Business Success

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Business Success Business Growth Consultant

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When you start a new business, you will know that there is a lot that you have to do. You need a general idea of where you want your business to be in the long-term, and plans that are flexible enough to respond to the rapid changes in today's marketplace. Good planning should result in a virtual roadmap of your business idea and include every detail of how, when, where, and to whom you will sell your product.

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Here are some steps when building your business:

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Determine your business What are you selling? This question isn’t as easy to answer as you may think. For example, Nike is in the sportswear business, but the truth is that when you buy a pair of Nike shoes and a t-shirt at the mall you’re buying a lot more than sportswear — you’re buying an image, a feeling.

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You're buying the Nike brand. Richard Thalheimer , the former CEO of The Sharper Image and the founder of RichardSolo.com, has worked in specialty retail for more than 30 years. When asked what business he’s in, he’ll tell you “convenience” or "innovation" before he specifies any particular industry, and he's built one of the most powerful brands in America.

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Keep in mind, there’s more to a product than, well, the product. Your brand is what sets your product apart from your competitor’s.

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Select your market Who are you selling to? This step is a bit less interpretive as the first, though equally important. Who are you selling to? or more importantly, what do you know about this person? Understanding your consumer is a key to success. What do they do? Where do they hang out? What do they watch on television?

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These are just a few of the questions that you should be able to answer about your consumer. Knowing the answers to these questions can answer a lot of questions of your own when it comes to a devising a marketing strategy. Richard Thalheimer understood his market for The Sharper Image, probably as well as they understood themselves.

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From an article in the LA Times, Tracy Wan, who was president and chief operating officer under Thalheimer says "Richard has the amazing ability to figure out the things that people want to have." This ability to perceive your consumer's desire can only be a result of knowing them like your neighbor.

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Create a marketing strategy How do you speak to these people? This is a culmination of understanding your brand and your consumer. As mentioned in number two, understanding your consumer can answer a lot of questions concerning your marketing strategy: Where should you advertise? What's the voice of your brand? What kind of prices are reasonable for this demographic?

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In order to engage your consumer, a.k.a. sell your product to them, you must know where your advertisements will be noticed, how to speak to them, and how much they will be able to spend, among many of things. Really, this step should have been combined with the last because who your market is dictates your marketing strategy entirely.

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Learn by example Seek advice from those who have done it. There are many books written by professionals who have already started their own business and have been successful in doing so. One that comes to mind immediately, as we've already mentioned him a couple of times, is Richard Thalheimer .

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"Creating Your Own Sharper Image" shares the story of how he grew his tiny office supply company, The Sharper Image, into the thriving enterprise that it has become today.

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There are also lots of places where you can find free help and advice, just do a search on the internet, or ask your business advisor. Another great way of coming across new ideas is to attend seminars and conferences on various topics.

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If you get a single idea to put into practice in your business, then that seminar has been worthwhile and then taking action on these areas will help you make more money and have more fun in your business. Business Growth Consultant

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