Bulid to Sell (Part Deux)
Lesson 16 from: FAST CLASS: Turn Your Service Into A ProductTara McMullin
Bulid to Sell (Part Deux)
Lesson 16 from: FAST CLASS: Turn Your Service Into A ProductTara McMullin
Lessons
Class Introduction
03:15 2Change How You Think About Your Business
02:05 3The Profit in the Process
00:55 4What is an Asset?
02:39 5Set a Different Goal
02:15 6Name Your Unfair Advantage
02:31 7Document Your Client Intake Process
09:22 8Identifying What You're REALLY Selling
02:53Apply Your Unfair Advantage
02:41 10Build to Sell
08:56 11Observe What Matters in Your Customer's World
05:43 12Identify & Engage the Opportunities
01:25 13Test Your Response
04:01 14Describe the Transformation
04:22 15Find & Test Your Key Insight
08:59 16Bulid to Sell (Part Deux)
09:36 17Price Your Product
09:26 18Make Your Offer
05:43 19Gather Feedback
06:51 20Iterate, Reposition, Differentiate
08:02 21Create the Ideal Customer Experience
03:21 22Identify What Your On-Boarding System Needs
03:59 23Analyze System Needs & Solve Customer Problems
05:10 24Automate Your On-Boarding Process
04:39 25Get Attention
05:10 26Get Commitment
01:33 27Get Buy In
07:50 28Get the Sale
11:27Lesson Info
Bulid to Sell (Part Deux)
it's now finally time you finally have the framework that you need the selling part, the marketing part that you need to make sure that the thing that you're building is actually going to work and the way we make decisions about formatting, packaging, pricing all has to tie back to the marketing framework that you've just created. If it doesn't fit in the marketing framework, if it doesn't fit in the sales framework, it doesn't fit in your product period. So once you've done all the previous steps, you can finally start making really good decisions about actually building your product. Finally, if you don't do the work ahead of time, if you don't do the previous steps, you are much more likely to make a misstep when it comes to actually building your product. So we're going to answer questions like how do I decide what to build? How do I know how to package it? How do I know the best way to deliver it? Uh these are all questions that are functions of the decisions you've already made a...
bout why this product will sell and about how it will achieve the transformation that you've promised. If you don't base the answers to those questions on the work that we've already done again, you're much more likely to have a product development flop and I don't want you to have to experience that. There's no reason to experience that anymore. You've got the keys to the kingdom. So make sure you do those steps ahead of time, so that you know how to answer these questions based on why the product will sell and how it will achieve the transformation that you've promised. So step nine finally is billed to sell? Actually build the product. So let's look at what this entails. First of all, there's no right way to do this. Any product idea could be built in a number of different ways. You just want to figure out what you want to build. All right. So I don't want you to focus on like is this the right thing? You'll figure it out in the process, whether it's the right thing, you just need to start at base these decisions on the framework that you've already created. So here's what you want to consider. What features would help my customers get the best results. Then you want to ask yourself what features would help you create at your best, what features would allow you to create at your best. All of us have different strengths when it comes to communicating what we do, teaching what we do, sharing the ideas that we have, what is it that's going to allow you to create at your best, what constraints are you going to put on it? So that you can do your very best work throughout this throughout the process of building this. Think and ask yourself what is your customer expect from a product like this? This is this is a little bit of a tricky one because it's going to force you to think again about what already exists out there, But it's an important one. What does your customer expect from a product like this? Sometimes you can do something opposite to what people expect and use that as a selling point. But often you need to create a sense of familiarity with your product. So you want to take into consideration expectations that already exist and use them to your advantage. You can do it either way, but you absolutely must consider this question. You don't want to create your product in a bubble. Uh then you want to ask how could I package my product to reinforce the transformation it creates. In other words, how could you build it so that it's mirroring the transformation that you're creating, how could you build results and action or or change into the very product itself the way you deliver it the way you package it. And then finally how does the way I deliver this product affect my business operations? How does the way I deliver this product affect my business operations? In other words don't make a change in your business that you don't want to make, just because you want to put this product out there, I run and I see that all the time people are like, well I want to create this product, I'm just a little afraid that it's gonna do this, this, this, this and this to my business operations. Like, well don't do that please, because that sounds awful. Um or you think it's going to be awful. So it's not a good it's not a good solution for you. The answers to these questions are all about figuring out you know what's going to help people get the best results. What's gonna help you get the best results and then also what are the constraints that you want to put in place? What do you not want to do with this product? What would be bad for you as an individual? What would be bad for you uh in your business? What would be bad for your team? Put those constraints in place? Say no I could do this but I don't want to give yourself the permission to say I don't want to do that in my business. Okay then as you start to answer these questions you can really build it up around that marketing framework that we have. Let's look at what this thing is actually gonna be. What is actually going to look like and what it's actually gonna look like is not much. That's the good news. Your day is of spending months and months and months building a product are over. Don't do it again. Okay. A minimum viable product is the way to go. What is a minimum viable product? Your M. V. P. Or your minimum viable product is the smallest thing that allows you to build measure and learn. Um I used to use the quote that your minimum viable product is the smallest feature set that someone will be willing to pay for it to get the results that you're promising. Um There's uh that's a little bit problematic not to mention, it's also a little jargon. E um but essentially what this means is that the smallest thing that you can possibly build uh that will help you actually build something and offer something measure whether people get results and then learn from those. That measuring is the most. That's that's what your M. V. P. Is payment in some form is extremely important if you can get people to pay cash money that is the best thing. But you can also get people to pay in time and you can get people to pay with information like an email address or a survey response or feedback. Okay so that means that an M. V. P. Might look like uh are you interested page? That's essentially like a super short sales page where you ask people for an email address, does this sound good? Does this sound like something you'd be looking for? Put your email address in here and I'll let you know when it's available. You're not built anything. You may not even be building the thing but you know you get to a certain number of email addresses and you feel like this is this is validated and the biggest thing that I have to say about building a minimum viable product is that it's not cheating. It's not cheating. It's not cheating to sell something before it's built. That's the way you do it. This is the way that you create something with people. It's the way that you create something for people. It's the way that you ensure that as many people as possible are going to get results the first time through. Not to mention. It's the way that you ensure that you're going to get results without having to invest load of time or money or energy into building it. Okay so here's some ideas for things your M. V. P. Might look like. It could be a landing page with a description of the product and a sign up form and it could be a complete guess. You just guess you put it up, you see what happens, You promote it just like you promote any other thing. You put it out to your email list, you put it up on social media, you say hey I've got this idea or hey I'm working on this thing. Are you interested? You might create a no frills version of the product that's actively sold to the right people. That's the Quiet Power strategy example. Or I love this one. You might create a concierge project that's built to customers exact specifications. I mentioned this one in a previous lesson and this is uh they actually mentioned this in the lean startup book but what this looks like is I've got an idea for a product I know who I want to sell it to. So I'm actually gonna work with that person or a few different people to build the product with them and make sure I'm building something exactly the way they would want to use it. And again you want to charge for this. This is not about working for free. Uh This is about charging for this. You're not going to charge them the same amount that you would work. You know working one on one. Although you might. Um But instead you're thinking about how this is going to turn into a product and you want to be up front with them about that too. It's it's that's part of the deal. All right so your task for this lesson is to create the M. V. P. Prototype for your new product, create the M. V. P. Prototype for your new product. Could be as simple as a landing page. It could be as simple as an email that you send out to a few people. It could be a concierge product product that you build with five of the right people. It could be all of these different things but build your M. V. P. Commit to it. Now. It's something that you could do tonight. It's something you could do immediately after you watch this lesson. Get out there, build it, put it together use the marketing and sales framework that we did in the first eight steps of this process to make sure that what you're building is really, really built to sell.
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a Creativelive Student
I'm in business a looong time and know a lot but... Tara is great, the course is great and it is a MUST SEE for every entrepreneur. I'm not a native speaker (from Germany) but I can follow Tara very easily and there is the transcript... just in case ;-) Well done!!!
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