Whether you are an aspiring or existing entrepreneur, decisions have to be made or have been made on what pain point(s) your company will address, the niche(s) you will serve and other critical elements to providing value for your intended customers. In order to acquire new customers, which is the theme of the Virely/Dealium blog, there has to be a solid foundation of addressing the issues that mean the most to your intended customers. We will briefly take a look a the four(4) cornerstones of Problem, Market, Business and Customer.
As with any business, there has to be a Problem that your company helps solve. Whether it is offering lawn care services, selling plumbing or electrical service, providing handyman services or operating as a restaurant, customers have to be in need of and want what you have to offer. Identify a problem that is mission critical, present in the customer’s every day life and is mentioned with prompt. In the customer discovery process, it is up to the customer to mention their problem to you without your prompting them. If a potential customer has regularly considered their issue a must solve problem, for instance lawn care for their home, and has even tried to piece together a solution to solve the problem then your offering could address their issue(s) and you obviously need regular lawn care for our property if you are a homeowner.
The Market and market size are critical. Ensure the market is large, growing and focused on an untapped niche. Find the external factor that supports the market into the future, and define how you are going to win versus the competitors. Whether you are talking about local, national and even international, there has to be a customer segment large enough to sell to on a regular basis in order for your business to remain viable. Customer acquisition is all about not only finding new customers, but also retaining your existing ones at as low of a cost to your business as possible. Whether it is connoisseurs of the type of food your new restaurant plans to offer or individuals who need electrical contractor services for their homes, there has to be an ample supple of potential customers who are seeking what your are selling.
The Business economics are an important consideration as well. Determine if unit and scale economics can be beneficial to both your business and the customer. Outline your value proposition of your products or services and think about the key risks associated with offering your products or services. Considerations such as government regulation costs and other important business costs associated with offering your goods and services to your potential customers are important. If the associated costs that must to be included in the price of your product or service too high, then your offering will not be attractive to potential customers. The perception of value by the customer is key to getting and keeping their attention.
Customer pain points recognition is the core of any potential business offering. Validate the problem with your potential customers. Identify your target segment(s), understand the true customer needs and align your offerings with your customers needs in order to set your business up for success. All of the four points mentioned in this blog need iterations in order to stay current and relevant. As a new entrepreneur myself, I have addressed and constantly iterate on what “must solve” problem my company is solving, the niche markets that I am going to enter at launch and afterwards, the my company offering unit economics and the true customer needs.
Dealium is a SaaS B2B Referral Marketing Technology Platform that connects small businesses with new customers through referrals from their existing customers using our proprietary algorithm-based referral code sharing technology incorporated with their customer’s SMS, Email & Social Media. Dealium creates brand awareness, brand exposure & new customer acquisition opportunities for our business subscribers while allowing their customers to save time & money searching for reputable local small businesses.
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