The perfect business model that I want the market I cater to, has to be able to answer these 7 questions in the affirmative:
1. Are they a member of your ideal 8020 target audience? Every business has customers or clients that can be broken out according to the 80/20 Principle.
20% of your customers are generating 80% of your profits. Because 8020 is fractal, we can break it down even further – 20% of the 20% = 4% are generating 80% of the 80% = 64% of your profits.
2. Are they the decision-maker? Do they have the ability to say yes?
Don’t waste your time making a presentation to an audience that can’t make the final decision.
3. Do they have the money?
If they can’t afford what you are selling. It makes no sense to present to them.
4. Is there a sense of urgency? Do they have an immediate and urgent problem that they need a solution to? Perry Marshall, in his book “80/20 Sales and Marketing” refers to it as: “Do they have a “bleeding neck”?
5. Do they want what you have to offer? Does your USP (Unique Selling Proposition) match what they want?
A unique selling proposition (USP) is your unique answer to these questions:
• What does your product or service do that your competitors doesn’t?
• Why should I buy from you instead of anybody else?
• What guarantee can you make that nobody else can make?
6. Is the timing right for your solution to their problem?
Whatever you sell needs to be in harmony with the natural and existing forces in their life right now.
7. Do they chase you instead of you having to chase them?
If you could have this, would you take it?