This is a complete business summit that I just simplified into an article. If you’re just starting out and you’re still struggling with turning your idea into a lucrative business, it’s either you’re ignorant of these things or you’re lazy in applying them to your idea. In this post, I have taken the pain to explain each and everyone of them for you to understand them properly. If you still have questions to ask, you can meet me privately.
What are these questions?
- Are you solving a problem that people have? Do they know they have that problem?
- If it’s a valid problem, are there cheaper or more efficient alternatives to solving that problem already existing?
- If there are alternatives existing already, what performance gaps or loop holes do they have in their solution delivery? How do you get to know this? Use Google to search and see any existing alternatives around you, Order for their products. Subscribe to their newsletters, Listen to the people who patronize them and find out what they are complaining of. Follow their adverts/app page and observe comments under it. Set up google alert on issues around the idea/product. All of these are cheap ways of doing industry research.
- Are you speaking the language of those who have the problem? Are you using the same syntax or words they use in describing their problem or you’re using technical terminologies to flaunt your expertise. If you don’t come down to the level of your audience when communicating your value, they won’t grab what you’re saying?
- Are you communicating (or painting a picture of) the expected result or you’re just talking about the process? Never bore people with your processes. No one is interested in that. All they want to see or hear is the result. A scientist just created an invention. He thought of sharing it with the statesman of his area. On getting there and doing a display of the stuff, the man simply asked, “of what benefit is this to me?” The scientist answered, “someday, you will be able to double tax rate because of this invention.” That was how he bought the man over. WHY? HE CREATED AN END PICTURE.
- What promise of value are you creating? Now, listen! Value is calculated by the weight of problem being solved and the difficulty in finding a replacement for you. This is where branding comes to bare. Value is not tied to the items (product & services) being sold, but to the experience the items being sold gives. IS IT TRULY POSSIBLE NOT TO FIND A REPLACEMENT FOR YOU? Very possible! It’s not about operational effectiveness. anyone can copy that. Rather, it’s about strategy. No one copies that! What experience have you designed and woven into your product/services that makes you different?
- What is the income level of the people who have that problem and wouldn’t mind to pay for it to be solved? This is an important question. If your pricing is beyond the income level of people who have the problem your idea is solving, then you’re in a long thing. The price will chase them always.
- Are the people I solve the problem for capable of paying the price for the solution? Or is there a secondary audience I need to communicate to? For instance, if you’re a teen or high school student coach, forget about them appreciating and being able to pay for the value. You have to craft your message to resonate with their parents/guardians.
- Those who need and would love to pay for it, where do they often gather? Where are they more localized? On what platforms do they discuss their issues? Until you locate where your audience are, you will keep selling cold water in the rain where no one will buy. You need to go to where people are hot and thirsty.
- What personal story do you have to support the validity of your idea? You see, people are emotional beings. They make choices more from gut feelings than from facts. When you have a story to tell both verbally and visually, you outwit the one who has only facts and figures.