TAS 314: How To Validate Your Business and Product Ideas Before Spending a DIME with Pat Flynn

Does the state of your personal health and happiness really impact your ceiling for success in business? Scott has been on a personal journey over the last couple of years to improve and optimize his health. On this episode of The Amazing Seller, Scott and his guest Pat Flynn discuss the role physical health plays in contributing to success as a business owner. Scott is passionate about taking health seriously, his enthusiasm will get you pumped to make some intentional changes in your life and business!

What do you do when you get stuck in business and life?

There are a variety of factors that can cause you to get stuck in life. It might be relationship issues, struggles achieving goals, or just the monkey wrenches that life throws in the way. How do you overcome these obstacles? What do some of the high caliber leaders in business suggest? Pat Flynn has had his fair share of ups and downs over the course of his career. He is eager to share with The Amazing Seller audience how he has triumphed in the face of adversity and some steps you can take to do the same. Don’t miss this valuable episode bursting with great insight!  

Creating a Market Map

Once you start to hone in on the niche market you are trying to corner, Pat Flynn suggests creating a Market Map. This is a tool that will help you identify the three P’s of your audience. Pat suggests creating a spreadsheet and tackling each of the following:

  • Places – Where does your target audience hang out? Podcasts, blogs, web properties. Where does this group go?
  • People – Who are the influencers on this target audience? Who has earned their trust? Podcast hosts, authors of the blog’s, top social media accounts.
  • Products – List between 20 and 50 products to see and get a feel for what this audience is looking for.

Once you have put in the time researching and identifying these three P’s it will reveal your position in the marketplace. This is your sweet spot, where you can deliver the best service to this target audience. Make sure to listen to this episode of The Amazing Seller to hear Pat expand on these ideas and much more!   

Getting inside a customer’s head with a PLAN

After you have identified a position in a particular market niche, expert Pat Flynn suggests climbing inside your customer’s head. What Pat means by this is figuring out how the customer thinks, what motivates them? To identify this perspective, Pat has developed a PLAN.

  • Problem – You have to identify what potential problem you are trying to solve with your product for your customer. This happens through target market and research. Every successful business solves a problem.
  • Language – What words is the customer using to describe their problem? It does not good to come up with the perfect solution to a problem without using the right language that speaks to the customer.
  • Anecdotes – Engage with your customers. Know their stories and empathize with them.
  • Need – If you can identify a real need from your conversations with your customers, you’ll be one step closer to designing your product to fulfill that need.

Validating a product: The Pat Flynn approach

How often do you get to hear the approach of an expert in the arena you are trying to break into? The opportunity to get a peek into the process of one of the best in the industry is right at your fingertips. On this episode of The Amazing Seller, Scott sits down with Pat Flynn. Pat is gracious enough to grant the podcast audience stellar insight into how he would approach validating a product. Grab a pen and some paper and get ready for some powerful insight, you can’t miss this!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [3:05] Scott welcomes Pat Flynn to the show.
  • [7:13] How does physical fitness contribute to success as a business owner?
  • [9:19] Who is Pat Flynn?
  • [12:20] How to deal with changes in your industry.
  • [17:15] What do you do when you get stuck in business and life?
  • [21:30] The impact of getting critical feedback.
  • [22:30] The fear of failure.
  • [23:30] Pat talks about the writing process.
  • [26:00] Reducing the fear when approaching new product ideas.
  • [28:00] Creating a Market Map.
  • [31:00] Creating your PLAN.
  • [41:30] Pat goes over his approach to validating a product.
  • [50:00] What advice would Pat give his younger self?
  • [53:50] How to connect with Pat.

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TRANSCRIPT TAS 314

TAS 314 : How To Validate Your Business and Product Ideas Before Spending a DIME with Pat Flynn

[INTRODUCTION]

[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 314 and you might be able to tell by the sound of my voice I am super excited today because I have a special guest on…

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