"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
I agree with that - the feeling of certainty is definitely a powerful motivator. The way I see it though it is something that is built on the foundation of trust - it all starts there!Thank you for the Thread - I do like the idea of certainty - for me, it takes trust to another level where I feel more happy with the service/product.
Yes, please continue. I would love to hear your thoughts on building a reputation.Because here's the thing. I'm only interested in posting this stuff if you guys find it useful and of high value on your journeys to financial independence and wealth.
So if you want to find out more about building a reputation in the next post from me, and how that relates to building trust, then LIKE this post and let me know that this stuff is helpful to you! Your feedback is super important and means a lot to me.
Instead of a discount for the soaps, why don't you do something like buy one, get one free? That's effectively a 50% discount, and it's a better deal since they can gift one of those soaps to a friend.One question : let's say I'm selling something that doesn't cost much, such as my own brand of herbs / spices / soaps. Let's assume the product costs $14 each and my company is one that no one has heard of (no social proof, no reviews, no trust, no testimonials, pathetic social media followers etc.)
In such a case, to build trust, my lead magnet would likely be something like a discount code which I offer to first-time buyers. With regards to the amount of discount, in your opinion, psychologically, will a 25% off a $14 product VS 50% off a $14 would have any significant difference to buyers who have zero trust in me?
Thanks for the encouragement. Means a lotYes, please continue. I would love to hear your thoughts on building a reputation.
Thanks a lot!Instead of a discount for the soaps, why don't you do something like buy one, get one free? That's effectively a 50% discount, and it's a better deal since they can gift one of those soaps to a friend.
Or you can try to give a free sample in exchange for a review/testimonial. That way you can quickly stack up 5-15 testimonials.
If you really want to give a discount, I would make it such that the product costs $9 (or even $9.99 if you're greedy) when discounted, if at all possible (round about a 35% discount). Being in the single digits will really minimize the risk in their mind.
These are some ideas for you to try, it is impossible to say which will work best without testing it. It also depends on your particular niche that you're aiming these products at. Are you aiming at wealthy people? Poor people? What sort of problems/needs do they have that your product will take care of? Answering these questions can also help indicate which strategy may be best.
Anyway, I think your strategy when you're starting out should be to do whatever it takes to get those initial testimonials, reviews and social proof. That will help you build trust with your customers and will make future sales much easier. The first sale is always the hardest
Hope this helps @Xeon
Thanks for the encouragement. Means a lot
Good post, but I think there's more to it than trust being 90% of the deal.
You can build all the incremental trust in the world - you'll still struggle to sell the brooklyn bridge for $10,000 to someone that trusts you.
And if you're a drug dealer, you won't have a problem selling your product to a complete stranger that doesn't trust you at all, so long as they want what you're selling.
That’s perfectly correct because am ready to buy from someone whom i trust a thousand times even though what I buy is not 100% authentic. Trust is lifeYou've tried Facebook/Google ads. You've tried Upwork. You've tried eCommerce. You've tried other side gigs. You've tried freelancing... And you aren't making the money you know you deserve, even after a year or more of trying to provide VALUE... You keep reading stuff, you've read MJ's books, you're hanging around this forum and others, but no dice.
Does that sound like you?
Have you ever STOPPED to ask why that is happening to you? Why is it that you're not getting paid as much as you deserve? Why is it that OTHERS are always making the $$$ and you're on the sidelines?
They say EXECUTION is king. Surely it is... but BAD execution won't get you to the promised land, I can assure you. You need to EXECUTE on the right thing.
Here's a little secret.
There is a group of direct response marketers online who are consistently making BIG BUCKS. And they are doing so because they know how to use (and sometimes abuse) the human mind.
These guys aren't always selling products that are the best... (although, to let you in on another secret, it's easy to have the best product when you're making the most money )... and yet, they are outselling everyone else.
How do I know?
I've built a 6-figure direct response agency. I've worked for many of those guys. I know what they know.
They understand the economic game. And until you start understanding how TRANSACTIONS work - WHY someone hands over their money - you will not make a living online.
So here's the BIG SECRET that can help you get started the SMART way:
The Foundation Of All Economic Transactions Is TRUST... People Give Money To People They TRUST... And They Hold It Away From People They Don't Trust
Why the 100% Money Back Guarantee? It builds trust.
Why do they say you have to believe in your product? If you don't believe, how do you expect others to TRUST you?
Why the FREE Lead Magnets? (provide value to gain trust).
Why do so many people here tell you to provide value? (to gain trust)
Why bother with testimonials? (gain trust)
Why bother with social proof? (gain trust)
Why bother with reciprocity? (gain trust)
Why SALES FUNNELS? (incrementally provide value to build more trust to be able to provide even MORE value)
So that's what it's all about...
90% OF DIRECT RESPONSE MARKETING IS ABOUT BUILDING TRUST
The other 10% is scarcity and the other fancy stuff that solicit an immediate response.
Because here's the deal... You may be hitting the market with HUGE VALUE. But people don't trust you.
And lack of trust = lack of sales.
So if you get stuck thinking that your problem is NOT ENOUGH value, you're never going to make it. The fact is most people provide more value than they are aware of.
And if YOU don't become conscious of your value, no one else will.
Let me ask you a question. If I'm trying to sell you right now a sales funnel for $15,000, are you gonna flip out your wallet and pay me?
But I've built multiple 6-figure funnels... So I CAN provide that value to you.
So why won't you pay?
You don't have money... Good excuse. Why don't you go and ask all your friends and relative and the bank to loan it to you? With the 6-figure sales funnel I make for you, you'll make it 10x times back...
So lack of money isn't the reason for not paying me.
Is it because you don't trust me?
Right. That's it.
So selling, especially when it comes to higher ticket items is 100% about trust. NOT about value. Value is needed just to build trust and provide a REASON for people to part with their money.
But if you start out with HUGE value... you won't close any sales just like that. You need to build trust first. And you build trust by providing value INCREMENTALLY.
So, if you want to start making BIG MONEY ONLINE, here's what you should do next.
Build a PROCESS of incrementally providing value to gain trust. And THEN provide more and more value (at higher prices). That's how I've done it. That's how the guys I work for have done it. That's how YOU can do it too.
If you do that, it won't be long until people will be ready to flip out their wallets and pay you $15K too.
Maybe you're asking why should you trust me on this? Well, don't. After all, I'm just a random dude on the internet, you don't know much about me, nor about my company. So the fact this stuff is coming from me, means nothing for you. Cool.
Because here's the thing. You don't need to trust me to take this information and START APPLYING IT to your own situation.
The results will speak for themselves.
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