Should you combine passion and purpose to find your business…or simply go where the money is at?
Both sides have a point. If you’re passionate about a business, it’s much easier to tough it out when the going gets rough and to have a lot of fun in you daily work life.
BUT just because you’re passionate about something doesn’t mean there is money there.
If for example, you claim you love eating doritos while watching your favorite TV program, no one will be willing to pay you for that. They pay you for an exchange and sharing of value.
The more value you share…and bigger problems they need solved…the more money they have available to them…the more money available in the marketplace.
In fact, when working with clients who are still struggling with their niche, I always direct them to start looking into affluent marketplaces.
For example, let’s compare two information businesses.
One sells information on how to find a job. This could be a great product if you’re targeting the right audience…such as executives who’ve been laid off with a good severance package (meaning they have money). But if you’re targeting the homeless, it may be a good charity, but they don’t have the money nor can you contact them online.
Let’s look at another market…say owners of specific types of small airplanes. This market definitely isn’t as large BUT any information products you sell will be a drop in the bucket pricewise compared to the money they spent on the airplane itself. It’s a market who has money and is willing to spend it on the subject.
ALWAYS think about the audience you’re targeting.
1) Are they easy to target online?
2) Do they have money to buy what you’re selling?
3) Are they currently searching for and buying other products similar to yours?
Do You Have a Mission?
Let’s say you’ve found your market and your audience. You know how to target them.
Now what do you offer them? How do you change or improve their lives? What mission are you on?
You’ll find that many of those businesses which are most successful, the ones that dominate their industries, do more than just sell products.
They’re on a mission.
What mission are you on? For example, one of the core priorities in my business is to share the “Internet Lifestyle Message” with people. You can Earn More, Work Less, and Enjoy Life online.
Part of that means telling people “Yes, you can do it.” At the same time I have to confront many of the lies in this industry about “magical buttons” and how foolproof everything is (it will require thinking on your part, hard work, and possibly even setbacks as you build the lifestyle you want).
For someone who sells weight loss info to teenagers, they may be on a mission to help young people learn early on how important their health is…to help them avoid all the pain they personally went through from being out of shape…and other elements near and dear to their heart.
Their mission is bigger than just selling a product. It’s about changing a life.
What if you’re in a less “vital” part of people’s lives such as golf or even video games. Perhaps part of your mission is to eliminate the frustration people experience in those hobbies. Perhaps you show them how use technology to free their minds…and affect other areas of their life.
You’ll find with almost any subject you can find a deeper mission you’re after.
Look at bigger companies such as Starbucks. They claim their mission is “To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”
They don’t sell coffee. They sell inspiration and nuturing. That explains why they can price their product at 5 to 10 times what others sell for coffee. That’s NOT their product.
With your Mission comes a Message
You have a mission. This also means you’ll have a message…which is what everyone sees and hears from your company.
Your advertising copy, your PPC ads, your weekly blog posts, and what you post on social media are all part of your message.
And it all points back to your mission. It supports and enforces the mission…the life change you help your clients and customers achieve.
I’ve seen way too many people try to come at it from the wrong direction, and it seems they’re floundering around in the dark all the time.
What should they write this week? Something that aligns with their message and their mission. If they don’t know what their mission is, how could they EVER know what to write about?
This is the issue with all the me-too businesses who say the same things, do the same things, and then wonder why it isn’t working for them like it did for business A. Well, business A was probably first out of the gate on the subject…and they likely have a message that’s congruent with everything else you’re doing.
Often it isn’t about which tactics you follow. It’s about the overall strategy and making sure everything is pushing in the same direction instead of having a war with yourself and mixed messages constantly being heard by your audience.
As I’ve said before, it’s not really a traffic problem. It’s a conversion problem. You can get traffic if you’ve targeted your audience correctly and know how to convert those visitors into sales.
The money problem will be solved once you get the mission and the message lined up.
If you’re trying to choose the right market…and line up your business, check out the Monthly Mentor Club.
The very first month’s module (available immediately when you sign up in addition to all the bonuses) is all about choosing the right market for YOU. You’ll find out both the emotional and the practical elements of choosing the business for you…to get you started in the right direction from day one.