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The Closing the Loop Technique

Lesson 11 from: FAST CLASS: How to Make Money

Ramit Sethi

The Closing the Loop Technique

Lesson 11 from: FAST CLASS: How to Make Money

Ramit Sethi

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Lesson Info

11. The Closing the Loop Technique

Lesson Info

The Closing the Loop Technique

I want to just take myself, as example, not to be arrogant, but I'm a pretty busy guy. Get a lot of emails. Let's pretend that you want to learn how to bill online products like idea. Okay, let's just pretend, um, how could you network with me? What would your first approach beat and what would you? Okay, let's start with that. Would your first approach? By the way, this is a fantasy scenario. So feel free to, like, make it up a little bit. Go ahead. I think disaster establish report level. Uh um, I think it asked the question. I think it's very clear from this class and what I've seen of your material that you're talking. What you've said that your target market is primarily masculine has a masculine edge. However, you do have the research and you speak openly about and you have successful female clients approaching this. Um so I think my question of the have you considered expanding too reach a more female market or not really? Doesn't matter. Not really interested in that market. I'...

m making this up. I am interested, but it's Yeah, it's something I should probably do, but I'm just not interested. So that didn't capture my attention. You do have something that would capture my attention. But you didn't nail it yet. Think about. There's something you can offer for. You already offered. What else? What would you say? You're starting off a blogger. You have some level of success. But you want to connect. And you wanna learn about how I went from charging $4.95 to $12, or whatever would you say it's your fantasy? Your first line? Your email can say whatever you want. It could be like I'm your twin brother. Please reply to my emails. What else? Come on, get creative. You guys go ahead. Thank you. Yeah. You're the only one so far. People can't even get creative in their own fantasies. What is wrong with you people? How boring must they be in bed? You put a lot on like that, the mental action and you cover the emotional actions. I noticed that you're missing the connection of the physical with the emotional. And I know you're friends with Tim Ferriss and there's a lot of physical pieces. Have you considered how expanding more of the psychology section and empowering people. No, that you're asking me. Have I considered It's not connecting with me, because have I considered I'm like, First of all, I probably have considered a lot of stuff that what do you think you think is new? I've probably considered it a busy person. This what they think about all day long. So I would say that that's probably not the right approach to come back to you. What else? To all the people I just totally insulted over here, E. I was kidding. What? What? Give me a scenario where you are starting off and you want Approach me. Who's got it if I had something. So in this imaginary scenario, I've done something that I think you're probably not overlooking, but something that you've yet to implement. Okay. I have a system, for instance, for filtering weirdo emails. Better even then, that's a good start. A good start. I like that. And then I say you talk about this, and I know that you talked about this cause I've read everything you know, you've sort of ever written. And you complain about this here, here and here. I have this and I You know, I'm happy to present it. Good. Really good. The only I love that. So basically what you did there was you. You showed me that you knew who I was, what my pain points were You presented even proof of that. It didn't come off is weird, actually, because if it's a true pain point for me, I actually appreciate that. The only criticism I have that is that's not really a big pain point. It's the similar thing about spell check. I just don't care. My spelling's pretty good. So you gotta connect on something that I actually care about. Okay, That's the only thing. Everything else was great. So here's what I might say, Cathy. I might say, Hey, we meet. Uh uh. You know, I've been watching your stuff a lot. Watched it from heard about you from Chase Jarvis Live. Actually bought your book right after that implemented, and I was able to negotiate $600 off. So you're incredible. All the other books I read never help me do that. What have I done right there? Yeah, flattery works, but there's something even more subtle in that. I'll tell you that in a minute. Uh, you're not just buttering me up. It was a real flattery. Then I would say I noticed that you have been talking about gender a lot. You know, I'm actually a massage therapist. I worked with 95% women. And I love the way you analyze a language. One thing that women say is blah, blah, blah When men say blah, blah, blah actually have 45 other phrases. I'm happy to send it to you if you're curious. But I think that these phrases might really help you understand different words that women use. What do you think? My reply That's gonna be send it. Why? What did you do in that? You know, besides the flattery and give your solution, you added value to life. You gave me a solution. You didn't ask for anything because you're not in a position to ask, right? If you're emailing someone who is super busy, etcetera, you want to get it, So I'm going to say yes. And I'm gonna be like, Wow, I really like Kathy like she has amazing insights and I'm gonna go back and forth of you. I do this probably a few times a day with Brando's and on then some of them actually continue the relationship. Now here's what they do. So, first of all, is that clear to everyone? Let's go to the Web and see what they say before we move on. Let's see. Does that make sense? You guys the By the way, the flattery to settle. Part of that was, what value can you add to my life like I don't need somebody's money or something like that? What value can someone add to my life? I write about this a lot on my site. I talk about how people don't take advice. They don't take action. So what's one piece of value? May not. You don't need to buy me dinner at per se, but what is one thing you could do that costs $0 that would add massive value to my life. Send your testimonials of things that you've done specifically because not only does that make you know that that person is a do it, but if you were particularly interested in what you know Kathy had done, you could email her back and say, Well, tell me about that $600 negotiate. Totally. Right. So two and one killed it with that answer. Awesome. It shows me that you're raising him saying I take action I'm worth listening to. It also makes me feel good. And I file it in my testimonial database. Uh, doing taking action on what someone said is a massive value. Add. You could meet someone Super way. More experience or powerful than you have nothing to offer them. They're way more successful photographer than you there with. Let's say you meet Chase Jarvis, right? You somehow get him out for coffee. What can you offer him? He has all the gear you could ever want to send him. He has all the connections. You don't even have those connections. He has plenty of money. So what is it that you could offer this? What you get off? You ask him for advice during this 15 to 30 minute coffee meeting or email conversation. Whatever. Then you come back a week later. A couple of weeks later, you tell him. Listen, I loved what you told me about this. I was I was writing it down and I actually took action. I went to meet Sue she opened my eyes is so I totally changed my portfolio. Here's my new portfolio. Based on what you suggested. No response necessary. I just want to tell you I appreciate it. How do you think that makes Chase Field? You think that's value at it? $0. But what did it do? It made you actually do something valuable Instead of just sitting around saying I want to meet all these people Rihanna and Anderson Cooper for no good reason. You met someone for a reason. You took their advice and did it. And then this is what people forget. You told them you took their advice. This is called Closing the Loop. I'm gonna show you the actual script for people. They they go, They don't even do this. This is just the networking part. So sort of like outreach. Okay, we'll call it networking, outreach and natural networking average. They don't even do this. But if they do, then they don't do the other part, which is actually taking the advice. All right. And then nobody does this, which is closing the loop. Tell them that you took their advice and what it meant to you. Here's a script. Hi. Steve. Wanted to give you an update. I did end up talking to Susan, and you were right. Acme is definitely a fit for me. I'm reaching out to a friend there to learn all I can about acne before I apply. If there's anyone else you think I should speak to, please let me know. Thanks again. I'll let you know how goes what's going on in the script? A lot of stuff going on. I mean, writes about your giving them an update. And you are You're you're telling them that you're telling Steve that you're already reaching out to somebody else toe learn even mawr to do even more research before you take any steps. Yeah. Wanted to give you an update. Music to anybody's ears, including a busy person. Especially because you've already built a relationship, right? If the busy person has invested 30 minutes and you they want to know that you actually took action. Most busy people are desperate to be mentors, but they don't want to be mentors because most people won't take their advice. They won't do anything. Most people let me say it again. Most busy people want to mentor someone great, but they don't because they know that most people will not take action. I did end up talking to Susan, who in this case is the person that Steve recommended. So in other words, he took action. Acne is definitely fit reaching their before I apply. What's he suddenly saying here before I apply? He's actually saying he's whispering. Do you know anyone attacked me that you can refer? Okay, now he's not going for the hard question yet because he's not at that point in the relationship. But he's adding value in this whole email. I'll let you know how it goes. What is this? What does this do? It sets the stage for the next email. None of this is unethical. It's told the ethical it actually makes the person like you more. You're not asking for anything. You're simply giving an update. You are closing the loop. This is a value added. This kind of, you know, a busy person loves to get. I don't have to reply to it at all. It shows that this person to go get it actually doing what I say, and I trust them because when I recommend that they talked to Susan. I'm gonna, of course. Email. Susan. Be like, Hey, Susan, how is this guy? He's great. We should definitely higher built. Let's go to questions, reactions on the Web. In a minute, we'll any questions or comments? Here, Go ahead. Another comment. I think this is just so obvious in human, but it makes me so, but no one does it. Why don't they do it? Just surprising. I think there's a lot of reasons. Like like we forget, we can idolise people forget with that We're all human or that were not worth it. Are you know this internal clock? Yeah. All right. So this is the girl again. I will teach you the rich dot com Such creative life. This is the closing the loop technique. What else do you guys notice? Susan Online says that keeping them updated makes them feel invested in Yes, top of mind. Invested exactly what else? I think because he saw. But like he took action and speaking Susan, he'll be more likely to recommend. You said if there's anybody else, I should talk to him. You know, he'll definitely be more likely to recommend somebody else. Exactly, Donita is saying. He's also saying in the email that he's not depending on the person to give you everything. You're talking to others? Yes, super. That's a very insightful comment, that sexy, very correct and very subtle you are. You are raising your hand as a top performer with this script, saying, like, Look, I'm not dependent on you have a lot of other stuff going on similar to the dating the bar example I gave yesterday. Like if you, uh if you walk into the bar and you're just like, fixated on one person, that person's going to your creep. You're talking to a lot of people. You're friends with everybody. Everybody's going to love that. And when you are surrounded by more people who want you, your value goes way up, right? It's why, if you go into a negotiation, you're like, you know what? I love to discuss salary. I'm happy to discuss it. Just want to let you know I have three other offers here and, you know, let's discuss it. Well, all of a sudden, you just raise your salary 5 10 $20,000 because they want you and they know that other people want you to. Okay, Yeah. Just coming from a different perspective. Because I've been asked a few times. Teoh, I guess for life. Better work, mentor. Uh, and most the time I turned it down. And the one time I sat down with another business owner and he was very aggressive on a lot of questions when I did answer them. And then when I went back, I never heard from him again. And when I went back, everything that we talked to that that were, like, very obvious mistakes. He didn't do anything. So it's like that is a colossal waste of my time. It s just like if you would have done this, I would have been so happy to converse with him again. He didn't notice. Notice all this. You did not have to have a $1,000,000. You did not have to go to Harvard. Do you see that? Education plays no role in this whatsoever. Nothing. You did not have to have all the things we thought we needed. Great equipment. 10 years more experience, whatever. You're being a real normal person. You're being January saying, Look, I need some advice. Here's how we're connected. I'm gonna respect you in every way. Time, location, everything. Would it be possible? And by the way, you could do this to multiple people. So you can even multiple people build relationships and you don't just depend on one person. That's how it works.

Class Materials

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3 Negotiation Scripts
5 Negotiation Case Studies
5 Resumes That Win
Freelance Email Proposals
Freelance Income Roadmap
List of Freelancing Ideas
Ramit Sethi Interview
VIP Email Teardown

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