The “It Factor” Formula
In a previous post, we had talked about some things to look at if you’re offer isn’t selling.
Hopefully by now you’ve had a chance to look at your offer and it’s starting to get traction.
The fear of burning yourself out from working hard and not producing any results has subsided. People are starting to see the value in what you do, and you don’t feel like you need to constantly “convince” them to buy anymore.
Cool! Now what?
For many of us starting out, venturing into the world of entrepreneurship was about freedom. Freedom to be our own boss, be creative, and express ourselves through our work.
Now that we’ve had some success with our offer, the goal is about building a thriving business, growing our influence, and eventually becoming an authority figure in our space.
The way to achieve those things is to craft an offer that’s easy to sell AND will have the demand to scale.
And to scale means to be free. *Fist bump*.
The It Factor Framework is very elegant and simple means of determining whether or not your offer is scalable.
Imagine two perpendicular intersecting lines (that look like a cross).
On the vertical axis, we have high results and we have low results. On the horizontal axis we have high demand and we have low demand on the other side.
The demand you will have is determined by your market research — these are the things that everyone was asking for when you put together your offer. I encourage you not to guess at this… everyone thinks the demand for their offer will be high until they begin to actually offer it. Market research means asking people what they want then seeing if they’ll actually pay for that offer before you move ahead to create it.
If you didn’t do much market research, you may want to go to your market and ask the question “what is the first step that you need to take in order to make this change?” This question helps you discover what people think they need so that you can figure out if you’re going to solve this issue for them OR if you’re going to use messaging to educate them on why this isn’t going to help them solve their problem.
Ultimately, If you don’t know what they think they need, then you’ll never get their attention.
So, when plotting your market research in the model, we have four separate quadrants. If you know that you can get BIG results for a client, but the demand is on the lower side, then in order to create a successful business model around it, you’ll need to specialize and build something at a very high price point. You’ll work with few clients at a high ticket if you want to move forward with this model.
If you can get high results and there is high demand, this is a scalable model. Build it out and begin the process — it looks like you’ve hit the jackpot!
If there is high demand, but you can’t get high results, then you’ll want to tweak your offering to ensure that you’re delivering on a big, important promise with confidence.
And if there is low demand and you’re not getting people results consistently, then ditch it.
Take an honest look at your offer and see where it lies on this spectrum.
What will you be doing to tweak your offer and move it to the “Scale It” or “Specialize It” quadrants?
And whenever you’re ready, here are a few ways we can work together further…
Join our free group
My favourite thing to do is to hatch client creation strategies and I often shares the behind-the-scenes strategies we’re working on inside our High Ticket Selling Lab group. Click here to join.
Watch one of our free trainings
We currently offer two free on demand classes. The first will help you create a pipeline and fill it with qualified leads. Click here to watch the Prospecting Class. The second class will help you close more sales in 5 simple steps. Click here to watch the Closing Class.
Join our Sales Appointment Mastery Program and become a Case Study
I’m putting together a new case study group this month that will show you how to book more sales appointments… stay tuned for details. If you’d like to work with on a process for generating more sales calls online, just message me here with “Sales Appointment Mastery” and I’ll send you the details.
Work with me and my team privately
If you’d like to work with me and my team directly to help you build a 6- or 7-figure business, just message me here with “Private” in the subject line and tell me a little bit about you and your business. I’ll send over all the details.
And also, if you’d like a free copy of my book that shows you the 12 Foundations to build a business that is fun, fulfilling, and financially freeing you can grab that here: heatherprestanski.com/book