Watch this if your business is going broke... | Business Review

Summary

In this video, Dan Henry, founder of getclients.com, consults with Michael, an online voice teacher whose business has declined after a pivot. Michael's business aimed at helping church choir directors recruit members and improve their vocal techniques. Despite initial success with vocal technique courses, he struggled with a new offer targeting choir directors. Dan critiques Michael's approach, emphasizing the mismatch between his audience and the new offer, and advises him to return to his profitable vocal course. He also suggests leveraging YouTube and Instagram for promotion and proposes creating a membership site for sustained revenue.

Takeaways

• 📈 Michael's business initially thrived but pivoted into a less successful direction, prompting him to seek advice from Dan Henry, a business consultant with a proven track record.
• 🎓 Michael's business model revolves around helping church choir directors recruit members and improve their vocal techniques, with a focus on online courses.
• 🗣️ Dan critiques Michael's pitch, suggesting it's not terrible but could be significantly improved, particularly in terms of audience targeting and offer clarity.
• 🤔 Michael's struggle with inconsistent revenue stems from a mismatch between his audience's interests and the products he's selling, notably the shift from vocal technique to choir recruitment.
• 💰 Dan emphasizes the importance of selling products that resonate with the audience's needs and have a proven market, rather than pursuing less lucrative offers.
• 🏆 Michael has had more success selling his vocal technique course, indicating a stronger market for this product compared to the choir recruitment course.
• 📉 Michael's decision to pivot to a less profitable offer, despite having a successful product, is questioned by Dan, who suggests it's counterproductive to business growth.
• 📝 Dan advises Michael to focus on his strengths and the market demand, recommending a return to selling the vocal technique course that has a proven audience and sales track record.
• 📈 Dan provides a detailed strategy for leveraging social media, particularly Instagram, to drive sales through direct messaging and creating urgency with limited-time offers.
• 🎯 The importance of understanding the 'why' behind a skill, rather than just the 'how', is highlighted as a key to effective teaching and content creation.
• 🔄 Dan suggests creating a membership site as a recurring revenue stream, offering ongoing value to customers and a steady income for Michael's business.

Q & A

What is the main issue that Michael's business is facing?

Michael's business is facing a decline in revenue after pivoting from teaching vocal techniques to helping church choir directors recruit new members, a market that is not as lucrative or aligned with his audience.

What is Dan Henry's background and how does it relate to the advice he gives?

Dan Henry is the founder of getclients.com and has consulted thousands of online business owners, helping to build multiple multi-million dollar brands. His experience allows him to provide brutal, non-nonsense advice to business owners like Michael.

What is the primary service Michael offers to church choir directors?

Michael offers an online course to help church choir directors recruit new members and improve their choir's sound, with the goal of achieving the choir of their dreams.

What was the monthly revenue Michael made before the pivot and what has it dropped to?

Before the pivot, Michael was making around $2,700 to $3,000 per month. After the pivot, his revenue dropped to about $1,400 per month.

What is the main advice Dan gives to Michael regarding his business model?

Dan advises Michael to return to his previous business model of teaching vocal techniques, which had a better market and was more profitable, rather than continuing with the choir recruitment course.

What is the mismatch that Dan identifies in Michael's business?

The mismatch is that Michael has an audience of vocalists built through his vocal technique teachings, but he is trying to sell them a course on choir recruitment, which does not align with their interests or needs.

What is the reason behind Michael's initial success with vocal technique courses?

Michael's initial success with vocal technique courses is due to having a large audience of vocalists from his YouTube channel and Facebook group, which are interested in improving their singing abilities.

What does Dan suggest as a potential new business model for Michael?

Dan suggests creating a membership site with a monthly fee, where Michael could provide ongoing vocal training and support, leveraging his existing audience and expertise.

What is the importance of understanding 'why' something works according to Dan?

According to Dan, understanding 'why' something works is more important than 'how' because it leads to a perspective shift and is more memorable. This understanding can help in creating more effective marketing pitches and content.

What is the strategy Dan recommends for building authority and gaining attention in Michael's niche?

Dan recommends finding communities where the target audience discusses their struggles and helping them genuinely without pitching. This builds authority and attention over time as people start tagging and referring to Michael as the expert.

What is the potential downside of Michael's current business model according to the conversation?

The potential downside is that Michael is not leveraging his strengths and existing audience, and instead is targeting a market that is less profitable and harder to sell to, which could lead to further financial decline.