We often get caught up on the normal grind of business. Generating leads, converting leads, selling homes, getting sales closed, putting out fires, and all of the other stuff we have to deal with on a daily basis. This process sometimes blinds us from seeing opportunities for our businesses.
One of the most important questions you can ask yourself is…
What are the biggest problems my prospects have and how can I help them solve these problems?
Notice this question has nothing to do with lead generation or conversion, which is where we tend to focus when we brainstorm ideas for our businesses?
Problems = Opportunity.
Problems = Profit.
By focusing on solving your clients biggest problems, you have the ability to dramatically increase your business’s revenues.
When I came back to real estate, I decided I only wanted to work with real estate investors who could pay cash for rental properties. In my area, someone can earn an income stream of 12 to 14% acquiring nice single family homes. This income stream is significantly higher than what they can get in savings/money market accounts.
The problem I’m attempting to solve is the lack of investment income someone can get on their savings. Because this problem isn’t significant and isn’t relevant to most people, my business opportunities are limited in my local marketplace.
To really grow my business, I have to shift my focus and solve bigger problems for more people. A recent survey by the Employee Research Institute found that 42 to 44% of Americans will not have enough saved to cover their essential living costs in retirement. The number one money worry most people have is running out of money in retirement.
Running out of money in retirement is a BIG problem for a lot of people.
If I can engineer my business to help solve this bigger problem, I can create more opportunities for revenue. More importantly, the more people I can help with this bigger problem, the more profitable my business will become.
What problems are you solving with your business?
How can you help more people solve these problems?