The basis of human progress is based on good communication. When you are able to clearly and simply define what you do and how you can help a customer creates exponential value using a focused and highly targeted business model.
You’re probably thinking, what’s the best way to find out what your customers want or need? Well, all you have to do is ask. Ask a lot. This is key to developing the framework of a great business model.
The more information and knowledge you attain from your potential or past customers gives your business model a competitive edge that many do not possess.
Why? Quite simply, most businesses never ask. They assume that what they’re doing and the direction they’re going in is correct if there’s revenue to be had.
Don’t get me wrong, if people are paying for your service and are happy to deal with your company then it’s a great place to be.
Can you be doing more? It’s likely.
The questions you need to ask yourself are: am I truly providing value for money? Are the services or products that we offer innovative? Are they pushing the boundaries of my position in the industry?
Again, the best thing you can do is ask. If you never ask, you’ll never know.
Interested in finding out more? Go here to ask me directly?
Find a Niche.
You’re at the point where you understand what people want from your business model. You’ve done your research. You can see opportunities begin to present themselves.
Now what? Find a niche that you feel is underserved. This can be a local, national or better yet, an international niche. No matter the case you’ll need to start small and build it up.
Ask yourself, whom am I servicing in this niche? How are they underserved? Why is your offering the best alternative? Create in depth profiles of your target customers, reach out to them locally and online.
Utilise the free tools you have at your disposal to minimise costs while in this R&D stage. Go to Reddit, Facebook, Twitter, Instagram. You can find all this out by asking your target consumer where they like to mingle and create a presence.
You wouldn’t want a situation where you’re stretched too thin, even though you’re specialising. Consequently, as you go and attain more information from specific customers, you’ll be able to better align your offering and most importantly, how you communicate it.
Create networks wherever you can. Additionally the more data you have, the better. It puts you into a position of strength and understanding when moving forward with the next plan of action.
Create a Simple Offering.
Why simple? You quickly and ineffectively begin to stretch yourself too thin. The one thing most businesses forget to do is become very good at one thing. Whether you’re looking to start a contemporary garden service or create the next spinner, it all applies.
Don’t get me wrong; having multiple services or products is great for differentiation and later revenue. Plus, great companies do so by building up this offering, asking customers and defining a clear plan and execution strategy.
Focus is everything. Become great one step at a time. With this mind-set and process will come an understanding that helps your company build brand based on the foundation of an exemplary competitive advantage.
Here are three questions you need to consider when building any offering:
- Who needs your offering?
- What’s special about it?
- What makes it better than your competitors?
Once you can clearly outline and answer these questions, all you need to do is focus on making them more effective. Think about the processes involved, the human capital needed and the best way to communicate your offering.
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Become the Go-to Authority.
Now you have the data and the offering, you’re on your way to become the leading authority in your niche industry. In addition, you have the insight to offer people advice and helping them to solve their particular problem.
Most importantly, don’t brazenly self-promote. Don’t try to hard sell, just explain why you’re the best option they have given the knowledge you’ve attained. You have to phrase it in a way that shows your target audience you’re the best option and here to help.
Remember, authenticity builds reliability. Therefore answer their questions, help them better define the problem and as a result they’ll be loyal and trusting towards you and your business.
So use all medians possible like videos, blogs, forums, press releases, and at networking events. Tell your story on how you got to where you are. Once you’ve nailed your message, distribute pertinent content.
Generate Business Revenue.
All in all, think about what makes you different and how you’re the most applicable business model in your industry by creating your own niche market. Help customers see how your competitive offering stands against the competitions.
Make sure to use every moment possible to exemplify why your offering is the best. Understand the whole user journey and process you’ve outlined to create this offering, pointing that out specifically to your customers.
Don’t forget that you’ll be competing against one-stop-shops, meaning there is only so much they can help or cover with a multi-pronged business model. This will enable the business to service and innovate in a way they cannot keep up with enabling your business to generate more revenue.
Most importantly, tell everyone. Keep gathering data and shouting from atop a mountain about why this approach is the best option for them. All in all your expert tone and specialised approach is what will help you stand out.
Now, you’ve found the best approach; now all that’s left to do is rinse repeat.
Are you interested in finding out how to create or utilise a niche market?
Why not check out this post on how I define business coaching and it’s benefits to developing your business further here.