PODCAST - If Your Customers Aren’t Using Your Product, This Is Why
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If your business has the best product or service, your customers are gonna buy and use your product, right? Well, today on the show, we're gonna unpack why your customers aren't using your product even though you have the best product in your industry. And really, it comes down to three reasons. I, myself, have had the same challenge over the years, where the customers that I do have have nothing but great things to say about me and [00:02:00] working with eLearning Partners.
So I always wondered why I didn't have a bunch of customers. Well, it took some time, and I eventually realized that just because you have the best product or service doesn't mean that everyone out there, all your customers out in the world, know or understand that you have the best product or service.
And that's why this is the biggest myth in business: If you have the best product or service, your customers will buy and use it. And this is why a lot of my clients end up partnering with me and my company, because I work with organizations like yours. I work with business owners like you, who have the best products and services, and you are looking to impact the world at a global scale with them, but you may be running into some hangups along the way.
This is exactly what my client over at Celasol [00:03:00] has ran into over the past couple of years. And within just a couple of months of working together one-on-one with my VIP consulting and advisory, Celasol was able to close their first big one-to-many or B2B deal. And this is just one of many examples. And don't get me wrong, I'm not saying that you shouldn't aim to have the best product or service.
You should, and if you don't, what you need to do is learn about your customer and understand them so much that you know exactly what they need to solve their problems, and then build a product and a service that is so good that once they buy, they won't let go. So why aren't customers buying or using your products and services?
These are the three reasons. The first reason, they don't understand what's in it [00:04:00] For them, even though you have the best product or service doesn't mean your end customer understands why it's the best product or service. And this is something that one of my clients has ran into in the past, and what we have really worked together to remedy by partnering with each other with my enterprise learning partnership program.
What we've done is uncovered why someone would actually want to use their product, and their product is the best product in their space. They're a medical therapeutics company, and they have created the purest form of this natural product. Well, what we've uncovered together is that there are two user groups that need to understand the importance of their product.
The first is doctors. Doctors need to know why the product helps them and their [00:05:00] practice. 'Cause just 'cause it's the best product doesn't mean that doctors necessarily wanna integrate it into their practice. It doesn't mean that doctors Want to prescribe it to their patients. And that's the next piece, patients.
So when you are looking at your products and services, you need to make sure that your customer understands what's in it for them. What's in it for patients? Well, potentially a product with less side effects, a product that is more natural. For doctors, it is a product that empowers them to serve their patients even more powerfully, safely, and save their practice, save their insurance, and save their patients money.
So we needed to identify these things in order to scale their business even more powerfully. Number two, they don't understand how to use it. This is a fascinating one because you may find that your customers buy your [00:06:00] product, buy your service, but then there's no engagement. There's no repeat business.
Well, even if you have the best product or service, if your customer doesn't know or understand how to use it, then they're not going to use it. 'Cause remember, when a customer makes a purchase decision with you and your business, it's not only a monetary investment, it is a time investment. And if they don't know how to use it, then it's gonna take them way too much time, which is increasing their time investment.
They may be completely okay with the monetary investment that they've made, and they may be completely okay with not getting that monetary investment back, but they may not be okay with increasing their time investment to know how to use your product. This is something that me and my S&P 500 client, CoStar, have been tackling for years, and it's been going extremely well.
CoStar group sells [00:07:00] software as a service for real estate professionals, commercial real estate professionals. And in order to make sure that they know how to use their product, how to get value out of their product, what we've done is created certification programs that they can invest in showing that they are experts at this product, and the training teaches them how to get the most out of it.
So it makes them better at their job. We are teaching them how to use it. Well, when we teach them how to use it, guess what? Their time investment In the software goes down. We're literally decreasing how much time they have to spend to get value out of this product. This actually makes it so that they are willing to spend more money on the product and spend money on a complimentary product, our certifications.
By making sure that you understand what is in it [00:08:00] for your customers, and you make sure that they know how to use it, you can charge more for what you're selling. 'Cause what you're doing is you're decreasing their time investment, and time is worth exponentially more than money. And that brings me to number three.
They don't understand how to get the most value out of it. When you're selling a premium product, which if you have the best product or one of the best products in your industry, you should be selling it for a premium. The more valuable your product is, the higher quality product you have, you should be selling it for more.
And really, you should be a premium seller in general because when you're a premium seller, you attract premium customers, you attract premium buyers. But they only buy if they understand what's in it for them, how to use it, and how to get the most value out of it. This is very [00:09:00] interesting. My client, Coaster, we sell certifications at different price points, and we sell the same certification at a lower price point for students than we do for industry professionals.
And we do this for multiple reasons. One, we want students to have the certification before they go into workforce, so we're trying to help them out. We are working on getting them ingrained using the software that my client sells before they go into the workforce, 'cause really our goal is for them to get a job by knowing the software and keep either investing in the software themselves or get their company to invest in the software when they're in the workforce Well, the other reason is because students are gonna get less value out of the gate, out of the software than an industry professional.
An industry professional is willing to pay more 'cause they're gonna get more value out of the training and the software. Same reason why my client, CoStar [00:10:00] Group, allows students to use the software for free during the semester that they are training on the programs that they sell. This software is usually sold in the thousands of dollars per year for licenses, and industry professionals either have to pay for that or have their companies pay for it.
So yes, we sell the certifications that teach them how to use the software for more money, and we sell the software for more money because there is a shorter path to getting the most value out of it. Same thing that I do when I look at consulting organizations on what the best software is for their organization to really elevate all of this.
And what I do is I actually have my own programs that teach organizations, business owners like yourself, how to get the most value out of the softwares. Well, what's in it for me? Well, if you keep paying for the software, I get paid. What's in it for you? [00:11:00] You're getting the value out of using the software, you know how to use it, and I'm making sure that you're not just using it, you're maximizing its use.
When you do these three things, you're gonna increase your product and service adoption, and you're gonna retain customers longer. So how do we do all of this? This is the solution. These are the two things that you need to do so your customers aren't only buying your product or service, but they're using it and buying more.
First, we need to identify what the ROI is for your customer. What does ROI mean? It means return on investment. And like I previously shared, when we're talking about investment, we're not always just talking about money. We're talking about money and time. When you have a customer [00:12:00] considering purchasing your product or service, even if it is the best, they are weighing how much money is this gonna cost and how much time is it gonna take for me to integrate this into my life?
So in order for your customer to get past the money and the time commitment that they need to engage with your organization, they need to know what is the return that they're getting. By investing this, what are they getting? And that is what you need to identify. And we can identify this together when you come to my Plug the Profit Leak challenge.
This is a multi-day group consulting experience. During this experience, we uncover where your business is potentially losing up to six figures or more per year, and you'll leave with a simple plan of how to fix it. Now, when you invest in a VIP ticket to this live experience, you get to work with me and a [00:13:00] small group of like-minded business owners like yourself and get my eyes and my consulting on your business.
I get to help you get results like my S&P 500 company client, CoStar Group, who has saved millions of dollars per year since engaging my organization. Together, we're going to not only align the ROI for your business with the ROI of your customers, and if your buyer is different from your customer, we're gonna align that as well.
I'm also going to empower you to do the second thing that we're gonna talk about today. You can sign up, you can grab your ticket for my next Plug the Profit Leak challenge in the show notes or in the description, or go to plugtheprofitleak.com. So once you identify what the ROI is that fits in this box for your customer, your next step is to [00:14:00] educate your customer on how to get this ROI.
Just 'cause you have identified what the ROI is, what they're looking to get out of their monetary and time investment, now we need to make sure that it is crystal clear to our customer. And we can do this in different ways, and I go into this in detail when I work with you in my Plug the Profit Leak challenge.
We go into how you can harness the power of education as your competitive advantage. But really what we're looking to do is express the return on investment, decrease their time investment so that their monetary investment keeps looking Better and better. And then you can charge more. The more that you can decrease their time investment, the more you can charge for their monetary investment.
This is why, along with giving away free trials to the education softwares that help my consulting clients select and implement into [00:15:00] their businesses to help support them in plugging the profit leaks in their businesses, this is why I give away free programs to help business owners like yourself and your teams get the most value out of these products.
And this is why in my Plug the Profit Leak challenge, we identify what I call ROI pie, where the ROI for your business might be here, the ROI for your customer might be here, and the ROI for the buyer might be here. And we look at where the ROI of all three overlap, and this is what we focus on to scale your business and the impact of your mission to achieve all of your business goals.
I invite you to grab a VIP ticket to my Plug the Profit Leak challenge. I'll see you in the next episode
Thanks for tuning [00:16:00] in to Learning Transformed. Now, if you're designing a transformational learning experience and wanna skip the overwhelm of trial and error, check out our e-learning platform finder. Just answer a few simple questions, and we'll match you with the right platform, plus an extended free trial.
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Thanks for listening, and I'll catch you in the next episode[00:17:00]
AI is rising, and so are
