In this session of The Smart Passive Income Podcast, I'm stoked to welcome Ramit Sethi from I Will Teach You to Be Rich to the podcast! Ramit's blog is one of the first blogs I ever subscribed to back in 2006 when I was still working at an architecture firm before I had any idea I would eventually create businesses of my own.
I respect Ramit for several reasons:
- His confident position in the personal finance space. He tells people to stop worrying about saving money on the small things just to save a few dollars here and there, and he encourages people to go for the big wins. It was this big win philosophy that inspired me to know what I was worth and ask my company for a raise. I got it, and I increased my salary from $38,000/year to $60,000/year.
- He tells it like it is. He's not afraid to be honest and upfront with people. I appreciate this as his friend, but also because I know he's doing it to serve his audience without messing around. You'll hear his honesty and stance on a number of things here in this podcast.
- He's EXTREMELY thorough and incredibly smart. Ramit knows what he's doing. This is not only through his own experience, but also by spending millions of dollars on data collection and analysis. When I saw him speak for the first time in Chicago at FINCON11, I was blown away and I've had a ton of respect for how he runs his business and the products he has created ever since.
In this episode, you'll hear how Ramit got started with his blog and more specifically what happened when he started selling products to his audience.
It was everything he expected: pitchforks and revolt.
He shares a lot of what was going on in his head at the time and what kind of things he had to overcome to go from timidly selling a $4.95 eBook to confidently selling courses that sell for $12,000.00 or more.
Then, we get into some specific pricing strategies that you can use to price your products, which was extremely helpful for me to listen to, and I know it'll be helpful for you as well.
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What was the thing that stood out most to you about what Ramit shares in this podcast?
For me, it was the part about how confidence plays a major role in successfully pricing a product, and also how your audience will react to what you sell.
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Founder or IWillTeachYoutoBeRich.com shares how to sell, and sell well.
- Cognitive misers and why Ramit wants you to have your daily latte (if that's what makes you happy).
- Ramit's app and how it personally saved me $30.00 per month on my cable bill (and why Ramit says his app wasn't a big success).
- The solution for getting people to stick with you and your brand forever.
- Selling small items at massive scale versus selling high impact items to fewer customers.
- The 5x Sales Principle
- How Ramit thought his audience would call him a sell-out when he sold his first product…and what happened when they did.
- How to approach selling something to your audience after you've been giving stuff away for free for a long period of time.
- The approach you should take with free material versus his paid material, and Ramit's advice for anyone transitioning from free to paid (or anyone who is raising their rates).
- The $47 sandbox and why it should be avoided.
- Why it's important to set consequences with your customers, and why Ramit doesn't record his online webcasts for his audience.
- How to determine the right price for the products you sell.
- Psychologically what you have to get over to successfully price your products.
Click the button to the right to download the whole episode in PDF form from start to finish.