As an entrepreneur, there is a chance that you're creative and invent several novel ideas throughout the day. Out of all of those ideas, you probably have a few that seem like really good ideas that can increase your business revenue.
However, when you actually post your service you realize you don't have any sales three months down the line. So what happened? Why didn't your customers see your novel idea the way you saw it?
Consider this: Louis Vuitton, Ralph Lauren, and Hermes have something in common. Not only are they luxury brands, but they have names that are internationally recognized by people all over the world. So why is it that everyone does not buy the products?
Outside of the fact that maybe they have no interest in fashion, there are a million alternatives a person can choose instead of these three designers.
You as the small business owner don't have the same benefit of having a fashion house behind your name, yet you still have to compete against the alternatives that gently remind customers that your product is nice, but not needed.
When creating products you must focus on positioning yourself so that your products align as close to need as possible.
One way to do this is by differentiating yourself from the competition by offering something faster or more convenient.
Can customers book directly on your website? Is it easy to find the products and services you sell online? Do you respond within 4-6 hours to every email message?
Another way to place your product or service in the need category is to highlight the opportunity cost.
What do your clients lose when they choose not to use your services? You must be able to articulate the consequence of not purchasing your product in a way that does not guilt a customer into buying but moves them closer to the yes.
Here's the bottom line: don't make the mistake of assuming that every good idea will make you money. Understanding your customer's values is key to creating a relevant product offering. Furthermore, it takes time and dedication to develop a product to ensure it is ready for the market. You wouldn't want to introduce a half-baked idea just for someone else to improve upon it and use all your hard work for their own personal gain.
If you're seeking help with product development, entrepreneurs come to The Biz School when they need direction and clarity to grow their business revenue. Frustrated by "business experts" who are not as knowledgable as they say they are and ready to take action, they attend our classes for honest, thorough actionable advice.
Our next class is in Largo, MD on June 22nd at 12 pm.
We keep you moving around, provide you with take-home worksheets, and provide you with post-event support to ensure that you remain focused and successful well after the event using our three-tier belief system to inspire, educate, and move you to action. Check the details out now!