The best way to establish your business is to understand what need you are fulfilling.
Identify the pain point of your customers: As a start-up, you should be extremely clear about the pain point that your product or service aims to resolve.
Get your customers: Once you have identified the pain point you will solve, the only goal in the initial year of business should be to get your first ten customers. Interact with them regularly. Actively seek and accept the feedback you receive. Your first clients will help you understand if your business proposition aligns with their needs, if your pricing is correct, and whether you bring in the appropriate value addition. Your first customers will help you figure out what your priorities and your next steps should be.
Now come the ‘A’‘B’ and ‘C’s
Work on your ABCS: After the first year of business, start working on your ABCs… in reverse order, please.
‘C’ is for customer relationships: Invest in building a healthy relationship with your customers. Your existing customers give you referrals and help expand your client base.
‘B’ is for Brand Visibility: If you want your customers to know your brand, they need to know you. Make your brand visible and make sure it talks about you.
‘A’ is for Acquisition:‘A’ follows ‘C’ and ‘B’. If your ‘C’ and ‘B’ are right, Acquisition follows automatically. Remember that Pareto Principle applies here – 20 % of time invested in relationships and brand building will lead to 80% of your business development.
So, understanding the Pain Point of your clients and fulfilling that requirement will automatically lead to successful business conversion.
