I don’t find mass market appealing. If you have to work with many people at a low price point then your job is to get distribution and transact as much as possible. If you are starting a business, you might find the right market and tap into it. Put a net out in a stream teaming with fish and you are bound to catch some. It’s a function of the density and flow of the market.
Here’s a different way to start and grow your business to consider:
- Work backwards. Figure out how much revenue you desire.
- Establish a price. Ask a simple question. What could you sell for $5,000? $10,000? If you ask what you can sell for $99, you are in a different game with different customers.
- Double your value. Build the components so that the value of your offering is double the price point. Delight. Overwhelm. Be indispensable.
- Look for the few. Establish how many customers it will take to make your desired revenue. If you want to make $100K at a $5,000 price point. You need 20 customers for the year.
- Approach the few. Double your customers. In the $100K example, let’s assume you will approach 40 customers. Identify the likely candidates.
- Bring overwhelming value to the few. Don’t sell like every other unthinking person. Design a system which ensures that your small pool of identified candidates will meet with you. If you are not seeing it, you need a strategy and process.
- Make doing business easy. Ensure every step is thought through and you have a process for doing business. The easier, the better.
There is a lot of strategy and thought up front for this type of approach to work with the many. You see a lot of thoughtless, highly tactical types out there because they are not strategic. They don’t mind interrupting people and playing a numbers game.
I like working with fewer, higher quality customers. It’s less headaches, more value and more fulfilling. You can manage the distribution. Your focus is on value.
It’s a lot of work, but if you have the right system, the process is repeatable. Want to learn more or can’t decipher what I am laying out? Schedule a time to talk and we can discuss.
Today’s entrepreneurship has to be strategic in a noisy world. Think it through.