- Lack Of Funding: If you don’t have enough running capital for 3-6 months of startup, you’ll probably go out of business before you’re profitable.
- Lack Of Sales: If not enough people are buying from you to keep going, you’ll have to shut down.
You need money, honey. A Lack of Sales typically is caused by one of two problems:
- No One Knows You Exist: A lot of businesses feel invisible. You can’t sell if you’re invisible. You need more awareness- more publicity- more buzz! And of course, maybe we’re exaggerating. Some people know about you, but not enough.
- Product/Service No One Wants: You can’t put lipstick on a pig. No way to fix this except move on to a better idea. It’s better to test the market before committing a ton of time and money to what could be a BIG OL’ DUD.
A lot of entrepreneurs make the mistake of selling something people don’t want. They’re selling [what they think people need], not [what people want]. Don’t do that! Experts make that mistake a lot. I’ve been guilty of it myself! We do it because we think as experts we know exactly what these poor people need… But they don’t care. They want what they want. Even if we’re right, people don’t want to eat their vegetables. Don’t treat your customers like you’re their mom and they’re bratty kids. Do this instead: SELL people what they WANT… GIVE them what they want AND what they need. This makes it easy to over-deliver, which is a good way to keep customers happy. “Wow, they gave me a ton!” For example, Flintstone Vitamins: Kids want cartoons and sweets. Moms want kids to take vitamins. They each delicious-tasting Flintstones vitamins, and everybody wins.
How To Use Facebook To Ensure Entrepreneurial Success
There are five things you can do that will help a great deal- not only to avoid a lemon but to help you succeed with your marketing from the start.
- Identify Your Potential Buyers
- Research & Understand Them With Facebook Audience Insights (you need a Facebook ad account for that)
- Test Your Product/Service Ideas And Throw Out The Bad Ideas
- Test Your Slogans And Find Most Effective Ones
- Test Your Unique Selling Proposition
You’ll Live Or Die According To Your U.S.P.
Do you have a Unique Selling Proposition (USP) for your new company or service? Here’s how to create one. Tell us in 20 words, how is your company, product or service different from and better than the competition? What does it do for me? What’s the primary benefit? Is it for me or someone else? Here’s the formula: “[Company] is the [superlative:only/first/premier/best/fastest/biggest] [what] that delivers [what benefit] to [which people]?” For example, Brian Carter is the only social media speaker who delivers practical digital marketing takeaways, comedy-club level entertainment and inspiring motivation to marketers and business owners. Isn’t he amazing?
3 Things To Test With Facebook Ads BEFORE Going To Market
- Test Your Product/Service Ideas: Do people really want it, not just need it? The ultimate test is to sell it, but if you can get clicks on an ad, that’s a good indicator. If you can get them to opt into something (to qualify for the beta when it’s ready, for example) that’s even better. And my favorite is Kickstarter, because you get paid for something before you’re ready to sell it.
- Test Your Slogans: Which ones really resonate with your market? Finding out what works here will help you write your marketing copy later, and may help you prioritize how your develop your product or service now. What features or options do people care about? Getting verification on this increases your chance of success.
- Test Your Unique Selling Proposition: Is your USP working as well as you expected? Try three different versions.
You can also survey your market with surveymonkey. Here’s one I did while working on new online course ideas: Good thing I did it, because some of the things I thought would be number one weren’t at the top of anyone’s priority list. I used the results to come up with some course ideas, and then I tested some potential course names with Facebook ads. I’m not going to show you the best ones, because I don’t want anybody creating a similar idea until mine’s ready! But I’ll show you some of the worst results:
Find Out The Demographics Of The Most Interested People
You can even use Facebook ad tests like this to find out which demographics respond best to your ideas. Whether you use that targeting later on, or just use that intel in developing your product or service, it’s supervaluable to know the age, gender and location of your best potential buyers. For example, from a tests we did a couple years ago for a financial-niche Facebook app: What could you have tested about your current company? What can you test about your next project to avoid wasting time and money and start off on a stronger footing? Ok, so go do it!