How to Turn Stagnant Sales into Blockbuster Profits
By Rich Schefren
A few years ago, I launched a program called the Business Growth System (BGS). Comparable programs normally generate a hundred thousand bucks or so. But within a few short years, BGS brought in over $10 million.
Legendary marketer Frank Kern created a persuasion email course called Mass Control. Similar programs would have been lucky to break six figures… But Mass Control generated $5 million.
Most authors are lucky to sell 10,000 copies of their books. Yet author Rick Warren sold over 30 million copies of The Purpose Driven Life in just five years.
The fact is, some marketing campaigns, products, books, speeches, and other action-stimulating communications hit home runs… While others struggle to make any impact at all.
The difference between them?
The home-run hitters have created a Core Concept, a Big Idea that can turn a product into a best-seller… A presentation into a high-converting sales-pitch… A sales promotion into a marketing campaign that commands premium prices while skyrocketing sales… And much more…
An entrepreneur who can identify and develop his or her own Core Concept will end up making a lot of money and become very wealthy indeed.
Three Steps to Creating a Profit-Boosting Core Concept
The best time to come up with your Core Concept is BEFORE you create your product.
This way, you can engineer right into your product a big promise that is then easily supported by the best Core Concept you can come up with.
Of course, right now that might not help you. But it is important to remember next time you’re thinking about developing a new product or service. Or even updating your current products or services.
Let’s suppose you currently have a product or service… And right now sales are stagnant and profits are nonexistent.
Here are the steps you need to take to implement a profit-boosting Core Concept…
Step 1(a) – Clarify Your Unique Selling Proposition (USP)
A good product has some fundamental quality that distinguishes it from its competition.
This quality not only makes what you are offering unique, it also makes your product or service a better choice for a certain segment of your market. The unique, valuable quality encompassed in your product or service is its unique selling proposition (USP). It’s a critical part of any sales argument.
If you know your USP already, great! You can proceed to Step 2. But if you’re not clear on your USP, you should make refining it a priority. Of course, this isn’t the time or the place to write a whole treatise on developing your own USP. To do it justice would require an entire essay in itself. For now, if you’re unclear on your USP, proceed to Step 1(b). I’ve got a workaround for you that will still make developing your Core Concept possible.
Step 1(b) – Clarify Your Promises
There is nothing more fundamental in marketing and sales than the promises you make.
A promise is what you intend your product or service to do for the customers in return for the money they will be investing.
I have found that the easiest way for an entrepreneur to surface all the promises inherent in his product or service is to first take a step back and list out all the benefits.
You see, each benefit is ultimately a promise that you are making to your customers. You can get to the promises behind your product or service in three simple steps.
1. List all of its features.
If your product is a nutritional supplement, some of its features might include:
– Comes in 500 mg gel capsules…
– Contains 10 different antioxidants…
– Arrives in a child-proof bottle…
2. Translate those features into benefits.
For instance, you might say that the 500 mg gel capsules give you a full day’s supply of antioxidants in one easy-to-swallow package. Or the 10 different antioxidants will help protect your body from free radicals and boost your immune system.
3. Translate your benefits into promises.
You might say that this supplement will keep you healthier all year long.
When you have completed all three steps, you should have a sizable list of promises about your product or service. Your next step is to circle the ones that are unique to YOUR product or service. In other words, promises that your competitors would not be able to copy unless they changed their product or service.
Once you’ve got your unique promises circled, simply pick the most powerful one… the one you believe will be sexiest to your market. This is your USP.
Once you have this unique, sexy promise you’re ready to proceed to Step 2.
Step 2 – Surface the Concepts Behind Your USP or Your Unique Sexy Promise
With your USP or unique sexy promise in front of you, it’s time to ask yourself this crucial question…
What would need to be true for every single prospect in my marketplace to place a higher value on my USP or promise than anyone else’s USP or promise?
My suggestion here is to not stop with one answer. Instead, brainstorm as many as you can come up with. Then pick the strongest one on your list and you now have your Core Concept.
Step 3 – Is It Strong or Weak?
Now that you’ve got your Core Concept, how do you know if it’s any good?
Ultimately, of course, your prospects will decide. But here are five very simple questions you can ask that will help you quickly determine your Core Concept’s strengths and weaknesses.
1. How does it benefit my prospect?
2. Will it immediately resonate with my marketplace?
3. Does it inherently sell my product or service?
4. Can I write an entire report, create an entire marketing campaign, or do a complete webinar about it?
5. Do I have enough evidence to support it?
If you have clear answers to the above questions, then you’ve got a good Core Concept that you can unleash on your marketplace. Apply it to your products, services, marketing campaigns, speeches, and sales presentations… And you should see your sales multiply.
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