13 the RO you have to have where to put it a whole week you're not thinking about that part if I'm going to buy such a such a thing am I putting it so say wire chees the cheese slicer verus wire size of hard boiled egg wiic product it's an example but this is a very very so this is a perfect examp this is the perfect example I could explain it to you for 2 hours or you could just trust me okay find get another Maybe one of the people listening wants to do such a project it's a very good idea for a nonprofit it's not such a good idea to sell one way I'll tell you even more there happens to be something called a cake slicer okay and when you make a f a cream cake whatever you make a cake and then you just you just move it across and it cuts into even size layers so you can put your Strawberry Shortcake in the middle so I can buy such a thing and use it for my kigle I don't have to reinvent the wheel and make a kigle slicer it'll be different it'll be better families in America is not such a bad problem that's the point the point is that people don't have such a huge problem of cutting keater schools um how many do you know slices and pizza stores okay the guy takes the wheel and goes and comes in says I want that piece bubble cheese of the bubble okay in in in Chains every slice is the exact same size because they have a special mold mold what you want to call it that actually guides them the the the the wheel to make sure every slice is the same so having here a conversation about a specific item again it could work if you make it I get one for free because we know so cake size the cake slices like a 9 by 13 so the dry sizes and so if we're going to go through every theoretical product now it's endless so let's talk about General instead so now okay how do we get here um I think you wrote something down the family the beauty of having an investor is Assuming he's investing Because he believes in the product a person who's gonna a product is going to research and going to check and going to have a good feeling about it if he has the money to is going to have put enough time to see if it make sense or not um so the Mal of getting money from somebody else is sort of checks and balance the system to make sure that the product has potential now obviously the more risk there is the higher the potential reward has to be okay so therefore the chances of the bakery succeeding are pretty good therefore the investor gets x% if you come to invest you say you know a business this is not a joke I'm going to send the rocket ship to one of the stars and bring back precious metals that's worth trillions and trillions of dollars you have to give a guy a really good return on his money because 99.9% he's going to lose his investment so the reward has to be worth it for him to risk it so that's really what you would boils down to every time Saye hopefully in the picture take the same idea of scale time and money the decision of business can boils down to the same thing more time less money more money less time as I mentioned if it's worth waiting that long to see if it's going to work out or not the more money he throws at the problem the more time he'll be able to save I me on computer in I gu typ on um how to Windows 10 Microsoft Word Spell check are not working okay sa the document recover document something that's if he doesn't do it right he loses it the only problem is is that if the result that you get is wrong you got a problem if you Google a medical problem and the result that you get is wrong you have a problem can issue [Music] information surgery a simple pill can work instead now if you just Google yourself if you go to the local doctor you don't but top doctor the latest the latest and greatest developments same is true in business same is true in a lot of areas of life it saves time when you ask somebody else um a very very interesting question every every industry millionaires mention every single industry what kind of okay so right there Millionaires and poor people no matter what a consultant is for a consultant that that can tell you do this and this and this and you'll become a millionaire other if you do this completely the opposite also you'll for sure lose your money or is a consultant meant to will your business just succeed Nal so first of all this is a disclaim of consultant of the any not I think anyone but a consultant is consult um part Consulting by the way the knowledge in general in the business sense which protects you or helps you in some way as gently as possible sounds familiar ruing either you shape up or you ship out you don't know what how he could react just there there's no system the Army it has to be a system not a good idea she doesn't come back the point is for the problem is as that's not an option now take that same story to Consulting you know but the client has to be able to know that have his best interests in mind sometimes I just can't say why because that he doesn't know about one of the options because I can't tell him for his own benefit because have confidentiality with somebody else so there are people some Consultants can and they would tell you step one step two this is how to make a million dollars using this and this and that and that okay so first of all legit so first of all I if you say no lot of consult that do that I won't say it's not legit what I will say is is that when you go to someone and you give them complicated steps complicated steps so what you always do is as you get into you start seeing has different variables different things going on Step by but yes when you start with a person you tell them you need as an example this listen here your one of your problems is you have the same ad every week it's called ad blindness people don't see it what you have to do is you have to make three ads and then every third week you have to use the same ad so that every week it'll be different so people will see it so then but really step one is that three ads really should not be every week a full page but if I go that you one week half page one week it's going to be too much for you the first step is three different ads and once you're making three ads make one of them a half page horizontal one of them a half page vertical one of them and by the way and people waste a lot of money like that [Music] consult business owner a certain employee you know yet at the moments consults how does he know as the cons then their business for 15 couple business really full day please please protect please consultation even though it's late please I'll wait as late till after your last meeting they must meet you [Music] okay couple in the business of the the bookkeeper whatever they account bookkeeper we have to close our doors because if you're in business for 3 years and you can't make ends meet after 3 years it means this business basically is has no hope cancel close down we didn't want to call you till now because we don't like your style of AD half page not full page or certain things um free ride to get you publicity you don't want your name don't put your name but let's not forget the goal of the ad is to bring business to this person the goal of the ad is not you should get compliments from your friends you're nice design yeah but he got paid but that's not the point of the ad the point of the ad is to help the guy who's paying for the ad and paying for the placement by the way most people spend as little as they can on an ad so they have as much money as possible for the placement which is wrong right because you end up putting in an ad that's mediocre instead of putting an ad that's good a good ad that's put in less places a good half page ad will do better than a not good full page ad targeted places targeted places targeted the ad itself the quality of the ad the was the vision you know we figured before we close the doors we'll try your way so I'm thinking myself great not you the pap bests you managed to bring backb you know what you did over here by the way WR he's going to circle back ccle that's okay to make you I believe my ad will work your business will pick up you don't like the will make you but with these eight people these 10 people have to say I don't doesn't count anymore why because they mention if they your Target customers they should buy by you anyway cuz you're friends with them and if they not you Target customers what business do they have and tell you how to do and what to do and what what they think doesn't matter living vicariously living vicariously mind of the of the of the horse that livingly me so if you want to do it go do it yourself you don't want to do it to do it as if the way you would do it if you would my's friends no you know that so now consultant has again I'm talking General just like a lawyer something callede law law means that this the lawsuits that happened in the past the judge and the job good lawyers he looks to the case La law law is based on Old Law which is based on to law but okay um to understand what a judge should p in such a case but if you think about it every single case has wrink that's different than the previous case so there's no way any consultant or any lawyer any it's always different but you take the experience that you have and anal that you have and you try to apply it to this case and significant time energy money Sy y s t m saves you significant time energy money if you let's let's cut out the sh for now you're bringing me to to different time of year Pet's coming let's let's sing let's we don't even say the whole shabas F okay um system thank you a business mind professional a doctor Pati employe a self-employed a business buiness can per babysitter the point of what a business is is it can hire people that will do the work that you need done for less than the amount you'll make of other people from them doing the work so basically if not you have a good job that you GA Your Own Boss but you don't have an actual business bus office patient pa$ patient any money if you're paying the doctor $190 a patient and you're making $10 per patient then if you have five doctors you're making $50 a patient all together if you have 100 doctors you're making much more than that right that's theid of what a business really is and many people don't understand that they don't understand all they have is a very good job and they don't have a booss yelling at them to come on time but they don't really have a business but INVU theit of the product employees but you have to risk the whole investment not right not not right number one of the number two of of product of the employee of the product employ sales lotes what does that really mean the cooking machine stays the same right so why am I hiring more sales people because I assume that the sales people will bring in more money to my business than it's going to cost me to pay them salary that means there spread it that's what bus there's one more thing the businessman will take a strawberry and make strawberry juice yeah strawberry juice and sell it for $2.50 entrepreneur will make a cocktail and sell it for $8 bus respected business and we had a serious discussion about succession planning the Z the whole the whole the whole situation 14th Avenue 56 can't confirm confirm and when dentist dentist yeah I bought this I bought this practice you just open your mouth and let them work and if you do do you come back again no you don't the way to sell a dental practice how do you figure out the value the value of dental practice is figured out based on how many people come back to the new dentist a second time that means you had to come you had to like the new dentists that's called bedside manner I'm a dentist maybe it's not called it by dentist you had to like the dentist enough to come back a second time for every patient that comes back a second time the practice is worth pick a number $350 per patient but you don't know that till after the dentist sees them the second time now when somebody has a business that they see as a very successful business but really people are coming because they want to talk to the that person he doesn't have what he thinks he has to give his kids because it's it's like a dentist you're not coming so you have to do is you have to bring in the new dentist and the old dentist if he dies in a car accident it's worth almost zero you bring a new dentist alongside the old dentist when people come in they go to their current dentist let find a oil and meanwhile they see the new name on the sign they see the the patient's coming going the next time the patient calls he says my teth my to the receptionist says Dr ABC is not available but Dr Z XYZ is available and slowly slowly you start porting the patients from one dentist other when the older dentist retires the younger guys is left with all the patients but has to be done with they exact example sometimes you see probably hopefully so podcast episode 16 Studio exactly nobody cares Bes you and nobody cares about CH nobody notices nobody cares the people that are in it they know most people don't don't pay attention to these things which is why when some of my clients obsessed about ads they obsess do what you want but if you want to become a business consultant you pay me my time I'll teach you everything no no no secrets I'll tell you Bel everything I know but if you go us to succeed in what you're doing then don't nitty-gritty about things that just trust me I know what I'm doing I have no problem either way but just figure out where you where you headed nobody car I told the guy said nobody cares happens to be as the podcast mention follow com email you have no idea the feedback so superans superans powerful regular fans because as in a certain thousand true fans no exactly so in in the podcast change the studio and that's why huh no seriously people told [Music] meong entertainment give gorgeous pinky shirt which I love very much by the wayt the look from the business business or anything perspective to Next Level say any person that's listening to this that if they weren't listening to this listening to something else that would be less kosher than this every minute of listening or watching that's done of this is a MIT I'm with you it was n hours and 20 minutes 31 interviews metallic survivors a video relased in because of this program it's unbelievable so I guess covered mainly for episod cover quite a lot of detailed information yeah I I want I want to mention two things one is that a business here we go again just example before I do it not on purpose but should see how it happens came to me my bu was business buiness okay we start talking companies suppliers and Industry in business appr approved customer order minimum ,000 so basically he spent $100,000 buying and now he's coming for thing cuz the business is not working out I said how many customers do you have you're not going to believe me so I knew already has 10 20 tell me tell me how many do you have he says zero he never had a customer yet he spent all his money buying thing he never had a customer so I said uh oh so it's not really a business meaning he said you had a business assume a business has a certain meaning you have customers he says yeah but now I'm Stu I told Himi products you have to take a different product so I don't want to give an example in his industry I'll give an example in a different industry so let's assume that you sell very high-end mics and they started $1,000 how much this cost but we have no idea how much this cost with the mic about $500 $500 so if you if this is your entry level mic $500 then a guy who's not looking to make a professional level podcast is not going to buy it if you want to get him into do what you have to do is you have to buy you have to sell mics that cost $50 and put a ad in every paper that says $50 mic good mic for a beginner whatever whatever when a person calls you from that ad you say asking questions you don't just sell $50 mic what kind of mic well you need it for okay we have $50 mic then we have $500 mic which is a lot more than 50 but if the $500 mic has this this this this this this this this this this this this this and this this benefit then he makes a decision if he wants to go to cheaper mic the more expensive mic the cheaper mic is just the mic in that's say the more expensive m in the future you could upgrade it you could add you could this you could that did it worked so that's an example the same product line are the are the for examples if mic and a wire accessories the you you can't put an ad on the paper that says what you know mics and accessories the point was in his particular industry let's assume he sold central air conditioning M so I told him so window air conditioning yeah but I don't do my central I know the point is first find people want air condition air condition and then when you have find some some the cheap one some expensive you get your name you get your reputation out there upsell people right got it it's very hard to take someone from $9 product $10 product a $500 product but from 9 to 49 and then 2 minutes later from 49 to 4.99 is not so hard right very good of course you should ask that is opening a podcast a good business decision how much how much time do we have to answer the question umus 15 want to come back this is going to be the last this is going to be the last question for episode 26 can I answer this by episode 26 yeah no answer not going to have any questions left yeah okay having a podcast builds Authority having a podcast or for example M as an example I used to magazine why because when I write in the person doesn't get to hear my voice I wrote for them 500 articles or something know some something like that um but when you are inia the person reads your article he doesn't see your voice he doesn't see you he doesn't hear your voice he reads it and you have 800 words to get a message across I don't know how many words I'm from Brooklyn so I speak pretty fast I don't know how many words I said in this podcast but it's probably 50 so they get 50 times the amount of words they get to see what I look like or hear what I sound like and feel that much more comfortable with me and therefore in the same just to answer to go back to answer the question as far as podcast when people get to see you and people get to they get a feel don't know people came they came and I was I felt very good very gratified last mention people feel close enough to connection but that can only happen no it's not really true because mention and a lot of that comes from from from my speaking basically yeah yeah w made in the picture cheesecake no that mini cheesecake the Milky Way shout out to so so so Now podcast is Authority along with Authority scarcity consistency reciprocity social proof and liking among others are different Tools in Psy psychology customer vendor now is a podcast a good business idea the answer is like this if the podcast is a business because it makes money it's obviously a good idea if a podcast is something you're doing because it brings in customers to something else so if you see after every podcast you get 52 phone calls more than you usually get people who want your choir at the next then obviously it's a good business decision but as I told one of my clients and one one of them I mentioned before about bu bu brings it's part of a sales funnel so you have to understand it's not two businesses if you want to look at as two businesses then every time that business sends customers to that business you have to give him 25% Commission because otherwise then you say it's a business because it has a way to get but if it's its own business then if he sends customers to a different vendor under business he has to if he can make more sending it somewhere else he should be sending it somewhere else because again it's it's you has to able to see everything for what it is is a podcast a good business decision it depends if it's either making money or bringing in customers are giving you money for something else if it is it's a good business decision if not when you could do it could you enjoy it but as far as a business decision it wouldn't be a way if it makes money cuz you might build your own competition so if you make a podcast about kigle and you decide to make a product of how to cut kigle and you advertise that business organically on that particular podcast it might be a very good match one for the other you heard it m we will start making a podcast about ke n um yeah I wrote that down I really appreciate it busy [Music] schedule so it's amazing