Week 2 Blog
Starting a new business from scratch is an exciting feeling, but at the same time you may feel a little bit scared, don’t you? I know I do, for real, knowing a start-up requires more than just determination, energy, motivation, and knowledge. However, it is undoubtedly a unique experience, and someday you might be glad that you did start your new business.
According to the U.S Small Business Administration, approximately “31% of small business survive for at least seven years – never mind making it big”. Let’s just talk about marketing strategy. From start-up to growth stage, as you can be overwhelmed that there are so many marketing tactics for a business and you are not sure what, when, where to start. It seems like these marketing tips can be applied and worked for large corporations with the big budget to spend. Everyone wants to make the first sale. For the start-up and small business that does not have the customer-base yet, the questions are how to create and find the customers? How to grow and bring business to the big leagues someday? And increasingly just more questions, what is the product, and services that you will be providing and who is your “ideal customer”? Is there a niche in the marketplace? Etc.
The book “The Four Steps to The Epiphany – Successful Strategies for Products that Win” by Steve Blank that I found so helpful to my real estate and vacation rental business. It is so important to identify and understand your core business and answer “who your customers are and why they should buy your products.” Find your customer segment based on age, gender, interests, and spending habits then find out what specific niche and what type of customers that will buy your product and service. Besides announcing your new business on public relation, “learning and discovering customer needs,” it is time to “leave the building and talk to customers,” said Steve Blank. Time for action.
Cultivate and grow your network opportunities with other local professionals, such as real estate offices and agents, attorneys, insurances, sales agents, restaurants, retail stores. Become a member of the Chamber of Commerce where you can display your business brochures, flyers and benefit the free advertisement on their platforms. You can also have opportunities to attend various business events and meet the business owners. One of my favorite activities is volunteering in the churches and helping in different events and festivals. It requires time, but community involvement is the best way to meet and develop business supporting. Another natural avenue to network with people is talking to the established business owners, the like-minded individuals that can potentially turn into your customers and or send referrals your way.
Step up with your digital marketing strategy that incorporates social media to spread the word about your new venture, makes it more exposure and attract more customers. Start a blog webpage, regularly update your business website that helps bring consumers and business together. Stay active and engage in social media channels to connect and create more leads. Must find time to study and analyze the top five competitors in your area and find out what your competitors’ strategy is. Then create your new solutions and ideas that will suit your customers better.
These are some necessary steps; they are essential and well worth it if you stay focus and remain consistent. The critical point is connecting, making everyone know that your business exists in the marketplace, that you provide the right product and service to the customer’s needs.
The Four Steps to The Epiphany – Successful Strategies for Products that Win – by Steve Blank – Fifth Edition – 2013