Art of Earning
Have you ever crafted the perfect offer, put a perfectly reasonable price tag on it, sent it out to all the right people, and still come up empty-handed in the sales department?
I know I have.
One technique you’ll hear over and over again for combatting this problem is to address your customers’ objections. Are they worried about the time commitment? Show them how to fit it in. Are they concerned that your product is right for the kind of person they are? Explain why it’ll work for them, too. Are they concerned about price? Demonstrate what kind of return on investment they could get.
But the biggest sales objection I’ve run into over the years—and from conversations with our Quiet Power Strategy™ strategists-in-training last week, I’m in good company—has been an objection that’s exceedingly difficult to combat.
It’s trust.
But not trusting you. The biggest objection to buying is trusting themselves.
As providers, makers, and marketers, we spend an exorbitant amount of time helping our prospects trust us. We share personal stories, create valuable free content, and demonstrate through testimonials that we can be trusted.
But many times your “ask” doesn’t require any more trust in you and requires your customer to trust their own ability to get the kind of results you know you can deliver.
Getting value out of a product or service requires personal responsibility. Unless you’re a snake oil salesperson, you’re not saying that your product is the magic formula. You’re not the kind of marketer that promises that “one weird trick” is going to reduce the number on the scale by 20lbs or that this secret formula will result in triple the sales.
Even if you design clothing or make jewelry or create paintings, your customers need to feel that they can put your work to good use in order to buy it. People generally don’t buy things they don’t have the confidence to wear or put things in their homes they don’t have the attitude to match.
An Example
Let’s look at an example: Amy is a career coach. She knows she can help people manage career transition, discover a new path, or land a big promotion. She’s done it many times.
On her website, she talks about the clients she’s worked with, the successes they’ve had, and spells out specific outcomes new clients can expect when working with her. She doesn’t make promises—she knows better than that—but she does clearly articulate what she can coach you to if you’re willing to put in the work.
Amy’s practice sustains her own career but it’s not thriving the way she would like it to be. She has a hard time closing new clients. They start with long drawn out emails, they evolve to long initial consultations. They come back and ask more questions. Maybe then she can close the deal.
Yet, her existing clients rave about her. They keep coming back to her even after their initial packages complete. They ask her advice (and pay her) on the little bumps in their careers.
So why don’t more new prospects sign on the dotted line? And why can’t she, for the life of her, get people to sign up for the awesome career change program she put together?
Trust.
As a potential client, when you’ve had some career missteps, maybe a bad boss or a difficult-to-work-for company, you’re hopeful but cautious. That caution leads to the long sales conversation Amy is having to have to land each new client. It also means that even those who feel like she’s the right person for the job won’t pull the trigger. It’s them, not her.
And if they’re not willing to trust themselves enough to get results from working with her 1:1, they’re not going to trust themselves enough to get results working with her in a program.
Again, it’s them, not her. (It might be them, not you.)
This Sales Objection is Also a Question of Risk
We are exceedingly bad at understanding risk. And a majority of your prospective customers think they themselves are a sizable risk to their own futures when it comes to spending money on goals that can’t be guaranteed. Every time you make an attractive offer, your customers are weighing the risk that they won’t be able to put it to use.
We, of course, think they’re considering whether it will be good enough or not, whether we’re smart enough or not, or whether we’re experienced enough or not. And that may be the case, but it’s far likelier that they’re asking themselves whether they are good enough, smart enough, or experienced enough to get the results they really want out of what you’re offering.
Breanne Dyck, who started this conversation on our Quiet Power Strategy strategist training call last week, explains that to help people feel more comfortable with perceived risks, you need to help them gather more information. More information comes from experimentation (action), not from more data (inputs).
Most of your marketing strategy to this point is about data. Blog post after blog post you’re explaining concepts, telling stories, and sharing experiences. But it’s all just data until someone takes action on it. The result of their experiment becomes true information that allows them to better understand and predict future outcomes. It allows them to better assess their own personal risk and increases their level of personal trust.
That means that in order to combat this stickiest of sales objections, you need to build action and experimentation into your business model—not just data.
Knowing is not enough. Knowing too much can encourage us to procrastinate. There’s a certain point when continuing to know at the expense of doing allows the mess to grow further.
— Abby Covert, How to Make Sense of Any Mess: Information Architecture for Everybody
The best way to ask your prospects to act is to ask for a commitment.
Trust (and True Information) Comes from Commitments
Think about the way you develop a romantic relationship. If you meet your special someone online (as I did), you start with committing to email them—it’s an initial experiment. This is about as low of a commitment as you can go. Then, hopefully, you commit to a first date. It’s probably just a coffee or drink date. Then, maybe you do a dinner date. And then a day hike.
Yes, this is a process of learning to trust the other person. To suss out whether they’re the one for you or not. But it’s also a process of learning to trust yourself. Do I like myself when I’m around them? Do I trust myself enough in this relationship to know I won’t make stupid decisions or follow them blindly?
Each commitment helps you learn to trust yourself as much as it does the other person.
As you’re building your business the same process needs to apply.
People generally don’t jump from discovery to purchase—especially not high-end products or services. You need to establish a series of commitments first.
Here are some commitments you might ask for:
- Like your page on Facebook
- Join a webinar
- Exchange an email address for a welcome gift
- Share a post with their friends
- Regularly open emails and read content
- Attend a workshop
- Buy a book
- Read a detailed case study
- Visit your booth at a show
- Purchase an entry-level product
- Engage in an initial consultation
- Book a short-term, project-based package
If you want to seriously combat this huge sales objection and dramatically reduce the amount of time it takes you to close a prospect, don’t pick one or two of these. Pick 3, 4, 5, or more of these smaller commitments. Create systems around them. Build them into your marketing calendar.
Relentlessly ask for small and escalating commitments so that when you’re ready to make a much larger offer, your prospect trusts herself enough to say yes.
Now you might be asking, “Isn’t this why I’m blogging every week?”
Sort of. The thing is, blogging isn’t enough. Content strategy is huge, don’t get me wrong. But marketers who are only blogging (even blogging and sending it out through email) aren’t establishing that trust spiral that allows their readers to get closer and closer to feeling really good about making a purchase.
In my own business, I’ve built action and experimentation into all levels of my marketing:
- I write ebooks that have built-in workbooks. The action is both the purchase and the results.
- I host webinars that promise results during the call. The action is decision-making and discovery.
- I teach workshops that build action steps into strategic concepts. The experiment is committing to watching and doing the homework.
- I offer Goal Discovery sessions as part of my on-boarding process. The experiment is vulnerability and commitment.
Together, these pieces work together so that I don’t have to worry about the “trusting myself” sales objection. If you’ve made it that far in my business model and still don’t trust yourself, you’re probably not a good fit for my programs.
Amy’s Strategy
Remember our career coach Amy? I would ask Amy to think of 3 common scenarios that send people looking for career help. They probably don’t know they need a coach yet (and maybe they don’t), but they know they need to consult Google, a friend, or the network to get an answer. Those 3 common scenarios are:
- I’m bored at work. I want a new challenge. I’m ready for a promotion.
- I’m tired of this career. I want a new one. I’m ready to figure out a new direction.
- I’m not making enough money. I want a raise. I’m ready to ask for one.
Then, I’d ask Amy to create a commitment trigger for each of those scenarios. Maybe she has a free ebook on asking for a raise, a free audio & workbook that helps you pinpoint your interest so you can figure out a new direction, and a checklist for preparing for a promotion. Each of those she puts behind an email wall. The “ask” is for an email address.
Now, let’s follow the free ebook on asking for a raise. The ebook shares exactly how to put together your pitch. The prospect finds that extremely helpful–but now she has a new problem. She needs to combat the fear of asking for a raise. Amy knows this, so she’s got a free webinar that she invites people who downloaded the raise ebook to. It’s all about getting over the 3 biggest fears you face when you ask for a raise.
Of course, asking for a raise is personal. So every month, she leaves 5 spots open on her calendar for a free initial consultation. Once a month, she asks this same group who is ready to work with her privately and invites them to this no-hassle consultation. She books all 5 appointments effortlessly. On that 30 minute call, she equips the prospect with at least one tactic they can use to suss out the possibility of getting a raise.
Finally, she follows up and asks if they’d like to book her Get That Raise coaching package. She offers to guide them through the next 6 weeks so that they’ve got a helping hand for each part of the process. She can’t guarantee a raise, but she can guarantee they’ll feel really good about the procedure.
Each part of Amy’s process has helped to build the prospects’ trust in herself. She’s taken action and already gotten results. Now it’s just an easy assessment of risk (what risk?!) to determine whether the information she has makes her feel good about working with Amy. Does she trust herself enough to really make use of this? Of course! She already has.
Sale closed.
Now it’s your turn.
How will you ask your audience to act, experiment, and commit in order to build their trust in themselves? There’s likely something you could do today. So do it!
Announcements, Art of Growth
As one year ends and another begins, you’ve no doubt been inundated with opportunities to explore successes & failures, doors open & doors closed, goals, plans, and strategies. It’s true; this is the perfect time to evaluate where your business has been and where it’s going.
Most likely, one of your goals for your business in 2013 is growth. But what does business growth look like for you?
It’s your choice, you know. The picture of growth may be IPOs, 7-figure revenues, big teams, fame, or fortune. But that’s not all there is to growth. Growth is what you make it.
To kick off 2013, I’m proud to release my new book, The Art of Growth. Think of it as the big sister follow-up to my popular book, The Art of Earning (still name-your-own-price). This book is about both redefining business growth to reflect the opportunities we have in the You Economy and providing strategies for growth that you can adapt to fit your own values as a business owner.
The book lands January 8. It will be available as a multimedia pack here on my website and as a Kindle-only version on Amazon.
Below is an excerpt from the introduction. More importantly, I’d like to know: What will growth look like for your business in 2013? Click the link and let me know.
From The Art of Growth:
Growing your business is about maturity. Just like a child grows from a baby who needs your care to fill every need then, as he ages, requires less of your hands-on care, so does your business. Or, it will if you practice the art of growth. If you continue to baby your business with frenetic action and reactive effort, your business will remain a baby. The national news media wonders if helicopter parenting will create a generation of adults unable to to care for themselves; I wonder if helicopter entrepreneurship will result in a lost opportunity for millions of people to experience a new level of prosperity.
The art of growth is crafting a business that fulfills desires, changes lives, and rewards you without having to tend to its every need. The art of growth is about being proactive, not reactive. It’s about integrated systems and strategies.
The art of growth is not necessarily about the fastest track to a million users. It’s not necessarily about reaching the masses. It’s not about turning the people you serve into nameless, faceless numbers.
Scale doesn’t have to mean impersonal. Leverage doesn’t have to mean hands off. Impact doesn’t have to mean hustle.
As Danielle LaPorte, author of The Fire Starter Sessions, put it, “Love scales.”
That is the art of growth. It’s imagining the give-and-receive nature of business on a whole new level.
***
Look for additional thoughts on business growth in the age of connectedness over the next few weeks. And, in the meantime, tell me: What will growth look like for your business in 2013? Click here to let me know.
Business Brainstorm, New Economy
When community invests in an idea, it also co-owns its success.
– Nilofer Merchant, 11 Rules for Creating Value in the Social Era
Your business is not yours alone. Welcome to the brave new world of co-creation and co-ownership. Here, individualism coexists with collectivism. Here, the results of your ambition rely on your ability to create the network that allows you to succeed.
So the question is: are you creating a customer network that is ready to co-create your vision?
There is a piece of “popular” business advice that asserts that “you should teach what you know to people who are a few steps behind you.”
For instance, if you’ve worked through a big personal transformation, you can become a life coach & help others through their own personal transformations. If you’re a blogger, you can help others set up their own blogs. If you write books, you can teach beginning authors how to get published.
Makers, keep reading, I’m not going to let you off the hook.
Hey, this isn’t a bad idea. In fact, this is probably a decent way to get started serving others and making money doing it. You’ve honed in on a specific problem that you can solve and you’re willing to put a price tag on it. Sure, go for it.
But where will you go next?
Honest question.
You can keep serving these clients, incrementally increasing the sophistication of what you’re offering. As you solve new problems for yourself, you can turn those solutions into products and services.
It makes a lot of sense and it can work. Just like monetization.
But will you be satisfied?
I like a challenge. I love the thrill of unleashing my great work for clients who scare the pants off of me. My work gets better & better in environments of great uncertainty.
Having a client that challenges me doesn’t mean that my back is against a wall, it means that my eyes are open to the full array of possibilities before us both. I’m not relying on personal experience or a single formula for my success. It’s an opportunity ripe for never-tried-before ideas and mutual magic-making.
By honoring their experiences, their knowledge, and their trust in our work, we can create something brand new. Together.
I used to feel threatened by the brilliance of my clients. I worried that I failed them when they had an idea or a revelation that wasn’t directly prompted by …me. And then I realized that our very connection was what made that possible. When working with clients that challenge me, I don’t have to be the end-all-be-all in business strategy.
No, it’s my job to co-create the space for our mutual success.
I can be the catalyst. Our work together is the entry point. It isn’t confined to my knowledge & expertise; it’s open to collaboration.
When you & your clients are co-owners of collaborative success, you both are creating something more meaningful than livelihood or results. You are creating movements, future opportunities, and networked transformation. The effects are more wide-reaching, the value is more long-lasting. The possibly of up-ending the status quo is much greater.
But will I rise to the occasion?
Look, it’s easier to cultivate a social network of people who want to be like you. To do what you’ve done. To grasp a little piece of your success. But the rewards of creating network connections to those who are ready to co-own your success are vast.
It can be the difference between slogging by doing something that once thrilled you and forging a new path to a more lucrative future, both financially & meaningfully.
- Are you cultivating a network of yes-people? Or are you gathering a select tribe of idea-challengers?
- Are you going with what you know? Or are you seeking out opportunities for growth?
- Are you seeking out reinforcement of your own experiences? Or are you creating a hub for shared intelligence?
“… attracting and seducing consumers with a relevant, helpful, and unique point of view works better than shoving more messages into the already loud marketplace.”
— Nilofer Merchant, 11 Rules for Creating Value in the Social Era
But how will I find these people?
Here’s a common exercise I do with clients who are ready to make this jump:
Look around your network right now. Make a list of 5 people with a “relevant, helpful, and unique point of view” who are connected to you in some (even tenuous) way who could benefit from your time, talent, and skills.
- How would working for them be different than working with the clients or customers you currently have?
- What conversations or projects would get their attention?
- If you were working for/with them, what changes would you make to the day-to-day operations of your business?
- What problems or desires would you be working on?
- How would your message be different if it was crafted for them and not the mass market?
“Attracting and seducing” the clients that will take your business to the next level begins with everyday changes in behavior. If you don’t adjust your routines, expectations, and message to be especially for them before you attract them, you’ll never have the opportunity to co-create your next-level business with them.
The answers to the above questions are your first steps. Those answers will guide you towards making the changes today that will breed success tomorrow. Those answers will help you step into the attitude of success before it’s even created.
Essentially, you’re inviting your future customers to co-own your success before they’ve even invested in your world.
And that’s why those kind of customers are powerful. And why that’s the kind of people you want to be in business with.
— PS —
I wrote this post with service providers in mind. But product creators & makers, you don’t get off so easy. I see so many makers limiting their visions to a customer who doesn’t fully appreciate what they do. And it shows. What happens if you challenge yourself to create your product for a more challenging set of customers? What would need to change about how your make, market, and sell your creation? How could your product fulfill the ultimate fantasy of a very special network?
Are the customer you’re courting ready to co-own your success?
— PPS —
If this is the kind of leap you’re looking to take in your business before the end of the year, I invite you to join me, Adam King, and a small group of dedicated business owners for Make Your Mark. It’s a 12-week, intensive business coaching program designed to allow you take on challenging, satisfying work that creates loads of personal wealth.
And it’s the only opportunity to coach long-term with me with Fall. There are a limited number of spots on the team – and they’re going quickly! Click here to learn more.
Business Brainstorm, Profit
Last week, Abby Kerr tweeted that, while she’s seen all manner of business blowhards (myself included) wax poetic about motivation, marketing, and productivity, she’s seen very little about actual business development: generating a business model and the like.
So I took that as a personal challenge.
Thanks, Abby.
It’s true. You won’t find much out in the open on business model generation. And what you do find might not mean much to you because it’s either meant for someone in an entirely different industry or it’s so thick in MBA parlance that you could serve it up on a plate.
So let me start at the beginning. And I promise, I’ll reveal some secret sauce at the end of this post that will have you saying, “Huh. So that’s how it works!”
Why should you even care?
Sure, developing a business model can be the drivel that MBAs talk about when they’re trying to sound important. But there is more to it than that.
Do you wonder how to get everything done during the day? Do you wonder if you’ll ever make enough money to justify the business you’ve started? Do you think the answers to your business problems always come down to more traffic, more clicks, more subscribers?
You, my friend, need to understand your business model.
What is a business model?
A business model is the system in which ideas, people, and products come together to generate revenue. In more technical terms, it’s the system in which your value proposition, customer segments, products, cost structure, and channels produce profit.
Your business model isn’t your product, your price, your people, or your value propositions. It’s all of it, working together.
Laying it all out can help you find opportunities for growth, discover what’s not working as it should, and strengthen your own understanding of just how your business works.
This isn’t a “when I have time” kind of exercise. This is now or never.
What kind of business model should you have?
Business owners often make the mistake of thinking that there are several set business models that they can choose from. And true, you could probably put some different business models under the warming lights and dish yourself out the one that looks least frightening at the time.
Unfortunately, that type of business would be about as satisfying as dinner from Old Country Buffet.
There is no perfect business model for life coaches, or knitters, or business consultants, or therapists. I wish there was. Sure there are similarities, best practices, and things that just make sense. But that doesn’t mean it’s set in stone.
In truth, your business model is completely up to you, your strengths, your skills, your customers, and your “I absolutely won’t” list. You do have one of those, right?
Where do you start?
First, you lay out all the puzzle pieces. Business models have a lot of working parts as I mentioned above.
Below, I’m laying out the core pieces. These pieces will help you determine if your idea of how to run your business is viable. As you seek to optimize your business, you’ll need to incorporate the other pieces.
When you’re ready to do that, check out Business Model Generation by Alexander Osterwalder.
You’ll want to grab some pen & paper – or open a mind mapping tool before we get started.
Products & Services
Let’s just start here, not because it’s the most important part but because it’s the most straightforward. What do you sell? What’s on the shelf? What could someone buy right now?
For example, in my business, someone could buy The Art of Earning, Email Marketing Kick Start, group coaching, or one-on-one coaching. Those are the offers on the table. They are all generating revenue, at different rates, regularly.
What do you have on the shelf? Physical products? Digital products? Services? Events? Gigs?
Write down each and put the price next to them.
People
Just who are you selling this stuff too? Who are your potential customers and where are they located? Within your “people” you might have several segments (i.e. beginner, intermediate, and advanced) who have slightly different, but distinct, needs.
For example, at Scoutie Girl, we have DIYers who are looking for inspiration & ideas, we have creative business owners who are looking for information & insight, and we have aspirational creatives who read to experience what they don’t have personal access to on a daily basis.
Write down each customer segment you have. If you know approximately how many exist within that segment, write that down too.
Channels
How are you communicating with your people? Since business in the 21st century is largely based on relationship & connection, it’s insanely important to understand just how many channels you have at your disposal when considering your business plan.
In this case, I have a bunch of channels. The blog, Twitter, Facebook, Google+, speaking, and email marketing are a few. Each of my channels hit different types of people, in different ways.
Write down all the customer communication channels you have available to you.
Activities
This is what you have to do to keep your business running, communicate with customers, and deliver value. Here I would think in terms of thriving and not just administrative tasks all businesses have in common.
For example, for Megan‘s jewelry line, her activities might include designing & developing new pieces, selling at trade shows, pursuing press mentions, researching art & design at museums, and following up with boutique & gallery owners who place orders.
Write down all the activities you need to be doing to make your business thrive.
Costs
This is how much money it takes to run your business, create what you make or offer, and find new customers or clients. It can be vastly different for different types of businesses so it’s important to know what your costs are.
In my case, my costs include email marketing services, web hosting, conference call lines, travel, and PayPal fees, among other things.
Write down everything you spend money on now (or check your tax return!).
It’s all written down. What’s next?
First, seek to better understand the business model you already have.
- What connections could you draw from section to section? Which channels line up with which customer segments? Which activities coordinate with which products? If you’re a visual person, draw out how your business looks to you based on the information you’ve just written down. If you’re more verbal, write down key statements that tie important pieces of information together.
- What appears unnecessary? As your business grows & changes, it’s inevitable that you’ll have parts of your business that just aren’t serving you. Write down what you could remove from your model to simplify your business strategy.
- What’s missing? Inevitably, there are holes in your business model. Is there an underserved customer segment? Are you underutilizing a particularly effective channel? Is there an opportunity to make a connection between a product & an activity? Write down all the opportunities you see in your model.
Next, figure out if what you have is viable.
The first thing you recorded was all the products & services you have available and how much they cost.
- Ideally, how many of each could you produce in a week? Keep in mind most freelancers, coaches, and makers can only produce “work” about 20 hours per week. The rest of the 40 hour work week is spent in support of your business (marketing, admin, learning, etc…).
- Ideally, what would your product spread be? In other words, how many of each would you like to sell in a week out of what you can produce (i.e. 10 hours of coaching, 10 hours on an ecourse OR 20 necklaces, 50 earrings, and 30 bracelets).
- Multiple the cost of each item in your product spread by the number of sales you’d like to achieve. This is the number that is your ideal income based on what you can create and how you’d like to sell it.
Now, when you take into consideration the costs to run your business, is this a number you can live with? Does it feel abundant? Does it feel scary? Does it sound ridiculously low?
Some conclusions you might draw…
You could draw many conclusions from this number.
If the number is very high… and you’re feeling like you’ve just won the lotto… How can you make those numbers reality? Can you reach more customers? Can you attract more appropriate clients? Can you better use the channels you have available to you? Can you move your product spread closer to what you’d like and further from what it is now?
If the number is very low… and you’re feeling like you’re ready to quit… How could you adjust your product spread to create better revenue? Can you raise your prices? Can you create more products by outsourcing? Could you develop a more profit-friendly product or service to boost your bottom line?
If the number just isn’t very exciting… and you’re feeling a bit bored… Can you incorporate one of those missed opportunities into your model? Can you create clearer value propositions & offers? Can you seek strategic partnerships to sweeten the deal?
The Secret Sauce
The truth is that you really don’t know how the businesses you see online (or even in your local community) operate. It’s tempting to try to replicate what you see on the surface. But you miss what’s really going on behind-the-scenes.
Behind-the-scenes is where the magic happens.
Our websites, our storefronts, our social media streams are only facades. Not in a negative way, but in an enticing, get-ya-in-the-door way. The newsletters, the inexpensive products, the retail shops – it’s all to capture the initial lead.
Often, there’s nice revenue being generated there. But it’s not enough to create a thriving business.
What makes the business thrive is how channels, activities, and customer segments are massaged over time to ready customers for a bigger, more profitable offer. You sell earrings to get the full collection purchased later on. You sell at craft shows to prime an audience & catch the attention of wholesale buyers. You deliver an ebook to prep customers to work with you one-on-one. You work in groups to ready a select few for a mastermind program.
I know, I know. You think that’s manipulative? It can be. But it’s not in most cases. In most cases, this is the model that’s required to actually build the most value into the business for both the business owners and the customer.
Everyone comes out on top when a business model is built to deliver higher & higher levels of value over time in more profitable ways.
Odds are, you’ve been focused on the front end because that’s what you’re aware of. You’ve been writing books, creating one-off art pieces, even working one-on-one with clients. But have you identified what could make your business truly profitable on the back end? Could you deliver more & better to your customers over time?
I think you can. I know you can.
Please, let me know the results of your analysis in the comments below. I’m dying to know what you do with this information.
***
Want more practical resources for experimenting with your business? Good! ‘Cause business shouldn’t be rocket science. Join me in the lab for lots of FREE resources.
Art of Earning, Business Brainstorm
With an abundance of “stuff” all around us, it’s easy to think that the road to success is paved with bargains. People want more and they want it cheap, right?
Is it even possible to build a business that’s comfortable by stocking its shelves with products that cost more than average?
Sure, it is. Even in this economy (no excuse, people!), companies are making a killing on premium products that you’re buying.
Apple is doing it. So is Harley Davidson. The makeup brand I use, Jane Iredale, is doing it too. Heck, I would probably even put Starbucks in that category. My new go-to drink is over $5.
Passion-driven businesses are built around the fact that the customer is as passionate as the business owner. That the zeal for quality & distinctiveness is a shared trait between merchant & patron. Further, the passion they share is not only at face value – for a great computer, motorcycle, or mineral foundation – but for an underlying purpose – design, culture, or beauty.
Purpose is a nonnegotiable. Business owner & customer either share it – and do business happily – or they don’t.
Passion-driven businesses lose money on “…maybe”.
Passion doesn’t allow for compromise on the things that matter most to you. And not compromising rarely allows for a deal.
What is beyond compromise in your business?
- Level of service?
- Quality of materials?
- Craftsmanship?
- Vision of success?
- Start to finish method?
- Source of materials?
- Consistency?
- Ease of use?
- Sustainability?
How could you expand your market of passionate customers by focusing on the highest quality regardless of price?
Inevitably, your passion for your service, product, or vision means that you can check off a whole list of nonnegotiables. Take, for instance, Henry Sidel, who has a passion for Japanese culture:
“I never thought I’d start a business,” says Sidel, now 43. It wasn’t entrepreneurship that excited him — it was his passion for all things Japanese.
Sidel first visited the country as a homestay college student in 1987, later returning after graduation to live there for a time and learn the language. Over the years, he made several more trips, but his interests didn’t converge until a 2001 sake tasting at a New York restaurant. The spirits, shall we say, moved him. (Joanna Krotz, Turning Passion Into Profits)
Think he’s hocking the cheap stuff? No way. Someone who is passionate about the culture, the product, and the people doesn’t care too much about the price. He’s interested in connecting the best, most interesting sake with the people who appreciate it as much as he does.
His nonnegotiables have to do with showcasing different regions of Japan, promoting artisans, and featuring unique flavors. And he does this all with another quirk of high-end business: a limited menu.
Sidel is also ranks education & events among his nonnegotiables. It’s not just about selling, it’s about creating an experience.
My guess is that your dream for your business is not much different. You dream of a business where you attract customers who love what you do as much as you do. Who are in it for the experience and not just another cheap thrill. Who value your expertise, your passion, and your vision. Who happily hand over the cash because – regardless of what the rest of the world thinks – it’s worth it to them.
The thing is, this type of business doesn’t evolve into a high-end business. It’s designed as a high-end business.
Think again of that dream-of-a-business we were just envisioning.
What changes could you make in the structure or operation of your business to make it more like the “if only” business you dream of?
What decisions have you been avoiding because of your fear of the “high-end?”
Leave your response below!
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