July 18, 2024 • 15 mins
Ever wondered how to transform your small business into a six or seven-figure powerhouse? Join us on Brightside Business as Joey Young unfolds his incredible journey of turning his family's professional service business from a modest $19K to a remarkable $100,000 monthly revenue. Joey reveals the secret sauce: focusing on solving one urgent and expensive problem with a single, high-impact offer.
You'll grasp the essence of leveraging one lead generation channel to create exceptional customer experiences, driving word-of-mouth marketing and optimizing your approach by concentrating efforts rather than diversifying. Joey's philosophy is simple yet profound—craft an offer that perfectly blends the specific results it provides with your personal values and characteristics.
In the next chapter, Joey shifts gears to discuss scaling with high-ticket offers. Discover why opting for solutions priced between $1,000 and $5,000 not only boosts your profitability but also elevates customer satisfaction and product quality. Joey explains how these higher ticket sales grant you the financial latitude to reinvest in your business, hire additional support, and deliver unparalleled customer experiences. With insights into understanding customer expectations based on income levels and reducing customer support issues, Joey guides you toward a more streamlined and efficient growth strategy. Tune in for actionable advice and don't forget to book a strategy call for personalized insights, plus follow Joey on Instagram for ongoing inspiration.
Got Questions? Send them here and I'll tackle them on the show: joey@joeyhyoung.com
Follow me on Instagram, X/Twitter, and Threads for daily content on business strategy and high performance @joeyhyoung
Ready to scale your business? Book a free connection call here and let's chat!
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Joey Young (00:00):
Welcome to Breadside Business, where we talk to
online entrepreneurs likeyourself about how to grow to
seven figures and beyond.
My name is Joey Young.
I helped grow my family'sprofessional service business
from about $19K to over $100,000a month in revenue and I
learned a lot along the way.
One of those things is how tobuild great products and the
mistakes people make when tryingto build exceptional products.
(00:23):
See, all these onlineentrepreneurs are focused on
marketing and sales and theythink, oh, if I just had more
leads or if I just was a bettersalesperson or I wasn't so
nervous to talk about my offer,I would have more revenue.
When the reality is, in 2024,the number one marketing
strategy is still word of mouth,and word of mouth is created
(00:45):
with exceptional customerexperiences.
So let's talk about a productthat'll create an exceptional
customer experience and help yougrow your business to six or
seven figures.
This was actually inspired by aguy I talked to recently.
He had a videography businessmaking about 5k a month, very
project based.
You know, from this to this, tothis sort of every month was a
(01:07):
different project, differentcustomer, and he was asking me
how I can scale, how I candouble my income to 10K a month
and this is what I told him andthis is what I'll tell you today
.
This is how you create a reallyexceptional six or seven-figure
business through great product.
The first is a company thatscales the seven figures has one
(01:29):
problem they solve through oneoffer, through one lead
generation channel.
That's the reality.
If a company out there has toldyou you need to diversify, you
need to try different offers,you need to have multiple
product lines and you're makingless than seven figures, that is
complete crap.
You need to focus in this subseven figure level to one
(01:52):
problem that you solve throughone product that you sell
through one lead generationchannel.
The issue I see people makewith the problem that they solve
is A they don't know whatproblem they solve and they
don't have clarity around that.
But B let's say they do haveclarity about what problem they
solve.
That problem that they solvewith their business is not an
(02:12):
urgent or a painful or anexpensive problem for their
ideal client.
That problem that they solvefor their ideal client isn't
something that is needing to besolved quickly, is emotionally
turbulent and painful for theclient, or it's not, and or it's
not costing them a lot of money.
(02:34):
And so if you want to build aproduct that has exceptional
returns and grows quickly,especially through word of mouth
, you want to make sure thatit's solving something that's
really urgent.
That's why business coaches doso well online, because they're
solving expensive problems forbusinesses.
That's why, you know, online PTcoaches solve an excellent
(02:54):
problem because their clientsoften are in physical pain, and
so they literally help theirclients get out of physical pain
with their offers.
But that's also why a you knowBrazilian butterfly history, you
know educator online has alittle bit harder time selling
their course.
You know, and if you're aBrazilian butterfly history
person trying to sell youronline product, bless you.
(03:17):
I'm not saying that you're notgoing to be successful.
I'm just saying it's a loteasier to sell a product that
solves a very expensive, verypainful or very urgent problem.
You know, when it comes to thebest offers that are sold, you
know when you're focusing onthat one offer, there's one
aspect of them that are alwaysemphasized for online
(03:38):
entrepreneurs, and that's youknow the results.
You know a great offer has aspecific result.
Right, we want to solvesomething that helps our client
move forward and we want to knowwhat that problem is, that we
solve that, that, thattransformation.
That's great.
But a great offer is a littlebit more than that.
There's only half the picture.
The other side of an offer isthe person selling it and their
(04:00):
value system and theirpersonality and their
characteristics.
And the perfect offer is theblend of a result that someone
wants and the value system ofthe person who's selling it, and
that's what makes it attractivefor the prospective client.
So think about how your offer,your one offer, is both solving
(04:21):
the urgent, expensive andpainful problem and how it
represents you and your valuesand your quirks.
Because one thing is true ifyou try to sell to everybody,
you're not going to sell toanybody.
So make sure that your offer isa blend of the personal and the
practical when it comes tosolving through one marketing
(04:44):
channel.
This is often the mistake otherentrepreneurs make is they think
, well, I'll try this one leadgen strategy this month, and
then it doesn't work.
I try this one, try that one,and they bounce between.
They try to do multiple leadgen strategies at once.
This is a mistake.
I mean, obviously you'd like tohave leads coming in from
multiple places, but usually ittakes time for your business to
(05:04):
get to that point where there'sa lot of word of mouth, creating
a consistent amount ofreferrals and leads.
So in the beginning you need tofocus on one specific channel.
If it seems boring, that'sprobably because it is more
boring than jumping in betweendifferent lead gen strategies.
But what's necessary in thisvery crowded online world right
(05:26):
now, with a lot of people tryingto make money online, is
optimization.
There's no new marketingchannel that's going to suddenly
burst your offer onto thisgigantic blue ocean of
opportunity.
It's really about optimizingone specific channel, like an
Instagram account or emailmarketing or direct marketing,
whatever it is.
You have to really spend thefour, five, six, seven plus
(05:50):
months making yourself reallyexcellent on that platform so
that you can get the leads.
That's what's going to drivethe sales for you.
So one problem with one offer,with one lead generation channel
.
Second point to creating akiller product that'll take you
to 10K and beyond is you need tothink about customer lifetime
value.
Customer lifetime value issimply the amount of money a
(06:14):
customer brings in over theirlife cycle of buying from your
company.
You know how much money is onecustomer worth to you at the
beginning of their relationshipwith you and your business, and
this guy I was talking to aboutthis problem.
He had a very project-basedbusiness that said you know,
okay, you know, I'll make you avideo and I'll go and record it
(06:35):
for you, edit it, deliver it.
Okay, have a great life.
So he's meeting with people onetime and getting money from
them one time, and so thinkabout lifetime value.
It kind of expands your horizonsa little bit to think, okay,
how do I solve bigger problemsthat don't just create a one and
done solution for them, butproblems that maybe crop up more
(06:57):
than once in the future?
So I need to be there multipletimes for them to solve the
problems as they pop up,therefore earning more revenue
from them.
So, thinking about, how can Icreate something that solves a
problem that happens over time,or a repeat problem, or
something that solves a problemthat takes a long time to solve?
(07:20):
Maybe it's just one issue, butit does take six months or a
year to really turn that thingaround that they want to solve.
And a lot of people thinkimmediately they're like oh,
like a subscription model You'retalking about, like a monthly
membership, like a subscriptionor something like Netflix, and
it's like yes, that's oneversion of it, but there are
others.
Here's another way to thinkabout it.
So if you've got a package let'ssay it's $3,000, you know you
(07:44):
can sell that package to aclient and you don't have to
necessarily charge that fullamount upfront.
You can break that package upinto payments, that full amount
up front.
You can break that package upinto payments.
So when you have your $3,000 amonth offer, you could say, all
right, it's either 3,000 upfront or it's 1,100 a month for
(08:05):
three months.
So now you're working with yourclient to maybe create an
affordable product for them tobuy, because it's only 1,100100
a month instead of $3,000 rightup front.
But you're building in yourlifetime value with that
customer and you're creatingreoccurring revenue for your
business.
As opposed to, let's say, sayingyou didn't have a package offer
(08:26):
and you said, oh, all you canafford is $1,100 a month.
Okay, well, I'll just sell youthis one thing at $1,100 and
have a great life.
It's like no, you're takingyour problem that you solve,
you're expanding it a little bitand you're saying how can I
extend this problem to eitherfive or six resolutions
(08:46):
throughout the next six months?
So they have to spend moremoney to solve it, or you solve
a problem that takes a long timeto solve, like I said.
So that's a really easy way toincrease your revenue is think
about how can I get more perclient, and that probably means
you need to solve a biggerproblem.
It probably means you need todevelop more infrastructure and
(09:08):
more deliverables in yourprogram.
Probably means you need toupskill a little bit to be able
to handle more problems, butit's going to be huge for your
business to think about thelifetime value of a customer,
not just the one-time sale.
The last big idea I told thisguy about was the idea of the
value ladder, and starting atthe top of the value ladder, now
(09:29):
, there's three generalcategories on a value ladder of
solutions for people, and thebottom tier would be the cheap
stuff.
We're talking products orservices less than 50 bucks a
month, and these work reallywell for influencers who have a
million Instagram followers andcan put out something cheap like
a $50 ebook, and even if only0.5% of people buy, that's still
(09:50):
a lot of money.
But for the rest of us outthere who aren't influencers,
they don't work as well.
So we gotta look at maybesomething a bit more expensive.
And now we're looking atmid-range.
Now, mid-range is okay, but it'snot great.
Mid-range is like that $100 to$600 product or service that
you're selling.
This is fine, but you can spendliterally the same time and
(10:10):
energy selling five people a$600 product as selling five
people a $3,000 product.
So it's not a great focus tohave to really create that scale
in your business you want andcreate an excellent product that
actually delivers the solution.
Because if you sell a moreexpensive product, you're going
to have more profits to be ableto hire more support to deliver
(10:33):
a better solution, bettercustomer support.
You're going to be able toreinvest more money to improve
the product and you're going tohave happier customers than if
you're trying to squeeze a $500sale out of someone who is
expecting a lot more.
Because if someone let's saythey make $50,000 a year and
they buy a $500 product, that'sa big part of their world.
So they're going to have a lotof expectations towards the
(10:55):
solution.
Versus someone who makes aquarter million dollars a year
and buys a $5,000 product, thatis such a smaller piece of their
world.
They're probably not going tohave as many complaints about it
because they're not expectingit to be, as the return to be,
as much as someone who'sspending so much of their world
$500 out of their $50,000 salary, right?
(11:17):
So again, the mid-range productyou know $500 products anywhere
from 100 to 600, it's like goodfor a downsell, but even not at
the beginning.
If you're not making six youknow seven figures, it's really
not even a good downsell ideabecause, again, it's just
another distraction from yourhigher ticket offer and of
course, that's the last chain inthe value ladder.
(11:40):
So at the bottom, you got yourcheap, you got your mid tier.
At the highest point of thevalue ladder there is your high
ticket offers.
That's the $1,000 or moreproduct or service that you
offer.
It's white glove, it'scomprehensive.
It solves the root problem.
You have really good attentionto detail, a lot of like high
(12:00):
touch support.
With this solution.
It promises transformation, notjust a deliverable, not just
like okay, thanks for buying,here's your thing.
It's like we're going to helpyou or your or your business or
whatever your your solution is.
You're going to help ittransform and get to a certain
result.
You're going to help themactually achieve something or be
able to do something or stopdoing something, not just give
(12:22):
them a deliverable for thatproduct.
This is the perfect point tostart a business and all the way
up to seven figures, because ifyou have a high ticket offer
now, you're able to spend moremoney on acquiring leads and
acquiring you know booked salescalls.
You also have more money forfulfillment.
(12:44):
You have more money to then goback and to create a better
product in the future.
There's more margin there.
You can hire more people.
It also again puts you in thattier where you're working with
people who have enough money,where they're dropping $3,000,
$4,000.
It's not as huge part of theirworld as someone who's buying a
(13:05):
$50 e-book but makes $40,000 ayear.
So it creates a lot bettercustomer experience and a lot
less customer support ticketsper se.
When you create a higher ticketoffer, there's probably going to
be a direct like here's my timesolution as part of the offer
and you're probably going tohave some more done for you
stuff.
But that's good.
You know if you're still earlyaround in your business and
(13:27):
you're in this, you know mid sixfigure range or below, you know
you really should be spending alot of time with your customers
, hearing their language,understanding their problems.
You know, hearing what parts ofyour solution, your offer, are
really helping them and whatparts are not so helpful so you
can improve the product in thefuture.
Like the higher ticket, youknow white glove service model
(13:49):
to scale your business is sosuper helpful.
And again, this is differentthan the previous point.
Like, lifetime value is allabout how you structure your
pricing.
You don't want to.
You want to have a product thatsolves problems over a long
period of time or solves aproblem that takes a long time
to solve.
That's a lifetime value.
This is about solving anexpensive problem, a problem
(14:12):
that's higher ticket.
A more comprehensive problemthat's bigger.
That's what high ticket is andthat's really important.
A more comprehensive problemthat's bigger.
That's what high ticket is andthat's really important.
So hopefully this has beenhelpful in helping you decide on
how to improve your product orwhat product to start here.
If you have any thoughts, anyquestions, shoot me an email
joey at joeyhyoungcom, I wouldlove to hear your feedback.
Or shoot me a DM on Instagram.
(14:33):
That's at joeyhyoung.
On Instagram, and while you'rethere, click the link in my bio
there on Instagram, you can booka 20-minute strategy call.
We'll talk through yourbusiness, your bottlenecks,
we'll get you real clarity onwhere you need to go next to
scale your business.
And hey, while you're here, ifyou're already at the end of the
episode, you must have lovedsomething about this.
So hit the like button, hit thesubscribe button, the follow
(14:54):
button, whatever.
That really helps me.
I'm really really grateful foryou doing that sort of feedback,
because it helps the algorithmpush the show out to more people
.
Hit the share button and untilnext time, my friends, happy
scaling.
Welcome to Breadside Business, where we talk to
online entrepreneurs likeyourself about how to grow to
seven figures and beyond.
My name is Joey Young.
I helped grow my family'sprofessional service business
from about $19K to over $100,000a month in revenue and I
learned a lot along the way.
One of those things is how tobuild great products and the
mistakes people make when tryingto build exceptional products.
(00:23):
See, all these onlineentrepreneurs are focused on
marketing and sales and theythink, oh, if I just had more
leads or if I just was a bettersalesperson or I wasn't so
nervous to talk about my offer,I would have more revenue.
When the reality is, in 2024,the number one marketing
strategy is still word of mouth,and word of mouth is created
(00:45):
with exceptional customerexperiences.
So let's talk about a productthat'll create an exceptional
customer experience and help yougrow your business to six or
seven figures.
This was actually inspired by aguy I talked to recently.
He had a videography businessmaking about 5k a month, very
project based.
You know, from this to this, tothis sort of every month was a
(01:07):
different project, differentcustomer, and he was asking me
how I can scale, how I candouble my income to 10K a month
and this is what I told him andthis is what I'll tell you today
.
This is how you create a reallyexceptional six or seven-figure
business through great product.
The first is a company thatscales the seven figures has one
(01:29):
problem they solve through oneoffer, through one lead
generation channel.
That's the reality.
If a company out there has toldyou you need to diversify, you
need to try different offers,you need to have multiple
product lines and you're makingless than seven figures, that is
complete crap.
You need to focus in this subseven figure level to one
(01:52):
problem that you solve throughone product that you sell
through one lead generationchannel.
The issue I see people makewith the problem that they solve
is A they don't know whatproblem they solve and they
don't have clarity around that.
But B let's say they do haveclarity about what problem they
solve.
That problem that they solvewith their business is not an
(02:12):
urgent or a painful or anexpensive problem for their
ideal client.
That problem that they solvefor their ideal client isn't
something that is needing to besolved quickly, is emotionally
turbulent and painful for theclient, or it's not, and or it's
not costing them a lot of money.
(02:34):
And so if you want to build aproduct that has exceptional
returns and grows quickly,especially through word of mouth
, you want to make sure thatit's solving something that's
really urgent.
That's why business coaches doso well online, because they're
solving expensive problems forbusinesses.
That's why, you know, online PTcoaches solve an excellent
(02:54):
problem because their clientsoften are in physical pain, and
so they literally help theirclients get out of physical pain
with their offers.
But that's also why a you knowBrazilian butterfly history, you
know educator online has alittle bit harder time selling
their course.
You know, and if you're aBrazilian butterfly history
person trying to sell youronline product, bless you.
(03:17):
I'm not saying that you're notgoing to be successful.
I'm just saying it's a loteasier to sell a product that
solves a very expensive, verypainful or very urgent problem.
You know, when it comes to thebest offers that are sold, you
know when you're focusing onthat one offer, there's one
aspect of them that are alwaysemphasized for online
(03:38):
entrepreneurs, and that's youknow the results.
You know a great offer has aspecific result.
Right, we want to solvesomething that helps our client
move forward and we want to knowwhat that problem is, that we
solve that, that, thattransformation.
That's great.
But a great offer is a littlebit more than that.
There's only half the picture.
The other side of an offer isthe person selling it and their
(04:00):
value system and theirpersonality and their
characteristics.
And the perfect offer is theblend of a result that someone
wants and the value system ofthe person who's selling it, and
that's what makes it attractivefor the prospective client.
So think about how your offer,your one offer, is both solving
(04:21):
the urgent, expensive andpainful problem and how it
represents you and your valuesand your quirks.
Because one thing is true ifyou try to sell to everybody,
you're not going to sell toanybody.
So make sure that your offer isa blend of the personal and the
practical when it comes tosolving through one marketing
(04:44):
channel.
This is often the mistake otherentrepreneurs make is they think
, well, I'll try this one leadgen strategy this month, and
then it doesn't work.
I try this one, try that one,and they bounce between.
They try to do multiple leadgen strategies at once.
This is a mistake.
I mean, obviously you'd like tohave leads coming in from
multiple places, but usually ittakes time for your business to
(05:04):
get to that point where there'sa lot of word of mouth, creating
a consistent amount ofreferrals and leads.
So in the beginning you need tofocus on one specific channel.
If it seems boring, that'sprobably because it is more
boring than jumping in betweendifferent lead gen strategies.
But what's necessary in thisvery crowded online world right
(05:26):
now, with a lot of people tryingto make money online, is
optimization.
There's no new marketingchannel that's going to suddenly
burst your offer onto thisgigantic blue ocean of
opportunity.
It's really about optimizingone specific channel, like an
Instagram account or emailmarketing or direct marketing,
whatever it is.
You have to really spend thefour, five, six, seven plus
(05:50):
months making yourself reallyexcellent on that platform so
that you can get the leads.
That's what's going to drivethe sales for you.
So one problem with one offer,with one lead generation channel
.
Second point to creating akiller product that'll take you
to 10K and beyond is you need tothink about customer lifetime
value.
Customer lifetime value issimply the amount of money a
(06:14):
customer brings in over theirlife cycle of buying from your
company.
You know how much money is onecustomer worth to you at the
beginning of their relationshipwith you and your business, and
this guy I was talking to aboutthis problem.
He had a very project-basedbusiness that said you know,
okay, you know, I'll make you avideo and I'll go and record it
(06:35):
for you, edit it, deliver it.
Okay, have a great life.
So he's meeting with people onetime and getting money from
them one time, and so thinkabout lifetime value.
It kind of expands your horizonsa little bit to think, okay,
how do I solve bigger problemsthat don't just create a one and
done solution for them, butproblems that maybe crop up more
(06:57):
than once in the future?
So I need to be there multipletimes for them to solve the
problems as they pop up,therefore earning more revenue
from them.
So, thinking about, how can Icreate something that solves a
problem that happens over time,or a repeat problem, or
something that solves a problemthat takes a long time to solve?
(07:20):
Maybe it's just one issue, butit does take six months or a
year to really turn that thingaround that they want to solve.
And a lot of people thinkimmediately they're like oh,
like a subscription model You'retalking about, like a monthly
membership, like a subscriptionor something like Netflix, and
it's like yes, that's oneversion of it, but there are
others.
Here's another way to thinkabout it.
So if you've got a package let'ssay it's $3,000, you know you
(07:44):
can sell that package to aclient and you don't have to
necessarily charge that fullamount upfront.
You can break that package upinto payments, that full amount
up front.
You can break that package upinto payments.
So when you have your $3,000 amonth offer, you could say, all
right, it's either 3,000 upfront or it's 1,100 a month for
(08:05):
three months.
So now you're working with yourclient to maybe create an
affordable product for them tobuy, because it's only 1,100100
a month instead of $3,000 rightup front.
But you're building in yourlifetime value with that
customer and you're creatingreoccurring revenue for your
business.
As opposed to, let's say, sayingyou didn't have a package offer
(08:26):
and you said, oh, all you canafford is $1,100 a month.
Okay, well, I'll just sell youthis one thing at $1,100 and
have a great life.
It's like no, you're takingyour problem that you solve,
you're expanding it a little bitand you're saying how can I
extend this problem to eitherfive or six resolutions
(08:46):
throughout the next six months?
So they have to spend moremoney to solve it, or you solve
a problem that takes a long timeto solve, like I said.
So that's a really easy way toincrease your revenue is think
about how can I get more perclient, and that probably means
you need to solve a biggerproblem.
It probably means you need todevelop more infrastructure and
(09:08):
more deliverables in yourprogram.
Probably means you need toupskill a little bit to be able
to handle more problems, butit's going to be huge for your
business to think about thelifetime value of a customer,
not just the one-time sale.
The last big idea I told thisguy about was the idea of the
value ladder, and starting atthe top of the value ladder, now
(09:29):
, there's three generalcategories on a value ladder of
solutions for people, and thebottom tier would be the cheap
stuff.
We're talking products orservices less than 50 bucks a
month, and these work reallywell for influencers who have a
million Instagram followers andcan put out something cheap like
a $50 ebook, and even if only0.5% of people buy, that's still
(09:50):
a lot of money.
But for the rest of us outthere who aren't influencers,
they don't work as well.
So we gotta look at maybesomething a bit more expensive.
And now we're looking atmid-range.
Now, mid-range is okay, but it'snot great.
Mid-range is like that $100 to$600 product or service that
you're selling.
This is fine, but you can spendliterally the same time and
(10:10):
energy selling five people a$600 product as selling five
people a $3,000 product.
So it's not a great focus tohave to really create that scale
in your business you want andcreate an excellent product that
actually delivers the solution.
Because if you sell a moreexpensive product, you're going
to have more profits to be ableto hire more support to deliver
(10:33):
a better solution, bettercustomer support.
You're going to be able toreinvest more money to improve
the product and you're going tohave happier customers than if
you're trying to squeeze a $500sale out of someone who is
expecting a lot more.
Because if someone let's saythey make $50,000 a year and
they buy a $500 product, that'sa big part of their world.
So they're going to have a lotof expectations towards the
(10:55):
solution.
Versus someone who makes aquarter million dollars a year
and buys a $5,000 product, thatis such a smaller piece of their
world.
They're probably not going tohave as many complaints about it
because they're not expectingit to be, as the return to be,
as much as someone who'sspending so much of their world
$500 out of their $50,000 salary, right?
(11:17):
So again, the mid-range productyou know $500 products anywhere
from 100 to 600, it's like goodfor a downsell, but even not at
the beginning.
If you're not making six youknow seven figures, it's really
not even a good downsell ideabecause, again, it's just
another distraction from yourhigher ticket offer and of
course, that's the last chain inthe value ladder.
(11:40):
So at the bottom, you got yourcheap, you got your mid tier.
At the highest point of thevalue ladder there is your high
ticket offers.
That's the $1,000 or moreproduct or service that you
offer.
It's white glove, it'scomprehensive.
It solves the root problem.
You have really good attentionto detail, a lot of like high
(12:00):
touch support.
With this solution.
It promises transformation, notjust a deliverable, not just
like okay, thanks for buying,here's your thing.
It's like we're going to helpyou or your or your business or
whatever your your solution is.
You're going to help ittransform and get to a certain
result.
You're going to help themactually achieve something or be
able to do something or stopdoing something, not just give
(12:22):
them a deliverable for thatproduct.
This is the perfect point tostart a business and all the way
up to seven figures, because ifyou have a high ticket offer
now, you're able to spend moremoney on acquiring leads and
acquiring you know booked salescalls.
You also have more money forfulfillment.
(12:44):
You have more money to then goback and to create a better
product in the future.
There's more margin there.
You can hire more people.
It also again puts you in thattier where you're working with
people who have enough money,where they're dropping $3,000,
$4,000.
It's not as huge part of theirworld as someone who's buying a
(13:05):
$50 e-book but makes $40,000 ayear.
So it creates a lot bettercustomer experience and a lot
less customer support ticketsper se.
When you create a higher ticketoffer, there's probably going to
be a direct like here's my timesolution as part of the offer
and you're probably going tohave some more done for you
stuff.
But that's good.
You know if you're still earlyaround in your business and
(13:27):
you're in this, you know mid sixfigure range or below, you know
you really should be spending alot of time with your customers
, hearing their language,understanding their problems.
You know, hearing what parts ofyour solution, your offer, are
really helping them and whatparts are not so helpful so you
can improve the product in thefuture.
Like the higher ticket, youknow white glove service model
(13:49):
to scale your business is sosuper helpful.
And again, this is differentthan the previous point.
Like, lifetime value is allabout how you structure your
pricing.
You don't want to.
You want to have a product thatsolves problems over a long
period of time or solves aproblem that takes a long time
to solve.
That's a lifetime value.
This is about solving anexpensive problem, a problem
(14:12):
that's higher ticket.
A more comprehensive problemthat's bigger.
That's what high ticket is andthat's really important.
A more comprehensive problemthat's bigger.
That's what high ticket is andthat's really important.
So hopefully this has beenhelpful in helping you decide on
how to improve your product orwhat product to start here.
If you have any thoughts, anyquestions, shoot me an email
joey at joeyhyoungcom, I wouldlove to hear your feedback.
Or shoot me a DM on Instagram.
(14:33):
That's at joeyhyoung.
On Instagram, and while you'rethere, click the link in my bio
there on Instagram, you can booka 20-minute strategy call.
We'll talk through yourbusiness, your bottlenecks,
we'll get you real clarity onwhere you need to go next to
scale your business.
And hey, while you're here, ifyou're already at the end of the
episode, you must have lovedsomething about this.
So hit the like button, hit thesubscribe button, the follow
(14:54):
button, whatever.
That really helps me.
I'm really really grateful foryou doing that sort of feedback,
because it helps the algorithmpush the show out to more people
.
Hit the share button and untilnext time, my friends, happy
scaling.
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