Ever wonder what makes certain companies stand out from the crowd?
How can one product rise above another, even when they seem so similar?
It all comes down to 3 straightforward factors that can transform your $1,000 startup into a multi-million-dollar business! Here they are…
Keeping up with how rapidly technology evolves can be challenging, but staying in the loop is critical to the success of your business.
I’m not saying you need to match the speed of technological advancements, but you do need to stay in the race if you want to remain relevant to your customers.
With that in mind, one of the first challenges almost every new business faces is targeting the right audience.
This is a crucial factor that can make or break your business. In fact, statistics reveal that 80% of e-commerce startups fail because they can’t reach their target customers.
For example, if you’re selling premium steaks to fine dining restaurants, it won’t be much help if your audience is primarily vegetarian or vegan, right?
Don’t jump into the market unprepared!
Before you take the plunge, you should already have a solid grasp of the type of customer you’re aiming for, and this can be achieved through market research.
This is where technology becomes your ally… Dive into online forums or use analytics to uncover the interests and behaviors of your target audience, then tailor your product to meet their needs.
Know your customers as well as you know yourself. A deep understanding of them is essential for your business to survive and thrive.
Once you’ve built a strong foundation with your customer base, the next step is maintaining an ongoing relationship with them.
Make an effort to engage with your customers in every way possible, whether it’s online or in person. Understand that your relationship with them doesn’t end after the initial sale.
Stay connected with past buyers so you can improve your product and keep it appealing. This is absolutely crucial!
Engaging with existing customers is a FANTASTIC way to encourage repeat purchases, and the facts back it up.
Studies show that returning customers make up about 40% of a business’s revenue, meaning second- and third-time buyers are responsible for nearly half of your sales!
Make it a habit to recognize the benefits of this business-to-customer relationship. Just like any relationship, communication and transparency are key.
Lastly, to truly set your product apart from the competition, you need to offer something unique that your competitors don’t.
It may sound simple, but it’s not always easy. One key strategy is to create a product that builds a community. In other words, sell something people are proud to be associated with.
Look at CrossFit enthusiasts or Apple devotees as examples. These are people who tried a product, saw results that made a difference in their lives, and now they want to spread the word.
For this reason, you should focus on building an aspirational identity for your brand. If you play your cards right, your customers will start promoting your product for you!
There you have it. Follow these 3 simple steps to develop a lasting business model that can keep customers coming back.
But don’t just take my word for it. Many businesses have followed these principles and gone on to enjoy the rewards.
Take the world-famous Coca-Cola, for example: The first year they sold a mere 25 bottles. I don’t need to fill in the rest of the story, but you’ll know they turned that lousy 25 bottle year into a multi-million-dollar giant
Are you ready to get your business off the ground?
If so, don’t start the journey empty-handed. Use these business blueprints to guide you along the way and watch as success almost certainly follows.
