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It’s a must-have because many other “business best practices” include questions this exercise answers, too! The tool is called The F.A.B. Exercise.
F.A.B stands for features, advantages, and benefits.
I started using the process I teach you below to help me rename my business.Then as clients needed to name or rename their business or a service they offer, they found it to be very helpful, tooThen we started using the same process to name a service, product, ebook, template, etc. And realized that this is one of my “duplicatable systems”. Now while a system is created to be duplicated, a “duplicatable system” is a system that is used for a specific function and then is found to have many other uses, too.The truth is that as a business owner, you’ll need the answers to The F.A.B. Exercise to create parts of your business plan, niche, ideal client profile, value proposition, Business Snapshot (elevator speech), and so much more.Gotta love “duplicatable” system!
How To Create The F.A.B. Exercise
Open MS Excel. Using one worksheet. Place each of these words in line 1 and make them “titles”:
- Features: Features of your services/products (fee based services, commissions, and what you currently offer free)
- Advantages : Advantages of your services/products above your competition. Yes, everyone has competition, find your top 3 competitors for this exercise.
- Benefits: Benefits of your services/products to your ideal client. (Hints, they often tell you when you ask them “why are you hiring us?”)
- Now, go back and fill in as many blank spaces under each title as you can. When you don’t have anything else to write, ask your team and ideal clients to participate. When they don’t have more to answer, it’s time to ask family and friends. Gather lots of information. Don’t judge it (at first). Then use it to help you grow your business.