The 8P’s of Business Growth

July 2, 2021July 3, 2021

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Sharp rise in number of new businesses being launched post pandemic. According to United States Census Bureau, the applications to start new business rose by 68.7% in May 2021 compared to the previous year. A lifetime opportunity to launch and grow a new business is NOW. But in view of COVID-19 pandemic, everything from working to socializing to ordering and shopping online has become the norm. So formulating right strategies of business growth online is vital to success.

95% of the time innovative ideas for company growth comes from finding ways to building a winning offer to succeed both online and offline. Even if you are a very smart marketer and business owner, a fundamental perspective shift in business growth strategies is the need of the day.

What I am alluding to is “how to grow business online” start with “a winning offer”. In this blog, I am trying to come up a framework to build a winning offer and referring it as “The 8 P’s of Business Growth”. The premise of this blog post is that, many a times the businesses I work with and monitor closely have a broken offer. They try and increase marketing, apply all sorts of “Strategy-de-jour” and at the end of the day the single biggest SHIFT in business is “Fix your messed up offer!” You’ll see a common theme throughout this blog post and it’s based on wisdom I borrowed from few distinguished exponential online entrepreneurs succeeded in generating millions in sales over the last decade. Go through these, look at your offer, and see which of these 8P’s could help you streamline, accelerate and scale your business online much faster.

Before we proceed, I would like to clarify one thing. The framework presented in this blog post equally applies to both the online and offline growth of businesses. I gave the shades of online at the start, mainly to connect with the small to medium entrepreneurial startups in recent times that are focused online.

1. Product

The powerful business growth ideas start with the “Product“. The first and most important part of an offer is what you provide to a client or customer. Doesn’t matter what you do or provide, you need to be crystal clear on what it is you do and be able to communicate it effectively. This includes the results, benefits, advantages, and why each element is going to make things better, faster, or easier for the customer. Breaking down each element and connecting it to the outcome, result, and pain it fixes is essential. If you cannot effectively explain in simple terms what your offer is, and each element of that offer, you’re done before you start. Examine the offer, is there anything you can remove that’s a “Filler”. Too many times I see offers that throw in a kitchen sink where it’s not needed to “Stack Value”. Always think, “What can I do to make my offer Faster, Better, and Easier?”

Higher ticket clients and customers don’t want to buy “Problems” or “Friction”. They tend to be busy by default. Done-with-you, Done-For-You or “Fast Track” elements are like grease on the tracks from where they are right now to a closed deal. Remember, people don’t give a damn about you, the cool system you have. They care about the result, outcome, and relief from the frustration, anxiety, and problems they currently have. THAT is what they care about more than anything. If that value is seen as a good exchange for their attention, investment of time, and money then you have a customer.

Think of it this way… You have a car, they know the destination they want to get to, are you the best way to get there? They don’t care about the way the engine works, the cool fuzzy dice hanging from the mirror, or the spinning bloody rims. Can you get them there fast, in comfort, without stress and when they settle in, then they can enjoy the ride to get there. If you turn up in a Ford Pinto and the guy next to you offers them a ride in a Ferrari, who do you think they WANT to ride with if money is not the primary issue (And if it is, get a different class of customer!). Alongside to this, remember that many a times you first need to convince your customer online before they touch and feel!

2. Perception & Position

Hmmm, let’s stick with the car analogy for a moment…How an offer is positioned in a market is critical. Is the offer positioned or perceived as a Ferrari or a Ford Pinto? This is the 30,000 ft view of what you do, reputation, industry perception, competition. How can you raise your position and perception to be the most desirable option in your field? What can you do immediately to increase the perceived value of the results or outcome you provide that accelerates desire? By thinking at a larger and wider angle we can focus on the next steps. In a world of people competing on price, I will ALWAYS opt to be more expensive than everyone else and that’s ok. I may have some lower-cost ways to get to the Ferrari (A tour around the garage to look at that sexy wee beastie… if you will.) Ultimately they need to see the Ferrari as the core as we’ll get to in a wee while. Take a look at this kool book from Matt LeMay.

3. Perfect Prospect

Who is your perfect client or customer? The one customer profile that if you ONLY got paid when you delivered real results then THAT is the ONLY person you would work with. Further, what are you doing to attract that customer and dissuade bad-fits and misfits? Do you have a “Sales Prevention Department” that weeds out those bad-fit clients in your sales process? Identify the qualifiers and disqualifiers and ensure that every aspect of your marketing, copy, sales process, and ethos of your company is very focused on attracting that PERFECT prospect and having a conversation with them only. Just focus on closing that PEFECT client.

4. Pricing

Going further in a rabbit hole of finding strategies to grow a business, Pricing comes next as a critical pillar. but you know, often people go with “What other people are charging”… I hate that. Simple, small changes can have a HUGE impact on profits. It’s not simply a case of “Double the price!” that we see many people preach. That’s a sure-fire way to kill your conversions. Gradual increases in prices are a smarter way to move the needle faster. First, what is the industry average price? Find that and go 20% above that as a starting point if you are unsure. I would rather be more expensive than “Bargain Basement” or the “Cheaper Alternative”. Once you have your base price, measure sales and get a baseline. Then, raise prices an additional 20% and see how that affects sales flow. If it drops a little, are you still making more money overall with the price increase?

Making more money for less effort… Yeah, I like that. Incremental changes will find the best profit per sale. Additionally, always offer three core versions of the same program. Focus on the “Group” option first as the core sales vehicle. Let’s say $7,700 for example. Then test that at $9,240 (approximately a 20% increase). Notice the use of uneven numbers. People psychologically take those as more legitimate in high-ticket sales as there must be a reason that they are like that. Yet, I see very few people use this strategy. People see $8k or $10k as arbitrary numbers pulled out of thin air. Even the good ‘ol $9,999.99… Come on really? Your prospect is smarter than that, really! Just ask them. Then offer a “Done-With-You” option at 2.5-5x more. Where offer a team provide help, leverage resources, etc. This is obviously dependent on the product but now you have a premium package.

Next, for those that cannot afford the core or DWY options, have a “Self Directed” version (never EVER mention discounts! Do you ever see a discounted BENTLEY?) That is a “You’re on your own” version that they can go through and implement as they see fit and usually make that sub-$5k. One thing you can also do is offer “À La Carte” upgrades and options after the sale or credits between levels for a small premium. There are other ways and methods to increase offer value such as time limits for access, extensions, and other strategies discussed in this group, masterminds, or “Big Dog” offers. A big-dog offer is an access to YOU in a personal attention manner. For example, office days, private access, personal mentoring, etc. One of the $100k offers I come across from a very successful entrepreneur is his private “Bat Line” cell number, Voxer access, and access to his private network of 7-9 figure financiers and capital. Handbook on the Psychology of Pricing is a great read on pricing!

5. Presentation

How are you presenting your offer to your perfect prospect? Are you communicating the value of what you offer effectively? Are you able to articulate the return on investment and time? Are you showing a clear path to the desired outcome? Are you doing it FAST enough to draw them in or are you posing in front of a Lambo on your way to a rented private jet telling people how wonderful you are? Sorry, no one cares about you when they first see you or hear you. Hate to break it to you! They care about ONE thing only, themselves. Why should they invest their time or attention to read, watch or engage with you? It doesn’t matter if it’s a webinar, Video Sales Letter (VSL), Facebook ad, or long-form sales page. If they have a problem you solve, you have seconds to communicate that you can show them a way to get the result they want faster, easier, and better than anyone else.

The shortest distance between two points is a straight line. Make sure your marketing, in ALL forms, reflects that. There are 4 elements we embed in EVERY marketing process and these are from the customer’s perspective. Why Me? What is in it for me, why should I engage or invest attention? What result or outcome can you get me? Why You? Why are YOU the one to help them? What’s your authority, credibility, your results, numbers, stats, etc? Why This? What is it you’re offering (Your Offer, Book, Product, Coaching, Service)? What are the results others have got? What will make their lives/business/outcome better, faster, easier? Be crystal clear! Why Now? Are there limits on access? Capacity, scarcity, urgency? Why take that next step NOW and not tomorrow? If you are not using these elements in your ads, VSLs, webinars, LFSP’s then there’s a problem. If you suck at copy, hire a copywriter. Guide them with many of these points and the results you get from them will be 100x better than if you let them “Guess” what would be best.

6. Proof

Got testimonials? Great, use them… EVERYWHERE! Don’t have testimonials? Get some! If you don’t have testimonials you can give a few copies or versions away of your offer in exchange for case-study-focused testimonials. Get them on a Zoom call, ask questions, slice and dice the recording for sales material, testimonials, ads, etc. Poll existing customers to hop on a Zoom call, make sure they are well lit, good audio, and create a page of these. Put them on sales pages, embed them in VSLs, use them as ads. Proof is one of the most powerful sales tools in your high-ticket arsenal, use them. You cannot have ENOUGH proof of results. Building Proof is one of the key tips for growing a business

7. Process

What is the process you use to connect with your perfect prospect and get them to enter your world? There are a ton of ways to do this. Some are simple, direct, and fast but can be more expensive to acquire that lead. A Sales Letter or Direct to VSL – Book a Call, etc. Other processes can take longer but allow you to build your business for free or at a profit. (Book Funnel, Mini-Class, Webinar, FB Group, etc.)However, become obsessed with metrics. There are many KPIs you can focus on but the main ones we care about are simple. How much did it cost to get the lead? How much to get them to the call? What is their lifetime value? It’s REALLY that simple… How much did I spend, how much did I make? If I spend $200 to get a call, it takes 4 calls to get a $10k sale and my costs are $2k. That’s easy math. Many times, anything else is mental masturbation and unneeded.

You can get to miniature when your offer is fixed and baselines are firmly established. That’s FINE-TUNING your offer once all the bottlenecks and bullshit are fixed. If that client is with me for X years and spends an additional $5-$25k over that time I can factor that into everything I do. If I look at 3-6-12 month value as a starting point I can work with that as things scale and grow. Another factor is today’s sales vs tomorrow’s sales. If only 3% of my leads are ready to buy today what can I do to nurture the other 47% that may be ready to buy within the next 6-Months?Bottom line, do you have a production line process that takes a lead on the journey best suited to them to either act today if they are ready or act tomorrow WHEN they are ready? Your sales system needs to reflect the customer’s needs, readiness, and reasons to act today or tomorrow. Give them the off-ramp when they are ready to take that next step in uncovering growing business ideas.

8. Promotion

Where are your perfect customers? Where do they hang out, relax, and pay attention? Are they consumers of video, or are they readers? What are you using to get their attention? When you have a production line process in place your sole intent is to FEED that machine with attention. You can create a wide range of “Welcome Offers”, calculators, resources, cheat sheets, fast-tracks… Doesn’t matter…FEED THE CONVERSION ENGINE! Yeah, I had to bold that because once you have your core process ready, and your offer focused, feed that glutton! Start simple, focus on the most important results, outcomes, and problems you solve. Highlight the faster, easier, and better ways to get them there. Cut all the fancy gimmicks, Wizz-bang tricks, and BS.

You can test and play with all that later if you want to. We’re not talking fine-tuning here… We’re FIXING a messed up offer. Speak to the human. Continue the conversation in their head. Show them the path forward to where they want to be. You don’t need to do what everyone else is doing (Most of them are struggling to make it work too!)I see this all too often and I used to do it too. One person SEEMS to be doing really well and the entire industry copies them and everyone struggles…Then another “Expert” seems to be doing well and everyone rushes to that side of the boat… Ad infinitum (Intentional Pun) You don’t need to stand in front of a camera waving your arms with a tutu, pom-poms, and a strange hat to get attention.

It really doesn’t look good on you I promise. Here’s a simple fast-track method:

• Results – How to solve the immediate problem as well as the next problems they haven’t even thought of yet.
• The Pain – What are they feeling? The frustration, the outcome if they don’t address the problem. What has happened to others? But it’s ok, you can help them avoid that fate if they let you show them how.
• The Proof – What others have done by doing what you will show them.
• The Outcome – What is their future like once they have solved that problem? What can they do next? What was their life or business goal… How much closer will they be to getting there?

So, there you go. 8-Ps of Fixing a Messed Up Offer. Choose2Lead and Think about where your offer is, what you can step back and take that 30,000 ft view. Think about how some of these tweaks can amplify, accelerate and give you a powerful NO BS advantage that makes your offer instantly more desirable and appealing. Enjoy!

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