Buy? Sell?

Hello, my friend and future millionaire. 

Welcome to this episode of The Money Wheel. 

My name is Don Shade. 

In this episode I’d like to review tips on deciding what product you’re offering to base your online business around.

  • Is it going to be a product that helps people?
  • Are you going to be in the weight loss niche? 
  • Are you going to be in the financial space? 
  • Are you going to teach people how to do something business wise?

There’s three big key markets to look at as far as online business:

  1. Are you going to be in the health space?
  2. Are you going to be in the wealth space?
  3. Are you going to be in the relationship space? 

All three of those areas offer products or services that help people improve some area of their life.

What if you’re into another kind of “product” like teaching people how to build a deck or something along those lines of a skill or trade.

Since skilled trade knowledge doesn’t easily fit into the health, wealth or relationship space it places your business more along the lines of selling a product, not a service.

Now ask yourself, am I someone who sells a product or am I someone who’s helping people with a service?

There’s nothing wrong with either side of this, but it’s an important distinction since you need to market the two differently to achieve your sales goals.

Let’s explore the difference with these two scenarios:

Scenario One:  Imagine your business sells paint used on the exterior of cars. You have a specific and tangible product that needs to be marketed in a way that will distinguish the differences your paint has over your competitors. That could be the cost, the shine, the durability in extreme weather, etc. You need to explain what makes your product better and the one they should purchase. 

Scenario Two: Imagine you’re helping people by promoting a health, wealth or relationship service. Services are not a tangible product so you must promote what benefits your method provides over your competitors’ way of doing things. Explain what sets you apart like your education, real life experience, special training/certification, etc. that gives you the unique ability to solve the problem your client is experiencing.

What I want you to be very clear on is what side of the coin you’re on, but identifying whether you’re selling or whether you’re helping people, determines how to market to your target audience.

And in later episodes, we will cover both how to sell versus how to help people with a product. 

That’s everything I have for this episode of The Money Wheel. 

We’ll see you next time.