- ThinkTalk Newsletter
- Posts
- ThinkTalk Newsletter - Aug 2023
ThinkTalk Newsletter - Aug 2023
ThinkTalk - Aug 2023 Newsletter
Aug 2023 Edition
Before we dive into this month's insights, here's a quick joke for you: Want to hear a construction joke? Sorry, I'm still "working on it!" 😂
But seriously, let's talk about building—building your business, that is. Just like a construction project, it's all about laying the right foundation and then stacking success upon it.
Stay tuned for this month's tips and strategies to keep your financial house in order. Let's finish the summer strong and set the stage for a killer Q4!
Catch you on the flip side, 🚀😎
🌱 FROM THINK TEAM
💡 How To Charge The Highest Price For Your Offering
By providing significantly more in Value than you charge in Price.
And you will say - Ok, Genius! How do I increase the Value I offer to my customers?
To which, I will say, let’s look at The Value Equation by Alex Hormozi.
Let’s break this down:
Dream Outcome (⬆️) - Everyone has deep, unchanging desires. The goal of your offer is not to create desire, but to relay your customer’s desire back to them in the language of your offering.
Perceived Likelihood of Achievement (⬆️) - People pay for certainty. In other words, “How likely do I believe it is that I will achieve the result I am looking for if I make this purchase?”
Time Delay (⬇️) - The shorter the distance between when they purchase and when they receive value (the outcome), the more valuable your services or product is. If your service will be delivered over a long period (several months), give your customer some early wins, no matter how small. Fast beats Free.
Effort & Sacrifice (⬇️) - Decrease the effort required by your customer to achieve the desired result as low as humanly possible.
To sum it up:
Your goal as a business owner is to increase the value of the dream outcome and its perceived likelihood of achievement, while decreasing the time delay of achievement and the effort and sacrifice one has to put in to get there.
🚦THE ONLY 3 WAYS TO INCREASE YOUR REVENUE
Most of us complicate it, but there are only 3 ways to increase your revenue:
Get more customers - that’s customer acquisition.
Increase their average purchase value - that’s increasing “cart size”. Do this by selling ancillary items. For e.g. ping pong balls along with ping pong racquets. You can increase this through price increases.
Get them to buy more times - achieve this through retargeting, promoting ancillary products/services, shortening purchase cycle.
Simple? Yes Easy? No. That’s why you are in charge, Chief!
🌎 TOP 5 PICKS FROM AROUND THE WEB
📚 BOOK NOTES
"The Motive" by Patrick Lencione
🕊️ Key Takeaways:
Leadership Motive Matters 🚀
Two motives drive leaders: reward-centered (self-focused) and responsibility-centered (team-focused).Understanding your motive is crucial for effective leadership and organizational success.
Embrace Team Success 🤝
Leaders with responsibility-centered motives prioritize the team's collective accomplishments over personal gains.Foster a collaborative culture that celebrates team achievements and values shared goals.
Ego Hinders Growth 🛑
Leaders with reward-centered motives often prioritize personal recognition and financial gain.Ego-driven leadership can lead to poor decisions, lack of accountability, and hindered growth.
Build Trust and Accountability 🤝
Responsibility-centered leaders build trust by prioritizing transparency and open communication.Encourage accountability at all levels of the organization to ensure performance and growth.
Focus on Impact 🎯
Measure success by the impact your organization has on customers, employees, and the community.Leaders driven by responsibility seek to create lasting positive change.
Develop Self-Awareness 🧠
Reflect on your leadership motives and assess whether they align with organizational values.
Continuously work on personal growth and self-awareness to become a more effective leader.
🤓 QUOTE OF THE MONTH
Copyright (C) " target="_blank">unsubscribe
