How To Create A Product Portfolio For Your Startup Business

The Startup Business Sales Traffic

You Talkin’ To Me?

So, you have started your own business! Congratulations because not everyone gets this far! However, you have also discovered that it is not as easy as you first thought it would be. You have put in a lot of blood, sweat and tears so far, and have also spent a lot of money to get you to where you are right now.

However, even though in your opinion you have some great product offerings, you are just not getting the momentum that you were expecting for your business.

Why is that?

Well there can of course be many reasons for this and its not always about pricing. Let me say that again… its not always about pricing!

But It Gets Worse

Possibly, you are not getting the “cut through” to stand out in the market place because of all the noise due to the intense competition? Maybe, you have not positioned yourself specifically enough because you are trying to be all things to all people? Perhaps, there is a difference in what you see as “value” and what your target market perceives as “value”?

You see, it is not about luck, or bad luck that drives success. Nor is it about random events or co-incidence.  In business, it’s about principles, strategy, tactics, processes and disciplined implementation.

When you get this right, you will generate the sorts of results that you seek for your business. When you get this wrong, by being re-active or un-disciplined, then of course you will reap what you sow!

So, what do you need to do, to get out of this cycle and start building the momentum towards your business goals and ultimately dreams?

Well I believe there are just five things you need to do and when you do them with discipline and a pursuit of healthy excellence combined, will make a significant difference to your current results.

Your 5 Simple Steps

Firstly, you need to differentiate and segment in The New Economy. This is not an option, but an imperative. If you do not do this, you will just look like everybody competing for the same group of clients or customers and apart from being ineffective, is just plain old boring.

Second, you must discover your prospect’s real needs for you to then target. These will differ with each segment and are not always obvious as people utilise various buying strategies to help them with their decisions. So, you need to find out what they are, and address them accordingly.

Third, you must design your unique product and services portfolio around your client’s real needs (or problems). Now this sounds quite simple, but the reality is that the market place is dynamic as new players enter, or new innovations become available. That is why you need to lead the industry and become a disruptor through innovation.

The fourth thing you need to do is define the most effective pricing strategies to drive profit. As I said earlier, it’s not about having a low-cost strategy, instead it’s about having a pricing strategy that gets results.

Finally, when you do all that, you need to develop or “bundle” the best value packages that build sustainable relationships. This is about shifting the paradigm of having “offerings” to one that has “solutions” regardless of whether you are a traditional retail product business or a high-end business-to-business consulting services company.  Today, The New Economy is about creating solutions that solve your client’s problems.

How I Hijacked My Market

Recently, I had the opportunity to showcase my business as an exhibitor, during an entrepreneurial event in London. To prepare, I thought about who would be attending and the other businesses that would also have event stands present. The easy way of course, is to do what everyone else does, but I decided to take a risk, in that my sole purpose was to provide incredible value for everyone who was attending the event and not focus at all on selling!

My goal was to create a high energy environment that would have me standing out in a way that got attention. In essence, I was hijacking this captive “market” by being different and disruptive.

Well the results were beyond my wildest expectations, generating a year of sales and ongoing relationships – so it was definetley worth it. But here’s the thing, everything to the smallest detail was planned out months before.

How This Can Make A Difference For You As Well

None of this is difficult to do if you want similar results for your business or professional practice – regardless of the industry that you are in, or whether you are a traditional business or a startup.

So just imagine for a moment…

  • If you start to differentiate your market more precisely than how you are currently…
  • If you discover this market’s real needs more intimately and on an emotional level as well…
  • If you start to design and innovate in a way that leads to you becoming a disruptor…
  • If you define creative pricing strategies that leave your competitors on the starting line…
  • If you develop solutions that speak directly to your target market’s “bleeding neck”…

Could it be possible that when you do this, your business will shift from first gear, to second and before you know it, into top gear?

Well this can certainly happen for you.

So What Are You Waiting For – Start Your Engine

In other words, unless you turn the key, your current circumstances that you have today will be similar tomorrow, so make sure you do this by implementing these five simple steps.

Remember…

“Nothing Changes Unless You Make It Change”

Dr Ross McKenzie The Startup Business

The-Startup-Business-Dr-Ross-McKenzie

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