The COI Principle

Imagine this, you’re flying over the largest desert on Earth, the Sahara, in a single prop plane, with just you and a pilot on your way to Marrakesh. Everything is going fine but then you hear the telltale sign of engine failure... putt… putt…. putt… Your pilot is a highly experienced individual and manages to land the plane in the sand and you both survive. However, you have a problem. You and your pilot have to get to Marrakesh before you run out of water.  In this case, what is the most important question you should be asking yourself? Should you be wondering where Marrakesh is? Or should you instead be more concerned with where you are right now? This parable illustrates the relationship between COI and ROI.  The cost of inaction or COI principle is where you should focus 80% of your time. Figure out your clients’ pain points and then show them how your product or service will save them from the pain of inaction. The three key insights for this episode are:  What is the COI principle and how is it different from the ROI principle? Why the COI principle is the only ethical way to enroll new clients. How to express the COI principle to prequalified prospects. Once you’ve figured out where your client is, you can help them get to where they’re going much more easily. While everyone typically focuses on the return for their investment, learn how to be the one that points out the issues that arise from taking no action at all. In the case of your plane trip to Marrakesh, if you were to take no action, the cost would be death. While the actual level of pain may vary, inaction may lead to the death of one’s business.  In This Episode:  [04:25] - Learn the 3 key insights you’ll learn from this episode. [05:39] - Picture yourself in a single prop plane, flying over the Sahara desert, and the engine goes out. [06:59] - If you’re in this scenario, what’s the single most important though that you should have? [07:37] - Why is knowing where you are more important than knowing where you’re going?  [09:00] - Focusing on where you want to be is irrelevant if you have no idea where you’re at. [10:20] - What is the COI principle?  [11:31] - Learn why you should not skip the prequalification process with your clients.  [13:00] - Diagnosis is the most critical part of any sale. A misdiagnosis will kill the sale. [15:07] - Alex shares why the COI principle is in direct contrast to the ROI principle and what he guarantees his clients who want to know what their ROI will be. [18:17] - Why is the COI principle the only ethical way to enroll new candidates?  [20:30] - How do you express the COI principle to prequalified prospects?  [23:53] - Don’t forget to suss out the other alternatives your client has used. Learn why. [25:14] - The Alexism is, “Never confuse activity with accomplishment.” [25:41] - Hear the quick recap for the three key insights of this episode:  What is the COI principle and how is it different from the ROI principle? Why the COI principle is the only ethical way to enroll new clients. How to express the COI principle to prequalified prospects. [27:34] - If you’ve already given Alex a review, write down your biggest takeaway from this episode on an index card. If you haven’t, though, please use that Aha! moment as your review for the show at this link! [29:37] - In honor of this episode, Alex gives listeners a final gift. You can get a completely free copy of his book Alexisms by going to this link! You will also get free access to his $497 VBT e-Course!   Links and Resources:  Alex Mandossian Alex Mandossian Fan on Facebook Alex’s Friday Live events MarketingOnline.com Marketing Online 4-Part Video Training Series Alex Mandossian on YouTube Alexisms by Alex Mandossian All Selling Aside on iTunes Alex Mandossian’s free live Friday show 7 Habits of Highley Effective People by Dr. Steven Covey