Do you know that 470,000 businesses are dying each year while there are 400,000 startups each year according to the U.S Census Bureau? This stat shows that businesses are dying more than they are starting.
8 out of 10 businesses fail within the first 18 months, according to Bloomberg.
Why do these businesses fail? Not being in touch with customers need as well as Failure to clarify their product/ services in the marketplace is two key reasons businesses fail according to Forbes.
Businesses do not thrive because they have the big building; neither do they continue to exist because they are top brands.
Businesses succeed because they make more money than they spend. Businesses celebrate anniversaries because they make profit consistently sell consistently to a particular set of people.
Successful companies are firms that can build a transparent system to market their products and offerings in the marketplace. These systems allow business to sell and make profits consistently.
Do you go to the market without a product to sell or people to sell to? Those who make money in the marketplace are those who have products to sell and people to sell to.
Your product here is your message while those you are to sell to are your audience.
How do you run a successful business when you are not so clear about your product and those who need your products?
The only way to run a successful business is to find out what your message is and identify those who need your message.
To build on a strong foundation, ensure you do these five things.
(1) GET CLEAR ON YOUR MESSAGE/PRODUCT- You know something that others do not know. There are things you know that are in high demand.
Ensure you know precisely, what you are offering to the market. Clarity helps you adopt business models that work just right for you. You know already how to carve out your message and expertise.
Don’t go to a market without knowing what you are going there to sell.
(2) FINE TUNE YOUR STORY- By fine tuning your story, I do not mean you should fabricate stories. From your experience, carve out stories that would give your audience the feeling that they are in the right hands.
Your story helps your audience connect with you on an emotional level. Emotion is what rules the affairs of this world.
Let your story create the emotional pathway for you. Remember, your mission here is to make profit consistently to fund your dreams and aspirations.
(3) KNOW YOUR AUDIENCE- Have you seen diaper targeting guys in their ads? Gillett target women? No.
Successful businesses know who their primary target is and they create products suited to their target.
After carving your message, who are those who needs it? Have you identified them?
Your story, message, as well as product, give you an inkling about those who needs your service. Your next step of action is to research your target audience so well to acquire valuable and marketable demographics about your targets that are useful to you.
The last thing you want is to be marketing your product to the wrong audience.
(4) KNOW WHERE YOUR AUDIENCE GATHER- How easier is it to market your services to a congregation of your audience than sourcing audience individually. Successful businesses are aware of their audience in details.
This might be tricky if you are yet to know your audience, but, once you know who your audiences are; your next move is to bombard their gathering.
Remember your success is contingent on your marketing. How well you know your audience determines how well you serve your target.
(5) GIVE VALUE- why do people spend? Do they spend because they have excess? No! People pay because they need solutions to pressing needs.
Ensure you give value to your targets. You give, give more, and keep giving before you receive.
Ensure that your contents position you as the solution provider to a particular need.
If any of these five things is missing, you might not get the optimum result.
When you have these five fundamentals sorted, your business helps you finance your dreams.
Take action; good things happen to those who take actions.
What another factor ensures business success into the foreseeable future? Share with us.
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