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Secrets Of Success

Secrets Of Success. “Concept To Cash from your passion”. Tonight’s Webinar. Mastermind Program Resources Support Define your market. Customer Profile, the demographics and psychographics of your target customers. Competition Action Plan Impact Ease Grid. Mastermind Flight Plan.

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Secrets Of Success

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  1. Secrets Of Success “Concept To Cash from your passion”

  2. Tonight’s Webinar Mastermind Program Resources Support Define your market. Customer Profile, the demographics and psychographics of your target customers. Competition Action Plan Impact Ease Grid

  3. Mastermind Flight Plan Refer to Spreadsheet Norva 07951223905 Ade 07901274814 Caroline 07887856462 Aretha 07960736949 Caroleen 07939431151 Donia 07830359075 Florence 07983900164 Juliet 02084692966 Ida 07940150996 Shola 07903827388

  4. Product and Service Strategy The role of a business is to produce goods and services that people want and sold to them at a price they are willing to pay What is your Product or Service? What makes it Unique? What need of your customer does it satisfy?

  5. Market Analysis What exactly do you sell? What need of your customers does it satisfy? What problem will you focus on solving? What is your ideal Customer base Knowing who your typical customer is and what the perceived needs are is crucial in business at start up Lets define the characteristics of your ideal customer and create a profile for them

  6. Profile Who is your Customer? What is their age? What is their gender? Are they homeowners? What is their income brackets What is their religion? Where do they live?

  7. Demographic Profile Who is your Customer? What is their age? What is their gender? Are they homeowners? What is their income brackets What is their religion? Where do they live?

  8. Psychographics profile What are their Values What are their Lifestyles, Interests What are their needs What are their wants What are their fears What frustrates them?

  9. Niche Profile What do they lose sleep over at night? What will be their biggest objections to doing business with you? Where do these people gather in groups? Who has these clients before you? What do they read? What other media do they digest?

  10. Competition Analysis Who is your competition? Product: How does your competitor’s product compare against yours Organization: What is your competitors’ organization like? Track Record: How does your record compare to that of your competitors? Why does your customer buy from your competition? What benefits does your customer perceive? Write all benefits and features both offer and find the difference.

  11. Product or Service Comparison • How is the competitor product or service defined? • How is it similar to yours and others? • How is the product different from yours and others? • Does the competition specialize or offer variety? • Does the competition cater to the mass market? • What features of your product are superior in satisfying your

  12. Price Comparison • What is the competitor’s pricing strategy? • Is the competitor’s price higher or lower? • What is the competitor’s gross margin and net margin for similar products? • Does the competitor offer terms or discounts?

  13. Place Comparison • Where is your competition located? • How does their location compare to yours? • What are the strengths and weaknesses of the location? • Do they have room to grow? • Do they have more than one location?

  14. Promotion Comparison • How does the competitor advertise? Online and Offline? Check out their website • How much do they spend on advertising? • What is the message they are trying to convey and does it relate • Is the competitor’s advertising effective?

  15. Step by Step Process STEP 1. What do you want to Achieve STEP 2. WHEN is deadline Set a deadline. Set sub-deadlines – the more specific, the more tangible the goal feels.

  16. Business Goals eg Date: August 23th My Niche market is … and my product or service is …. And the market share am working on is 5% of entire market in my area 20th August 14th August 10th August 9th August

  17. Steps to take What will you have to do to conduct effective market research Where will you conduct your market research? Whose skills will you need to conduct effective market research What questions will you ask about your research What forums will you read to get accurate research

  18. Step 3 Determine the Obstacles, Challenges Knowledge Skill Resources: People

  19. Step 6 PLAN Write everything you have to do to achieve your goal. Prioritize using ABCDE model Using Stephen Covey Plan Start with end in mind main vision Work out your hourly rate and get cracking

  20. Impact Ease Grid Lets plan using the 80/20 rule What 20 activities will we engage in to get 80% results?

  21. CTC Weekly QUestions 1. What other ways could you sell this product? 2. What additional customers are there for this product? 3. How could you modify your existing products to make them more attractive to your customers? 4. What non-customers could you develop for this product? 5. What new products do your customers want?

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