Product for Prospects
Think of the last time you went on a first date.
I bet you did something accessible and bite-size, like a walk, coffee, dinner, or bowling. (Yes, bowling. That was my most recent first date…)
I bet you didn’t do something requiring a huge commitment of time and money, like taking a vacation to Mexico or spending a weekend camping.
That’s because with new relationships, we need a low-risk way to build trust and get to know each other.
This human isn’t a friend or a beloved yet — they’re a prospect to become those things.
You can’t know yet if it will work out to have a deep, ongoing, and evolving relationship. You’re finding out.
It’s exactly the same in your business.
If you sell something expensive and/or time consuming, it’s not super likely that someone is going to BUY it the first time they interact with you online.
That’s especially true if they’re first “meeting” you indirectly, via your website or social media.
But if you also create something low-priced, quick, and valuable, the right people may be willing to risk trying it right away.
There are lots of names for these bite-size offers, but my favorite is “Product for Prospects.”
I learned this from Daniel Priestly in his excellent book “Oversubscribed.”
As he puts is, “Aimed at generating lots of happy customers, this product is a low-risk way of having a first experience with your business.”
I like to map it out this way, based on Priestly’s ideas.
- Prospects are people who might buy from you. There are lots of them, and you don’t know each other well yet.
- Customers are people who have bought something from you.
- Clients are the customers who keep coming back for more.
You want to have all three of them in your business — and a plan for helping people move along from one to the next.
You’ll have fewer clients than customers, and fewer customers than prospects. That’s just fine.
But as you map out the different things you can offer, don’t forget to think about creating a product that prospects will enjoy.
To your success,
PS – Last week, I told you about the Offer Cure — a $37 course that helps you create and sell great online offers. I’m mentioning it again because there’s still time to get it at that price… And because it’s an excellent real-world example of a Product for Prospects.
PPS – Here are some tips for creating a good product for prospects from Australian marketer Timbo Reid:
- “The content should contain ideas & philosophies that are highly appealing / useful to your market.
- The content is of high perceived value to the recipient (even better if it offers them a quick win) and is of relatively low cost to the business who’s offering it.
- They contain a clear and strong call to action (not a sales pitch, just a call to action) – this is really important, as why would you provide such valuable information without giving prospects the chance to get more of what it is you’ve got? Calls to action include your contact details, links to sales / product pages on your website, or specific instructions about what to do next.
- Lead with your best stuff. Your best tips, your most insightful knowledge. Don’t feel like you’re giving away the farm, because in my experience, if prospects like what you’ve shared they’ll want more of you.”
This post was originally sent as an email to the Magic Words of the Week newsletter list. Every week, I share reflections on a word, quote, or phrase I think will help you thrive in your life’s work.