Eben Pagan's Marketing Tips 2
This is part 2 of a 3 part series from Eben Pagan, the founder of the GetAltitude program and Double your Dating, amongst other businesses.
Takeaway Points
2. Learn to love getting the short end of the stick - continued from video 1
A scientific experiment was done: $100 was given to Person A and Person B. Person A was told to split the money to decide the amount each person received. Then, Person B decided whether either of them got the money or not.
It was found that that around the ratio of Person A getting $80, and Person B getting $20. Person B was more likely to decide neither of them got the money. Person B would rather give up a free $20 than see Person A get a better deal than them.
The experiment was then repeated in Africa where $100 was the equivalent of a month's salary. The exact same result was found.
People would rather get nothing than see someone get a better deal than them.
3. Don't keep your best ideas secret
If you don't show prospects what you've got and how much value it's worth, they won't trust you.
If you give away your best ideas, the 'magic bullets', the prospect will say to themselves "gee, how much better is the product?!"
This method will help create viral marketing.
Marketing Methods to create longer, deeper relationships with customers:
A profitable relationship should be profitable for both the customer and the seller.
Approach 1: Moving the freeline
Look at what you used to give away for free, then move the line deeper into your product line.
What's an entry level product you can give away? Email newsletter, ebooks, streaming video, etc.
Information Products - lowest cost, but highest perceived value products.
Approach 2: Move the depth line
Increase the number of high end products for your best customers.
Deepen the relationship with your best customers.
By combining these approaches, you will find more and more customers and be able to identify the best ones.
Continued in the next video, Eben Pagan Marketing Tips 3.