How to Make The Most of Any Economic Climate!
Q: What Do Successful Business Owners Do Differently to Take Advantage of Any Economic Cycle? Linda B. Manchester, England
The first thing entrepreneurs do differently is not to wait for the recovery surge! An economic down turn is a great gift to anyone who is looking for business growth opportunities because recessions have a way of weeding out the fluff from our lives and clearly defining our greatest needs. As it happens, these needs tend to be basic and ongoing even in a strong economy. For the wise entrepreneur they take advantage of these moments and establish themselves in meeting the greatest need for the greatest number of people. Not only does this build a customer base, it also builds brand loyalty. Think about it for a moment, who would you be the most loyal to? Someone who met your need only when times were good or someone who was there for you through the dark times as well?
I encourage you to give careful thought to these business success principles before you start your business or release a new product or service.
- Ask yourself what is the greatest need of my customers?
- How can I meet that need better than anyone else is doing so far?
- How can I serve the greatest number of people?
- How will my product or service bring increase and benefit to the lives of my customers?
- How can I do this right now?
One final thought, if you are always looking to the best interest of your customer or client you can rest assured that financial success will follow. It is when businesses get greedy and self-serving that puts them on the road to financial ruin. If you want to take full advantage of an economic cycle start now, don’t wait until it gets here!
Before you start make sure you have a high demand market for your product or service that is not adequately being met by others in your industry.
Identifying a potentially successful market niche begins with determining the emotional motivation of your customers or clients. Ask the following questions to clarify your niche market ideas and identify the ones that will be worth your time and effort to pursue. This simple test can save a tremendous amount of time and money. Here is how to get started.
Ask yourself the four questions below when considering a niche market. If you get four yes’s then you have a good niche marketing idea and you should test it. If you don’t get all four yes’s then you need to fine-tune your idea until you do. Use this test each time you are considering launching a new product or service and you will dramatically increase your chances of success.
- Is my customer or client experiencing an urgent need, worry, pain, or strong desire?
- Is my customer or client current searching for solutions to their most urgent need or problem?
- Does my customer or client have few if any recognized options or solutions to their current problem or urgent need?
- Is there a large group of people (1 in 500) who are currently looking for a solution right now?
If you have been able to conclusively answer these questions the chances are you have a good idea with a viable market and an opportunity to grow a successful business.
I hope this has given you a little guidance. If you have never had any experience in challenging economies before, I know that it can feel a little daunting, but I have the cure for that. I have created The Small Business Toolkit to help you. If you have a different resource, that’s okay. It’s just important that you do it. There is a lot more to it than what I can convey here, but I hope this has helped a little. In The Small Business Toolkit I have already done most of the work for you so all you have to do is just fill in the blanks to a few questions and wha-la, you have identified your target market and created your first marketing message! These two things are worth their weight in gold as far as generating sales and growing your business. If you would like to start generating more sales this week get your personal copy now!
To smooth your path and guide you on your way to building your own successful business, I would encourage you to get your own personal copies of Business Genesis and the Small Business Toolkit. Together they will help walk you through each step of building a successful business before you invest a ton of time, money, and resources. Both will save you years of mistakes, wasted money, and worry. I hope this has given you a little guidance. If you have a question of your own please feel free to post it in the comments below. Chances are if you are asking it, so are hundreds of others and that is why your question is an important one!
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