Having a perfect mix of product, people and place become imperative while you are running your own business. But are these enough? Considering that competition is fierce and consumers have too many choices, you need be offering something better to stay ahead in the grind.
As a business owner, the accountability to achieve your goals rests on your shoulders. At the same time struggle in a business is inevitable. To help ease out the stress, let’s discuss some ingredients that can help you take your business to the next level and add taste to the recipe for success.
It is essential to know the purpose of your business and to have a vision of how things will shape up. For starters, a one-page business plan may suffice, but it’s imperative to chalk out the basic product details, marketing strategy, sales strategy, all of this in detail before you get started.
At the same time if you are seeking to raise funds you will need to have a comprehensive business plan that includes numbers, growth plans, market size, expected turnover and so on.
What is the problem that your business addresses? Who is your competition? Who is your target consumer? You need to have well-researched answers to these questions.
You also need to know your product and the market it will operate in, in and out. Making note of these tiny details and analysis will make your business appealing and will play an important role in creating a niche it.
Marketing is often overlooked or taken for granted by business owners. However, it is a very important component of running a business.
Marketing strategy should always be ‘outside in’ and not ‘inside out’. The product should be about the consumers. With changing times, you need to evolve and ensure they are interacting with consumers at multiple touch points.
Each quarter assigns a certain budget dedicated towards your marketing spends. Keep updating your products based on current consumer trends. Your big data may show that 18-35-year-olds frequent your store.
Ensure that you revolve your communication around them. Concentrate your effort on using the channels they frequent rather than those they don’t. Studying consumer behaviour and their buying habits will help you concentrate on what consumers want. Always remember ‘consumer is king.’