How to Start a Business from Scratch (Part 4) - The Income Stream with Pat Flynn - Day 63

TL;DR

Pre-selling products or services before they are completed can help validate ideas and gather feedback from potential customers.

Transcript

hello and good morning everybody welcome in thank you so much for joining me on day 63 of the income stream we got a lot to talk about today in fact here is the plan first we're gonna recap what we talked about yesterday regards to pre selling and pricing we didn't actually get into pricing yesterday so we'll talk about that if you're selling a pro... Read More

Key Insights

• 👻 Pre-selling allows for validation and feedback before investing resources.
• 🈹 Pricing should reflect value and may include discounts or special offers.
• 😑 Communication and deliverability are crucial during the pre-selling phase.
• 😑 Testimonials and proof of effectiveness can be gathered during pre-selling.

Questions & Answers

Q: How can pre-selling help validate a business idea?

Pre-selling allows entrepreneurs to gauge customer interest and gather feedback before fully developing a product or service, reducing the risk of investing in something that may not be in demand.

Q: What are some strategies for pricing pre-sold items?

Offering a discount for early purchasers can incentivize sales, but it is important to ensure that the pricing accurately reflects the value provided. Market research and customer feedback can help inform the pricing strategy.

Q: How should entrepreneurs communicate with pre-sold customers before the product or service is delivered?

Clear communication is key, informing customers of what they can expect and setting realistic timelines. Establishing channels for feedback and questions, such as email or online platforms, ensures that customers feel supported throughout the process.

Q: How can entrepreneurs gather testimonials or proof of the effectiveness of their products during the pre-selling phase?

Engaging with customers and delivering valuable results will naturally lead to testimonials. Sharing these testimonials with potential customers can help build trust and provide social proof for the effectiveness of the product or service.

Summary & Key Takeaways

• Pre-selling allows entrepreneurs to test the demand for their products or services before investing time and resources into creating them.

• Pricing of pre-sold items should be carefully considered, taking into account the value provided and any discounts or special offers to incentivize early purchases.

• Deliverability and communication are crucial during the pre-selling phase, ensuring that customers understand what to expect and have necessary channels for providing feedback or asking questions.