A conversation with a budding young business owner today reminded me of an old saying, one that I hadn’t given an airing for a good few years: ‘The more you sweat in training…the less you bleed in battle!‘
When stepping into the competitive arena of a new business, proposition, or venture, you need to have rehearsed a thorough understanding of why you’re there, what you’re trying to achieve, and what success looks like.
There are eight critical questions that I pose to would-be entrepreneurs to gauge the readiness of their business for not just the warm-up, but the battle that ensues…
What do you do?
Understanding and articulating what your business does is the foundation of any strategy. It sets the stage for how you’ll convey your value proposition to your prospective customers.
What are your goals?
Defining clear, measurable goals is like setting a milestone on a journey. It gives you a destination to aim for and a metric to gauge your progress along the way.
Has it been done before?
Identifying the gaps or the reasons why your solution hasn’t been introduced before reveals the unique angle of your approach, which could become a significant selling point.
Who are the people who need this solution?
Recognising your target audience is like knowing whom you’re serving. It’s crucial to understand their needs, preferences, and behaviours to tailor your strategies effectively.
Why is the solution needed / why does it matter?
Demonstrating the necessity and significance of your solution helps in building a compelling narrative that resonates with the genuine needs and desires of your audience.
Why is yours going to be better than competitors?
Carving out your unique value proposition and highlighting what sets you apart from the competition is essential in building a loyal customer base.
How does it work?
Being able to explain the mechanics of your solution in a simple, understandable manner not only educates your audience but also builds trust.
How big is the market?
Assessing the size and potential of your market is crucial for understanding the scope of your venture and the opportunities that lie ahead.
#areyouready #marketing #strategy #business #tactics #feedbackfans
Chris Barnard has spent over 15 years delivering exceptional revenue growth for ambitious businesses in the UK, Europe and North America through his marketing technology business, FeedbackFans.com and as an independent business consultant.
By his mid-20’s he was running digital departments for FTSE100 companies in London, eventually leading to a very successful period in digital customer acquisiton for a well-known brand in his early 30’s generating nine-figure revenues with seven-figure budgets. He now puts his experience, knowledge and ideas into good use, supporting challenger insurgent brands and forward thinking businesses to outperform in their sectors, whilst disrupting and improving the marketing, technology and development sectors.
Feedback Fans provides a unique next-generation managed technology and marketing platform that delivers outstanding and out-sized results for businesses in sectors such as finance, retail, leisure, and professional services.
With our unparalleled expertise in creating cutting-edge solutions and environments, we empower our clients and users to thrive and outperform in the digital age.
Chris Barnard is Managing Director of FeedbackFans.com and producer of the Bear Business Vodcast
