Note: This is part 3 of a 4 part series.
- Part 1: The Harsh Reality of the Self-Employed “Laptop Lifestyle”
- Part 2: How to Get Your Breakthrough and Actually Make Money as an Entrepreneur
Let’s talk Philadelphia Cheesesteaks…
And how you can use the RIGHT price point to make a whole lot MORE money and increase that Lifetime Customer Value we’ve been talking about….
I’m from the Philadelphia area – cheesesteaks have a cult-like following here.
There is INTENSE demand and even MORE INTENSE debate on the RIGHT way to make one.
There are two schools of thought here – whiz or no whiz??
Pat’s or Geno’s? That debate is endless and has even sparked fights!
Either way, if you make a good cheesesteak, you can sell a LOT of them!!
And you can probably make some good money while you’re at it.
But you’ll be swamped. You’ll work long hours, weekends, holidays, and more.
Or, you’ll have to pay people to be open for you. It’s a LOT of work.
And it’s EXACTLY what we’re trying to change in the way we do business.
Sure, it can be wonderful – but what if you could do more with less effort??
This is where levers really shine.
What if you could spend fewer hours making cheesesteaks (or whatever it is you sell) and make MORE money?
The restaurant Barclay Prime uses a LEVER to do just that.
Barclay Prime, on Rittenhouse Square in Philadelphia, is a modern, highly rated steakhouse. And when they put the iconic Philly cheesesteak on their menu, they decided to take a different approach that would match their sophisticated upmarket style and give them a ton of buzz in the process.
Instead of using traditional cheesesteak ingredients, Barclay Prime has elevated the humble cheesesteak by using high-end ingredients to create a $120 cheesesteak, a phenomenon that is ordered by tourists and regulars alike.
And interestingly enough, because they are offering a humble food that’s been elevated, they are also getting tons of press coverage that brings in both tourists and locals to their restaurant.
The thing about the $120 cheesesteak is that Barclay Prime only needs to serve 1 person to make the same revenue that Pat’s or Geno’s does serving 12. There’s a type of magic in a high-end offer like this.
It’s that magic that allows you to focus on your business doing the pieces you love, instead of the hustle.
And you’ll make WAY more money in the process.
I know because when I made this transformation in my own business and started selling fewer things for more money – everything turned around.
SELL fewer things and make more!
Takeaway: Using leverage, it’s nearly as easy to get people to buy a more expensive item as it is a cheaper version.
And here’s the magic. When people pay MORE for your knowledge and services AND you offer them great VALUE – they’ll buy way more from you in the future.
Because it’s human nature to VALUE what you pay more for.
Are you charging enough for your products and services?
Are you sure?
I’ll tell you a secret…most of the clients I work with don’t charge anywhere near enough (at first) for their products or services (I didn’t either when I started out) and they don’t structure their offer in the right way to get higher ticket buyers.
I made it my mission in life to figure out how to offer the right product at the right price so I had PLENTY of buyers and PLENTY of PROFIT.
And it changed EVERYTHING for me. Literally everything.
Here’s the deal. I learned all this stuff IN THE TRENCHES and over many years of seriously difficult work and a fair amount of terror in the moments where I wasn’t sure how the heck I was going to pay my bills.