The global job market is more volatile today than ever before. With many people losing jobs, especially since the global pandemic, starting a scalable business is one of the few ways to ensure a consistent income. There are different businesses you can pursue, depending on your interests, skills and capital. There are some unicorns that grow to a valuation of millions within years. Other single-owner businesses might not be worth that much but are self-sustaining and profitable. Here, Startup Workshops can help your business a lot!
Behind every successful business is an idea that is put into action. Some people don’t know where to start, so the idea dies out. Others start but don’t have the skills or resources to keep going. With a strong plan of action broken down into simple steps, it will become easier to bring your idea to life.
Here are a few steps that can help you sell your business idea
Step 1: Do Your Research
Market research makes up a fundamental part of every successful marketing strategy. This involves looking for and compiling information that will give you key insights about your target audience, consumer behaviour patterns and various demographics. It also helps to research the different platforms, startup workshops and competitions where you can show your idea and business to the world and generate curiosity and interest for your business.
Step 2: Segment Your Customers
If you’re marketing to everyone, you’re marketing to no one. Group your customers into segments based on common characteristics like
- Geography – where your audience is located
- Demographics – gender, occupation, education, income etc
- Specific behaviours – readiness to buy, brand affinity, attitude
- Lifestyle – ethics and values, personality, social standing
Step 3: Find Your USP
A unique selling proposition differentiates you from the competitors in the market. To discover and build your USP, there are some questions you can ask yourself.
- What are your niche skills or knowledge domain?
- What’s your favourite feature or benefit of your offering?
- What benefit do customers have from buying your product?
- What are the key features of your business?
Step 4: Develop Your Brand
Every business – large, medium or small – requires branding. A brand is not just a tagline or a logo. It is a philosophy or school of thought that is articulated to connect with a target audience. It defines who you are and what you do.
Step 5: Choose Your Media
Plan how you want to disperse your business strategy and identify the right platforms considering your audience. Some of the options you have are official websites, blogs, social media platforms, brochures, startup workshops, networking events, print ads, cold calls and word of mouth.
Step 6: Determine Goals and Budgets
Having marketing goals will give you a clear perspective on what you want your strategies to achieve. Without short-term goals, it is easy to lose sight of your long-term goal. Make sure your goals are SMART
Step 7: Nurture Loyal Customers
Customers can make or break a business. If you have customers who are loyal to your brand, make sure you make them feel special and remind them that you value them. There are several loyalty-building exercises you can use. These are:
- Stay in touch through different touchpoints like social media platforms, blogs and testimonials and brand news.
- Provide post-sale services.
- Stand by your word by delivering what you promise.
Step 8: Review Regularly
Once you have your strategies and marketing activities planned and executed, keep monitoring and reviewing them to ensure you are getting the desired output. When you’re starting, it’s a good idea to do a review once in three months.
There are several free analytics tools that you can use to review and track your progress. The key to a successful business is knowing your business and understanding your customers.