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Maven Marketing with Brandon Welch
Each year, business owners spend one trillion dollars on advertising with very little to show for it. In fact, eight out of ten say they are not confident they are getting their money’s worth.
Without throwing money at advertising, how do you grow your business?
Maven Marketing with Brandon Welch is a workshop-style podcast answering real growth questions from today’s business leaders. Each episode will introduce you to the Maven Method, our straight-forward, proven approach for growing a business without wasting money on ineffective ads.
Trade the marketing lies for solid growth strategies so you can reach your big dream!
Join Brandon Welch and co-host, Caleb Agee, each week for Maven Monday and Frankly Friday!
Maven Marketing with Brandon Welch
How to Attract Customers Who Will Happily Pay You More
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Maven Method Training: MavenMethodTraining.com
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Host: Brandon Welch
Co-Host: Caleb Agee
Executive Producer: Carter Breaux
Audio/Video Producer: Nate the Camera Guy
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When you start to stand for something bigger than you. That is way unreasonable. That has gravity. Big things have gravity and they attract other things to them and they revolve around them, and that is exactly what big brands do. Welcome to the Maven Marketing Podcast. Today is Maven Monday. I'm your host, brandon Welch, and I'm joined by Caleb Ron Burgundy Agee.
Speaker 3:I don't know if I want to be associated with Ron Burgundy.
Speaker 1:What you should know behind the scenes. Maybe I don't know, if we hit like 50 Mastermind subscribers, we'll post us doing this or something. But, we pull a little Anchorman around here before the ah, you know the. Everybody come see how good I look, you know yeah.
Speaker 3:You know, everybody come see how good I look. You know, yeah, the whole Anchorman opening scene, the opening scene where he's like I look good Ow now brown cow.
Speaker 1:You know all that so if you know.
Speaker 3:you know the arsonist had oddly shaped feet.
Speaker 1:I was with a good friend of mine last night at a very nice restaurant and we walked in without a reservation and he said I don't know if you know this, but I'm kind of a big deal there was like three hostess girls and they probably were I don't know 18, 19 years old and they had no idea what he was talking about. That was an anchorman and they thought he was being serious and it was like he would get the eye roll and he's like, oh, you don't know about anchorman.
Speaker 3:And you looked it up and it came out before they were born.
Speaker 2:Yeah, I don't think they were born when it came out. Come on, yeah, come on folks.
Speaker 1:So what kind of world is this right? So watch Anchorman and after you do that, come back to the podcast, because we're going to talk about how to raise your prices and get away with it. Happily. People wanting to give you more money, happily giving you more money, and you're going. That's preposterous. Nobody feels good about giving you more money, and we're going to not only prove to you why that is not the case. You can actually make them enjoy spending more with you. We're going to give you some real case studies of customers that we've helped do that, and then some national brands, and then give you a few principles to walk away with. And how could this episode be any less on mission? Yeah.
Speaker 1:Any more on mission. Sorry, that's more because we're sorry long day. More on mission. This is an on mission episode yes, we remixed that and because, as you may or may not know, this is the place where we help you eliminate waste in advertising, grow your business and achieve the big dream. And all of those things have to do with getting more resources. To be able to give more resources.
Speaker 3:We were talking about a keyword that may be behind the curtain a little bit, but that's a way about talking about money without talking about money a little bit.
Speaker 1:You don't have to pay us more, just be like. That's going to require more resources.
Speaker 3:You do have to talk about the price later on, Ben Franks.
Speaker 1:Alexander Jackson's. Alexander Hamilton, andrew Jackson some more resources. You do have to talk about the price later on. Ben ben franks. Alexander jackson's no wait, alexander hamilton. Andrew jackson I was like long day folks. Alexander jackson, caleb, give him a little teaser, all right.
Speaker 3:So we're going to talk about how you can charge more for what you do. Um, you don't need fancier features, you don't need better targeting, you don't need all these. You don't need to educate the public. We talked about that last week. You really need to stand for something, and that is the key. That, in its essence that's the bottom line today is, if you want to be able to charge more than your competitors, or charge more than the going rate for whatever you sell, you have to stand for something, and then not only that, people have to believe that you stand for something, and then not only that, people have to believe that you stand for something.
Speaker 1:Yeah, beliefs equal bucks, and that's not why you should have strong beliefs. But you actually, if you're an entrepreneur, if you've started something, if you're doing something in your market a certain way, you have a strong set of beliefs. Whether you've ever looked at it like that or anybody's ever helped you realize that before. It's true. So people don't pay more for stuff. They pay more for meaning, and meaning like this whole human experience of like, when we feel alive, when we feel, I guess, collaborative, when we feel loved, when we feel safe, when we feel like ourselves, it's because we are bonding with other people that somehow roll the way that we roll, and that is easily accessed when you can share and talk about your beliefs. And so when Caleb started, he said we don't need more features, we don't need more targeting for the right person. It's not about finding people who want to pay more. It's about making everybody aware of how deep and special you are for the reasons that you started your business in the first place.
Speaker 3:Yeah, and it's happened to everybody. You have a prospect, you have a customer and you've been working on it, You've pitched them and then they say I'm going with these other guys and you ask why? And they say, well, they're cheaper. And right inside your heart beats a little faster, there's a little explosion and you're like, oh, but I know. And whether you bite your tongue or not, at least inside your head you're saying I know you are not going to get the same experience, because I value what I would do for you. Whatever service you're selling, whatever product it is, I know you would get a better experience with me.
Speaker 3:That's why I'm charging a little bit more. And those guys are going bottom dollar because they're going to cut some corners. And there's this indignant. You know you get a little bit frustrated in that moment, but what the reality is is that person did not believe in the value you were going to bring, that it was equated to the price that you were charging.
Speaker 1:Yeah, you didn't. They didn't transfer the value. Yeah, and some people are unqualified to pay more, but a lot more are qualified to pay more when they want to, when they feel like it. And kind of the inverse of this episode is you do not want to be a commodity, and if you're struggling with price or if you're struggling with profitability, you're probably too far in the commodity phase. We said in the book if you don't define what makes you valuable, the only thing they'll have to define you by is your price. And so we talk a lot about tomorrow marketing. A lot of people talk about branding. Well, really, it's all kind of the same thing of your reputation preceding you, your character, your character, your personality, your experience, your reviews, the aura, the hospitality, everything preceding you, so that the market goes, ooh, that's a place. We wait to do business there when we can afford it or when we're ready to spend more money because we value it right.
Speaker 3:Yeah, Think about the really nice restaurant in town. You can't go to date night every Friday night at that restaurant, or at least not everybody can. But you save up and you value what you wait for. You value those things.
Speaker 1:It's a gesture. They're reminiscent of the Maven Method, but we're going to look at them through a little bit different lens, One you'll recognize. The first way to do this is to get very, very serious about your vision, values and vows. Whether you realize it or not, you have them Certainly.
Speaker 1:If you ever have that moment where you're like, dang it, why did I lose that customer? That's because there's a belief you could do it better, and behind that is a specific belief in the way that they ought to be served better, and behind that is a specific belief in the way that they ought to be served. Or if you ever could remember back to when you started the business in the first place, like, what were the things that the straws that broke the camel's back that went, dang it. I have to go do this on my own, and usually it's the best entrepreneurs and I think most of the entrepreneurs I've ever met. It was a reason bigger than money. It was a reason, even though we, you know, may have stars in our eyes like, oh, I'm going to get rich, we find out really quickly. That's way, way, way harder.
Speaker 1:It's way way more work, but the thing that pushed us is like the status quo was not good enough, and so the clearer you are about your vision, values, vows. Vision is the world you're trying to create for your customer or for some other third party. Your values is what you will always do, no matter what, and what you will never do, no matter what, like what you stand for, what you believe in, and then your vows are the specific guarantees you make to your customer. Simon Sinek says when you stand for something, people who value that will stand with you.
Speaker 3:Yeah, and his start with why talk? He says people don't buy what you do, they buy why you do it. And I might have paraphrased that a little bit, but essentially-.
Speaker 1:That's exactly what he says.
Speaker 3:He says people don't buy what you do, they buy why you do it. And he does these concentric circles that's a fancy word for inside of each other, and why is at the core right and for inside of each other? And why is at the core right? And if we sit around in the what we're going to miss them. But people buy why you do it and that's a belief and it's a great talk if you've never heard it.
Speaker 1:So Harvard Business Review, which I love. If you're an entrepreneur and you want to be like, just like challenging yourself a lot, Harvard Business Review is a great magazine to have around a great magazine to have around.
Speaker 1:It's one of the very few things I read consistently. 64% of consumers say shared values is the primary reason they have a brand relationship. That's in an article called the New Science of Customer Emotions, if you want to Google it. So let's give a few examples of what these beliefs might sound like. And I think the key here we're trying to say is like you need to really articulate the so you're not just a company selling products and services for money. If you are, you're going to get stuck in the lowest commodity rate. You're going to only be able to charge what the market will pay for a commoditized product or service. But if you are sharing with what you believe, like a pediatric dental office, sharing their vow that we will always speak to your child on their level first, because confident kids make confident patients, or what's an example of some vows from Frank and Maven?
Speaker 3:Our vows.
Speaker 1:We will never let your website be held hostage by nerds.
Speaker 3:Yep, we will always start with a business outcome driven strategy.
Speaker 1:Yes, if we're not growing it, we're using you and we'll fire ourselves. It's one of our vows.
Speaker 1:So you start to see these statements of like wow, that must be really important to an owner. And if that's important to an owner, that's important to you. Know, the parent sees that, or the the, the customer sees that, and they go, they go. Wow, I've been waiting for somebody. I didn't know I was needing that, but I'm like I've been waiting for somebody who sees the world. Finally, somebody said it right Apple has some sort of a vow. It's like in everything we do, we believe in challenging the status quo. They're standing for progressive design, making humanity better, and those big things are attractive, right?
Speaker 3:Yeah, I think we have a few examples of some national brands. You know that if you value them, you pay two, three times as much as the competitor for what on on a spec level, features wise is pretty much the same right.
Speaker 3:So but don't, but don't you dare tell me that your dell is the same as my Mac you twitched a little bit when I said that, but, reality-wise, if I wanted to buy just a computer, a machine that processes things, I could pay far less, the only difference being the operating system in the box that holds it all on paper. But Apple demands to charge two or three times the amount of a PC.
Speaker 1:Yes.
Speaker 3:Yeah. So why does it work? Because they shared their beliefs. They're not selling a computer, yeah, they're selling identity.
Speaker 1:Yeah, possibly some status. Definitely experience From the time you take the plastic off of the box to open it. They're selling that experience. You take the plastic off of the box to open it. They're selling that experience.
Speaker 1:To the chime that every Mac that's ever been turned on makes To the operating system. They're selling a premium identity, yeah, and then they connect, they hook those things into your life with your text message, with your contacts, with the way they do beautiful photos for contact photos, the way they do clean lines and just simplicity in their operating system. You're going. That makes me feel good and so you want more of that, and so try to get a Mac to go to a PC. It'll never happen. A Mac user, sorry.
Speaker 3:Yeah, it's hard. Yeah, it really is.
Speaker 1:I would do that and what are they believing? People like us think different, yeah, so what's? Another example, another example.
Speaker 3:Now I feel like I'm going to be honest. Brand-wise I feel like they've fallen off a little bit. But Starbucks demands a higher cost, a much higher cost than most like, than the McDonald's coffee you'd pick up, or or even Duncan's like on your way through. Starbucks can charge five, six, $10 if you're on the coast, for a latte, um, which is wild, right and um, they're doing it pretty quick, you know, but they, they sell um really an experience and it's, and it's a symbol of that coffee shop vibe. You think about Friends and all these shows that have spent their time and that's like the Starbucks era, kind of pulled out of the early 2000s, late 90s, like just the place you gather, the place you work, the place life revolves and you go there on your way to work or school or whatever.
Speaker 1:Well, the rest of the world was saying get coffee faster so you can start your day. They're saying enjoy a beautiful atmosphere, Take a moment for yourself, right?
Speaker 3:Yeah, and think about the even. They're like writing notes on coffee cups. There's always a new design that comes out at Christmas and springtime and there's quotes and it's all an experience. Yes, and they don't have to do any of that. They're just selling muddy water like the other guys down the street Right. Arguably not really better than most of the ones down the street, but they get to demand a line around the building because of the experience they built and the belief that we have in them.
Speaker 1:Yeah, yeah, it's them, yeah, yeah, it's brilliant, and people are loyal to that Starbucks everywhere they go. Yeah, even if they're pretty well aware that there's actually probably a better cup of coffee and driving distance. It's that Starbucks forged that entire belief for really a couple generations, right.
Speaker 3:That's right.
Speaker 1:So third one we put down here Patagonia versus Columbia. This one's really interesting because I have some Columbia wear.
Speaker 1:I love it. It's comfortable. I also have some Patagonia wear and I love it, but I kind of love the Patagonia a little bit more because of how I feel when I wear right. I don't even know why, but if you were to look at Patagonia ads, they're all very. I don't even know why, but if you were to look at Patagonia ads, they're all very earthy, they're very sustainable, they're very adventure-seeking, they're very like when you put that on, you're almost posing as a mountaineer as an explorer, and their little logo reminds you of and of its very self.
Speaker 1:it's an exotic place, right? Patagonia is a place in South America, right? Yeah? So versus Columbia, which is more practical. It's like you know, I'm thinking back to school. I'm thinking, you know, you need to get a jacket for your kid, sort of thing, or you need a jacket for yourself, don't you? Yeah? And Patagonia easily charges two to three times more.
Speaker 3:If not more Easily, depending on the thing you're buying.
Speaker 1:I have a wonderful mother-in-law who gives me my Patagonia stuff for Christmas. That's why I have so much of it. But they stand for activism. They stand for ethics, sustainability and really they're selling. We're here to help you enjoy the planet, Like their belief is. You ought to be protecting this beautiful environment we get to be a part of, and they're showing people enjoying it and valuing it.
Speaker 3:Last example yeah, tesla reinvented the electric vehicle. I'll just address the political things aside at the moment. We have to acknowledge they changed the landscape for EVs entirely and now they've lowered the prices some but they still demand a premium for their vehicle. Because of how they've, because of what you believe about them, you really are part of this revolution that they've brought. Where they're changing, they want to bring electric vehicles to everyone.
Speaker 3:They want to make it everybody's car, and I think they almost want it to be the model T of the, the next generation. Well, yeah, I think.
Speaker 1:I think he's even said said that and but what? They weren't to go back to the chapter eight, which is one of our favorite like things to go back to the chapter eight, which is one of our favorite things to go back to in the Maybe Marketers. What are you really selling? It wasn't transportation.
Speaker 3:No.
Speaker 1:It wasn't cars, it wasn't four wheels. They're selling an identity that has something to do with progress. Yeah, and Elon's unapologetic about the fact that I want everybody in the world to be able to have an electric car, just like Henry Ford was. And just like it was really unreasonable for John F Kennedy to say we're going to the moon, and just like it was really unreasonable. But they did right.
Speaker 3:Yep.
Speaker 1:And Elon's kind of doing the same thing with his rockets. We want to go to Mars and what you realize is that when you start to stand for something bigger than you, that is way unreasonable. That has gravity, it does. Big things have gravity and they attract other things to them and they revolve around them, and that is exactly what big brands do. I like that, you like that.
Speaker 2:I like that. I might pull quote that. Yeah, that's a good one.
Speaker 1:You know what For Christmas? I'm going to just take that little excerpt and just put it on a canvas and gift it to you.
Speaker 3:camera guy, write that down that was good stuff it was good, uh, okay.
Speaker 1:So we're talking about beliefs, we're talking about things that are bigger than you, pull you towards them and really, price and resources we'll call them become less irrelevant because when things are a part of us, just like in a much, much bigger way, our children or our best friends, or our churches or our communities or our country um, we just kind of become surrendered to them.
Speaker 3:Yeah, it's not even a thought at that point. It's just that that's part of me there are things you buy, even certain groceries we buy that is just non-negotiable. We're going to buy that one every time we buy the unbleached eggs, the farm fresh, free range. We pay way too much for them, but we're going to do that every time because it's a value that we have.
Speaker 1:So that leads us to point two. How you do that is you start building that bond long before the actual need arrives. You start talking about these things to where, like if you, let's just say, starbucks and McDonald's coffee were on the same shelf and you hadn't ever seen or experienced any of those things, and you saw, okay, bean water for $6 or bean water for $2, you would go, ah, $2, because I waited to the moment of need.
Speaker 3:I'm thirsty and.
Speaker 1:I need a hot drink, right.
Speaker 3:Yep.
Speaker 1:But because of the things that they've done, that precede them, which we call tomorrow marketing. But the principle here is earn them before the finish line and continue earning them before the finish line.
Speaker 3:Love this quote from Donald Miller. He says it's not who shows up best at the time of the sale, it's who showed up most consistently before it. Oh, so good.
Speaker 1:Donnie.
Speaker 3:Come on, Donnie.
Speaker 1:Bringing it home. So you could do this a lot of ways. If you're a local service business, probably the most efficient way to do it at scale is broadcast advertising and building magnetic personalities and standing for values inside your campaigns. Don't just run ads that talk about products. Run campaigns that bond people to your personality and your value. Set your style, your characteristics, your better world you want to create for them, and do it often, do it every day. Buy as big an audience as you can afford to reach every day. If you're less of a service business for a town or region and you're more of a niche business I'm thinking of maybe my photographers, maybe some of my specialty, you know hobby type businesses where you know you serve a lot of people but they're not in the same geography. Social media is the best way to do that.
Speaker 3:Yeah.
Speaker 1:And just have regular content. You're going to have to pay for it, to like to promote it and have that be the word on the street. Also, you can do it by showing up to support causes, and I'm thinking like Little League, like putting your community branding, so to speak.
Speaker 3:Join the barbecue for a cause, those little local events. Every town has something and be a part of it. I mean, do it because you believe in it.
Speaker 1:Yeah Well, you'll be found out as a fake if you're just doing it for the logo on the thing.
Speaker 3:But yeah, I think showing that kind of support that's a way to show up for people and show up with people before they need you. And you're not asking them to buy anything from you. You're just you're there and they know you're there and that's a beautiful thing.
Speaker 1:Yes, the Christian business event that we went to this week. I fully plan to sponsor that because I'm like this is really cool, this is a really cool room. I want everybody to know that I support that. I have zero business expectations for it. However, it will by way of just that conversation piece that will connect us to organizers of the event, who will some way somehow connect us to other people who see the world the way we do, and we want to do business with people that see the world the way we do right Yep.
Speaker 1:So supporting research, the Ehrenberg Bass Institute found that most purchases come from people who were reached long before the point of purchase. That's why brands that maintain consistent visibility win more market share over time. Great study called the Long and the Short of it by Peter Field and Peter Field. And who's the other fella? Why did it just go blank? Peter Field and Les Bennett Les.
Speaker 1:Bennett they did like a 20-year study on the brands that actually grew and became market leaders, and it was literally because they branded more, they did more priming, they did more bonding with emotional campaigns than they did promotions.
Speaker 3:Yeah.
Speaker 1:And so, yeah, that has to be so, and they got away with charging more that study confirmed it as well.
Speaker 3:That's right. Yeah, so has to be so and they got away with charging more. That study confirmed it as well. That's right, yeah, so earn them before the finish line. That was point number two. Point number three spend an unreasonable amount on customer service. I love this one, truthfully. This is a belief we have here. We're not actively pursuing a whole lot of customers on a regular basis, our agency, we don't market ourselves as much because we just have a very limited supply of mavens and we want to make sure we help as many people as we can.
Speaker 1:We have limited resources.
Speaker 3:We have limited resources, there you go.
Speaker 1:And what?
Speaker 3:we want to do is, though, take care of the people who trust us with their dollars, who trust us with their business, and we try our best to give them the most spectacular customer service we can give them.
Speaker 1:It's like a wedding when we take on a new client. It's like we're celebrating. Okay, we have gone through a lot of courtship, we are deciding to take on a mission together and go into the world together and change something, and so actually, this would be a great time to talk about how we are doing that for more people with limited resources, but I'll finish the sentence.
Speaker 1:So people forget what you said, people forget what you did, but people will never forget how you made them feel. Maya Angelou, one of my favorite quotes Anybody within a hundred mile radius can feel generosity, or they can feel hospitality through their friends, through the way your parking lot looks, through the way your business appears online, to the care that you put into your messaging on your website, to the types of stuff you share and indicate what you believe in on social media, and just the experience for your company is more than just hospitality.
Speaker 1:Now we go way over the top with this I'm in a group of CEOs that I meet with monthly. We kind of share our P and L's. Not long ago and I had an a ridiculous amount of our um expenses. They're like you spent that much money on customer experience. They're like what is that? And I'm like, well, I don't want to, I don't want to say it, cause it would, it would just unromance the whole thing. But it's just all the little things we do for clients, yeah, and, frankly, people that we love in and around our clients, not even people that pay us every time it's like no.
Speaker 1:Actually, I would say Oftentimes it's.
Speaker 3:Oftentimes it has nothing to do with that.
Speaker 1:Yeah, If a student meanders into our world and spends a day with us as an internship or a job shadow day and we figure out what they're into. I've spent $300 on books just overloading them and. I don't want that badge, but I'm just giving you examples of like put good things in the world.
Speaker 3:Bunch of swag, we buy lunch. We have all these things that we want to make their experience amazing. We want everybody's experience with Frankenmaven to be spectacular and some.
Speaker 1:Sometimes you just know when a company gets it and you're like, you get it, you gave me something and and like, if you want to get psychological about it, there is a law of reciprocation. I don't, I prefer not to even think about the return.
Speaker 3:Think about that. I'd never do like.
Speaker 1:That's not even it just feels good, it's cool. But I've got a client right now who just hired a company to bake cookies and put customized thank you messages on cookies after they buy this product. He was just here today, this product is a $5,000 to $10,000 average sale, and so he's going to spend $125 for every customer and they're going to get cookies like the day after their thing is done, isn't?
Speaker 1:that awesome. Yeah, and this company monitors the CRM and when the button's clicked like yep, it's done, they go make the cookies and they send the cookies and they send the thank you note and it's handwritten and it's awesome. So think about the joy, think about the. It doesn't have to be expensive, by the way, it just has to be intentional.
Speaker 3:Yep, and maybe a little bit. We've talked about generosity in different parts of this at different times, but make that experience over the top, make it unexpected. There are cheap things you can do. That will still be surprising to people as well, and because you spent maybe your time or your intentionality, or just the thought that it took to put into it is like whoa, why did you do that? I had no clue you were going to do that.
Speaker 1:We did an episode on this four or five months ago about all the little things you can do to rock their world. But handwritten notes is an easy one. Always surprise them on their birthday. Even better if you can figure out their anniversary Over the moon, if you can figure out their kids' birthdays and send them a card we're talking a dollar or two folks Anniversary of them being your customer. Celebrate them and your relationship with them. This is what we do in real human life we celebrate our anniversaries and we celebrate all these things. When you're celebrating with your people, customers or internal, good things happen. A PwC survey found that 86% of buyers 86% are willing to pay more for better customer experience.
Speaker 1:And 32% of all, customers would walk away from a brand they love after just one bad experience. There's also some research that says the amount of if you have one bad interaction. It takes 13 exposures to good interaction to overcome that psychologically. That's whether you're yelling at your kids or your team or you know. It would definitely apply to customers and all those things.
Speaker 1:So, hey, if you're a roofer, you're going. Hey, what do I? How do I make my customer experience better? Other than all those fun things with the notes and all that dude, send a personalized drone video, take a really cool picture of their house, say thank you, you know, spend 50 bucks on a photographer and a frame, um, include a link so they can share a cool picture of their house like, or um, just anything with intention, just those extra phone calls so unreasonable amount. That's point number three. Spend unreasonable amounts on your customer experience.
Speaker 3:Number four, last point Number four is stay in the circle. Follow up with past customers. Often your next great customer is probably either the one or the friend of the one you just had.
Speaker 1:Yes, it is. Write that down. Write that down. Nate the camera guy, Catherine Barchetti, reminds us to make a customer, not a sale.
Speaker 3:That's a good quote.
Speaker 1:That's a really good quote. We should put that on the wall. So the easiest way to do this is email marketing. If you're not doing it, you're missing. I don't care what you sell, you should be doing some form of email marketing. I don't care if you have 10 past customers or 10,000, send them something, or 10,000, send them something. The saw this thought of you. Or you know, even if you're in some really boring like say you're a plumber or something, send recipes, for you know cookies.
Speaker 1:Send 10 things you know this month going on in your town. Send three causes we are supporting and we want you to support them too. Send them funny jokes and memes, send them stories of inspiring people and sometimes, once in a while, send them an offer, send them a product, send them a discount of some sort to keep adding value to that. What are some other ways that we can stay in the circle?
Speaker 3:Yeah, you can also create like a referral program is a good way to. It's a little bit more obvious, but you can incentivize people to bring their friends. The reality is, we're talking about how you can charge more a loyal, happy fan I won't even call them a customer, a fan that leaves you skipping away, right, they're just like well, that was such a beautiful experience because you did your best, you showed up, you gave them great customer service. They are going to go and anytime they hear somebody talk about I need a roof or I know I we're going on date night next week, it's like have you tried that new Mexican restaurant across town? It's like that's that's the first thing on their mind is because they're a fan and they have they have a story to tell.
Speaker 3:Everybody wants to be the person who connects, like I got a guy right. We want to have a a guy or a gal that we get to refer people to it's exciting. Guy or a gal that we get to refer people to, it's exciting if we found somebody. We trust an electrician, we trust a plumber, we trust whatever that is. We want to be the one to connect them. And so you staying in my mind helps the potential of Brandon doing business with you, because I'm going to be like, hey, you should call so-and-so.
Speaker 1:Yes, yes, you know about my carpet guy.
Speaker 3:Yeah.
Speaker 1:Talking about unreasonable.
Speaker 3:Was he? Is this the bread guy? The bread guy, okay, yeah, yeah.
Speaker 1:He puts his carpet. I'm like you know, my carpets were clean, they were fine and he does a great job. But he leaves a loaf of bread and he charges really good money for that, or charges a lot of money for that extra bread. Right, I gave him a lot of bread for extra bread.
Speaker 3:A lot of cheddar on that bread.
Speaker 1:And then he follows up, he. And then he follows up. He texts hey, brandon and Valerie, I'm going to be in your area this month. You want me to stop by? And it's like he probably got a couple extra sales for us Now we don't have any carpet anymore, so too bad for him.
Speaker 3:Sorry, bread guy.
Speaker 1:I would pay for the bread, though Bain Company found that increasing customer retention by just 5% just 5% more than you're doing it now profits increased by 25% to 95%.
Speaker 3:That's what you call leverage. Yeah, I tried to whistle just now and it didn't work very well. You're welcome. Yeah, nate's going to add that in for me. Yeah.
Speaker 1:Nate's going to add it in Yet Okay. So 5% gets you as much as a 95% increase in profits. Crazy Yet 44% of businesses admit that they don't track or follow up with past customers. That's according to Forbes and Bain and Company's study.
Speaker 3:Half of you listening right now.
Speaker 1:Half of you just need to stop and go do something.
Speaker 3:Go send a text to one customer and you'll be ahead of half the other businesses out. Go lick a stamp.
Speaker 1:Yeah, put it on something.
Speaker 3:Yes, do something.
Speaker 1:Yeah, exactly. So okay, we're talking about how to charge more Important to know, and I think we kind of set this up this way. But you're not charging more because you're greedy. You're not charging more just because you want to see what you can get away with. You're charging more because you're great, and great takes a lot of resources. That's right. I love the phrase. I learned this from Brendan Burchard. It takes money to sustain the mission, and if your mission is to be excellent and to do an excellent thing for your fellow community or your fellow human, your fellow people you serve, you can't do that with no moolah. So it's a reverse, it's an upside down kingdom in that way.
Speaker 3:When we talk about revenue with our team, we have a fairly open, just revenue conversation. Every week we revisit that and we always say money isn't the mission, it's a measure of the mission. Yes, and it reminds us that, yes, this is the resource that keeps us all paid and housed and our children fed it's, but it's really a measure of the mission we're trying to fulfill, which is helping entrepreneurs, not waste money on average.
Speaker 1:Yeah, that's why we're doing this unreasonable thing. Yeah, Uh yeah, we don't make any money doing this. So, um, how do you make people happily pay you more? You make them want it. You make them want you right. Not by adding, not by explaining, not by targeting, but by believing in something bigger that they want, Believing in your vision for a better world, living your values without compromise and keeping your vows like they're sacred. And then we talked about those vision, values, vows. We talked about reaching them before the sale, like long before the sale. We talked about staying in their circle and we talked about giving unreasonable amounts of your profits back to the customer experience. That's right?
Speaker 3:Hey, we've got something that we've been talking about just a few times. Actually, I feel like we've been talking about it for a while. We have been talking about it for a while, but it is here. It is here it has arrived.
Speaker 1:We had our first mastermind call and it was awesome, man. It was amazing we have some really really cool people in there doing cool things, and I can already kind of feel like how this community is going to come together and how, you know, the members are going to be able to help each other. And then we're just here to facilitate and workshop on your stuff. Our mastermind members last week got homework that you can see if you join us by the next call, which will be….
Speaker 3:It'll be Wednesday, the 25th 10 days from this podcast launch date.
Speaker 1:So Wednesday the 25th, and yeah, it's the Maven Marketing Mastermind. Yeah, wednesday the 25th, and yeah, it's the Maven Marketing Mastermind. Yeah, and go ahead.
Speaker 3:If you would like to get in, we've extended our founding member offer through the end of this month, through the end of June. If you want to get in before that next call, you need to do it before the 25th of Wednesday. Double check me on that. It is.
Speaker 3:You need to get in before that. You can sign up at mavenmethodtrainingcom and we're really excited about it. If you need somebody to help, just look over your shoulder, ask questions, look at your ad copy, look at your social posts, look at these things that you're doing. We would love to do that and it's going to be just a great. It's a group call two times a month and if you sign up this month, you'll get it for 99 a month for life forever.
Speaker 1:You will get your questions answered and you'll definitely get value that I think will easily pay for the small investment that it is. But I think the biggest thing you're gonna learn is by watching other people get their questions that's right answered, and then by other people jumping in to help us. And then you know leslie is on. You guys haven't seen enough of leslie. She's going to be on the podcast very, very soon, but she's on and that's a gift in itself yeah, shout out to leslie.
Speaker 3:Uh, on the Mastermind, one of our members there said that Leslie's episodes are in. I think all of her episodes are in their top five list, which is that's pretty awesome. Love it, love it Good job, leslie, we'll get her in here soon.
Speaker 1:Well, thank you for listening. If you know somebody that needs to hear this, that needs the encouragement to raise their prices or to be unapologetic about it, please send this to them. We've gotten new reviews, while on Spotify or Apple, I know there's more of you listening than have given a review, so help a brother out. Help some brothers out. It just helps us reach more people it helps us fulfill our mission of growing owner-operated companies.
Speaker 3:Yeah, slide over to YouTube. Give it a thumbs up.
Speaker 1:Yes, it helps the algos.
Speaker 3:All of this helps.
Speaker 1:Yeah, and then drop anything you want us to talk about next week in the comments or send an email to mavenmonday at frankenmavencom. We'll be back here every week, every week, answering your real-life marketing questions for two years now, because marketers who cannot teach you why are just a fancy lie. Have a great week.