20 July 2010 ~ 8 Comments

Starting Own Business Online – Prepare Your Offer

Know your market

If you plan to start your own business online you must find a market, preferably with hungry buyers, and offer what that market wants to buy. One of the biggest mistakes new entrepreneurs do is to offer what they would like that people buy instead of what people want to buy.

When starting your own business online, one of the top questions that may come across your mind is “what I’m going to offer to my potential customers?”

This question is very relevant because one of the main mistakes made by many internet entrepreneurs is to offer the wrong products or services to their audience.

In my 5 Gold Rules to Starting Own Business Online, I recommend to find a market first and then prepare your offer. I recommend this approach because if you identify a market first, and if you determine that it is a potential profitable market, you already know what people are buying.

If you start by picking a product, you will funnel your market research around the potential sales of that product, thus ignoring what other products people are buying. You may end choosing the wrong product or a product that does not sell as well as you would like.

If you first identify your market, you can easily discover what people are buying. You just need to see what other vendors and entrepreneurs are selling, which products they are advertising most, and get a feeling about the sales in that market by doing some research in forums and blogs related with your market.

Additionally, you can find more than one product that is selling well in that market and build your sales funnel with more options, offering upsells and cross sells to your prospects and customers.

You can know with reasonable accuracy what people are looking for and prepare a free offer to start building a list of potential customers and then send them several emails with different products or services. This way you are not limiting yourself to just one product and building a website to offer just that product. If you do so, you will lose the contacts of all the visitors that do not want to buy that particular product but that can buy related products to you.

Do not presume you know what your prospects and customers want to buy. They buy motivated by their own reasons and emotions, not by yours. It is so much easier to sell people what they want to buy than selling them what we want them to buy.

Prepare your offer carefully. If it is a product or a service, offer what your customers are ready to buy. Make them happy and you will build a list of loyal customers. Offer them what they want and some surprises or bonus and they will become raving fans. If you build a list of raving fans, you will guarantee your success and it will last for years.

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8 Responses to “Starting Own Business Online – Prepare Your Offer”

  1. Anna Haller 21 July 2010 at 11:42 pm Permalink

    I definitely agree, it’s important to know what our customers want to buy as opposed to assume what they want to buy. If you do this then you not only will build a loyal following but a responsive one as well.

    Anna
    Anna Haller´s last blog post ..List building with Rodger Hyatt

    • Jorge 22 July 2010 at 5:52 pm Permalink

      Hi Anna

      Always a pleasure to have your comments on my blog. Definitely if you give to people what they want they will be pleased and will come back to you. Otherwise they will turn their back to you. And we all know the importance of having customers coming back to us…

      Cheers

      Jorge

  2. Rick Byrd 22 July 2010 at 4:01 pm Permalink

    Jorge:

    You are exactly right that it easier to sell people what they want to buy than trying to sell them what we want them to buy. Trying to sell want we want them to buy is the used car salesman mentality.

    Why force people to buy something when they want to buy something else. Prepare your offer for something they are ready to buy. It take about the same amount of time to prepare for so why waste your time.

    – Rick
    Rick Byrd´s last blog post ..Just 1 Wish

    • Jorge 22 July 2010 at 5:43 pm Permalink

      Hi Rick

      You highlighted a very important question in your comment: waste of time. Being time the only resource we just spend and can’t get more, never, it’s really important to make good use of it. And it take about the same time to offer your customers what they already want or what you would like they want. I rather spend my time offering them what they already want, I suspect I’ll make much more money.

      Cheers
      Jorge

  3. Max 22 July 2010 at 5:10 pm Permalink

    I couldn’t agree more, Jorge. Marketing, after all, is easy if you can give the people what they want. And if you are able to know that before you buy or develop your stock, the effect of that knowledge is generally known as ‘laughing all the way to the bank.’

    I am looking forward to your next rule(s).

    Max
    Max´s last blog post ..The Secret Of Video Marketing – The Basics

    • Jorge 22 July 2010 at 5:49 pm Permalink

      Hi Max
      Thanks for your comment. Yes, the trick is to know what customers want. After all, we all have seen great marketing campaigns being a complete failure because people don’t want what is being promoted. Just remember the New Coke, the biggest failure from Coca-Cola. If you’re curious, take a look at http://www.walletpop.com/specials/top-25-biggest-product-flops-of-all-time/ and you can see how millions were sent to the sink just because people didn’t want what was being sold.

      Cheers
      Jorge

  4. Sally Neill 1 August 2010 at 9:50 am Permalink

    Hey Jorge,

    Yes I quite agree with you.

    Right offer in front of the right people at the right time = sales sales sales.

    That’s why targeted traffic and a targeted list are so very important.

    You raised some really useful points, thanks for sharing them.

    Sally 🙂
    Sally Neill´s last blog post ..To Be The Interviewer Or Interviewee That Is The Question…

    • Jorge 1 August 2010 at 10:41 pm Permalink

      Hi Sally

      Welcome back, I was missing you. Hope you had great holidays.

      Thanks for the comment, your formula is quite right: right offer in front of the right people at the right time.

      I discussed right people and right offer, next we’ll discuss right time and some other questions.

      Stay tuned!

      Cheers

      Jorge


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