Kyle Tully On Specific Mindset Techniques to 10X Your Prices
Kyle Tully is the founder of consultingtycoon.com. He’s a direct response copywriter and a marketing consultant who specialises in online lead generation, past customer reactivation and business growth strategies. He’s trained hundreds of people to do what he does which is creating extraordinary income in record time.
Related / Mentioned Podcast Episodes:
- Episode 001 – Neil Patel on Branding, Client Selection and Investing
- Episode 002 – James Schramko on Recurring Income Models
- Episode 018: Buck Rizvi on How To Build an EIGHT figure Business Using The Right Systems And Culture
- Episode 022 – $50 Million and Counting
- Episode 048: John Logar On How to High Value Consulting Techniques To Increase Profitability
- Episode 050: James Schramko On Frameworks for Business Profitability
Key Points (Timestamps)
- 1:58 — Intro and overview
- 2:41 — Discussion around why pricing isn’t the only factor when making an offer to a client that actually converts
- 4:10 — Eighty percent (80%) of the market isn’t price focused. There are other factors e.g. Results, you can generate, timeframes you can turn it around.
- 5:07 — Discussion around how to get comfortable with value-based pricing
- 6:55 — The importance of having high-level strategic conversations with customers
- 8:12 — How to use a business partnering approach to aligning yourself with the customer’s strategic results
- 10:11 — The difference between positioning yourself as someone offering solutions and someone offering commodities
- 11:17 — Value-based pricing – how to position yourself as a person delivering value
- 11:45 — Factors Kyle looks to when pricing his services:
- What would the value be if he did it for his own business?
- Value-based factors e.g. What incremental revenue this will bring
- What a new client is worth
- Lifetime customer value
- 13:12 — A lot of our anxieties around price are in our own heads, not in our prospects’ heads.
- 14:50 — “The price discussion cuts both ways.” — Kyle Tully
- 15:43 — The price you charge attracts a certain quality of client (also mentioned by James Schramko).
- 17:29 — A person who buys a $10 product is making a much lower level decision than a person making a $5,000 purchase.
- 18:35 — “Price is what you pay. Value is what you get.” — Warren Buffett
- 18:47 — Case study: An example of high-priced offers that converts. How Patrick changed from a commoditized approach to a solution-based approach which included high-priced offers.
- 21:00 — Key challenges when quoting high prices and how to overcome them
- 24:26 — Action steps you can take right now:
- Get in front of a mirror and get comfortable with quoting your price.
- Get clear on the value you bring to the table.
- Move from a fear-based (price-based) mindset to a value-based mindset.
- 25:26 — An exercise you can do that will help you to 10X your pricing
- 27:32 — The books that have had the biggest impact on Kyle and why they’ve had such a big impact
- 29:12 — How to get in contact with Kyle
- 30:2 — Wrap up and recap of key concepts
- 31:40 — Related podcast episodes