What Happen If You Donot Have A Product Ecosystem

It takes time to create an ATM. You put many hours into strategy, design and production in order to get it right. Failing to do so, however, shouldn’t be an option. Many small business people want their business to be easy and simple, so they just don’t bother to put together an ATM.

With too few products, they make the error of pushing their core business too soon. They expect people who hardly know them to open their wallet and start spending. When this doesn’t happen, the business owner makes the mistake of lowering the price of the core business to a level that isn’t profitable and they begin to resent their business and their clients. If they don’t lower the price, too few potential customers make the leap. They might be charging a fair price but simply don’t have enough clients to run the business. The issue isn’t the price of the core product; the issue is that the business has not created a relationship, something the gift and P4P are designed to do. Even if the business has these first three products it will likely be profitable. However, without the P4C, the business is probably doing barely half the profit it is capable of. An ATM covers your bases. It has products that build relationships and products that deliver value. It gets you out to market and it makes you money. The key is taking time to carefully plan and produce the products you will have in your ATM. If you simply give up, you’re destined to stay small and struggle to make money from your venture.

A Big Lesson For a Big Result

Not only have I used the ATM strategy to grow my business, I’ve also used this formula with tens of my clients and it’s staggering how fast their businesses become dramatically more profitable. There are instances where personal trainer go from £50k a year to £200k a year in one year. I’ve seen a consultant go from £80k a year to £500k in just 20 months after implementing an ATM. I’ve seen a charity go from $2.5m a year in donations to $4m the following year using this strategy. I’ve seen the ATM strategy work with all sorts of businesses and charities, and I’m confident that it’s worth trying for every organization.

When you put the ATM into your business, one of two things will happen very quickly:

  1. Either you will get a big result and start seeing your business succeed.
  2. Or you will discover that your business idea is lacking something very fundamental and you need to make a big change.

Unfortunately, until you have an elegant business model like the ATM, you simply won’t know. It’s easy to blame the economy, the competition, the government, the clients or the staff. If your business is underperforming, I urge you not to blame any external factor until after you’ve implemented an ATM strategy with excellence. After that, you can go looking for another reason. Maybe your idea is great or maybe it sucks; it’s impossible to tell unless you’ve tested out how that product fits with your ATM. A single product on its own won’t tell you if there’s a viable business. It might be an amazing core offering but, without a P4P helping it along, it might not sell in the volumes required. You might have created a great P4P but you just don’t have a remarkable core product to back it up.

It’s important to know that the ATM isn’t an overnight phenomenon. It’s a powerful strategy but it can take time to implement. You need to create products that you are proud of. My clients often take between 1 and 3 months to get their ATM just right. Many discover on day one that they don’t have a core product and they have been trying to rest their business on a P4P. And it takes them between 1-3 weeks to get their gifts and P4P sorted out.  This is a good framework but it’s not valuable until it becomes more than just an idea.

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