Don’t provide products or services that you think people want; provide products or service that people think they want.
There are several messages in the above sentence:
- Note that I used the word “want” not need. Your target market may need a lot of things but what they buy, in most cases, is what they want.
- Too many people start a business to provide services or products that they think their target market needs. They may be right, there may be a need for those products or services but consumers, either for their personal use or for their business, think with their hearts instead of their brains.
Businesses fail because they can’t sell their products/services. The reasons for these failures are twofold:
- There is no research done before the business is opened. The assumption that the business will be a success is based on the internal beliefs of the founder, not the target market.
- If there truly is a need for that product or service, the business owner does not know how to market to the target market to have those products/services turn into wants in the mind of the target market.
The same holds true for the business owners. They know what they want (to be successful in their business), but they don’t know what they need to achieve their dreams.
Though similar, these two issues together need to be addressed in order to grow a sustainable and profitable business. First, as a business owner you have to accept the fact that you also need help to grow your business. Your expertise is the idea that you created into a business. The rest of the parts that are needed for success you will have to find in your support group.
With a small business failure rate between 70 and 80 percent the need and want aspect of running a business has to be understood. Then a trust relationship with a coach has to be added to the equation in order to achieve success.
It’s good to be in business for yourself but not by yourself.