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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