Triple Your Profit By Targeting A Better Audience (Here’s How)
The secret to scaling your company isn’t more sales or a larger customer base. If you want to triple your profit, create more impact, and generate more income for yourself, you need to start with targeting a better audience.
In this episode, Chris explains how you can find the industry that will get more value from your offer and has the funds to pay for it.
You’ll hear the questions you need to ask and the research you need to do if you’re ready to stop losing time by focusing on the wrong industry.
This is step one for all high growth entrepreneurs, so don’t miss this one.
The very first step in business is always finding out what industry is going to pay you the most for whatever your strength is.
In this Episode:
- Are you trying to scale your business the wrong way?
- The very first step to creating a company that’s built to grow
- How Chris made one shift in his first business that took him from a six-figure path to an eight-figure path
- What high growth entrepreneurs do before focusing on their product or service
- Do you want to create more income and impact? Ask yourself these questions to find the right industry for your company
Find out exactly what aspect of your company is the current weak link that, if fixed, will help you scale faster and more successfully.
Enjoy the show? Check out the most popular episodes of Built to Grow!
- How to Start and Grow Your First 8 Figure Company
- How to Stay Focused on What Really Drives Growth
- Avoid These Culture Killers
Most entrepreneurs put all their focus on selling a product or service, and they keep looking for more ways to sell more.
They want more customers, or they want to sell more widgets to each one of their customers, or they want to charge more. And that’s all great, but the problem with that model is that they’re trying to go to step two in scaling their company without doing step one first.
It’s kind of like when you were born, if you were given this personalized manual that told you exactly how to grow up into the best person you could be, the richest, the most successful, the most loved, the most healthy, the most happy and all you had to do was follow these three simple steps that that manual laid out.
But a hundred years later, when you’re on your deathbed and you’re scared of dying because maybe you still haven’t reached the most important goals in your life — and why haven’t you reached them?
Because maybe you still haven’t read that book, but you watch so many other people become mega successful in their lives at an early age. Why?
The Very First Step
Because they read the book and they just simply follow those three steps. Well, in business it’s kind of the same thing. The very first step is always and this is super important, so listen, the very first step in business is always finding out what industry is going to pay you the most for whatever your strength is.
Businesses that skip this step are fighting for the scraps left behind by those who took a moment, literally a moment, and they studied the various industries out there and they found the one that truly needed their service and could pay the most for it.
I had this talk with my son maybe a few months ago. He’s in high school and he’s thinking about what he wants to do in his life. He knows that he wants to make enough money so he doesn’t have to struggle and he wants to be happy and he wants to live this healthy lifestyle.
Finding the Better Audience
So it was a great conversation that we had. But we talked about it and we talked about what his strengths are and what different industries might pay for those strengths. You know, one industry might pay 40 thousand dollars a year to start and another might pay a hundred and forty or more to start.
It’s the same business. Now, when I started my first company, I thought I could just make money doing what I love to do. You know, some people’s first business might be cutting grass or maybe carrying people’s bags at the golf course, whatever it is.
Mine was being a personal trainer because I loved being in the gym and I struggled to make more than a few hundred bucks a week because I was fighting for the scraps that other personal trainers at the gym were leaving behind.
The Single Shift That Made The Difference
Then I sat there, I thought about this and I remember the day that I made this shift in my life. I focused all of my attention on training the day traders and the stockbrokers on Wall Street. Same service aimed at the better audience who could pay more for what I had to offer.
And I made a little bit more money, a lot more money. In fact, that single shift put me in a position where I had the opportunity to build this personal training company and the challenge was actually keeping up with the demand.
It actually grew to almost 150 personal trainers on the East Coast, and that turned into a chain of health clubs, which turned into a series of books and a TV show that literally helped millions of people.
The same systems, the same amount of work, but one’s a six-figure path and one’s an eight-figure path. Now, I still know several of those trainers who were way ahead of me back then, and they’re still training a handful of people a day in the gym, which is great if that’s what excites you and makes you happy and juices and jazzes you.
Aiming Your Engine to the Better Audience
But since then, I’ve gone on to build successful companies in a variety of different industries. Now, most entrepreneurs put all their focus on selling a product or service but high growth entrepreneurs, high growth businesses know that before they do that, they need to aim their engine. They need to aim their company in the right direction.
You need to aim your focus at the better audience that has enough discretionary money to pay the most and get the most value from whatever your company delivers.
Now we all want to grow. That’s part of what makes building businesses exciting, right? But most companies fight for small growth when there’s a far bigger way to play this game, a way that helps you to help a lot more people. A way that helps you grow bigger and happier teams. A way that helps you have a bigger impact on the world and generate a lot more revenue along the way.
So, think about this for a second: what’s one change in who you aim your message at that can help your company 10, 20, 100 times your growth? One simple change of who you aim your message at. Think about that for a second. What industry might pay you more and could use your services more? What industry is looking for what you have to offer and willing to just give you what you truly deserve?
MEET CHRIS GUERRIERO
Chris is an entrepreneur, investor, bestselling author, and advisor to a handful of high growth companies.
He has built four 8-figure companies, developed winning leadership teams in six industries, and designed business systems that predictably grow multi-million dollar brands.
He’s been featured in financial periodicals such as: Success, Inc, Bloomberg TV, and in Entrepreneur as a top entrepreneurs of the time.
In addition to his own companies, Chris is also an advisor, investor and equity holder in companies across a variety of industries, including health, medical, digital advertising, legal and real estate.