Families have the “trouble child” and businesses have the “trouble income stream”. You know the one, that income stream that has your heart bursting because it is so amazing, but when you make the offer, there are no takers.
Playing detective, and trying to discover why an income stream falls flat with your perfect people is a time consuming, but necessary, endeavour that all business owners have to take at some point. However, time can be saved solving your income stream mystery by starting your search looking at two possible sources of trouble:
- The prospect doesn’t understand the value in your offer.
- The prospect doesn’t see enough value in your offer.
The solution to problem one is all about communication. When offering something new you need to not only provide the supply, you also need to create the demand. Creating demand is all about educating your prospects about what your offer is, why they need it, and why the solution you offer is valuable enough that they will exchange money for it.
You may think you are already doing this, but if your income stream isn’t streaming the way you want it to, then have a long hard look at how you are communicating your offer and its value to your community.
Problem number two may also require better communication with your prospects, but it also requires an earlier step: you need to review your offer, figure out what is missing, and add enough new value to your offer that people will buy.
This value could come from a change in delivery format, an addition of content or classes, including a really juicy bonus, or… the possibilities for adding value to an offer are endless. You need to find a balance between what value your prospects desire and what type of value you are willing to provide.
Poor communication and missing value. Two big bumps in generating cash flow from your income streams.