1 00:00:00,480 --> 00:00:02,680 Speaker 1: A good a gang. I hope you're great. Just want 2 00:00:02,720 --> 00:00:05,720 Speaker 1: to mention my mentoring program before we kick off. Yes, 3 00:00:05,760 --> 00:00:07,840 Speaker 1: it's a blatant plug. It's what I do, it's how 4 00:00:07,880 --> 00:00:12,320 Speaker 1: I roll. Feb. Three, we're kicking off on ten weeks 5 00:00:12,320 --> 00:00:15,520 Speaker 1: of frivolity and learning and growing and poking and prodding 6 00:00:15,560 --> 00:00:19,040 Speaker 1: and yeah, some of you it's going to be great. 7 00:00:19,120 --> 00:00:21,160 Speaker 1: Some of you maybe not where you're at at the moment. 8 00:00:21,280 --> 00:00:23,360 Speaker 1: But for those of you who think you might want 9 00:00:23,480 --> 00:00:26,160 Speaker 1: or need or benefit from a little coaching and perhaps 10 00:00:26,239 --> 00:00:30,400 Speaker 1: coercing and mentoring as you head into twenty twenty five, 11 00:00:30,520 --> 00:00:32,879 Speaker 1: go to my website if you would be so gracious, 12 00:00:32,960 --> 00:00:36,360 Speaker 1: cragharpet dot net. Go to the education bit have a 13 00:00:36,360 --> 00:00:39,120 Speaker 1: look at that, and you may or may not want 14 00:00:39,120 --> 00:00:41,159 Speaker 1: to get involved. But anyway, we kick off Feb. Three. 15 00:00:41,200 --> 00:00:46,920 Speaker 1: It's going to be fun, all right, that's the ad now. Ah. 16 00:00:46,960 --> 00:00:49,120 Speaker 1: One of the things that I've been interested in for 17 00:00:49,200 --> 00:00:52,000 Speaker 1: a long time that falls in the space of psychology 18 00:00:52,040 --> 00:00:57,720 Speaker 1: and human behavior and thinking metacognition. All that is understanding 19 00:00:57,880 --> 00:01:01,440 Speaker 1: the way that value works, like what what is value? 20 00:01:01,520 --> 00:01:08,039 Speaker 1: Perceived value, real value, intrinsic value, external value, Like what 21 00:01:08,120 --> 00:01:12,280 Speaker 1: makes me think something is worth something. What makes me think, well, 22 00:01:12,360 --> 00:01:14,640 Speaker 1: that's good value, that's a good deal, or that's a 23 00:01:14,680 --> 00:01:18,080 Speaker 1: shit deal, that's not good value at all. But somebody 24 00:01:18,360 --> 00:01:21,800 Speaker 1: else might look at the same proposition or the same 25 00:01:21,959 --> 00:01:25,280 Speaker 1: service or the same product or the same whatever it 26 00:01:25,400 --> 00:01:29,200 Speaker 1: is and think, no, that's great, that's a good deal. 27 00:01:29,319 --> 00:01:32,920 Speaker 1: And so what is objectively good value? What is a 28 00:01:33,000 --> 00:01:38,360 Speaker 1: subjective interpretation of value? And also, as somebody you know 29 00:01:38,920 --> 00:01:43,720 Speaker 1: obviously you know my job in inverted commas is well, 30 00:01:43,800 --> 00:01:46,320 Speaker 1: a big part of my job is selling my skills 31 00:01:46,319 --> 00:01:50,920 Speaker 1: and knowledge and talent and time for money. So when 32 00:01:50,920 --> 00:01:52,920 Speaker 1: I go to a company, I do one hour keynote, 33 00:01:53,000 --> 00:01:54,720 Speaker 1: or I do a half day workshop or a full 34 00:01:54,800 --> 00:01:58,000 Speaker 1: day you know kind of conference with them or workshop 35 00:01:58,080 --> 00:02:01,160 Speaker 1: with them, there's a value you placed on that. And 36 00:02:01,200 --> 00:02:03,520 Speaker 1: there's a point in time where a company rings up. 37 00:02:03,600 --> 00:02:07,080 Speaker 1: Usually they talk to Melissa or email and they'll say 38 00:02:07,120 --> 00:02:09,560 Speaker 1: to Melissa, this is when our conference is, or this 39 00:02:09,639 --> 00:02:11,880 Speaker 1: is when our program is, this is what we're thinking. 40 00:02:12,600 --> 00:02:15,720 Speaker 1: And she will say cool, so for that, that would 41 00:02:15,720 --> 00:02:18,960 Speaker 1: cost you x yz. And they will either go great, 42 00:02:19,040 --> 00:02:21,639 Speaker 1: let's get him on board, or they'll have some other questions, 43 00:02:22,280 --> 00:02:25,360 Speaker 1: or they'll go fuck, no, that is ridiculous, that is 44 00:02:25,400 --> 00:02:30,880 Speaker 1: too expensive. And what is interesting is that, as I 45 00:02:31,000 --> 00:02:35,079 Speaker 1: said at the start, for some people x X amount 46 00:02:35,080 --> 00:02:38,640 Speaker 1: of dollars or a particular x a particular product or 47 00:02:38,720 --> 00:02:41,760 Speaker 1: service will be considered to be good value or a 48 00:02:41,760 --> 00:02:47,200 Speaker 1: good investment, and for somebody else the same financial investment 49 00:02:47,360 --> 00:02:49,600 Speaker 1: paying for a different person could be seen as an 50 00:02:49,600 --> 00:02:55,360 Speaker 1: absolute bargain or overwhelmingly too expensive and terrible value, depending 51 00:02:55,400 --> 00:02:58,880 Speaker 1: on the story that you have about what you think 52 00:02:58,960 --> 00:03:02,680 Speaker 1: that person or that product all that program is worth. 53 00:03:03,680 --> 00:03:06,480 Speaker 1: There were times when in my life we won't talk 54 00:03:06,480 --> 00:03:10,280 Speaker 1: about particular dollars, but when I first started as okay, 55 00:03:10,320 --> 00:03:12,480 Speaker 1: I will, I will talk about in this case, i'll 56 00:03:12,480 --> 00:03:15,320 Speaker 1: talk about dollars. So when I first started my first client, 57 00:03:16,639 --> 00:03:19,760 Speaker 1: my first personal training client, when I started PT I 58 00:03:19,760 --> 00:03:24,720 Speaker 1: should say, which was one hundred years ago, I got 59 00:03:24,720 --> 00:03:27,760 Speaker 1: paid one hundred dollars for three one hour sessions, so 60 00:03:27,880 --> 00:03:30,960 Speaker 1: essentially thirty three dollars an hour, and up until that 61 00:03:31,000 --> 00:03:34,040 Speaker 1: point in time were very close. To that point in time, 62 00:03:34,080 --> 00:03:37,200 Speaker 1: I was working, still working in the gym at the stage, 63 00:03:37,200 --> 00:03:39,080 Speaker 1: but I was earning twelve dollars an hour on the 64 00:03:39,080 --> 00:03:42,680 Speaker 1: gym floor as a gym instructor doing mostly gym instructing 65 00:03:42,680 --> 00:03:46,080 Speaker 1: and writing programs and doing assessments. But this was probably 66 00:03:46,200 --> 00:03:50,080 Speaker 1: nineteen eighty three or four, so forty years ago, and 67 00:03:50,320 --> 00:03:53,960 Speaker 1: I was earning, like I said, twelve bucks now, which wasn't, 68 00:03:53,960 --> 00:03:56,080 Speaker 1: believe it or not terrible. Wasn't great, of course, but 69 00:03:56,120 --> 00:03:58,560 Speaker 1: it wasn't terrible. So then all of a sudden, I'm 70 00:03:58,600 --> 00:04:02,040 Speaker 1: now earning some of my anyway, I'm earning thirty three dollars, 71 00:04:02,120 --> 00:04:05,520 Speaker 1: which is the best part of three times more, And 72 00:04:05,680 --> 00:04:08,440 Speaker 1: that was fucking incredible. That was amazing. So for me 73 00:04:08,600 --> 00:04:11,360 Speaker 1: at that point in time, I believe that thirty three 74 00:04:11,440 --> 00:04:16,040 Speaker 1: dollars an hour was enormous, And to be honest, I 75 00:04:16,040 --> 00:04:19,239 Speaker 1: didn't really feel like I was worth thirty three dollars 76 00:04:19,240 --> 00:04:23,120 Speaker 1: an hour because I had been programmed, because you know, 77 00:04:23,200 --> 00:04:25,479 Speaker 1: I'd been working lots of hours on the gym floor 78 00:04:25,520 --> 00:04:28,400 Speaker 1: for twelve and now I'm just working another hour on 79 00:04:28,880 --> 00:04:31,040 Speaker 1: the gym floor, but this time I'm getting three times 80 00:04:31,080 --> 00:04:35,560 Speaker 1: as much money. And so part of the deal with value, 81 00:04:36,279 --> 00:04:40,719 Speaker 1: perceived value is the value that we have in ourself 82 00:04:40,800 --> 00:04:44,480 Speaker 1: and of ourself. Now, there's a point where that perceived 83 00:04:44,560 --> 00:04:48,080 Speaker 1: value in ourselves, or perceive worth in ourselves can spill 84 00:04:48,080 --> 00:04:53,480 Speaker 1: into arrogance or ego. But knowing knowing what you are 85 00:04:53,640 --> 00:04:59,000 Speaker 1: worth and knowing what people might pay for your service 86 00:04:59,240 --> 00:05:03,280 Speaker 1: or your advice or your skills, whatever it is, that's 87 00:05:03,320 --> 00:05:08,200 Speaker 1: also really important thing for you to have an understanding of. 88 00:05:09,120 --> 00:05:11,800 Speaker 1: So I now know, give or take, what I am 89 00:05:11,880 --> 00:05:15,920 Speaker 1: worth for a company to pay for a keynote or 90 00:05:15,920 --> 00:05:17,920 Speaker 1: a workshop or any of those things, or for coaching 91 00:05:18,000 --> 00:05:19,320 Speaker 1: or one on one of this, or one on one 92 00:05:19,320 --> 00:05:21,040 Speaker 1: of that, which I don't do a lot of anymore. 93 00:05:21,640 --> 00:05:26,479 Speaker 1: But I know kind of my worth because not only 94 00:05:26,520 --> 00:05:28,560 Speaker 1: do I have a lot of experience and insight and 95 00:05:28,839 --> 00:05:31,640 Speaker 1: reasonably good self awareness around this, but also the market 96 00:05:31,680 --> 00:05:38,080 Speaker 1: tells me. Now if I say I'm worth fifty thousand 97 00:05:38,160 --> 00:05:41,599 Speaker 1: dollars a day to present to your company, and I 98 00:05:41,760 --> 00:05:44,440 Speaker 1: believe I'm worth fifty thousand dollars a day, which I 99 00:05:44,520 --> 00:05:47,280 Speaker 1: do not, but I believe I'm worth fifty thousand dollars 100 00:05:47,320 --> 00:05:49,920 Speaker 1: a day, and that's my story and I'm sticking to it. Well, 101 00:05:50,200 --> 00:05:54,320 Speaker 1: that's one thing, but we also need to be realistic 102 00:05:54,320 --> 00:05:57,599 Speaker 1: and understand what the market will pay, and what the 103 00:05:57,680 --> 00:06:01,200 Speaker 1: market will pay is largely by the market. It could 104 00:06:01,200 --> 00:06:03,320 Speaker 1: be a company, it could be an individual. It could 105 00:06:03,360 --> 00:06:08,960 Speaker 1: be a sporting club in my circumstances, could be a school. 106 00:06:09,080 --> 00:06:11,599 Speaker 1: You know, what a market will pay, let's say, for 107 00:06:11,640 --> 00:06:14,640 Speaker 1: an hour of me or a day of me, is 108 00:06:14,720 --> 00:06:18,000 Speaker 1: really about what they think I am worth based on 109 00:06:18,080 --> 00:06:23,080 Speaker 1: a range of variables. I could be This is not 110 00:06:23,200 --> 00:06:26,480 Speaker 1: great science or a great explanation, but you'll get it. 111 00:06:27,440 --> 00:06:30,120 Speaker 1: I could be as good as some people in the world. 112 00:06:30,160 --> 00:06:32,159 Speaker 1: And by the way, people do get fifty thousand dollars 113 00:06:32,200 --> 00:06:34,280 Speaker 1: a day to speak. And I know you think that's ridiculous, 114 00:06:34,279 --> 00:06:37,080 Speaker 1: and I agree, But is it right or is one 115 00:06:37,080 --> 00:06:40,159 Speaker 1: thousand dollars a day ridiculous? It is five hundred dollars 116 00:06:40,200 --> 00:06:42,320 Speaker 1: a day. Is you know, if you're Tony Robbins, you 117 00:06:42,400 --> 00:06:45,279 Speaker 1: might be earning millions of dollars a day. Whatever it is. 118 00:06:45,279 --> 00:06:49,560 Speaker 1: We're not talking about what things are absolutely worth, but 119 00:06:49,680 --> 00:06:57,400 Speaker 1: what things are subjectively worth or perhaps perceived value. When 120 00:06:57,440 --> 00:07:01,159 Speaker 1: we are doing some kind of transaction of knowledge, skill, time, 121 00:07:01,360 --> 00:07:06,120 Speaker 1: expertise for money. There were times when for me to 122 00:07:06,160 --> 00:07:10,720 Speaker 1: get one thousand dollars for a keynote was for me 123 00:07:11,040 --> 00:07:17,000 Speaker 1: great money and a keynote presentation and for that company 124 00:07:17,160 --> 00:07:22,640 Speaker 1: a pretty good investment, So win win and then there 125 00:07:22,720 --> 00:07:25,640 Speaker 1: was a time when that based on my knowledge and 126 00:07:25,720 --> 00:07:30,120 Speaker 1: skills and runs on the board and reputation and brand 127 00:07:30,160 --> 00:07:33,160 Speaker 1: and profile, where that probably wasn't quite enough. Right, I'm 128 00:07:33,160 --> 00:07:34,920 Speaker 1: not going to say what again now it doesn't matter, 129 00:07:35,520 --> 00:07:40,320 Speaker 1: but it's it's really about understanding one what am I 130 00:07:40,360 --> 00:07:42,680 Speaker 1: bringing to the table? What am I offering? What are 131 00:07:42,680 --> 00:07:45,040 Speaker 1: my skills? What is my knowledge? What is my talent? 132 00:07:45,360 --> 00:07:49,280 Speaker 1: What is the information? What is the value potentially that 133 00:07:49,440 --> 00:07:51,720 Speaker 1: I bring into this environment or this person or this 134 00:07:51,840 --> 00:07:56,800 Speaker 1: company that is going to be of service or of 135 00:07:56,920 --> 00:08:00,640 Speaker 1: worth to them. That's the first thing, what is value 136 00:08:00,680 --> 00:08:03,040 Speaker 1: that I'm bringing? And the second is what is the 137 00:08:03,160 --> 00:08:07,520 Speaker 1: value that they think I'm bringing? And then the next 138 00:08:07,600 --> 00:08:10,840 Speaker 1: question is what do they think that is worth? What 139 00:08:10,880 --> 00:08:15,000 Speaker 1: do they think that is worth? So I mean we're 140 00:08:15,040 --> 00:08:18,480 Speaker 1: really diving into a topic that shapes so much of 141 00:08:18,520 --> 00:08:21,120 Speaker 1: what we think and do and feel, like, what do 142 00:08:21,160 --> 00:08:23,520 Speaker 1: we value? Why do we value it? Where does that 143 00:08:23,560 --> 00:08:26,920 Speaker 1: come from? How much of what we consider to be 144 00:08:27,760 --> 00:08:32,880 Speaker 1: valuable is all about clever marketing or societal conditioning, or 145 00:08:32,920 --> 00:08:39,920 Speaker 1: parental influence, or cultural or religious conditioning, or even emotional attachment. 146 00:08:41,400 --> 00:08:44,079 Speaker 1: So I mean, value is not just an idea it's 147 00:08:44,120 --> 00:08:46,160 Speaker 1: a lens that affects how we see the world and 148 00:08:46,200 --> 00:08:51,320 Speaker 1: how we make decisions and how we prioritize what matters. 149 00:08:51,320 --> 00:08:54,360 Speaker 1: So today I want to explore everything from intrinsic and 150 00:08:54,520 --> 00:08:59,920 Speaker 1: perceived value, to the psychology behind scarcity, to emotional driver 151 00:09:01,880 --> 00:09:04,719 Speaker 1: and even self worth. So let's get into it. I'll 152 00:09:04,760 --> 00:09:08,760 Speaker 1: do my best to keep it real, relatable, and actionable. 153 00:09:08,920 --> 00:09:13,000 Speaker 1: So let's break down two key ideas, and one is 154 00:09:13,040 --> 00:09:17,080 Speaker 1: perceived value and one is intrinsic value. So these two 155 00:09:17,120 --> 00:09:22,160 Speaker 1: concepts drive a lot of our behavior and often when 156 00:09:22,160 --> 00:09:24,560 Speaker 1: it comes to this stuff without us really even thinking 157 00:09:24,559 --> 00:09:30,040 Speaker 1: about it or realizing it. So perceived value is one 158 00:09:30,320 --> 00:09:34,080 Speaker 1: about the stories that we tell ourselves about the worth 159 00:09:34,120 --> 00:09:41,120 Speaker 1: of something. And then two, perceived value is the stories 160 00:09:41,160 --> 00:09:44,880 Speaker 1: that others might tell themselves about whatever it is that 161 00:09:45,600 --> 00:09:49,199 Speaker 1: we are selling. And of course these stories ours of 162 00:09:49,280 --> 00:09:52,480 Speaker 1: theirs might be influenced by advertising or social norms or 163 00:09:52,840 --> 00:09:59,359 Speaker 1: previous experiences or personal bias or program thinking. But nonetheless, 164 00:10:00,080 --> 00:10:02,800 Speaker 1: we have an idea in our head about what something's worth, 165 00:10:03,640 --> 00:10:05,800 Speaker 1: and like, think about this. I was talking to one 166 00:10:05,800 --> 00:10:09,640 Speaker 1: of my friends yesterday who's a trainer, and I said, 167 00:10:10,040 --> 00:10:13,800 Speaker 1: in fact, Toby I'll give Toby a shout out. And 168 00:10:13,840 --> 00:10:17,360 Speaker 1: I said to Toby, think about this. Let's say let's 169 00:10:17,400 --> 00:10:20,120 Speaker 1: say I don't know what he's worth or what he charges, 170 00:10:20,160 --> 00:10:22,240 Speaker 1: but let's just say one hundred dollars an hour. Right, 171 00:10:22,320 --> 00:10:24,240 Speaker 1: Let's just go one hundred bucks an hour. He could 172 00:10:24,240 --> 00:10:26,400 Speaker 1: be more, he could be less. I think he's probably 173 00:10:26,400 --> 00:10:28,000 Speaker 1: a bit more, but let's say one hundred bucks an hour. 174 00:10:28,080 --> 00:10:31,520 Speaker 1: Now he lives in Queensland. Let's say he moves down 175 00:10:31,520 --> 00:10:33,959 Speaker 1: to Melbourne and nobody really knows him here, so that 176 00:10:34,040 --> 00:10:36,800 Speaker 1: one hundred dollars an hour he'd probably get. But it 177 00:10:36,880 --> 00:10:40,840 Speaker 1: might be tricky if he comes to a place and 178 00:10:40,840 --> 00:10:43,280 Speaker 1: he now bases himself in a gym where despite it's 179 00:10:43,280 --> 00:10:45,240 Speaker 1: the same guy with the same skills and the same 180 00:10:45,280 --> 00:10:48,720 Speaker 1: experience and the same knowledge and the same ability to 181 00:10:48,800 --> 00:10:51,080 Speaker 1: connect and create raport. But now he comes into a 182 00:10:51,120 --> 00:10:54,160 Speaker 1: place where he has no value or no perceived value 183 00:10:54,160 --> 00:10:56,640 Speaker 1: because nobody knows him, or not a high level of 184 00:10:56,720 --> 00:11:00,880 Speaker 1: value anyway. But let's say the version two of that 185 00:11:01,000 --> 00:11:04,240 Speaker 1: story is he's going into a gym where I train, 186 00:11:05,440 --> 00:11:08,280 Speaker 1: and he's basing himself in that gym, and I've spent 187 00:11:08,320 --> 00:11:11,000 Speaker 1: the month leading up to him moving into the gym 188 00:11:11,080 --> 00:11:14,680 Speaker 1: telling everyone that I can about my friend that's coming 189 00:11:14,720 --> 00:11:17,440 Speaker 1: from Queensland. Now it's the same guy with the same skills. 190 00:11:17,640 --> 00:11:20,760 Speaker 1: But how fucking amazing he is, how brilliant he is, 191 00:11:21,040 --> 00:11:23,839 Speaker 1: the incredible results that he gets with his clients, how 192 00:11:24,160 --> 00:11:27,400 Speaker 1: smart he is, his ability to inspire and communicate and 193 00:11:27,480 --> 00:11:31,160 Speaker 1: interact with people in an exceptional way, and the great 194 00:11:31,240 --> 00:11:33,480 Speaker 1: work that he's done over an extended period of time. 195 00:11:33,480 --> 00:11:35,000 Speaker 1: And I pump him up and pump him up, and 196 00:11:35,000 --> 00:11:37,800 Speaker 1: these people listen to me, and they trust me, and 197 00:11:37,840 --> 00:11:40,040 Speaker 1: they value what I say, especially when it's in their 198 00:11:40,080 --> 00:11:43,640 Speaker 1: space of high performance and wellness and personal training. Now 199 00:11:43,679 --> 00:11:47,520 Speaker 1: he comes to the gym and he gets one hundred 200 00:11:47,520 --> 00:11:50,640 Speaker 1: and fifty dollars easily, he gets two hundred dollars, perhaps easily. 201 00:11:50,679 --> 00:11:52,679 Speaker 1: I'm not saying this is worth or not worth. I'm 202 00:11:52,720 --> 00:11:57,400 Speaker 1: just talking about the psychology of perceived value. Now, Conversely, 203 00:11:57,600 --> 00:12:00,880 Speaker 1: if Toby came to the gym and he hold everybody 204 00:12:00,920 --> 00:12:05,280 Speaker 1: he was amazing, he might actually damage his brand because, 205 00:12:05,400 --> 00:12:08,920 Speaker 1: especially in Australia, we don't like people beating their chest. 206 00:12:09,040 --> 00:12:12,600 Speaker 1: We don't like people telling us how amazing they are, 207 00:12:12,960 --> 00:12:15,920 Speaker 1: because we just see that as ego, even if they 208 00:12:15,960 --> 00:12:21,600 Speaker 1: are fucking amazing. So sometimes we need someone to champion 209 00:12:21,679 --> 00:12:25,520 Speaker 1: us or support us. We need to create raving fans. 210 00:12:27,040 --> 00:12:30,520 Speaker 1: When I first started training people and working with people, 211 00:12:30,520 --> 00:12:33,040 Speaker 1: and I was okay at it, I wasn't brilliant. And 212 00:12:33,040 --> 00:12:34,880 Speaker 1: then I got a bit better and develop skills and 213 00:12:34,920 --> 00:12:38,360 Speaker 1: knowledge and competence, and I started to get some good results. 214 00:12:38,360 --> 00:12:42,560 Speaker 1: And then over time I built a brand despite the 215 00:12:42,600 --> 00:12:46,480 Speaker 1: fact that I never consciously created a brand or there 216 00:12:46,559 --> 00:12:48,720 Speaker 1: was no social media. So the idea of you know, 217 00:12:48,800 --> 00:12:51,320 Speaker 1: doing what I'm doing right now through a podcast or 218 00:12:51,360 --> 00:12:55,200 Speaker 1: having you know, an instapage, or you know, building a 219 00:12:55,200 --> 00:12:57,839 Speaker 1: brand through LinkedIn or Facebook or what that wasn't a thing. 220 00:12:57,880 --> 00:13:01,080 Speaker 1: It wasn't a thing. So how I built a brand 221 00:13:01,320 --> 00:13:05,880 Speaker 1: was I got really good at what I did. I 222 00:13:05,920 --> 00:13:08,520 Speaker 1: got really good at what I did. I focused on 223 00:13:08,600 --> 00:13:13,240 Speaker 1: building rapport and connection. I focused on building great experiences. Yeah, 224 00:13:13,240 --> 00:13:15,080 Speaker 1: there are lots of trainers and lots of gyms, but 225 00:13:15,080 --> 00:13:18,360 Speaker 1: there's only one me. I don't mean that sound arrogant, 226 00:13:18,400 --> 00:13:19,680 Speaker 1: but you know what I mean, you can do that. 227 00:13:19,720 --> 00:13:22,880 Speaker 1: There's only one you. How do you create a version 228 00:13:22,880 --> 00:13:25,080 Speaker 1: of you? How do you present a version of you? 229 00:13:25,640 --> 00:13:28,480 Speaker 1: How do you create an experience with people where they're 230 00:13:28,520 --> 00:13:33,120 Speaker 1: fucking raving about you right now. All of a sudden, 231 00:13:34,080 --> 00:13:37,320 Speaker 1: you're in that situation and you're selling whatever it is 232 00:13:37,360 --> 00:13:41,360 Speaker 1: that you sell, and your your product is three hundred 233 00:13:41,400 --> 00:13:43,440 Speaker 1: dollars and the guy or girl next door is one 234 00:13:43,520 --> 00:13:47,600 Speaker 1: hundred dollars. But because you're so fucking amazing, people think 235 00:13:47,640 --> 00:13:51,079 Speaker 1: that three hundred dollars with you is a better investment 236 00:13:51,760 --> 00:13:54,320 Speaker 1: than one hundred dollars with the bloke next door. What 237 00:13:54,520 --> 00:13:57,480 Speaker 1: is that about? That is about psychology, That is about perception, 238 00:13:58,080 --> 00:14:02,320 Speaker 1: That is about perceived value. When we think about for example, 239 00:14:03,640 --> 00:14:08,560 Speaker 1: I mean an obvious one is like luxury cars, right, 240 00:14:09,920 --> 00:14:13,160 Speaker 1: And that's not to say luxury cars are not good cars. 241 00:14:13,679 --> 00:14:16,040 Speaker 1: But one of the things this actually got me thinking 242 00:14:16,120 --> 00:14:18,600 Speaker 1: years ago, when I was way younger and I'd never 243 00:14:18,640 --> 00:14:21,600 Speaker 1: had a I didn't really own much. I just drove 244 00:14:21,600 --> 00:14:23,840 Speaker 1: average cars, and I had some motorbikes, and I rented 245 00:14:23,880 --> 00:14:27,360 Speaker 1: a house. And I remember, though, I remember having lots 246 00:14:27,360 --> 00:14:29,720 Speaker 1: of clients with lots of dough and some of them 247 00:14:29,760 --> 00:14:32,400 Speaker 1: would spend like more money on their car than I 248 00:14:32,440 --> 00:14:35,760 Speaker 1: would spend on an apartment. If I could have afforded apartment, 249 00:14:36,080 --> 00:14:41,200 Speaker 1: an apartment, which I couldn't right, and I remember thinking, wow, 250 00:14:41,360 --> 00:14:46,800 Speaker 1: I wonder if this same car, the exact same car, 251 00:14:47,760 --> 00:14:51,320 Speaker 1: was not called BMW, but it was called Hyundai, or 252 00:14:51,360 --> 00:14:54,960 Speaker 1: it wasn't called Mercedes, or it wasn't called Porsche. But 253 00:14:55,040 --> 00:14:57,840 Speaker 1: imagine if it was the same car, like it was 254 00:14:57,880 --> 00:14:59,840 Speaker 1: a Porsche, or it was a Benz, or it was 255 00:15:00,680 --> 00:15:03,280 Speaker 1: a Merk, or it was a Ferrara or whatever, but 256 00:15:03,360 --> 00:15:07,400 Speaker 1: it was badged with some brand that wasn't valued in 257 00:15:07,440 --> 00:15:12,720 Speaker 1: the automotive marketplace or held in such high social regard. 258 00:15:13,480 --> 00:15:16,680 Speaker 1: It's like a social badge. I'm driving this and people 259 00:15:16,720 --> 00:15:20,520 Speaker 1: aren't driving it because it's infinitely a better car. In 260 00:15:20,600 --> 00:15:23,280 Speaker 1: most cases, people are driving it because they want to 261 00:15:23,280 --> 00:15:25,280 Speaker 1: have one. Now I'm not saying that's a bad thing 262 00:15:25,320 --> 00:15:29,640 Speaker 1: at all. I'm not saying this should stop. I'm saying 263 00:15:29,720 --> 00:15:34,360 Speaker 1: this is how value works and perception of value. Remember 264 00:15:34,520 --> 00:15:37,440 Speaker 1: one of my clients once bought a car that I 265 00:15:39,600 --> 00:15:42,440 Speaker 1: won't say which brand, but it was an SUV of 266 00:15:42,520 --> 00:15:46,920 Speaker 1: a particular prestige brand. Honestly, I thought the car was 267 00:15:47,000 --> 00:15:49,360 Speaker 1: fucking ugly. I went and had to look at the 268 00:15:49,400 --> 00:15:53,240 Speaker 1: car in it. I'm like, yeah, this is good, but honestly, 269 00:15:54,440 --> 00:15:56,520 Speaker 1: you could have bought a Mazda, which by the way, 270 00:15:56,560 --> 00:15:58,160 Speaker 1: I think is not a bad brand. I've got no 271 00:15:58,200 --> 00:15:59,920 Speaker 1: association with him. But you could have bought a mass 272 00:16:00,120 --> 00:16:03,040 Speaker 1: or a Honda, and you would have paid half, maybe 273 00:16:03,080 --> 00:16:05,640 Speaker 1: a third of the money, and you would have got 274 00:16:05,680 --> 00:16:08,200 Speaker 1: a longer warranty, You probably would have had less problems 275 00:16:08,240 --> 00:16:11,720 Speaker 1: with it, You probably would have had you definitely would 276 00:16:11,760 --> 00:16:15,320 Speaker 1: have had cheaper servicing, blah blah blah, all of that. 277 00:16:15,720 --> 00:16:17,760 Speaker 1: And when I said to this, it was a lady. 278 00:16:17,840 --> 00:16:20,960 Speaker 1: I said to this lady, you know, why did you 279 00:16:20,960 --> 00:16:22,840 Speaker 1: buy that car? And she's like, oh, yeah, it's good. 280 00:16:22,840 --> 00:16:25,320 Speaker 1: And I said, what what if? Now, let's just say 281 00:16:25,320 --> 00:16:27,640 Speaker 1: it cost one hundred grand? I said, what if I 282 00:16:27,680 --> 00:16:31,040 Speaker 1: could sell you an identical car, In fact, that car 283 00:16:31,440 --> 00:16:35,480 Speaker 1: the same car, but instead of having those badges, we 284 00:16:35,600 --> 00:16:39,160 Speaker 1: put on Honda badges. And you could buy the identical 285 00:16:39,240 --> 00:16:41,840 Speaker 1: car for fifty grand, or you could have your one 286 00:16:41,880 --> 00:16:45,560 Speaker 1: with a fancy, prestige German badges for one hundred. Would 287 00:16:45,640 --> 00:16:48,440 Speaker 1: you take the fifty thousand dollars honder? She goes, absolutely not? 288 00:16:50,160 --> 00:16:51,800 Speaker 1: And I said why and she goes, because I don't 289 00:16:51,800 --> 00:16:54,400 Speaker 1: want to drive a fucking Honda, and I said, it's 290 00:16:54,400 --> 00:16:56,800 Speaker 1: not a fucking Honda, it's a fill in the blank 291 00:16:56,840 --> 00:16:59,920 Speaker 1: with Honda badges. Then she goes, I don't want to 292 00:16:59,920 --> 00:17:03,480 Speaker 1: be seen to be driving a Honda. I'm like, that 293 00:17:03,600 --> 00:17:06,639 Speaker 1: company has done an amazing job. I'm interested in that 294 00:17:06,720 --> 00:17:10,679 Speaker 1: for a range of reasons right now. Imagine if you 295 00:17:10,920 --> 00:17:13,480 Speaker 1: could be the Murk, you could be the BMW, you 296 00:17:13,480 --> 00:17:17,439 Speaker 1: could be the Poorsche or the Ferrari. Imagine that, and 297 00:17:17,520 --> 00:17:20,560 Speaker 1: anyone who's I've owned a few nice cars, I can 298 00:17:20,600 --> 00:17:24,919 Speaker 1: tell you they're not more reliable. Typically, they're not better 299 00:17:24,960 --> 00:17:29,600 Speaker 1: to drive necessarily, especially now, cars are fucking amazing. The 300 00:17:29,720 --> 00:17:34,400 Speaker 1: landscape has really changed. But imagine if you could build 301 00:17:34,640 --> 00:17:40,760 Speaker 1: that brand, because what you do is just fucking amazing. 302 00:17:42,480 --> 00:17:45,280 Speaker 1: And I remember, I think I told this story briefly 303 00:17:45,280 --> 00:17:49,080 Speaker 1: a while back about some of you might have heard it, 304 00:17:49,119 --> 00:17:51,280 Speaker 1: most of you won't have heard it. But there was 305 00:17:51,320 --> 00:17:53,199 Speaker 1: a guy not long ago. So there's a very famous 306 00:17:53,200 --> 00:17:56,240 Speaker 1: street artist called Banksy. Some of you have heard of him, 307 00:17:56,720 --> 00:17:59,800 Speaker 1: and allegedly no one knows who he really is, but 308 00:18:00,160 --> 00:18:02,679 Speaker 1: just goes out and he does this art, this almost 309 00:18:02,720 --> 00:18:05,480 Speaker 1: pop up art in the street, and he'll do it 310 00:18:05,520 --> 00:18:07,959 Speaker 1: on a wall and people will take or on a 311 00:18:08,000 --> 00:18:13,639 Speaker 1: canvas and leave it there. But his art is worth 312 00:18:13,840 --> 00:18:18,520 Speaker 1: hundreds of thousands of dollars. And I mean something that 313 00:18:18,560 --> 00:18:21,280 Speaker 1: he does in ten minutes, right, so it's highly valued. 314 00:18:22,400 --> 00:18:24,439 Speaker 1: And what he did was that I might mangle this 315 00:18:24,480 --> 00:18:26,439 Speaker 1: a little bit, but this is the guts of the story. 316 00:18:26,560 --> 00:18:29,560 Speaker 1: So he gave this guy, I think it was eight 317 00:18:29,680 --> 00:18:32,960 Speaker 1: six or eight pieces of art that he had done, 318 00:18:33,920 --> 00:18:35,720 Speaker 1: so typically each one of those is going to be 319 00:18:35,720 --> 00:18:37,960 Speaker 1: worth about one hundred grand or something. These were on 320 00:18:38,080 --> 00:18:39,960 Speaker 1: either on I'm not sure what they were on, some 321 00:18:40,119 --> 00:18:43,000 Speaker 1: kind of maybe canvas or something. But this guy went 322 00:18:43,040 --> 00:18:45,840 Speaker 1: to a stall, not a stall, a market, and he 323 00:18:45,920 --> 00:18:48,159 Speaker 1: had his own stall. And in the middle of all 324 00:18:48,200 --> 00:18:53,280 Speaker 1: of these other marketers selling bits and pieces and candles 325 00:18:53,320 --> 00:18:57,480 Speaker 1: and bloody scarves and whatever they were selling, here's this 326 00:18:57,560 --> 00:19:02,080 Speaker 1: bloke with his little stall with his eight Banksies. Banksy 327 00:19:02,119 --> 00:19:05,520 Speaker 1: being the artist saying, you know, these are original Banksies 328 00:19:05,680 --> 00:19:08,720 Speaker 1: and they're all like sixty bucks or eighty bucks or 329 00:19:08,880 --> 00:19:13,200 Speaker 1: you know, buck all now over the now. Firstly, they 330 00:19:13,240 --> 00:19:16,439 Speaker 1: were actually real Banksies, and they were all worth at 331 00:19:16,480 --> 00:19:19,040 Speaker 1: the very least tens of thousands of dollars, probably close 332 00:19:19,080 --> 00:19:21,800 Speaker 1: to one hundred thousand dollars, if not more so, very 333 00:19:22,000 --> 00:19:26,520 Speaker 1: valuable in general terms. Right now, people would walk past 334 00:19:26,520 --> 00:19:30,120 Speaker 1: and see the Banksies in inverted commas and obviously think, well, 335 00:19:30,119 --> 00:19:32,200 Speaker 1: at sixty bucks, that's not a real Banksy. They would 336 00:19:32,280 --> 00:19:36,040 Speaker 1: keep walking, and by the end of the day he 337 00:19:36,080 --> 00:19:39,000 Speaker 1: had sold something like half of the works of art, 338 00:19:39,200 --> 00:19:41,720 Speaker 1: and people had kind of bargained with him, and he 339 00:19:41,800 --> 00:19:45,560 Speaker 1: sold them for like forty bucks instead of sixty bucks 340 00:19:45,680 --> 00:19:47,919 Speaker 1: or eighty bucks or whatever it was, so he discounted 341 00:19:47,920 --> 00:19:49,959 Speaker 1: them and he ended up selling for and not selling 342 00:19:50,000 --> 00:19:53,919 Speaker 1: for as best I can remember, something like that. But 343 00:19:53,960 --> 00:19:58,479 Speaker 1: the bottom line was people were walking past something that was, 344 00:19:58,720 --> 00:20:05,119 Speaker 1: in any other content incredibly valuable, but because that didn't 345 00:20:05,200 --> 00:20:08,080 Speaker 1: fit like, well, of course this is I mean, this 346 00:20:08,160 --> 00:20:10,480 Speaker 1: is a fucking you know. Next door to this stall 347 00:20:10,640 --> 00:20:13,320 Speaker 1: is a bloke selling bloody moccasins and ugg boots, And 348 00:20:13,400 --> 00:20:15,639 Speaker 1: just over there is a bloke or a lady selling 349 00:20:16,000 --> 00:20:20,280 Speaker 1: whatever it is jam and different bloody products. Of course 350 00:20:20,320 --> 00:20:22,960 Speaker 1: these are not real Bankses. It just doesn't make sense. 351 00:20:23,040 --> 00:20:27,480 Speaker 1: But the truth is they were real. And so in 352 00:20:27,520 --> 00:20:32,359 Speaker 1: this case, it is all about perception, It is all 353 00:20:32,400 --> 00:20:37,200 Speaker 1: about context, It is all about the psychology of what 354 00:20:37,320 --> 00:20:42,679 Speaker 1: a person thinks is happening. Nobody walked past thinking, oh, 355 00:20:43,200 --> 00:20:47,199 Speaker 1: these are incredibly valuable works of art being sold for 356 00:20:47,320 --> 00:20:52,080 Speaker 1: not much. Everybody walked past and went, wow, there's some 357 00:20:53,119 --> 00:20:56,720 Speaker 1: rip off bankses, or there's some prints or whatever they thought, 358 00:20:57,280 --> 00:21:02,480 Speaker 1: and as a result, nobody considered it to be real. 359 00:21:03,720 --> 00:21:05,720 Speaker 1: And also, just as an adjunct to that, the people 360 00:21:05,760 --> 00:21:08,439 Speaker 1: who did buy those at fuck all ended up selling 361 00:21:08,440 --> 00:21:13,080 Speaker 1: them for a lot. So you know, there's this whole 362 00:21:13,200 --> 00:21:19,840 Speaker 1: thing about what something is perhaps inherently or intrinsically worth, 363 00:21:20,480 --> 00:21:23,800 Speaker 1: and then perceive value what we think it's worth. So 364 00:21:24,640 --> 00:21:28,040 Speaker 1: I mean when we talk about conversely we talk about 365 00:21:28,040 --> 00:21:33,879 Speaker 1: the inherent or intrinsic value of something, generally we're talking 366 00:21:33,880 --> 00:21:41,760 Speaker 1: about its practicality, it's functional worth, or perhaps its ethical significance. 367 00:21:42,480 --> 00:21:48,200 Speaker 1: So like for a car, a safe, reliable car might 368 00:21:48,280 --> 00:21:53,880 Speaker 1: have for you a high intrinsic value because you really 369 00:21:53,960 --> 00:21:59,360 Speaker 1: care about safety and utility. It doesn't matter that it's 370 00:21:59,400 --> 00:22:04,760 Speaker 1: not flat or instagram worthy. It meets your real practical needs, 371 00:22:05,440 --> 00:22:08,359 Speaker 1: like it gets you where you want to go, It 372 00:22:08,480 --> 00:22:11,720 Speaker 1: is comfortable enough, it has the things in it that 373 00:22:11,840 --> 00:22:16,400 Speaker 1: you need. It doesn't cost a fortune, It is reliable, 374 00:22:17,240 --> 00:22:23,680 Speaker 1: so it has intrinsic value for you based on those criteria. Now, 375 00:22:23,760 --> 00:22:28,120 Speaker 1: if we want to get philosophical, the next person might 376 00:22:28,200 --> 00:22:31,000 Speaker 1: not value those things, but you do. So not only 377 00:22:31,080 --> 00:22:35,200 Speaker 1: is it intrinsically valuable because it's reliable, it doesn't cost 378 00:22:35,240 --> 00:22:37,000 Speaker 1: too much, it gets you from A to B, you 379 00:22:37,040 --> 00:22:40,000 Speaker 1: know what's coming. But also that is what you value. 380 00:22:40,040 --> 00:22:43,199 Speaker 1: So again, in a way, that's almost perceived value. What 381 00:22:43,320 --> 00:22:47,679 Speaker 1: I perceive to be important is reliability and it doesn't 382 00:22:47,720 --> 00:22:52,919 Speaker 1: cost me a fortune. So how much of your energy, time, 383 00:22:53,160 --> 00:22:58,920 Speaker 1: money goes towards chasing things that have a high perceived 384 00:22:59,040 --> 00:23:03,679 Speaker 1: value but a low intrinsic value. That's an interesting question. 385 00:23:04,119 --> 00:23:07,800 Speaker 1: And how do we tell the difference. So now let's 386 00:23:07,800 --> 00:23:14,119 Speaker 1: talk about how do a word this. Let's talk about 387 00:23:14,320 --> 00:23:21,760 Speaker 1: scarcity or what we think is scarce, because scarcity is 388 00:23:21,800 --> 00:23:25,159 Speaker 1: something that messes with our mind or our brains, you know, 389 00:23:25,320 --> 00:23:31,000 Speaker 1: like for example, Banks's art like by the way, and 390 00:23:31,040 --> 00:23:33,440 Speaker 1: because he doesn't do a whole lot of them there 391 00:23:33,760 --> 00:23:35,840 Speaker 1: and I think his art's pretty good. But you know, 392 00:23:35,920 --> 00:23:38,080 Speaker 1: I wouldn't pay five grand for something like that. I 393 00:23:38,080 --> 00:23:40,800 Speaker 1: wouldn't pay probably, But if I knew that, I could 394 00:23:40,800 --> 00:23:42,600 Speaker 1: then sell it tomorrow for a hundred, I might, but 395 00:23:42,640 --> 00:23:44,160 Speaker 1: if I was just out and about and I didn't 396 00:23:44,200 --> 00:23:45,600 Speaker 1: know who he was or what it was, it was 397 00:23:45,680 --> 00:23:48,320 Speaker 1: just a thing, I definitely wouldn't pay five hundred dollars. 398 00:23:48,400 --> 00:23:50,719 Speaker 1: But then I'm not a connoisseur of art. And then 399 00:23:50,760 --> 00:23:53,720 Speaker 1: what that reflects also is that to me, my perceived 400 00:23:53,800 --> 00:23:57,040 Speaker 1: value of that is low. But if you get enough 401 00:23:57,160 --> 00:24:03,720 Speaker 1: people who believe, who perceive that that is worth a lot. 402 00:24:04,440 --> 00:24:07,880 Speaker 1: And also, now let's talk about scarcity. Not only do 403 00:24:07,920 --> 00:24:10,520 Speaker 1: we think it's worth a lot, there aren't many of them. 404 00:24:10,880 --> 00:24:14,600 Speaker 1: There aren't many of them. So you think about why 405 00:24:14,640 --> 00:24:19,520 Speaker 1: marketers and branding people love terms like limited edition while 406 00:24:19,600 --> 00:24:24,360 Speaker 1: stocks last, think about, you know, concert tickets, how they 407 00:24:24,400 --> 00:24:28,520 Speaker 1: sell for two, three, four times the face value, collectible sneakers, 408 00:24:28,640 --> 00:24:34,199 Speaker 1: even exclusive memberships. Like the actual thing itself might not 409 00:24:34,320 --> 00:24:40,320 Speaker 1: be inherently amazing, but it's the idea that it's rare 410 00:24:40,880 --> 00:24:44,359 Speaker 1: or you can't get it or they are very hard 411 00:24:44,400 --> 00:24:48,159 Speaker 1: to get that makes us want it more and makes 412 00:24:48,240 --> 00:24:55,280 Speaker 1: us more prepared to spend more. So it affects scarcity 413 00:24:55,400 --> 00:25:02,359 Speaker 1: also how we value people's time. You know, have you 414 00:25:02,840 --> 00:25:07,280 Speaker 1: noticed that you appreciate someone's time more when you know 415 00:25:07,400 --> 00:25:11,320 Speaker 1: they don't have much time, like I don't have much 416 00:25:11,400 --> 00:25:15,600 Speaker 1: free time. I don't personally think my hours are worth 417 00:25:15,680 --> 00:25:18,520 Speaker 1: more than intrinsically, I don't think my hours are worth 418 00:25:18,520 --> 00:25:22,440 Speaker 1: more than anyone's. But when we talk purely from a 419 00:25:22,440 --> 00:25:26,399 Speaker 1: availability and perhaps if we want to commercialize it and say, well, 420 00:25:26,440 --> 00:25:28,359 Speaker 1: I want to be coached by Craig, but he doesn't 421 00:25:28,359 --> 00:25:31,720 Speaker 1: have any time, but he might have one hour on this. 422 00:25:31,960 --> 00:25:34,040 Speaker 1: By the way, I'm not taking new clients and all that, 423 00:25:34,080 --> 00:25:37,679 Speaker 1: but I'm just talking hypothetically. Then if you can get 424 00:25:37,800 --> 00:25:40,960 Speaker 1: in to see me, or get in to see whoever 425 00:25:41,000 --> 00:25:43,560 Speaker 1: it is, and get an hour of their time or 426 00:25:43,600 --> 00:25:46,280 Speaker 1: skill or service or whatever. And you know that it's 427 00:25:46,400 --> 00:25:49,240 Speaker 1: almost impossible to get a booking, to get a time, 428 00:25:49,320 --> 00:25:51,959 Speaker 1: to get a slot, and you get that booking, You're like, 429 00:25:52,040 --> 00:25:55,520 Speaker 1: oh fuck, this is amazing, because that's scarcity at play. 430 00:25:57,560 --> 00:26:00,639 Speaker 1: You know, when I got busier as a trainer and 431 00:26:00,680 --> 00:26:04,120 Speaker 1: I got more in demand as a trainer, and I 432 00:26:04,200 --> 00:26:08,720 Speaker 1: owned three gyms called Harper's, and I was Harper for 433 00:26:08,800 --> 00:26:14,160 Speaker 1: a range of intersecting reasons. My perceived value by customers 434 00:26:14,160 --> 00:26:19,719 Speaker 1: and clients and would be customers went through the metaphoric 435 00:26:19,840 --> 00:26:25,480 Speaker 1: roof like what people would literally pay to work out 436 00:26:25,520 --> 00:26:27,960 Speaker 1: with me for an hour was three four, five, six 437 00:26:28,040 --> 00:26:30,840 Speaker 1: times what it was only a couple of years before. 438 00:26:31,480 --> 00:26:33,600 Speaker 1: Not because I was three four, five or six times 439 00:26:33,640 --> 00:26:38,240 Speaker 1: better at all at all. It's just that scarcity thing. Oh, 440 00:26:38,280 --> 00:26:40,479 Speaker 1: you can't get in to see him. He doesn't have 441 00:26:40,520 --> 00:26:43,439 Speaker 1: any he doesn't take on new clients. He's got like 442 00:26:43,480 --> 00:26:45,360 Speaker 1: he's got a bunch of people that work for him, 443 00:26:45,400 --> 00:26:47,800 Speaker 1: but he'll chat to you and all that. And I 444 00:26:47,840 --> 00:26:51,639 Speaker 1: didn't do it for that reason. That wasn't a strategic 445 00:26:51,720 --> 00:26:55,879 Speaker 1: thing in my business. It was just a practical byproduct 446 00:26:58,000 --> 00:27:03,280 Speaker 1: of what was happening in my business. So scarcity can 447 00:27:03,320 --> 00:27:11,159 Speaker 1: be a powerful influencer of perception and perceive value, but 448 00:27:11,240 --> 00:27:14,320 Speaker 1: it also can be you know, misleading and just because 449 00:27:14,480 --> 00:27:17,080 Speaker 1: like just because something is rare or hard to get, 450 00:27:18,480 --> 00:27:21,080 Speaker 1: by the way, that doesn't mean it's worth chasing. I 451 00:27:21,160 --> 00:27:26,320 Speaker 1: literally used to say to people that wanted to train 452 00:27:26,440 --> 00:27:28,800 Speaker 1: with me and only me. And I don't say any 453 00:27:28,840 --> 00:27:30,760 Speaker 1: of this to sound arrogant. This is just true. And 454 00:27:30,800 --> 00:27:33,000 Speaker 1: it didn't happen all the time, but it happened reasonably 455 00:27:33,080 --> 00:27:35,480 Speaker 1: regularly where people would come and they say, I want 456 00:27:35,480 --> 00:27:37,199 Speaker 1: to do one session a week with you. I just 457 00:27:37,240 --> 00:27:38,800 Speaker 1: want to do one with you. I know you're busy, 458 00:27:38,840 --> 00:27:40,960 Speaker 1: and I'd say, I really don't have time, and they 459 00:27:41,000 --> 00:27:44,600 Speaker 1: would essentially say, without being crazy, I'll pay whatever I 460 00:27:44,680 --> 00:27:47,720 Speaker 1: need to. And I won't say what it was. But 461 00:27:47,760 --> 00:27:49,520 Speaker 1: there was a period of time there where I was 462 00:27:49,560 --> 00:27:52,560 Speaker 1: just so busy that I could charge five or ten 463 00:27:52,640 --> 00:27:58,600 Speaker 1: times more what my trainers on the floor were charging. 464 00:27:58,880 --> 00:28:00,720 Speaker 1: In other words, they could have an hour with me 465 00:28:00,800 --> 00:28:04,000 Speaker 1: in the same gym, using the same equipment, and probably 466 00:28:04,080 --> 00:28:06,800 Speaker 1: have a pretty similar workout and experience to training with 467 00:28:07,000 --> 00:28:09,120 Speaker 1: let's just say Barry. There was no Barry, but let's 468 00:28:09,119 --> 00:28:11,439 Speaker 1: say Barry, So you could train with Barry for X, 469 00:28:11,520 --> 00:28:13,240 Speaker 1: or you could train with me for five X. And 470 00:28:13,280 --> 00:28:16,479 Speaker 1: I would even say he's a great trainer, you'll love it. 471 00:28:16,720 --> 00:28:20,199 Speaker 1: He or she has got great energy, really well qualified, 472 00:28:20,240 --> 00:28:24,479 Speaker 1: lots of experience, great communicator, funny, inspiring, their shit hot, 473 00:28:24,680 --> 00:28:28,600 Speaker 1: and they would go, no, I want you often that's 474 00:28:29,160 --> 00:28:31,720 Speaker 1: and that is not because I am that great at all. 475 00:28:31,920 --> 00:28:35,040 Speaker 1: That is because they think I'm that great. That is 476 00:28:35,080 --> 00:28:38,560 Speaker 1: about scarcity, That is about a lack of availability. That 477 00:28:38,680 --> 00:28:44,880 Speaker 1: is about psychology. So interesting this shit, isn't it all? Right? 478 00:28:44,960 --> 00:28:50,200 Speaker 1: Let's talk about let's talk about social proof and comparison. 479 00:28:50,640 --> 00:28:55,520 Speaker 1: So we're social creatures and one of our default setting 480 00:28:55,600 --> 00:28:57,920 Speaker 1: is to look around and take cues from others. Right. 481 00:28:57,960 --> 00:29:01,880 Speaker 1: This is called social proof, and it's a huge driver 482 00:29:02,240 --> 00:29:06,880 Speaker 1: of perceived value. So when everyone's for example, raving about 483 00:29:06,880 --> 00:29:10,920 Speaker 1: a new restaurant or you know, a Netflix show or 484 00:29:10,960 --> 00:29:14,480 Speaker 1: some kind of app or gadget or I don't know, 485 00:29:14,560 --> 00:29:19,920 Speaker 1: fucking alm and milk, whatever, people around us are more 486 00:29:20,160 --> 00:29:26,000 Speaker 1: likely to jump on board because popularity creates the illusion 487 00:29:26,400 --> 00:29:30,840 Speaker 1: of value. And then there's on top of that, there's comparison. 488 00:29:30,920 --> 00:29:33,640 Speaker 1: So that's social of comparison. Is this all right? Let's 489 00:29:33,680 --> 00:29:37,720 Speaker 1: say you see you see Let's say there's a jacket 490 00:29:37,720 --> 00:29:40,520 Speaker 1: that you want to buy, and the jacket's one hundred bucks, 491 00:29:41,480 --> 00:29:43,720 Speaker 1: and now the jacket is discounted. You walk past the 492 00:29:43,760 --> 00:29:46,000 Speaker 1: window and now it's fifty dollars and you're like, fuck, 493 00:29:46,040 --> 00:29:49,479 Speaker 1: that's half price. It's fifty dollars off. That is a steal. 494 00:29:50,000 --> 00:29:53,240 Speaker 1: That is amazing, and you go in and buy the jacket. 495 00:29:53,560 --> 00:29:58,840 Speaker 1: Or conversely, you walk past another jacket that you want, 496 00:29:59,160 --> 00:30:03,640 Speaker 1: but it's a thousand dollars, but it's on special today 497 00:30:03,640 --> 00:30:08,400 Speaker 1: for nine point fifty. There's fifty dollars off. It's the 498 00:30:08,520 --> 00:30:15,600 Speaker 1: same discount, it's the same amount of money, But it's 499 00:30:15,640 --> 00:30:18,640 Speaker 1: all about the percentage, isn't it. It's the same savings, 500 00:30:18,680 --> 00:30:23,920 Speaker 1: But it's a totally different emotional response. And why because 501 00:30:23,960 --> 00:30:31,160 Speaker 1: we evaluate value in relative terms, not absolute. Once relatively, 502 00:30:31,440 --> 00:30:35,040 Speaker 1: fifty dollars off one hundred dollar jacket is fucking amazing, 503 00:30:36,120 --> 00:30:40,440 Speaker 1: But fifty dollars off one thousand dollar jacket, Ah, that's 504 00:30:40,800 --> 00:30:43,960 Speaker 1: what is that? Five percent versus fifty percent? It's the 505 00:30:44,000 --> 00:30:47,440 Speaker 1: same amount of money, right, So we do this in 506 00:30:47,520 --> 00:30:51,239 Speaker 1: relative terms and not absolute. So how do we use 507 00:30:51,280 --> 00:30:54,000 Speaker 1: this bit of information. We use it by staying conscious 508 00:30:54,040 --> 00:30:58,200 Speaker 1: of the traps and the tricks. Ask yourself, am I 509 00:30:58,360 --> 00:31:02,040 Speaker 1: valuing this because it's truly in plant to me? Or 510 00:31:03,080 --> 00:31:06,160 Speaker 1: because it seems important to everyone else? That little kind 511 00:31:06,240 --> 00:31:10,200 Speaker 1: of question, that little pause, that little like breath, that 512 00:31:10,240 --> 00:31:13,400 Speaker 1: can save you a lot of wasted energy and money. 513 00:31:14,920 --> 00:31:18,040 Speaker 1: All right, let's have a look at let's talk about 514 00:31:18,520 --> 00:31:23,640 Speaker 1: the emotional drivers of value. So let's be honest. Emotions 515 00:31:24,480 --> 00:31:31,080 Speaker 1: can amplify value. For example, if you've got a note 516 00:31:31,120 --> 00:31:33,600 Speaker 1: that was written to you, handwritten note that was written 517 00:31:33,600 --> 00:31:35,960 Speaker 1: to you, by someone that you love or care about. 518 00:31:36,000 --> 00:31:38,560 Speaker 1: It could be a grandma, or could be a friend, 519 00:31:38,600 --> 00:31:41,400 Speaker 1: that could be an ex lover. It could be mum 520 00:31:41,560 --> 00:31:44,040 Speaker 1: or dad, or somebody that matters to you, somebody that's 521 00:31:44,120 --> 00:31:49,160 Speaker 1: important to you. That note might feel to you like priceless. 522 00:31:49,680 --> 00:31:53,600 Speaker 1: At the same time, you could get an expensive gift 523 00:31:53,640 --> 00:31:56,120 Speaker 1: from somebody that you don't even know well and that 524 00:31:56,200 --> 00:32:00,760 Speaker 1: might not even move the needle in terms of perceived 525 00:32:00,960 --> 00:32:04,200 Speaker 1: value or importance or worth to you. That doesn't move 526 00:32:04,240 --> 00:32:07,680 Speaker 1: the needle. And why because it's often not about the 527 00:32:07,800 --> 00:32:10,880 Speaker 1: actual item. It's not about the thing. It's not about 528 00:32:10,920 --> 00:32:14,400 Speaker 1: the expensive gift, or it's not about the handwritten note 529 00:32:14,400 --> 00:32:18,320 Speaker 1: from a loved one. It's about the emotional connection that 530 00:32:18,480 --> 00:32:25,400 Speaker 1: you associate with it. It's about what it means to you. Again, psychology, 531 00:32:25,480 --> 00:32:29,040 Speaker 1: this is your story. Your story is this is an 532 00:32:29,080 --> 00:32:34,680 Speaker 1: incredibly valuable, precious note to me from Nana. And she's 533 00:32:34,760 --> 00:32:38,600 Speaker 1: not around anymore, she's gone, and I can never get 534 00:32:38,640 --> 00:32:40,920 Speaker 1: another one of these, and this is precious and blah 535 00:32:40,960 --> 00:32:44,240 Speaker 1: blah blah blah blah bibbity bobby boo, this is super valuable. 536 00:32:45,880 --> 00:32:48,320 Speaker 1: Somebody finds it on the footpath, chucks it in the 537 00:32:48,320 --> 00:32:50,160 Speaker 1: bin because it ain't valuable. It's just a bit of 538 00:32:50,200 --> 00:32:54,240 Speaker 1: shit on the road. So it's not actually about what 539 00:32:54,480 --> 00:32:59,040 Speaker 1: the thing is so often, but rather the emotional drivers 540 00:32:59,200 --> 00:33:04,720 Speaker 1: of belief or thinking op or perceived value, Like that's 541 00:33:04,760 --> 00:33:09,160 Speaker 1: why we're drawn to, you know, often drawn to like 542 00:33:09,320 --> 00:33:14,800 Speaker 1: vintage items, family heirlooms, anything with for us a sentimental 543 00:33:15,040 --> 00:33:20,240 Speaker 1: kind of value behind it, And ain't even necessarily about 544 00:33:20,320 --> 00:33:23,600 Speaker 1: the thing or the price tag or the objective cost, 545 00:33:24,160 --> 00:33:31,040 Speaker 1: but rather it's about the story. You know, I love 546 00:33:31,080 --> 00:33:34,800 Speaker 1: this stuff. How interesting is this? So now let's talk 547 00:33:34,840 --> 00:33:41,360 Speaker 1: about value in the shadow of time, effort and a 548 00:33:41,440 --> 00:33:45,640 Speaker 1: thing that they call the ikea effect. Do you like that? So? 549 00:33:47,200 --> 00:33:51,320 Speaker 1: And the relationship and the interaction and intersection of effort 550 00:33:51,480 --> 00:33:58,440 Speaker 1: and perceived value, Like have you ever spent Maybe you have, 551 00:33:58,520 --> 00:34:01,080 Speaker 1: maybe you haven't, But have you ever spent hours assembling 552 00:34:01,080 --> 00:34:03,800 Speaker 1: stuff like flat pack furniture? This is where the IQ 553 00:34:03,960 --> 00:34:06,680 Speaker 1: or effect comes in. And you put that shit together, 554 00:34:06,760 --> 00:34:09,120 Speaker 1: You put that fucking wonky cover together, or that you 555 00:34:09,160 --> 00:34:11,640 Speaker 1: put that coffee table or that dining room table, or 556 00:34:11,640 --> 00:34:15,000 Speaker 1: you put that that bloody TV cabinet together, and it 557 00:34:15,040 --> 00:34:18,000 Speaker 1: takes you forever, and it's it's like it's a bit wonky, 558 00:34:18,080 --> 00:34:21,560 Speaker 1: it's not perfectly square, but you did it. You built it, 559 00:34:21,680 --> 00:34:24,640 Speaker 1: you put it together. You fucking love that thing. And 560 00:34:24,680 --> 00:34:27,239 Speaker 1: I remember when I put that motherfucker together, and the 561 00:34:27,280 --> 00:34:30,640 Speaker 1: TV's been sitting on it for nine years, and you 562 00:34:31,000 --> 00:34:33,799 Speaker 1: it's really it's just a piece of furniture that ain't 563 00:34:33,840 --> 00:34:36,879 Speaker 1: even that special. But you created it, you built it, 564 00:34:37,040 --> 00:34:39,120 Speaker 1: and then after you built it and put it together, 565 00:34:39,200 --> 00:34:41,640 Speaker 1: you painted it because you didn't love it, and then 566 00:34:41,680 --> 00:34:45,040 Speaker 1: you painted it and then you fucking did whatever. Right now, 567 00:34:45,080 --> 00:34:49,080 Speaker 1: you value and you don't value it because you don't 568 00:34:49,160 --> 00:34:53,920 Speaker 1: value it because it's inherently amazing. You value it because 569 00:34:53,960 --> 00:34:58,719 Speaker 1: of the relationship you have with it, you relate. You 570 00:34:58,840 --> 00:35:03,000 Speaker 1: value it because of the effort that you put into 571 00:35:03,719 --> 00:35:06,440 Speaker 1: making it something that was in a box to something 572 00:35:06,520 --> 00:35:12,520 Speaker 1: that lived or lives in your space. Love that. All right, 573 00:35:12,600 --> 00:35:16,000 Speaker 1: Let's talk about last one. Let's talk about the practical 574 00:35:16,160 --> 00:35:23,400 Speaker 1: applications of value psychology. All right. So, so knowing this, 575 00:35:23,520 --> 00:35:26,359 Speaker 1: having heard this, I want to just break it down 576 00:35:26,360 --> 00:35:31,480 Speaker 1: into three simple areas. So one is business, one as relationships, 577 00:35:31,480 --> 00:35:34,000 Speaker 1: one as personal growth. So how do we take all 578 00:35:34,000 --> 00:35:37,280 Speaker 1: this stuff do something constructive with it? Cread some positive change. 579 00:35:37,600 --> 00:35:40,080 Speaker 1: So here are a few things to think about. So one, 580 00:35:40,200 --> 00:35:47,240 Speaker 1: in business, right, realize that your audience and or customers, clients, 581 00:35:47,239 --> 00:35:53,440 Speaker 1: whatever you want to call them, understand their perception of value. 582 00:35:53,600 --> 00:35:57,480 Speaker 1: Understand what they believe to be good value. Remember, seek 583 00:35:57,520 --> 00:36:01,280 Speaker 1: first to understand, remember theory of mind. Understand how they think. 584 00:36:02,120 --> 00:36:06,560 Speaker 1: Are you adding value to their problem, to their situation, 585 00:36:06,760 --> 00:36:09,320 Speaker 1: to their life, to their quest for a healthy body, 586 00:36:10,560 --> 00:36:12,680 Speaker 1: for a better home, or for whatever it is. Are 587 00:36:12,680 --> 00:36:15,839 Speaker 1: you solving their problem? Are you meeting their need? Are 588 00:36:15,880 --> 00:36:21,160 Speaker 1: you offering something unique? What is your unique selling proposition? 589 00:36:21,400 --> 00:36:25,080 Speaker 1: In a bloody landscape full of people who do what 590 00:36:25,160 --> 00:36:29,040 Speaker 1: you do or similar? Why would someone pick you? Why 591 00:36:29,080 --> 00:36:33,040 Speaker 1: would they perceive that you are the person that they 592 00:36:33,040 --> 00:36:35,600 Speaker 1: should invest in, or the business or the brand or 593 00:36:35,600 --> 00:36:39,440 Speaker 1: the product. Why would they think that? Why would they 594 00:36:39,440 --> 00:36:43,040 Speaker 1: think that? Give them a reason? So understand the psychology 595 00:36:43,120 --> 00:36:47,200 Speaker 1: of value in that context. And remember, you know I 596 00:36:47,880 --> 00:36:51,239 Speaker 1: always thought, why would somebody? Essentially, why would somebody pick me? 597 00:36:51,920 --> 00:36:54,280 Speaker 1: Why would somebody pick me when there's so many people 598 00:36:54,280 --> 00:36:58,000 Speaker 1: that do what I do and I can't make people, 599 00:36:58,120 --> 00:37:01,920 Speaker 1: of course think better of me, and because that is 600 00:37:01,960 --> 00:37:04,640 Speaker 1: out of my control. But what is in my control 601 00:37:04,800 --> 00:37:07,799 Speaker 1: is how I treat them, how I serve them their 602 00:37:07,920 --> 00:37:11,960 Speaker 1: experience interacting with me to an extent, that's in my 603 00:37:12,000 --> 00:37:16,160 Speaker 1: control my words, my energy, my focus, my attention, the 604 00:37:16,320 --> 00:37:20,040 Speaker 1: quality of what I do, my consistency over time. And 605 00:37:20,080 --> 00:37:23,200 Speaker 1: when I put all of that together, hopefully I am 606 00:37:23,320 --> 00:37:26,680 Speaker 1: creating something that, in a professional or a business context, 607 00:37:27,200 --> 00:37:32,000 Speaker 1: is perceived as being worth investing in, is perceived as 608 00:37:32,040 --> 00:37:37,319 Speaker 1: being valuable. So let's talk quickly about in relationships, which 609 00:37:37,400 --> 00:37:40,920 Speaker 1: kind of insects with business like personal professional show people 610 00:37:40,960 --> 00:37:46,959 Speaker 1: that they matter. Expressing appreciation and valuing others strengthens connections 611 00:37:47,480 --> 00:37:51,319 Speaker 1: and creates deeper and deeper bonds. Showing people that they 612 00:37:51,480 --> 00:37:55,239 Speaker 1: matter to you, that you value them, and when you 613 00:37:55,480 --> 00:37:59,520 Speaker 1: value them, they're going to value you. Lastly, let's talk 614 00:37:59,520 --> 00:38:03,880 Speaker 1: about values in the context of you, your personal growth, 615 00:38:03,920 --> 00:38:07,319 Speaker 1: your journey. So maybe think about what your values are, 616 00:38:07,440 --> 00:38:10,799 Speaker 1: think about take stock of your values. Your values are 617 00:38:10,800 --> 00:38:14,080 Speaker 1: the things that matter to you most. So are you 618 00:38:14,160 --> 00:38:19,279 Speaker 1: spending your time, energy, effort, skill, money, perhaps on what 619 00:38:19,440 --> 00:38:25,120 Speaker 1: truly matters to you or are you chasing what looks 620 00:38:25,120 --> 00:38:28,120 Speaker 1: good or what people think you should chase. Are you 621 00:38:28,280 --> 00:38:32,200 Speaker 1: thinking for yourself? Are you living a life aligned with 622 00:38:32,360 --> 00:38:36,400 Speaker 1: what you perceive to be valuable. What are my values? 623 00:38:36,719 --> 00:38:40,920 Speaker 1: What do I value? And do I have an operating system, 624 00:38:41,840 --> 00:38:48,200 Speaker 1: a health plan, an exercise plan, a career, a relationship model, 625 00:38:48,640 --> 00:38:51,040 Speaker 1: a way of living and being and doing that's built 626 00:38:51,080 --> 00:38:54,120 Speaker 1: around those values. Because when I live a life that's 627 00:38:54,160 --> 00:38:58,920 Speaker 1: built around the things that are my values that I value. 628 00:38:59,520 --> 00:39:06,120 Speaker 1: Now I'm an alignment. So maybe this week you might 629 00:39:06,360 --> 00:39:09,399 Speaker 1: take a moment to reflect on what you value and 630 00:39:09,440 --> 00:39:14,160 Speaker 1: how you might be providing value to the world, whether 631 00:39:14,160 --> 00:39:18,920 Speaker 1: that's on a personal or professional level. And also you 632 00:39:19,000 --> 00:39:23,480 Speaker 1: might open the door on how others see you. Remember, 633 00:39:24,400 --> 00:39:29,520 Speaker 1: meta perception matter, accuracy, and what you're perceived. And this 634 00:39:29,560 --> 00:39:32,040 Speaker 1: is not all just strategical or commercial, but what your 635 00:39:32,080 --> 00:39:36,040 Speaker 1: perceived value might be to them. And if now putting 636 00:39:36,040 --> 00:39:40,759 Speaker 1: in our business hat, you can create greater value for them, 637 00:39:40,920 --> 00:39:43,759 Speaker 1: You can be of more value, of more service, of 638 00:39:43,880 --> 00:39:48,160 Speaker 1: more worth to them, and you can increase some of 639 00:39:48,200 --> 00:39:50,960 Speaker 1: the things you want to increase on planet You then go, 640 00:39:51,080 --> 00:39:54,200 Speaker 1: you food the thoughts, See you next time.