Using a Rags-to-Riches story won’t grow your business

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Just scroll through social media and it won’t be long before you are inundated with announcements or posts from entrepreneurs sharing a specific story. This story depicts how they went from a very low place to a place of incredible success using their proprietary method. These stories of the passage from fortune to wealth have been dubbed “stories from fortune to wealth”.

Rags to riches stories can be incredibly inspiring, but also predatory. These stories are used by entrepreneurs trying to sell the consumer a way of life and what the entrepreneur teaches. The stories of rags to wealth are not new and are not confined to the internet marketing space. In the past, these stories were told through infomercials and in-person events. Nowadays, rags to wealth stories are used on social media and paid advertising to attract consumers. The consumer is skeptical when they encounter these stories.

Our goal as entrepreneurs is to share our stories because stories can be powerful. But, there is a better way to share your story that leads to more impact and better customers in your business. Here are three things to understand about wealth rags stories and why they aren’t a great messaging approach.

1. You attract different customer demographics based on your message

Words have power, and depending on how you use them, that will determine what kind of customer you attract. Using stories ranging from rags to riches in your post tends to draw people to the emerging side of entrepreneurship. It tends to attract consumers who would probably like to buy your more expensive services and products, but they are not there.

It is wise to offer services and products at a wide price range in your business, but it will be pointless if you only attract those who can afford the bad side of things. High priced customers tend to be put off by rags-to-wealth and Internet marketing type messages.

Put yourself in the same position as your consumers. If you saw someone appear in your news feed or inbox with a message like “I went from broke to millionaire”, how would you feel? Attract better customers with authentic messages focused on clear topics and takeaways.

Related: 4 Lessons Entrepreneurs Can Learn From John Paul DeJoria’s Rags-to-Riches Story

2. Rags-to-rich messaging tends to attract lower level customers

Big companies spend millions on research before they even advertise. They know exactly who they want to reach and the messages that will reach them. They tend to focus on discounts and urgent offers if they’re trying to trick consumers into believing things. If they’re trying to reach high-end consumers, they use messages that speak to the affluent lifestyle. Your goal should be to emulate this strategy.

Using wealth rags stories will attract customers who can’t get past the lower level of what you are offering. At this point, your only way to grow taller is to focus on volume. If you need to reach higher volumes, you will constantly have to find channels to reach new consumers – that’s a lot more work. What would you rather have, one hundred $ 10 customers or one $ 1,000 customer?

Be strategic in your message. You can use your story of reinvention to attract those in need. But you can also focus on the hub and where you are now to attract high-end customers. A better way to think about rags-to-rich stories is to rephrase them as pivotal stories.

Related: Our Success Is Only Limited By The Stories We Choose To Believe

3. Let your content, knowledge, and customer results do the talking

Internet marketers tend to focus on rags-to-riches stories because they are trying to sell people a way of life. It’s hard to know if the customer’s results are there or not, but it’s suspect when the marketer is just focusing on the story and not on what the customers achieve. Consumers see it and it makes them skeptical of the whole market.

Word of mouth is a powerful form of marketing, and it happens when results are achieved. People want to scream from the rooftops when they experience the real thing. The story becomes less important because the results are so different from what is generally experienced.

The best way to find out if a service provider or service is worth your time is to examine the person offering the offer. Do they make their income by doing the thing, or does all the income come from teaching you to do what they say they do? When the service provider doesn’t do what they say they tend to use rags-to-riches stories as a hefty sales tactic. You don’t want to get stuck with a marketing and messaging strategy that makes consumers question you right off the bat.

Stories are powerful and you should use them in your content and posts. However, focus on the hub and the authentic lessons you can share with an audience. Do your best to avoid using rags-to-riches stories as a sales tactic, as this will only attract those who can afford the low end. Don’t get labeled in the same vein as an Internet marketer who is only trying to sell you the lifestyle.

Related: Millennials Don’t Want Ads. They want stories.


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