"Here's what I think..." + Money Doesn't Lie
Let's not confuse what WE want with what the market wants.
Over the past few days I've noticed several threads that are WAAAAAY more opinion than fact. (Although they are expressed as the gospel.)
Opinions are entertaining.
Facts are profitable.
Here's one example and what to do about it...
A repeating theme among membership site discussions is... "I don't think they work anymore." Or the ever popular, "I'm sick of them."
What?
What does that have to do with being profitable?
Membership sites flat out work in some markets.
Here are just 3 of mine...
Site 1: 2,436 x $9.95 a month (Average stay 18 months)
Site 2: 34 X $97 a month (Average stay 5 months)
Site 3: 281 x $29.95 (Average stay 14 months)
The reason we're sick of them is a couple of years ago recurring revenue was the theme of the year. Everyone signed up for a dozen or so memberships. Forgot about them. Didn't use them. Then got mad at subscription sites instead of getting mad at themselves for being gullible or lazy or both.
How you and I feel about a particular business model does not matter. What the market wants is what matters.
So how do we find out... survey them?
Are you nuts? We all know that customers lie and tell us what they think we want to hear. It's like taking a personality test, you always mark the answer that puts you in the best light.
Instead of surveying...
Step 1: Research where people are spending.
Money doesn't lie.
People, on the other hand, lie all the time.
"Uh, I don't spend that much at Starbucks."
Login to their checking account.
$120.64 spent last month on Starbucks.
Daaaaaaaaang.
They lied, but the money didn't.
Step 2: Write down the delivery system of the product.
Know what format people are buying.
Step 3: What's the core benefit?
What is the #1 result gained from the product?
Step 4: What's the core emotion?
What's the REAL reason people bought the product.
Ex: weightloss.
Only in rare cases do people lose weight because of health. Most of the time it's because they're sick of no one on the planet saying, "Wow! You look great!"
They're embarrassed about they way they look and feel.
But get this... if no one else was on the globe they wouldn't care.
So they are not losing weight for themselves, but for others.
You have GOT to get to the core emotional driver for everything you offer.
None of these steps is difficult, it's just a lot easier to sit around talking about possibilities rather than gathering intel that actually reflects the market place.
Right?
Over the past few days I've noticed several threads that are WAAAAAY more opinion than fact. (Although they are expressed as the gospel.)
Opinions are entertaining.
Facts are profitable.
Here's one example and what to do about it...
A repeating theme among membership site discussions is... "I don't think they work anymore." Or the ever popular, "I'm sick of them."
What?
What does that have to do with being profitable?
Membership sites flat out work in some markets.
Here are just 3 of mine...
Site 1: 2,436 x $9.95 a month (Average stay 18 months)
Site 2: 34 X $97 a month (Average stay 5 months)
Site 3: 281 x $29.95 (Average stay 14 months)
The reason we're sick of them is a couple of years ago recurring revenue was the theme of the year. Everyone signed up for a dozen or so memberships. Forgot about them. Didn't use them. Then got mad at subscription sites instead of getting mad at themselves for being gullible or lazy or both.
How you and I feel about a particular business model does not matter. What the market wants is what matters.
So how do we find out... survey them?
Are you nuts? We all know that customers lie and tell us what they think we want to hear. It's like taking a personality test, you always mark the answer that puts you in the best light.
Instead of surveying...
Step 1: Research where people are spending.
Money doesn't lie.
People, on the other hand, lie all the time.
"Uh, I don't spend that much at Starbucks."
Login to their checking account.
$120.64 spent last month on Starbucks.
Daaaaaaaaang.
They lied, but the money didn't.
Step 2: Write down the delivery system of the product.
- Physical
- Digital
- Multimedia
- Book
- Newsletter
- Subscription site
- Etc.
Know what format people are buying.
Step 3: What's the core benefit?
What is the #1 result gained from the product?
Step 4: What's the core emotion?
What's the REAL reason people bought the product.
Ex: weightloss.
Only in rare cases do people lose weight because of health. Most of the time it's because they're sick of no one on the planet saying, "Wow! You look great!"
They're embarrassed about they way they look and feel.
But get this... if no one else was on the globe they wouldn't care.
So they are not losing weight for themselves, but for others.
You have GOT to get to the core emotional driver for everything you offer.
None of these steps is difficult, it's just a lot easier to sit around talking about possibilities rather than gathering intel that actually reflects the market place.
Right?
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