If your business is changing and evolving, or you’re not getting the results you want, it may be time to reimagine your Business Model and Marketing.
Over time you evolve, your clients evolve, and the world around you evolves.
This means your business needs to continuously evolve.
“The only thing that is constant is change.” Heraclitus
You’re busy, I get it. But this is one of those things that you must make time for.
It’s the kind of investment in your business that creates a leveraged pay off.
By setting aside one entire day to devote to your precious business, you will gain clarity, confidence, and a stronger focus.
You’ve got to take this seriously and block out the whole day, no interruptions.
See it like you’ve booked an expensive day at the spa and there is no refund.
Set aside the first half or your day to revamp your business model which includes your packaging and pricing.
And after a well-deserved lunch break (preferably, away from your work space), in the afternoon it’s time to tackle your marketing messages and strategies.
I know this sounds overwhelming. It really is. I know. That’s why I offer to do it with you. I’ll tell you about that at the end of this article.
You can totally do it on your own, if you know you’ll stick with it. If not, I’m here for you.
Here’s what you need to take a look at for each part of the day.
Business Model
Start the morning looking at your Business Model.
What exactly is your Business Model? At its most fundamental core, your Business Model is simply how your business makes money.
People pay you for the products and services you offer that help them solve their problem or make their lives better.
The basic formula to figure out how much money you want to make with your business model, is to calculate the number of clients (your WHO) and multiply that times your revenue streams (WHAT you are selling).
There are two approaches to creating your business model. One is to develop your packages and the prices, pick a goal for the number of clients, and then calculate the total revenue.
The other way is to back into it. So start with the total amount of revenue you want to make and then create packages & pricing and the number of clients that you will need to get you there.
And of course you can use both ways to reach your outcome.
Review your current business model before you start designing a new one. For more detail on how to do this, check out my post, What Every Small Business Owner Needs to Know About Business Models.
Packaging
Be creative and focus on the results your clients get from working with you.
Do not create your packages in isolation; create them with your community.
“Don’t find customers for your products. Find products for your customers.” Seth Godin
The whole idea behind creating packages is to be able to deliver more value and be more profitable. Offering packages means you can stop charging by the hour.
For service based businesses you don’t want to offer too much because a confused mind doesn’t buy.
Use the power of three. Think about offering a small, medium, and larger version of your services.
It’s also smart to offer an XL package, a high end offer which could be a VIP day or a year-long intensive program. This is not for everyone, but if you don’t offer it, no one can buy it.
Ideally you want to have a logical flow to your offers, that they are connected with next steps. Because don’t want a whole bunch of disconnected offers.
To get more ideas on this, check out my post: How to Create More Profit with What You Already Have and Creative Ways to Increase Your Profit: 17 Ideas for Additional Income Streams.
Pricing
The simplest change you can make to your business model is to increase your prices.
I know that simple doesn’t always mean easy. And you can do this.
If you can’t remember the last time you increased your prices, it’s probably time.
Focus on the value your clients receive from working with.
Decide what position you want in the market. Do you want to be Wal-Mart or Tiffany’s? Or do you want to be somewhere in between.
Get more details on pricing in my posts: Why You Should Stop Giving it Away, Why You Shouldn’t Be Afraid to Show Your Prices on Your Website and Why Discounting is Hazardous to Your Business.
Marketing
Now that you know exactly what your business model looks like, as well as the packages and pricing of your offers, you can create a marketing plan that will help you realize your goals.
Go through all of your marketing messages and make sure they are still relevant and reflect your brand and the offerings you have.
Once you’re clear on your messages, it’s time to evaluation your marketing strategy and tactics.
What are you most effective marketing strategies? To discover this, and get more clarity about your marketing have a look at these posts: Why Your Small Business Marketing Isn’t Bringing You Enough Clients, How to Stop Wasting Money on Your Marketing, Normally I Tell Business Owners Not to Do This, and A Marketing Template for Every Day, Week, Month, & Year of Your Business.
You also need to decide if you want to have evergreen offers that are always available to purchase.
Or if you want to launch your packages one to four times a year with registration that opens and closes. Perhaps you will have a mix of both.
Let’s land this plane. I’ve laid out the path to revitalizing your business model and marketing in one day. I hope you’re feeling inspired to take action.
Are you ready to get started?
You have two options. You can go it alone or you let me help you, one-on-one, in real time to revamp your business.
The advantages of working together with me, one-on-one are:
- You won’t end up procrastinating and keep pushing the date in your agenda (so it basically never happens).
- You won’t get stuck and give up before you finish. You think you’ll pick it back up, but stuff happens.
- You won’t finish the review and then not implement the plan you created because you get stuck on how to move forward.
I’d love to support you for an entire day and work side by side with you to design a business that you love.
When you commit to me, I commit to you and we will make it happen together. We will work as a team and I will offer my unique ideas specifically for your business for you to consider.
Find out more here: Business Clarity & Action Plan Coaching Day. We can schedule a time to talk about your business and how this would work for you. Just sent me an email: Stephanie(@)fireflycoaching.com.
And if you’re not in a position to work with me on this right now, don’t let that stop you from moving forward. Please do it yourself, go for it because you will get further than if you don’t do doing anything at all.
© Stephanie Ward
WANT TO USE THIS ARTICLE IN YOUR NEWSLETTER, BLOG OR WEBSITE? You can, as long as you include this information with it: Stephanie Ward is the Marketing Coach for Entrepreneurs who want to create meaningful and prosperous businesses. Grab your FREE copy of the special report ’7 Steps to Attract More Clients in Less Time’ plus business building tips, at: https://www.fireflycoaching.com.
When is the last time you updated your Business Model and Marketing? Share your thoughts and questions in the comments section below.
