19 December 2021

Build Your Business With Four Easy Steps

Developing a lucrative and successful company is no simple undertaking. It is dependent on a variety of external variables, like competition, timing, and demand, over which you have little to no influence at first. Assuming that all of these external elements work in your favour, a strong business strategy may result in a profitable venture. Consider the following five phases as you construct your company from the bottom up:

1. Identify your enterprise. What are you trying to sell?

This is not as simple to answer as you may believe. While Nike is a sportswear company, the fact is that when you purchase a pair of Nike shoes and a t-shirt at the mall, you are purchasing much more than sportswear – you are purchasing an image, a mood. You are investing in the Nike brand. Richard Thalheimer, the former CEO of The Sharper Image and creator of RichardSolo.com, has over 30 years of experience in speciality retail. When asked what business he is in, he will say “convenience” or “innovation” before naming a specific sector, yet he has established one of America’s most strong brands. Bear in mind that a product is more than the thing itself. Your brand is what differentiates your product from the competition.

2. Decide on a market. Who are you trying to market to?

This phase is less interpretative than the first but no less critical. Who are you trying to market to? or, more importantly, what information do you have on this individual? Recognizing your customer is critical to success. What are their responsibilities? Where do they socialize? What are their television viewing habits? These are just a few of the consumer-related inquiries you should be prepared to answer. Knowing the answers to these questions will help you answer other questions about developing a marketing plan. Richard Thalheimer undoubtedly knew his market for The Sharper Image as well as they did. According to an article in the Los Angeles Times, Tracy Wan, Thalheimer’s former president and chief operating officer, states “Richard has an exceptional capacity to figure out what consumers want.” This capacity to discern your consumer’s desires can only come from knowing them as a neighbour does.

3. Organize your marketing efforts. How do you address these individuals?

This is the conclusion of your brand’s and consumer’s comprehension. As indicated in number two, knowing your audience may provide light on a variety of marketing strategy-related questions: Where should you place your advertisement? What is your brand’s tone of voice? What are the fair costs for this demographic? To engage your customer, i.e. sell your goods to them, you must understand where your adverts will be seen, how to communicate with them, and how much money they have available to spend, among other factors. In fact, this phase should have been coupled with the previous one, since your market completely controls your marketing plan.

4. Acquire knowledge by example. Seek advice from people who have already succeeded.

Numerous books have been published by experts who have successfully launched their own businesses. One that instantly comes to mind, since we have previously discussed him many times, is Richard Thalheimer. “Creating Your Own Sharper Image” chronicles his journey from a little office supply firm called The Sharper Image to the booming organization it is today.

Bear in mind that developing a great company is not only about bucks and cents. Equally essential is your brand equity and your capacity to engage with customers, both of which can be achieved only via a thorough grasp of them. Assuming there is a market for your product and you are capable of competing with existing brands, the following four stages will point you in the correct way.

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