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Clarifying Your Offerings for Higher Profits
Imagine two stores sitting side-by-side in a popular shopping center. One is the go-to shop for just about everything you need. They sell tools, snacks, clothing, toys, books and household items.
The other is much more exclusive. In fact, the only thing they sell is chocolate. Belgian chocolate, Swiss chocolate, dark and milk chocolate, chocolate covered peanuts and chocolate covered strawberries. If it’s chocolate, they have it. And if it’s not chocolate, you won’t find it in their store.
At first look, you may think the chocolate store is limiting itself. After all, there are lots of other things they could be selling, right? The world is full of sweet snacks that aren’t chocolate, and what about other items that complement candy, such as flowers and candy dishes?
The truth is, though, if you’re thinking the first store—the one that sells a little bit of everything—is the more business smart of the two, you might be wrong. And here’s why.
When you clarify and reduce your offerings to only those that distinctly match your business goals, you will be in a far better position to attract your ideal client. Not only that, but you’ll have customers ready and willing to pay a premium for your precise services.
It might appear the store with everything has a lot more traffic. And you’re right, they do. Remember, no matter what you want, you can almost always buy it there. But because they stock so much and have to appeal to such a wide market, by necessity their prices have to be lower.
The specialty shop is different. They may have fewer customers, but the average client is much more loyal, spends more money per visit, and raves to her friends about the delicious treat she picked up this morning. The average client at the sell-everything store? A single rumor of a lower price at a new store across town, and he or she is gone without ever looking back.
What does this have to do with your coaching and offerings? Everything.
As a coach, it’s critical for you to know exactly what you want to provide, and to whom. If you simply create a hodgepodge of products with no clear direction and without a cohesive brand, you may make a few sales (especially if you work cheap) but you won’t gain a loyal following ever.
You’ll be like that first store, always chasing after new customers, because the old ones keep wandering away in search of a better price.
Take a look at your virtual storefront. Are your products all in keeping with your brand? Do they instantly tell a new visitor exactly what you do? Are they priced in line with your market?
Don’t be afraid to take a hard look at your current offerings and get rid of those low-priced, fringe products that are diluting your brand. Focus on the core products and services, and work to make them better and more valuable, and before you know it, your brand will have a loyal following, too.
About Torie Mathis
Torie Mathis helps entrepreneurs, small business owners, and coaches bridge the gaps, with no BS techniques, to get you from where you are to where you want to be. Her formula for success includes Mindset first, Skills second followed by Systemization to keep you rolling toward your goals in life and business.
Marketing + Digital Strategist, Business Coach, CEO, Designer, Army Veteran, Author, Speaker + Health Coach
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