Who moved my customers?

Startup Journey Amidst the marketing revolution 

THINK  MORE THE NEXT 50 YEARS...

Starting a business can be challenging, but if you're determined to make your venture succeeds, it's important to explore strategies that can move the needle in your venture. Moving the needle refers to attracting and retaining customers for your business. In the early stages of your new business, it's crucial to observe how you attract your first customers and understand what makes them tick. By uncovering how they found you, you can optimize existing channels and explore untapped opportunities that your competitors may have missed.

Before delving into the strategies, let's define your niche market. This refers to a specific group of potential customers who share common wants or needs and can refer each other when making purchasing decisions. To gauge your market potential, consider your total market, which is the sum of the minimum market size and the market's potential.

If your goal is to become a market leader, focusing on product leadership, operational excellence, and customer intimacy is a good starting point. Ask yourself the following questions to assess your position:

1.  Does my product or service position me as a market leader?

2.   How do my current customers perceive my product or service compared to competitors?

3. Do I offer a superior customer experience?

4. How well do I understand my customers in terms of demographics, psychographics, and preferred social channels?

If you're still researching your audience, analyzing your competitors can provide valuable insights. Identify your six closest competitors and choose two with a strong digital presence. Observe their conversations and content on various channels to contribute to industry discussions and engage with potential customers.

Now, let's focus on your product or service. It should not only meet the needs of your target market but also generate enough profit to sustain your business. Once you have identified your market, audience, and product or service, it's essential to test your hypotheses for product-market fit. This involves exploring offers that provide value to potential customers and are likely to result in sales.

After identifying your offer and channels, you need to brand your product or service effectively to communicate your value proposition. A compelling website can play a crucial role in achieving this. Set clear goals for your website, such as generating leads, increasing brand awareness, or scheduling strategy sessions. By informing your audience about better ways to accomplish tasks, you can build rapport and nurture relationships. Ultimately, you want customers to choose your business when they need your product or service.

The process may seem overwhelming at times, so it's important to take breaks and seek help when needed. Burnout and lack of focus can hinder your ability to lead the market effectively. Remember that seeking advice or insights from reliable sources can lead to lightbulb moments and help you make progress.

Next, let's discuss targeting your audience. Marketing plays a crucial role in promoting your product or service. Although it may seem daunting, it's necessary to invest time and resources in marketing to achieve your goals. While some entrepreneurs may prefer to outsource marketing tasks to experienced consultants, others may choose to handle it themselves. Regardless, your success as a new player in the market relies on making sales, unless you're creating an entirely new category with no competition.

Marketing involves various components such as advertising, branding, research, strategic use of communication channels, product or service development, and most importantly, leveraging the internet to compete in the 21st-century economy. Building traction, which refers to generating sales, is crucial. Avoid creating a product or service that nobody is buying by focusing on effective distribution channels and constantly reevaluating your marketing strategies.

Here are some marketing channels you can consider:

1 . Blogs

2 . Publicity

3 . Unconventional PR

4 . Search engine marketing (SEM) like pay-per-click (PPC)

5 . Search engine optimization (SEO)

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