The Under-Performing Many, The 80% & FOCUSING ON YOUR OFFER - William Eastman

Today's Show focuses on Part 1 of 3 in Discipline #2 Distinctify Your Offer. We will cover the little things you can do to make Your Offer Distinctive. Next week will shift from the offer to (2) Focusing on the Customers Experience, and close out Discipline 2 with (3) on How to Test Your Improvements for increased satisfaction and sales.

​PROFIT RADIO - "A Network of Entrepreneurs for Entrepreneurs"

Introduction
​We introduced the 5.15.80 Model at the beginning of the Season. It was a combination of research into small business performance and our practical experience from the last 2 decades. You could go to any area around the global with a market based economy and randomly select 1,000 companies, here is the distribution you would find: 5% or 50 companies that own their markets, 15% or 150 companies that are making money, and 80% or 800 companies that are barely surviving.

This series is about how to move from one level up and our concern in this series is the 80%, not how you get here - that story would be too ugly. The focus now is how to create a long-term future for the business and join the 15%.

LISTEN > ENGAGE > APPLY

Show Objectives
Today we start Discipline 2 of the 9. As we covered in previous shows each discipline is present in 3 parts. Today our focus is on how to take the pressure off of price by offering a better value.

Key Issues - Owner Perspective:

1. What should I do to we make our offer (products & services) unique?

What You Need to Know

• How well are you known
• Your customer's pain points
• How well your competitors are impacting those pain points
• Impact of offering a Guarantee or Free Trial
• Using awards / testimonials / certifications on our offer

What You Need to Do

1. Interview your current customers - how would they describe you?
2. Based on Referrals, ask non customers how they would describe you?
3. ​Ask your customer for an honest testimonial and if they can't identify what you need to add to gain it?
4. Ask your customer why they choose you instead of the competition - are they sorry for that decision?
   
5. Ask your customer how important price was in their buying decision and what could you do to reduce the impact of price on the buying decision?
   

Next Week - Part 2: Discipline 5 of 5.15.80: Narrowcasting Customers instead of Markets

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Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.