In this episode: “Build it and they will come” works in Field of Dreams. In business, it rarely does. Jon Peyton explains why even a product the market asked for still needs education and positioning before people will buy. He also describes how his own firms learned to let people learn on their own before asking them to commit.
Key insights
- Even when customers say they want something, a new product makes them ask, “What is it, and why do I need it?”
- Remind buyers of their own pain points. A market that told you its problems needs far less education than one starting cold.
- Low-cost entry offers invite people to try. Higher-priced products need more trust, which means more content and education first.
- Publishing consistently, through articles, podcasts, books and communities, puts your message in front of people before they’re ready to buy.
- Let people move up at their own pace, from free content to a one-on-one relationship, instead of asking them to commit on day one.
Episode timeline
- 0:00 The entrepreneur’s fallacy
- 0:58 Field of Dreams and “build it and they will come”
- 2:48 Why buyers hesitate, even when they asked for it
- 3:41 Products that caught on, from Beanie Babies to Jordans
- 4:14 How Crocs found its market
- 5:11 Educate the market on its own pain points
- 7:34 Competing for space in the customer’s mind
- 9:00 Low-cost entry offers
- 10:06 Content builds awareness for bigger purchases
- 12:48 Communities let people learn at their own pace
- 13:20 How Jon’s firms learned this lesson
- 18:47 Letting clients choose when to move up
- 22:12 You have to carry your own message
The episode in brief
A movie line, not a business plan. In Field of Dreams, a farmer builds a baseball diamond in the middle of nowhere because a voice tells him people will come. In business, it almost never works that way. Even after you’ve defined the market and learned what it wants, a new product is unfamiliar. People ask what it is, why they need it and whether they can try it first.
Products that caught on still had to earn it. Beanie Babies, Furbies, Air Jordans and Crocs all spread like wildfire once people understood them. Jon notes that Crocs did extensive testing and found an early audience in professionals, such as medical workers, who valued a shoe they could wash and sanitize. From there it grew into a broader trend.
Remind buyers why they asked. Even a product built for a well-defined group needs education. Remind them of the pain points they described, show how you solved each one, and let them test it. When it delivers, you convert them into clients, and when the experience is excellent, into raving fans.
Compete for space in their minds. Buyers have to associate you with solving their problem, offering better value or making life easier. If you charge more, you’d better deliver a lot more value.
Price changes how much education you need. Below roughly $50 to $100, many people will take a leap and try something. Higher-priced products and services need far more trust. That means books, articles, podcasts, guest appearances and a steady flow of content. One post a week won’t do it, and neither will a single top search ranking.
Jon’s firms learned this firsthand. Early on, his planning, investment and consulting firms explained their services and essentially asked people to “marry us on day one.” For services that can cost thousands of dollars, that was a jarring ask. The answer was a publishing firm and a tiered path. People could consume content, get to know how the team thinks, and choose when they were ready for one-on-one help.
Carry your own message. If you built something that solves a real problem, it’s your job to tell the world clearly why you built it, what it solves and how it makes people’s lives better. Otherwise you may have the best product nobody knows about.
Key action items
- List your buyers’ pain points in their own words. Use them in your messaging so people recognize their problem immediately.
- Create a low-risk way to try. Consider a trial, sample or entry-level offer that lets people experience the value before a bigger commitment.
- Set a content rhythm. Commit to a realistic publishing schedule, such as articles, episodes or emails, and keep it up for six months.
- Map your client’s path. Sketch the steps from first contact to paying client, and make sure each step gives people a reason to take the next one.
Listen next: Episode 11: Let’s Talk Entrepreneurship and Brand Perception
Value Creation Consultancy™ has since merged into Founder’s Accounting™. References in this episode to the consultancy reflect the firm at the time of recording.
This episode is educational and isn’t legal, tax or financial advice. Speak with your own attorney and advisers about your situation.