A Bookkeeper's Perspective on the 1:1 vs. 1:Many Business Model with Parker Stevenson
Episode 587: Show Notes
Put your socks on, pour a fresh cup of coffee and tune into this conversation with Parker Stevenson. If you’re a service provider who wants to make more and work less, today’s episode is for you! It’s not that we’re comparing one business model against the other, but rather, we’re considering an informed perspective on the 1:1 and 1:many approaches to business.
Scaling as fast as you can is always preferable. But delivering the best service you can, rather than offering absolutely everything, is far more achievable within a 1:1 model than a 1:many. Producing a great experience is more important than having a marketing strategy, because there’s no more powerful tool than word of mouth and referral!
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A Bookkeeper's Perspective on the 1:1 vs. 1:Many Business Model
It’s not that one business model is better than another. There are plenty of pros and cons to a course business, as there are with a service-based business. A lot of Parker’s clients sell courses or adopt a hybrid model of both. Scaling as fast as you can is great, of course, and that’s where course-based businesses have a real advantage. But it’s not all about growing as fast as you can. Delivering a high-quality service to as many people as you can is always the goal, and that’s where a service-based business shines. There are things that are going to feel frustrating and hard, but that’s just business! There will always be challenges, and seasons where things are tough.
Lessons Learned From Pivoting to 1:Many and Then Back to 1:1
Figuring out the most impactful things they could do and zoning in on those services is where Parker and his business partner Corey landed, after trying different models. Systems, reliability, customer service, and being experts at something your competitors are not experts at, are the keys that led to their success. It takes a huge leap of faith to take the one-to-one approach, but remember that, as with anything, the more you do it, the better you get! Parker’s first-hand experience points to proportional growth, and an awesome impact on each client’s business, and it can for you too.
The Results of Going All In on One Signature Service
If you are solving the problem the client wants you to solve, they will pay you for it, and they will pay you well! It’s not about the hours spent with them, it’s about being the solution. If your business revolves around that, your clients will know that this is the best service they have ever had. If you’re worried that you won’t deliver the perfect service, rest assured, this is a great sign that points to getting it right! Moving into the course-based business space can be tough if you have no audience, take heed, the word will spread if you’re good. Providing really stellar customer service is the best marketing strategy. When people are thrilled with service, when they’re thrilled with the experience, they’ll tell everyone about it.
Quote This
What’s the value you’re bringing to it? It’s not the amount of hours you’re putting on the client’s file, it’s not the amount of time you spend with them, it’s: are you solving the problem that the client wants you to solve for them?
Highlights
A bookkeeper's perspective on the 1:1 vs. 1:many business model
Lessons learned from pivoting to 1:many and then back to 1:1
The results of going all in on one signature service
ON TODAY’S SHOW
Parker Stevenson
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Parker is a managing partner and the Chief Business Officer at Evolved Finance; a bookkeeping firm that specializes in helping online entrepreneurs to build more profitable and financially stable online businesses. For over 7 years, Parker has been advising some of the top coaches, course creators, influencers, and thought leaders on how to make more sound business decisions using their financial data. Before joining Evolved Finance, Parker spent five years at adidas America where he became the US product manager for golf footwear.
KEY TOPICS
Clients, Referrals, Marketing, Strategy, Business Model, Audience, Profit, Webinar
