In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham gives you a framework to make sure you know exactly what your customers want so they buy from you.
This process is about taking and testing our products.
For a product or service to be a commercial success, the market should believe in and buy the product. An entrepreneur might think that it is life changing and unique but the market might not have the same thoughts. Hence, before investing and going all in, we must give some serious effort to test our idea and listen to the market. Then depending upon the collected information, we go back and redesign things.
Six Steps to Testing the Market
1. Create a Sample: Put your idea out there in a small way to get feedback from the market. The information should be used to make better choices and decisions.
2. Show it: Once the sample is ready, show it to some of the customers. Let them experience it so that they will give you valuable feedback.
3. What's the Pricing: Learn how much customers are willing to pay for it. Don't just work from a place of cost. Know how much the market values it and make necessary adjustments to the pricing strategy.
4. Ask Questions: Ask the market everything about what they like, don't like and even what they are thinking. Ask questions about expanding and follow-up products.
5. Look at the Competition: Learn what the competitors are providing and their strategies to pricing, connecting, communicating, selling and solving problems. Figure out your uniqueness and distinction in the marketplace from the competition.
6. Industry: Go out there in a broader way to showcase your products/services in conferences, trade shows and magazines. Do it bigger than sampling but don't go full scale yet.
After going through these six steps and collecting a lot of information, focus on your product or service in four different realms. Continually ask these four questions:
1. More: What can we provide more or better to give value?
2. Less: What can we do less of to take away the friction of them using our product?
3. Interface: What can we do at the contact points with the customer to allow them to utilize it better?
Cost: How can we be more economic with what it is that we are creating?
ABOUT MEL ABRAHAM
Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.
Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.
Meet Mel at http://melabraham.com/
THE ENTREPRENEUR'S SOLUTION
The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.
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