Guest Blog Provided By: Michele PW
Is your business model and marketing mix right for you?
I can almost hear the gasps – what if you have no idea?
Never fear! That’s exactly what this post is all about.
To start, let’s talk biz models.
An ideal biz model is a magical blend of these 4 pillars:
* Your passion (or gift or mission)
* Your preferred working habits
* Your lifestyle choices
* Your financial goals
The first — your passion/gift/mission — is likely pretty obvious to you. But is your business designed to get your passion/gifts/mission out into the world? If it’s not, you probably feel pretty empty and stuck. So the first thing you need to do is make sure you’re actually building a business that you feel passionate about. (UNLESS that’s not that important to you — and it’s not to every business owner or entrepreneur. Some entrepreneurs are serial entrepreneurs or are more passionate about business itself. If this is you, I would encourage you to live more in the business aspect of your business — because that’s your genius and again, it’s probably the most satisfying for you.)
The second — your preferred working habits — covers a variety of things including:
* Are the tasks you spend the most time doing what you actually enjoy? In other words, if you love to speak, are you out there speaking? If you love to coach, are you out there coaching? If you love to write, are you out there writing? Etc.
* Is your business set up to give you MORE of what you enjoy? So, if you love going deep with a smaller number of clients, is your business designed to allow you to do that? If you want to reach the masses with low cost books and products, is your business set up so you can?
* Is your team supporting you and handling the tasks you don’t enjoy?
Are you actually doing what you want to be doing or do you find yourself doing tasks you can’t stand, way too often?
If you hate being on the phone, using one-on-one strategy sessions to fill your phone-based programs may not be the right business model for you. If you hate to write, writing books or information products may not be right for you.
Now it isn’t realistic to only do only things you love and nothing you hate in your business, but if you’re finding your business is mostly based on tasks that drain you, it’s time to take another look at how your business is set up.
The third — your lifestyle choices — is a twin sister to your preferred working habits. When do you want to work? Where do you want to work? How much time do you want off? Your business model should support these preferences as well.
The fourth — of course you want your business model to support your financial goals. Now, I’m not necessarily talking about your current income, but what’s possible and realistic for the business model you’ve chosen. For instance, say you’re a massage therapist who wants a million-dollar business. For the most part, a solopreneur (like a massage therapist) will have a tough time charging a high enough fee per massage to actually build a million-dollar business, so if this is the case, you’ll need to decide if you want to change your business model to support a million dollar business, or if you want to scale back your financial goals.
Okay, so now that you understand the different pillars and how they work together, take a moment and see how your current biz shapes up. Does it fit each of your ideals? And if it doesn’t, are you okay that it doesn’t or is this something that needs to change? And if does need to change, how does it need to change?
Now, what do you do if, after reading this, you realize your current business model is not right for you? Well, start by patting yourself on the back. Now you know! This is great news! Now you can put a plan together to transition from the business model you currently have to one that will better serve you. You don’t have to drop what you have now to put something new in place (and drop the income that goes with it) — it is possible to transition easily and effortlessly.
And if your biz model IS right for you, it’s time to talk about your marketing mix.
You should know I’m a BIG believer in making sure your marketing mix and strategy fits both you and your business — because the more closely it’s aligned, the more likely you’re actually going to make marketing a priority. The less aligned, the more likely you either won’t market yourself at all, or you’ll sabotage your own efforts.
So if you find you’re NOT marketing the way you should be, or you dread marketing, or your business results aren’t what you’re looking for, take a look at these 3 keys to see if maybe your overall strategy is the problem.
1. Does your marketing support the vision you have for your business?
This goes back to your biz model: Do you want a small, more intimate business or practice where you serve clients on a one-on-one level? Do you dream about having hundreds (or thousands) in your group programs? Do you want your business to be based on selling information products, requiring minimal input from you? Something else?
Whatever business model you want your biz to ultimately look like, the marketing mix and strategy you use to promote that model is going to look different for each one. If you’re using the wrong marketing strategy to build the biz you want, you’re dooming yourself to failure. And if you don’t know what you want your biz to ultimately look like, how on earth are you going to be able to select the right marketing techniques to support you?
So the first thing you need to do is get clear on what you want your biz model to look like, if you haven’t already. Then the next step is to make sure you have the right marketing mix and strategy to build it. (How do you know if you have the right mix and strategy? A good way to tell is to see how others are using that strategy and what their businesses look like. If you don’t want that biz model, don’t use that marketing strategy.)
2. Do you enjoy the marketing tasks that are needed to support that strategy?
There are lots of different ways to market yourself — speaking, writing, videos, podcasts, social networking, etc. — and chances are there’s at least one you (at minimum) enjoy. Whatever one you enjoy, that’s the one you should be doing. Because if you don’t enjoy it, it’s going to make it that much tougher to motivate yourself to actually DO your marketing.
As much as you possibly can, delegate or delete the marketing tasks you don’t like and only focus on the ones you do. That alone will help you market more (and the more your market yourself, the more results you’ll see).
3. Are you aligned with how your marketing feels? Does your marketing feel slime-y, sales-y, inauthentic, based on fear or shame principles? Or does your marketing invite, inspire and attract your ideal clients?
OR conversely does your marketing feel too soft, like you’re not getting your message across, that you’re missing the boat?
You need to feel like your marketing strategy matches you and your business’s core values, because again if you feel the message is out of alignment, you’ll be less likely to want to market yourself.
So if you’re drawn to more authentic marketing styles, base your marketing mix and strategy around that. If you want something that hits a little harder, use that. Just make sure the strategy you select is a good fit for YOU.