Business Services of Tamps Bay, LLC
Palm Harbor, Florida 34684
Personal and Organizational Development
Business Brokerage services
Why Should Someone do Business With You?
Often times one starts a business with anticipation that others out there will love their invention, service or product and bust down their door to get it in large numbers and with deep pockets, money is no object.
Well, why not? This creation was well thought out for its practicality and usefulness and assumed to promise the recipient a better life by its use.
The inventor believes in his invention or service so why should others not? He/she sees the usefulness of its application therefore, others should too. Right?
Remember the Edsel?
It is folly to assume that others see your point of view, your dream, your practical invention as a benefit to them.
Had you done your homework to discover what your intended customer thought of your product or service and whether they could BENEFIT from your product or service, you would be on the right tract to success. Right now you seem to be on the track to failure without having done a market research study relative to the acceptance of your product or service.
And, why did you get into business in the first place?
If your answer is to make money, you are already OUT of business!
Do you really believe someone will buy from you because you want to make money?
You must believe and deliver beyond any doubt your offer of product or service that will benefit your target market in the way THEY want to be satisfied. That is what your objective ought to be for you to have a successful business. It is believable and you will demonstrate that with sincerity, value and quality with each opportunity.
Let’s give some thought to this new business you decided to open. Let’s start from the beginning, with your idea.
You have a hypothesis that the product or service you are introducing to the marketplace is one that others will perceive as you do, to benefit them.
You further hypothesize that they will perceive themselves in demand for this product or service and pay you any price to get it.
This is an interesting hypothesis of yours that seems to be born from a very subjective point of view and incubated without any objective evaluation to support it.
And you, the inventor of this hypothesis, lured by undocumented claims as to its validity, have spent a fortune of your own hard earned money to bring this product to market with great anticipation and expectations of success. Of course you have because you truly believe in your product and that it will benefit your customer.
Would this be a safe evaluation of your process to date?
Please allow me to assist you in developing a more practical alternative plan to avoid your obvious demise. Let’s conduct a Market Research study to validate your hypothesis.
I. Let’s start with your idea, product or service. You obviously have created a valuable product or service that you are convinced others would want and need.
· Who is your target market? Who will use this product or service and why? How will this product or service benefit them? And, what is the price they would be willing to pay for this product or service? How do you know the answers to these questions? You asked your intended Target Market!
(a) Ask them how they feel and think about your invention. Ask what value they will perceive from your invention and what price they are willing to pay for this item. Will this product add value to their lives?
II. Now that you have the answers to your basic questions you can proceed with producing your product or modifying your product to meet the demands of your target market or scrap your product plans altogether and move in a different direction.
· With this valuable information you have a much better idea as to the acceptance of your product or service and you have an idea as to the value your intended target places on your invention. How do you want to proceed?
· Should you decide on the validity to proceed you must answer the question, “Why Should Someone do Business With You?”
III. Now that you have your market study and your interpreted results of that study and you have your final decision to proceed to market and, you can answer THE question, it is time to prepare your presentation to your target market.
IV. You prepare your approach to your target market by addressing the concerns and issues your market research study presented to you.
· They have told you what their interests and concerns are regarding your invention and whether or not they would be willing to buy your product or service and at what price.
· It is now time to address those concerns in such a way that you and only you with your invention are the answer to their concerns.
How do you do that?
Nicholas R. De Stefano
re broker/Business Broker