Startup Day 4: A day of more tinkering (when will I learn?)

I’m not sure whether I should be fully disappointed about today or not.

I had solid plans for today (you can see them here, on yesterday’s overview) but I only got maybe half way through them. Most importantly, I did not directly contact any potential clients, and although I am sorry that I didn’t do that, I have already convinced myself it was for a good reason.

So here is what happened:

I started off strong! I woke bright and early, fully focussed, and grateful for this blog series. Writing yesterday’s post allowed me to wake up to a proper plan for the day, and I got busy straight away. By 11:30am I had narrowed down my list to 30 potential clients whom I wanted to speak to, and I even drafted the script and email to initiate those conversations.

But then I fell into the very trap I forewarned us all about just yesterday: I started to tinker. Because I was about to speak directly to actual human beings who I wanted to be as excited about my product as I am, I started to do that old thing: I looked at the product with super-critical eyes, and I started to doubt whether it was polished enough.

And so I started to polish.

And that took the whole afternoon.

But here is the thing: I actually really do believe that this was the right call. I spent 5 hours enhancing the offering, and I believe it is better and more compelling. It wasn’t difficult to convince myself that sacrificing 5 hours is worthwhile if it will make sales easier. The proof, of course, will be in the pudding. We are going to have to wait and see how much “easier” these sales are going to be. By end of next week I should be able to report, and back up with data, as to whether tweaking the site today was a good idea, or just a sneaky tool of procrastination.

I also changed the price of the product!

This was an unexpected upside of today: as I tweaked and polished, I fell in love even more with what we had already developed, and with the potential of the whole thing. And I realised that I had set the pricing at a moment when I was selling myself short (excuse the pun). The price is too low, and so I am raising it first thing tomorrow, and offering a launch discount. If this pans out, then the extra 5 hours of tinkering will pay for themselves in no time.

This my reasoning for the price change > > A potential client will have fall into one of three levels:

  • 1. They will love the product, and will see with 100% certainty how it will help them throughout the year
  • 2. They will kind-of/maybe like the product and will think ithat it maybe is worth a shot.
  • 3. They will not see any value in the product at all

I think that all clients that fall into #3 are simply incorrect. If they fit the target, the product will help them. End of story. But this is not the time to be convincing them, as they are probably very old-school and will not engage with the product as much as they should anyway.

Clients that fall into category #2 will probably make a decision based on price. For this group, a lower price (or higher discount) will definitely affect volume of sales. But this too is not my target market to start.

I am looking for clients that clearly and squarely fall into category #1. Now, I know we ALL want those clients, but very few of us can be assured that they even exist. That’s because most products have competition, and clients have choices. That’s not exactly true for me: I am offering a niche product, for a niche market, and I have a built-in audience. This is unusual, and somewhat utopian. (Can still fail and flop on its butt, though!)

Of course, what I should do to take advantage of this unique position is to price the product much higher. After all, if I put focus on finding clients that are 100% convinced this product will work for them, then by default that product is worth at least 10x what I am charging. There is no debate on this. It either works to bring in new clients (patients) for my clients, or it doesn’t. And if it does, I am charging less than what my client will charge his/her client (patient) for 30 minutes of their time. And I am charging that for the year.

But, we are not going to be greedy. The price is fair for a new product, and I hope it will bring a tremendously high ROI to those who take a chance on it in 2021. We’ll relook pricing later.

So that’s about it for today

I didn’t do any social media posts (although I got new signups for Twitter and Facebook), and I certainly did not get any sales.

I wish today was Tuesday and not Thursday!

The big question (which I will only answer tomorrow) is whether I am going to contact any of the potential clients tomorrow or leave it to next week. Fridays are kind of funny days. But then again, they might be excellent days to initiate communication? How will I ever know if I don’t try, right?

One thing is for sure, I am loving this #buildingInPublic process. It helps me clearify my mind, and for that I am very grateful.

Thanks for reading!
Eve

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I’m building the site live, because I don’t expect an audience until I actively send people here, and it’s easier to send links for feedback that way anyway. 

So if you made it here on you own, somehow…maybe come back later? :=)

#buildinginpublic.