Building your Independent Business – Q. What do I do first? A. You need to build 4 products. by Matthew Hill

Strategic Approach vs. Quick and Dirty?

Having just returned from the SIETAR Switzerland congress in Lugarno where I was surrounded by enthusiastic independents, many of who were busily growing their own businesses, one question struck me as most important – What do I do first?

Building tool repair equipments

To build up a complete marketing funnel with experienced based assets takes time. It can be a multi-year project that will require dedication, thought and plenty of external energy and opportunity.

As I have said many times – This build centres on 4 products – 1) The Professional Interrupter – an attention grabbing and valuable asset that is strong enough to stop a busy and successful decision maker for long enough for them to take notice of you. 2) The Product 4 Prospect Asset – An exchangeable item that promises the delivery of value to a cold contact in return for their Opt In – you give them some knowledge and value and they give you their first name, last name, E Mail and permission to contact them. Simple. 3) The Trip Wire – Another small and valuable package that represents a bargain for the price. What could you build and sell for €20? It must represent more value than the perceived cost would indicate, so that you can convert cynical and critical outsiders to become insider tribe members who can warm to your intelligence and experience. 4) Your Core Deliverable Product – The thing you are most passionate about, sold to the insider tribe member, who is ready to appreciate what you have crafted. They KNOW it represents value and, so, will happily pay a premium to receive it.

Building a Crowd.

There are many contact points required and much interaction to build a warm and loyal crowd who will come to know you, like you and trust you to a level where they will confess their flaws, weakness or gaps and ALLOW you to help them. The key here is your reputation – Something that is built in THEIR hearts, stomachs, minds and memories. Remember – they own your Brand. That is where it lives – with your audience, your list, your database, and, in your new family of followers.

Quick and Dirty

Having said all of that (in 350 words) there will be irresistible opportunities that pop up and come your way, out of the blue, and that can generate great commercial returns.

Here it is about scrambling all of your resources together quickly to construct a credible offer and take advantage of this one time gift.

80% is good enough.

Is it time to fight the perfectionist in you and get that outline out quickly? Are you prepared to fill in the gaps later? And. Will your expedience pay off?

What should I do first?

So, we come to a hybrid approach – Keep on track with your long strategic game of building high quality and long lasting assets AND go for it when the sun shines just for a moment. Ironically, it can be those one-time deals that help build your credibility in the longer term and, reacting quickly to lightning chances can really help you to build your resilience, agility and intelligence when it comes to marketing and closing deals later on, when your company is fully formed and ready to take on all comers.

About the Author Matthew Hill is a trainer, author and coach helping new independent trainers and coaches to get more business in through the door. He is running a Going for Growth bootcamp for independent trainers in The Hague, 17th to 19th August 2018. Details at culture99.wordpress.com.

The Hague, the Netherlands

The Hague – Where the next Intercultural Training Channel Bootcamp will take place in August 2018.

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The 4 Products You Need as an Independent Trainer or Independent Coach in 2018.

One Product You is NOT Optimally Profitable

Here is the simplest business build you will ever do. It consists of just 4 products that will move you to POSITIVELY interrupt your targets and start making a profit.

PRODUCTS for Profit

Turn your knowledge and experience into profit generating PRODUCTS

Product One – The Lead Magnet – What could you package up, from your knowledge and experience, and give to your target audience of potential customers that will grab their attention, please them, and, spark their curiosity to a level that helps them take a tiny tiny action step?

Successful suggestions include a work sample, a live demonstration, a powerful recording, a content rich webinar, a white paper, a quick quiz / audit, a 15 minute coaching call or any other small package that can show your depth, credibility and brand to good effect.

Sometimes called a Product4Prospect, the Lead Magnet is given away in exchange for contact details and permission to approach the receiver in the future.

Lead Magnet

Give a product in exchange for contact details and full permission.

Product Two – The Trip Wire – You can have an audience of 10,000, but, if they don’t buy anything, you are just a loud and unsuccessful busker!

The genius of the Trip Wire product is that it is cheap enough to trigger a no-brainer buying decision and, at the same time, acts as a psychological doorway, taking the individual from feeling like a distant, isolated observer to feeling like a customer, insider and club member.

That is what is so clever about the Trip Wire product.

Again, it must be packed full of value but must NOT provide the complete solution – They need to fill in the gaps in their knowledge with your Product Three.

Successful suggestions for a Trip Wire product include a starter version of your offering, a paid taster session, a paid intake clinic combining audit with delivered content, your book, a recorded audio product or the how-to film that you have made.

Trip Wire - Take a tiny tiny step

Trip Wire – Take a tiny tiny step

Product Three – Your Core Offering – This is the one product that everybody has. The advantage of running a sequence and not starting by pushing your Core Offering, is that you may achieve extra levels of trust and branding and so, will be able to price your Core Offering at a premium. It is important to max the joy of the customer as they receive your service so that their customer experience, CX is exceptional, memorable and becomes a talking point. It is your customer’s outstanding emotions that will boost and grow your company. Good enough is no longer good enough. Wow is now.

Core Offering

Core Offering – Remarkable value and customer experience.

Suggestions for helping support an outstanding Core Offering to attain the level of REMARKABLE – Differentiate your offerings into Bronze, Silver and Gold levels that offer economy, normal and luxury versions, add an accompanying user guide and demonstration that are ACTUALLY usable, rustle up celebrity endorsements, design in fun, energy and humour, add sleek design and cool features, work hard to enrich context with multi-channel delivery, build in the possibility of more interaction with the expert you, include full risk reduction, reversal and guarantees, and, incorporate customer feedback to smooth out the bumps in the customer journey, so you know you are delivering something special.

Is that it? No. There’s more…

Product Four – A Second Product. Did you think that getting the customer to buy your main offering once was the end of the line? No. Now we need to get you to PROFIT.

The costs of customer acquisition are normally assigned to the core offering. This limits any possible profit gained from first time customers. This applies to all one-product companies.

We all know that new customers are the most expensive to acquire and that returning customers are the best to have and the cheapest to maintain.

Second Product

The Magic of a Second Product – Customer delight, continuity and greater average profit margin.

All that cost of identifying, interrupting, warming, closing and delivering has been sunk. Now, with your Second Product, you know who they are and they understand how you operate. The next “box” you deliver will have a much higher margin. And it does not have to be priced at a super premium to achieve this. Sure, a high-end new offering will sort the wheat from the chaff and get those, “I must have the best” types excited. But, a regular priced offering will really boost profits, even when you average out Core and Second Product margins combined.

Suggestions for creating and supporting a Second Product include – The advanced level version of your core, something complementary to the first purchase, “And customers also bought this…”

If a trainer is selling knowledge first time around, they could sell a change programme as the second bite.

If Tony Robbins is offering you mind reprogramming in his first session, his next offering might provide a deep dive into personal wealth and finances.

So, that’s it. The 4 products you need to complete your set, establish a winning commercial sequence and all done whilst delighting your customers and generating above industry average levels of profit.

Call to Action – Now is the time to move forward.

Call to ACTION – We are running our next Business Growth Bootcamp for Independent Trainers and Coaches this June in the marvelous Capital city of Lisbon, Portugal, Tuesday 26th to Thursday 28th June 2018. To check out the details, simply click on the link.

https://culture99.wordpress.com/course-consultative-selling-bootcamp-lisbon/

Good luck and do let me know if you need some help.