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You will soon be overwhelmed by ads and posts on social media from entrepreneurs sharing their stories. This story shows how they rose from very humble beginnings to achieve incredible success with their unique method. These stories about how you can go from being broke to rich are known as "rags-to riches stories".
Stories of rags-to riches can be both inspiring and threatening. Entrepreneurs use these stories to promote a lifestyle and the business model. These stories of rags-to riches are not new. They aren't just limited to the internet. These stories were previously told via infomercials or in-person events. Today, these stories of rags to riches are shared on social media and paid advertisements to attract consumers. These stories are often viewed skeptically by the consumer.
Entrepreneurs have a goal to share their stories, because stories are powerful. There is a better way to tell your story, which will result in more clients and greater impact for your business. These are three things you need to know about rags-to-rich stories and why they don't work well as a messaging strategy.
1. Your messaging can attract different types of clients depending on who you are.
Words are powerful and will influence the type of client that you attract. People who are on the rise in entrepreneurship will be attracted to stories of rags-to riches. This attracts consumers who may be interested in your more expensive products and services, but are not available.
While it is a good idea to offer products and services at different prices within your business, it can be costly if you only target those who are able to afford the higher end. The rags to riches and internet-marketing messaging tend to turn off high-ticket clients.
Try to be in the same boat as your customers. How would you feel if you saw someone appear in your inbox or feed with a flashy I went from broke and millionaire message? With authentic messaging that is focused on the topic and clear takeaways, you can attract better clients.
Related: 4 Lessons Entrepreneurs Can Learn From John Paul DeJoria's Rags-to-Riches Story
2. 2.The message of Rags-to Riches tends to attract lower-tier clients
Research is a major part of large companies before they advertise. They are able to pinpoint the audience they wish to reach and what messaging will be used. If they are trying to reach consumers who are on the lower end of the spectrum, they tend to emphasize discounts and time-sensitive deals. They use messaging that appeals to the wealthy to reach high-end customers. This strategy should be your goal.
Clients won't be able to see beyond the lowest level of your product or services if you tell them rags-to riches stories. The only way to grow is by focusing on volume. You will need to constantly find new channels to reach consumers if you want to increase your volume. Which would you prefer, 100 clients worth $10 or one client worth $1,000?
Your messaging should be strategic. To attract the right people, you can tell a story about reinvention. You can also concentrate on the pivot and where your current position is to attract clients with higher-end needs. Rephrase rags to riches stories as pivot stories to get a better understanding of them.
Similar: Stories are the only thing that can limit our success
3. Your content, knowledge, and client results should do the talking
Internet marketers are more likely to emphasize rags to riches stories in order to sell people a lifestyle. Although it's difficult to determine if the client results are real, it is suspicious that the marketer focuses only on the story and not the clients. This makes the market seem suspicious to consumers.
When results are being achieved, word of mouth marketing is powerful. When they see the real deal, people want to shout from the rooftops. Because the result is so different from what we are used to, the story becomes less important.
Examining the person promoting the service or provider is the best way to determine if it is worth your time. Is their revenue from doing the thing or are they merely teaching you how to do it? If the service provider isn't doing what they claim, they will use "rags-to riches" stories to sell their services. It is not a good idea to tie yourself to a messaging and marketing strategy that makes consumers question you.
Stories are powerful and should be used in your content and messaging. Focus on the pivot and real lessons that you can share with your audience. Avoid using the rags to riches story as a selling tactic. It will only appeal to those who can afford the lowest end of life. Do not be misunderstood by an internet marketer trying to sell you the lifestyle.
Related: Millennials don't want ads. They want stories.
