Business Creation and Development

Archive for November, 2022

Revealed – 4 Must-Know Secrets to Excel at Business Creation

November 15th, 2022

It is no secret that creating and selling your very own products online is the best and most profitable way to make money over the World Wide Web. If you are still doing affiliate marketing or doing some ghostwriting gigs, let me help you jumpstart your business creation endeavor and empower you to easily excel in this field so you can quickly realize your financial freedom.

1. The first step that you need to do is research your niche. You will need to find out the inadequacies and gaps that you need to fill in so you can easily develop product ideas that can effectively address them. It would help if you can subscribe to relevant RSS feeds so you can get timely information that have direct impact on your chosen niche and if you can work closely with other experts.

2. Involve your potential clients. This is something that you must not put on the back seat as this is considered one of the most important elements of business creation. Spend some time with your potential clients either through your blogs or through forums and get to know what they might require from you. Jot down their pressing issues, their areas of interest, their aspirations, their burning questions, and the things that they would like to learn about. All of these can easily be converted to great product ideas. For instance, if you are targeting people who are deeply interested in learning tennis, you can create information base products that can supply them with all the information they need regarding this particular sport.

3. Determine the marketability of your product ideas. I am sure you would like to find out right away if your product ideas will sell like hotcakes online. This can be achieved by running surveys or polls on your website, blogs, and relevant forums. Ask your potential clients if they are willing to shell out money on your products ideas. Just make sure that your secure your ideas with a patent so they will not be stolen by your competitors.

4. Create your products. When developing your products, always keep in mind that your goal is to produce better products than competitors’ so you can set them apart from the rest. You will also need to consider the needs and demands of your potential clients and ensure that all the elements you are using are highly targeted to what they require from you.

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Customer First Product Creation and Development for Entrepreneurs and Start-Ups

November 15th, 2022

Building a business from scratch requires two things:

something to sell;
someone to sell it to.
Now, that might sound obvious, but it’s amazing how many people leave out the first step, assuming that they already know what it is that the market needs. In a recent interview for Mixergy, Sam Ovens revealed many techniques for creating a business from scratch, but one stood out in particular – Talk to the Customer First.

The process works for physical and information products, as well as services, and even software as a service (SaaS).

There are a number of ways to put yourself in touch with your potential customers, such as emailing them, offering to call at a time that suits them to talk about their main pain points, and developing the relationship from there, and which you choose will depend on the industry.

Extracting the Product from the Customers

Once contact is made, it’s important to allow them to relate their issues in their own words, without preconceptions, or offering any one solution. To enable them to actually think about what is important to them, it is also useful to ask them to rank their issues in order of importance to their business.

Having extracted a list of issues, and selected one that can be solved with the skills at your disposal, the next stage is to deliver a solution, on paper, to the potential customers.

Their feedback, at this point, will help shape the product offering, but also will need to be filtered. Not every suggestion that they make can be carried through, and not every tweak that they offer will make sense.

A bit of back and forth will be required until most of the customers are happy with most of the features.

It’s vital at this stage (product development) to remember that you shouldn’t be offering features, but helping the customers to identify shortcomings or needs, and tailoring features to meet them.

Fixing the Price Point

With a rounded out product to offer, it’s time to fix a price point that will be enough to keep you interested beyond the initial roll-out. In the same way that an investor needs a large enough share in a company to provide them with the potential return to keep them involved, the entrepreneur needs to generate enough revenue to remain keen.

Remembering that in a B2B context, the price is just another business expense, but in a B2C context, it represents a personal investment, a sensible price can be fixed that everyone is happy with, if not necessarily ecstatic.

Finally, with a product designed, and price fixed, it can be offered to the market.

The package can first be offered to the initial customers (at a discount) and then to a larger collection of the potential customer base by way of a validation of the usefulness and price of the offering.

By paying up front, the development can even be partially, or completely pre-funded, removing one of the major obstacles for getting a product to market.