As a self-proclaimed entrepreneur what do I need to succeed in a business?

by Jim McCain

Few people start a business with all of these bases covered. Honestly assess your own experience and skills; then look for partners or key employees to compensate for your deficiencies. Most of that work will be devoted to finding customers. Finding customers will be your toughest job. You need a detailed strategy to attract the number of paying customers required to meet your financial goals. What follows is a 5 step marketing strategy that enables you to successfully launch a new product or service profitably. You can copy this system to launch your own new enterprise or to revive a floundering business.STEP 1: Identify Your Target MarketThe first step in developing your strategy is to isolate the best target market for your product or service. Your sales efforts will be most effective if you focus on a group of prospects with common characteristics and similar problems.Start by defining on paper your ideal customer or client. List all of the characteristics you expect to find in good customers or clients. Be sure to include characteristics that make your product or service valuable to them. Then, use this list to identify a target market. Define your target market in writing.STEP 2: Find Your Most Appealing Customer BenefitExactly what is the most compelling problem for prospects in your target market? Why is your product or service the best solution to their problem? Answering these 2 questions reveals the customer benefit(s) to stress in your sales approach.Marketing Tip: There has to be a meaningful, visible difference in your features and benefits from those of your competitors AND this difference has to be important enough and compelling enough to your prospects to influence them in their decision process that leads them to doing business with you. If this compelling difference does not exist, then you will have a hard time making the sale.STEP 3: Develop A Motivating OfferDevelop 2 or 3 offers that motivate prospects to take buying action immediately. For example, can you use a special discounted price offer with a deadline? Are there bonuses you can add if prospects order or sign up before the deadline? Can you combine both into a "special price plusbonus" offer? Decide which offer on your list is the most powerful and use it in your sales material and/or presentation. A special offer providing obvious value always increases your volume of business. It's a proven technique to overcome buyer resistance and procrastination. A special offer also provides a logical reason in the buyer's mind to justify what may actually be an impulsive decision to buy now.STEP 4: Decide How To Publicize Your BusinessHow will you introduce yourself to prospects in this market? Will you use classified or display ads in print publications or on the Internet? Will you use direct mail? Is broadcast media such as radio or TV appropriate and cost-effective? What networking can you participate in locally or on the Internet to draw attention to your business? What other methods of promotion can you use? Prioritize each method on your list and develop an action plan with deadlines for implementing them.STEP 5: Establish A Plan To Promote Customer LoyaltyDecide what you will do to cultivate customers so they continue to do business with you and give you referrals. For example, write or call your customers or clients immediately after a transaction and thank them for their business. Ask them if they're pleased with what they received. Most will express their satisfaction. That's the ideal time for you to follow up with a request for referrals. Don't be afraid to uncover an unhappy customer. When you do, take whatever action you must to leave them feeling good about you, even if your only recourse is issuing a prompt refund. Most dissatisfied customers won't take the trouble to contact you about their problem. They'll just take their business elsewhere and tell other people about their negative experience with you. That will cost you a lot of future business.

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