Tuesday, February 14, 2023
So someone asked me the other day “What's the best thing you've ever done to wipe out a competitor?”
It’s a really good question.
And there’s a story about this fast food operation that opens across the street from an established one. On the day of their grand opening the established guy closes and puts up a sign “closed” in honor of our new neighbor. Go visit them. They're not equipped to handle the flow of business. The whole thing turns into a travesty and everybody's mad at the other guy.
It’s very slick, but in all seriousness, if you look for a play to increase your income, here's where you look:
One is, can you raise your fees or prices without sacrificing volume or without sacrificing some volume, but not sacrificing enough volume that it undoes all the profit that comes from raising the prices and the fees?
Here's what I can tell you about raising prices: Almost everybody waits too long.
There's a great interview with the guy that behind Titanic, Avatar, and Avatar 2, James Cameron. One of the things he's talking about is how we can't put the genie back in the box in terms of the size of movie budgets, the movie going public has a certain level of expectation.
We can't control the cost, what we should do is just bite the bullet and double the price of the tickets. His whole contention in the article is “screw this incremental increase stuff”, jack the price of the tickets up.
Will it hurt movie attendance? Not much, not long. He said, here's the deal: “Nobody just goes to the movies. The movie is part of an evening of entertainment, dinner, stop afterwards. And it's probably the cheapest item on the whole budget. It'll take the bump.”
It's brilliant thinking. Most people wait too long afraid of this and then they don't raise them enough.
Now if you want to raise your income, which all comes down to increasing the average transaction volume of a customer. I show my NO B.S. Letter subscribers how to increase their fees and jack up their prices in my “Brass Balls” course, which is free in your members area.
If you’re not a part of NO B.S. yet, let me give you “Brass Balls” and multiple other courses worth $19,997 for free as a gift to get started today.