Starting a new business is always an amazing experience. Whether you’ve invented a new product that is going to revolutionise a certain industry or seen a gap in the market to improve a service that you’re passionate about, the start-up phase is always a rollercoaster. So strap in and take on board these 3 tips which will help you rocket your new business.
Define your Why
Always start with ‘WHY’, Simon Sinek stated in his book – Start with Why, people like Martin Luther King Jr., Steve Jobs, and the Wright Brothers had little in common, but they all started with WHY. They realised that people won’t truly buy into a product, service, movement, or idea until they understand the WHY behind it.
So here’s a few questions you should consider whilst planning your new product or service:
- Why does your business exist?
- What are you trying to achieve?
- How are you improving the lives of your customers and community?
- What problems do you solve?
Once you have clear answers to these questions it makes every decision moving forward much easier to make. If your actions don’t align with the answers to those questions, are they helping move your start-up forward?
Define your Audience
Understanding your target audience is pivotal to your business’s success. So many times I hear business owners say, ‘my target market is huge, we can cater for everyone and anyone’ which may be true, but in reality, you can’t cater for everyone. Having a clear WHY will certainly help you understand your Audience.
Seth Godin’s book – This is Marketing is a great read for understanding who your target audience really is. Seth gets you to consider the following:
Your product/service is for people who believe …
I will focus on people who want …
I promise that engaging with what I make will help you get …
Having a defined target audience allows you to focus on the customers that will appreciate your product, understand how your brand can improve their lives, tell all their friends about your business, and ultimately spend more money with you.
Understanding what problem your product or service solves will make defining your marketing message super simple.
Define your What
Once you have your Why and your Audience nailed, it’s time to drill into the What.
A big mistake Startups make with bringing new products/services to the market is they start with the ‘What’ first and try to mold an Audience to the product. Don’t worry everyone does this, even me!
So What products/services are you bringing to the market in order to achieve your ‘Why’. Think about your current (if you have them) products/services and try to identify how they have the most impact on your customers and your business. What are you most passionate about? What product or service generates the most revenue?
To rocket your startup you need to fully understand Why you do what you and how you solve your Audience’s problem, which in turn helps you create a message about your product/service that really speaks to the customers that are likely to buy from you and help your business flourish.
About the Author - Tom Bates
I'm a highly ambitious and driven business owner with experience of working within the Printing, Recruitment, and Retail industries. Skilled in sales, business processes, leadership, marketing, and business growth complimented by a BCs Hons in Sport Business Management from Sheffield Hallam University.