So, you’ve got an amazing idea, or you’ve found a way to build a better mousetrap. And you feel confident there are people out there practically dying to get their hands on this very thing.
That means the next step is to start your business or begin manufacturing products, right?
Wrong!
Sure, on the surface it sounds like you’ve got the makings of a successful business. But there are a lot of steps that go into determining the viability of a business. And unless you like taking unnecessary risks or simply playing the odds, many of them need to happen long before you actually create or sell a single thing.
One of the most important steps is deciding how easy (or hard) it’s likely to be to market and sell your product or service. Then determining how best to bring your product, service, or idea into the world.
Unfortunately, far too many new and aspiring entrepreneurs suffer from what I call Field of Dreams Syndrome. They believe that simply because they have something wonderful, useful or helpful to sell, people will magically start beating down their door to buy it.
But in the real world “if you build it, they will come” rarely works like it does in the movies. That’s where marketing and advertising comes in.
Because people have to know about what you are selling, and have a compelling reason to buy it, or they won’t. And unless you have a way to get customers in the door and start generating revenue, your business is going to go nowhere fast.
So before you jump into a new business venture, you should be able to answer these three marketing questions:
- Who is most likely to want what I’ve got and would be willing and able to pay for it?
- How can I best (IE affordably and effectively) contact those prospects and get their attention?
- What do I need to do, say or offer to convince them to buy from me?
The simplest way to answer these is by doing a little market research.
First, find out if anyone else is out there selling something similar. If no one is, this is a red flag that there may not be a market for your products or services.
If you do have competition, that’s a good sign. But it’s important to know what makes your business, product or service different or better than theirs. Otherwise there is no reason to buy from you instead of the other guy.
Next, look at your potential target markets. Decide who is most likely to buy what you are selling, why they would want it, what would stop them from buying it, and how you might be able reach them cost effectively.
If your market isn’t large enough, doesn’t have the money to spend, or is going to be too difficult or expensive to reach, you need to rethink your business.
Remember, every entrepreneur must do sales and marketing whether they like it or not. Because that’s what brings in customers. And without customers, you don’t have a business—you just have an expensive and time consuming hobby.
So before you invest your time and energy in any business idea, make sure you have a way to market it, and people to sell it to. If all this sounds too complicated or overwhelming, don’t despair.
Grab a few books on the subject or hire an experienced small business marketing consultant. Whatever you do, don’t ignore your marketing. It’s one of the most important things you can do to create a successful business.
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