You have a product or service you believe will deliver utility to consumers. Now, you only have to start offering it in the marketplace and watch the money roll in. While the path from product development to developing a business around it may be straightforward, getting there is no small feat. You are no longer operating in isolation, but preparing to jostle for space among competing businesses. It’s time to think and act like an entrepreneur. And it all starts with preparing for the journey…
Know what it takes to actually become a business
Regardless of whether you are a one-man show or a team, understand what it takes to start and run a business. Fixing a space to work out of and probing options to keep money coming in while you work on your business are the simpler issues to handle. A lifestyle change is in order – you will need a new routine that enables you to concentrate on building your business. You must prepare your mind and body for what lies ahead, which is a lot of strategizing, and getting out there and working more hours than you did in your last job as an employee.
Create a strategic professional network
Depending on the nature of your offerings, you can explore different marketing opportunities. A critical one that you cannot ignore is a strategic professional network that helps you foray into the marketplace. Attend networking events in your industry, make connections, and solicit advice from industry experts. Effective networking helps launch as well as run businesses. From influential people who can assist in building purposeful alliances to procurement professionals who land you your first big order and fellow entrepreneurs eager to share strategic, symbiotic relationships with you, networking events offer the potential for rewarding business connections.
A blend of offline and online marketing strategies are essential to plug your product into the most lucrative sales avenues and grow brand awareness. Invest in internet marketing even if you don’t sell your product online. The internet has become the go-to place to search for products and services. And it’s not just the young shoppers who go online, baby boomers and everyone in between now understands that the internet is a one-stop destination to locate just about every product/service under the sun. Purchasing decisions are also greatly influenced by online searches. Without a website or a social media presence, you are missing out on great sales, marketing and brand awareness opportunities.
Bond with your customers and market more than your product
When you transition to a business, the customer side of things assumes the most importance. You have your market-ready product in hand. Now it’s time to focus on prospects and the target market. In a dynamic marketplace where customers’ emotional valuations of products are subject to change, businesses must respond to the changes to stay relevant and survive.
But, when you are just starting off and transitioning to building a business, you must focus on developing a customer-oriented strategy that revolves around the way you conduct your business. Resist being just the provider of a commodity. Help customers arrive at well-informed decisions, tell them how your product/service solves their problem, and emphasize value over profit from product.
Keep a close eye on industry developments, be aware of your market’s price tolerance, and take strategic decisions centered around your customers and market, to deliver an experience and not just a product.
Godot Media is a Bangalore-based content marketing company serving clients across the globe particularly India, US, UK, Australia and 20 other countries. Godot helps businesses and individuals communicate effectively and increase their online presence through high-impact and targeted content, and implementation of cutting-edge internet and social media marketing strategies