Growing your business requires you to develop products and services that clients want to buy. It is no use if you don’t have a market for your product or service. I share 2 powerful strategies to help you develop products or services that are designed to sell and grow your profits.
1. Know your existing clients – It is important to develop a close understanding of who buys from you and why they buy from you. I talked about this in detail in my blog why do customers buy from you really?
Develop a profile of your ideal client. Understand them in terms of psychographics and demographics. What are their pain points, aspirations, age, and gender? What sort of things would they say to others when they recommend your products or services? Make sure that your products are tweaked to more effectively meet the clients needs.
Be in regular touch with your clients to understand how things are changing in their business or life. This will give you clues and anticipate what sort of products to develop next.
Regularly review your Ideal Client Avatar to make sure that it reflects your current client base.
2. Use the product-market matrix – Once you have understood your clients well then use this product-market matrix to assess which markets or products to develop next to grow your business.
Marketing is a system that brings the right prospects to your sales team. Every successful business owner I know spends at least 50% of his or her time on marketing. Every marketing plan must answer these 5 questions to be effective (Free template at the end of this blog):
Who is your ideal client? Who is the market for your product or service. You can profile your target market in terms of both socio-economic data (such as age, income, gender etc.) and psychographic qualities (such as personality, values, lifestyle and attitudes).
Clarity about the kind of client you would like to serve allows you to say “NO” to others and help you streamline your services to dominate a niche.
What is the specific message you want to communicate to this target market. What is your Unique Serving Proposition (USP)? How do you and your company serve your target audience? How do you specifically add value for this target market.You have to find a way to communicate exactly how you are unique in serving your clients i.e. what customer problem do you understand deeply or what solution do you provide.
Finally communicate what is the expected transformation that the client will get from dealing with you. Will they save time, money or have more time for their family, for example if they use your product. How will their life or business change positively by using your product? Customers buy the transformation, so spend time clearly communicating this to your target market. (more…)