Just put a post in the $1 Product Challenge community about solving today's problem for your audience which I've pasted below for you.
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Happy Wednesday all!
Wanted to share a little something that could help you sell more of your front-end offers and bring in the right people to your biz.
A lot of people are trying to sell offers that focus on tomorrow’s problem. Something their target market isn’t yet thinking about because they’re focused on solving today’s problem.
They run with tomorrow’s problem and wonder why it feels so hard to make a sale.
Or, they look at solving tomorrow’s problem in their own business without first solving the problem they face right now (I’ve done this A LOT in my career).
An example: Selling client retention strategies to service providers.
Let’s say you’ve built an amazing program that helps coaches/consultants/agencies improve client retention, better onboarding, accountability systems, content delivery, etc.
You’re thinking, “This is gold. Each user’s gonna make more per client, reduce churn, boost LTV, etc…”
You launch it and… nothing.
Why?
Because most of those coaches aren’t solving the today’s problem yet – getting clients consistently.
They’re stuck trying to figure out how to book sales calls, how to convert leads, how to make any offer work.
Retention isn’t on their radar yet because they don’t have enough clients to retain.
You’re offering ibuprofen to someone who hasn’t even stubbed their toe yet.
So unless you:
- Go up-market to people already scaling
- Or teach them how to fix acquisition first…
You’re always fighting uphill.
Of course, going up-market and targeting those people who are already doing good numbers is an option.
But it’s a lot harder to do for a few reasons.
- The potential market you can target is much smaller
The entire market of coaches/consultants/agencies is pretty big.
Very few of them are at the point where they are worried about retention. Most are worried more about new client acquisition.
Yes, the retention people will be able and willing to pay more for your services and the overall profitability will be way higher.
However, you have to effectively target them. And that’s real hard.
Even if you can target them well, you then have to sell them the service which brings us to…
- You’ll be trying to sell high-ticket offers cold
If you only focus on retention and go upmarket, you’re now selling a high-ticket offer to a cold audience.
This can work (it’s been getting harder and more expensive to do though). But you have to understand that the CVR here is LOW and the CPA is HIGH.
You’re trying to get someone who doesn’t know, like, or trust you to hand over a lot of money on the potential you can help them.
This is the default for most people, meaning the competition is high here as well (which further increases costs).
So you end up with a strategy that has high competition, low conversion rates, and feels like fighting an uphill battle because of the need for you to not only establish authority, but effectively sell in a very short time frame.
- Ads cannot target this specific cohort
If you’re running ads to tomorrow’s solution, you’re gonna run out of money quickly.
A lot of ad targeting is higher level and will reach everyone within a demographic.
Let’s say you target “coaches”. You’re gonna be targeting ALL of the people within that demographic.
A demographic where only 10% of them are a fit for this offer and need retention services.
You’re still paying to reach the 90% of people who are not yet ready to buy - which is expensive as they will not help you make a return.
By focusing ONLY ont he high ticket offerfor tomorrow’s problem, you’re basically reducing the market size AND your CVR whilst increasing the cost.
So, what’s the solution?
Build a bigger opportunity pool by solving today’s problems with a $1 Product
This is where the $1 products come into play.
A simple, easy to implement solution, that focuses today’s problem is key.
in the coaches example, that might be “get 10 perfect fit leads for your business every day”.
This is going to appeal to 100% of the target market of coaches.
Why?
Because the people just starting out will want to have more opportunities.
And the people who also want to increase retention are not going to say no to more opportunities.
The best bit here though is that the cost is so low, they’re gonna take a chance on you.
And if you pack that thing with value, you’re gonna build trust and pre-sell them on anything else you do.
The bigger ticket retention needing clients will be more open to your sales pitches.
And the lower ticket, just starting out coaches will buy the offer, use it, and get results.
When they hit the point of attracting enough leads and needing retention services, who do you think is gonna be the first person hey think of?
You.
You might think that solving the immediate problem of your ICP with a small, low-ticket offer is robbing you of opportunities.
I’d argue not focusing on this is robbing you of them.
Ay Qs, drop them below.