Rethink Positioning Online - Economic Product vs Personality

Why does someone choose you over a competitor?

It's a good question, and I should think about this more.

Are you the most pleasant to work? The smartest? Don't come off as a jerk?

Or is it something even far greater?

I recently dived into the book Business Made Simple by Donald Miller, which also includes an online learning portal that offers daily video lessons. 

Sidenote, I love the daily videos series, especially as it fits into my walks when my baby is napping: 60 short videos, 5-10 minutes long with a daily call to action. Talk about building momentum!

Today I started with Day 1, and it already got me writing this post because it struck a nerve.

The first chapter of the book - See Yourself as an Economic Product on the Open Market - got me thinking. And I thought to share my takeaways because it's helpful for anyone building a business. 

Economic product, defined by the author, Donald Miller, is, "something you buy to get more money in return."

Stocks, Bitcoin, and real estate are examples of economic products that we purchase with the intent to make more money.

And in the book, Donald suggests that we as business owners should talk about ourselves as economic products that will ultimately generate more money for clients as opposed to focusing on areas like our personality traits or our likability.

While being likable and sharing common interests makes total sense when it comes to working on the same team, being hired as an external is more about getting the job done and is based more on economics.

Key takeaway: Speak about yourself as an investment. People tend to invest in things that are less risky and feel like they will generate money.

You become your product

I agree with the main point here. People will purchase from you if you prove to be an asset that will produce more money.

I would just slightly change the focus on money only because I think some of my clients had other goals in mind when it came to working together such as higher status among a community and recognition. 

But all in all, the more we as business owners can produce the desired outcomes for our clients, the more projects we'll have.

Business Relationships Are Not Personal Relationships

Just as Donald points out, it's important to understand that personal relationships and business relationships are not the same.

In personal relationships, chemistry matters. In business relationships, businesses choose their providers based on who they believe will accomplish the tasks at hand, period. 

Key takeaway: Highlight your areas that demonstrate gains for your customers. It helps them understand your unique value and what you can offer that no one else can.

You, the valuable asset 

If you've made it this far, just want to say thanks for reading! I think this is a very fascinating way to look at yourself and your business.

I love hearing from others and so please send me a message if this struck a nerve or idea.

Until the next one, rock the week!

Mike Miello profile image

This post was written by me, Mike. Please feel free to contact me if you have any questions.

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