Transcription
There is one product that you can add to your business that will probably add over a million dollars worth of sales. It will make [music] you more profitable. It will get you the right clients. It will get you better clients. It will make your client relationships go more smoothly. [music] This one product is transformational.
Now, before we go in and explore this particular product, let's explore a key idea or a big idea first. And the idea is products and services don't make profit. Product and service ecosystems make profit. Now, what do I mean by that? If we were to take all the products and services that Gordon Ramsay sells, you'd find lots of books, lots of restaurants, lots of media assets, all sorts of stuff online. >> [music] >> And you'd probably go, "Oh, what if we replicate each individual thing separately?" And you'd find [music] that it's probably not that profitable. However, if you put all of that together as a little mini empire, it's very, very profitable. So, products and services on their own are not what create profit. It's product and service ecosystems that make profit.
So, let me introduce you to the product and service ecosystem that I recommend, and then we're going to zoom in on one particular type of product that will make all the difference for you. So, a product and service ecosystem is one that has four products. This is my favorite product and service ecosystem. And we have a [music] gift, and a gift is something you can give away for free in order to get attention. A product for prospects is a product that builds trust. A core offering is the main thing that you do. And a product for clients is an ongoing relationships or maintaining high standards.
So, let me give you an example. If we were to take something like Porsche 911 or Porsche, they have all sorts of free content on YouTube that you can watch. That's a part of their gift. Um they have their stores, right? You can go in and have a look at the Porsche, and you can have an in-store experience. They have something called the Porsche Experience Center, where you get 90 minutes driving the Porsche around a track, and that's about $700. And then they have their Porsche range of cars, and then they have their finance and insurance products. [music] So, gift, product for prospects, core offering, product for clients. That's a big example. But you can see the same thing happening with coaches. Coaches might have online masterclass for free. They might have an online assessment or a scorecard as a product for prospects. They then have their main coaching packages, their core offering. And then they might have annual retreats as their product for clients. Right? So, you can have all four of these categories. >> [music] >>
Now, when I've been launching my first businesses and I get seven figures worth of revenue in the first 12 months, and then we scale from there, I focus on just these two products here. So, what I'm focused on is the product for prospects and the core offering. Those two products. I don't worry too much about gifts, and I don't worry too much about product for clients. I'm just focusing on these two products here. The product I want to focus in on today is this one, the product for prospects.
Product for prospects is the easy first step that you can make in the direction of buying the core offering or the core product. So, think about your core product is what you do today. That's the main thing that people buy from you today. But what we want is a pre-product, an early stage product that makes it easy to buy the thing that [music] you do. So, let's have a look at some of your options. Some of my favorite options are a workshop. Now, a workshop could be physical. It could be uh a real workshop that you run in a physical location, but today it could also be on Zoom, and you take people through a workshop. It could be an online assessment. >> [music] >> It could be a opt-in mini course. It could be an initial experience. It could be a discussion group. It could be a membership. Right? So, these are just some of the examples of what you could have as a product for prospects. >> [music] >>
The key here is that it creates trust, it creates education, it creates rapport, and it allows people to warm up to the idea of buying the core offering. So, let me give you some examples. Over the last 15 years, I've run a very, very successful entrepreneur accelerator at Dent called [music] the Key Person of Influence Accelerator. We've never really promoted the accelerator. We only really promote either the assessment or the workshop. Those product for prospects are the things that make people feel warm to doing the accelerator. Now, what that's also led to is the fact that the people who end up on our accelerator have been through a screening process. So, we very rarely take on customers who are not the right fit for what we do. We always give a chance to learn about what we do, and we get a chance to learn about the customer as well, so that [music] it's always a good fit that the clients that we take on board for our core offering have [music] been through this process here, which means that they're going to be a great fit. There's all the education, all the trust, all the rapport is there, so that people buy this with their eyes wide open. >> [music] >> And it's a lot easier to sell a workshop or an assessment than something that requires a bigger commitment like an entrepreneur accelerator.
Another one of my businesses is Rethink [music] Press. Now, Rethink Press has publishing packages uh where we work with published authors to distribute their work and to promote their work. And rather than selling those publishing packages, we have [music] workshops, assessments, mini courses, experiences, and all of those things are where we put our promotional effort. So, we're never actually [music] promoting the core offering. We're promoting the product for prospects, and the product for prospects makes it obvious that you want to have a core offering. [music]
So, what are some of the key ingredients for you to have a product for prospects? A great product for prospects, let's zoom in here. It's going to educate and entertain people, [music] and it's going to help people to understand what we call their situational model. The situational model will explain where they are now. It'll explain where they want to be. Right? So, their current situation and their desired situation. It'll explain [music] what are some of the obstacles they would face that would be in the way. And then it will showcase a path of least resistance. And that path of least resistance will have a set of processes and principles that make it a step-by-step path of least resistance. [music] So, it doesn't really matter what you're selling. You're trying to show people that you can connect and understand with where they are now. You understand where they want to be. You understand the obstacles that they face, and you've got a way of getting them from where they are to where they want to be without hitting their obstacles. So, essentially, that's the key content that goes into the product for prospects. >> [music] >>
As I said, the best examples of things that speed this along, assessments, workshops, mini courses, discussion groups, all of that should be a way of packaging up this product for prospects. >> [music] >> So, you've got lots of different options here. And then the more people who have engaged with your product for prospects, the more they naturally feel that they're ready to make to work with you as a client, and then they're going to sign up to the core [music] offering. So, rather than selling your core offering, sell the product for prospects. Start with a workshop. Right? An introduction to blank. Start with an assessment. Are you ready to blank? Right? Those are the two most effective ones. So, if you're wondering where to start, start with these two. [music] A workshop called how to achieve blank or an introduction to blank. >> [music] >> Or an assessment or and an assessment, which is are you ready to achieve blank? Are you ready to prevent [music] blank? Right? So, an assessment and a workshop, those two things being the product for prospects, that is going to be where you put your marketing effort, and then the product for prospects will tell people that they need your core offering. [music]
If you implement that, you'll probably have an extra seven figures worth of business in the next 12 months. I hope you enjoyed that. I'm going to put some more videos out next week. Please subscribe. Please like. Give us a comment. I read all the comments. And if you want to join me for a live workshop, we go into detail and we do Q&A on all of these kind of strategies. I hope to see you there as well. Okay, I'll see you soon. All the best.