Ok, now that you have it, we can have a serious conversation about what’s important.
When I started my first online company over a decade ago, I made a LOT of mistakes. I wrote about a few of them in the book – but I also (in Chapter #1) shared a simple process I call “The Secret Formula” and shared with you the same image that you can see above in this post.
I WISH that someone would have pulled me aside when I first got started and explained this to me. I would have saved a ton of time and literally millions of dollars. So, I’m giving it to you now (again) as a special gift. (I talk more about it more in
the book, so be sure to re-read Chapter #1 so you don’t miss any of it.)
Ok, so here goes…
Most entrepreneurs (me included) – when we first get started, it’s usually because you have a cool idea for a product or a service, so you get excited, and then you go and create it.
After it’s done, then you go and start selling it… right?
Well – that’s the WRONG way to do it.
A product is not a company…
Your service is not a company…
Your company, is your CUSTOMERS.
Just think about it – why did eBay pay a few billion $’s for skype? Why did Instagram get their huge check from Facebook?
It wasn’t because of their product… heck, my team could have knocked off their technology pretty easily, and I’m sure that eBay and Facebook could do the same in about 2 minutes…
They paid for it, BECAUSE OF THEIR CUSTOMERS / USER BASE.
That’s it. That’s business.
The sooner you learn that, the happier (and richer) you’ll be.
So, now that you understand that, hopefully the “Secret Formula” graphic above will make more sense.
The FIRST question you need to ask when you’re creating a company is WHO do you want to serve?
Remember, that you’ve got to talk, teach, sell and be with these people for the rest of your business life, so CHOOSE CAREFULLY! In the book I talked about how one day, 6 or 7 years into my first company, I woke up SO miserable because I didn’t choose my customers. I created a product, and they chose me (and I didn’t like who I got).
When we created our new company, we asked the “WHO” we wanted to be “hang out” with first, then designed everything else around them.
Now that you know WHO you want to serve, the next question is WHERE are those people congregating? Can I find out the websites, groups, and lists that these people are on? If I can’t identify EXACTLY where my dream clients are (i.e. I know EXACTLY how to get my message in front of them) – then I need to choose a new WHO. If I can find them easily, and I can see how I’m going to be able to target them, then I can go to the next step.
Step #3 is WHAT is the bait that will get your dream customers to come to you? (NOTE: the bait should repel your nightmare customers and attract your dream customers) What do you have that will get them SO excited that they come and give you money?
A free book? Trial offer? Cool content? Webinar? Teleseminar?
The better your bait, the better person you’ll attract.
Step #4 – Now that you have your dream customers attention – WHERE do you want to take them? How can you serve them at the HIGHEST level? What results do they want from you and your company? Figure out the results you want to give them, and work your butt off to serve them the best you can.
That formula (The Secret Formula) is the key to YOU changing the world in your own small way. It’s the KEY to you making a ton of money. It’s the way you should be thinking about your business when you FIRST get started (not 7 years in like I did… ha ha).
Now, I’m sure you have other questions like… “HOW do I create the bait?” and “What’s the process to get them to ascend up to your highest level results?”
Thanks!
Russell Brunson
