I have an idea, but don’t know marketing, how and where to start? Dorea Team, January 13, 2024January 13, 2024 This question is of great concern for many genius programmers or entrepreneurs. They have a great, innovative idea but don’t know how or where to start. We’ll review some statistics first, then try to visualize the best possible path to the marketing strategy for your business. Let’s talk about boring statistics. I know you hate them in school, but we are grown adults, so we need them to assess the market based on realistic assumptions. Some Useful Statistics about Establishing New Business 99.9% of businesses across the US are small businesses. Nearly half of all U.S. employees are employed by a small business. Over 8 out of 10 small businesses have no employees. That’s impressive numbers, but does this mean creating a business is a good idea for you? Let’s look at it from another angle. “The average salary of a small business owner is just 3% above the annual mean wage in the U.S.” Business owners and entrepreneurs may make up some of the wealthiest people in the world; however, the average small business owner’s salary is just 3% above the national average mean wage of $58,260 at $60,151. [Forbes] You should think about your current position before you move forward. Is it worth it to create a business when you can be an employee of one of those businesses with the same average salary? You should make wise decisions. establishing a business doesn’t necessarily good for anyone. Now, if you have decided, we can draw a path toward establishing a business. Ask key questions (customer-centric questions) 4 Steps into Your New Business We will go through the four steps you can take to succeed in your new business: Ask key questions (customer-centric questions) Market Research business model canvas marketing strategy Definitely, you have a revolutionary idea; who doesn’t? But remember one thing: the world didn’t come up with a complicated idea. the idea must be simple and understandable. Ask key questions (customer-centric questions) You must ask some main questions about your business to assess the idea. Questions must be customer-centered, which means you must ask questions related to solving customer problems. some example questions: Does my idea resolve the customer’s problem? How does my idea provide value and improve the lives of customers? Who is my target audience, and what are their specific needs or pain points? How can I ensure that my product or service aligns with the preferences and behaviors of my target customers? Customers matter; don’t ignore them; they are going to buy your product. You can’t force people to buy your great idea. so, all your questions must be customer-centered (it’s not a strict rule; it’s a strategy suitable to the circumstances of recent years, especially 2024) [radiusinsights] Market Research In the market research stage, you must assess your idea, considering the market. Your idea must be a market-fit idea, which means it must already be there in the market. You can’t sell watch to watch retailer. it’s an obvious rule in the market. Market research blends consumer behavior and economic trends to confirm and improve your business idea. It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye. [SBA Gov] You must consider some key topics at this stage: Demand: Is there any demand for your product or idea? Market size: How many people would be interested in your idea? Economic indicators: What is the income-salary range of your potential customers? Location: Where do your customers live, and where can your business reach them? Market saturation: How many similar options are already available to consumers? Pricing: What do potential customers pay for these alternatives? After assessing the above, your insight into your idea will be more realistic from where you begin. The Business Model Canvas After getting information from the niche market you want to fit your product into, you can draw a business model canvas. But what is a business model canvas? a canvas paper (use a simple A4 paper) and try to divide your business idea into sections in which these sections are correlated. Imagine you have a business that produces cat food for old people in New York. First, download a prebuilt business model canvas using this link: here Now we can fill in our business information and visualize it to assess it better for the future. We can start with value propositions, which means what value our idea is creating for customers. Value Propositions: easy delivery to customer’s home So, we write in the Value Propositions section. It looks like this: key activities: our main activity in a day, week, or month. example: producing, getting the customer’s orders, and delivering them to them. Channels: means the way to reach your product to customers; in online service, channels are equal to all the online ways, like a website or social media; and in the physical product area, include any vehicles. Customer Segments: This section is one of the most important parts of the business model canvas. you should write anything important about your potential customers, like age range, salary range, persona, etc. Cost Structure: Write down any costs that your business needs, even the ones that have not happened yet, and also your forecasted costs. Those were the most important key features of the business model canvas. You could check them out and write more based on your specific business requirements. In the end, you have a wide-eyed shot at your future business and what steps you must take to make progress on your path. Marketing Strategies In the last stage, you should choose what marketing strategy is suitable for your new business. you decided based on the business model canvas information and especially your customer persona. Remember that age, average wage, etc. We have plenty of marketing strategies you could choose from, but at the beginning of a small business, obviously, you do not have much budget to support any marketing strategy you want. You must choose the most cost-effective one. Virus Marketing I know virus is not the word you want to use in your business, but this approach acts like a virus, spreads in society, and attacks people without knowing you are advertising your product; it is implicit advertising. TikTok is a good start to creating a virus marketing strategy. These days, virus marketing is a little hard because millions of people are creating content and competing with those who are hard. some statistics: The influencer marketing market size increased from 1.7 to 21.1 billion USD. [Statista] no one can ignore the effect of incluencer marketing to mass people. also you should not too. Cold Call and Cold Email I think this approach is one of the best-suited strategies for a new small business. You could pursue your potential customers by phone or email, but remember, you should consider details in such situations. Customers need attention; everything affects the sale in this situation For example, if your tone is not interested enough or you do not pay attention enough to the customer, they will know. Write down everything in the first call; if the voice of the customer is a little exhilarated, write it down. In the next call, you could ask, “Mr. Johonson, I’m glad your feeling is better than the last time we talked.” Using this strategy makes the customer think he or she is important to you. provide a list of potential customer, write down every details about them and call them now, odon’t hesitate, just do it. Also, cold calls or emails have so many cons. These days, people are bombarded with spam emails, and calling is very annoying. This is the number of written complaints with the Federal Network Agency due to unauthorized cold calls in Germany from 2010 to 2020 [Statista] Make your customers loyal to your Brand the goal is not just attracting people to brand, it’s about retaining your customers to buy more from you. so, there must an encouragement to reach this point. based on Accenture report, 98% of American Businesses have some sort of Loyalty program. On the Crypto Dorea platform, we provide everything you need to set up an easy crypto cashback program for your most loyal customers. You can customize it in any way you want for each product or service category. Visit Crypto Dorea and get the latest updates on the product. Articles business idealoyalty programmarketingproduct