Starting a business is an exciting venture like no other. It’s no different from being in love: you won’t be able to contain your excitement and you simply can’t want to put everything in place. In the midst of all the buzz and enthusiasm, you might overlook one important aspect that can make or break your business: having the right business mindset. Inevitably you will make mistakes and will have to hurdle certain stumbling blocks to make your business work, so allow us to outline some mistakes you might want to avoid and that will contribute to your personal development.
1. Do not sell your product based on what your competitors are charging. Looking at how much your competitors are selling their products, and selling yours for more or less the same price should make sense, right? On the contrary, your starting point should not be how much your rivals are selling, but the costs of putting together your product. Strive to look for more affordable (and not necessarily cheaper) options that can bring down its cost.
2. Check your taglines. You might think that the tagline of your product is full of win, but does your audience agree? Ask for the response of your customers, and don’t assume that they like it. It may seem insignificant, but your tagline actually represents what your brand stands for. If you want your product to come off as fun and cheeky, then let your tagline reflect it. Make sure there’s no disconnect in between.
3. Make it easy to use. Constantly assess the effectiveness of your product. Don’t ignore the comments of your customers, as doing so may well lead to the demise of your company. Perhaps the most important goal is to make your product easy to use and convenient. Where most brands go wrong is in complicating their products or adding too many features into the equation. This will only put your customers off.
4. Make your marketing campaign targeted and segmented. There’s nothing more disastrous than trying to cater your product to the general audience. You’ve surely heard of the concept of niche marketing, and there’s a reason why it’s a formula that works. You can afford scatter your eggs across several baskets, and create products that are specific to the needs of specific audiences. If you try to make your product as generic as possible, you will end up casting too wide a net that will ultimately appeal to no one.