Closing A $1,400 Rank & Rent Deal After Failing Twice
Summary
TLDRThe speaker shares his experience with Rank and Rent, a business model he discovered while on paternity leave. Despite initial hesitations on spending on ads, he eventually committed to the process, focusing on the concrete niche. After sending multiple leads to a potential client, he managed to close a deal at $1,400 per month, three times the cost of the client's existing service. The speaker emphasizes the importance of building relationships and demonstrating the value of the service, acknowledging he could have charged more but was satisfied with his first successful deal.
Takeaways
- 👶 The speaker joined Rank and Rent around October, shortly after his son was born, while he was on paternity leave.
- 🔍 He started researching and marketing, eventually finding Nick's group and learning from the free content provided.
- 📈 The speaker was already in a deal before joining Nick's paid group, which indicates the value of the free resources available.
- 💡 Nick's group offers a significant amount of information for free, which helped the speaker to get started in the business.
- 🚫 The speaker initially struggled with the fear of spending money on ads without getting a deal in return.
- 📉 He experimented with different niches, starting with towing, which didn't work out due to the need for high ad spend and volume.
- 🏗️ He then moved to the concrete niche, invested in ads, and committed to making the business work for three months.
- 💡 The speaker realized the importance of letting ads run and following the process without fear of spending money.
- 🤝 He managed to close a deal by sending leads and building a relationship with the business owner, emphasizing the value of his service.
- 🎯 The speaker sold the service for $1,400 a month, which was three times what the client was paying for another service.
- 💰 The client had a misconception about the value of the service, and the speaker could have potentially charged more.
- 🚀 The speaker learned the importance of not getting scared by low offers and continuing the process to prove the value of his service.
Q & A
When did the speaker first get involved with Rank and Rent?
-The speaker first got involved with Rank and Rent in October, right after his son was born, while he was on paternity leave.
What was the speaker doing during his paternity leave that led him to Rank and Rent?
-During his paternity leave, the speaker was doing flip marketing and researching, which led him to come across Nick and the Rank and Rent group.
How much of Nick's strategies does the speaker mention being available for free?
-The speaker mentions that Nick gives out about 98% of his secrets for free.
What was the speaker's initial hesitation in committing to paid advertising for Rank and Rent?
-The speaker was initially nervous about spending money on ads, fearing that he might spend $600 and not get a deal, resulting in a loss.
What was the first niche market the speaker attempted with Rank and Rent?
-The first niche market the speaker attempted was Towing, which he later realized was not the best choice due to the need for high ad volume.
Why did the speaker decide to stop contributing to his 401k for three months?
-The speaker decided to stop contributing to his 401k for three months to invest in Rank and Rent, as he believed it was more lucrative.
How many leads did the speaker send to the business owner before getting a response?
-The speaker sent eight leads to the business owner before getting a response and establishing a connection.
What was the business owner's initial reaction when comparing the speaker's service to another he was paying $450 a month for?
-The business owner initially felt that the speaker's service could not compete with the $450 a month service he was already using.
How did the speaker address the business owner's concern about the value of his service compared to the cheaper alternatives?
-The speaker showed the business owner the value by demonstrating the areas he would cover, emphasizing that the other leads were not in the business owner's area and building a relationship from the start.
What was the final monthly price the speaker sold the service for?
-The speaker sold the service for $1,400 a month, which is three times more than what the business owner was paying for his other service.
What advice does the speaker give about dealing with potential clients who try to negotiate on price?
-The speaker advises not to get scared and to show the value in what is being offered, emphasizing the importance of building a relationship from the beginning.
Outlines
🚀 Launching a New Business Deal with Rank and Rent
The speaker details their journey into the Rank and Rent business model, which began around October, coinciding with the birth of their son. While on paternity leave, they explored flip marketing and came across Nick's group, which offers substantial free insights into the business. Despite being in Nick's paid group for less than a week, they managed to line up a deal by dissecting the free information available. The speaker admits to hesitating with ad spending, fearing wasted investment without a guaranteed return. They initially ventured into the towing niche against Nick's advice, due to its high ad volume requirements, but pivoted to concrete after realizing the challenges. Committing to the process, they stopped contributing to their 401k for three months to focus on the business. The first deal was secured after sending multiple leads to a potential client, who was impressed by the personalized approach and the value proposition, leading to a successful deal closure.
🤝 Overcoming Objections and Securing a Higher-Value Deal
In this paragraph, the speaker reflects on the importance of building relationships from the outset and overcoming price objections. They recount a situation where a potential client initially resisted due to the cost, comparing the speaker's service to a cheaper alternative. However, by demonstrating the value of their service and the quality of leads provided, the speaker managed to secure the client at a rate three times higher than what they were previously paying. The client's success, with a significant increase in revenue, indicated that there was room to potentially upsell the service in the future. The speaker emphasizes the psychological aspects of negotiation, where playing hard to get is a common tactic, but ultimately, persistence and demonstrating the unique value of the service led to a successful outcome.
Mindmap
Keywords
💡Rank and Rent
💡Paternity Leave
💡Flip Marketing
💡Nick
💡Paid Group
💡City Niche Combos
💡Ads
💡Towing
💡Concrete
💡401K
💡Leads
💡Upsell
💡Value Proposition
💡Relationship Building
💡Revenue
Highlights
Joined Rank and Rent in October/November after the birth of his son during paternity leave.
Started with flip marketing and researching before discovering Nick's group.
Nick provides 98% of his secrets for free, which helped in understanding the process.
Joined Nick's paid group for connections but had a deal lined up before joining.
Initially hesitant to keep ads running due to fear of spending money without getting a deal.
First niche chosen was towing, which required high ad volume and was not successful.
Switched to the concrete niche and committed to not contributing to a 401k for 3 months to focus on the business.
Received the first lead on the first or second day of running ads.
Sent a total of eight leads to learn the process and understand the client's needs.
Had a 45-minute call with the client, understanding his passion for growing the company.
Client was already paying for leads at $450 a month, which initially seemed like a challenge.
Used a screencast to show the client the value and uniqueness of the offered service.
Sold the service for $1,400 a month, which is three times what the client was paying for another service.
Emphasized the importance of building a relationship with the client from the beginning.
Client's revenue last year was $800,000, and he has already matched that this year.
Acknowledged that the service could have been sold for a higher price due to the client's success.
Mistakenly believed that the client had a misconception about the value of the service offered.
The process of closing the deal was described as surprisingly easy once completed.
Transcripts
so tell us about your deal so how long
have you been in how long have you known
about Rank and rent and then how long
has it been since you got that first
deal like what was the the time frame I
got into Rank and rent probably I think
it was October like right after my son
was born I got a 5-month old right after
he was born I was on paternity leave and
I was just I was doing the flip
marketing stuff and I was you know
researching I ran across Nick and then I
came across this group so it's was
probably October November that I got
into this group and then I just started
dissecting it you know cuz Nick gives
out pretty much 98% of his secrets for
free and it's just amazing you know if
you go through and you just search the
group for any questions you have watch
the lives you know just start piecing
stuff together it'll like start to make
sense so I'm in Nick's paid group now
but I actually had this deal and I've
only been in his paid group for like
less than a week and I had this deal
lined up ready to go before I even got
into the paid group so there was enough
stuff in the free group to get me up to
that point the main reason I went into
the free group is cuz I just wanted to
be like in the group like I wanted to be
able to have the connections of being
the group right so yeah I mean I had
this whole deal lined up I went into a
couple different city Niche Combos and
then I kept like spending money on ads
and I was like no no I turn the ads off
like I'm not nervous to to keep them
going nervous to keep them going I'm
like what if I spend $600 on ads and
then I don't get a deal I'm out $600 do
you feel like this is why it took you I
mean you got the deal but like do you
feel like this is what held you back
from getting it from like a month to
like now is that kind of what you think
your hangup is yes I could have got it
much sooner sooner had I just had just
let the ads run and ran with the process
and I actually went into a niche the
first one I did was a niche that I
should not have done I went against
Nick's uh advice and I was doing Towing
I know people have success with Towing
but you have to produce a lot of volume
with your ads to make make it and so I
was like really nervous about that so I
kept like I'd spend like 100 bucks on
ads and I was like no that turn it off
and then I would turn it back on and
spend some more and turn off and I'm
like nothing's ever gonna happen I'm
just G to keep spending money so I got
out of Towing I went into concrete and
then did all the ads and everything and
I was like all right look I'm not going
to put money in my 401k for 3 months I
was like I'm going to make this work for
three months I like because I've been
putting you know money back but I'm like
this is way more lucrative than like
this1 thing right so I'm like no more
401K for three months I'm going to make
this work I'm giving myself that like
Grace I guess and I'm going to let these
ads run and follow the process so turn
the ads on let them run I think it was
like the first or second day that I had
them running I had a lead called a guy
went through probably three or four
businesses and this guy picked up and I
immediately knew like just the tone of
his voice I was like this is the guy I'm
going to close the deal on this guy
because I could just tell like he just
is Young he he wants to grow and sent
him the first lead and then the next day
I send him another lead and the timing
was not on my side this time he was kind
of unresponsive he was doing like a
80,000 foot parking a lot or something
so he was super buy I ended up sending
him like eight leads
because because the timing just wasn't
good but it helped like it helped me
learn the process and like I'll know the
next time around I'm not going to send
that many but I think helped me for this
one because after I send him like the
second or third lead I got on a call
with him he pretty much told me his life
story in like 45
minutes
yeah this guy definitely wants to grow
like he's super passionate about his
company and he told me he said yeah I'm
paying for leads I he's like I got
another leion sight just like this one
it actually started the same way and I'm
paying $450 a month and I was like at
that moment I was like oh no like I
cannot compete with $450 a month that's
what's funny is I've had that same same
thing happen to me where like the guy's
like hey I actually partnered with
somebody a week later he like goes to
this some freaking concrete XO and he's
like bro I heard I just been like
talking around some guy can do it for
$400 I'm like well that's the difference
between Great Value at Walmart and like
Costco you you know something way better
dude I'm like you're comparing to apples
and oranges like yeah so like I totally
get what you're saying so yeah he said
he had that one for 450 and then he had
another one that was like $100 for 3
months and it was like decorative
concrete or something and I was like I'm
not going to be a to compete with this I
kept going I was like I'm just going to
keep going with the process I send him
some more leads asked around to some
friends I was like how should I upsell
this and I asked Nick too and it was
like just show him the value in what
you're offering right like show them
that you're going to be better so I
actually went a little bit off off like
when I did my screencast I went a little
bit off script and actually showed him
the city where he's at and I was like
look there's no one here so I like I
don't know where you're getting these
other leads from but it's not your area
like you know I showed him basically the
whole the whole concept of you know what
I was going to do and what I was going
to build and he was he totally got it
and he was like the fact that you sent
me the leads and then sent me this video
and that we're doing this Zoom call and
all this stuff he's like I can tell that
this is different the other one he was
like she just called me on the phone and
said hey do you want these leads $450 a
month you know we saw that value and the
fact that we were actually building that
relationship with them from the very
beginning and I think that's super
important and so yeah I sold him on you
know $1,400 a month which is three times
as much as he's paying for his other
service so dude I well and I I just love
that you said that too because like
you're going to get come come to that
point where they're going to try to like
scare you like I've had people that get
on the phone and like when they first
say it dude you're like great like I
can't compete with that they're never
going to want this service but like I've
had the same thing happen to me where
they've like told me they're like well
well I'm only paying like this much for
this and it's been fine for me but then
I'm like okay well like if you have
enough jobs I don't want to put them on
you and they like oh no no no no and
like they like start coming back to you
because their leads actually aren't that
good but it's just proof that like don't
get scared like that they try to do
stuff cuz it's just the game like
they're all trying to play this game of
like playing hard to get we're all doing
it just in our own little ways it's like
who can call who can call each other out
first basically like and it's like they
need us more than we need them like
there's plenty of business owners but
like very rarely I feel like are you
going to get a chance where like one of
us right is going to come and and Pitch
one of these guys and send him free
leads so I definitely could have closed
in for higher he definitely had like
this misconception on like what the
value was because he's paying but had he
not had the other Le gen service I
definitely could have closed him for
higher I found out that he hit uh his
Revenue last year was 800,000 and then
this year he's already hit 800,000 and
so he's like blowing his last year's
goal out of the water so
out of the water so I'm like I
definitely could have like sold this for
much more but he just had a a
misconception around like the value in
it but down the road you know I might
try to like up the price on him or
something but that's my first but yeah I
mean it was definitely a process and but
it wasn't hard like once you do it and
close that deal you're just like okay
that was actually kind of stupid easy
like let's go I know
[Music]
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