When we look at our businesses we often think in terms of providing a service or product. But how do we decide which ones to offer and why are we providing them in the first place? It's not just to make money it is to solve a problem.
In a recent onstage presentation, Joel Roberts, highly-successful media coach, told a room full of authors that they needed to be in the problem distribution business in order to effectively market their businesses. What did he mean by this? Let's say that your talent is in internet marketing or life coaching. The key is to show how your talents can be used (distributed) to solve a problem or set of problems that exists in the marketplace. For instance, not all internet marketers or life coaches specialize in the same field but if they can apply their knowledge to a much-needed "hot" problem, they can be very successful.
Here are the three main questions you should be asking (and continue to ask) when you develop the focus of your business:
1. What is the problem that exists in the marketplace? Where is there a need? At first don't worry about how to directly connect your talents to the need. More importantly, just concentrate on this: What is the problem in the marketplace that others need solving? Some of the main problems people are willing to pay to have fixed are:
- Finances
- Healthier lifestyle
- Losing weight
- Finding a life partner
- Improving their relationships
- Having a more successful business
- Stronger self-esteem and confidence
What are people really hungry for? When it comes to solving problems it is more about what people want than what they need. Want is a big motivator in a purchase based on improving your life. You may need to lose weight, but it is not until you want to do you really take action.
2. Are you someone who can solve it? Can you deliver on this want in a way that is really effective? Can you provide great value? Can you deliver it in a unique way? Think about your talents and your passion and see if they are a good fit for the problems that you have identified in the marketplace. If you feel confident in your abilities to solve most of the pieces of a problem, but not all of them, don't let that stop you. Can you learn the other piece? Can you do research or get trained? Chances are you can. Very few people are experts in all of the content they deliver right out of the gate. We all need to brush up on the technical side or delivery methods of our products and services.
3. Are people willing to pay for it? Are people offering similar services? Are they offering all of the pieces you are or a just a portion? How are they packaging their products -- a book, tele-seminar, or a 3-month live course? What are they charging for it? Do they have bonus gifts?
If you cannot find anyone you would consider competition, there may be a reason for it. You may think you have a problem solved that is not in big demand, is not considered a want and people are not willing to pay for it -- then don't waste your time. Make sure you can thoroughly answer these three questions before investing time or money in distributing your talents for a problem that does not exist.
Peggy McColl is a New York Times best-selling author and an internationally recognized expert in the field of personal and professional development and Internet marketing. As an entrepreneur, business owner, mentor and professional speaker Peggy has been inspiring individuals to pursue their personal and business objectives and achieve ultimate success. She provides effective Internet marketing solutions for entrepreneurs, authors, publishers, professionals, and business owners, who want to establish an online presence, achieve bestseller status, build their brand, grow and/or expand their business online. You can find out more about Peggy at her website, Destinies.com.