"The Ostrich Jacket" Price Overcome (how to sell anyone on anything at any price related to fitness...) 🔥💰One of the most solid price objections I know of...and why everyone loves to buy. | Ep 69
This episode breaks down a powerful sales technique to overcome price objections, especially for high-ticket items. Alex Hormozi reveals that people love buying expensive things due to the associated dopamine release. The key is to reframe the perceived value by comparing the "cost per use" of a high-value offer (like fitness coaching) to other luxury purchases the customer has made, demonstrating how the investment in themselves can be significantly more "worth it."
Key takeaways
When selling high-ticket items, acknowledge that people enjoy buying expensive things and the dopamine rush associated with it. Don't be afraid to sell at a premium price.
To overcome price objections, identify a luxury item the prospect has purchased (e.g., expensive shoes, purse) and calculate its 'cost per wear' or 'cost per use.'
Compare the prospect's 'cost per use' for their luxury item to the 'cost per use' of your high-ticket offer, demonstrating the superior value and long-term benefits of your product or service.
Empower your sales team to confidently discuss higher prices by reminding them that their insecurity about pricing shouldn't rob a prospect of the opportunity to invest in something valuable.
Back up premium pricing with exceptional service and fulfillment to create a 'virtuous cycle' where the higher investment fuels better customer experience.
"Just because you are insecure about your pricing and value does not mean you should take that from them." Today, Alex (@AlexHormozi) discusses the importance of selling expensive items and how it relates to people's desire to buy and own expensive things. He also provides a price objection technique using a relatable comparison to help potential customers understand the value of their purchase.
Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.
Timestamps:
(0:37) - People spend more on enjoyable things
(1:35) - Brain chemistry affects expensive item enjoyment
(2:56) - Price objection example: Mrs. Johnson's items
(5:40) - Insecurities should not prevent valuable experiences
(6:47) - Cost per-wear breakdown for better comparison
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What does this episode say about founder & leadership?
When selling high-ticket items, acknowledge that people enjoy buying expensive things and the dopamine rush associated with it. Don't be afraid to sell at a premium price.
What does this episode say about conversion & cro?
To overcome price objections, identify a luxury item the prospect has purchased (e.g., expensive shoes, purse) and calculate its 'cost per wear' or 'cost per use.'
What does this episode say about founder & leadership?
Compare the prospect's 'cost per use' for their luxury item to the 'cost per use' of your high-ticket offer, demonstrating the superior value and long-term benefits of your product or service.
What does this episode say about founder & leadership?
Empower your sales team to confidently discuss higher prices by reminding them that their insecurity about pricing shouldn't rob a prospect of the opportunity to invest in something valuable.
What does this episode say about founder & leadership?
Back up premium pricing with exceptional service and fulfillment to create a 'virtuous cycle' where the higher investment fuels better customer experience.
