Here’s a tried and tested way to create a new and highly profitable service that will be all-but irresistible to your marketplace.
It’s based on an easy to follow, 3 step formula!
1. Identify their major problem
Identify the biggest challenge facing your clients and prospective clients. If you think you’ve identified it, BUT it isn’t a big enough problem to keep them awake at night, you haven’t found it yet. So keep looking!
That may sound dramatic, however, there’s a direct link between the size of the problem you solve and the success of your new, high profit service.
2. Create the solution
Create a solution that will overcome the challenge.
Yes, you’ll need to get creative here. If the solution was patently obvious, it wouldn’t have an entire marketplace suffering with it.
Thankfully, big problems don’t always require a big or complex answer. However, the solution to such pressing problems can require some extra creativity.
With that in mind, here are a couple of tips to help you find the answer you need.
- Look outside your industry for the solution. Problems in one industry (or region / country) have already been solved in others. The most famous example of importing a solution from a totally different industry, is from The Ford Motor Company. They developed the automotive production line, based on how Chicago’s meat-packing plants worked.
- Ask others for their ideas. By encouraging people you trust to provide their input, you multiply your chances of cracking the problem. It’s possible one of them will figure it out. It’s also possible that one of them could propose a solution that doesn’t work… but which sets you on a new direction that leads to the answer.
3. Market your highly profitable new service
Create a marketing strategy that will inform and convince your marketplace, that you have the answer they need.
When marketing your solution to existing clients, you should find a massive level of interest.
Once you’ve provided an extremely valuable service to enough existing clients, the word usually spreads and spreads.
This then leads to a consistent flow of high quality client enquiries. Initially from your local area, then spreading into new locations; opening up an ever-expanding market.
Obviously, if you don’t have any existing and / or former clients, you have a trickier task at hand. Existing clients already know you and trust you. It’s very easy to share an idea with them.
When you’re contacting strangers it’s a very different proposition. There’s no one-size-fits-all marketing approach. The way forward for you will depend on multiple factors. Note: If you’re in this position and want some alternative strategies and ideas, I strongly recommend you read this: 10 Reasons your business isn’t growing and how to fix it.
The most valued service providers are those who solve the biggest, most serious problems, and then market their solution effectively. By using that 3 step formula correctly, you can become amazingly valuable to the market you serve.
People will tell their friends about you.
Your reputation will sky-rocket.
And you’ll attract the very best clients, whilst enjoying the rewards that come from your new, highly profitable service.