Saturday, October 23, 2021

The No. 1 Reason Most Businesses Never Scale and Often Fail

Yug Times Photos
by Mike Koenigs

The number one reason most businesses never scale and ultimately fail is that they don’t understand who their ideal customer is. In other words, who do they want to be heroes for?

In this article, I’ll show you how we design our “Hero Magnet” to be able to craft highly focused sales messages that can quickly reach $10,000, $100,000, and even $10,000, $100,000, and even $10,000, $100,000, and even more. Converts prospects into buyers for products and services in 1,000,000 or more offers. In just one or two conversations.

Each of the bold headings represents a “non-negotiable mindset and values” that drive our company culture and client focus.

narrow and deep vs wide and shallow

I have worked with over 60,000 businesses during my 30+ year career and it has been my experience that most business owners do not realize how incredibly large it is to focus on a narrow market is important. I like to say “narrow and deep beats wide and shallow every time.”

I am going to show you the detailed demographic and psychological profile that I use to define my perfect clientele. I hope you can model this in your business.

When you’re done… Creating great offers, planning your marketing, messaging and how to reach your audience is easy enough. In fact, your marketing practically writes itself.

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Let’s get to know my ideal customer and how do I attract them to me.

They are the owner, founder, partner or CEO of b2b business. They run $3mm to $100mm companies and, even though we have international clients, our favorite clients are in the United States and Canada. That way we don’t have timezone, language or travel issues.

What is your operating system?

We use personality profiles to identify our perfect customer. We give our clients (and sometimes prospects) Kolbe, Anygram and WHYos assessments. KOLBE rates you on a scale of 1-10 as a fact-finder, follow through, quick start and implementer. I only need 8-10 quick starts. We’ve found that “fact-finders” take weeks or months to make their own decisions and don’t enjoy working with them.

We find fact-finders time-consuming, annoying and expensive from a sales standpoint. If someone can’t make up their mind and knows what they want, we’ve found that working with them isn’t easy or advice will be challenging and contested. Smart marketers create messaging that intentionally polarizes or even offends an audience they don’t want to attract.

For example, I would say “If you need many conversations and weeks or months to make your decision and feel the need to bring in multiple people for the decision-making process, we will not accept you as a customer.” Will or will not charge you. Double. The fee for a written offer is $10,000.” That is by design.

cooperation and relationships

One of our core marketing strategies is what we call ambassador marketing, which means we find ways to quickly reach larger groups of our ideal customers by building deeper relationships with key influencers in affinity groups.

In our case, our ideal customers are “related” and “connecting”. This means they are paying members of organizations that include: EO, YPO, Vistage, Strategic Coach, Genius Network, Tiger21, Summit, Darren Hardy, Brian Tracy, Tony Robbins Platinum Partners, or any high-value , expensive executive coaching or mastermind groups.

self mastery

It tells me they are coachable, value shortcuts, and save time. He has paid for coaching and mentoring. I often joke that the worst people are willing to drive 50 miles to work to save a nickel on a gallon of gasoline. They spend hours searching for free information on Google and YouTube instead of paying an experienced thought-leader to provide a proven solution or answer in 5 minutes.

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These types of people will fight you every step of the way and challenge your experience and credibility. Life is too short to deal with them. Go count the beans and fight the lobsters and the cats… (See how I deliberately created polarizing language? Push the wrong people away and attract the people who resonate with you.)

charitable and charitable

Never confuse charity and business. I believe in charity and charity. However, I do not work with broken or broken people or businesses.

“If you work with what’s broken you’ll end up broken and annoy your business and your customers.” Make lots of money, give everything you can to a professional organization with proven results and get a tax deduction. Everyone wins.

Our next criterion: We don’t work with new people or startups that aren’t funded. The exception is if you are a founder or owner who built and sold a business and this is your next round. You need a genuine 3+ year old B2B business with clients that is making money.

I spent almost 20 years working with “disadvantaged entrepreneurs”—people who probably talk about starting a business someday. Or new startups are run by confused people who don’t know what they are doing. It was fun for a while, but unless you’re willing to build a “wide and shallow” business with lots of customers, cheap products, and a “growing funnel,” it’s tedious.

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It’s not that I don’t like these people. I do not enjoy working with this type of business or dealing with the operational, cash flow and HR challenges they are experiencing. I also don’t work with solopreneurs, trainers or just speaking people.

change, not transaction

Our ideal customer understands and has experienced the power of story and change.

They understand how incredibly valuable a story is and know that they are looking to rapidly improve their life or their business, attract better teams, sell their business, or whatever success they are looking for. There is only one connection away from it.

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One of the key requirements for the businesses we work with is that they must have happy customers and social proof that their products and services work.

This means they have at least 5 – 20 success stories, or “customer changes” so that we can create powerful sales and marketing stories.

Next, they must sell a product that is worth $10,000 or more. This is because we have built systems for positioning, packaging and pricing products up to 2x-20x. We can spin some and make millions of dollars in increased revenue in a couple of days.

platform mindset

Next, I found that business owners who understand the power of having a personal platform and personal brand understand leverage and how it creates a multiplier effect.

Many of the people we work with have written (or want to) write a book, want to start a podcast (or already have one) and do regular interviews. They speak or want to speak and if they did a TEDx speech, even better.

But more importantly, they resonate with the message;

  • I am an expert.
  • I have a message to share.
  • I learned how to overcome big life and business challenges.
  • I think my message will help more people.
  • I want to connect with more people who think like me.
  • I know my messaging and knowledge will increase the value of my professional services and give me access to more people.

Typically, someone who has reached this level of wisdom and understands that as a founder, their message will multiply and multiply their values ​​and the success of their business by breaking out of their fears and in the courage to become a visible leader. will increase.

opportunity hunter

Subsequently, we’ve found that the businesses we work with often are solving a problem that their clients don’t even know they have if they have a high level of education. They are selling often complex products to sophisticated audiences.

Many of our clients are in the financial sector, SaaS (software as a service) companies, management consulting, construction real estate, hi-tech or professional services. The truth is, the industry doesn’t matter as much as the non-negotiable values ​​of the founder, organization, and brand.

constantly evolving

Specifically, our entire clientele is committed to their own development, is independence-focused, displays strong family values ​​and philanthropy.

They consider themselves spiritual but are not generally religious, (meaning they are open-minded and tolerant.) They work for time, money, freedom of purpose and relationship, and are liberal without being political. Huh. They firmly believe that the government is inefficient and that the bureaucracy is full of rule-abiding “lowest common denominators”. (See – More polarizing language – on purpose).

Someone who is deeply religious or fits the mold of a “social justice warrior” is probably judgmental and unpleasant to work with. If they choose to polarize other people, polarize subjects, be in a state of resentment, or take offense easily, they are in my no-fly zone. I would even go so far as to say that we are not perfect for each other if you feel the need to share your preferred pronouns or sexual orientation.

I found that the secret to choosing your perfect customer profile is going deep. Spend some mindful time looking through a list of the best clients you’ve worked with and really feeling them.

the story writes itself

Ask yourself this question, “How do I feel when I am around these people? What are their mindset, their beliefs? What do they love? What do they hate? Most importantly, what and who influences them and how do you break down their trust barrier?”

Answering these questions as a narrative becomes your primary marketing message. I use “The Joseph Campbell Hero’s Journey” story structure. It is essentially a step, starring your perfect customer with you, your products or services as their personal guide.

It goes something like this: “Once upon a time, there was a man who ran a business that was exactly like you. They had multiple dragons to kill to survive the same challenges as you. They met a guru with special powers who gave them a map of success, solved their problems, made lots of money, sold the business and lived happily ever after!”

If you’d like to see an example of how we’ve turned our “Perfect Client” profile into a marketing brochure and sales video funnel, go here.

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This News Originally From – The Epoch Times

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