Seven Secrets to Building a Successful Business
Introductions The Seven Secrets to Building a Successful Business The Essential Tools Incredible Offer!!! Today’s Agenda Just for attending you get… Copy of the Presentation Link to the Recording Ultimate Business Building Toolkit • • •
Vision & Mission Checklist Competitive Positioning Matrix Workbook Competitive Grid Workbook Defining and Segmenting Workbook Product Strategy Workbook The Ultimate Business Building Toolkit Target Market Workbook Thought Leadership Workbook Unique Competitive Advantage Worksheet Positioning Strategy Workbook Pricing Strategy Workbook
Eliminate All Fear Secret #1
Fear of failure is the #1 thing that stops an entrepreneur
“No one loves my idea” Solution: Keep talking to people Find the right audience for your idea Refine your idea as you get feedback The more clarity you have around your idea, the less fear you will have about executing it Don’t be afraid to walk away from an idea if it does not make a feasible business Eliminate All Fear
“My idea isn’t really new” Solution: It’s enough to offer an improvement to an existing product or service The fact you are offering it might just make it new – add you personal ingredient to the idea . Idea might be old but target audience, pricing model, or location might be new. Offer add-on services to enhance the solution Offer one small change to the existing product Eliminate All Fear
“My idea is Too Vague” Solution: Hit the books do more research. Develop concrete facts and proof points People must understand how your specific idea solves a specific problem What is the unaddressed need your ideas solves Get really clear on what problem you are solving? Create a realistic vision Eliminate All Fear
“My idea is too big” Solution: Break down the idea into discrete, manageable steps Think smaller at the beginning Launch the first part of your vision not the entire vision Make smaller investments and move your idea forward in steps People must be able to clearly understand what you are trying to achieve Get your idea out there to test the waters (farmers market, sell on Amazon or Etsy, or use Kickstarter to validate your idea. Eliminate All Fear – Being Overwhelmed
Get clear on exactly what you are trying to create The more clear, the less fear Write a business plan to see if your idea is feasible or not Create momentum Show your idea Talk about your idea Research your idea Break things down into small bite-size pieces You will not feel so overwhelmed Take Action Push through the fear and take action Tips to Eliminate Fear
Creating a Compelling Vision Secret #2
A vision helps to guide, direct, motivate and inspire everyone with your business A Vision is… Your dream for the business Far reaching Aspirational Says what you will ultimately become Original Goes out 5, 10 or even 20 years Tells a story Solves a big problem Create a Compelling Vision
“Shoot for the moon and if you miss, you will still be among the stars” - Les Brown
Some words / phrases to use when describing your vision… Revolutionize Next-Generation Re-invent Create Highest quality Innovative Fulfill Create a Compelling Vision
Ask yourself these questions to help formulate your vision statement What do you ultimately want to do or create? Revolutionize Create Invent What do you want your company to be? The best at The most The biggest Creating a Compelling Vision
For whom do you want to do this? All people (worldwide) Millions of (men, women, kids, parents) How will the world / industry be different with your idea? Why does your idea matter to the world, country, community, etc? Creating a Compelling Vision
Some examples… Telsa - Accelerate the world’s transition to sustainable energy Wikipedia - Imagine a world in which every single person is given free access to the sum of all human knowledge. Southwest Airlines – To become the world’s most loved, most flown and most profitable airline. Space X - Enabling people to live on other planets. Create a Compelling Vision
Embrace Your Competition Secret #3
Why Competition validates the market Investors want to know there is a market Allows you to position your product or service against something It means the market is more likely to understand what you are selling – you don’t have to educate them You Want Competition!
But I have no competition … Think again Direct Competition Providing an exact or similar product or service to you Indirect Competition Providing an alternative to your product or service Could even be free or a low cost option Watch out for Amazon You Want Competition! Indirect Competition Direct Competition
Example – Catering Business Direct Competition Other boutique caterers in the area Corporate catering services Personal chefs Indirect Competition Grocery stores Restaurants BBQ on wheels Food trucks You Want Competition!
You want to know EVERYTHING you possibly can about your competition.
Embrace Your Competition The more you know, the better you can Compete against them Evolve (refine) your business Create unique competitive differentiation
#1. Keep a Competitive Binder (either digital or physical) Contains everything you can find out about your competition Screen shots of their website Brochures Packaging Photos (of their locations, stores, facilities, etc.) Articles and other research Provides a visual representation of what your competition is doing Needs to be continually updated 3 Key Competitive Tools
Other ways to get information about your competitors Visit their business Talk to workers Take photos Buy something (both offline and online) Return something Observe conversations with customers Call their business What is their level of customer service How knowledgeable are the reps Observe how they sell Go to a trade show Embrace Your Competition
#2. Analyze “the heck” out of their website Tells you so much about your competition How they are positioned Their target market Pricing and discounting strategy Product or service (both the breadth and depth of their solution) Unique selling proposition and messaging Quality of solution Level of customer service Locations 3 Key Competitive Tools
#3. The Competitive Grid Allows you to collect and track your competition Must be continuously updated Recommendation: Track at least 10 competitors Use this to help determine your Unique Competitive Advantage 3 Key Competitive Tools
#3. The Competitive Grid – What to track? 3 Key Competitive Tools Website address Number of customers Years in business Quality of product or service Customer service Positioning strategy Packaging Strengths Pricing Estimated market share Estimated revenues Target customer Market segment Weaknesses Social media presence
3 Key Competitive Tools
Market Quickly Get Your Product or Service to Secret #4
Most entrepreneurs want to launch a perfect product but it is usually much better to launch a good product faster than a perfect product in the distant future. Get Your Product to Market Quickly
A Better Answer – Minimal Viable Product (MVP) You must create something of value that the customer will pay for and receive value from. It must be functional Must stand on its own Can not be unfinished or shoddy Can be a subset of your overall vision You must set proper expectations with your customers (don’t oversell) But why do this? Get Your Product to Market Quickly
Provides invaluable feedback.. You will learn what customers “really” want You can test the market and adjust accordingly Begin to learn how to market and sell your product Discover what marketing messages work and don’t work Discover which sales channels work best Refine your pricing Create revenue Most entrepreneurs wait too long to create revenue which feeds more product development Minimal Viable Product (MVP)
Tricks to enhance your MVP without additional product development time or costs Enhance product offering with additional services Supplement your product with other add-on products to round out your offering until you have time to develop them White label technology or product components Minimal Viable Product (MVP)
Example – GoPro
Become a Thought Leader Secret #5
Thought Leadership is the cornerstone of an effective marketing program Establishing yourself as an expert in your industry or craft. Customers want to buy from thought leaders / experts Customers will pay more for your products or services You can sell your thought leadership (i.e. high end consulting services, education, etc.) Become a celebrity in your industry What is a Thought Leadership
Who would you rather cook you a gourmet dinner? Gordon Ramsey Thomas Keller Rachel Ray OR Some no name chef who might be very good And who would you pay more money for? Customers want to buy from Experts
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