I have noticed that Accountants can be pretty good procrastinators. Really you say! I think it’s because they think they need to get it right before getting started. If you take that attitude then you’ll never get anything off the ground.
There was once a dog food company who invented the ‘world’s best dog food.’ It had everything perfect – the texture, the smell, the protein & fat content, etc. It even had amazing packaging and the dog food company was able to get onto the supermarket shelves at eye level. After a massive marketing campaign the dog owners bought the product with hope and enthusiasm. They fed the product to their beloved dogs however the dogs didn’t like it. The company went broke because they let perfect get in the way of success.
What I like to do is ‘write the brochure first’ before I create any new product. What I mean by that is I will draft the promise, the website or the sales letter and then do some marketing to see if my market wants to buy it. Then I’ll create the product. I don’t want to waste my resources creating something if no one is going to buy it. I like to build the plane as we fly it.
Creating products and productizing your Accounting firm need not be difficult. There are 8 questions to ask and implement:
- What do you know?
- Who is it applicable to?
- How will it be packaged?
- What technology is needed?
- How will it be marketed?
- How will it be sold?
- How will be implemented?
- How will it be supported?
As a nimble, low-cost model we implement new product ideas all the time. They don’t always work. Sometimes the dogs don’t like it. A great example of that was the ‘Rob doll’ action figure – not a big seller!
You have to be prepared to cut your losses fast when you start creating and promoting products. Not everything will work as planned. Just because you like it doesn’t mean your market will. You can’t pre-judge who will buy and who will not. With your best marketing give everyone the chance to buy what you have.
If you’re onto something that is working then get testimonials / case studies from happy clients (we call them WHAM’s – written happy Accountants moments) and leverage those so you can sell more. Keep testing different methods of explaining, promoting, packaging & pricing until you get it close to being right.
Then rinse & repeat. Over and over and over again!