Patel here from N-Accounting. I hope you are having a great day. Just remember if you find this video useful, just spend to like share, follow, subscribe, and keep watching for other videos. So today what I want to talk about is probably one of the biggest things I see holding business owners back and what I want to do is talk about why it holds them back, what it is, why it holds them back and one of the best solutions. So one of the first business books I actually have ever read was called The 4-Hour Workweek by a guy called Tim Ferriss. So, the book is about working four hours a week, and then just getting everything done in those four hours and being super efficient. There’s a lot of other good business books, but this was probably the first one I ever picked up, because it really just appealed to me in terms of being able to make money without having to work, work myself to death.
But one of the examples in The 4-Hour Workweek, which I think is a really, really good example is Tim Ferriss talks about a watch company that he worked with at some point. And the watch company ran two adverts in the local newspapers. So, this is way back in the days when people were actually advertising in newspapers. But this watch company ran two adverts in the local newspaper. One advert displayed five of their watches and the other advert only had their best watch. The advert with five of their watches included their best watch too. But what this watch company found was the advert, which only had one watch had like five times the response that the advert with five watches did. And the conclusion from that was, well, people were just finding it too, the message too imprecise and too not concise enough to actually make a decision on anything and that feeling of overwhelmed made them just move on from the advert in general.
Whereas the advert where they only had one watch, it was one clear, specific message. It was like, look, this is a great watch, buy this watch. And that’s where the watch company got, got the sales. I mean that’s really early example of split testing, which is great before all of our fancy software was available. But it leads me into this video because what I often see is business owners having loads of products and services, because they’ve got this like inner in a dialogue or limiting belief, which says that if you don’t offer loads and loads of stuff, then people won’t view your business as a legitimate business or customers won’t want to work with you. So, ultimately what I wanted to do in this video is just talk about why offering too many things is a big challenge for any business.
So, I think also we’ve all been to a restaurant and where they’ve got like hundreds of things on the menu, but we’ve also been to restaurants where they might only have a handful of things in the menu. And quite consistently the restaurants where only a handful of things in the menu tend to be much, much better than the restaurants with hundreds of things on the menu. So, there’s a few points to pick up here, like in the example of the watches that was about focusing your perspective customer’s mind on one particular thing and not overwhelming them. So, it paid to only have that one product on display. In the example of the restaurants, actually, that’s more about when your chef only has to focus on getting that a handful of things done really, really well, rather than loads and loads of things done really well.
They’re more likely just get that handful done and it’ll be of better quality. But one other example, which I actually picked up, I kind of knew it all along anyway, but it was just reiterated to me last week in our quarterly planning date where our guest speaker, Christina Robinson from Green Umbrella. And she mentioned, well, she did this little quiz and it was like how many points of contact do you think you need before someone will buy from you? And a few people stuck their hands up and said about five, some people about six, seven, and then she was like, well, my experience says it’s 12. So and actually I kind of believe that. So what you have to do shop in 12 places with a specific message before people want to buy from you.
Obviously, it depends on the nature of your product and service. If you’re just selling something smaller and lower cost compared to like a big ticket coaching package then or consulting package then, yeah, maybe you do need less points of contact. But the whole point is, let’s say you’ve got three or four different products of services and then to get all of them over the line, you’re going to have to arrange for all of them to have 12 points of contact with the customers. So with your prospect. So that’s much harder than just picking one product or service and getting 12 points of contact on that. Because when you’ve got four different products of services, you need four times the marketing budget to be able to achieve, to actually get those sales in.
But actually in fact, you need four times the marketing budget just to get the bare minimum amount of sales in. But actually, if you think about it, if you’ve only got enough marketing budget to have three points of contact and you split that over four different products of services, then ultimately you’re probably not going to get a sale on any of them. Whereas if you’ve got enough, but you’ll have spent three points of contact on each of four, you won’t get any sales, but 12 points of contact on one product of service, you’re going to get people over the line and buying from you. So to summarize, this is the reason why if you really want to make a million pounds, if you want to make your business worth a million pounds, if you want to get these sales, high value sales coming in, you need to specialize in one thing, your marketing needs to be clear that you specialize in one thing, and then you need to focus your marketing efforts on one thing, rather than loads of different things.
Because by focusing on that one thing, you get a consistent message across and you also get enough points of contact with your prospective customer that will get them over the line on sale. Whereas you focus on lots of different things, you won’t get anyone over the line because you just won’t have the budget to have enough points of contact. So, unfortunately, I see people fall into this trap all the time. They just want to offer every single thing, but, and part of my job under the Apex program is to redirect them back to that original offering. And then just get that absolutely right. Obviously, a business can have more than one service, but what I always recommend is it only has one solution. So for example, Apex for us is about getting people, the perfect balance between accounting and tax, financial management and business coaching and education.
And although those are separate things, actually, they’re all designed to support and complement each other. So when we do talk about marketing, we only talk about our Apex program rather than all those individual services and the result the Apex program could actually give our customers. So if you want to find out a bit more about that, then get in touch with me, book yourself in a free strategy session, we have got the solution to get your business from what it’s worth now up to a million pounds. So get in touch and we’ll talk you through how that works. All right. Have a great day. Thank you.