The title of this article is not a shameless promotion nor is it a call to arms. It is however a business strategy reduced to a simple sentence. Let me explain:
I am sitting in my living room watching television. Nothing spectacular there, granted. However it is what I am watching that is making my blood boil. The latest Austerity Measures are being mooted by our failing and deeply unpopular Government. With more Budget cuts looming which are about as welcome as another Swine Flu Pandemic the hard news is we are all about to be much poorer.
The world is in the grips of an almighty recession, with the likelihood of a double dip recession happening soon. However this has made me think, how can I as an aspiring entrepreneur survive?
In essence the key to any business is its customers. Many people will have heard the maxim 'The Customer is always right', well I would go further and say, 'The Customer is King'. I like many other businesses will have to be more customer focused.
My business involves the selling and promotion of products. The question for me now is how to make those products more alluring and pragmatic to my customers and potential customers.
First and foremost we as entrepreneurs have to look at the issues facing people at the moment. Essentially with Christmas approaching rapidly people are finding themselves in a position where financially they are crippled.
The question we have to ask ourselves is 'What can my product offer to help and alleviate the pressures faced by my customer base?' In order to establish this one must look at the pros of the products one is selling and assess how they help alleviate the problems faced by our customers. For example: Cost - The cost of the product(s), are they relatively inexpensive in comparison to other similar products. do offer the same quality and if so can the cost be competitive without having to seriously undercut my competitors?;
Convenience - Does the product I am offering give my customer any added convenience? For example, given that a lot of people have had to downsize on their homes, will this product make for easy storage in what may be already a cramped living quarters?;
Variety - Can the product we are offering to our customers offer anything extra? For instance some poker table tops can offer a poker playing surface on one side with a Blackjack playing surface on the other. This gives the customer just that little bit more both in their options and satisfaction.;
Money Saving - Can the product I am offering give my customers an opportunity to save money? In these dark recessionary times people are trying to save money, unfortunately the first thing to be sacrificed is one's lifestyle. Can I offer a product that allows my customer an opportunity to maintain some aspect of the lifestyle they had prior to this recession, an aspect that they may still be able to enjoy now at home and without any other costs other than the cost of the product?;
What else - What else can the product(s) that we are selling offer our customers? For instance I believe that we, human beings that is, are by our nature 'social beings'. By that I mean we socialize and enjoy to feel part of something that is bigger than us individually. We want to feel part of a community. In that I believe there is another opportunity. Asking ourselves if the product we are selling offers the customer to be in or form a group of like minded individuals or if this product allows for the customers family or friends to participate. For example, a board game.
The above is just some ideas as to assessing how a product translates to the needs of our customers or potential customers. How does this translate to my business strategy?
I said previously I am aware of the issues facing people as the Christmas period approaches. As a budding entrepreneur I am like so many others like looking to make a profit. However, I am reminded of the founder of Virgin, Sir Richard Branson.
I have read many of Sir Richard's books chronicling his adventures as an entrepreneur. In his books he speaks of entrepreneurs having a social conscience, helping his fellow man and offering something that improves your customer's lives.
Now I agree this is quiet profound especially when it comes to selling some very simple and unremarkable product that is not going to alleviate hunger or disease. But following what Sir Richard Branson said and in its simplest form I have a responsibility to aid and assist my customers.
In essence it is not the product that will help my customers it is the service both I and the product offer that will assist them. Therefore the product I am promoting has to service their needs and in some way alleviate the customer's problems to a certain extent.
This then is my business strategy (not my business plan), to provide my customers with a service and product that are focused towards their needs and in some way help alleviate their concerns.
As we near the Christmas period it is I who must remember the title of this article so I can remember my business strategy. As I said it is not a shameless promotion or a call to arms, it quiet simply for me to remember, 'My Product Is An Affordable Christmas Present!'
I am sitting in my living room watching television. Nothing spectacular there, granted. However it is what I am watching that is making my blood boil. The latest Austerity Measures are being mooted by our failing and deeply unpopular Government. With more Budget cuts looming which are about as welcome as another Swine Flu Pandemic the hard news is we are all about to be much poorer.
The world is in the grips of an almighty recession, with the likelihood of a double dip recession happening soon. However this has made me think, how can I as an aspiring entrepreneur survive?
In essence the key to any business is its customers. Many people will have heard the maxim 'The Customer is always right', well I would go further and say, 'The Customer is King'. I like many other businesses will have to be more customer focused.
My business involves the selling and promotion of products. The question for me now is how to make those products more alluring and pragmatic to my customers and potential customers.
First and foremost we as entrepreneurs have to look at the issues facing people at the moment. Essentially with Christmas approaching rapidly people are finding themselves in a position where financially they are crippled.
The question we have to ask ourselves is 'What can my product offer to help and alleviate the pressures faced by my customer base?' In order to establish this one must look at the pros of the products one is selling and assess how they help alleviate the problems faced by our customers. For example: Cost - The cost of the product(s), are they relatively inexpensive in comparison to other similar products. do offer the same quality and if so can the cost be competitive without having to seriously undercut my competitors?;
Convenience - Does the product I am offering give my customer any added convenience? For example, given that a lot of people have had to downsize on their homes, will this product make for easy storage in what may be already a cramped living quarters?;
Variety - Can the product we are offering to our customers offer anything extra? For instance some poker table tops can offer a poker playing surface on one side with a Blackjack playing surface on the other. This gives the customer just that little bit more both in their options and satisfaction.;
Money Saving - Can the product I am offering give my customers an opportunity to save money? In these dark recessionary times people are trying to save money, unfortunately the first thing to be sacrificed is one's lifestyle. Can I offer a product that allows my customer an opportunity to maintain some aspect of the lifestyle they had prior to this recession, an aspect that they may still be able to enjoy now at home and without any other costs other than the cost of the product?;
What else - What else can the product(s) that we are selling offer our customers? For instance I believe that we, human beings that is, are by our nature 'social beings'. By that I mean we socialize and enjoy to feel part of something that is bigger than us individually. We want to feel part of a community. In that I believe there is another opportunity. Asking ourselves if the product we are selling offers the customer to be in or form a group of like minded individuals or if this product allows for the customers family or friends to participate. For example, a board game.
The above is just some ideas as to assessing how a product translates to the needs of our customers or potential customers. How does this translate to my business strategy?
I said previously I am aware of the issues facing people as the Christmas period approaches. As a budding entrepreneur I am like so many others like looking to make a profit. However, I am reminded of the founder of Virgin, Sir Richard Branson.
I have read many of Sir Richard's books chronicling his adventures as an entrepreneur. In his books he speaks of entrepreneurs having a social conscience, helping his fellow man and offering something that improves your customer's lives.
Now I agree this is quiet profound especially when it comes to selling some very simple and unremarkable product that is not going to alleviate hunger or disease. But following what Sir Richard Branson said and in its simplest form I have a responsibility to aid and assist my customers.
In essence it is not the product that will help my customers it is the service both I and the product offer that will assist them. Therefore the product I am promoting has to service their needs and in some way alleviate the customer's problems to a certain extent.
This then is my business strategy (not my business plan), to provide my customers with a service and product that are focused towards their needs and in some way help alleviate their concerns.
As we near the Christmas period it is I who must remember the title of this article so I can remember my business strategy. As I said it is not a shameless promotion or a call to arms, it quiet simply for me to remember, 'My Product Is An Affordable Christmas Present!'
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