As an entrepreneur, one needs to be familiar with individuals who have succeeded – and continue to succeed – in their fields. Whether you think of Jeff Bezos, Sean Combs, Richard Branson or Bill Gates, they have all been established as titans in entrepreneurship. While the grandeur of their success and work ethics may seem daunting to the aspiring entrepreneur, there are very simple techniques that they follow religiously to not only get to the top, but to stay there. Following are some tips to help you chart your own road to success.
People always buy the benefit, not the feature
It is okay to be different, innovative and unique. Your product or service can have jaw-dropping features and perks, however, if what you are selling is of no benefit to the consumer, why should they care about it? A feature may be authentically attractive, but if it does not improve upon the consumer’s way of life, chances are they would not be willing to pay money for it.
Remember to listen to feedback
Always keep your ears to the ground. Most entrepreneurs you ask will tell you that one of the reasons they got into the business in the first place is to fulfil a need or fill a gap in the market. If you are making a product for a consumer, it is sensible to think that their advice would be key in developing your product or service and improving its overall quality.
Stealth mode is not permanent
There is this phase at the dawn of any business when you’ve finished your market research but you aren’t quite ready to launch it fully. This can be referred to as stealth mode. At this point you may be apprehensive about sharing your ideas or business plans. While this sort of incubation phase is crucial for anyone who is starting up, the phase itself cannot last a lifetime. At the right moment, your business must be prepared to face the market.
Stay up to date on what’s hot in marketing
Just like keeping your ears to the ground, paying attention to what other business owners are up to will surely give you an idea of how the market currently operates. Drawing inspiration from both local and international markets is important, but learning how to implement it in your market is the beginning of success.
Be ruthless in your editing
Most creative work tends to be precious to its creator, so much so that it becomes impervious to constructive criticism from well-meaning and knowledgeable onlookers. If a great product or service is your end goal, then learning to absorb good advice from others is a must. Similarly, when redrafting your business plan, project, or presentation, be your harshest critic to ensure that every gap is filled.
Give back now and then
Once you begin crossing off goals that you have set out for your business, it might be time to start giving back to your consumers. After all, they are the ones who support you by buying into your product, service or brand. Online promotions using social media or your business’ website is a great way to not only market your business but also build a healthy relationship between consumers and your brand.
