Sie verdreifachen ihr Einkommen und melden sich nie wieder

0:00Cool. Uh yeah, we're a pretty new company. Uh right now we're making about 80k a month and we're profiting about 75% of that. >> Okay. >> What? >> This is great. Okay. >> For sure, for sure. Uh yeah, so we run a company. I do test preparation for people that are taking the BCBA exam to become board certified behavior analysts. >> got it.

0:25>> Which which is pretty cool because I can tell that you're a humanitarian at heart. >> Desperate. >> We want to like our biggest bottle neck right now is just getting more attention. Like our products are really good and all of our students love them. Our reviews are crazy. We're just kind of getting more volume. But one of our problems with the business is that since with our company we our students don't really need us once they pass the exam.

0:56So they they pass and then they just like don't really don't need us at all. >> That's fine. >> Um so it's really difficult to get continuity because we just constantly have to get new customers. >> Okay. >> So one thing that we've been working on is getting like more university collaborations. So we just collaborated with our first university and they're going to be implementing all of our materials for all of their students for like across their whole program.

1:25>> Yeah. >> Um and I feel like that's the best way to get continuity. So but I just wanted to kind of like pick your brain about what kind of strategy should I be using to for cold outreach to new university programs? >> Okay, so pause real quick. Pause real quick. So currently you what percentage of your revenue is coming from university programs that you're doing collaborations with and what percentage is coming from just like people coming to you and just saying hey I want to help with test prep?

1:53>> Right now it's like 95% just from people and we have this one collaboration, and all their students are about to enroll in purchase all our products in like the next couple weeks. So, like we haven't touched that revenue yet, really. >> And And this is just to get Once they take the test, they get into a university program, is that correct? >> No, opposite. So, our students, they've already graduated from their programs. They all have master's degrees, and then they need their certification to practice professionally.

2:21>> Okay. Well, that's great cuz this closest to money. That's wonderful. >> Yeah. Yeah, absolutely. But so, like most of our students, they pretty much like triple their income once they pass their exam. >> Okay. So, let's Okay. Okay. So, you're sitting on a goldmine, so that's the good news. All right. So, I want to talk through a couple things. I'm just going to give you a couple tactics that I got to I got to keep going, but here's here's like we're going to rapid fire. So, number one, every single person who walks in the door, you have to get their current earnings. You have to You get it? You have to get bank statements.

2:50Okay? Six months after they graduate, and you have to put some sort of stick there. Maybe it's a rebate, maybe like ideally a rebate, or maybe they can only They can only become a member of this thing that you charge $10,000 a year, but they get it for free if they XYZ, which is they send you their earnings after they get the job using your thing. Okay? So, the reason that this is important is that then because you have such a clear like we get people from point A to point B, and it is related to the income that they're going to be able to earn in a field. Like if you look at Harvard, Harvard can publish the average or median income of a Harvard graduate. They can say that. And so, people will think, "Okay, well, if I go to Harvard, my median income post graduation is $125,000 a year." Okay, great. I don't know what that what the number is. I have no idea what it is. But that But they can publish that. And so, to the same degree, you are then able to frame your value against what that triple is in real very real terms. And that way you can put disclosures, say, "Hey, these are the medians that we have 10% of people who don't get jobs, and uh you know, like literally just publish the stats if you are as good as you say you are. And it it'll just make you'll be able to price so much higher by doing that. That's number one.

3:57>> And the way to do that is to add the alumni job board as the thing. So, and you get the full-time lifetime access to the alumni job board, and that's what people get, and you can show that to them on the on the front end. >> Okay, yeah, I like that idea, for sure. >> Okay, that's thing one. Thing two, um is I would I I think the idea of going after the um after the universities is not a bad idea. Um you need to think about your business as one level chunked up, which is that the customers are the universities, not the not the kids, right? And so, the goal is to basically create a monopoly here, where you can map the entire network of these universities, they make full-time partnerships with you, and ideally you can lock them into longer-term agreements. And I would always ask the magic question, which is what would it take? What would it take for us to make this exclusive? What would it take for us to lock in for 5 years? And once you do that, then you can become an entrenched monopoly, but you're too small for anti-monopoly rules to to affect you. And then you can become a money money-printing business. Again, not a guarantee, the results will, you know, vary.

4:59>> Yeah. >> Yeah, absolutely. >> Yeah, the one what Alex is saying is also like, you know, you want the test prep is just a part of the journey, right? So, you you your next part of the journey is the career placement part of the journey. So, you just have to figure out, hey, what is the career placement component that I can add to this, so the test prep is paid by the student, the career placement is paid by the university. So, you you monetize both sides of the both kind of both sides of the supply demand curve.

5:25>> Yeah, so people with this certification are super high demand, like they find jobs instantly. Um like they apply and like they're just handed jobs. >> if you want to make more money, right, then that's a scarce resource, and so then you can include in a placement at an even higher higher earnings. Like basically, you can pre-negotiate for them, because if they're all getting lots of jobs, then it's scarce, which means you can then create overrides, which means you can hoard the scarce resource and then you make money on the customer and on the placement.

5:55>> Okay, I see it. >> I don't think you do that now, to be clear, cuz you're too small. So, I want to be clear, but that's like if we're looking at like what's the big vision, that's where we want to go. Right now though, >> Sure. >> document the earnings, number one. Number two, once you have those documented earnings, you go to the I would would I would do that first, cuz then you can use that in your sales pitch to each of the universities, cuz that makes sense for them, cuz they're going to want to advertise their numbers, too, if they can and they will be able to if they fully and exclusively collaborate with you.

6:22>> Yeah, totally. >> Okay. >> Uh one more thing is Yeah, one more >> I got to I got to go to the next one though, but I I Does that help at least to get you started? >> Yeah, for sure, very helpful. Happy birthday, Ben. >> No, I appreciate you. And the if you want to get rub shoulders with the universities, the best things that I've found have been going to the trade shows and conferences, because that's where the buyers are. Um that's where you'll be able to like it's the easiest way to get your foot in the door.

6:49>> Awesome, good to know. Thanks so much, appreciate you. >> You bet. I'll give you one more 201 strategy, which is hire someone who already did sales into academia. This is a little bit higher end. That person already has the black book. They already have all the key holders for every one of these universities and you're basically buying their black book by hiring them. So, then when they call, they pick up the phone. That's what you're paying for. All right?

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