Unknown Business Expert (20:32)
So it's like, hey, what a lot of people do is they do this. Do you know anything else? Do you. And so we say that everyone says yes by saying no. And by that, it's like you get 80, 90% take rates on the upsell, rather than saying, hey, do you want. It's a. It's a. It's a binary. It's a different question right now. They have to consider a purchase. And so all of them have, like, tiny little, little repositionings that work really well. But that I think would make sense. Like, you'd say that's. That's the classic upsell. There's rollover upsells. There's. Which is. One of my favorites is anchor upsells, which anchor ups. It would be like. Let's say you're like, okay, if you want, Nick will go find the person for. I'm Just making it up, right? And he'll do it for $15,000 upfront and, you know, $10,000 a month. Now at that point, they're like, shit. It's like, that's a lot. It's like. Or if you're good with the exact same work being done by someone that Nick trained, we can do it for one third the price. And it's like, oh, yeah, that's fine. So the key part is that you anchored them to the anchor is. Is part of it, but there's also, like, what you want to anchor. And so the way I learned this was actually at a Salt Lake City suit place. So I go in. A friend of mine sets up a private suit appointment with me. Now, I'm not ballin'. I have, like, $10,000 in my name. So I was like. He's like, you gotta have a boss suit if you want people to take you seriously. This is many years ago. Obviously, I've really listened to this advice. And so I go in there, and the guy's like, all right, I'll get you. He asked me, what do you want? I said, a boss suit. And so I'm 23 or 24, something like that. And so he puts this suit on me. And he was like, what do you think? I was like, oh, I look awesome. And then I looked at the tag, and it was 16 grand. And I was like, I. I think I turned white, right? And I was like, oh. And I think he saw me, like, just, like, freak out. And he's like, hey. He's like, do you care about the brand? And I was like, no, not at all. And he was like, I got you. And so he. The thing is, is that he had his lineup already picked for me, and he just pulled the second one, put it on me. He's like, what do you think? And I didn't even look in the mirror. I just looked straight at the tag, and it was two grand. And I was like, thank God. I was like, okay, I can. Like. My friend's not going to be embarrassed that he sends this poor, you know, his. His muggle, his non mag folks over peasant. And so anyways, I ended up checking out. Then he was like, well, you. You can't have this without that. He was like, well, you want to make sure that you have the little pocket thing and you want the socks, whatever. So I ended up leaving for 2,500 bucks. And I remember after I left, I was like, I spent five times more than I had budgeted for this thing. And I realized I was like, oh. But the key part wasn't just that there was something expensive. Number one is that you actually have to sell it. As in. Because sometimes people put anchors, but they don't really, like, commit to the anchor. If you just say it and then immediately, like, don't even acknowledge it, then it's just like, this is this thing we put in the sales process. I don't know why it's there. That's dumb. You have to commit to it. Because the thing is, is 10% of the time you have a whale and they'll fucking buy it. You're like, holy shit. But the other 90% of the time, the key is that the thing that differentiates the anchor from the core offer is a very negligible thing. And so for me, the brand didn't matter. Or like, he might be like, do you care what kind of wool this is? I'd be like, I don't care. Now somebody might. And the reality is they probably don't actually. They just always buy the most expensive thing, right? Like, Leila just always ask, what's the most expensive thing? And then she just buys it. That's how she rolls, right? She just always wants the best, you know, whatever. But the thing is, you want to have a model that allows for that. And if 10% of people buy something that's 10 times expensive, you double your revenue. So it's still worth it. And that. That's why the anchor should be super fucking high. And so that's an example of a different type one. But this one is a. Is a classic upsell, which would be positioned the way I said, which is a no based, a no based yes. We covered the downsell with a feature downsell and then continuity. Now you already have a continuity business, so there's no real point to like saying, how do we. How do we do that? But one of the, like, there's a different mechanisms that I use in that on that side. But one of my favorites is like something called a wave fee. So this works really well with expensive stuff. So we would say, hey, for us to go find this person, it's. It's 10 grand up front, or I can waive it if you commit to a year. And so you just waive the fee, but you get the commitment and you. And the thing is, it's like, oh, if you're not sure, then just pay the 10 you get. It's month to month. No, no sweat. And so with that also you say, and we would stack it so we'd be like, okay, we're going to waive the fee. We commit to a year, and if for some reason doesn't work out with Carlos, we'll get you, we'll get you another Carlos within 90 days or whatever. No, no cost. And so then it's like the, so you, you decrease cost and you decrease risk with the continuity and commitment. And we create artificial pain in the moment. Now what happens if they're like, hey, six months in, I want to cancel? It's like, no worries, just pay the fee, right, That I waived for the commitment. So it actually creates a very simple contract which is like, you just got to pay that on the way out the door. So it also increases stick. So that's like, it has like three prongs to it. That makes it. But it's very easy to understand, very elegant. And so that's one of the continuity mechanisms that I use.
