I recently read an article called “10 Things Self-Made Millionaires Do” that I was inspired to share with you. They are in order:
- Start a business
- Learn the art of persuasion & selling
- Set goals that lead up to a vision
- Ability to generate cash flow on demand
- Solve a problem
- Invest in educating themselves.
- Focus without spreading themselves too thin
- Surround yourself with Like Minded People
- Never make excuses.
Today I’m going to talk about the importance of solving a problem for your customers. So stick with me and we’ll get into it.
What I loved most about what I read what that it was the passion for solving a problem that was the key thing that drive self-made millionaires.
This is what differentiates self-made millionaires from the aspiring ones. While they want to make money, self-made millionaires try not to set their focus on the money.
Self-made millionaires try not to set their focus on the money.
They simply try to enjoy what they do, knowing that, in the end, success would bring in the million dollars they crave.
One truth is that solving problems helped self-made millionaires get people to invest in their businesses.
Crossing the chasm
Imagine that you and your client are standing on one side of a giant chasm. Your customer’s problem or need is to get across the chasm . They’ve hired you because they don’t know how to get across, and they need your expertise.
They’ll buy from you if they know, like and trust you. You’re offering a service that will help them achieve their desired outcome (to get across). That’s what they are paying you to do.
You want to be clear about what their problems (needs) are and what they want to achieve so you can help them get across the chasm. This is the transformation your clients are willing to pay for. Money is an exchange of value – they pay money for the value of your services.
On the other side is their ideal outcome. This is what they’re buying.
Your job is to help them across by giving them a product or a service that will help them get there.
They’re not buying the “how” (the features of your program) or an hour of your time.
Your customers are buying the result they want to have (the benefits of what you offer).
I’ve put together a series of questions that will help you become clear about what you are actually selling.
Why does your client want to buy your services?
- What’s their biggest struggle or challenge?
Think back to the metaphor of the chasm. Your client is on one side, they have a problem that keeps them up at night – it’s a pressing problem that they need solved.
They come to you because they believe you can help them achieve a better life, better health, build a successful business, get a better job or experience less stress in their life.
What’s their problem/frustration they want you to solve?
2. What is the desired result the client is looking for?
This is on the other side of the chasm. They need your help to get there. What is their dream – the result they’re willing to pay you to help them with?
3. I want you to think about your clients (your favorite client is good start).
Think of a time when a client (or friend if you’re a new coach) experienced a transformation as a result of your work.
Write down the transformation your client experienced. In fact – make a list of your clients and, under each, put the transformation they experienced. This alone will show you how much value you provide and it will validate that you either need to raise your rates or get your former clients to give you testimonials.
If you haven’t yet worked with a client, write down a time when a friend or coworker came to you for help and you helped them.
4. If you’re just starting out, imagine what your potential clients are struggling with and what services you could offer to help them solve their problems.
Note: If you haven’t yet worked with clients but you’ve helped friends whom you’ve coached, write down the transformation you helped them make.
If you have testimonials or feedback from people you’ve worked with, gather that and use their exact words. You want your potential clients to resonate with real phrases people say when they’re talking about their struggles.
5. What would it cost the client (emotionally) if they don’t work with you?
What would be their emotional and financial costs of not seeking your help?
6. How is your client’s life different because they worked with you?
What was their “before” situation when they hired you to help them? What did they experience “after” working with you?
If you’re starting out, imagine what they want to achieve but they can’t achieve it without your help. Remember they’re on one side of the chasm and their desired result is on the other side. They need you as their guide to take them step-by-step to the other side.
7. How would you like to deliver this transformation to your client?
Would you coach them two to three times a month? Would you offer this in a group program with the support of other people in the program? If you’re a consultant, would you offer this by the project or as a retainer service?
Make sure you would enjoy doing this – this is what we call your sweet spot – what you love to do and what the client needs.
8. What would you or your client be willing to pay for this transformation?
If you’re just starting out, write down a rate that you’re comfortable charging for your services right now. Then bump it up 20% – put that rate down. Coaches typically undercharge.
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