In today’s economy it is difficult to formulate new and exciting businesses that will stand the test of time. Fads in the market may create temporary opportunities for success but the question is how long will those fads last? How can we identify what areas of opportunity are likely to be most successful over the long term? The answer is that every industry can be shaped to appeal to the greatest number of people to have the most successful business possible.
We wonder why companies like McDonalds have succeeded for so long. They have perfected the concept of delivery of a known brand to the greatest number of customers. They have identified their customers, they have identified their market, they know what their customers want and they constantly refine the product delivery to create an exceptional customer experience in their market. The recent introduction of different upscale coffee choices and Wi-Fi in their stores are examples of innovative ideas to respond to changes in today’s economy.
Another aspect of the economy you should consider when formulating a new business idea is that, today, consumers are not just looking for the product or the service alone. Today’s consumers want to have an exceptional experience while purchasing a product or service. Four things you should focus on when designing your business strategy:
- Who is your consumer?
- Where is your consumer?
- What does the consumer want?
- How can you create an exceptional experience around your product or service?
For example: when you are looking at your business as a whole you need to understand whether the business idea will be better suited for densely populated areas such as Chicago, Illinois or would it be better suited for demographics like Little Rock, Arkansas. You need to understand:
- Who is in need of your service and where are large populations of these consumers?
- Who are the competitors in that space (there is always at least one)?
- Can your business succeed in the market you initially planned on opening in?
Here at Management 2000 we believe that Personal Goals drive Business Goals.When you thought about opening your business concept,
1. What motivated you to do it?
2. What are the personal goals that propelled you into the idea of opening your own business?
When considering a new business venture it is important to keep these ideas in mind. It will help you analyze what is the best opportunity for you and which opportunity will make you happiest and most successful.
Thank you for reading our post today look back soon for more great reading material.
Share this post: