Most businesses fail because a poor product or service, what is even scarier is that a bigger chunk of businesses with spectacular products also fizzles out.
How do I make sure I don't end up on the dead list?
Well, the Pareto Principle (80% of effects are caused by 20%) sums it all up. In other words, nail that 20% and drastically improve by 80%.
Simply pay attention to what ushers in success. It's not about the mission, nor the vision, nor any of that fluff that brings no fruition.
" My mission is to unleash the creativity of the metaverse, I wonder why people don't buy my soccer pants." - Business Owner.
The sauce of success can be tasted in every business on earth, Apple, Tesla, or Uncle Ben's neighborhood tacos that everyone loves. In the next 2 minutes, I’m going to show you how to make your business more successful and profitable than ever from a marketing scope.
Let’s get into it.
It's simple, but not easy. There are three dimensions you must look through. You will be able to not only reflect on your own business but look into the soul of others, spot potential, and predict. You will be ahead of the game!
The larger the pie, the larger the slices.
When looking into a business, having an established customer base is paramount, it makes or breaks your business.
The niche you select plays a major role in your business lifetime. Having a product or a service that has a broad consumer base leads to higher chances of success.
Selling cancer treatment, for example, can be challenging as your potential market is shrinking.
Your business also has to solve a problem people have or offer a compelling opportunity. This is also known as the market gap. The bigger the gap you close, the more you're rewarded.
If you ever woke up in an oven-heat desert, selling water is quite the move. People not only would want it but might fight for it, if any.
You can sell candy too, but water comes first, a bigger problem, a LARGER GAP.
Lots of businesses offer mundane products of minimal use. Ask yourself, how many days can people go without your product or service?
From Ordinary to Extraordinary.
Now once you step onto the pitch, you realize there are other players and teams, viciously competing to score and win.
If you don't find a way to set your business apart, others will eat up your lunch.
You must provide customers with a reason to come to you.
Distinguish yourself.
Do something that others aren't, or even better, they can't.
You can't outclass competition if you are just .. more of the same. You will not last long.
To do this you need a simple touch, pair a compelling offer with your product or service to make it stand out. It's important to make your offer evocative, incentivizing people to act quickly and purchase. A compelling offer can take many forms, such as: discounts, buy one get one, free trials, free gifts.
A wise man said "People buy by emotion, justify by reason."
Reach Your Audience
Imagine selling scubas to villagers in Mongolian dessert, it's a free ticket to rock bottom. You have to make sure the people you are targeting are somewhat interested.
Learn what are the best channels to reach them, what language they speak, what tone they are most receptive to. When do they prefer to be spoken to.
Many businesses get reinvented simply because they struggle to reach customers the first time around. It's right where marketing comes into play.
Niches differ in the difficulty of reachability.
Obviously, social media makes it a bit easier, that's why we are here!
Remember .. the key is understanding your niche's interests, pain points, demographics, and behaviors.
For example, if we consider Food & Beverages niche:
Customers of high-end restaurants tend to care about luxury, display, and experience. While fast-food customers prioritize speed, delivery, and efficiency.
There are different methods to reach different customers, if want to learn what is best for your business, and what offer would lure customers, get in touch for a free analysis.
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