Thursday, September 10, 2009
The One Thing Most Entreprenuers Forget
That some achieve great success, is proof to all that others can achieve it as well. -Abraham Lincoln
As entrepreneurs we are often fascinated by innovative products or services that only lacks the right person to make it a success. Usually, our due diligence confirms our initial gut feelings and shortly after we are in investment mode.
Relax, before you commit yourself and your resources, you must know the one thing that most entrepreneurs consistently ignores and which consistently comes back to bite them in the,..
Our intrinsic nature as human beings makes us focus of whatever we become enthused about. Products and services can and do make a true entrepreneur so enthusiastic that it sometimes fuddles their thinking. So much so that they ignore one of the most crucial aspects of marketing their product or service,
It is one of the leading causes of business failure. A simple question but the answer is vitally important:
Who will pay for this product or service?
In other words, who are your prospects? Target market? Can you describe them? It’s never EVERYBODY, never. In any market there is only a segment of the potential consumers who will take a second glance your product or service,
Reduce that segment by the numbers that your competition will attract your product or service shrinks even more. Whether your market is business to business or business to consumer your primary and I think one of your most important task is knowing your customer.
This information is so critical that in some cases it is more important than being well versed in all the specific attributes of a product/service. You may not need to know all the attributes, if you do not have a specific target market and no one responds to your offers. It should be a written description of the characteristics of the potential prospects, people with faces that you can communicate with.
The task involves first knowing the who, then finding the most appropriate medium for communications. So you must...
1. Develop a profile of your prospect: This will help you to eliminate suspects and create real prospects. Start with your current customers/clients. What are their demographics? Where do they gather? What is the best way to approach them? Answers that require research, surveys and testing.
2. Develop all communication to speak to the prospect you describe, speak to them in the words they understand in your sales copy, your ads on or offline. Most importantly, develop and convey a unique selling proposition that differentiates your business from the rest of the players in the market.
Its not what you do but how you do what you do that makes the difference. Before you commit to anything consider the target market. It’s the only way to create life time customers and income from your business.
Begin the process by writing a description of your average prospect and you will have a solid foundations upon which to build your business. Nobody goes into business thinking that it will last for six months a year or two, a business is a long term venture. Build your foundation by having a specific detailed description of your customer and watch your business increase tenfold.