Pain Killer vs. Vitamin
Transcript
I can't believe that we've been doing these videos for a little over a year and we haven't touched on one of my favorite topics.
While we've talked about customer acquisition a number of times, we haven't talked about painkillers versus vitamins.
Is your business a painkiller or a vitamin?
You see, a painkiller is when you are solving a very urgent problem.
When the customer cannot wait to get this problem solved and will pay anything to get it done.
A vitamin is when you're a nice-to-have.
You're something that can help them maybe increase their top-line revenue.
But it isn't an urgent problem.
Let me give you a real-life example.
I used to be a runner and I did many marathons.
As a matter of fact, I did four of them in one year.
Note to self, that was too many.
I ended up with a herniated disc.
And what that means is that once every three or four years,
I'll wake up with a knife stabbing pain in my back.
I feel like I won't ever be able to walk again.
It's that painful.
At that point, I would do anything to get that solved.
I would pay any amount of money to ensure that I will be able to walk again,
ride again, and be active again.
And inevitably, in a matter of a day or two, with some rest, I'm better.
And then I swear that I will always do my core exercises.
Every single day, I'm going to do those.
but those are vitamins. Of course, a week, two weeks later, I'm not doing them anymore. There's
no urgency. So the vitamin, my core exercises, gets ignored. The painkiller, when there's an
urgent pain, I would pay anything to solve the problem. Apply this to your business. How can
you take your business and position it so that it isn't just a nice to have, it isn't a vitamin
that's going to help them in the long run but it is solving a particular pain that is urgent
because if you could turn your business into a painkiller you will make customer acquisition so
much easier
Today we are talking about Troy’s favorite topic, is your business a pain killer or a vitamin? And what does it matter? Watch #MATH101 to find out, it could be the key to increasing your customer acquisition.
Originally published on the MATH Venture Partners blog.