Last updated on May 11th, 2021. Posted in Mindset & Mission.
In business, you need 1) An audience with a pain they're willing to pay to solve, 2) A product or service that solves their pain, 3) A way to communicate to this audience (aka: marketing). And it goes in that order.
Here are links and resources mentioned in today's video. Enjoy!
So the entire business process begins with the audience you want to serve -- so, who is it you want to work with day in and day out? "Everyone" is way too many people. Instead, decide for yourself the small group of people who share a common special interest that you want to help and serve.
Once you've figured that out, the next part is one that practically everyone skips: Market research. Here, you have to dig, research, and uncover your target audience needs. What problems do they face? What challenges, issues, and pains do they have? Once you know this, you can begin developing fixes and solutions for them.
And really, that's what products and services are -- they're solutions to problems. See, the problem most business newbies make is, they start here. They start with a "magical big idea" for a product or service that "everyone" will want.
We hear it all the time: "I have a great idea for _____," or "I've always wanted to _____." But who's to say anyone's going to exchange their money for these dreamed up "magical big ideas?"
See, the recipe for business is NOT: 1) Come up with "magical big idea" (and vigilantly guard it to keep it safe from competitors) 2) Spend the next 12 months developing it into an absolutely perfected, market-ready product, 3) ???? 3) Profit! That's most people's strategy.
The true recipe for business is 1) Uncover painful, complex problems, 2) Develop a solution in the form of a product or service, 3) Tell your target audience about it. That's basically it in a nutshell.