Tai Lopez is an Entrepreneur, Investor, and Author with a net worth over $50.000.000!
Among other businesses, Tai also teaches business topics through his programs:
- The 67 Steps
- The Accelerator – Money, Entrepreneur, Persuasion
- Traveling CEO
- The Real-Estate Program
- Social Media Marketing Agency
Table of Contents
Tai Lopez Review
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MBA in a Box
The problem with the lack of image for small entrepreneurs is their inability to reach huge masses. The goal is not to be very strong in all eight. At best you will be strong in 3, moderate in 3, and leave the other 2.
A lot of amateur entrepreneurs (not to put anybody down) focus too much on the name of the company, and the logo. These things don’t matter! You can have the worst name and still make hundreds of billions of dollars. If you go to Warren Buffett’s Berkshire Hathaway website, you will see it’s one of the simplest websites, it has absolutely no design.
Do NOT major in minors, and minor in majors! Spend time on the 90% which is THE WHO. These amateurs do it in reverse – they spend a lot of time designing the logo and thinking about all the possible names, and then skip through the part where they were supposed to REALLY THINK THROUGH about who their customers will be, who will be excited about their product. For every hour you spend on your logo, name, and similar non-important parts of the business, spend 100 hours on things like figuring out who your potential customers are.
If you don’t have any customers yet, you don’t even need the logo and similar things. Who is going to see it – you and your friends – this is my Tai Lopez review.
You need pricing power to stay in business – without pricing power, your company can collapse at any time. Just word of mouth is NOT enough to keep you on top, if you don’t have the correct marketing and branding that will keep you profitable, other companies will come and put you and your business into a bad place using better marketing. Just having a strong brand name without having DIFFERENTIATION (8 categories above) will NOT be enough.
You can’t just win with quality alone. McDonald’s and Coca-Cola are trustworthy even though their product might be the worst thing that you can legally eat and drink, but they are convenient, their distribution is the best, and they are EVERYWHERE, you can get their products on every corner or every city on Earth!
The profit is the engine that keeps the business going, and the companies on top get most of that profit, which means that if you let a couple of your competitor’s market better than you, you will soon be #2 and then #5 and soon the profits will disappear along with Tai Lopez review.
Once you know your primary differentiation (1-3 categories) think through who is interested in what you are offering. Break down what age they are, gender (men like more technology, women like relationships – it’s oversimplification, but quite accurate.)
If in any business that you are in you are able to control 20% of the market, you will be incredibly wealthy! Even if 80% of people hate what you are doing, but 20% love it, and you are able to control that 20 % of people, that is fantastic! McDonald’s has 10% market share in the food business, and it is worth billions of dollars.
“We all want to appeal to everybody, but when we try to appeal to everybody, we appeal to nobody.”
This applies to all areas of life – even dating advertisements are promising you that any girl will fall in love with you. You don’t want every girl to fall in love with you, you think you want it now, but if that would really happen it would be a huge mess. You just want the ones you want to like you. That’s it. The same principle applies in business. Learn more about Tai Lopez review.
Who matters more than how. The average marketer would say – “Let’s stop advertising on TV, and advertise in the newspapers from now on, an exceptional marketer would rather focus on WHO his customers are instead of how he is going to advertise to them – Tai Lopez review.
Lululemon only targeted specific people, they know who they should target, there are SO MANY PEOPLE IN THE WORLD that you can pick a very specific niche and still make millions of dollars easily, even if you would pick single moms between 40 and 45 and sell them a product that makes them lose weight. There are millions of people in the world that match that description, even if it doesn’t seem like it. Read about Tai Lopez review.
Don’t be the sucker in the room! 99% of entrepreneurs believe in everything that they read from a website that is telling them how to be successful. A lot of those people who are really making millions of dollars every single month are taking advantage of the fact that “their competition” which are those entrepreneurs are CONSTANTLY FOCUSING ON THE WRONG THINGS. If that person would post that red logos convert better than blue logos by 17%, 90% of those entrepreneurs would believe that and start building their red logos, which is INSANE! Don’t be like that, now you know that you MUST STOP MAJORING IN MINORS and focus on WHO you are selling to, then on WHAT you are selling rather than spending time figuring out the name of your business and HOW you are going to market – Tai Lopez review. Listen to Tai Lopez review.
Just by being able to differentiate yourself from other companies in the same industry in any of those 8 categories will have a much greater impact than everything else put together!
WHO is where 90% of your results will come from, WHO will talk about my product and make it viral?
There are three basic ways to market when you focus on HOW (only 1%.)
Iconography (website, packaging)
“A strong brand will always carry a lot of weight. You have to nourish the brand, protect the brand, keep it safe. The great brands will always do well.” – Warren Buffett
Take two of the strong points (out of eight) and magnify them, cement them to that custom audience (WHO.)
Hotel Tonight which gets you hotel rooms knows exactly who their target audience is – their WHO are the people who are coming to a city tonight and don’t have a room – the last minute travelers.
Magnify the strong points to “the whales.” To the people who will buy your product hundreds of times, the people who are the equivalent of huge gamblers of Las Vegas that come there countless times.
The concept of branding is valuable to intrapreneurs as well. Only 20% of world’s population will ever be entrepreneurs, most likely even less than that. As an Intrapreneur inside a startup company or a big corporation you also need to brand yourself. You don’t want to appeal to everyone inside that company, but you want to APPEAL TO THE DECISION MAKERS of that company. That’s how you get a raise and better connections. Check out Tai Lopez review.
What is the #1 thing that you need to do differently based on what you read about in my notes and in the book MBA in a Box?
If you will be working on getting testimonials from existing clients that loved your product, make sure those testimonials appeal your target audience. If you are teaching people how to save money, make sure those testimonials are from people who saved a specific amount of money and are not ready to tell the world about how you helped them do that – Tai Lopez review.
Use DIRECT WORDS that TRIGGER YOUR AUDIENCE – the words that I would use if I wanted to coach very obese people how to lose weight VS. if I wanted to coach decent looking people how to become a professional body builder would be COMPLETELY DIFFERENT! Remember, if you want to appeal to everybody, you will end up appealing to nobody. Pay attention to Tai Lopez review.
Logically think through about the business that you are in – people don’t care about your plumbing business’ logo, if you are a plumber (or something similar – home services), you should be focusing your TARGET WORDS on availability, confidence that you can tackle any project, and speed so people can get you quickly when they have a problem with Tai Lopez review.
Perhaps you could determine who your customers are through this process:
1. Determine WHERE they live – is your market inside the US, inside Italy, it could be an international market (depends on what you are offering, a plumber can’t work in Italy and US at the same time, while E-commerce business can.)
2. Determine whether your market is more MASCULINE OR FEMININE (this might be better than determining gender because some men are more feminine and aren’t interested in tools, big trucks, and sports, while some more masculine women are.) – Tai Lopez review.
3. Income level – are you appealing to people who are looking for cheap products and services, or to people who have a lot of money and just want the best?
4. Lifecycle – are they still in school, are they single, did they just get a mortgage, did they already get married, do they have grandkids?
5. Education – are they very sophisticated? What’s their average IQ? Did they go to college? If they are not that smart you shouldn’t use BIG WORDS that will confuse them, make it simple, and use images with Tai Lopez review. More info on Tai Lopez review.
6. Technologically savvy – even if you define people by how old they are, that still might not be enough. There are 40-year old’s who have their own credit cards, the newest iPad, a great computer that they know how to use… Then you have 40-year-olds that barely have an old phone, and don’t really know how to use an iPad with Tai Lopez review.
By now you can see where this is going, get down to specifics to determine how to appeal to them.
Determine the customers that actually want you back – if you want a particular type of customer they might not want you back, so you have to look at it from both angles with Tai Lopez review.
Once you start targeting that small audience you will be surprised how fast people pick up on something and become familiar with it – Tai Lopez review.
When you come to a decision for the name of your company/business, you may want to pick something that either reminds you or your customers why they are there with Tai Lopez review.
Miramax pictures got the name from the names of the parents of the founder – Miriam and Max. That name has a little story behind why he picked that name, consider doing something similar (a story, a reminder…)
When you are building a website and selling a product, pay close attention to the process of buying. Most websites make it VERY HARD to figure out how to buy something in the first place. Even the people that were going to buy that product might give up trying to figure out how to get it. Make that process as simple as possible – think about companies like Amazon or eBay to get an idea. Also, test everything on a mobile phone, more than 50% of people now search through a mobile device rather than a computer. Make sure to read Tai Lopez review.
Here is an advice for people who want to sell door to door with Tai Lopez review.
If you are the owner of that company you should train your sales staff for a minimum of 30 days on how to sell door to door. If there is any possibility of warming up the people that you are trying to target – DO IT! That might be as simple as handing out flyers 1-2 days before trying to sell anything, just go door to door and tell people who you are, give them a flyer and maybe a candy for them or their children, it won’t cost a lot and it will be a big difference between doing that or just coming to someone and selling them something right like Tai Lopez review.
As you get a little more advanced you should consider creating the Lollapalooza effect – using multiple cognitive biases. If you are selling military equipment the authority bias will work, if you are selling women jewelry social proof will work (they listen to what others have to say.)
A good way to go broke is to try to convince the market. If your market is mainly masculine and you say “I will convince feminine to join in” you should know that it’s hard to “change people.” You can do it if you have some level of business experience, but know when to just change your market.
The principle of who, what, and how also applies when you want to raise money and get investors. How and what doesn’t matter as much as WHO you can get in front of you – Silicon Valley entrepreneurs, retired doctors, or your family… Tai Lopez review.
When it comes to your social skills and status there are two very important rules to follow
1. Never be intimidated by anyone. We all pass through life with the same speed. Everyone will get old, ugly, and eventually die, even Bill Gates, Brad Pitt, and Megan Fox. We are all the same.
2. Don’t be too cocky – give people the respect that they deserve using Tai Lopez review.
Don’t get into either one of those extremes. You can’t have status without expertise, everyone will respect you if you are an interesting and knowledgeable individual such as Tai Lopez review.
WHO also applies to dating – the most important part is WHO you marry, not WHERE you marry them, and HOW you get married (big or a small wedding will not predict your relationship.) Hang out with people that you actually like, find them.
Don’t be afraid that someone will steal your idea, the only way that can happen is if they beat you at marketing. If you are able to be better in marketing yourself and your brand, other people can’t effectively copy you, you already covered most of that market and became an authority in it.
The simplest way to double your memory and memorize more information is to teach it to somebody. You can also use your phone to record yourself for 60 seconds explaining what you have learned about the book or the notes you have read.
Stay away from businesses that are easy to do and where you can just start right away – they don’t last, they are easy to duplicate and everyone will join in. For businesses that take a lot of initial effort, people will let you have them. They will say it’s too hard to start and go do something that is easier while letting you make millions of dollars without that competition – Tai Lopez review.
Most people create a little box of their tiny imagination and they live in it. You limit yourself by living in that box with Tai Lopez review. They constantly assume things that aren’t true at all.
Whatever you do – NEVER WHINE TO YOURSELF OR TO OTHER PEOPLE. Do NOT whine if you have to wait, always have a book with you on your phone so that no time goes to waste. You can always be doing something, even if you are stuck in traffic or if there is a line at the doctor. There is always room for productive things like Tai Lopez review.
If you are spending two hours per day in traffic, you can be learning two hours per day your second or maybe third language and become more interesting that way. Think about it – how many people do you know that are learning two hours per day on something important? I bet you know more people that waste two or even 5 hours every day watching TV and spending time with someone who has no potential.
People who make big things happen are the ones who don’t wait for other people or whine about every little thing that happens to them. If you have a problem with that read here about learned helplessness and optimism. If you are one of those people, you became like that because you were spoon fed knowledge – you learned it in school with Tai Lopez review.
You will never learn all of this in school, if you are from the US you are going to pay a lot of money to learn from someone who has never seen a million dollars in their life. How could they possibly help you make it?
What are you going to do in the next 24 hours with this new information? Pick one action step and do it along with Tai Lopez review.