These leverage points that have come up consistently that when applied have created the difference between a business that struggles to get to the million dollar point and a business that breaks through into new territory
1)Mass Market Appeal
Having several products under the brand that maintain mass market appeal. Not every product on the surface looks like it appeals to every one. However, there is a way to force a product into the mass market.
How Is this possible? by having a brand or market story.
Its Kinda like Having Jedi Powers…
When you tell stories around your brand or products, you psychologically create a connection with your customer to the solution you want by not actually saying you are the solution and the customer assumes that is the case.
Without a compelling story there is a limiting market as to why it’s impactful or who you can target. You will be pigeonholed into features and benefits found by those who are searching for them.
Creating a broader story and connecting to a larger audience is when you are retail ready and can drive cold traffic to a sales page.
One of the biggest things that makes you stand out in retail is having a story, which allows different exposure that wouldn’t have been there before and opens you up to a brand new customer basis.
2)Customer Centered Approach vs Product Centered Approach
Does your company exist in order to create change for a customer or to provide a product.The difference is delicate but clear. One is dependent to outside channels and the other means you can pivot at any point.
Having a customer-centered approach allows you to sell more products that aren’t directly in your line of sight. Rather than asking ‘what can I sell?’ ask ‘who can I serve?’ The products will become clear and the net of what you can sell will become wider.
Example: For the sixth consecutive year, Amazon.com has topped the customer service Hall of Fame. The Internet retail behemoth makes a considerable effort to satisfy its customers and its self-described “customer obsession” may partly explain the high level of customer satisfaction.
The single product approach has a short lifespan and can be a lifestyle business but if you want to have a breakthrough business you need to bring a specific customer.
Every entrepreneur gets into their business thinking about how much money they can pull out of the business. Breakthrough businesses operate differently and focus on a way to build the business faster and further.
I have reached the point where I am no longer excited in getting the money (crazy but true). This has freed me to be in a position to reinvest into the business and detach from the results. You don’t have to reach the point of personal security in order to have that.
Once you are at the point where your business is profitable, put yourself on salary and change that number very slowly.
The rest is the businesses money to be reinvested into future growth.
This will put you in a position to grow the business far beyond yourself and be in a place where you can systematize it and get yourself out of operations, aggressively roll out new products, spend more on advertising and elbow out your competitors.
Keep the end in mind for the time when you ‘cash out’ of the business and delay the financial gratification.
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4)Controlling Your Own Eye Balls
Create an audience or create and maintaining your own traffic channel.
You aren’t just dependent on one place for sales. Breakthrough businesses have other ways to generate traffic and sales.
If the primary sales channel whether that be affiliates or Amazon goes away you will at least still be in business and have the ability to pivot quickly.This essentially asks, ‘How many eyeballs can you impact at the click of a button?’ Can you send an email and impact a large number of people?
Can you put up a Facebook post, run a commercial, or YouTube video? The question is how do you control the eyeballs and where do they find you?
I recommend going ‘all in’ on your business but diversifying where you get your eyeballs and sales. As soon as you have leveraged everything you can on your primary sales channel you need to build your own list.