Script Your Interviews Like You Script Sales

0:00The core So, each of the books has one core concept and then it breaks down how to use it, etc. But, the value equation comes down to what's the outcome? And some outcomes are worth more than others. If I can help you cut your hair versus I can get you to be in perfect shape, perfect shape is worth more. If I can get you to be a billionaire versus perfect shape, billionaire is worth more. Right? So, we have outcome and then we have perceived likelihood of achievement.

0:25>> Perceived likelihood of achievement, okay. So, this is the Okay, interesting, yeah. >> It's the inverse of risk. >> Yeah. >> How likely do I think it is? And then we have on the downside of this, we have um time delay. How long is it going to take me to get the thing? And then we have effort. >> Is this Is this Is this effort and sacrifice?

0:49>> No, different. Yeah. So, effort is all the things that you have to begin to do as a result of a decision that you don't want to do. Sacrifice are all the good things that you have to stop doing as a result of a decision. So, if I get into fitness, I have to stop eating the stuff I like and I have to start eating stuff I don't like. I have to start waking up earlier. I can't sleep in as much. I have to be sore where I wasn't before. And so, that's my effort and sacrifice piece. The time delay is Okay, if I can get in shape in 3 minutes versus getting in shape in 3 months or 3 years.

1:19>> Okay. >> The outcome is Am I getting in shape or am I being a billionaire? And then how likely is this to happen? Cuz on some level like if I buy a PDF of a fitness program for $19 or I pay $3,000 for a personal trainer to train me in person three times a week, my perceived likelihood of achievement of buying the PDF versus personal trainer is much higher. Now, the effort and sacrifice actually going to be relatively fixed, but this is the part that goes up. Now, the time delay, if done right, should also be fixed there. But, this is what explains the difference in value on a product level.

1:48But, the value equation works for everything just like just like consuming content. Yeah. What's my outcome? I think I'm going to learn some [ __ ] about investing. How likely is it that I think he can provide value or if consumes this, pretty high. What's my time commitment of consuming this? If I'm going to watch a 4-hour video, fewer people do it than a 3-minute video. >> Mhm. >> Right? And then um you don't really actually have to do any work when you're just purely consuming content, but if I wanted to take action as a result, then that's that's another part of it. >> But it's still going to cost me 20 minutes, which is a sacrifice. I could be watching Netflix.

2:14>> true. I think if we're using consumption of media as the thing, the effort and the time delay, basically are we talking time delay to outcome? I'm going to be rich. Um or am I talk Yeah, cuz the time is a human component. What's interesting is that having looked at a zillion different offers over my life and thinking about value, um the one that I think is most left on is this one. >> How quickly they can accomplish X amount of >> If you want to get into a business and just completely disrupt it, do look at what everyone else is doing and do it half the time. You can do that in just about any business cuz there will always be someone who's willing to pay a premium for that.

2:47>> Goes back to what um Jeff Bezos said about betting on things that won't change. >> Yeah, yeah. That that like the his whole mantra around that has been one of my like I'd say one of my true pillars of like how do I plan for the future? >> Give people context on that for those that have never heard Jeff talk about that and what that means. >> So he I think I saw it as an interview that he did and they said, "So given X, Y, and Z, what do you think about the future?" And he said, "You know, I don't really think that much about what's going to change." He said, "I spend a lot more time trying to think what's not going to change and then we bet really heavily on those things. We believe that customers will prefer cheaper prices 10 years from now just as much as they do now. We believe that customers will prefer more selection to less selection 10 years from now as much as they do now. We believe that if customers can get something in 2 hours, they will value that more than if it takes them 2 days. We believe in that and we can bet in that." And so he just thinks about these elements and if we're thinking about the like the value equation, how easy did they make buying? It's one click. How fast does it come? It's almost immediate. You have a history of buying from them. So you And this is also where the reviews come in. How likely is it? Well, if it's a five-star with 5,000 reviews, it's pretty high. If If got a one and a half and it's got two reviews, I'm probably not going to buy it. Even if it's the same product, just because of our perception of it.

3:56Right? And then the outcome is what I'm willing to do for the price, right? I think about this time delay for a minute because of one thing that kind of loops over the whole conversation at this point is that people will abstract the value of a positive future outcome to zero if it is long enough in the future. >> True. >> Even if it's guaranteed. >> Mhm. >> You can guarantee that you will be rich if you invest, you know, $100 a week or $200 a week, whatever, into into an index fund.

4:22Right? Pretty much. And if you do that for 30, 40 years, you you will be fine. >> Mhm. >> Because it's 30 or 40 years and because the latte is today, the discount basically takes it to zero.