As an entrepreneur, you have one shot to create a product or service offer that really knocks your prospects’ socks off. However, this is easier said than done. Coming up with a product or service offer that gets your audience’s juices flowing can’t be done in a single brainstorming session. It requires research – extensive research – but that’s the easy part. The hard part is finding out what your primary customers want to buy.
So, how do you come up with the ultimate offer? Do you follow your passion? Well, that’s what most people will tell you, but those people are most probably wrong. Famed entrepreneur Marc Cuban agrees. According to him, “Follow your passion is easily the worst advice you could ever give or get.” Marc isn’t suggesting that you should not have passion for what you do. Without passion, your entrepreneurial endeavors will fall short, and you’ll soon find yourself wanting to throw in the towel the moment the tide turns and things get tough.
While passion is important in all business ventures, basing your product or service offering on passion, is the wrong route to take. You may have a deep passion for cats, but selling cat products (or even cats themselves) may not be the way to go. The fact is, people buy things online because they have a problem to solve, or pain they want to get rid of. Find the source of that problem (or the source of the pain) and your offer will be irresistible.
Here is how to create an offer your audience can’t refuse, which is the first step towards entrepreneurial success.
1. Find the Source of the Pain
Customers searching for your irresistible offer will have what marketers have dubbed, Pain Points. These are the questions that drive people to search Google for answers at two in the morning. Whether it’s finding the perfect anniversary present for their wife, or it’s searching for the perfect weight loss product for their twenty-year class reunion, the person doing the searching has a major problem and they’re looking for your offer to solve it.
The good news is that you don’t have to come up with a unique product or service to be successful. You can actually cheat by spying on the competition.
By seeing what your competitors are up to, you’ll be that much closer to coming up with that one idea that causes a customer-centric feeding frenzy.
2. Do A Little Spying
Find your biggest competitor, analyze their offer and decide if you would buy from that person or organization.
You can also dig deeper by using certain apps like Moz’s Open Site Explorer or BuzzSumo. Both of those resources will let you peer under the hood at the top content being produced, as well as find top reviews and the amount of social shares.
When you find an offer you might like to emulate, try and think of ways you can do better. This is known as a unique selling proposition. Others like to call it a unique value proposition.
For best results, analyze several competitors so that your unique value proposition is not only superior but memorable, leading the way for a successful takeover of your chosen market.
3. Unique Value Proposition
Your offer doesn’t necessarily have to be innovative to be successful. McDonald’s sells hamburgers, just like Wendy’s and dozens of other fast food restaurants. What makes McDonald’s different? The fast food chain is cheaper and is now working on offering higher quality selections, setting them apart in all new ways.
Your offer needs to offer value while also standing out. You may offer the same product and service as another, but your website might be easier to use, you may have superior customer service or free shipping.
The best way to find your unique value proposition is to conduct a SWOT analysis of your organization, such as the one drawn up by Nivea for men – a men’s skincare lotion (a highly saturated market) - as showcased by ConversionXL.
By analyzing their strengths, weaknesses, opportunities and threats, the skin care line managed to improve their international revenues by twenty percent.
With these simple steps, the audience you’re marketing to will have a hard time saying no to your newly conceived offer. And that could spell great things for your future. Now all you have to do is put in the work. Give your prospects what they want and you’ll soon have them eating out of the palm of your hand.
Do you think you can make them an offer they can’t refuse? What makes your product so special? Let us know in the comments section below.