Finding a great idea for a new business is just the first step on a long and difficult journey for entrepreneurs. One of your priorities must be to determine whether customers will be willing to pay for your products or services.
Entrepreneurs tend to be passionate about their ideas, but what really counts is the customer. You have to put yourself in their shoes.
Mistakes made during the launch phase have a profound impact on a company's chances of survival.
In Israel, only 25% of companies manage to pass the symbolic 3-year mark. Once this milestone is passed, the company closure rate drops to just 10% annually.
The lack of proper planning and research when launching a new product or service largely explains the high failure rate in the early years of Israeli companies.
5 tips for attracting new customers
Whether you're looking to launch your business or introduce new products to the market, here are five tips to help you attract new customers.
Know your customers
An entrepreneur's biggest challenge is to understand his potential customers. You need to find out who they are. If you think you already know, think again. Above all, you have to put all your prejudices aside.
Make a list of all the information you want to know about your target customers. What do they like, dislike or care about? Where are they located? Why would they buy your product? How much would they be willing to pay? Do they shop online?
The answers to these basic questions will help you confirm whether you're on the right track or whether you need to change tactics, or even start from scratch.
Stand out from the crowd
The key to making an idea a success is to set yourself apart from the competition.
You need to know your competitors well if you are to stand out from the crowd. What are their strategies for attracting customers? How do they stand out? What are their prices? What have they done recently?
Perform a SWOT analysis of your product, noting its strengths (S), weaknesses (W), opportunities (O) and threats (T).
See also : Your 5-step marketing plan.
Determine whether your product has lasting value that will attract your customers again. If you're creating software or an application, plan to add updates and new services over time. In this way, your product will help you build a lasting relationship with your customers.
There are many resources available to help you understand your market.
Use the statistical data from Israel Bureau of StatisticsDon't hesitate to call on a marketing expert who can help you save the most important elements of your company's success: time and money.
Be receptive to feedback
Once your product is on the market, never stop asking questions. Ask customers what they love and hate about it. Don't be afraid to adapt your ideas as you go along.
If you know how to be dynamic, you'll be able to turn weaknesses into strengths, and you'll be able to penetrate an even bigger market.