BY ROBIN GHOSH,
ECONOMIST AND BUSINESS MENTOR
KOLKATA, 12 OCTOBER 2024:
Can you tell me a 20 point programme to ensure success in my new business.?
Quite often, I keep getting requests from young people venturing to set up new businesses.
Why 20 ? Well, I ask them. The answer comes: 20 is a good number, and we can’t focus more than that.
Before I speak about 20 strategic tips to ensure success, – you must realise – starting a new business is indeed exciting – but at the same time –
it is equally challenging.
Why are we talking ” strategic ” all the time?
It is the correct strategic position that ensures your business to grow, scale up and over time turn profitable.
Let us now explore the 20 point strategic steps.
1. Choose the right target market.
2 Ensure that there is demand for your product or service.
3 Check your expertise. Are you capable of solving specific pain points better than others?
4 Research your competition . Identify gaps in the market that you could fill.
5 Do demand analysis. Find out a core market with enough demand but not so much competition.
6 Having found your core market, define your unique value proposition (UPV).
7 Communicate the specific value of your product or business offers.
8 While crafting your UPV – ensure what makes your offer different from others in the market.
9 Answer what problems are you solving for your customers that others can’t or won’t.
10 While defining your UPV is your solution improving customers’ lives or businesses.
11 Go deep to understand your ideal customers. Who are you trying to reach?
12 Create a customer persona. Look into details like age, gender, occupation and income as also psychographic snapshots like goals, challenges, and buying patterns.
13 Focus on pain points . Understand customers’ problems and craft an intelligent solution.
14 Try to collect real- time feedback from customers to refine your product features and communication package.
15 Build strong customer bonding for sustainable growth. Respond to comments and questions on social media to show – that you care.
16 Deliver value beyond the sale. Offer freebies, learning content or exceptional customer service.
17 Build up a customer community through a
Facebook group. A space where customers can connect with you.
18 Have a big vision but start to learn. Avoid wasting time and resources. Test your concept, gather feedback , refine your product, assess demand and then scale up.
19 Invest in marketing and customer acquisition rather than spending on fancy equipment or office interior.
20 Be agile and adaptable. Pay serious attention to customer’s feedback, market environment, and new emerging opportunities.
Well, to sum up, the bottom line is:
1 Right strategic positioning is the key parameter to ensure success of your new business.
2 Success in business is a long term game. It does not happen overnight. Focus on building relationships, listen to feedback and chisel a strategic marketing blueprint.
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