Hey There YouTube Myron golden here and Today uh while we were in studio had Somebody ask me a great question about Justifying premium prices right so when You make a premium value offer how do You justify the price like and then I Said well what do you mean and she said Well you recently raised one of your Programs like your your your Vip Day From 200 350 000. like how do I justify That price Um that price increase how do I justify My price so a couple things I'm going to Say about justifying your price whether It be a price increase or just creating A price in the first place one price is The result of something so and what is The result of the price is the result of Value so the thing that's going to Justify your price is a The thing that's going to justify your Price is a marker the thing is going to Justify your price is a measurable Desirable And then stateable And clearly stateable stateable Outcome That the person that you're talking to Desires now the measurable part it needs To be there needs to be a measurable Before Like in a measurable after what does That mean so after has to look different Than before so measurable before and
After so that that's what I mean when I Say measurable so when somebody asks you What do you do they're not asking you What you do they're asking you what you Can do for them right and what your Answer needs to be something they can Measure so people who say well I just Help people overcome their trauma and Get over mental health issues there's no Measurement in that That has to be a clear before clear After right I help people go from the Pit of poverty to the Pinnacle of Prosperity I help people go from stuck Like Chuck in a pickup truck at a job They hate to living their life like it's Golden on the Financial Freedom freeway Making six and seven figures a year like It has to be something that's measurable Does that make sense I help people who Are who are overweight and exhausted and In pain all the time get back to the Place where they have energy and like Vitality and life right it has to be Clear before and I show people how to Lose 10 pounds in 10 days it doesn't Need to be some radical example like That but it needs to have a clear Measurement if it's not measurable it's Not like if it's not measurable it's not Desirable now when I say desirable it Doesn't mean you desire to sell it it Means they desire the outcome the Desirable part is on their end not your
End and so many people I just want to Write the book because I want to tell my Story nobody cares about your story Don't like you and your mom care about Your story and she doesn't want to read About it she was there when it happened And it wasn't that interesting to her Then it's not going to be that Interesting to her in a book right so Desirable means they desire to buy it Not you desire to sell it the book you Write is not a book you shouldn't write Desire to write the book you want to Write you should desire to write the Book that the marketplace wants to buy Not just the marketplace wants to read But the marketplace is willing to buy Right you only want to excel something If the marketplace wants to buy it like But I don't know I just love this I want To do the thing I love if the thing you Love nobody cares about it's not Desirable you can't make it as a Business just do what you love with the Money will follow it depends on if the Thing you love is something that Marketplace loves I love what Warren Buffett said he said the thing that you Love should be your hobby the thing the Marketplace love should be your business Okay and then stateable what does Stateable mean it means you need to be Able to say it in a sound bite when you Say it you need to be able to say it in
A sound bite and that sound bite needs To be clear it needs to be concise and It needs to be measurable and it needs To have a level of curiosity and a level Of contrast and a level of conflict but It needs to most importantly have a Level of conviction if they don't Believe you believe that you can provide That result for them they are not going To buy it So what you have to do is you have to Like all of these things have to be Included and when I say sound bite like Make it clear Don't make it clever and so many people When they come up with titles book Titles they want to I want something That sounds catchy you don't want clever You want clear Clarity trumps clever Every single solitary time this is how You create a pricing structure that Makes sense to the marketplace I don't Care if it makes now I will say this You have to be willing when you when you Decide what your price is going to be You have to decide on a price that you Are willing to stand by regardless of Whether people buy it or not so you have To have for yourselves you have to State A price and in that price it needs to be Something that you are willing to work For For instance When I first started coaching
I meant well I'm going to go back before That back in 2005 when I created my First premium value offer I decided on a Price that I felt like nobody was going To buy and see most people are so Addicted to yes it's like when you have A job you're addicted to a paycheck when You become an entrepreneur you're Addicted to you're addicted to getting Clients you need to break yourself with Both of those addictions okay So I made my price when I was going to Teach people how to sell from stage I Made my price a price that I thought was So high nobody would ever pay me that Amount of money Are you all ready it was three thousand Dollars And I made the offer fully expecting no One to buy it Like I had already made up my mind I Don't care if they might I need the Practice I need to practice saying this If nobody ever buys it and two people Bought it I was like what just happened that was Crazy but guess what I realized as soon As I made that offer and somebody bought Me teaching them how to sell from stage And 300 guess I mean three thousand Dollars guess what happened I realized I Sold I made the price too low but my Limiting was so fragment and so so it Was it was so shrunken
By the fact that the cultural hypnotic Societal mechanism had already super Imposed its identity on me and I didn't Recognize my identity I didn't have my My Identity or a high identity yet I Only had the identity and so I'm Thinking to myself well what can I how You know what I'll do I do what I'll do I'll raise the price I raise it to four Thousand dollars Like the next month I made the offer for Four thousand dollars seven people Bought it Just happened I kept raising the price raising the Price when I stopped selling that a Couple of years ago when I stopped Selling that offer a couple years ago I Was selling it for 35 000. And more people bought it at 35 000 and Bought it at four thousand Why because I got tired of showing People like literally I would teach People somebody come to my speaker Training they would go out they would Have a hundred thousand dollar weekend And I'm like what am I doing why am I Teaching people how to make a hundred Thousand dollars in a weekend for five Six nine thousand this is insane right And so I stopped basing my price on Analogy what are other people who teach This charging which is doesn't make any
Sense and started basing it on the Result that I knew I could get for other People And then when I did that I was like oh This is working right okay now Last year I created a concept called Well before I tell you that one I'm Going to tell you one more Um my my Um coaching per hour Like when I first started it was 2000 an Hour I sold some and I raised the five Thousand hour I got this this really Famous influencer he bought my speaker Training had a five million dollar day He calls me on the phone hey do you do Hourly coaching I want to learn how to Tell stories like you do I said yeah but It's 5 000 an hour he said good I just Sent you forty thousand dollars in one Eight hours I'm like And as soon as he said that like I Literally as soon as he said that I raised the price I raised the price like before I got off That Zoom call I raised the price to Twenty five thousand dollars And then last year I created this VIP Day and on the VIP day Like people would pay me Two hundred thousand dollars To come To spend a day with me plus they'd get
To get on a private jet with me go to a Live event watch me do A lot of like six seven figures Sometimes for other clients but still it Didn't matter like repitch pre-pitched All that okay all that And they got to watch me do all of that And then get a debrief after it was over To figure out what I did And I offer it for two hundred thousand Dollars guess what I did First person I did the VIP day They went out and did an event that two Weeks later had a seven million dollar Day I'm like I can't make my prices high Enough to make it make sense to me So somebody else did a VIP day Next week 2.6 million dollars like the Next week I'm not I'm these are high Level entrepreneurs they already had Stuff going but I'm just like like how Do I make this make sense to me right And so I raised the price 350 000 so If the value is there value being Something that's measurable desirable And stateable no price is too high the Value is not there any price is too high So make sure you can produce a Measurable desirable stable result for Your clients And then make sure you charge a price That you are willing to work for and if They're unwilling to pay it you are
Unwilling to do the work for Then you will know what your price Should be so hopefully that helps some I'll tell you one last story Um in the age of free plus shipping book Offers everybody's selling their books For like you get the book for free and And then you just pay the shipping and Handling seven dollar shipping and Handling so I wrote boss moves last year I don't like cheap stuff and it doesn't Match my brand right It's like it's like it would be like Seeing a Rolls Royce at Walmart it just Doesn't fit okay y'all get it so anyway So uh I put my book boss moves it's a Paperback book to 270 170 pages Made the price thirty dollars plus 9.99 Shipping and handling well guess what One guy bought it he was like so mad but Then he saw on the sales video I said This is like two hours of coaching when My coaching was 25 000 an hour this is Like 50 000 worth of coaching For Um For 30 bucks plus ten dollars it's a No-brainer and so he bought the book and He was happy about it why because I gave Him something to compare it to right so You don't have to do what everybody else Is doing just because it's working for Everybody else if you think of something That might be a better idea it's worth
Testing because that might work for you Even better hope that helps and by the Way to all of our subscribers we just Got in the in we just got our 100 000 Subscriber play button and I just thank You for subscribing I thank you for Liking our videos and commenting I read A lot of the comments I don't always Comment back sometimes I do but I just Want you all to know that I appreciate Y'all watching I appreciate y'all Subscribing I appreciate y'all Um liking the videos and notification Bells and all the YouTube stuff y'all Know how to do I appreciate all of it Thank you See you in the next video peace out Cub Scouts
