451 Marketing Founding Partner AJ Gerritson was recently featured in Sharmen Lane’s NY Entrepreneurism Examiner column discussing the “The top five things every entrepreneur should do to start or keep their business profitable”. I thought I’d share the list here:
1. Determine how your potential customers receive news and information relevant to their industry. In today’s digital age, prospects and customers are getting answers to their questions from a variety of sources, and when and how they want. To succeed, you need to know not only what your target market is reading and viewing, but how they are viewing it. Is it through text messages, or websites, blogs or social networks sites? Then you need to determine how cost-effective it is to advertise and publicize through these different mediums.
2. Focus not on how great your product or service may be, but on how effectively it solves a problem or business need for your customers. Awards and accolades are terrific third-party validations, but prospects want to know the specific benefits that will help them. Real-life case studies, even if they are not exclusively related to your products or services but signify a growing trend (i.e. emergence of social media as a communications tool), are much better indicators of a company’s value. If a prospect reads about how one of your clients grew their business by hiring you, and you can back it up with the references, they will have a real clear picture about what to expect from an engagement with your company.
3. Become an industry expert. Ideally, you should know all there is to know about your products or services, your customers, your competitors, and the trends that will shape the marketplace for years to come. Basically, be an expert. Sit on panels, engage reporters covering the relevant beats to interview you, or initiate and lead your own roundtable panels and discussions. In essence, don’t be afraid to grow your own personal brand and align with your company’s brand. Prospects find exciting and engaging industry leaders and experts to be more credible, and in turn, will be more likely to hire them or buy from them.
4. Make sure to continue to network everyday. You may be able to position yourself as an expert, and may even already have a steady stream of new business opportunities, but you should never limit the time you spend networking. New business and leads can come from anywhere; conferences, tradeshows, parties, trips to the hardware store, or even from one of those great online social networking sites like LinkedIn. If you are in New York, you have more opportunities than most. I have found that there are several networking events going on every day in Manhattan. You don’t have to let your entrepreneurial drive immerse every second of every day of your life, but you should never forget that anyone, and everyone, is a potential customer.
5. Align yourself with causes, stakeholders and individuals that make sense for your business. Starting and growing your business from scratch can seem like a daunting task, especially if you try going it completely alone. Whenever possible, seek opportunities to align your company with causes (environmental, humanitarian, community etc) that relate to your business and showcase your commitment to being a socially responsible company. Similarly, take advantage of opportunities to join industry organizations that increase your credibility, expand your networking options, and afford you the chance to learn from others in your field. Finally, engage experts and important stakeholders (government agencies for example), and discuss your products and services, explaining how you can build a mutually beneficial relationship with them. The opportunities to identify and interact with these stakeholders online are plentiful, demonstrating once again how a successful entrepreneur in this day-in-age knows how to entrepreneurially navigate the complex online waters.