Do you ever wonder what sets certain companies apart from the rest?
How is it that one product can outshine another, despite the similarities that they both share?
The answer can be boiled down to 3 simple factors that can turn your $1,000 startup into a multi-million dollar business! Here they are…
It’s difficult to stay up to speed with how fast technology is advancing these days, but doing so is essential for the overall success of your business.
I’m not saying that you need to keep the same pace; however, you do need to stay in the race if you want to remain relevant to your customers.
With that said, one of the first obstacles that almost every newborn business is faced with is to target the right audience…
This is a make-or-break factor that’s vital for getting your business off on the right foot. In fact, statistics show that 80% of e-commerce startups don’t make it because they fail to reach their desired customer base.
Let’s say you’re in the business of selling top of the line steaks to fine dining restaurants. Well, it won’t do you much good if the majority of your customers happen to be vegetarian or vegan, will it?
Don’t come into the market empty-handed!
Prior to taking the leap, you should have already acquired a solid understanding of the type of customer you’re working with, which you can do via market research.
This is where you can use technology to your advantage… Enter online forums or analytics that showcase the interests and behaviors of your target customers, then skew your product to fit their needs.
Know your customer like yourself. Thoroughly understanding them is absolutely necessary for your business to survive and prosper.
After you’ve established a sturdy foundation for your customer base, the next step in the process is to maintain an ongoing relationship with them.
Make an effort to connect with your customers in any way that you can, whether it be online or in person. Understand that their business doesn’t just end after the original sale.
Keep in touch with previous buyers so that you can improve upon your product and make it continuously appealing. I can’t stress this enough!
Engaging with existing customers is a GREAT way to promote regular purchases and the facts are there to prove it.
Studies show that returning customers account for about 40% of a business’s revenue, which means that second or third time buyers are responsible for close to half of your entire sales!
Get in the habit of recognizing the benefits that this business to customer relationship has to offer. Just like any other relationship, communication and transparency are vital.
Finally, in order to set your product apart from the rest, you need to offer something that your competitors aren’t.
Sounds basic enough, but it’s not always easy. Either way, a key way of doing this is to create a product that has a following. In other words, sell something that people will be proud to be a part of.
Take CrossFit junkies or Apple worshipers for example. These are people who tried a product, experienced results that personally changed or benefited them in some way or another and now they want to spread the word.
For this reason, you should strive to build an aspirational identify for your brand. If you play your cards right, your customers will eventually begin to work for you by promoting your product on their own!
So, there you have it. Follow these 3 simple guidelines to create a lasting business model that’s capable of retaining repeated customers.
Don’t just take my word for it though. There are plenty of businesses that have launched with these factors in mind and then were able to reap the rewards afterwards.
For instance, LadyBoss, a weight loss company that started out with nothing more than $1,000 to its name, is now a $30,000,000 corporation with the rags to riches story to support it.
Are you ready to get your business up and running?
If so, don’t embark on the journey empty-handed. Bring these few business blueprints to help guide you along the way and experience the success that’s almost guaranteed to follow.