Triple R
TRIPLE-R
1
Triple-R
Reciprocity
Recon
Risk-Reversal
My preferred method of reversing the risk and getting a client to give me money is to “close” the Research Report. This report is rather simple but can be a little time consuming your first time doing it. I offer this report as a way to get a small amount of up-front money while allowing myself time to evaluate the market and the competition. This report also qualifies the client as one that either WILL or WILL NOT spend money with you. And it’s critical that you find this out sooner rather than later.
TRIPLE-R
How it Works It is very simple to get the money too and for the client to agree to do this. All you do is wait for the prospective client to bring up the topic of money or “next steps”. In either case, all you say is this: “Well, our next step is as follows… I need to do some additional research on your market, on your competitors and the best opportunities for your business to properly compete online before I do anything else. Essentially, we need a proper plan. Does that make sense? (customer says yes) Ok , good. Here is how this works, the research fee is $350 and I will need that before I get started BUT… when the report is done and you and I sit down to review the findings.. if for any reason.. you aren’t comfortable, you don’t like the report or perhaps you even change your mind.. I will give you 100% of your money back. That’s right.. 100%.... all the risk is on me to produce the best possible information and none of the risk is on you. So, I will send you a digital invoice via email, simply pay that and I will get started immediately. Once you pay the invoice I will begin my research which takes about a week to complete. Today is Tuesday, can you meet again next Tuesday or is another time better for you?”
That’s it. 9 out of 10 times the client will send you the money. And about 95% of the time they will move forward with the contract and the monthly agreement. The remaining 5% will still let you keep the money even if they do’t move forward. At least, that has been my experience.
2
TRIPLE-R
The Importance of The Risk Reversal The three steps within the Triple-R are tied together to create a nearly perfect scenario where it is almost impossible for you to fail. Of course the business owner my not pass the test when it comes to our last step. The Risk-Reversal portion of the Triple-R method serves TWO purposes: 1. – Eliminates all risk and forces a decision on the part of the client 2. – Quickly identifies non-buyers or prospects that just aren’t qualified to be your customer. The second purpose is almost more important than the first. The first isn’t all that big of a deal really it just help the potential client make an easy decision even easier. But… The second purpose can really SAVE YOU TIME and wasted energy on non-buyers and trust me… the business world is full of them. And they will waste your time with countless meetings and useless conversations designed to suck your brain of all usable information. The entire time that you’re courting this prospect your thinking that you have a customer and you really don’t. And at the end of the month your bank account will verify that for you.
3
TRIPLE-R
The Goal
Reciprocity Risk Reversal
Recon
Qualified Buyer
The initial goal is to give enough information and build enough trust to make your prospect feel comfortable and for you to fully qualify them. The way a prospect reacts to you throughout the process is very telling and you will quickly begin to understand the power and the importance of the Triple-R method as you use it. It’s important because you need a highly qualified buyer that will give you some money even though you haven’t technically started your “real work”. This concept of getting money in advance is not foreign. Lawyers do it all the time but instead they typically as for large retainers, $5,000 to $15,000. But you won’t be asking for a large retainer. You only need to get between $200 and $500 dollars to qualify the potential client. As soon as they do that… you are on your way.
4
TRIPLE-R
When Are They Qualified? They aren’t qualified until the potential client gives you some money. For me, this typically involves an invoice from Freshbooks that they then pay via PayPal or Credit Card. There is something else that this last step, Risk-Reversal, does for you. It gives you a chance to gather your thoughts, evaluate the market and decide if you are really prepared to help your new client.
Find
•FFF •Craigslist •Barter
Video
•Send Information •Start a Dialog
Research Report
•Risk Reversal •Client Qualification
In other words, since you are offering this report, you will have time to evaluate the market and decide what to charge and even IF you are interested in taking on this new client. REMEMBER … that you don’t have to accept every client. Use this process as a way to sort the good from the bad. Be sure to listen to your gut, your instinct, when signing deals with new clients.
5
TRIPLE-R
Homework Your homework is to find a prospect, even if it’s a freebie, and actually do the research report. You can submit your report to me directly via private message or you can post it publicly on the forum. It’s up to you. This report is VERY important and it is really “getting paid to learn” because if you don’t understand the customers market, you will when you are done with your report. And here is some additional GOOD NEWS… Even if the “worst case” scenario occurs and they decide not to use you… guess what happens. Well, you now understand that market and what the opportunity is which means that you can now go directly to the closest competitor and reuse the information you just discovered. So.. even a loss is really a WIN for you!
6
1
Triple-R
Reciprocity
Recon
Risk-Reversal
My preferred method of reversing the risk and getting a client to give me money is to “close” the Research Report. This report is rather simple but can be a little time consuming your first time doing it. I offer this report as a way to get a small amount of up-front money while allowing myself time to evaluate the market and the competition. This report also qualifies the client as one that either WILL or WILL NOT spend money with you. And it’s critical that you find this out sooner rather than later.
TRIPLE-R
How it Works It is very simple to get the money too and for the client to agree to do this. All you do is wait for the prospective client to bring up the topic of money or “next steps”. In either case, all you say is this: “Well, our next step is as follows… I need to do some additional research on your market, on your competitors and the best opportunities for your business to properly compete online before I do anything else. Essentially, we need a proper plan. Does that make sense? (customer says yes) Ok , good. Here is how this works, the research fee is $350 and I will need that before I get started BUT… when the report is done and you and I sit down to review the findings.. if for any reason.. you aren’t comfortable, you don’t like the report or perhaps you even change your mind.. I will give you 100% of your money back. That’s right.. 100%.... all the risk is on me to produce the best possible information and none of the risk is on you. So, I will send you a digital invoice via email, simply pay that and I will get started immediately. Once you pay the invoice I will begin my research which takes about a week to complete. Today is Tuesday, can you meet again next Tuesday or is another time better for you?”
That’s it. 9 out of 10 times the client will send you the money. And about 95% of the time they will move forward with the contract and the monthly agreement. The remaining 5% will still let you keep the money even if they do’t move forward. At least, that has been my experience.
2
TRIPLE-R
The Importance of The Risk Reversal The three steps within the Triple-R are tied together to create a nearly perfect scenario where it is almost impossible for you to fail. Of course the business owner my not pass the test when it comes to our last step. The Risk-Reversal portion of the Triple-R method serves TWO purposes: 1. – Eliminates all risk and forces a decision on the part of the client 2. – Quickly identifies non-buyers or prospects that just aren’t qualified to be your customer. The second purpose is almost more important than the first. The first isn’t all that big of a deal really it just help the potential client make an easy decision even easier. But… The second purpose can really SAVE YOU TIME and wasted energy on non-buyers and trust me… the business world is full of them. And they will waste your time with countless meetings and useless conversations designed to suck your brain of all usable information. The entire time that you’re courting this prospect your thinking that you have a customer and you really don’t. And at the end of the month your bank account will verify that for you.
3
TRIPLE-R
The Goal
Reciprocity Risk Reversal
Recon
Qualified Buyer
The initial goal is to give enough information and build enough trust to make your prospect feel comfortable and for you to fully qualify them. The way a prospect reacts to you throughout the process is very telling and you will quickly begin to understand the power and the importance of the Triple-R method as you use it. It’s important because you need a highly qualified buyer that will give you some money even though you haven’t technically started your “real work”. This concept of getting money in advance is not foreign. Lawyers do it all the time but instead they typically as for large retainers, $5,000 to $15,000. But you won’t be asking for a large retainer. You only need to get between $200 and $500 dollars to qualify the potential client. As soon as they do that… you are on your way.
4
TRIPLE-R
When Are They Qualified? They aren’t qualified until the potential client gives you some money. For me, this typically involves an invoice from Freshbooks that they then pay via PayPal or Credit Card. There is something else that this last step, Risk-Reversal, does for you. It gives you a chance to gather your thoughts, evaluate the market and decide if you are really prepared to help your new client.
Find
•FFF •Craigslist •Barter
Video
•Send Information •Start a Dialog
Research Report
•Risk Reversal •Client Qualification
In other words, since you are offering this report, you will have time to evaluate the market and decide what to charge and even IF you are interested in taking on this new client. REMEMBER … that you don’t have to accept every client. Use this process as a way to sort the good from the bad. Be sure to listen to your gut, your instinct, when signing deals with new clients.
5
TRIPLE-R
Homework Your homework is to find a prospect, even if it’s a freebie, and actually do the research report. You can submit your report to me directly via private message or you can post it publicly on the forum. It’s up to you. This report is VERY important and it is really “getting paid to learn” because if you don’t understand the customers market, you will when you are done with your report. And here is some additional GOOD NEWS… Even if the “worst case” scenario occurs and they decide not to use you… guess what happens. Well, you now understand that market and what the opportunity is which means that you can now go directly to the closest competitor and reuse the information you just discovered. So.. even a loss is really a WIN for you!
6
