PODCAST - how to sell education to people who only care about money
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Today on the show, I wanna share with you how to sell education to people who only care about money. Now, I've been in the education industry for more than a decade, and I've been highly invested in education myself for my entire life. My parents invested in it for years, all the way through college. I invested in it, making sure that I got good scholarships going into college, and putting my time into getting two undergraduate degrees in film and [00:02:00] accounting, and an MBA.
In addition, I invested my time earning my CPA license and educating myself on how to run a business over the past decade. And as you may know, my entire business, eLearning Partners, is about leveraging the power of education to increase product adoption, customer acquisition, retention of customers and employees, and ultimately increase profits of our businesses so that you and I can impact thousands, if not millions, of people worldwide with what we've created.
Now, I work with business owners and S&P 500 company teams, and I find a very common problem: education is not a reason enough to spend money. I mean, I disagree with this. I think education is the only thing that any of us really spend money on. But when you look at this, education is not the driver to send you some money.
Education [00:03:00] may be the ultimate tool that they're using, but the return of what people are looking for is typically, how do I make more money or spend less money? That's it. So when you and I are looking at selling education, you may be selling education as a product, or you may be running an education department within an S&P 500 company, and you're trying to get upper management.
You may be part of upper management, but you need the buy-in from your other C-suite leaders. Well, I wanna help you with these conversations. If you're a business owner, I wanna help you with these conversations with your customers so that you bring more customers in so you can serve more customers. I wanna help you with the conversations you're gonna have with your employees so that they take your training so that they invest their time in what you've created to make their lives better and ultimately drive your business forward.
And I wanna help you, S&P 500 company leader, who is looking to not only get praise, but get more investment from your organization so you can create even bigger and [00:04:00] better results than you are right now. It all comes down to learning the language of return on investment, ROI for short. This is the most common language in business, and it's the most powerful way to show others the importance of what you and I provide: education.
Well, education is an investment, and like any investment, it is an investment of money and time. So when you are looking at selling education, maybe you're selling education as a product. It could be a course, a learning experience, an e-learning program, consulting program. Whatever it is, whoever's making the purchase decision is evaluating it based on money and time, and what the return of that money and time is.
What return are they getting? Well, when your company is looking at investing more in education programs or looking at giving you a raise because of what you've done with your education programs, it's the [00:05:00] same thing. Company is looking at, is it worth our company's money and our company's time to focus on this thing?
So what we really need to do is figure out what ROI our customer or whoever we're selling to is looking for. And this is where the concept I teach in my Plug the Profit Leak Challenge that you can grab your ticket to in the show notes and in the YouTube description or go to plugtheprofitleak.com, comes into play.
In this multi-day live group consulting experience, you and I look at your business, uncover any profit leaks you may have, come up- and come up
with a strategy to plug them. I've had clients on day number two of the experience find more than $100,000 per year already sitting in their business. I invite you to join me for my next Plug the Profit Leak Challenge, so go grab your ticket and I'll see you there. Well, one of the concepts we dive deep into is something I call ROI Pie.
Well, ROI Pie [00:06:00] helps you and I know whose ROI we need to care about. The P in Pie Stands for purchaser. This is the decision-maker, the stakeholder making the decision to invest in our education initiative, to invest in our education product. P is for purchaser. I is ideal customer. Now, I separate these two, purchaser and customer, because a lot of times the purchaser, the individual ma- the individual or team making the decision to invest in what you provide, invest in your initiative, is different than the customer or the ideal person that you're actually impacting with education.
Really, you're impacting both of these parties, and they're both looking at investing something and getting a return out of it. When these are separate, the customer, ideal customer, is investing time, and the purchaser is [00:07:00] investing money. Now, the purchaser could also be investing time, and they really are 'cause they're spending their time with you to have you educate them on why what you are doing is of the greatest return on their investment.
So what does the E stand for? Employees. Employees are most likely going to be investing their time. We're not trying to sell education to our employees, but they are investing their time into learning what you are teaching them. So ROI Pie, what this tells us is that there are multiple parties that are looking to get a return out of their investment.
So when we're speaking to these parties, it's exactly what we need to come up with. Instead of, "Yeah, you know, we have this education program and this and this and this," what we need to come up with is what return are they looking to get? What is the payoff that each of these parties is looking to get out of what you provide?
And once you find that payoff, then the solution is education. For me and my business, the [00:08:00] payoff that I help companies like yours get is saving multiple six figures per year while scaling your impact globally. How do we do this? Well, I do this by increasing product adoption, increasing customer acquisition, increasing customer and employee retention, and by doing all this, we're able to save money.
Take this one step deeper. We do this by identifying the ROI for each of these parties, and when we identify the ROI Pie for your business, we're able to make big impact. And then the ultimate tool that I use to do all of this is education. So instead of talking about what you've created, 'cause I know what you've created is extremely valuable, what we need to do is talk about the payoff or the return on investment of what you've created.
The ROI- the purchaser or decision maker is going to get. That's the first part. Second part is looking at the ROI that our [00:09:00] ideal customer is going to get. And then finally, we need to communicate or educate our purchaser and ideal customer how what we created gets them the ROI they're looking for. But really, they just wanna know that you understand the ROI that they're looking for.
And then once you show that you understand it, they wanna know that you have a process, a solution of how to get it. And that's where what you've created in your business and what you've created in your department comes into play. I'm excited to see you in my next Plug The Profit Leak Challenge. Go grab your ticket at plugtheprofitleak.com, and I'll see you in the next episode
Thanks for tuning in to Learning Transformed. Now, if you're designing a transformational learning experience and wanna skip the overwhelm of trial and error, check out our e-learning platform finder. Just answer a few simple questions, and we'll match you with the [00:10:00] right platform, plus an extended free trial.
And as a bonus, you'll get free access to a course that walks you through building your learning experience on your matched platform. Click on the link in the show notes or go to www.e-learningpartners.com/elearning-platform-finder.
I'd also love to hear from you. Leave a review on Apple Podcasts or Spotify or drop a comment on our YouTube channel. Thanks for listening, and I'll catch you in the next episode
AI is rising and so are we
