When being a sell out is a good thing.
Right out of Wikipedia, “Selling out” is a common expression for the compromising of a person’s integrity, morality, authenticity, or principles in exchange for personal gain, such as money. In terms of music or art, selling out is associated with attempts to tailor material to a mainstream or commercial audience. For example, a musician who alters his material to encompass a wider audience, and in turn generates greater revenue, may be labeled by fans who pre-date the change as a “sellout.” A sellout also refers to someone who gives up, or disregards, hence the term ‘sells’ – someone or something – for some other thing or person. The term could also be used as ‘sold out’ depending on the context.”
Who would want that?
Well what happened to actually selling out being a good thing??? Wouldn’t you want to do that? What business are you in? Wouldn’t selling out of your inventory be a much better problem to have? Then, as in the case of Grant’s strategy of the week, removing and covering seats so as to appear sold out?
However, the amount of effort to sell out a venue is incredibly hard to do for any organization. Any genre, from athletic to entertainment to educational is going to require more effort than originally planned.
In Grant’s strategy he says,
While it’s easy to have an idea to put on an event such as a conference, it’s tough to actually sell tickets. Oftentimes people will have to travel and book a hotel, which can be a barrier for most unless you are bringing massive value.”
He then goes on to deliver his 3 basic fundamentals that he uses to make sure his events are sell outs. What I want to do now is look at how to apply these basics and fundamentals to make sure we’re selling out too.
Being A Sell Out Tip #1: Have an idea/goal
From the strategy: “This is the first step to doing anything. Everything starts in your mind. This is perhaps the most simple step, but it’s also the most difficult. If you don’t have a good idea that people want, you’re not going to sell anything anyway. So first start with a good idea, and make a goal of how many units or tickets you want to sell.”
Cardone principles in Tip #1 to take note of:
- Choices Support Decision Making: Just as no good restaurant has only one thing on the menu, your event should have at least 3 options for people to choose from.
- Give, Give, Give / The Winner’s Exchange: You can call it what you wish and price it what you wish—just make sure that you deliver more value than what they pay!
- The Price Myth: Be careful not to price your tickets too low—events have many unexpected expenses you don’t think about beforehand! In fact, MOST conferences are NOT profitable.
In your world: What’s your idea and what’s your goal? Let’s look at this coming week for example. What could happen to your business this week, that if it did, you’d know you had an amazing week? Got it? There’s your idea and your goal. How much will this cost, whether in dollars or time and effort? Then ask, how many people will you need to talk to? How many appointments do you need to make? How many proposals do you need to send out?
And remember while pursuing your goal to give your prospects choices. Your goal should always be to exchange with them in abundance. And don’t get all hung up on price.
Being A Sell Out Tip #2: Flip the story
From the strategy: You need to flip the story when it comes to your offers. It’s very difficult to sell out a big event with just a single offer. What I do is create multiple landing pages, one for each story I want to pitch. The last thing you need is an overcrowded website with too many offers going on.
Here are some examples of story flips:
- Buy a ticket get in my mentoring program FREE
- Buy a ticket get a FREE personal coaching session
- Buy a ticket get 12 months access to my online Cardone University for FREE now
- Buy a ticket, get 100% credit back on any digital products in my store
- Buy a ticket get your airfare/hotel included
- Buy one ticket, get a second ticket FREE
Cardone principles in Tip #2 to take note of:
Repackaging For Increased Profits from If You’re Not First You’re Last and The Value Add Proposition: See what Grant’s doing with all the offers there? Very similar but niched out to attract different clientele based on their needs.
In your world: To hit your goal this week, what story are you telling now? And how can you flip it to appeal to a different buyer that might not bite on the originating offer?
Being A Sell Out Tip #3: Lead Generate
From the strategy: Once you have all your landing pages up to easily send people to different places, now it’s just a numbers game. You need traffic.
Cardone principles in Tip #3 to take note of:
Obscurity is your biggest problem / Underestimation of Effort / Burn The Place Down: You need attention, you need a massive fire, you need volume, you need to take some massive action.
In your world: If you did the math earlier about cost and level of effort, if you could just multiply that by 10, that’d be great. Look, if people don’t know you or what you have, that’s your first problem. And to make sure that doesn’t happen, you must get attention at a massive scale.