GYMH 65 Velvet Ropes, Sunk Costs, and Your Core Message

Your journey is something no one has walked but you. What you know may seem obvious to you, but in reality, it's amazingly impactful to others. Michael discusses how to define your core message, how to use this message to refine what you offer, and what you can do to find the right people who are ready to hear your message.

Do you have a velvet rope in place?                                                               

The velvet rope is the divider that lets some people in and keeps other people out. For most people, this model intuitively doesn’t make sense to grow a business. But the number one mistake people make that compromises their business is refusing to figure out who they serve. If you try to be all things to all people, you will end up dissatisfied, because you won’t have the impact you could for that select group who need what you’re offering. Michael discusses the importance of avoiding pouring energy into trying to serve the wrong people.

There is good work, bad work, and great work.

Michael introduces us to Do More Great Work, a book by Michael Bungay Stanier. Michael goes through what is entailed in each kind of work, how to stop doing bad work, and what distinguishes good work from great work.

It all comes down to intake.

When you get a new call or make a new contact, do you approach the interaction by trying to get that person to buy? Or do you honestly assess whether they are a good fit for you and your business? If you make the mistake of focusing too much on selling new clients and don’t commit to holding your velvet rope and being selective, you will end up feeling stretched too thin.

Don’t hold on to sunk costs.

Have you ever continued pouring energy into something that just doesn’t work, because you’ve already invested so much up to this point? Ask yourself: if I weren’t already doing this, would I start? Is this taking me where I’m trying to go? Is what I’m doing attracting the right people for me to serve? It is okay to walk away from something that isn’t working – actually, it’s necessary.

Define your core message.

Your core message will define where your velvet rope sits. It will attract the right people who belong on this side of the velvet rope with you. Defining your core message allows you to serve the right people because you are clear about what you have to offer. Michael discusses how to regularly narrow, define, and refine your core message to attract the people who are ready for what you have to offer them.

Recommended Action

Define your velvet rope, start using it, and recognize that it is the key between struggling and making your business sustainable and successful. Do the bad work, good work, and great work exercise, and ask yourself: can I convert these bad work clients into great work clients? Think about what you’re doing that you need to jettison. And get serious about identifying your core message.

Free Download

When you meet someone who you'd like to have as a client - whether it's an actual sales conversation or just a handshake, what you do AFTER is the most important factor in whether or not you'll end up working with them. Download Michael’s 4-step follow-up method at http://michaelhudson.com/followup to make sure you never miss an opportunity.