Creating value - part 2…

It’s sad but true that the best product or service ideas don’t attract attention by themselves. Stories are rife of technically inferior products dominating the market and people providing superb service that go bust.

Not only do you have to create a product or service that people value; you also have to be able to catch their attention and explain it to them. More and more these days you have to be able to do that very quickly.

Ry Cooder said that all of the money in the world is spent on feeling good. Stop for a minute and consider what you are wearing and the things you own. Didn’t you buy them because at some level they make you feel good? In other words whatever we might say, we tend to make purchasing decisions based on our emotional drives for pleasure, status, warmth, excitement or security.

If this is true then the key skill for a new business is to be able to describe your product or service in a way that appeals to emotional drivers. The easiest way of doing this is to talk about the benefits of owning what you offer.

For example: if I said that coaching is a structured intervention that is low cost and involves working with an experienced coach regularly then you would probably die of boredom.

But if I told you that coaching is by far the easiest way to become a more effective manager and get promoted more quickly then I might catch your attention.

If I went onto say that managers who learn to coach well have happier teams, lower staff turnover and find delegation a breeze then you’re more likely to reach for the phone!

Here are some questions that build on the work from last time…

You should now be in a much better position to explain your value in terms that attract the attention of the people who you want to give you money - the key to starting and staying in a successful business.

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