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It is quite difficult to understand the characteristics, desires and behavior of a narrow target audience, yet is essential for success. Any book on marketing or a marketer will confirm this, but very few people will be able to give a magic tool that allows you to go deeper into the psyche of a potential customer. Through various methods of research, you will be able to acquire the knowledge. Nevertheless, it will still not give you a chance to live, breathe and feel as potential customers do. The surest way to achieve success was found by those who created a product or service to meet the personal needs - those who started the business just for this purpose.
Some entrepreneurs dream to lock themselves up in a cozy room for a year or so, and come out with the most successful innovation in the whole world. This, of course, sounds fantastic. However, if your innovation is intended to solve a problem people have no clue about, then your money may end before the product will be in demand. It is best to create innovations on proven markets, borrow good ideas from an entirely different industry, or detect unmet needs of the mature market that need to be resolved.
Sometimes marketers shy away from competition. If market research indicates presence of a certain field or fierce competition industry, they decide that the market is saturated and there is no room to start. To this I say, nonsense! May be there is no place to build another cafe in your area, but certainly there are several successful companies from the same industry, or even directly in the same locality. This will give you an opportunity to start a business. We must learn to work in a place where money is, where people are accustomed to their spending. If people already pay for a product or service, then two-thirds of your work is done. They already understand and appreciate the proposal to pull out their wallets. All you can do is to show why your service is better. In fact, very few companies provide excellent product, so capture share in mature markets – this is one of the easiest ways for a smart run of businesses.
In most cases, you should aim for access to proven markets. Your distinctive feature should be easy to understand and appreciate. This can be achieved by looking at how other companies work in this area, and to find a way to simplify their proposals, creating something unique. For example, if the competitors’ business implies price offered by customers, start by setting a fixed price. If the traditional method of operating is work with clients, prepare a number of proposals that meet needs of most people and saves them from the user’s hassle. A great example here is a menu offering a unique pizza every day. This company prepares a large volume of orders, and serves thousands of people a day, receiving twenty dollars for a pizza. Pretty simple, isn’t it?
Owners of small business make one mistake. If you love your bright, dazzling creation and all that it offers, you cannot see the real market opportunities. Keep your mind open, and be prepared to identify the real market needs and adapt to them. This skill is one of the main advantages of small businesses. Memorize and use it. Keep talking with customers, competitors and employees, and remember: nothing is perfect, but the numbers can prove otherwise.
Based on 'The Referral Engine: Teaching Your Business to Market Itself' by John Jantsch
Some entrepreneurs dream to lock themselves up in a cozy room for a year or so, and come out with the most successful innovation in the whole world. This, of course, sounds fantastic. However, if your innovation is intended to solve a problem people have no clue about, then your money may end before the product will be in demand. It is best to create innovations on proven markets, borrow good ideas from an entirely different industry, or detect unmet needs of the mature market that need to be resolved.
Sometimes marketers shy away from competition. If market research indicates presence of a certain field or fierce competition industry, they decide that the market is saturated and there is no room to start. To this I say, nonsense! May be there is no place to build another cafe in your area, but certainly there are several successful companies from the same industry, or even directly in the same locality. This will give you an opportunity to start a business. We must learn to work in a place where money is, where people are accustomed to their spending. If people already pay for a product or service, then two-thirds of your work is done. They already understand and appreciate the proposal to pull out their wallets. All you can do is to show why your service is better. In fact, very few companies provide excellent product, so capture share in mature markets – this is one of the easiest ways for a smart run of businesses.
In most cases, you should aim for access to proven markets. Your distinctive feature should be easy to understand and appreciate. This can be achieved by looking at how other companies work in this area, and to find a way to simplify their proposals, creating something unique. For example, if the competitors’ business implies price offered by customers, start by setting a fixed price. If the traditional method of operating is work with clients, prepare a number of proposals that meet needs of most people and saves them from the user’s hassle. A great example here is a menu offering a unique pizza every day. This company prepares a large volume of orders, and serves thousands of people a day, receiving twenty dollars for a pizza. Pretty simple, isn’t it?
Owners of small business make one mistake. If you love your bright, dazzling creation and all that it offers, you cannot see the real market opportunities. Keep your mind open, and be prepared to identify the real market needs and adapt to them. This skill is one of the main advantages of small businesses. Memorize and use it. Keep talking with customers, competitors and employees, and remember: nothing is perfect, but the numbers can prove otherwise.
Based on 'The Referral Engine: Teaching Your Business to Market Itself' by John Jantsch
