The Value Proposition

Your Value Proposition is a description of what you are offering to the customer.  When you sell or market your offering you should be able to explain this value proposition.  Explaining this clearly is very important as it will set your business apart from other companies in the market. The following video will help you to do this. Now take …

Customer Desirability

Ellen is a talk-show host in America.  She has tried the Hawaii chair.  Take a look at her experience with the chair. What are your thoughts about the chair after you have seen Ellen use the chair?  Is there anything that the designers of the chair might have missed?  Do you think this product will sell? Customers have thoughts and …

Defining a Problem

Many times Entrepreneurs fall in love with their ideas.  They become so focused on the product or service that they forget to find out if there is a real need for what they are looking to offer to the market. One of the biggest risks to an Entrepreneur is spending time developing a product that nobody wants.  This would mean …

Primary and Secondary Target Market

Once you have been able to segment your market it now makes it easier to decide whom to target.  Targeting your market is important as it helps you to save resources and to make sure that you do not waste time and resources. Does carefully selecting one specific market limit you?  Initially you might think so, because you are deciding …

Customer Profile

Your customer profile is about identifying the perfect customer or getting as close as possible to identifying the perfect customer.  The customer profile assists you in your marketing efforts.  It helps you to think about who the customer is.  It is a stereotype of the customer that you would sell to and it helps to understand how that customer would …

Customer Interview

Understanding what your customer needs is a critical step when starting up a business.  Doing this allows you to find out if there are things that might not have been aware of.  Yet more than that, it helps you to know if you are on the right track and if customers want or need your product. Doing this customer interview …

Approaches to Starting a Company

Starting a company can be done in one of two ways. You can start with a product or service and then go and look for a market, or you can start by understanding the customer problem, then design the solution around what the customer requires. Both of these have certain advantages and disadvantages.  Ideally you want to first understand if …

Customer Segmentation

Very few entrepreneurial companies have the budget to spend marketing to everyone. It is much wiser understanding who the market is that most want’s your products and services and then specifically trying to sell to that market. In order to do this we need to segment or divide the larger market, or the greater group of people you are selling …