Looking through the Target Market Lens

Posted by David Saturday, May 29, 2010 5:31 AM 0 comments

Before you begin to sell your product or service to anyone, you’ve got to sell it to yourself first. You see, there are few businesses that are one of its kinds. I mean how many car mechanics, computer technicians and lawn mowers have a competitive edge over another one of them?

I have realized over the years that your customers’ behavior and buying decisions are driven by motivation- that there is a combination of factors that motivate the individual towards purchasing one product over the other- in most cases, regardless of the price differences.

Understand your customer’s choices and working backwards to creating a wrap of their likes and dislikes that define their common identity is the road to an Effective Unique Selling Proposition for a Niche Target Audience. It requires you to be observant and shed light on from various angles- like an amateur psychologist.

Shop your competition! Because you’re only starting up you may not have a lot of customers to ask yet. I suggest the routine dropping by into one of your competitor’s stores (many retailers do this) and observe what and how they sell. Be brave and try to ask a few of the customers after they leave the premises what they like and dislike about the store’s products and services casually. You’d be surprised at their honest comments.

After your market intelligence process, you need to clear your mind and take a step back to view your product, conduct, expertise and if the combination of can prove to achieve your business’ mission in the long run. Ask yourself, which features of your business jump out to customers in a way that sets you apart? What can you promote that will make customers want to belong to your business’ brand? How can your business dimension be positioned so that your USP can be highlighted?

Don’t be discouraged if your competition has ultra low prices set on their products because they are large- you could find a sales feature that addresses the customer’s needs and then model your sales and promotion around that feature. Go find that feature.

What Makes A Business Successful Over And Above Survival? Three Powers of Inherent Brand Identity

Posted by David Thursday, May 27, 2010 4:02 AM 0 comments
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Before you quit reading, allow me to enlighten you that a Brand Identity is what your business is and has little to do with getting sales; there is zero money required to invest here; only due recognition that your business exists. It goes like this:

Businessmen roll eyes, sigh or completely sulk when I utter the word “Brand” and I am beginning to get tired of it so much that I have finally stereotyped them as “in-the-box leprechauns”- meaning people who want a Brand Image but do not want to think out of the box! Your Inherent Brand Identity is the Identity that your business already is. The recognition process is broken down into three portions:

  1. Mission Statement- States the main goal of your business that you hope to achieve in the following years. A detailed plan can be made for yourself with the help of short-term goals leading to the long-term goals that you have set out to give business a direction.
  2. Your expertise & conduct- Even if you are a product-oriented business, it is the expertise and conduct, together which can trigger your business upwards or downwards, depending on how you choose to be.
  3. Unique Selling Proposition- Your USP is what gives your business the competitive edge. This can be anything that other businesses don’t offer, which can drive customers towards your business; that is make them choose you above competitors.
Once you have made a brief recognition of your brand identity in a few words, you will be able to look back through the years every time there is a strategic decision involved or better yet you can use your document with details and convert it into your business plan incorporating short term goals as well. The next step is to narrow down your target audience and the coming article will discuss the identification and recognition of your target market.

7 Traits of Start-Up Survival

Posted by David Saturday, May 22, 2010 4:11 AM 0 comments

My sister did not get the credit she long deserved at work and quit for good. In her relevant work experience she had had enough knowledge of how work flows in a midsized business. When someone suggested starting up her own Day Care Centre, she jumped, screamed with joy, texted everyone on her cell phone to let the news out.

Post 6 months and she sold her business- reason? There was a lot of mental and emotional drain- 12 hours weekdays, she did not bother retaining business profits, and the location was probably not right to reach out to people without any marketing as she had over invested in the décor of her Day Care Centre and could not budget for it all.

Had she known what she was going to face, she may have been more prepared and could have lasted longer. Statistics show that more than 54% businesses fail due to poor planning and poor credit control. Other things among the million things involved in determining your entrepreneurial capabilities include:

1. Can you take initiative?
2. Are you a people person?
3. Are you a good judge of situations?
4. Are you organized enough to record and maintain performance?
5. Do you have the emotional and physical stamina to run a business?
6. Will your family be supportive?
7. Are you determined enough?

These 7 traits determine how well you would be able to manage through the rocky path ahead. Underestimating the difficulty of starting up and maintaining a business is one of the biggest issues businessmen face. However, success can be yours once your business take a stable motion- this can only happen if you are willing to work hard and be patient, and take all the steps you need to in order to stay ahead.

P.S. The coming article will elaborate on what makes a business successful over and above survival.

The Road To Uncovering Your Missing Identity

Posted by David Tuesday, May 18, 2010 3:17 AM 0 comments
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Averages of 3 among 5 people belong to the business industry. I see all around me, so many graduates coming out each year having learnt, analyzed and shown applicable knowledge in their exams. I see them commenting on future trends pertaining to banks, multinationals and building societies.

Ask them to consult a small business about a small business idea that could make millions someday- you will find zero men with real ideas. Business Advisors have been shifting their keenness towards big businesses with retained earnings, loan guarantees, established brand identities and a rich history to gain public trust- there is of course, little work to do.

My name’s David and I have been running three successful ideas that emerged into mid-sized businesses for the past 7 years. From start up to survival to standing out to providing quality end products- we have been through a roller coaster ride altogether and are enthusiastic to-date.

I am here to provide you with those out-of-the-box missing ideas, tips and insight into the world of business- travelling with you through all the way from small scale to the sky high level. From small business health insurance to getting government grants to setting up your own computer network to holding your brand identity together, to doing your business accounts, to managing people to being the only business with that unique product- I am going to help you get it all done!

Allow me to give you not just information but ideas that will be customized and tailored to the industry, the business and the constantly changing environment within and external businesses. Together we will create ideas that will change the way small business transits from survival to stably successful. Do not forget to subscribe into my blog for upcoming posts and write in to me about your business problems, small and big queries or to just say Hi.

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