People buy your product or service because they:
- Recognise they have a problem
- Want to solve it
- Are willing to pay for the solution
If what you’re selling doesn’t fulfil these criteria, you don’t have a viable business.
We’re working with a client (let’s call him Fred) where this is sharply apparent.
Here’s the story and our solution.
Fred is a mindset coach who works with share traders wanting to improve their performance.
His clients come via one of the large trading education providers and his workshops are bundled in as part of the $30K these people pay to learn trading.
Fred’s clients get great results from the program. However, the education provider has decided to restructure and no longer bundles in Fred’s program.
We know there’s a market of traders out there who need help managing their own emotions when it comes to trading.
What we didn’t know is if they’re willing to pay for this.
We recommended Fred call traders he knew and find out.
The results were stark.
Most were losing money. Some quite significant amounts. Some recognised they needed help. But here’s the rub. They weren’t willing to pay for it.
Our conclusion was that a lot of them were deluding themselves into believing that they’d be successful if only they threw more money at it.
Most of these people would happily spend thousands more on further courses rather than look internally at the root cause, their own mindset blockages.
So…
- Recognise they have a problem.
- Want to solve it. BUT not using Fred’s program.
- Willing to pay. Yes, but once again on a fool’s errand.
Hence, no market worth pursuing.
Having said that, Fred’s got a very valuable skill set.
He’s an accomplished salesperson who understands the importance of mindset in selling.
He has extensive experience in automotive, big pharma and advertising.
So we’ve now refocused Fred to start with large automotive dealerships where he can improve their top tier salespeople’s mindsets, enabling them to close more business.
Then move into pharma and advertising spaces.
We know all three industries are highly sales focused and are continually looking to better performance.
In short they recognise they have issues, want to improve and are willing to pay for it.
Given this, what market are you pursuing? Do they fulfil the three criteria I’ve outlined?
And are you generating as much business as you wish to from them?
If not, contact us regarding our sales, marketing and strategic advice aimed squarely at improving your performance.
Call Rashid on 0414 913 334.
