In order to create the perfect offer, you need to first set your target on the perfect market. You have to know the Who, The What, and the How of you are aiming to serve. Today's blog comes from one of our foundational training's here at Traffic and Funnels about finding your target market.
A market is simply a group of people that you are equipped and passionate about serving.
Serving, as we know, means solving problems. What problems are you particularly passionate about (and equipped for) solving? I know there will be a number of readers who think, “Yep… I know exactly what to offer people and I’m certain on what I’m good at and what my best value to my market should be.” But most readers are just like I was when I got started – that’s okay… it’s literally what this chapter is for.
I had NO idea what I needed to offer. I read all of these stories and followed the popular thought leaders on social media and wondered, “What can I do so I can make that kind of money?” People will tell you that for people to buy from you they have to like you… that’s bogus! Business is about value and cash. If you’d like to test me on this, go out and offer as much value as you can for the next year, make people like you so much they click “like” on every post you write and comment on every picture you post — and see how much you get paid. You won’t get paid anything.
You will accumulate fans and followers, but your bank account will likely stay the same. This is NOT the goal. Your income isn’t dependent on whether your market likes you, it’s dependent on whether they trust you can help them do something they don’t know how (or don’t have time) to do.
This means, for you to have a great consulting business, you also need to be wise in selecting your MARKET. I know this from experience:
- Great offer + bad market = dud.
- Great market + bad offer = dud.
- Great market + great offer + poor marketing = dud.
Thinking about this has led me to create the following MODEL of [WHO] + [WHAT] + [HOW].
Let’s go over it together, and then I’m going to take you through a few ways to use this Who / What / How model to plug in your perfect offer…
Who + What + How Framework
Let’s get into the nitty-gritty. If this is your first time building an offer, do me one favor and fight the temptation to dive into the weeds every second of the way. Just go over this model once without getting lost — then go through it again with a pen and paper and start building.
This model is a series of questions designed to help you answer the key questions of niching down. Let’s go over the prescribed set of questions to identify who you want to serve and what you can do for them — then we will circle back and answer them in great detail.
The WHO and the WHAT:
- Who do I enjoy serving so much, that I might even do it for free?
- Does this market possess the requisite income necessary to pay at least $1,000 for a solution?
- What are the problems they talk about the most?
- What are the things they struggle with that they don’t want people to know about?
- How LONG have they been dealing with these problems?
- Pricing Hack: cost increases based on A) length they’ve been dealing with the problem and B) pain associated with dealing with the problem without a solution.
What I’ve just given you is a roadmap to identity your perfect market. If answered correctly, you will now understand who they are, what they’re struggling with, and why they want to get it fixed. If you don’t have answers right away, that’s fine. This will require THOUGHT and TIME. Here is an example to show you how this exercise checks out in real life.
This case study is about a client named Mark, and how he answered the questions.
Who do I enjoy serving so much, that I might even do it for free?
Mark’s Answer: Churches
Does this market possess the requisite income necessary to pay at least $1,000 for a solution?
Mark’s Answer: No, because their finances are bad and most churches fail.
Yes, you can create your own nonprofit, but if you want to create a business, then the market has to have the income. In the past, we’ve had people who’ve had offers to help struggling artists get found. It’s not a great business because they’re all poor. What Mark ended up doing was he pivoted to schools which funded a similar mission. The answer to the second question… does this market possess the income, became a yes they do because a lot of the time they’re funded differently through government programs.
What are the problems they talk about the most; what are the things they struggle with that they don’t want people to know about?
These are really important questions because it can give you niches and problems that become obvious.
So back to Mark’s example, as a director of a school, the answer to this question would be that they are embarrassed financially because they don’t have enough teachers already experienced and can’t afford to get new ones.
Now, if you could start talking about these things, this market would feel like you are reading their minds as they haven’t talked about it openly. When you raise it, they’re thinking, “Oh my God, this person does exactly what I need.”
You wouldn’t be able to write about these things if you weren’t asking these questions, right! How long have they been dealing with this problem?
The reason you need to ask this question is because if they were dealing with the problem for two weeks, they’re probably not desperate. If they’ve been dealing with the problem for two years, they probably are desperate. If they’ve been dealing with the problem for 20 years, they’re probably so cold from it that they’re not willing to make a change.
The ideal time would be right in the middle, not too short, not too long.
Pricing Hack: cost increases based on A) length they’ve been dealing with the problem and B) pain associated with dealing with the problem without a solution.
This pricing hack is a matrix you need to consider all the variables, because some problems are painful enough that it doesn’t matter how long it’s been happening. For example, our client Tasha who helps people conceive, has someone who’s been barren for 12 months, and they say, what do you charge? I’ll do it. Because their pain is super high.
The reason she became our client was because she was charging $80 for her wisdom which was nuts! She ended up charging six, seven, $8,000 for her program. And people paid it on the spot because they were in pain, had tried everything else, and badly needed the help. Let’s now switch gears and focus on YOU. “Taylor, I thought creating the offer was about the market, not about me!” Well, yes, that’s partially true. In fact, it’s closer to 90% true, but the last thing you want is to have a great offer for a good market and not be passionate about selling it to them. When you get on the phone to sell and collect money for your package, they’ll sense intuitively that you don’t care and this will be a bad thing for your revenue.
Also, you don’t want to burn out after your first three clients! I’ve seen many people do things just because they needed the money, and then give up when it gets hard because they didn’t care that much.
Let’s avoid that.
Is the Who + What + How framework giving you some clarity on you offer? You should check out our latest book The Consultant Next Door. It covers this and more. The Consultant Next Door condenses Taylor and Chris's hard-won years of effort into a step-by-step playbook for you to follow. Best part? You can unlock these secrets for the introductory price of $0.99 RIGHT NOW.
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In your service,