“If we foster business growth and create opportunities, then our economy will again thrive.” — Elizabeth Emken
There are essentially three factors that lead to rapid business growth.
Number one, the product or service is well-suited to the needs of your potential customers, otherwise known as the “current market.” That means people want it and need it, and they can use it and afford it, and are willing to buy it now.
Number two, you’ve completed careful market analysis before commencing business operations. In other words, you’ve put considerable thought into whether or not there’s a market before offering the product.
Number three has to do with being budget savvy and controlling marketing costs.
Let’s take a closer look at each key consideration…
#1) Completely know and understand your potential customer — Who is the customer and why will they buy from you? What benefits do they seek? And if they are an existing user of the product or service, an important question is why will they switch from their current supplier to buy from you? The marketing initiatives of many smaller businesses fail because they don’t provide a pressing enough reason for a person to switch from their current supplier to the new product or service.
There are generally six reasons why someone will choose to buy a product:
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