Did you know that over a 5 year period less than 4% of US businesses survive? To make sure you don’t up end as one of these statistics... there’s 3 vital things that you need to know. It’s super important that these three elements are not missing from your business because at the core they’re going to directly impact what your bottom line is, how many customers you have and therefore whether or not you’re running a successful business. And these principles aren’t exclusive to business owners... as an employee you can apply these three important elements to your work and use them to build your career and workplace value. Hit subscribe to join the community and build your business knowledge and let us know in the comments: What kind of offers have you been attracted to in the past that you just couldn’t say no to?
Did you know that over a 5 year period less than 4% of US businesses survive? To make sure you don’t up end as one of these statistics... there’s 3 vital things that you need to know.
It’s super important that these three elements are not missing from your business because at the core they’re going to directly impact what your bottom line is, how many customers you have and therefore whether or not you’re running a successful business.
And these principles aren’t exclusive to business owners... as an employee you can apply these three important elements to your work and use them to build your career and workplace value.
Hit subscribe to join the community and build your business knowledge and let us know in the comments: What kind of offers have you been attracted to in the past that you just couldn’t say no to?
KEY TAKEAWAYS
1. Who is your ideal customer or client?
2. Once you know the answer to the above question you can start asking questions like: What are their desires? What do they want most? What do they fear most?
3. When you’re constructing a perfect client profile it’s always better to start super specific and then work backwards into a broader profile.
4. What is your irresistible offer? An offer that your client just can’t say no to.
5. This will differentiate you from your competition and make your new client excited to work with you.
6. How can you over deliver in order to build rave reviews and new fans?
BOOKS
The Passive Investing Playbook - https://theinvestormindset.com/passive
LINKS
Learn more about investing with Steven at https://theinvestormindset.com/invest
Join the MultiFamilyMBA and get exclusive free training: https://theinvestormindset.com/mfmba
Steven: [00:00:00] Did you know that over a five-year period less than 4% of US businesses survive? To make sure you're one of those businesses and you're on the right side of those statistics, there's three things that you need to know to succeed in business. We're going to get into them right now.
INTRO: This is the Investor Mindset Podcast and I'm Steven Pesavento. For as long as I can remember, I've been obsessed with understanding how we can think better, how we can be better, and how we can do better. And each episode we explore lessons on motivation and mindset from the most successful real estate investors and entrepreneurs in the nation.
Steven: [00:00:45] Welcome back to The Mindset Minutes episode. I'm your host, Stephen Pesavento on the Investor Mindset, and each week, I share mindset tips and real estate investing strategies to help you take your business and investing career to the next level. And this week, we're diving into three things you must know to succeed in business, you're going to love this. And so join us each week as we share more tips and investing strategies, so you can reach financial freedom through real estate. So make sure you hit that subscribe button down below, so you never miss another episode. Let's get into it.
Steven: [00:01:16] So it's super important that you have these three things, that they're not missing from your business, and that when you're building a new business, or you're re architecting your current business, that you're really clear on these three principles, because at the core, they each individually end up directly impacting what your bottom line is, how many customers you have, and therefore whether or not you're running a successful business. So the first and foremost most important thing you've heard me talk about this over and over again, it's something near and dear to my heart is; who is your ideal customer? So who is that ideal person? That ideal client who is going to most easily buy your product and who is going to buy your product the most often? Who is that person that it is the perfect fit for and most importantly, who is that client that you want to serve over and over again? Really important. So if you are a real estate investor, and you're flipping houses on a regular basis, you're going to be going and purchasing those properties directly from a seller, and in that instance, your client is that seller. How are you going to serve that person over and over again? How are you going to be able to deliver for them or is this something that might be a one-time sale? Now on the other side of that maybe your ideal client in the example of renovating houses and reselling them is -- your ideal client is that first time homebuyer, that person who's going to buy the house and is going to end up having this amazing experience. Now you might go another direction, if you are a real estate syndicator, you are serving your ideal client every single day when you know exactly who that person is. And in that example, your ideal client might be the passive investors who are going to invest in that deal, because those are the people who every single time that you bring a deal to market, you're going to need to be making sure that you're creating an amazing experience for them.
Steven: [00:03:13] So why this is really important is because once you're clear on your ideal customer, you can start to dive into what are their deepest desires? What do they want most? What do they fear most? And as you're developing this and getting even more clear, it makes it that much simpler for your client to know whether you're the right fit, and most importantly, for you to be able to target them on a regular basis. Key tip, it's always better to go niche and then work your way backwards. In other words, get very specific, and then open it up because once you can dominate in one specific small sector, it becomes easier for you to take that experience and widen it out to a much larger demographic. So the second thing, the second critical business principle that you need to be thinking about when you're re-architecting when you're making changes in your business or when you're just thinking of sitting down and having a little bit of thinking time and understanding. Well where could some of the challenges be that I'm dealing with? What is your irresistible offer? We've heard this term before marketers talk about it, business owners talk about it, but what is it? At the core of your irresistible offer is an offer that your ideal client would have an impossible time saying no to. So when you really get in the head of who it is that you're serving, and how you're serving them is answered by this question of what is that irresistible offer. So a great example of an irresistible offer is if you're going out and you're developing websites for a living, and you were to go to your ideal client and you were to put together an analysis of their current website, and you were to say, hey, I actually did all of this work for you in advance. I know that you want it because you came to my website and you requested it and I've done all this for you for free. And as a benefit, I'm actually just going to build you that website for free. That is an irresistible offer, that is something that it would be almost impossible for you to say no to, is that a good example of what your product offering should be? Probably not, unless you're giving somebody something that is something, they would normally pay a lot for, for free in order to pull them in, and then give them the service that you're going to be delivering on a continuous basis. So that is the question you want to be asking and answering for yourself continuously, and what is my irresistible offer? And to my current ideal client is this still irresistible to them? So we want to be getting really clear on what they actually want? Why do they want it? What is going into this, and some of the key things that end up making up an irresistible offer, it's things that you've seen, in so many different product offerings across the board, it's social proof, it's that testimonial, somebody's speaking highly of it, whether that be a celebrity testimony or somebody that you know, your customers know, that they're going to say, hey, this is somebody that is trustworthy and credible, whether it's somebody who's just like them, that's going to be able to share that information. You know, another example of a way that you might make offer even more irresistible, is to remove all the risk that money back guarantee, or you know, the automobile example, come and drive the automobile for 30 days, and if you don't love it, you can bring it back, no questions asked and will hand you all your money back and it's just that simple.
Steven: [00:06:34] So what you're doing is you're figuring out well what is it that is going to really push my customer over the edge to say, absolutely, no doubt, this is something I'm absolutely interested in moving forward on, when you can figure out what that irresistible offer is, it's what differentiates you in the market, it's what makes your ideal client really excited to say yes to you. And it's what allows you to be able to get your foot in the door and to be able to potentially pull that ideal client away from one of your competitors. So the third and final thing, and all of these pieces end up really playing well together. But the third and final thing is how do you over deliver, so that you can build raving fans, and so when you're thinking about this, it's how can you set an expectation here, but then deliver two or three or four notches above it? In the real estate investment world, one of the ways that we set up to over deliver for our clients is that we set our return projections lower than we expect them to be. Now does that mean every single deal is going to end up being a homerun out of the park way above those expected returns? No, we can't guarantee it, but we're going to do everything in our power to be able to create enough buffer, enough space so that it always feels like we're over delivering to our client because at the end of the day, when you do what you say you're going to do, and you do more than you say you're going to do, you end up building a phenomenal relationship with your clients, where they're going to be very excited to go and share you and your product and service with other people who could be those perfect ideal clients. So one of the best marketing strategies is just delivering for those customers and being able to do so on a continuous basis so that you are really essentially building a strong brand. Now we think and we hear about building a strong brand, we know that it's important, but at the core of it, it's actually putting out an offer, an irresistible offer, and then delivering on that irresistible offer, and continuing that cycle over and over again so that the customer, your client, your prospect, that partner, your resident, whatever that term is for you, where they're able to have that experience of knowing that your company is the kind of company who's going to come through and do it. So in summary, what does this mean for you and your business? The core is these are three simple principles that you can sit down, have a little bit of thinking time on and ask yourself, how can I improve what I'm bringing to the table? How can I improve the clarity that I have on who my ideal client is? How could I maybe serve a different client who would actually be a better client for me to serve in the long term and might reduce a lot of the headache that I'm dealing with on a continuous basis? How can I make a better offer? How can I make an irresistible offer for them? And then how can I over deliver on a regular recurring basis so that I've built essentially a group of true fans whereby anything that you put out because you are the person who always over delivers, and they want nothing more than to support your success because you've been a big part of supporting there. So what you can do, obviously, is make some big changes in your business; if you're just starting out and maybe you're launching your real estate business, maybe you're launching another business, you can make sure that you're thinking through these things while you're planning, and as you're owning your business, you always want to be going back and continuing to up-level and do these things better. So a question for you. I want to know, let me know down in the comments below what irresistible offers have you been attracted to in the past or what kind of offers have you said, heck, yes, I'm in right now I've got to do it; this is a no brainer. Let me know down in the comments below or shoot me a DM on your favorite social media, so that I can understand what's been really working well for you. So with that, I encourage you to go out and sit down and think through how can I use this in my business today? How can I go take action and apply this to make a big difference in my business, and if you happen to be an employee, and you're listening to this, and you're thinking to yourself, well I can't apply this, I don't run a business? Every single action that you do is driving a business forward, so when you can take some of these strategies in the company that you're working for, and apply them you're going to increase your perceived value to your employer and therefore you're going to level up yourself because your client in this case happens to be the clients of your business as well as the business that you work for directly. So thank you guys so much, I look forward to seeing you guys next time. And again if you haven't done so yet, hit that subscribe button down below so you never miss another episode.
OUTRO: Thank you for listening to The Investor Mindset Podcast. If you liked what you heard, make sure to rate, review, subscribe and share with a friend. Head over to theinvestormindset.com to join the insider club, where we share tools and strategies from the top investors and entrepreneurs and how to take it to the next level.