What is Product–Market Fit and why is it important?
In simple terms, product-market fit is when your clinic’s target customers are buying, using & telling others about your services in large numbers to sustain your growth & profitability.
This is essential before you scale.
You must confirm enough people are willing to pay for your service and you’re the right value to sustain profitability on a long-term basis.
The reason why businesses fail is because they run out of money before solving for product-market fit.
Not because they “don’t know how to market, price their services” or whatever you may have heard.
I’ve broken it down into a Business Function to prevent you from doing so.
The Business Function comprises five key variables — f (N, T, P, M, A) which must be solved to thrive in business.
- Niche (N) – The specific group of people who have a specific problem and are in specific circumstances.
- Transformation/Claim (T) – The promise made to your niche.
- Price (P) – The Price the niche is willing to pay to have the promise fulfilled, or the Transformation realized.
- Mechanism (M) – The Mechanism or Strategies used to deliver the promise or Transformation.
- Access Channel (A) – The Traffic & Conversion Channel used to get the Mechanism in the hands of the Niche – or Distribution Channel.
The first 3 (N, T, P) belong to your business's Market Identification & Validation period.
Most businesses die before getting past this stage. So read carefully.
This is because they start trying to sell things without really knowing what the market wants, they just offer a vague service, charge what everybody else is charging & try to do similar tactics that most of the market is doing.
The big issue here is that many people in the market are doing it wrong.
If you follow the general crowd, you’re likely to get average results like most do.
And sadly — lots of business owners don’t even make it.
50% of businesses fail within the first 5 years due to this.
To avoid being those failed business owners, we need to ask ourselves the question:
Who is my market & what do they want exactly?
(1) That is what truly solving for Niche (N) is.
For us, this part is easy since it’s Massage Therapy.
You can define which spectrum of Massage Therapy to deepen, whether to focus on a specific sub-niche such as Prenatal Women, Anxiety Patients, or anything else your heart calls you towards.
Then, in reality. Business is all about solving a specific problem.
(2) Most customers seek a type of Transformation (T).
They want you to take them from Point A to Point B.
In Massage Therapy, many people want to go from…
A – Stressed, tense, frustrated, in pain, with illness, breaking point
B – Soothed, relaxed, breathing better, nurtured, healed, balanced, hopeful
The more granular you get with this — the higher the likelihood of success.
The key here is that the Bigger the Transformation is, the more Valuable it is.
(Remember the word Value; we’ll dive deeper into this shortly)
This is where business owners leave tons of money on the table.
By not being precise enough on the deep-rooted issues their clients are dealing with in their body, mind & soul…
It boils down to understanding:
- Where your customer is at (Current Situation)
- What their deep-root problem is (Past, Present & Future problems)
- Where they want to go (Desired Situation)
Issues that could be solved elegantly with a wholesome, custom-tailored solution.
Not doing so simply is (1) doing a disservice to your customer & (2) to your business.
Not truly getting clear on what the best offer is to your customers…
That #1 Transformation you’d be able to deliver to people — is a grave error.
It’s what makes your service a commodity versus a necessity.
People are looking & willing to pay for big solutions, we just have to be knowledgeable enough & go deep enough to create it for them.
Imagine this…
Several patients walk in through your door and come in for a massage…
What they are truly looking for is Relief.
However, Relief is different for each patient.
One struggles with shoulder pain, another may struggle with anxiety, and another may struggle with lower back pain & sciatica.
Each one of these problems is solved differently.
Leveraging different techniques and strategies to find true & deep healing relief.
So, how do you offer a solution to each of these patients?
You build a Custom-tailored Healing Plan for them.
One that takes care of all those different nuances they struggle with, as well as empowers them on the different techniques they can implement to get relief, manage their symptoms & start to bring balance to their bodies.
If you can do this for customers: they’ll LOVE you for it.
And not only that — they’ll become Raving Fans for your business and have their loved ones running for your services.
90% massage therapists offer an extremely generic massage experience & wonder why people don’t return to their business on a recurring basis.
They’ll give you an average massage and then expect you to book your next appointment as you come out. It makes me giggle.
However, this is a fantastic opportunity for those looking to go the extra mile.
And build a Transformational Massage Therapy business.
In Part II of this training, we’ll go deeper into these Healing Plans and how they will be the #1 Mechanism that will allow patients to achieve their Desired Transformation.
Let’s go into that in a few minutes. But first, let’s get into Price.
So, after we’re able to get extremely clear on the best service experience we can provide to our customers, we move on to the next variable, which is Price.
(3) Price (P) is defined by the amount our customers are willing to Pay for the solution we provide. Our solution to their Problem – which again, requires the Transformation (T).
Price is directly related to the Transformation your business provides, which is directly related to your niche or sub niche of focus.
You could say P is a function of T. Or: P(T) ⇒ P(T(N)) ⇒ P(T, N)
Therefore, all of these different variables are the ones we’ll be able to Maximize by leveraging the Reverse Pricing Model.
The main premise behind it is the following —
The more Value that you add to your Product/Service, the higher your Price can be.
Which means, you can basically raise your prices by focusing on making your service a lot more Valuable to your customers.
And… wouldn’t you love to do that?
I mean, it makes sense, you serve your customers better & you get paid better for it.
You may wonder… if it’s that simple, why isn’t everybody doing it?
Because most people aren’t aware or well educated in business.
So, I want you to be excited that you’re accessing this training completely for Free.
Since it’s knowledge that has taken me years of research & experience to gather – and my goal is to hand it to you on a silver platter so that you can succeed in business.
Anyways… This Value Method will become much clearer in a few minutes.
So, let’s wrap up on the last 2 variables before we move on to that.
Sounds good? Cool.
At this point we’ve passed the Market Identification & Validation stage.
Which to some it may take months or years to fully identify.
Most people in your market are still trying to figure it out and aren’t even aware of this concept I’m sharing with you.
After figuring out exactly what your Niche is, what Transformation you provide & the Price you can charge customers for it.
(4) You start working on perfecting the Mechanism (M) you will use to help your customer achieve that desired Transformation.
This relates to staff, overhead costs, as well as any other costs that’ll be necessary to truly fulfill your promise to the customer.
This is exactly why Pricing is defined before the Mechanism.
Because leveraging the Reverse Pricing Model you’ll have a lot more money upfront to invest in your Service Delivery & Fulfillment.
This is what creates a true Delivery Mechanism that’ll allow your business to serve, grow and scale sustainably.
(5) Lastly, let’s talk about the Access Channel (A).
This is the last variable required to achieve Local Area Domination.
Because once your business is truly robust and ready for scale, you focus on finding the Channels that provide you with the most potential customers (leads) at the lowest cost (CPL), whilst working on improving the quality & conversion into customers.
What we advise and are experts on is: driving traffic to your Irresistible Offers through Google and Meta to fill the Top of the Funnel & re-targeting all website traffic through FB, IG & YouTube until they convert.
Google & Meta are a $2.8 Trillion Dollar Machine.
They are omnipresent and simply the best advertising platforms to be on.
Plus they feature fantastic Retargeting Pixels that will allow you to serve offers to your patients for days on-end after landing on your website.
What is a Pixel?
A Pixel is a piece of code you place on the header/footer of your website in order to track all your customers.
I see several businesses fail to track their customers properly — if you aren’t doing so, please find a video or book a chat with our team & we can set that up for you for free.
Anyways… time to get into Secret #2.
Continue onto the next Value Letter to learn about the Reverse Pricing Model.
