Perry Marshall Minute: The Oldest Consulting Advice?

how to create an "espresso machine."

Mel, A New Renaissance member asked a question in the Forum about how to create an "espresso machine." Espresso Machine is Planet Perry lingo for a "very high-priced product that a small number of your customers will pay for." It's a key concept in our universe. I go into a bit more detail about it in my book Detox, Declutter & Dominate which comes with your NR membership. And McGee (Fancher) can take you through an idea-generating session on my "Espresso Machine Brainstorming" tool as part of a Tactical Triangle Review. But a few lines from this member's post stood out.

We have a 90% close rate after the evaluation (because it's mostly referrals). Our average rate is $800 / month. We have been successfully selling at that rate for several years now.

If you've been selling at a 90% close rate for several years, you should almost certainly raise your prices. Planet Perry peeps often do not charge enough for their 'base service.' And "raise your prices" is the oldest consulting advice in history. But, often, it is 100% true and effective. Before you start working on an "espresso machine" bump your prices up to $1,000, $1,500, $2,000…keep raising them until your close rate falls dramatically. $800 x 90% = $720 $1,000 x 75% = $750 $1,500 x 50% = $750 $2,000 x 37.5% = $750 But what if your close rate does not fall? $1,000 x 90% = $900 $1,500 x 90% = $1,350 $2,000 x 90% = $1,800 Now you've got some extra money, and probably some extra time, to develop that espresso machine. How much money are you leaving on the table? To get your copy of Detox, Declutter & Dominate, click here to join if you're not already a member. Seize the day, Perry PS: The Perry Marshall Minute is the daily heartbeat of Planet Perry. Short messages about the foundational principles of our world (Tactical Triangle, The 7 Steps to Entrepreneurial Freedom, and 80/20 Sales & Marketing). Every message will contain a truth, tactic, or testimonial to make this the most valuable "minute" you spend every day. ***NOTE: This email address isn't monitored! If you need help, please email: support@perrymarshall.com

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