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Litmus test for starting a business

 

It is possible to build a multimillion dollar business when you have the right tools in your toolbox. These tools allow you to target the ideal customer, create a promotional message that captures the attention of that audience, prompting them to take action with your business. You also need to be willing to ask for assistance when necessary.

 

Setting Objectives

Goals work to build a foundation that gives you a sense of direction to work towards as your business grows. The goals serve as a roadmap that provides you with guidance, assistance, and support that lets you know that your business operations are on the right track. Examples of critical objectives include the following information.

  • Lead Generations
  • Lead Conversions
  • Marketing and Advertising
  • Persuasion Marketing

Business Fundamentals

There are benchmarks that you can put in place to gauge whether or not your business idea can be a success. Start by pinpointing a problem within your market, identifying how your product or service solves that problem and whether your product or service is in demand within your market. Turn your attention to how you can create a competitive advantage in the industry. Discover how your business can stand out from the crowd, how your product or service provides exceptional value to a target market audience and how to communicate that value to the target market audience.

Identify Your Target Customer

Your target customer is the individual who displays a basic want for the product or service that you offer. By targeting this group of prospects, you begin to establish a competitive differentiation from the rest of your industry. Your target customers begin to take notice of what makes you stand out from your competitors. They assign value to what makes you different and determine whether or not it’s enough to engage in business with you.

Target Customer Thought Process

Once you have a target customer in mind, conduct research to learn more about this type of individual. Learn what your target customer likes, dislikes, fears and what the problem needs resolving or desire that needs fulfillment. Discover what prompts a purchase to take place and direct your marketing efforts around these characteristics

Marketing Efforts

Determine what the unique selling proposition is for your product or service. It is the biggest benefit that your target customer stands to receive by purchasing what you have to offer. Use this information in your promotional messages to make an emotional connection with your target audience. That prompts them to take action with your company and works to put you on the path to successfully establishing a multimillion dollar business.

Robert Ritch has founded, built and successfully exited four multimillion dollar businesses and now consults and invests; rob@orbertritch.com

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