We’re now officially at the halfway mark!
This first half of the series focused on the mindsets and “inner game” of becoming a successful entrepreneur.
Now we’re going to make a big shift and talk about the “outer game” – the money-making tactics that have to do with meeting the needs of your customers.
Today, we’ll kick things off by talking about your PRODUCT.
In this case, when I say “product” I mean anything you sell – that could be a service, an online course, a book, etc.
Your product is critical to your business success.
Because if your product isn’t something your prospective customers WANT… then they’ll never buy it – no matter what the price.
So the key is to make sure you have a product people want… something they’ll pay a premium for… and is so good, the product practically sells itself.
But in order to do that, there’s something you’ve got to understand first…
VALUE- What It Is, And Why It Matters
Let me ask you a question…
Do you know what value is?
Like, what it really is, at its core?
I ask because your prospective customers have to VALUE your product and what it can offer.
But in order for your customers to value what you’re offering, you’ve got to understand what value really is.
One of my mentors, Wyatt Woodsmall, says that value isn’t really a “thing.”
Instead, it’s a nominalization – a noun that’s not really a noun.
Value doesn’t really exist. That’s because it’s actually a process that’s been “frozen” into this abstract word, “value.”
So when it comes to your products as an entrepreneur, forget about “value” being a thing.
Instead, look at it as a process…
We humans all have a process of valuing different things. Some value, ease of use… speed… low price… transformation… etc.
Why is this so important?
You Need To Figure Out What YOUR Customers VALUE
If you want to get in touch with big opportunities, it’s important to get in touch with and talk to your customers and what they value.
Ask what their frustrations are…
Find out what their desires are…
What problems do they want to fix and why…
You get the idea.
Now, I know this may sound kinda obvious… but most entrepreneurs don’t talk with their customers where they try and find this stuff out.
And that is a HUGE mistake.
Instead, they just sell their “thing” thinking it’s “valuable” and then scratch their heads when it doesn’t sell well.
That’s why the key to creating products that practically “sell” themselves is to figure out what the process of value is for your target market.
Remember, you’re never really “selling” what you think you are selling.
So for example, if you sell widgets, you’re not really selling a widget.
The shift you need to make is that you are selling a solution to an important problem.
You are fulfilling wants.
You are giving things like consistency and convenience… ease and comfort… relief and peace of mind.
Bottom line: To your customer, a product is a solution… It’s relief from some kind of pain. It gives them satisfaction in some way. It’s a means to an end.
The #1 Rule To Remember…
I want to leave you with an important rule that will serve you in your business and entrepreneurial journey.
And that is…
Your product is one of the few elements that actually generate revenue.
There are a TON of different things you could do in your business. But many of them don’t make you money.
So don’t get caught up in what I call “playing” business, instead of DOING business.
Playing business is doing anything that doesn’t make money – spending time on the design of your business cards, straightening out your desk, making your website is just right, etc.
As you grow as an entrepreneur, you’ll find that there are a lot of urgent things that will constantly be knocking at your door.
You need to do what you can ignore these as much as possible and only focus on the things that make your business money.
This isn’t “instinctive” or natural to do. It’s something you’ll need to train yourself to do regularly.
But I’m letting you know this now – so that you can start working on it before it’s too late and becomes a big problem in your business.
Finally, the last thing you need to create a product that sells itself is…
…To actually CARE.
Several years ago, my business partner Eben got to meet Steve Jobs. He asked him for his secret to making successful products.
Steve replied that not every product is a success. He then added that you have to CARE.
Eben also had the chance to interview Richard Branson a couple of years back. He asked him how he approaches building businesses and products.
He said that you need to approach it like an artist – to pay real attention to detail on EVERY level.
So both Steve and Richard said basically the same thing – you need to care about your products and work to create a piece of art.
This is why it’s so important to focus the majority of your time on creating your products and going to the pains to really understand your customers at a deep level… and know what it is they value.
Alright, so that’s all for today.
Read this more than once so you really understand this – it’s absolutely key to creating wildly successful products that people will gladly pay premium prices for.
In the next installment, I’ll talk about how you ATTRACT your “perfect” customers to your business in the first place – and do it in a way that’s predictable and systematic.