Ivy League Trust Fund Babies Are Ruining This Country
Jason Stapleton
Founder of Leveraged Coach? for successful coaches and consultants who want growth without sacrificing a great life.
Yesterday my wife was driving back from Los Angeles after visiting her parents over the weekend.
She hit the California/Arizona border and had a craving for a McDonald’s cheeseburger.
(Yeah I know that sounds nasty but my wife loves a fast-food burger on a road trip.)
So when she saw those big, golden arches she hit the exit.
When she pulled up to the drive-thru menu she found they had no prices on any of the items.
That’s not shocking when you consider an “extra value meal” can cost you $18 in California.
But there’s another reason they might be hiding that information.
Many restaurants are now using “surge pricing” similar to the way Uber raises or lowers the cost of a ride based on how many people want a ride.
Who comes up with these idiotic ideas?
More importantly, who gave them the green light?
I have to believe a bunch of Ivy League business grads.
They’re the only ones stupid enough to think basic concepts like “cost” and “value” don’t matter.
So if there are any silver spoon trust fund babies reading this letter, let me educate you on the way the real world works…
Before making any buying decision we all ask 2 questions:
When you say “cost,” most novice entrepreneurs think purely in price…
But that’s NOT the way your prospects think about it.
To them, “cost” can mean:
And for each cost, there is an associated value.
It’s what I call the Value/Cost Equilibrium.
Take a look at this illustration to get a sense of what I mean…
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You can assume everyone comes to every buying decision with a perfectly balanced scale…
Then they do a simple cost-benefit analysis.
(This is an oversimplification, but it works for our purposes here.)
Your job is to tip the scale as far to the left as possible…
Making it a no-brainer decision for your clients.
McDonald’s promise to it’s customers has always been,
“A meal of consistent quality, delivered fast at a fair price.”
If you’ve got a carload full of kids who just finished soccer practice and you need to get them fed without spending a fortune - you go to McDonald’s.
Or at least that used to be true.
Today your “value meal” is more expensive than grabbing dinner at your favorite bar and grill.
What McDonald’s should do is rebalance the scale. Instead, they’ve decided to remove the prices on their menus so their customers don’t know how much they’re spending until they go to pay.
If you’ve got a great product and it’s not selling it means you have a cost/value imbalance in the minds of your customers.
It could be that you don’t have a clear promise…
Or it could mean they don’t understand how you'll make good on that promise.
Lastly, it could mean the price you’re asking for the result you can get isn't worth it to them.
Promise, Product, Price…
They all need to send a clear message that your offer is a win for THEM.
If it doesn’t you’re left with deceit and manipulation to get people to buy.
And that is something we never want to do.
Have a great Tuesday,
Jason
P.S. I’m looking for a few more case study clients I can work with 1:1 to build the kind of business I’ve outlined here. If you’re interested DM me and I’ll send you the details.