HOW TO SUCCESSFULLY LAUNCH A NEW BUSINESS

Every week I talk with business owners who tell me how
excited they are about their new product, service or
business opportunity. Usually, their comments include
something like, "Everybody needs it. I know I'm going to
make a lot of money with this."

They sincerely believe it will be easy to generate hordes of
customers standing in line to spend money. I really hate
bursting their bubble. But, it's not going to happen that
way.

Building a successful business is hard work. Most of that
work will be devoted to finding customers. Finding customers
will be your toughest job. You need a detailed strategy to
attract the number of paying customers required to meet your
financial goals.

By trial and error over many years, I've developed a 5 step
marketing strategy that enables me to launch a new product
or service profitably every time. You can copy this system
to launch your own new enterprise or to revive a floundering
business.

STEP 1: Identify Your Target Market

The first step in developing your strategy is to isolate the
best target market for your product or service. Your sales
efforts will be most effective if you focus on a group of
prospects with common characteristics and similar problems.

Start by defining on paper your ideal customer or client.
List all of the characteristics you expect to find in good
customers or clients. Be sure to include characteristics
that make your product or service valuable to them. Then,
use this list to identify a target market. Define your
target market in writing.

STEP 2: Find Your Most Appealing Customer Benefit

Exactly what is the most compelling problem you can solve
for prospects in your target market? Why is your product or
service the best solution to their problem? Your answers to
these 2 questions reveal the customer benefit(s) to stress
in your sales approach.

STEP 3: Develop A Few Motivating Offers

Develop 2 or 3 offers that motivate prospects to take buying
action immediately. For example, can you use a special
discounted price offer with a deadline? Are there bonuses
you can add if prospects order or sign up before the
deadline? Can you combine both into a "special price plus
bonus" offer?

Decide which offer on your list is the most powerful and use
it in your sales material and/or your selling presentation.

IMPORTANT: A special offer providing obvious value always
increases your sales volume. It's a proven way to overcome
buyer resistance and procrastination. A special offer also
provides a logical reason in the buyer's mind to justify
what may actually be an impulsive decision to buy now.

STEP 4: Decide How To Publicize Your Business

How will you introduce yourself to prospects in this market?
Will you use classified or display ads in print publications
or on the Internet? Will you use direct mail? Is broadcast
media such as radio or TV appropriate and cost-effective?
What networking can you participate in locally or on the
Internet to draw attention to your business? What other
methods of promotion can you use?

Prioritize each method on your list and develop an action
plan with deadlines for implementing them.

STEP 5: Establish A Plan To Promote Customer Loyalty

Decide what you will do to cultivate customers so they
continue to do business with you and give you referrals. For
example, write or call your customers or clients immediately
after a transaction and thank them for their business. Ask
them if they're pleased with what they received. Most will
express their satisfaction. That's the ideal time for you to
follow up with a request for referrals.

Don't be afraid to uncover an unhappy customer. When you do,
take whatever action you must to leave them feeling good
about you, even if your only recourse is issuing a prompt
refund. Most dissatisfied customers won't take the trouble
to contact you about their problem. They'll just take their
business elsewhere and tell other people about their
negative experience with you. That will cost you a lot of
future business.

I've used this 5 step process successfully many times. It
reduces risk by replacing guesswork with a proven strategy
that gets results. You can follow this system to
successfully launch a new enterprise or to revive an
existing business that isn't growing.