THE POWER OF “WHY”: THE ENTREPRENEUR'S ESSENTIAL QUESTION

In this article based on the The Dropout Multi-Millionaire Podcast, we're revisiting a fundamental question that defines our journey as entrepreneurs and business owners: Why? Why should customers choose your product or service? Why should they choose YOU? Through compelling stories, we’ll highlight the need for a unique valu

e proposition to stand out in the market and uncover why customers should choose our products or services and, most importantly, why they should choose us. Read on for actionable insights on business strategy, sales teams, and building a successful enterprise.?

The Challenge of Answering "Why"

It's a challenge we've all faced—articulating why our offerings stand out. Let's be honest; it's a struggle for many business owners and sales teams. But it’s important to emphasize that answering this question is crucial for creating a unique position in the market. Are you just another commodity, or do you offer something distinct that sets you apart?

Today I want to share three powerful stories that, from my experience, perfectly illustrate the importance of answering the "why" question:

Insurance Agency Differentiation

While working with an insurance sales agency, I was told by my client that he was facing the common challenge of gatekeepers obstructing access to decision-makers.?

I asked him why companies should buy insurance from him and not someone else. I asked what made him stand out, and he answered with “We give the best customer service,” and “We really care about your employees.”?

Those responses didn’t convince me one bit, and I could immediately see why they weren’t convincing those gatekeepers.?

Any sales person can say they give the best customer service and they care about your employees– that doesn’t set them apart. You need to give your prospects a unique reason why your product or service is not only great, but better than the competition.

An Entrepreneur's Dream of a Sports Bar

Picture this: I was in my hometown of Alpharetta, Georgia, sitting at a local restaurant, engrossed in a game. But instead of hearing the compelling announcers recount each play, the radio was blasting music.

?A lightbulb went off in my head– I had identified a gap in the market.?

I wanted to create a sports bar where sports enthusiasts could go to truly immerse themselves in a game, sound and all.?

That is how the concept of Central City Tavern was conceived, and because I identified a clear “why” to my business, CCT has become a raging success as the preferred destination for sports fans in Alpharetta.

Choosing the Right Editor

Trying my hand at the intricate art of writing and publishing my own book had me on a journey to find the perfect editor. Scouring the internet, I stumbled upon traditional publishing companies with steep fees.?

Propelled by a recommendation from a trusted source, I connected with Hillary—an editor with a unique proposition. She unveiled the industry's secret: these companies acted as intermediaries, outsourcing work to individuals like her. Armed with this newfound knowledge, I strategically opted to bypass the middleman, trim costs, and establish a direct partnership with Hillary.?

This decision not only resulted in significant savings but underscored the influential force of choosing the right service provider based on a compelling "why." She wasn’t trying to sell me her services at the time, but she gave me a good enough “why” that I decided to hire her over every other editor I spoke to.?

That is the power of “why”!

Conclusion

Every entrepreneur and business owner should reflect on why someone should buy their products. Discovering and honing in on your "why" not only distinguishes your business but also opens the door to scalability. From navigating the complexities of insurance sales to envisioning and creating Central City Tavern, and finally, strategically selecting the right editor in the world of book publishing, each narrative emphasizes the importance of answering that fundamental question. As you continue on your entrepreneurial journey, remember that your "why" isn't just a tagline—it's the catalyst for scalability, success, and sustained impact.