How many times have you heard someone tell you that something was too expensive? How many times have you used this excuse yourself? Have you ever considered what “too expensive” actually means? If your child needed life saving surgery that cost an exorbitant amount of money, would you say “Sorry love, but we’re not going to give you the surgery as it’s too expensive”? Of course not! You’d work your ass off every day of your life if it meant your child could live.
So what makes something expensive, and something not expensive? Money is just money at the end of the day, just as numbers are just numbers. What if we all stopped labelling the things we wanted and started thinking about how much we wanted to own them instead?
I run a company that offers a premium product that is targeted at a very niche market. To educate your children in the way my company provides, entails a reasonable monthly investment. The funny thing is that when I first started The Rainbow Garden in Belfast, I spent all my time and resources looking for the people who had the money. I believed that anyone who had a reasonably high income would DEFINITELY choose my product, because what parent wouldn’t want their children to speak multiple languages fluently?
It took me the first year to realise how wrong I was.
Just because someone has the money does not mean that they will necessarily choose to own what you have to offer. I have had multi-millionaires tell me that they can’t afford Rainbow for their kids. I have had poor customers who have taken on a second job or started a new business so that they can afford it. The lesson in this was really great for me.
When you are growing your business and searching for new customers, you must find the ones who have the same mindset as you, not the ones who can afford it. If you are selling vintage china, you must look for the people who adore all things old and beautiful, for the same reasons you do. If you own a hair salon, you need to figure out what service you are trying to provide. Are you cutting edge? (pardon the pun) Or do you provide beautiful hair cuts for working women who need stylish hair that is also practical?
In essence, who is your target market?
I realised through running Rainbow that my customer does not have a certain lifestyle or a large bank account. They have a similar mindset. They usually see greater possibilities in the world than the average person and want their children to be able to trade in future foreign markets and make a difference in the world.
These people understand the need for persistency and hard work in learning a new skill, and sign on the dotted line in the very first meeting. Most times they’ve made their mind up before we even meet. It’s less about “if”, and more about “how”.
Task: Write down all the things you love about what you do. Why are you passionate about it? Where can you find other people who have similar passions?