Business Building

Written on 16/05/2020

Business Building

Litmus test – the vitality of the business

A problem must exist in the market
Your product or service must offer a solution to this problem
There must be a market demand for your solution – ex: fix phones is needed but too costly

3 business fundamentals

  • Your business must stand out from the crowd
  • Your business must offer extraordinary and exceptional value
  • You must have a compelling message communicates the first two messages- to explain shortly an quickly what your business do what customer can benefit from it

Market-dominating Position – to be unique

Target Customers – identify ideal target customer – those who want what you sell versus who need what you sell

USP – Unique Selling Proposition

  • It represents the single biggest benefit your business offers and your competitors do not
  • 10 -30 mini commercial – the million dollar message

5 Step Differentiation Process

  • Determine your strategic position in the market; what specific niche in the market your business should focus on ex: small business owners looking for marketing
  • Determine your primary market position – the most dominating advantage that separates you from the competition. ex: fastness
  • Determine your supporting business model how you will specifically deliver what you promise
  • Determine your secondary marketing dominating position additional competitive advantages your business offer different from the competition. Ex: selection and options
  • Create Your market Domination Position Statement or elevator pitch a statement you can create by combining the steps 1-4

Put on the calendar at least 30 minutes daily working on your business

Business is the art of adding value
Many businesses they fail because the only reason for their existence is making