Starting a new business?
Congratulations! Exciting journey ahead.
Not to be a downer, but it's a known fact that 50% of small businesses fail in the first year, and 2/3rds fail within the first 2 years. The fact that you're here shows you're on the right track to be one of the lucky 33% to succeed!
Regardless of what your new business is selling, chances are you're an expert in that product or service; you believe people will pay you for this product or service. You may have a business plan, working out how you'll get up and running, accounting figures and sale goals in order to break even. But have you thought about how people will find you? How will people know about this great business you've put all this work into? Unless you employ strategic marketing, they won't be able to find you.
Not to be a downer, but it's a known fact that 50% of small businesses fail in the first year, and 2/3rds fail within the first 2 years. The fact that you're here shows you're on the right track to be one of the lucky 33% to succeed!
Regardless of what your new business is selling, chances are you're an expert in that product or service; you believe people will pay you for this product or service. You may have a business plan, working out how you'll get up and running, accounting figures and sale goals in order to break even. But have you thought about how people will find you? How will people know about this great business you've put all this work into? Unless you employ strategic marketing, they won't be able to find you.
Each business has specific needs and I'd be happy to make customised recommendations in order to get you up and running. Most companies will need a business name, if you haven't decided on one already, as an important part of any business marketing strategy. Creating a logo, choosing company colours and finding your place in the market are all huge steps. However before you can (or should) do any of these things, you need to consider and create your strategic marketing plan.
How do you want people to see you? Are you a high end expensive product? If so, why should people pay more? What do you have than none of your competitors can offer? If you're aiming to win business by being the cheapest amongst your competitors, how will you afford to cover costs? What's stopping your established competitor from dropping their prices and taking the clientele back? Are you targeting men or women? Teenagers or the elderly? Who is your "ideal customer" and what do they like? If you're selling a specialist power tool, chances are you want to target men. But that's a pretty competitive market, so how're you going to stand out? What about targeting women? There was a recent case of hot pink power tools released into the market, and large hardware stores fought for rights to stock them, the company boomed overnight, because tools specifically targeted at women hadn't been done before. |
My Strategic Process
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The trick to getting off the ground in any industry and keeping your new business alive is answering these questions:
- What makes you so special? (This is called your unique selling proposition (USP) or unique selling point)
Why should potential customers choose you over your competitors? - Who are you selling to? If the answer is "anyone who wants it", try choosing 2 or 3 "ideal customers", who you think are the most likely to purchase from you?
- What motivates these people? What do they want from a product?
- How will they hear about you? Where do they spend their time? Facebook? LinkedIn? Sitting at bus stops?
If you think you could do with some help in answering these questions, give me a call or send me a message!