A Predictable Business Model
So let’s clear the room of some lingering confusion... Everyone uses Marketing 'Tactics' (ie. Social Media, Local Directories, Facebook Ads) to market their business online. What i'm seeing is customers notice your marketing efforts, they visit your website, and leave!
Why? Because there is no clear and obvious instruction as to what they should do next... People know that with a little more searching on Google, they will find another website that will explain exactly what it is they need more clearly. I know from working with hundreds of service business owners you're using Marketing 'Tactics' to promote your business without a Marketing 'Strategy'. - Marketing 'Tactics' are the tools and techniques you use to do marketing. A Brand 'Strategy' is a plan in its entirety, from the start of a customer relationship to the end.
What happens is people blame the marketing tactics, however they have completely missed the thing that comes before marketing, having a website and business model built for conversion.
This is an educational series of articles about the thing that comes 'before' Marketing, it's your Brand's 'Strategy'. Throughout this series of articles, not only are you going to learn how to position your services online to get noticed, remembered and shared, you're going to balance your work and social life and identify a role that fulfils you the most so you become the leader. - Maybe it's as simple as you want the time to take your kids to school?
You’re then going to understand what's the minimum amount on money required for your business to operate. You'll then look at a financial plan to identify the amount of money you require to finance the life you dream of living.
Business is really simple, people just love to complicate it! Find a solution to an overlooked problem that needs to be solved and deliver it as informally as possible, starting with a simple version, then iterating rapidly - if required!
Typically in business people say do the work and then you can build a course. My advice is to build the course first and start delivering it in person one to one! Identify what it is you're solving, your unique take and philosophy for what the future could be, then package it up to be purchased 'like a product'.
The current problem with delivering 'custom' projects is you’re working in a business of unpredictability. Every element of a custom project requires you to search for the resources to fulfil it. The problem with this is you can’t make any predictions for your business around time and revenue because you don’t know what is it your selling next.
The solution is to package your services to be purchased 'like a product' and you sell 'only' that. You have the solution they need, you create systems to deliver it and apply a price tag. - They can take it or leave it!
There are major benefits to packaging your services because your business becomes dramatically simple. If you have one thing to sell you’ll get time back, deliver more meaningful work and connect with more people.
You'll find it easier to market your business because you only have one thing to talk about, which will give the people listening something tangible to remember to help spread the word.
Example Problem: You're a personal trainer and you're currently working in a gym. You find out many of your customers are attending the gym to get in shape for their wedding day. - Congratulations! You've found a solution to a well known problem.
Example Solution: You set up programme to get wedding couples in shape for their big day. You work out how many weeks it takes for you to see results and you build a programme around that goal.
You're current personal living expenses cost you £2000 a month. In three years time you want to be on the property ladder driving a nice 4x4 paying yourself £2000 a month after bills.
So the minimum to make this happen is £2000, with a target of £6000 a month to live the life you dream of living.
Example Product: You set up a 12 week programme for wedding couples costing £2000. Right, we now know you only need one couple a month to make this actually work!
What you don't require is the 10k+ instagram followers everyone seems to be aiming for. You need 'three' sets of couples to live the life you dream of living! If you find a forth couple, move them to the next month... if they can't do that, say no!
The first time I said ‘no’ to a client is the first time I felt in control of my business!
If you have goals in place and your meeting your targets you don't need to say 'yes' to every opportunity. By saying yes you're taking away time that could be spent with existing customers to better their experience or eating into your personal time.
So the question is...
Can you sell thee a month?
Can you deliver three a month?
Does it allow you time to take your kids to school?
Here’s the magic thing that happens when package your services to be purchased like a product, you transition from having to find customers and servicing their needs, to finding a tribe of people (Couples who are engaged) it works for and being in demand for your solution!
If your service product is wildly out of someone’s price range, you won’t have to waste time talking to them or writing a proposal and then chasing them down when they are too embarrassed to respond.
Clients will be happier! The success of a project is directly dependant on managing expectations, then surpassing them. Every time you do the same process, you get better at managing expectations for the outcome and how it’s going to unfold because each previous client makes the process stronger.
Package you services to be purchased like a product! If you've found a solution to a 'real' problem, you'll soon be in demand for your services and your business is going to scale fast, so you need to be ready for it!
There are three levels to deliver your service product:
1) Done For You (DFY) = You doing the work
2) Done With You (DWY) = Weekly Coaching
3) Do It Yourself (DIY) = Consulting / Online Course
Your service product does not change! You've spent the time validating everything in DFY, the only thing that changes as you transition to DWY and DIY is how you deliver it. Every level is there to validate the next. Once you're completely maxed out, go to the next level. - Do not pass go, do not collect £2000 before you're in maximum demand!
And no, the price should not change no matter how you deliver your service product. You're in demand for your solution, why should this be devalued because of the way you deliver that information. - They're still getting the same results! Your goal is to get to DIY, you just need to be patient and hands-on in the beginning to validate your solution.
I’ve never seen this achieved by offering a bespoke service. If you're bespoke you're an order taker, a business delivering a service which someones requested. - They are the expects and your seen as production.
If you offer one service thats a solution to a real problem your perceived as a specialist - a solution-based business. As soon as you add a second service, in theory you’re creating an entire new business, which puts pressure on your team to deliver and the chances are it will effect your core service product.
Yes you can still have a very nice business as an order taker, but it’s full of stress, uncertainty and you won’t make any real impact!
I hope this helps...
Become a solution based business and deliver more than just a service!
Organised Thinking! Disciplined Execution! Predictable Results!