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To develop business clarity, you ought to focus on the responses to the questions below. Not being able to generate an answer to any of questions will be a huge obstacle and will hinder your progression both in sales and company management.
1.What Is The Problem You Want to Be the Solution For? Remember that I didn't say, "What is the problem you are the solution to?" Start with asking yourself, "What do I want to be the solution to?" This question seems basic enough; yet, you would be surprised at the number of individuals in this business that can't answer this question and the number of companies who are not serving a market they want to serve.
Not knowing the answer means that your customers and investors will be confused about what your business actually does. When you are unveiling a new business, or product, you ought to ask this question up front, and not after your products have been manufactured.
I have often observed as someone finish creating an original product just to sit back and wonder, "Now that we have an ultra-amazing widget, I wonder if there are people who have a need that our widget can fill?"
2.Which Group Of People Have The Problem? Before you introduce a new company or product, be certain you can identify who it is that will be buying your products. Searching for a market after the fact is a chancy path. A great buddy of mine once said, "If I was a farmer, I would not put a seed in the ground without knowing who was going to buy the finished crop." I don't think it's by chance that he constantly makes money off nearly every company he begins. Try doing surveys to comprehend how interested your target consumers are in buying your product.
3.How Many Consumers Have This Problem? In the past I have consulted several businesses that honestly had no idea concerning the size of their market. This is easily and most frequently seen in small businesses. Nearly all people launching small businesses in local markets don't even make an effort to plan appropriately to understand the market they want to approach. Take the time to find out how large your market is.
4.What Sort of Prices Can the People In Your Market Afford To Pay? It isn't enough to just have a solution to a problem that a lot of people have. The people have to be able to pay for your solution. Price resistance will stagnate sales and leave you wondering why no one seems to care about your offer.
Pricing techniques are different depending on your market. If, for instance, you are selling to middle-class Americans in a mass market, your solution may have to be between $10 for absolutely no resistance to $100 for some spending resistance. Above $100 and you will begin to disturb the family's monthly budget. When you put your customer in a position that they have to make a 'serious' financial decision, you boost the skill level required to sell your company's product and lengthen the selling process�sometimes resulting in the downfall of your company.
5.What Solution Are You Offering? The product offering is the moment of truth. Don't be reluctant to adjust the type of product you offer to develop a appropriate solution. The majority of us act like parents when we must make decisions about our products. Act as if you were an investor. Develop a solution that will actually sell, give strong value to the purchaser and create profits for your business. Don't get so emotionally fond of your products that you can't adjust your offering to meet the needs of your market.
Asking and Answering these questions before you make any major business decisions will greatly increase your chances of succeeding in business.
Category: EntrepreneurialismBring Clarity and Wealth To Your Business was written by:Author:Jesse FisherAdded: Fri, 22 Jun 2007 21:35:10 -0400 This Article Has Been Read 205 times View all Jesse Fisher's articlesAbout the Author: Author Jesse Fisher likes composing articles for his clients including Transamerican Medical, a business that resells Philips Medical equipment and parts. See also the Imaging Centers; online directory. (You may republish this article online IF all links are kept intact.) |
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