Factors for Business Launch Failures and Successes
Many businesses fail because they fall into one of these two traps:
1. They’re not selling what people want to buy. (I call this the Offer Optimization problem.)
2. Buyers don’t know the product exists. (The classic problem of getting enough market visibility.)
In this post, I’ll share with you a step by step framework for minimizing your risk of falling into these two traps.
As you build your business, do the work so that you can answer YES to these questions:
QUESTION 1. Are people asking me to sell this thing?
This may seem like a strange question, but if the answer is “no”, then we’ve got a lot of work to do, to ensure that your product/service will actually sell.
Remember that you are in business to help others, not to just “scratch your own itch”. Your income comes from other people, and business is a structured reciprocity.
The best situation is when there’s so much demand from others for a product or service, that you are simply filling a clear want in the market.
Without an obvious want or request from others, you might just be creating a hobby. A hobby’s great, but it’s not going to sustain you financially.
How do you know that enough people want your offering?
2 ways to find out:
(a) Conversations with other people who are selling this exact kind of thing. The more it’s a mirror to what you sell, the better. If those “mirror niche mates” (i.e. direct competitors) are friendly and willing to tell you how it’s really going in their marketing of that product/service, then you have the best indicator. They are giving you real, current market data.
If they are honestly finding it easy to sell the thing, then chances are that you won’t have much difficulty selling that thing as well.
Of course, the more similar that niche mate is to you, the better the data.
(b) Conversations with potential customers/clients. Whom do you already know, among friends, family, colleagues, acquaintances, Facebook connections, etc., who are similar to your ideal client?
Have honest conversations with them about your product/service. Try to discover their answers to these questions:
* Do they really have the problem your product is meant to solve? If not, what related problem do they actually have? If you don’t want to “solve problems” then the question is: what goal or experience are they (not you) so passionate about that they would pay for it?
* Have they bought other solutions/products/services/courses/events to solve the problem or have that experience?
* What features do they most love or use about that current/past solution?
* What features are missing that they wish it would have? Or what isn’t working / didn’t work well, about those solutions?
* Why is it important for them to solve the problem or have that experience? In what ways would it benefit their life if they solved the problem or reached the goal?
QUESTION 2: Does your offering have the features they want?
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