In this episode, Chris will talk about some of the two biggest gifts we have during this holiday season and how it’s the most beautiful time of year to be a yoga entrepreneur. He refers to Brendon Burchard’s teachings about the biggest gift during the holiday season being the time constraints that are given to us by the nature of the season itself, and all the markers of Thanksgiving, Black Friday, Cyber Monday, Christmas, and New Year’s.
He will dive into how important this holiday season is for marketers and business owners because of the urgency to purchase that is embedded in it and share how yoga entrepreneurs can sell the irresistible offers they’ve created by combining urgency and scarcity to not only increase their revenues but also scale their impact on people’s lives. Listen and Learn!
Key Points Discussed:
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This episode was released December 11, 2019
Disclaimer: The Transcript Is Auto-Generated And May Contain Spelling And Grammar Errors
00:00 Hey. Christopher Yax comes in at you for this episode from Mississippi. I’m here on a little family vacation visiting the in-laws for Thanksgiving. And actually, at the time of this filming, Thanksgiving is over, and it is Cyber Monday. And so, I wanted to come to you and talk to you about some of the two biggest gifts we have during this holiday season.
00:26 What’s up everyone? You are listening to Yoga Entrepreneur Secrets. I am Chris Yax, and I’m John Yax. We are part of a small group of yoga entrepreneurs who are committed to making a living, doing what we love, without feeling guilty about making money, or ashamed of being successful, because we know the real value of yoga and how the world needs it now more than ever. This podcast is here to teach the strategies and tactics so we can thrive financially as yoga entrepreneurs. We are the Yax brothers and welcome to Yoga Entrepreneur Secrets.
00:54 Alright. So, it’s just past Thanksgiving. As you’re listening to this, it is going to be about a week, just over a week past Cyber Monday, and we will be firmly into December and the holiday season. And, we have gifts during this time period. And actually, I first learned about it from Brendon Burchard, and it was a really interesting time when he had these phases, and he talked about these phases and he was like, “Man, the biggest gift we have during the holiday season are these time constraints that are given to us by the nature of the season itself, and all these like markers of Thanksgiving, and you have Black Friday, and you have Cyber Monday, and then you roll into Thanksgiving… or excuse me, Christmas, and then New Year’s.” And he’s like, “Man, as marketers, it is the biggest gift that we’ve been given.” And, here’s the reason. This is gonna be a short episode cause I really just want to talk about two things. You’ve probably heard, if you’ve listened to this podcast, since the beginning, I think this is the 24th episode.
01:56 We’re very big on offers, and how in the yoga world what most people do is to compel people to purchase. They just discount the price. And another way of making your services look more, I guess cheaper, but have more value, is to increase the value to make it feel cheaper like it’s a bigger discount instead of actually just discounting the service that you’re providing itself. But, even that, with like what they call an irresistible offer, but it’s like you’re stacking all of these things. We talked about a couple of episodes ago where the problem that your service is solving, well once it’s solved, creates another problem. And so you can stack all of the solutions to all these problems that you know your people are going to have. For instance, they say, “I’m going to sign up for your intro special” and all of a sudden, what do they need?
02:44 The next problem is, “I don’t have a yoga mat, and I don’t have a water bottle. I don’t know like, what I need to do to start, and I don’t know what type of apparel.” And so, you think about that and you’re like, “Okay, I can stack all of these different offers within this bigger package because I’m solving the problems that people didn’t know they had until they make that first purchase.” So, that’s all about creating an irresistible offer. But, even that, there are two things that are as important to compel people to actually say yes and make the purchase. And that is, urgency and scarcity. Urgency and scarcity. A lot of times if you hear about… if you’ve understood, if you’ve like learned or studied from a coach, they typically use urgency and scarcity kind of interchangeably, but they’re not. And this is the gift of the holiday season is that… and don’t get me wrong, like you maybe, Iike the thought of like, someone’s listening to this and they’re like, “Oh my God. They’re just talking about like, or he’s just talking about like, how to make money during the holiday season.”
03:42 Well, I guess it’s obviously more than that. And there’s a special auspicious time of year about togetherness and it was just Thanksgiving and getting together with family and loved ones and what Christmas and the holiday seasons really all about and all that stuff. But so yes to all that and as marketers and business owners trying to make a living and like provide this beautiful service to people, it’s a beautiful time of year because embedded in this time of year is urgency. If you set up your offers, right, meaning you’ve done the background, you’ve created the offer, you’ve thought of all the problems and you’re stacking it all and it’s this irresistible thing. And then all of a sudden what you do is you create urgency by saying there is a deadline to this special meaning. So here it was, as you’re listening to this, uh, it’ll be about a week and a half ago. It was black Friday and there are all these specials.
04:36 But notice what happens on Black Friday is that the special is on this day only. And then all of a sudden you have cyber Monday, which is actually the day of filming this and this is it. You don’t have another day to do this. If you want this discount, if you want this offer, today is the day. That’s what urgency is. Essentially it’s saying collapse the amount of time that people have the opportunity to purchase the offer that you’re creating so that they feel more compelled to do it. Because by nature and, and this is me particularly people are procrastinators, right? They need a reason to say yes now and the two reasons to say yes. Now, one is urgency, which is just put a deadline and then hold to it. So urgency is a function of time and saying you have a week, you have a day, you have 36 hours, you have 24 hours, and what you’ve noticed if you have looking at your emails is you’ll see all these deadlines emails coming at ya.
05:35 24 hours left, 15 hours left, five hours less. This is the final call. You must act now. If you want this $1 for thousands of dollars a product that I’ve been creating, blah, blah, blah. And so that’s urgency. Number two is scarcity. Now scarcity is a function of quantity, meaning there is only a certain amount a certain of spots left. So years and years ago when we were just in like 2005 2006 I guess we had somewhat of an understanding of urgency, but we never really called it that. Well. We knew that like, Hey, this offer can’t last forever. And so we’re going to put a time frame around it, but we never put scarcity around anything we ever did. There was never like, this is the number we’re selling and that’s it. Well, fast forward to this Thanksgiving black Friday season and we decided we’re actually gonna put some scarcity around the offers that we’re creating.
06:32 And so we did this 10 20 and 50 class cards special. And we did it about a week before Black Friday actually started. And we said, you know, this is our goal. We want to sell a hundred of the 10 50 of the 20 and 30 of the 50 and so what happened when we did that is we didn’t just say, Hey, there’s two weeks that you have to take advantage of this offer. You actually only have a certain number of each that you can take advantage of. And so my sister, who’s the manager of the Virginia Beach location that we have we’re at the Tuesday meeting that we always have. And she was like, Hey, I would just talk to somebody. And they’re like, so how long is this offer going? And she was like, well it goes until December 2nd which is a cyber Monday. But, and he was like, Oh, so I have some time.
07:14 She was like, yeah, you have time, but there’s only 30 of these left. Cause he was looking at buying 50 cards. There’s only 30 total. And he was like, so you’re saying I should buy it now? Oh. And to what she said was like, we’ll listen, I can’t tell you how many they’re are going to be and how fast they’re going to go. But yeah, if you wait, there’s the potential that you’re actually not going to be able to buy it because of scarcity. And so my point is you have a really great opportunity during this time of year because urgency is already baked in by saying, Hey, there are these finite markers. You have black Friday, you have cyber Monday, and then you have Christmas Eve and then you have new year’s Eve and you have these beautifully baked into the calendar timeframes that allow you to create the urgency.
07:58 And so what I’m also suggesting is think about how you can create scarcity around it too. Meaning just limit the number, and I’m not saying limit the number to limit your profitability and your revenue. I’m saying figure out what your number is, how much you want to make or whatever the offer is, and then reverse engineer. Well, how many of those would I need to sell to actually make that number and then promote that you only have this number available because what it does is it just human psychology. I see it in my girls, like when I let them know that if they don’t go right now, they’re going to miss the ability to play at the park. They get their shoes on, they get their socks on, and they’re out the door. It is just baked into this fear of missing out that we all have as a function of being human beings, and so you can use that human psychology to help people do yoga and do the thing that is probably the most important thing that they can do for themselves.
08:55 So as you approach your creation of this next phase that we’ve been given as yoga entrepreneurs of the holiday season in these demarcations of time, next is Christmas Eve and then Christmas and the new year’s Eve and then new year’s, and then we roll into the, where we have the new year’s resolution Aires. We’re going to be doing an episode two on. Okay, what are the trends of 2020 that you should be looking for? So look out for that one coming soon. But for this one, my point is urgency is in just say this is the timeframe that you have to do it. Scarcity is what you can add by saying there’s a limited number and so today’s the last day of the sale that I was talking about, the what we call the thankful 10 20 and 50 class card. We wanted to do 20% more than we did last year. I’m almost positive are there our bigger goal, we’re pretty far away from it for as of yesterday, but we’ve been doing really well today.
09:49 So anyway, I’ll let you know how that goes in the next one. But again, the point, the, one of the reasons why we knew we were going to get 20% is because we added this scarce. We are good at urgency, but the scarcity is what we failed on. So add those to your offers, right? Create an irresistible offer, right? Make think about all the problems that you’ve them saying yes to the intro offer, whatever it is, the unlimited or whatever it is, and then come up with all the other followup problems. Great, awesome guarantee. Have rapper, awesome story around it, right? That’s the irresistible offer with a sales message and then create some urgency. Create some scarcity because that’s the reason people are going to actually say yes and act now and when you do that, I guarantee you’ll notice your sales going up, your revenue going up and the impact that you have on people’s lives will be going up as well. Anyway, I hope you have a wonderful, had a wonderful Thanksgiving and you’re enjoying the holiday season and taking some time off. Be with friends and family and add a little urgency. Add a little scarcity to your offers and it’ll make a big deal
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