Graham Cochrane (00:03.776)
Most businesses will never hit a million dollars a year and for one simple reason, it's not traffic, it's not talent, it's not timing. I've watched smart, hardworking entrepreneurs grind for years doing everything right, quote unquote, and they still stay stuck way below seven figures. And almost every time it comes back to the same mistake, they are undercharging.
And in today's episode, I wanna show you why pricing isn't just about making more money. It actually affects the quality of your clients. It affects the quality of your business and how fast you can scale. I call these the six P's of premium pricing. And once you see this, you'll never look at pricing the same way again.
Graham Cochrane (02:20.398)
Now, if you come to me and you say, Graham, I want to grow my business, I'm stuck at 50K a year, I'm stuck even at 100K a year, which is impressive, but people get stuck at six figures. If you simplify it down, there's just three levers you can pull, there are more, but there's three global levers that we could pull to make more money. Number one is get more leads, get in front of more people, get more people watching your YouTube video, get in front of more people with ads, grow your Instagram, just get in front of more people.
to hear about what you do. And this is the one everyone focuses on, right? Get more leads. Number two is increase your conversion rate. So if you're in front of even the same number of leads, can you increase the ability to convert those leads into a customer? That might mean better sales copy and messaging. That might be the way you present the offer, so better sales skills. It might be the environment in which you present the offer. All of these things can help the conversion rate go up. The quality of the lead also, of course, but people...
tend to forget that, they just want more leads, they don't even think about the quality of the lead. We'll get into that in a second. So get more leads, increase your conversion rate, but the third one, which is actually the easiest one, and it's actually the one that has the most power, this is why it's the biggest mistake, it's the million dollar mistake, is just raise your prices. Just freaking raise your prices, and I am baffled why people don't do this.
There's a couple reasons why. Number one is we've never thought about changing the price once we made it. We made a price for our thing a long time ago and we just haven't revisited it, which is kind of funny. Even with inflation, we don't even revisit it. Everything else gets expensive every year. Milk costs more, eggs cost more, gas costs more, flights on airlines costs more, but we don't think about raising our prices even to keep up with inflation. But the big reason is we price it too low to begin with because we don't understand
how to price, number one, or why to price high. Why to price high, so, so important. So what I wanna do is show you, because if you get this right, if you just make the decision, like you're not gonna make a million dollars a year charging low prices. I mean, I'll back that up. You can, and I know you can because I've done it. My first business, the Recording Revolution,
Graham Cochrane (04:41.838)
at its peak was doing $1.2, $1.3 million a year, and I was selling $97, $147, $397 courses. So I know it's possible. But the reason why I was able to do that was because I had so many leads coming in, because my YouTube was just huge, it just, YouTube loved me, I had a perfect sweet spot, I had the right messaging, it was the right timing. I had a ton of leads coming in, so I could.
convert half a percent to 1 % of those leads and turn that into a million dollars a year plus with low ticket courses. It is not the same anymore, unless you have that kind of lead flow. But even if you have that kind of lead flow, I'm gonna show you six P's of premium pricing that I think will be compelling to you to raise your prices anyway. So outside of having a ton of leads, meaning you're huge online or you have a great system for lead flow, most people
won't make a million dollars a year without raising your prices. So to encourage you, because if you can make a million dollars a year, you could do it this year, but not at your prices. You gotta go high ticket. So two things, one, I'm about to show you six reasons why, but before we do that, if you're like, don't know how to do that, Graham, I would be too scared to raise my prices, I think I'll convert less, I don't even know what I would sell at a higher price point. I have a solution for you, this is such a,
problem and a pain point and a source of anxiety for people that I put together an entire five-day coaching experience around this one thing to help you create your first high-ticket irresistible offer specifically a $10,000 offer that some people make $6,000 offers some people make $20,000 offers I just had a group go through this event and someone made a $55,000 offer and sold it during those five days Yes, you heard me right $55,000
The point isn't exactly what price you land on. The point is how, psychologically, what does it take to create an irresistible high ticket offer? And I want to invite you to this event. It's a five day coaching experience. It's live, I'm there helping you blow up your business. It's called the 10K Offer Challenge. If you haven't come, you are seriously missing out. We've had attendees come say that they got more out of those five days than they got out of spending $150,000 on coaching and masterminds in the last year combined.
Graham Cochrane (07:06.978)
We have people that come thinking they could never sell a high ticket offer, especially in their niche. They say that my niche is somehow different, I can't charge high prices, which is a narrative they've chosen to believe, and it's holding them back from making a million dollars a year. But those narratives get broken off by the end of the five days, and not only do they believe they can, they've actually created their offer. And you'll create your offer in five days. You'll walk away with your own $10,000 offer that packaged well, you'll know how to sell it, it'll be irresistible to your ideal client, and...
You'll have the confidence to sell it. It's insane. It's the best thing I do all month long in my experience here outside of my private client. So if you haven't come, get your ticket below. We're going live next week. We start Monday. Come be a part of it. Get your ticket. And before they sell out, get your VIP ticket so you can come an hour early each day and get live group coaching from me so I can answer your specific questions. It's the 10K Offer Challenge or go to 10KOfferChallenge.com if you don't see the link.
10kofferchallenge.com, but I am linking to it below, and we start Monday, so be there or be square. Okay, that'll help you know how to charge higher. Let me give you the six reasons why you need to charge higher. There's six Ps of premium pricing, and you'll be surprised by number six, but it's the most powerful. Number one is profit. This is the obvious one, but if you want more profit in your business, meaning you want more money that you can take home,
not revenue, but profit, more money you can take home, which you can use to pay for a nicer car, upgrade your house, put your kids into private school, take that trip, pay off debt, whatever you want to do, you need more profit. Then the fastest way to get more profit is not to get more leads, it's not to write better sales copy, it is just to raise your prices. Have a premium priced offer or set of premium priced offers and you immediately infuse
cash into your business. It is insane to me how obviously simple this is. You want more money? Ask for more money. And yet every business owner that I bump up to that hasn't gone through my challenge, that hasn't been a client of mine, wants to do everything but. They want to circle and skirt around this whole idea of raising their prices and they want to use an AI tool. They want to run webinars. They want to...
Graham Cochrane (09:30.282)
update their sales page. They want to learn how to close on high ticket things on a sales call. So they want to learn a sales script. They want to go to a Tony Robbins event. They want to do everything and anything, but just raise your prices. And yet, if you really want more money, which is in theory why you are doing all those things, raise your freaking prices.
you will have more profit. It's the shortest path to go from, like look, if you're making $50,000 a year, congratulations in your business. It took me two years to get to that point. And that means many of you can quit your full-time job. Maybe that's not enough for you live off of, but let's just say 50,000 is close to enough to live off of. And you're making that from your business. That's amazing. I want to celebrate you. But if you're like, this is a lot of work to get to 50,000. And if I want to get to 100,000, I'm going have to double my work. No, you just double your prices.
Well, Graham, it doesn't work like that. Yes, it does. Yes, it does. Now, do you have to have a better offer? Probably, but it doesn't mean you have to actually sell something different. You have to package your offer different. This is what I teach at the 10K Offer Challenge. There is an art and a science to this. I teach you how to do it by creating what I call a magic offer and I have a formula for it. So come to the 10K Offer Challenge and we'll build it in real time and I'll help you. And I can answer your questions because it's not a course. It is a live coaching experience.
Two, it's not gonna create more work for you. You could actually 10X your prices. In fact, many of you need to 10 to 50X your prices, which sounds crazy, but it only sounds crazy because you are way undercharging, way undercharging. Like you are giving your wisdom away practically. Well, Graham, that's what everyone else charges. Everyone else is missing it. Everyone else is kind of in the dark. Everyone else has got a really bad business.
The people, you can't make a million dollars very easily a year selling low ticket prices, of course, low ticket stuff, low ticket membership. So if you want more profit, the fastest thing you could do this month is raise your prices. And then you've got what you want. All the reasons you're buying the books and the courses and the coaching is to get more profit in your business. Here's the fastest way, raise your prices. Okay, this is obvious, but people trip over everything else.
Graham Cochrane (11:51.865)
They don't want to do the one thing they do everything else but that. So I have to say it, the number one P for the six Ps of premium pricing is more profit.
Graham Cochrane (12:29.999)
Alright, the second P of premium pricing is protection. When you raise your prices tremendously, it protects you. Specifically, it protects your energy and your sanity. By having higher prices, and I mean no disrespect, you eliminate problem customers. Now, this is a blanket statement, but I have found the people who pay the least, complain the most, and demand the most.
People who pay a lot never really complain, don't make demands. In my experience, my clients who pay me $25,000, $50,000, $100,000, they've never complained. They never demand. In fact, my private clients who pay me six figures to work with them, they apologize for texting me or messaging me, hey, I know you're probably hanging out with your family. I don't wanna bug you.
How wonderful is that? They apologize for reaching out to me when they shouldn't have, they don't even need to apologize. That's what they paid for is that part of that is that access. But do you see the difference in the posture? They are so respectful of me. I don't have to deal with complaining people. I don't have to deal with people saying, I bought your $27 ebook and I don't like it. I want a refund, right? The people who pay the least complain the most and demand the most. So when you raise your prices, you protect yourself from problem customers.
You protect yourself from your energy being wasted and spent on customer service issues out of the wazoo. And part of this is the higher your price is, the fewer the customers you're gonna have. That is not a bad thing. But that means fewer customer headaches, fewer customer issues. This is great for you, this is great for your customer service team if you have one. So you have fewer headaches, which means you don't have to spend as much energy.
putting out fires or even listening to people's issues or just even if the issues aren't complaining, they're just like, hey, where's my login? There's just fewer people to deal with. This protects your energy. And I say this a lot and I say this in my book, The Effortless Business, which you should get a copy of, effortlessbusiness.com, I'll link to it below. Just came out, hot off the presses, can't get it anywhere else. It is world class. It'll help you. One of the big premises of the book is effort.
Graham Cochrane (14:54.209)
over energy over effort, excuse me. And the way I say it is effort fueled businesses fade, but energy fueled businesses flourish. You need to above all things protect your energy as a business owner. It is the fuel source that will keep you sustaining in your business, which will keep you creative in your business. And so if you're putting out a bunch of fires, you got a ton of problem customers, you spend your energy and it's gone. So it protects your energy, right?
and it protects you from headaches. It allows you to show up as your best self. As Brendan Bouchard says, you can summon your best self and you need to summon your best self to do your best work and serve people powerfully. So premium pricing actually protects you. puts up, like did you know, by the way, that you get to choose your clients? You don't have to work with anybody and everybody.
And part of you raising the floor of your clientele starts with raising your prices. So it prices people out who just want a tire kick. They're not serious. And it's not that it prices people out because now people can't afford you. No, everyone can afford you. Did you catch what I said? Everyone can afford, everyone could afford my prices if they really wanted to, if it was really worth it to them. And people say, no, that's not true. it's 100 % true.
Have you ever bought something you can't afford?
Usually it's called a car or a house or college. In America at least where college isn't free. People buy those three things every day and they can't afford them. Did you pay cash for your car? Maybe. If so, good for you. Did you pay cash for your house? Very few people do. Some people pay cash for cars. We pay cash for cars, but not everyone pays cash for a house. Most people can't. Did you pay cash for college?
Graham Cochrane (16:51.232)
Most people statistically can't. So you can't afford those three things, but somehow you have those three things. You got a college degree, you got a house, you got a car. How'd you do it? You found a freaking way. Whether you asked people to pay for it, you found a grant, you borrowed the money through a loan. See, we buy things we can't afford all the time. If you want it bad enough. The analogy I use is if...
God forbid one of your children or your parent or a loved one or your spouse got a terminal cancer. They are going to die. But there's an experimental drug or surgery that works 100 % of the time and because it's so new, it's so expensive and it costs $100,000. But it will save their life guaranteed. Would you say, I can't afford it. It's $100,000.
I don't make the cut. No, you would find a freaking way to get the money because it matters to you. Oh, so this is important. Everybody can afford my prices. Everyone can afford your prices, but only if they want it bad enough. Part of that is packaging it in such a way that it is irresistible to your target person. So that is your job as the business owner is to uncover.
the value and reveal it to them. So they go, my gosh, that's worth it. Now, whether they want to find the way to come up with the money is up to them. We don't make people buy things. We don't manipulate or convince anybody to do anything. People only buy for one reason, because they feel like it. But if they want it, if they really want it, they'll find a way. So the great thing is, is you get to choose your customers. So by raising your prices, you raise the floor of people who are willing to spend money with you.
Everybody can, but not everyone's willing. Is this making sense? So now, if your prices are low, everybody can just throw 50 bucks at something, 100 bucks at something. They say in marketing that up to $200, and this is a little while ago, so I'm sure the price has raised up a little bit, maybe $300, most people can buy something up to two, $300 without asking their spouse, without thinking about it. And so if you wanna make a quick sale, price it under that two to $300 mark.
Graham Cochrane (19:08.272)
And that's why a lot of people's courses are $97, $197, $297. Because it's still within that no brainer, like, I'll try it, I'll try it. That's great if you want sales. That's bad if you want to protect your energy because now you've got a ton of people who are tire kickers who are like, I'll try it, I'll try it. They're not committed. So when you raise your prices and now you have a $5,000 price or a $10,000 price,
all of a sudden people aren't gonna be like, oh, I'll try it. They have to really stop and think about it for a second. Do I really want this? And you want them to stop and think about it. You wanna create some friction. You don't want everyone to say yes easily to you. This is the big shift. I talked about it last week, but online courses are dead. Yes, you can still sell online courses, but the age of online courses is dead to be more specific. And in that age, in that era, and I lived in that era from 2009 to 2025,
From 2009 to 2025, the play was make your business as frictionless as possible so everyone can say yes easily. Does it make sense? Make it easy, make it like, just make it so they can just whip out their credit card and just buy, don't have to think about it. I believe we're in a different era. We're in an age where you want friction. You don't want it to be easy for everyone to say yes to. You want to stiff arm them a little bit. Why? So that they think about it. Do I really want to invest in this? It's for their good.
So think about it, and it's for your good as well. It protects you so you don't have a ton of tire kickers that will just drain your energy. Protection is the second P. So you've got profit, then you've got protection. The third P in premium pricing is peace.
I love, Rory Vaiden has said it first, I think, but peace is the new profit. I 100 % line up with this idea. Peace is more valuable than profit. Profit is valuable. I love profit. Profit allows me to live a great lifestyle. Profit allows me to take my kids on a luxury cruise or put them in private school or drive a nice car or live in a nice neighborhood or not have any debt. Profit allows me to give millions of dollars away.
Graham Cochrane (21:18.81)
Profit is wonderful, but you know what's even more wonderful than profit is peace. In fact, I think it's one of the few things that everyone in this world is chasing, and most people are going about it in really unhealthy ways, but we all want the same thing. We want peace. Peace in our relationships, peace in our finances, peace in our body, peace in our mental health, peace in our world, know, like politically, we just want peace.
It's what we were designed for, right? Jesus is called the Prince of Peace in Isaiah chapter 9. That's one of his titles that's foreshadowed before he comes. Like, he is the embodiment of peace, right? He says even in the book of John, I give you a gift. I give you the gift of peace, not as the world gives, but peace of heart and mind. So the author, the prince, the Lord, the master, the master craftsman of peace is Jesus.
and Jesus created us. He's also the creator God we know in Colossians. So if you desire peace, it's because your creator made you to desire peace because your creator is a God of peace. That's what he ultimately designed the world for and for you for. So your craving peace is a natural part of your design. And that's why we want peace more than we want profit. And I say all that to say that when you raise your prices and become a premium provider, you don't have to chase clients.
They chase you. I don't chase anybody. I offer things to people and they can say yes to it or not. I'll give you an example. I made an offer to a bunch of people in a room and a handful of them said yes immediately within seconds of me making the offer and gave me tens of thousands of dollars each. Part of that is the power of a well-crafted offer. Again, this is what I teach you in the 10K Offer Challenge. Link below, you should come next week.
Then there's other people outside that circle of immediate buyers who want it. I everybody wants it. But then there's people that are like, no, I can't afford it right now. But then there's people that are like, I really want this. And then they message me. They email me, they message me afterwards. Do you have scholarships? Could you make an exception? Can I pay you later? Can I make the money for it? I pay? Can I jump on a call? You know, they're trying to work it out. And God bless these people. I these people. But here's what I don't do. I don't talk to them.
Graham Cochrane (23:45.57)
about any of these things. Because I gave them an offer and I gave them an out. I said two things. said one, you don't have to take this offer and we can still be friends. Two, you're gonna know if this offer is for you or if it's not for you. So there's no pressure. Like if it's not for you, all good, just say no. And it's cool, you can self-select. The ball's in their court. But if it's for you,
then just give me a yes or a no. It's fine, either way, maybe it's for you, but the timing's not right. Timing is a lot of things, I totally get that. Just say yes or just say no, but make a decision, I've gotta go. That's a great line. There's no pressure. So I gave them an out, they really want it, they're trying to figure it out before the offer window closes. And they wanna just talk to me because they're probably wanting to see if I'll do some kind of alternate payment plan or something.
Take them up on that. I won't have the conversation. I have so much peace about it. I'm not trying to convince, I'm not like, they're on the fence. I might be able to get them over the fence. I don't want to get anybody over the fence. Either come over or don't come over. I'm chilling, right? I did my part, now you do yours. I know I can help you make a million dollars a year. I do it with my clients all the time. I've done it myself multiple times. You need me, and this is what I believe in my head and my heart.
I want you to believe this too. Your clients need you more than you need their money. My prospects need me way more than I. I don't need their money. I don't need anybody's money. I've been very blessed because of the work I've done. I don't need anybody's So I'm not needy because needy is creepy. So I don't have to chase anybody. It's the opposite. When you do it right, people are chasing you. They're in your messages, they're inboxing, they're messaging you in your email. Please, please, can I get in? Can I get in? That's them begging me.
I would much rather have people begging me to get into my program than me have to beg them. Wouldn't you? So I have so much peace. I sleep very well at night. I don't have to convince anybody. I don't have scripts. I don't have responses that I know if they say this, I can get them over the hump. I don't have to pressure anybody. And I love that people are trying, they're trying to work it out. They're stressing it out. How do I get this money? How do I figure it out? I would rather have that so I can go live my life and be with my family.
Graham Cochrane (26:08.528)
and let them decide. So one of the beautiful benefits of premium pricing is peace. You're not chasing clients, you're not doing all this follow up. I'm not getting people on a bunch of calls. I'm not pressuring them. I'm not sending my sales team after them to close them the second. I'm not doing any of that. I'm not in anybody's DMs. I don't have DM scripts. Right? I was at an event and Dan Martell, I love Dan Martell's stuff. I've had him on the podcast. He endorsed my second book, Rebel.
And I was at an event, he was speaking and he was doing a breakout on his DM sales strategy and he goes back and forth with people. Now he's got his sales team doing it and he's closed like $18 million in sales in one year just this DM strategy. That's great. I mean, it sounds great. He's got a whole series of scripts and like, he's a genius and I'm sure it works. That sounds like a nightmare of a life. I don't wanna be.
I don't want to be on Instagram period. I only give myself 15 minutes a day on Instagram. I don't want to be in it selling anybody. I want to just be on it checking out like the latest update on Star Wars or the Bucks who they're hiring for the offensive court. I don't want to be selling. I don't want to chase anybody. So I have people chase me. And that's one way to do it is to raise your prices, increases peace, less stress. You make so much money per sale. You don't have to worry about chasing down a bunch of people because you don't need a bunch of people. You only need a handful of clients. Right?
If you had a really killer $10,000 offer, you would only need to sell eight of those puppies a month to make a million dollars a year. Do you think about that? What's easier, selling eight of something or 800 of something a month? And yet everyone's trying to sell 800 of their low ticket thing. I don't have to chase anybody. I only need a handful of sales a month to do multiple millions a year. It's a piece.
Graham Cochrane (28:15.12)
All right, so the number one P is profit. You get more profit. Number two is protection. It protects your energy and protects you from headaches. Number three is more peace. You don't have to chase people, no stress. It's a great life and peace is more valuable than profit. But I'd like both, please. Number four is...
Graham Cochrane (28:35.212)
Number four is...
Graham Cochrane (28:40.78)
Number four is pipeline. What do I mean? In business, you always want a sales pipeline. You want a pipeline in the backend of leads that are coming into your world, right? So we always talk about leading indicators and lagging indicators. I've taught this for years, but the number of people watching my content on YouTube, opting into my email list every month is a leading indicator of how many sales I'm gonna make the next month. I know if I get X number of new leads coming in,
At my conversion rates, I'm gonna get X number of dollars on the backend. It's beautiful, it's simple math. I've always known about how much I'm gonna make every month, even though in theory it's up and down. I look at the leading indicators of leads in the pipeline the month before and I can tell you how much I'm gonna make the next month. The great thing about premium pricing is you don't need a huge pipeline. You don't need a lot of leads coming in. Why is this great? Because it's getting harder and harder to get a huge pipeline of leads.
Ads are getting harder and that algorithm has changed. And organic is getting harder. Unless you're already huge and you crack the code where the algorithm finds something where it just blesses you, and it is possible. I'm not saying it's impossible. I'm just saying it's harder than it was 15 years ago, 16 years ago when I got started. And so everyone's agonizing of the algorithm changes and how do I get in front of more people? And it keeps changing, keeps changing.
The reason they're agonizing over that is because they need a huge pipeline of leads, because they know that only half a percent to 1%, 2 % of those people are gonna convert, and so they need to have a lot of people to convert a lot of people to make money at those price points. That need for a massive pipeline goes away when you raise your prices. Now you don't need to worry about the algorithm. You don't need a ton of people. Again, if you only need to make, if you wanna make 30 grand a month, so you're doing $360,000 a year, which is an increase,
incredible lifestyle, right? Right? I live a great life and I don't spend $30,000 a month. You know what saying? Like, I make millions a year. I don't spend $30,000 a month, because I don't need to. Like, that's a lot of money. But let's just say you only make $30,000 a month. That's only three sales a month of your $10,000 thing. You only need three customers a month.
Graham Cochrane (31:02.512)
You could get three customers a month by just connecting with a couple of people on LinkedIn. You could have 100 people watching your videos on YouTube and get three new customers a month. This is so freeing when you raise your prices, because you don't need to care about the algorithm anymore, because you're not trying to get big. You're not trying to get famous. You're just trying to attract your ideal client and convert two to three of them a month. This is huge.
your pipeline is one of the biggest benefits. You don't need a big pipeline. So you get more profit, protection, more peace, smaller pipeline is needed.
Graham Cochrane (31:46.958)
The fifth P of premium pricing is positioning.
Graham Cochrane (32:06.116)
Here's one of the hidden benefits of raising your prices. Premium pricing equals premium perception. If you charge a lot for your thing, people immediately perceive you as a premium brand. she must be good, she's charging a lot. Now, you and I both know that just because you have expensive things or you're the most expensive doesn't mean you're the best.
But people assume if you're the most expensive, you're the best. Because nobody assumes if you're the cheapest, you're the best. That this is never gonna happen. They wow, he's really affordable, he must be the best. No, no one has ever thought that. No one's ever going to think that. But if you are the most expensive or one of the most expensive, there's a very high chance they're gonna perceive you, well, he's gotta be one of the best. Otherwise, why would he be charging so much? Now this is very important that you hear me. This is not about lying or manipulating. You can.
and should charge way more than you're charging. Not because you're gonna pull the wool over someone's eyes, it's because what you do is so valuable, you undervalue it. You 100 % undervalue it. That's why you're undercharged. You're scared. You're not confident. If you really saw how valuable you are and what you do is, you would not be charging what you're charging.
You'd be charging 10 to 100 times what you're charging and you would be so confident about it, not because you're arrogant, but because you know it transforms people's lives and you know the value of that transformation. This is a huge part of what we do in my challenge. And this is why you gotta come. Because you have gotta break off these narratives that you're believing that what you do is not that valuable, therefore you're gonna undercharge. You're just scared. No one has ever shown you how to uncover the value for yourself of what you do, let alone how to uncover it for your potential clients.
you need to raise your prices because you are premium but no one thinks you're premium because you're charging so little. So this is a huge heartbeat for me with my business is I want people to, when they see Graham Cochran, I want them to perceive this guy's legit, he's world class, he is premium. And the number one way I do that is I raise my prices. And it's been an evolution, but in the last few years, that's what I've been doing. I went from selling $500 things to...
Graham Cochrane (34:20.368)
$10,000 things to $20,000 things to $50,000 things to now $250,000. The most expensive thing I have right now is a $250,000 VIP day. I want people to see that's what I charge because that's how I offer way more value than that. And that's how I see myself. No one's gonna see you as premium if you don't see yourself as premium.
And the way you do that is realize the value you bring, the transformation you bring, and then signal to the rest of the world through your pricing that you're premium provider. And this is so powerful. What's amazing is as you raise your prices, your conversion rate actually doesn't go down. It very well could go up because now people are very attracted to you, right? Mercedes may not be the best car on the planet,
But you're going to assume it's better than a Hyundai or a Kia because it costs a lot more than Hyundai or a Kia, right? But your Hyundai or Kia might be better, I don't know. It might be better made. I mean, there's people that drive Range Rovers and they break down all the time. I mean, you go to Consumer Reports and he's like, what's one of the worst cars you could buy? A Range Rover. Now, maybe you have a Range Rover. I'm not judging you. I think they're beautiful. I'm just saying, maybe your experience has been great.
They tend to break down all the time, but Toyota's hardly ever break down. But no one's gonna say a Toyota is better than a Range Rover. But you could argue that maybe a Toyota is, and that's great too. But my point is Range Rover is not struggling. Land Rover, the parent company, is not struggling. They charge what they charge, 100 grand, 150 grand for their vehicles, and they are not struggling. They will make the sales because it's a premium perception.
You know what I'm saying? It's a premium perception. But in our world, you're a coach, you're an expert, you and somebody else who's exactly the same in your niche next to each other, and if they're selling a $500 thing and you're selling a $5,000 thing, you both could deliver the same transformation. You are gonna get more customers, better customers, and more respect in the industry just by virtue of charging more.
Graham Cochrane (36:41.12)
So the question is, do you want to be that person, the $5,000 person or the $500 person? Because someone else is going to get this message in your space and they're going to start to raise their prices and I'll bid you and win, not just because they make more money when they make a sale, but they will actually probably get more respect in the industry and get more customers just because they're a premium provider. How crazy is that? So your positioning is a huge hidden benefit of raising your prices is you get positioned higher in the market in your industry and you want to be a leader.
You don't want to be, otherwise it's a race for the bottom. If you're not the best, it's a race for who's the cheapest, because that's all people want. They either want the best or the cheapest. If you're in the mushy middle, you get lost, because it's like, well, you're not the best because you're not the most expensive, but you're not the cheapest, so why am going to go for you? You'll make some sales, but you'll largely disappear because most of us are in the mushy middle. So either be the absolute cheapest and win on volume, AKA what Walmart does, very hard to do, but possible, or
Be the most expensive and be premium.
Graham Cochrane (37:58.544)
So profit, protection, peace.
Graham Cochrane (38:06.224)
pipeline.
Graham Cochrane (38:10.352)
positioning, and number six, this is so huge. This is the one that makes raising your prices the best thing for your client, and it is participation. This is the sixth P of premium pricing.
Graham Cochrane (38:33.592)
If you're truly in the business of serving people, and I believe you are, you want your customers to win, you want your clients to win and get results, then they have to pay attention to what you say. Does this make sense? Because if you know what to tell them to do to get the results that they want, they have to pay attention to you. But here's the reality. People who pay, pay attention.
Do you notice that? You could have a great free lead magnet or guide, but no one's gonna pay attention to it because they don't value it. People value what they pay for and they pay attention to what they pay for. So if you want them to get results, they need to pay attention. If you want them to pay attention, they need to pay. And people who pay a lot, pay a lot of attention. So this is why one of the arguments against online courses has been forever, even when people were buying them hand over fist, was that they're low completion rates.
So people buy them, they start them, they don't watch them. They buy them, they start them, they get 7 % of the way through and no one completes them. Now, that is true. My data shows it, Kajabi's data shows it, everybody's data shows it. And this is one reason why online courses aren't the most effective offer for your people, because they don't bring the most transformation, not because they are weak, it's because people don't pay attention to them. If everybody watched your online course cover to cover, they would get great results, but they won't.
because they only paid $97 for it. Imagine in your case, let's say I offered you a $97 thing that could make you a millionaire. It's a course.
But then I offer you a $10,000 group coaching program that can make you a millionaire.
Graham Cochrane (40:18.008)
Which one are you gonna pay attention to? Which one are you gonna consume every moment of? The $10,000 coaching program. Why? Because you better, you invested 10 grand of your hard earned money. You better believe you're gonna watch every video in that program. You're gonna come to every call. You're do everything I say. If you bought my $97 course, you might be very interested to know what am I gonna say? You might watch a couple of videos and you might even like it, but you're not gonna get around to it because there's no pressure because you didn't invest. You're not invested.
So if you want to raise, if you want to serve your people, you've to raise their level of commitment and their level of participation in the learning and transformation process. And the only way to raise their level of participation, not to ask them to participate, not to beg them, not to onboard them, although those things are helpful, it's to just make them fork out more money. Jesus said, where your treasure is, there your heart will be also, AKA the heart follows the pocketbook.
The heart follows the wallet. The heart follows the credit card. Wherever the money goes, your intention flows. So get people to have their money go to your thing so that their intention and their attention will flow to it as well. It's the only way to get results. This is why people say, I don't need a personal trainer to lose weight. I can just stop eating food and go to the gym more. Yeah, you're absolutely right. But for most people, it ain't gonna work because you didn't pay hundreds of dollars per session
for your coach, your personal trainer, you don't have to pay for accountability and pay for that sort of shaming like, hey, did you eat what I told you not to eat? Did you eat what I told you to eat? Where are you at the gym? Why aren't you on time? Right? The reason people fork out money for a personal trainer, partially you're going to get better results because the personal trainer can custom tailor it to you. That's one part of a premium offer. But let's just say they told you, they just tell you to eat less and work out more. You're going to get better results with the personal trainer because you spent the money.
freaking go to the gym and you're gonna stay on the diet. You don't wanna spend this money and not get the results. Does this make sense? One reason why my clients, like one of my clients, Brittany, she joined one of my coaching programs and made 50K in her first 30 days. Why did Brittany make 50K in her first 30 days? Well, number one, she's very smart, okay? But number two, because she invested a lot, she invested tens of thousands of dollars with me. So she's like, I better do something that Graham said. So she made her money back.
Graham Cochrane (42:46.032)
in the first 30 days, right? One of my clients, Vetla, he's an accountant, just had a second $95,000 to $100,000 a month. I don't know where the numbers landed. His second six-figure month. Why? Because he pays attention to what I tell him to do because he invested tens of thousands of dollars with me, right? To be in my inner circle. So could he have gotten the results without me? Maybe. But one of the reasons, not the only reason, but one of the reasons
Brittany and Vetlin and countless others have gotten multi tens of thousands of dollars per month, multi five figure and six figure months is because they better. They are all in. They pay attention to what I say because they've invested money and they want to get their money back and then some and they do because they're participating fully. I believe I got the best coaching programs in the world, but it doesn't matter what I believe. If you don't watch it, don't participate, don't come to the calls, don't do what I say.
So one way I can get you to participate is raise the fee. See, the fee isn't high for me. The high fee is for you. It's for my clients. It gets them to participate, right? Like I told you earlier, you need me way more than I need your money. And you need to think that about your clients as well. They need what you have way more than you need their money. So one reason...
you're gonna raise your prices this year is because it's going to raise their level of commitment and participation, which is ultimately gonna get them better results, which is gonna make them love you, love your program, give you great testimonials, and it's only gonna fuel your business more.
There you go, the six Ps of premium pricing. More profit, more protection over your energy and your headaches, more peace, a smaller pipeline needed so you don't have to fight the algorithms, higher positioning, premium perception. That's another P that I could have said there, but more participation from your clients, which only gets them the results that they want, which is what you want because you have a heart to serve people. Otherwise you wouldn't be listening to this. So my friend,
Graham Cochrane (44:53.572)
The million dollar mistake that you're making is you're undercharging. You've made that for way too long. This is the year to raise your prices, to raise your positioning in the marketplace, be a premium provider. It'll raise the participation of your clients. It'll reduce the pipeline needed. It'll give you more peace. It'll protect your energy more. It'll give more profit to your business instantly. Do it or don't do it, but make a decision.
because your business depends on it. If you ever want to make a million dollars a year, this is the number one step. So I believe this so much that that's why I designed the 10K Offer Challenge. I wanted to create a five day coaching experience that I could take people through live and get them a massive win in their business quickly. And this is the number one thing I have people do is create a high ticket, irresistible offer, $10,000 or more. Come to my next 10K Offer Challenge. We go live on Monday morning. If you haven't got a ticket, get one right now and get a VIP ticket before they sell out. Those are our limited.
The general admission aren't limited, but the VIP tickets are limited. Go to 10KofferChallenge.com and if you missed it, you'll see on that page when the next one is. But you need to come. This is the best thing you could do for your business all year. I promise you're gonna get more results in those five days with me than you probably got all last year, doing whatever else you were doing. That's how confident I am in this program. You can watch the testimonials on the page. It's gonna be the best money you spend all year. No brainer. Come, let's transform your offers so you can transform your business.
I hope this blessed you, hope you have an incredible rest of your week, and I'll see you, hopefully in the challenge, but definitely on another episode real soon.
