(Transcribed by TurboScribe.ai. Go Unlimited to remove this message.) Welcome to the Business Credit and Financing Show.
Each week, we talk about the growth strategies
that matter most to entrepreneurs.
Listen in as we discuss the secrets to
getting credit and money to start and grow
your business.
And enjoy as we talk with seasoned business
owners, coaches, and industry leaders on a variety
of topics from advertising and marketing to the
nuts and bolts of running a highly successful
business.
And now, to introduce the host of our
show, financial expert and award-winning author, Ty
Crandall.
Hello, and thanks for joining us today.
I'm super excited you could be here.
Look, today we're gonna help you attract premium
clients.
We're gonna help you actually scale your expertise
and then do so, getting like the best
paying clients that you can actually get for
your business.
And to be able to help to make
this happen, we have the foremost expert, Amanda
Watts, with us.
She actually helps advise service professionals to stop
doing the work and start actually advising around
it.
So through her company, the Business Advisor Academy,
she helps advisors, she helps consultants, accountants, and
CFOs actually escape the time for money trap
and build lean, profitable, and scalable business.
Now, her actual approach turns expertise into structured,
high-value offers that attract premium clients, meaning
like the ones that pay you the most
money, right?
Command premium prices and also create the freedom
to focus on strategy and growth as well.
So with her Scalable Six Framework, which we're
gonna dive into here shortly, she actually teaches
clients to design businesses that build for freedom,
not just revenue.
She's got a few different models that are
awesome that we're gonna be going over today
and actually help 10 hours per week of
client delivery and make a ton of money
in the process, prove that success comes from
systems, not stress.
So every element from positioning and pricing to
promotion works together like a finely tuned engine
to maximize profit and independence.
Amanda's also the host of the Business Advisor
Podcast.
You've gotta check this out, it's phenomenal.
And the author of the forthcoming book, Built
for Freedom, where she shares stories and strategies
from entrepreneurs who actually design businesses that serve
their lives and not the other way around.
Amanda, what's up?
Thanks for joining us today.
Thank you so much.
What an amazing introduction.
My gosh, never heard it said quite as
quickly either.
So it's great to be here.
I think we're gonna cover a lot, very
excited.
I say everything quick, and then I was
looking at part of this and then it
gave like the money in like pounds or
like whatever your currency is over the years.
I just completely got tripped up.
I just like skipped that whole part because
I was like, I don't know how to
do the conversion in my head right now.
Don't you worry, don't you worry.
Just always just change pounds to dollars.
It's simple, it's simple, so.
Well, I don't know if the dollar's up
right now or not.
So I didn't want to get into that,
but it's good to see because you're over
there in London right now.
I am, and it's really freaking cold.
It's like minus degrees at the moment.
We woke up this morning and was like,
let's all just go back to bed.
But no, we didn't, we went to work
instead.
I live in Tampa, Florida.
So I don't talk to anybody around here
when it's cold elsewhere about our weather because
then they kind of get upset with me
and frustrated when they know how nice it
is down here.
But I hope that it warms up over
there for you.
I don't mind.
I like the cold.
It's not a bad thing.
It's not a bad thing, but thank you.
So you built for freedom.
You have, tell me some of the background
behind this whole strategy.
Yeah, so the background is I did not
build for freedom.
I built what I call a monster business.
So for many years, I built what the
gurus told me to build, which was build
something big, multi-million pounds, have loads of
team, have loads of revenue, have very little
profits.
They failed to tell me that bit.
So I was overworked.
I was underpaid.
I built a big agency and on the
outside, everyone was like, Amanda, you've done amazingly.
I looked like really successful, but on the
inside, I was dying.
I was burning out.
I was exhausted.
I didn't have freedom.
I was working seven days a week.
I had a huge bloated team and my
team, oh my gosh, I don't know if
you have the same problem.
I don't have this problem anymore because I
don't have a big team, but team is
really hard work.
They have boyfriend troubles.
They have husband troubles.
They have life troubles.
They have parent troubles.
They have kid troubles.
They have all these troubles that have nothing
to do with business, but leak into the
business.
And what I realized was that I was
becoming a babysitter instead of actually running a
business.
And I couldn't cope.
I know that some people are born to
have a huge team, but I wasn't born
to have a huge team.
And I felt that I was losing my
freedom.
I felt what I created to give me
a life wasn't giving me a life and
stealing everything from me.
So I decided, do you know what?
I'm going to burn it all down and
start again.
I was laying in bed.
I was burnt out.
I screamed to my husband.
I was like, I can't do this anymore.
I can't get out of bed.
I can't go to work today.
And we just decided to shut the business
down.
We shut it down and I said, I'm
building differently.
Now I'm very fortunate that because I'd already
built a business, I knew how to build
a business, right?
So that's something that when you, even if
you make mistakes, you learn from those mistakes.
So the second time I decided to crank
up and really go, who do I want
to help?
What do I help them?
What do I want to help them with?
How do I get out of doing the
work?
Because that's what you need a huge team
for.
And then how do I educate them and
empower them to have success on their own
with my guidance so that I can free
up my time and make a bigger impact
without having to have a huge team to
do it.
And that's when I created the Built for
Freedom methodology.
And it all came down to systemizing, productizing
and scaling through getting my knowledge out into
the world.
And that's what I help others do now
as well.
And it's been very fun and exciting.
I love everything you said.
And I can relate to that because I
think as an entrepreneur, you want to build
a really successful big business.
And then, and maybe it's for some people,
but when you get there, it kind of
sucks.
I'm like, this is ridiculous.
It's a lot of work, it's exhausting.
And a lot of people, not just myself,
and you included, want to get back to
this world where you have high profit margins
and way smaller manageable business with way less
customers and way less employees.
Like once you get there, you're like, please
take me back.
It's astonishing.
So what do you do?
Because the other part that you touched upon
that I love, one of my business, my
buddies had like a $20 million business and
he just shut that down and moved on.
And one of the things he said, he
said, it's really hard to be on the
servicing and sales side both, right?
And I was like, there's a lot of
truth to that.
When you're trying to cover both of those
areas, it's what requires the big team.
It's requires the stress.
So now that you made that realization, like
what did you do to be able to
solve the problem?
Yeah, so the biggest thing is what is
your product that you're going to sell and
how can you sell it in a scalable
way?
How can you deliver it in a scalable
way?
And then how can you run the business
in a scalable way without having to hire
loads of people?
So what I did was go, I'm not
building a business for sale.
So I think it's something like 20%
of businesses that go to market for sale
actually become sold.
So I was like, I'm not going to
buy into that dream.
I'm going to create something that gives me
wealth now, which means I need to have
massive profits, which means I can't afford a
big team, which means I need to be
clever and systemize and productize everything so that
it's either automated, delegated to a consultant who
can do it or just cut.
There is so much in business we don't
need to do.
There's so many things that we do because
we think we should do, but actually we
don't need to be doing.
We don't need to run reports every five
minutes.
We don't need to be posting on social
media in a way that isn't scalable every
five minutes.
There's so much that we don't need to
do that we've been told that we should
be doing to be a busy for.
So I actually only deliver.
So I do delivery, I do sales, I
do marketing all myself.
So even though you say it's really hard,
I do all of that myself.
I only deliver to clients six hours a
week for three weeks out of four.
That's it.
So my client delivery is about 18 hours
every single month.
That's it.
That then gives me 10 hours a week
to do marketing and the marketing attracts those
high value clients.
So marketing actually is my biggest lever for
enabling me to grow this freedom business.
So I do 10 hours a week of
marketing.
That could be webinars.
That could be podcasts like this.
I'm recording my own podcast.
It could be interviews I do with people.
It could be standing on stages.
I'm not a big person to go out.
I'm quite an introvert.
I like my house and I'm quite a
homely person.
So a lot of my marketing is done
this side of the screen, but I can
do marketing and delivery and sales in about
20 hours a week.
I don't work Fridays and the first full
week of every single month I have off.
So it means that I know on beginning
of August next year, I can have a
holiday.
Beginning of September, I can have a holiday.
Beginning of October, I can have a holiday.
I get 12 weeks holiday a year if
I want to, or I can just sit
in bed because it's cold.
I mean, that is really brilliant strategy.
And it's interesting, it's like 900 something episodes
and I never even, it's such a simple
concept, but I've never heard it.
And I never even thought about just building
for wealth now versus actually building to exit
because everybody builds to exit.
And you talked about that, like only a
certain percentage of the 20, but you didn't
even talk about all the people that want
to sell and never end up, like the
percentage is overwhelming of people that think they'll
sell their businesses and never end up selling
those businesses.
Exactly.
And the great thing is, is because I'm
doing what I love and the people that
I work with are doing what they love,
they don't want to retire at 60 or
70 or 80.
They actually like doing consulting.
Like I can't imagine you Ty ever saying,
oh, I don't want to talk about business.
The moment I turn 60, I'm stopping talking
about business.
I'm going to sell my business and never
do it.
No, when we are business owners, we often
have a passion around doing something like this.
So why don't we build something that enables
us to take the money out, to buy
our houses, put into our pension, live a
great life now while we have the energy.
And then when we're 60 or 70, if
we want to keep on working, it's really
easy because we're only working six hours a
week, right?
We've built our reputation.
When we're at that age, we get everything
through referrals.
Right now, we've got time to do the
marketing.
So it is amazing.
It means you pay off your house before
you've retired.
It means that you're not relying on your
pension because you've taken money out and you've
got the pension, but you've also lived the
life.
You don't wait till you're 65 or 70
to go on a cruise.
You go on a cruise now because you've
got time to go on a cruise because
you're building a freedom business.
Freedom comes now, not in the future.
Every single day you have freedom.
I love everything about what you're saying.
We're going to choose the right product.
We're going to come in and minimize staff.
So focus on the sales, the marketing, the
stuff that actually makes the money, and then
focus a smaller percentage of time on the
actual execution.
So, and really a high profitable business, which
means minimal expenses.
It all makes perfect sense.
Now, how does this Scalable Six framework fit
into figuring this whole thing out?
Yeah, really good question.
So the Scalable Six is six sections, six
milestones that you have to make sure that
you have hit.
And I want to talk a little bit
about niching, niching here in the UK, but
I'll call it niching as I'm speaking to
an American because the first part of the
Scalable Six is getting clear on who is
your ideal person, okay?
And by ideal person, it's who is it
that you are able to serve?
So you've taken all of your experience, you've
taken all of your education, you've taken who
you are as a person, who's best fit
for you?
And all of that knowledge and all of
that experience.
And it's not just anyone with a business,
you decide who you serve, the state where
they are at in their business, the pains
that wake them up at three o'clock
in the morning, the future they actually want.
And you say, who am I the obvious
advisor for?
Now, interestingly, I'm a really good advisor to
accountants and bookkeepers and CFOs and consultants who
are really good with the money.
So I know a lot of your listeners
will be money-based and they're really good
clients for me because I am obsessed by
data, systemizing processes.
I'm obsessed by making sure everything I do
is profit-driven.
So I'm in my bank accounts every single
day.
I need to work with people that are
as obsessed as I am because what I
teach them means you have to be obsessed
about your time and the money, right?
So my question would be to your listeners
is who is a really good client for
you?
Who's obsessed with the things that you're obsessed
with or who wants what you can give
them?
And when you get clear on that, it
might be an industry niche, it might be
a person's personality, it might be that you
want to be the local business advisor.
So where you are in Tampa, maybe you
just want to be the person that saves
every business in Tampa, which means you're on
a mission.
So then you create a mission-worthy following,
okay?
And they all come together and you uplift
Tampa and that's absolutely fine because that is
who you're the obvious advisor for, right?
So that's the first thing that you have
to do is get clear on your person.
Then you have to decide, well, what's your
positioning?
So then how do I show up in
the market?
Well, I show up in the market as
the person that helps advisors or helps people
doing the work to become advisors.
How do you show up in the market?
So how are your listeners showing up and
saying, this is what I specialize in, this
is the transformation I give my clients and
this is who I am and how I
am.
Now, positioning is also a little bit about
branding and I'd like to just share a
story with your listeners.
Well, actually a metaphor, not a story, to
help you understand.
So do you have Bic pens over in
the States?
Do you know what I mean by a
Bic pen?
Yeah, great.
So you've got Bic pens, you've got Parker
pens and then you've got Montblanc pens, okay?
Montblanc pens.
You've got them all right here in front
of me.
You've got them all there, right.
Okay, amazing.
That's absolutely perfect.
So when one buys a Bic pen, it
is because they can throw it in their
bag, they can throw it around, they can
lose it if they want to.
It costs them 10 pence.
It's super easy.
I need to write something.
Give me a pen.
Anyone got a pen?
You get past a Bic pen, absolutely fine.
Then you have a Parker pen.
Now, a Parker pen is often the first
pen that you'll buy for yourself or get
as a present to kind of go, hey,
you're becoming a bit of a grownup.
Let me give you something nice.
Your parents might get it for you.
Grandparents might get it for you, but it's
a gift.
It's gift-worthy, but it's not like, oh
my gosh, that's amazing.
It's like, hey, thanks, I've got a pen
and it weighs a bit heavier than my
Bic kind of thing.
Then you've got the Montblanc, which is the
creme de la creme.
It means something.
It's like having a Rolex, okay?
The kind of people who want a Montblanc
is someone who goes, I've achieved something.
This is amazing.
I want to be sophisticated.
I want to have something that represents my
achievements.
It makes you feel good when you use
the Montblanc.
So there's different levels of pens and there's
different levels of businesses.
You've got businesses that market themselves as the
Bic.
You've got businesses that market themselves as the
Parker and you've got businesses that market themselves
as the Montblanc.
If you want to have a freedom business,
you cannot be a Bic.
It's as simple as that because it's low
priced, mass market, you are throwaway.
You're going to get lost amongst everybody else.
You can market yourself as a Parker if
you want to.
However, you still are competing with people that
kind of go, can I afford it this
month?
Can't I afford it this month?
So if we can position ourselves between a
Parker and a Montblanc, then we start to
attract those premium clients.
Now, what I want to get across here
is that it's about how you make someone
feel as much as what the job does,
okay?
Because a Bic pen does the same job
as a Montblanc, but a Montblanc makes you
feel blimmin' awesome when you use it, okay?
So that's what I mean by positioning.
Who's your ideal client and how are you
going to position yourself so that you don't
sound like every accountant, bookkeeper, business advisor, and
how are you going to make people feel
amazing?
So that's it.
Do you want to ask me questions before
I go on?
Yeah, I do.
I want to jump back because here's what
I think is interesting is I think ideal
person is skipped past a lot of people's
cases, but I also think it's where people
struggle the most because a lot of people
really do not even know who they're truly
trying to market to.
And everybody wants to skip it.
They don't understand their avatar.
They don't understand their target market.
Then they're out there just marketing a shotgun
approach to anybody that will respond.
Then they attract people and they attract the
big people, right?
Like they just attract the big.
Yeah, because what they're saying doesn't cut through
and reach the higher caliber of client.
So they market to everybody and they get
everybody.
And the first thing, I guarantee the messages
of those who market to everyone is how
much do you cost and what do you
sell?
That's all they'll ask.
That's all they'll ask because they don't understand
what that person can do for them different
from the other.
And I think business coach is a really
good example of that because you call yourself
a business coach or business coaches, what differentiates
them?
What differentiates one business coach from another?
It's gotta be who you help in your
specialism, how you help them and your positioning
so that people know that you're the right
caliber for them.
So what advice do you give for somebody
right there on step one?
Like what advice do you give them to
find out who they really want to market
to when they think they have a product
but it could apply to so many different
demographics of people?
Yeah, really good question.
So there's four basic things, okay?
First of all is.
And now a quick break to hear from
our sponsor.
Hey, it's Ty Crandall with Credit Suite.
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Do your ideal client have a problem that
you can solve?
So who has a problem that you can
solve?
So for you, for example, your ideal client
is one of two people.
It could be the end user or it
could be a partnership that gets you to
the end user, okay?
So then your niche might be partnerships like
me, for example, okay?
Or it could be I'm gonna market to
the end user and then you get clear
on who that end user is.
Then we say, so who are they?
And do they have a problem that you
can help them with?
Then we say, can they afford to pay
to overcome that problem?
Then we say, do they actually see you
as the person that can advise them?
And then the other one that I absolutely
love is can you get in front of
them?
Because it might be great for you to,
or our listeners to say, oh, I really
want to help people who make napkins for
the general public.
I don't know where that came from.
I've just made that up.
How the hell do you find people who
want to buy napkins without having to broadcast
everywhere and hope that you hit someone?
There are groups of people that get together
and go to napkin conferences, right?
However, there are groups of people that are
lawyers, that are accountants.
There are groups of people that are entrepreneurial.
So it might be that you work with
a certain kind of entrepreneur with a certain
kind of revenue and you can get in
front of them.
So you look at the conferences.
So when my clients go and choose, I
like to say they have a problem.
You can easily find them.
You can easily get in front of them.
They can afford you and you can help
them with a problem.
However, there are other things as well.
So they're the four main ones.
If they already have clients and we're going,
right, who in your client base is the
opposite of a vampire client?
So who doesn't suck the life out of
you?
Now make a list of them.
And then we go, do they pay you
on time?
Do they enjoy paying you?
Do you like hanging out with them?
And you start to ask a few nuanced
questions that help you get deeper.
So everything I do is in a spreadsheet
and we just mark one out of 10.
So we have all of these things on
the left hand side of the questions that
we should be asking.
Can they afford us?
Can we help them?
Can we find them?
And then we just mark out of 10
on a spreadsheet, answering all of those to
go with your clients that you currently work
with.
And it spits out a number and you
go for the number that's got the highest
score.
Simple as that.
Don't overthink it.
And if you can't make a decision, I'll
make the decision for you, because I know
loads of different niches and I know which
ones are easy and which ones are hard.
Sounds really easy when I say it like
that.
Yeah, it does.
But the way you have a system, I
think it simplifies it.
So let's say we have the right person
and now we've figured out our positioning.
Then what's the next step?
What are we working on next?
Yeah, really good question.
This is my favorite bit, which is your
product.
So a lot of my clients are service
providers and they go, oh, how can we
create a product?
We don't have products.
So what I want your clients to think
about is when they package up their services,
I want them to think about taking everything
that they do and putting it into a
beautiful box.
So we productize what they do.
OK, so we take all of their knowledge,
all of their experience.
We look at their ideal client and the
journey that they need to go on to
go from the pain to the solution, that
journey that they go on.
We call it a signature methodology, that signature
methodology.
We put a box around it and tie
it in a bow and we call it
something.
And it takes people from pain to solution.
And when I put a box around it
and tie it in a bow, I often
think of the Tiffany box because you want
to present it of something of that caliber.
You can create crap products.
Pardon my French.
You can create stuff that's rubbish.
So what we have to do is test
whether or not that product's any good by
taking it to market, getting feedback, iterating it,
making it better, making it better.
So the product I have now is way
better than the product I had 10 years
ago.
I wish it wasn't.
I wish I was amazing 10 years ago.
But I've iterated, iterated and iterated to have
something world class.
But without getting all of your knowledge and
all of your experience out and combining that
with your ideal client and creating the methodology,
we can't productize.
Once we've got that methodology, we then break
it down into different stages and then we
productize each of those little stages.
Each of those stages have their own model,
their own methodology, their own worksheets, their own
processes.
So that you can wake up tomorrow morning
without any need to do any prep because
you know exactly who your client is, where
they are on your journey, on your method,
and you just go, I need these worksheets
today and you sit down and you help
them.
So I can show up anywhere and I
won't know what the conversation is going to
be, but I've got a worksheet for it.
I've got a method for it.
I've got a model for it.
I've got a metaphor for it.
Everything.
We call them delivery snapshots and I've just
got it all packaged up and it's amazing.
So I just, I'm a walking product myself.
I love it.
Now, do you think that because product and
services are different, right?
And so what you're doing seems like it'd
be hard to deliver a service.
It easier to deliver a product.
No, it's service.
So if you think about a marketing agency,
a marketing agency runs Facebook ads, for example.
But instead of running the Facebook ads, you
train your clients how to run their own
Facebook ads and then you can have Q
&A sessions with them where they can ask
questions.
It's a little bit like if you give
a man a fish, you feed him for
a day.
If you teach a man to fish, you
feed him for a lifetime.
When you do the work for your clients,
you're giving them fish.
When you teach them how to do it
themselves, you're feeding them for a lifetime.
Now I have spent all in all about
£150,000, pounds, dollars.
Let's interchange them, probably pounds on Facebook ad
agencies.
They have done a terrible, terrible job.
Wasted, wasted.
And every time I go, do you know
what?
I'm just going to do it because this
one will be different and it's not.
But the best people that have helped me
with Facebook ads and I've got great success
now is someone when you need to do
this, then you need to do this, then
you need to do this and you need
to tweak this.
And they taught me how to do it
in house.
So now I've got, I've actually hired my
son.
So the great thing about building a business
for freedom, you can hire your family, right?
So I've hired my son.
He's learning how to do Facebook ads.
He runs all of that for me and
it's amazing.
I didn't self-teach Facebook ads.
I hired someone to teach us and now
we can do it ourselves.
Nobody is more invested in your business than
yourself.
OK, my son is invested in my business
because he just sees inheritance pounds.
All right.
So like you can't get anyone more invested
than you.
So learn how to do it.
Teach other people how to do it and
they will be invested.
But you have to have the right clients,
the ones who take action, who listen, who
are coachable and want to learn.
I love it.
Yeah, I think so.
When you're somebody who's building the right product,
do you think that that is the right
that that's the best strategy is to teach
them to do it instead of doing it
for them?
Because it seems like a lot of people
would be afraid that if you teach them
to do it, that the turnover that client
would be faster, right?
Because once you teach them, then they're kind
of gone versus if you're doing it for
them, where they kind of become reliant.
It's more sticky.
Somebody may actually say.
Yeah.
So I think being a PT is a
really good example of this.
So we all hire personal trainers because you
know what?
The most difficult thing for us to do
is get out of bed, go for a
run and do the weights.
So the reason why actually teaching your clients
to do this yourself is so amazing is
because they won't do it without accountability, without
having someone to ask, without someone having their
back.
So when I get a client, I finish
my sales conversations with two questions.
The first question is, do you trust yourself
to do the work?
OK, so we first of all, we make
sure that the client is actually going to
take action and then I say, second question,
if they say yes to that.
Second question is, do you trust me to
be the one to help you?
And if they don't say yes to that,
then we're not going to be able to
teach them anything because they're not going to
trust me.
So we have to have customer buy in.
Then you know what it's like.
Running a business is never ending.
We need someone in our court.
We need someone to support us.
So that's where the business advisor steps in.
Their accountability partner, their goal setting partner, their
oh my gosh, I'm having a bad day
partner.
I need someone to cry to.
Oh my gosh, I've got this amazing win.
I need someone to share it with.
Oh, now I want to expand and learn
this.
Can you teach me?
Yes, I can.
Or you bring in other consultants to help
you if it's something that you're not great
at, like HR, for example.
OK, so yeah, 100% clients stay with
me for six, seven, eight years.
The average amount of time a client stays
with a marketing agency is four months because
they don't produce, right?
So there's the numbers there.
I am an advisor and I average across
the board USA numbers four months is how
long someone stays with marketing agency.
Don't be scared, don't be scared.
I love it so we get the product,
figure out what's next.
So once we got a product, we got
price it.
OK, so the biggest problem that I my
clients have when they come to me is
that they're pricing by the hour.
So when you're running an agency, I'll keep
going back to agency because there's a lot
of them out there and I'm sure that
they're listening to you.
If you're whether you're running an agency or
an accounting business or a bookkeeping business, you're
probably charging by the hour.
If you're not charging by the hour, you're
charging by the day or you're pretending to
charge by the product, which is actually you
working out how many hours you are doing
and then you give an overall price and
you call it project pricing.
But actually, it's hourly pricing looking like a
project.
So what we have to do is we
have to move away from time based billing
into value based pricing.
But I actually don't want to say value
based pricing.
I want to say transformational pricing.
So the reason why I want to say
that is because my ideal client is someone
who helps their clients make or save money.
OK, if you can help someone make or
save money, then you can charge way more
than an hourly price for your services.
If I said to you, give me 5000
and I'm going to give you 50,000,
you will say, how can I give you
10,000 so I can have 100,000?
Money in equals money out.
So what we have to do is uncover
when we create the product, we have to
uncover the methodology that clearly articulates the transformation
that their clients are going to have based
around money and time.
The two most precious things in the world
without money and time.
It's very difficult to have freedom and every
single person wants freedom, whether it's time, freedom,
money, freedom, like freedom of stress, any of
that.
If you can help someone make or save
money and make or save time, that's worth
a lot of money more than an hourly
rate.
OK, so the next thing that we do,
we've got to get priced properly.
And if we want to attract high caliber
clients, we have to price accordingly.
If Rolex made a cheap watch, we would
be appalled and we would think that they've
broken their brand promise.
I remember back in the early 2000s, Mercedes
bought, brought out an A-class Mercedes.
It's not the A-class Mercedes they have
now, it's an old one.
And I was, I think I was like
25 years old, 2000.
Yeah, I was 25 in 2000.
And my parents had a Mercedes that I
wanted a Mercedes.
I couldn't afford their Mercedes, so I bought
the A-class.
The problem with the A-class is because
they priced it cheap, affordable for someone like
me.
It was crap, OK?
They broke their brand promise and people stopped
buying Mercedes, especially here in the UK because
they brought out the A-class and started
to cater for the mass market.
And this is the problem that your pricing
also reflects who your ideal client is and
the people you attract.
And they have tweaked it and they've now
got quite a nice A-class and they
don't price it too badly.
But they really ruined their brand promise.
They broke it.
And I bought the A-class and I
felt like an idiot driving around in it
because it wasn't a real Mercedes.
It was a pretend Mercedes, right?
So there you go.
That's what you need to do.
And the only way to make profit is
to price for profit in mind, profit for
your clients and profit for you.
Now, I want to talk about one more
thing actually around pricing and positioning, if that's
OK.
Have you got any questions before I dive
in?
No, no, you're raw on a roll.
All right.
Fine.
So there is an acronym that I've created
called VITAL.
All right.
For you to be able to price and
position accordingly, you have to be a VITAL
advisor.