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Marketing Information |
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How To Successfully Launch A New Business Activity
I often talk with business owners who tell me how excited they are about a new product or service they are offering ...or a new business they are launching. Their comments usually include something like, "Everybody needs this. I know I'm going to make a lot of money with it." They sincerely believe it will be easy to generate hordes of paying customers for their new venture. Unfortunately, it's not going to happen that way. Building a profitable business is hard work ...and most of that work has to be devoted to finding customers. Finding the number of paying customers necessary to meet the financial goals of a business can be a tough challenge. To do it successfully, you need to follow a proven, detailed strategy. By trial and error over many years, I developed the following simple 5 step process that enables me to successfully launch a new product or service almost every time. You can copy this same proven process to successfully launch your own new business activity. Step 1: Identify Your Market Determine who gains the greatest benefit from your product or service. Concentrate on reaching them instead of trying to reach a broadly defined general market. Start by defining your ideal customer or client in writing. List all of the characteristic s you would expect to find in good customers. Be sure to include qualities that make your product or service especially valuable to them. Analyze this list to identify your market ...and define it in writing. Step 2: Find Your Most Appealing Customer Benefit Exactly what is the most compelling problem you can solve for prospects in your targeted market? Why is your product or service the best solution to their problem? The answers to these 2 questions reveal the customer benefit(s) you need to stress in your sales approach. Step 3: Develop A Few Motivating Offers Develop 2 or 3 offers that motivate prospects to buy immediately. For example, can you use a special discounted price offer with a deadline? Are there bonuses you can add if prospects order or sign up before the deadline? Can you combine both into a "special price plus bonus" offer? Decide which offer on your list is the most powerful. Use it in your sales material and/or your selling presentation. Tip: A special offer providing obvious value automatically boosts your sales. It's a proven way to overcome buyer resistance and procrastination. It also provides a logical reason in the buyer's mind to justify what may actually be an impulsive decision to buy. Step 4: Decide How to Publicize Your Business How will you introduce yourself to the prospects in your market? Will you use classified or display ads in print publications or on the Internet? Will you use direct mail? Is broadcast media such as radio or TV appropriate ...and cost-effective? What networking can you participate in locally or on the Internet to draw attention to your business? Are there ways you can get some unpaid publicity? What other methods of promotion can you use? Prioritize each method on your list and develop an action plan with deadlines for implementing them. Step 5: Establish a Plan to Promote Customer Loyalty Decide what you will do to cultivate customers so they continue to do business with you ...and give you referrals. For example, write or call your customers or clients immediately after a transaction and thank them for their business. Ask them if they're pleased with what they received. Most will express their satisfaction. (That's an ideal time to ask for referrals.) Tip: Don't be afraid to uncover unhappy customers. When you do, take whatever action you must to make them feel good. Most dissatisfied customers won't contact you about their problem. They just take their business elsewhere ...and tell as many other people as they can about their negative experience - costing you a lot of future business. This 5 step marketing process replaces guesswork with proven procedures that get results. Use it the next time you want to successfully introduce a new product or a new service. You can even use it to successfully launch a new business ...or to revive an existing business that is not growing. Copyright 2005 Bob Leduc Bob Leduc spent 20 years helping businesses like yours find new customers and increase sales. He just released a New Edition of his manual, How To Build Your Small Business Fast With Simple Postcards ...and launched *BizTips from Bob*, a newsletter to help small businesses grow and prosper. You'll find his low-cost marketing methods at: http://BobLeduc.com or call: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV
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