This is taken directly from GT3’s sales latter for FunnelFeds mastermind group”
You can think of a “vehicle” as a business – but inclusive of its “economics.”
- Does it have high margins (80%+)?
- Do you have an actual moat (a real, defensible “unfair advantage” or proprietary offer)?
- Can you charge premium pricing and attract a higher-end slice of the market?
- Is there a BUILT-IN recurring element (either subscription or consumption) that inherently leads to high LTV and low churn?
- Is the market growing every year (all on its own)?
- Are there obvious high-margin, high-priced upsells that fit “lock-and-key” with your core offer?
- Is there serious exit potential (acquisition/going public) for 9 figures?
Ask yourself: Does your current business check those boxes?
If not, do you think it’s possible you could “reinvent” it so that it does? And would that lead to better results for you a year from now – what about 5 years from now?
This is what I’ve been saying for a while in titles like “Million Dollar Markets”, that there are some markets that just lend themselves to better businesses than others.
But you can also choose to not accept the current market conditions, and to create a business which defies the margins of the rest of your sector.
- Crush costs, take out unnecessary overhead, push up prices as the prospect’s certainty in you rises.
- Create unique selling points and talk about them ad-nauseum until the markets thinks you’re the only one able to do what you do.
- Identify the few big spenders to prove that a high value version is possible
- Find the hard-to-do repeatable elements that give you consistency
- Find parts of the market with a flow of new prospects
- Find high value extensions to the offer
- Work out where the exists are
In short, don’t accept that you’re in a commodity market.
Get good at finding the gold. Get good at removing the crud that surrounds it.