Do you dream of being a business leader? Do you want to stand on a stage and address crowds of aspiring entrepreneurs or appear on TV to talk all about your success, promote autobiographies or discuss the latest business issues in the news? If you have grand plans, one of the most important things to do is ensure that there’s a growing market for your business. If you can find and fill a gap, you’re guaranteed to take a giant leap towards business success. If you’ve got ideas but you’re not quite sure which path to follow, you’ve come to the right place.
Learning what customers want… Every company relies on customers. Whether you run a construction firm, a hotel, a beauty salon or an accounting firm, you need people to place orders or buy products to provide you with profits. Without customers, your company will fold very quickly. If you think you’ve got a good idea, you have to make sure that other people are of the same opinion. If you pitch your business plan or show prototypes to buyers, consumers and investors and they love it, this is very positive news. If they think the product is useless or there are already countless other companies doing the same thing, you might struggle to attract clients. Use research techniques to determine the level of interest in your idea and find out more about what customers want and how you could adapt and adjust your plans to create a more attractive proposition.
Offering something different: What’s your USP? It’s incredibly difficult to make a splash in a saturated market. If you’re attempting to break into a marketplace, you need to offer something different. What is your USP and how can you use it to encourage customers to choose you rather than competitors? Has your product got additional features? Are you selling at a lower price? Does your company offer services that others don’t? Do you have access to equipment or technology that will provide a higher level of service? Consider what is already available and figure out how you can improve it. If you have a telecoms business, consider branching out from installing lines and systems. If you have access to equipment like travel towers, you could also offer urgent assistance and repairs. If you own a hair salon, offering discounts for students and seniors, providing loyalty bonuses and promotions for new customers could make you more appealing than your rivals. If you run a window-cleaning company, using brand new technology that provides a better clean could make you stand out from the crowd.
Keeping an eye on the competition.. The playing field changes all the time in business, so you need to keep an eye on what your rivals are doing. Check out pricing strategies, take a look at marketing campaigns and be ready to make a move. Think about the business arena as a chess board. You need to make sure that you can outmaneuver your opponent.
Have you got an idea for a new business? It’s no secret that it’s incredibly difficult to get to the top of the tree, but if you can find a gap in the market, you’ll give yourself a good chance. Research, look at what’s already on offer and make sure you’ve got a USP that will turn heads and generate sales.
Mia Guerra
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