Here’s what we will cover today:

• How to make your product the "aspirin" that customers crave

• Grab a business plan template used by thousands to raise billions

• Why did an entire village in Minnesota have to move?  

Quote of the Day

“Every company’s greatest assets are its customers because without customers there is no company.”
~Michael LeBoeuf 

Today’s Tip

When you’re in serious pain, what do you take? Probably an aspirin or ibuprofen.

When you’re trying to be healthy, what do you take? Probably a vitamin.

Now, which product do you think you crave more? The aspirin when you need it to alleviate immediate and serious pain? Or a vitamin that may help ward off future illness? Clearly, the aspirin is the winner.

Interestingly, according to an article in Fast Company entitled “Turning Vitamins Into Aspirin: Consumers and the Felt Need”, making sure that your product or service is more like an aspirin than a vitamin is crucial to your success.

In fact, the article cites one little tweak that Netflix made to turn its service from a vitamin into an aspirin. And how this little tweak was the #1 cause for its success (without it, Netflix probably would have failed).

What was this tweak? Well, initially, Netflix operated like every other movie rental company. You received the movie from Netflix, and if you didn’t return it on time, you had to pay late fees.

Sure, Netflix added some convenience by allowing customers to rent and return movies through their mailbox, and not have to go out of their way to their local video store. But, it turns out that the real customer pain was complete convenience, including not having to pay any late fees.

And when Netflix moved to its subscription model, which eliminated late fees, its sales started skyrocketing. In fact, it knew nearly immediately that it had a winner; in the first month after starting its subscription business, 80% of customers who signed up for a free Netflix trial became paying customers!

According to Fast Company, “Netflix as a DVD mailer was a vitamin. But Netflix as a late-fee vanquisher was an aspirin. It eliminated a pain.”

To identify the aspirin in your product or service, dive deep into your customers' experiences. Observe their behavior, listen to their feedback, and conduct surveys to uncover their pain points. Once you've pinpointed the specific problem your offering solves, double down on that benefit. Highlight it in your marketing, design your product around it, and provide exceptional customer service that addresses it directly.

A great product or service isn't just about features; it's about solving a real problem for your customers. By focusing on the aspirin, you'll create a solution that customers can't live without. 

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives, and business owners have come to me for help with their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Trivia

Today’s Question: Why was the entire village of Hibbing, Minnesota, relocated?

Previous Question: Borden is the name of a county in Texas. What is the name of its county seat? 

Previous Answer: Gail.

It’s named after Gail Borden, the man who brought us condensed milk. 

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