Ep. 88: The 7 P's to Profitability (part2)

In this part of the discussion about the 7 P's to profitability in your personal brand business, you cover the remaining four steps: Product (Service), Packaging (Pricing), Pitch, and Partners. Here are the key points from this section:

Product/Service:

• You emphasize the importance of having something to sell in order to profit from your personal brand business.
• You mention that you primarily sell labor and services in small business startup coaching as well as digital downloads of documents.
• You suggest that whether you sell a product or service, you need to position it correctly in the market, which you will discuss further.

Marketing Strategies:

• You stress the importance of setting marketing goals and objectives as part of your marketing plan.
• Defining your target audience, including their demographic characteristics, helps in tailoring your marketing efforts.
• You mention that researching marketing tactics is crucial, considering the wide range of available options.
• The planning phase involves selecting the marketing tactics and channels that align with your goals and target audience.

Packaging (Pricing):

• You briefly introduce three ways to price products and services: product-based pricing, value-based pricing, and hourly pricing.
• For product-based pricing, you discuss pricing tiers based on the market's willingness to pay.
• You explain that value-based pricing considers the value and return on investment that a client receives.
• You mention that pricing options should be thoughtfully considered and related to the time and effort you invest in delivering the product or service.
• Payment terms can vary, from 100% upfront to partial payments at various project milestones.

Pitch:

• You stress the importance of quality copy and clear messaging in marketing materials.
• Engaging titles and high-quality images are crucial for grabbing the audience's attention.
• You advise that the pitch should align with the content or message to maintain consistency and clarity.
• You recommend seeking guidance from Martin Barnes, the Pitch Coach, for refining your pitch.

Partners:

• You clarify that in this context, partners refer to a team of professionals rather than business co-owners.
• Building a reliable team to handle critical tasks beyond your expertise is essential for business success.
• You mention the importance of knowing your "zone of genius" and delegating tasks that others can handle.
• Recommending others in your network for services you don't offer can build trust and reputation.

Overall, this section provides valuable insights into product/service development, pricing strategies, effective marketing, and the importance of building a supportive team for your personal brand business.

If you have questions, or just want to talk about your situation for a bit, you can set up a free 30 minute discovery call by clicking on the calendar link on the website at www.tomclairmont.com

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