How to make a quick $500 in the next 15 minutes...

Profile picture of the author Derek Soto by Derek Soto Posted: 05/08/2011
( How to get more money from existing customers/clients while giving them greater value )...


Two days ago I needed a quick $500, so I contacted one of my $197 per month clients and said, "If you were to work with me for a year, how much would it cost you?" They said, "About $2,400 or whatever they said..."

I said, I've had an unexpected bill come up and I'd like to make an arrangement with you, I'd like to give you a year of service for $500, how much does that come out to per month now?"

They said, "Around $40..." I said, "would $40 per month work better for you than $197 per month?"

They said, "hell yeah..."

I said, Ok, because my situation is a bit urgent, we'll need to complete this order on the phone and you'll never pay me another dime, but continue to get service for a year.

( my situation where I needed the money was real, don't lie to your clients, use whatever reason that is actual )

They agreed and it gave me a quick $500, now I know that some of you might be worried, thinking I have to provide a year of service to this client, and I WILL FOLLOW THROUGH IF THEY WANT ME TOO, but most clients stop calling around the 3rd or 4th month and call far in between thereafter,

MAKE SURE THAT YOU HONOR YOUR AGREEMENTS, however know that most of the time your clients won't hold you to it and if they choose that it's OK, but if they call you, BE THERE FOR THEM!

Today, tomorrow or whenever, call some of your clients and make some deals with them, don't be afraid to ask them for money, if they like your service and you give them more value than what they are paying for, they'll be more than happy to give you more money.

This particular clients told me she was getting ready to cancel because $197 was getting to be a lot of money per month. She was so happy that I asked her for $500 and gave her a whole year of service, she literally RAN to get her credit card.

So basically, I took a client that I was going to lose anyway and got an extra $500 from them. I of course deliver greater results than what she paid and since I help people get rid of OCD, you can see how most people pay therapists $200+ per hour and she is getting a year with me for a measly $500, when you position it in a "no-brainer" scenario like this, you'll be SHOCKED at how people will be so happy to give you $500 or $1000 or more!

It's all about perceived value and actual value!

Derek J. Soto


the following is to clear up some misconceptions about this post:

The point is, You can use whatever reason that is real you can think of. This particular time I used that reason because that is what happened. However I have also used the reason, "I know you are thinking of leaving because of the price, since we've been working together for a while, I want to really help you succeed and because I know you, here is what I'm going to do for you to help you out, I'll give you the rest of the year for $500 to make it easier for you and so that you can continue getting the help that you need.

since only customers that are leaving anyway know about this, it DOES NOT cheapen your service, but massively increases your profits
#$500 #make #minutes #quick

  • Profile picture of the author HowieM
    HowieM
    Anyway, congrats! I hope your personal issues get worked out soon.
  • Profile picture of the author Derek Soto
    Derek Soto
    Originally Posted by HowieM View Post

    Ok, what is the basis of the money? Without knowing the task, or even a general idea of what your doing, makes understanding this somewhat difficult.

    Anyway, congrats! I hope your personal issues get worked out soon.
    it appears you haven't read the post.
  • Profile picture of the author infear_takao87
    infear_takao87
    Thanks for sharing mate... Sometimes the situation will force us to do something to get instant money. By the way, it is a great action mate.
  • Profile picture of the author iAmNameLess
    iAmNameLess
    Well, glad you had a way and a plan to get the money you needed. That is always a huge plus.
  • Profile picture of the author FredJones
    FredJones
    This is actually an insane thought - I mean, we all know the lifetime of customers and so on, so there may be a lot of money to be made here with not too much work. Wow !!
  • Profile picture of the author John Romaine
    John Romaine
    Ive done this a few times by finding a massive forum that covers a certain topic, then finding an EMD and onselling a domain to one of the members. Only done this twice, but worked both times bringing in a few hundred dollars at a time.

    Takes all of an hour or so.
  • Profile picture of the author Derek Soto
    Derek Soto
    Originally Posted by infear_takao87 View Post

    Thanks for sharing mate... Sometimes the situation will force us to do something to get instant money. By the way, it is a great action mate.
    It's funny how situations FORCE us to come up with our best ideas...

    Originally Posted by iAmNameLess View Post

    Well, glad you had a way and a plan to get the money you needed. That is always a huge plus.
    I didn't think of this until I was forced too, pressure is a HUGE motivator, as I've been spending thousands a month of running the business I had no room for a large unexpected bill!

    Originally Posted by FredJones View Post

    This is actually an insane thought - I mean, we all know the lifetime of customers and so on, so there may be a lot of money to be made here with not too much work. Wow !!
    After doing this, ( done it 4 times so far ) I'm doing this will all clients when I can tell they are going to quit...

    Originally Posted by ramone_johnny View Post

    Ive done this a few times by finding a massive forum that covers a certain topic, then finding an EMD and onselling a domain to one of the members. Only done this twice, but worked both times bringing in a few hundred dollars at a time.

    Takes all of an hour or so.
    Good stuff man, I have started implementing this in most of my niches, I feel like I've found a pot of gold or something, it's pretty unreal how easy these sales are.
  • Profile picture of the author Charlotte Jay
    Charlotte Jay
    Nicely played. I take it this is through an offline client?
  • Profile picture of the author Derek Soto
    Derek Soto
    Originally Posted by Charlotte Jay View Post

    Nicely played. I take it this is through an offline client?
    This particular deal was a client that signed up online, but I work with them personally on the phone. It's important to note that I've been working with them for a few months and have built up trust with them.

    If you start building relationships with all of your clients, you'll start building up credit with them so that when you need help, all you gotta do is call one of them and they'll hook you up. I can't stress how important building relationships with your clients is...it's like money in the bank!
  • Profile picture of the author Warrior X
    Warrior X
    Originally Posted by ramone_johnny View Post

    Ive done this a few times by finding a massive forum that covers a certain topic, then finding an EMD and onselling a domain to one of the members.
    EMD? Emergency Medical Dispatcher...Earnest Money Deposit? Confused
  • Profile picture of the author WillR
    WillR
    EMD = Exact match domain.

    To the OP, I'm not too sure this is something I would want to use very often, if at all. It tends to cheapen your service. I wouldn't want to work with someone who is struggling to pay their bills so much that they literally have to ask ME for a favor.

    Why don't they have other customers? Am I their only customer? If so, why not? These are all the sorts of questions that would start going through my head if I were the customer. The only thing this would do is make me second guess working with you at all.

    It may work once or twice and your circumstances may have indeed warranted doing this, but given almost any other option I would not choose this one.
  • Profile picture of the author KenThompson
    KenThompson
    Originally Posted by WillR View Post

    I wouldn't want to work with someone who is struggling to pay their bills so much that they literally have to ask ME for a favor.

    Why don't they have other customers? Am I their only customer? If so, why not? These are all the sorts of questions that would start going through my head if I were the customer. The only thing this would do is make me second guess working with you at all.
    Sure, but all of those scenarios are presumptions.

    Stuff happens unexpectedly to everyone. Why he needs/wants the cash
    really does not matter just as long as his client is happy with the service.

    If his client is happy, overall, then all of that is really none of his business.


    Ken
  • Profile picture of the author Derek Soto
    Derek Soto
    Originally Posted by WillR View Post

    EMD = Exact match domain.

    To the OP, I'm not too sure this is something I would want to use very often, if at all. It tends to cheapen your service. I wouldn't want to work with someone who is struggling to pay their bills so much that they literally have to ask ME for a favor.

    Why don't they have other customers? Am I their only customer? If so, why not? These are all the sorts of questions that would start going through my head if I were the customer. The only thing this would do is make me second guess working with you at all.
    This particular client has been working with me for over 5 months, has paid me over $1,000 already, she said she was thinking about canceling, if she canceled, that would be the end of the money, because of this offer, she stayed and paid $500 up front. She will probably call me for the next three months per my experience, however if she chooses to call me the whole year, I will work with her.

    I don't do this for NEW clients!!!!!!!! My list NEVER knows about this, it is a deal I make with my clients that have already been with me for a while and are about to quit. I don't care if it cheapens the perceived value to them as they are out the door anyway. New clients have no idea this is an option if they've been with me for a while.

    The point is, You can use whatever reason that is real you can think of. This particular time I used that reason because that is what happened. However I have also used the reason, "I know you are thinking of leaving because of the price, since we've been working together for a while, I want to really help you succeed and because I know you, here is what I'm going to do for you to help you out, I'll give you the rest of the year for $500 to make it easier for you and so that you can continue getting the help that you need.

    So word it anyway that you want, as long as it is true and that you are willing to follow through with the agreement. I hope this helps to reframe it in a way that you can see how it would be useful in your business..

    in closing, it's all about retention and an income boost from a customer with one foot out the door because of price... in all honesty, I LOVE this method and it has doubled my income.
  • Profile picture of the author vfactor
    vfactor
    hello friend
    its a nice idea but i think in this situation you will have to show your honesty the whole year and you should not let your moral down for work in such a cheap price or you should keep your words as its not a matter of just 1 or 2 month.
    vijay
  • Profile picture of the author Derek Soto
    Derek Soto
    Originally Posted by vfactor View Post

    hello friend
    its a nice idea but i think in this situation you will have to show your honesty the whole year and you should not let your moral down for work in such a cheap price or you should keep your words as its not a matter of just 1 or 2 month.
    vijay
    if you read my post, you would see that I said just that several times.
  • Profile picture of the author chiwawa
    chiwawa
    Thank you for sharing your thought.. It looks and sounds shady though.
  • Profile picture of the author xMarkPro
    xMarkPro
    I don't know, but that seems like taking advantage of the customer to me. There's the old saying that the more successful your customer's are, the more successful you will be. You don't seem to be helping that process along.
  • Profile picture of the author Lee Belch
    Lee Belch
    I think it's a great idea, you are getting the money in which you need and the client is getting a fantastic deal from it, everyone is happy.

    Plus for the client to hand over $500 then your service must be of use to them.

    In my eyes everyone wins, nice sotry.
  • Profile picture of the author bluechillisa
    bluechillisa
    Well when in need... But she landed up with a great deal anyway. I would have given you the $500 too if that was the deal.
  • Profile picture of the author SuspectZero
    SuspectZero
    Nice post and good idea when you are on the verge of losing a client anyways. You could have made a WSO on this and made even more cash to help you out with your situation but props to you for sharing.

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