Experiment Results – Would You Invest in Yourself if Price Were Not an Object?
The other day, I decided to test out a theory. I sent out an offer to about 400 people offering to provide coaching services for a month at whatever price point they thought they could afford, effectively removing the price point objection. The only caveat was that they had to join as a member, which is $25 a month, less than most of us will spend on our caffeine habit this week.
My Little Experiment
Bear in mind that I'm a coach who runs a multi-million dollar business, has held leadership roles for over twenty years, has a following of nearly twenty thousand people, has raised five kids, built businesses, served on company boards, and has many five star reviews on Google for coaching. People often pay hundreds of dollars an hour for my time, and I was offering to help at whatever price point they thought they could afford.
I didn't think I would get many responses, and I wasn't disappointed. In fact, I got precisely zero responses!!! I've got to admit, that was a blow to my ego, especially since a few of the people I sent this to had expressed interest in coaching previously, but I wasn't too shocked. Why? Because I didn't really think that the people I sent this to were quite ready to take the next step in their lives even though they would probably argue with me on that point. They are great people, but hadn't quite changed mindsets yet.
Granted some of them did not see the memo (actually quite a few hadn't as evidenced by them messaging me after I put this article out asking if the offer still stood…it doesn't). Others messaged me saying they were interested but it simply wasn't the right time for them and I can respect that.
I've learned over the years that there are two mindsets out there when it comes to investing in yourself. People with one mindset see this as an investment and they'll invest in themselves and their businesses at every opportunity. You'll typically see this from people with multi-million dollar businesses who say they spent $100k last year on coaching and conferences and it was worth every penny, which is more than many people make. People with the other mindset see it as an expense, and if you ask them what they have in their budget for personal development you'll get a questioning look.
Some People Will NOT Invest in Themselves No Matter What the Cost
Some people will not invest in themselves no matter what the cost. I offer an upgraded plan for just $1 a month, and these type of people will shrug and say they don't really need the help, they'll figure it out. They won't blink spending $5 at the convenience store, but putting $1 up for their own growth they see as an unnecessary expense. It's silly, but the way some people think.
I used to be one of these people. There is so much free stuff out on the Internet, why bother paying for anything or for anyone to help me? I read quite literally thousands of books but did virtually nothing with the knowledge for a long time. I didn't invest in tools or people who could help with my business. I figured I was a smart guy, I'd figure it out. My business floundered.
Like I once did, people with this mindset see this as an expense, rather than an investment in their future, which is a shame. Eventually, I started investing in myself and my business. It started growing in proportion to what I spent.
Some People WILL Invest in Themselves No Matter What the Cost
The second mindset considers investing in themselves and investment rather than an expense. These people will invest in themselves at practically any cost because they already know the math behind investing in themselves and have the mindset that this is an investment, not an expense. There are coaches out there charging $100,000+ a year, and they're booked solid. Why? Because the people who have made this mindset shift know that if they can spend $100,000 and get back $1,000,000 over the next few years, that's a fantastic investment.
One of the guys in one of the mastermind groups I run spent $30,000 last year for another group. I asked him if he thought it was worth it, and his response was telling. “Absolutely! When I started with that group, I was desperate. I had taken out a lease and didn't know how I was going to keep the doors open because the income from my business wasn't enough to cover another month and all my savings were gone. I was backed into a corner. I'm convinced if I hadn't figured out how to come up with the funds to join that group, I would not have a business today. Now, it's thriving.”
He knew that he needed help, and reached out and got it. Now, his business is large enough that he joined our group to help figure out how to get his time back as he is so busy he can't keep up. Just like companies that pay for employees to go to training because they know it is a good investment, he has learned that investing in himself is worthwhile.
Did you know that LeBron James, one of the most dominant players in the NBA, reportedly spends $1.5 million every year taking care of his body, a large portion of that going to trainers, chefs, and equipment? Guys like James know that this is not an expense, it's an investment. James made $85.5 million last year according to Forbes. Do you think he would have been able to accomplish what he has accomplished without investing in himself?
Which Mindset Do You Have?
Which mindset do you have? Are you like I once was, unwilling to spend money on your business or personal development because you see it as an expense? Or have you made the mindset switch and are eager to see what returns you will get from investing in yourself?