Discover what steps are KEY to developing your business
As entrepreneurs, our minds tend to run a mile (or kilometer to most of the world) a minute creating new ideas. This is a wonderful trait to have and it’s probably what led many of us to creating our own product. We see problems and our minds start racing with ideas of how to solve it. However, when trying to run a business it is necessary to have both this gift for creative solutions, while also realizing that there are constraints on time, money and resources. It’s not always possible to develop the final version of our product or service that we imagined in a limited period of time. We need to be able to keep this entrepreneurial spirit alive, while keeping realistic goals in mind. It is important that we are able to asses what our starting version will be and see how we can build upon it to reach our final vision. This requires us to be able to identify what activities are KEY to reaching the next step in the development of our business. Here at Bridge for Billions we understand this entrepreneurial desire to create the vision we hold in our heads, and we know how hard it can be to sort through all of our ideas and prioritize what needs to be done in order to succeed. This is why we want to share some of the tips we give the entrepreneurs who use our program. Here is how our methodology categorizes the activities key to growing your business.
How to Attract your Customers
In your Key Activities the first thing you to consider how you are going to attract customers to your product. Especially when starting a new business, most people won’t know what your product or service is and how it could benefit them. You’ve already figured out who your customers will be in your Value Proposition, and now with them in mind, how will you lead them to your product or service and convey how they can benefit? There are many strategies that can be used to inform your customers about how your product is going to solve the pains you discovered, and how you’re better than competing products as you saw in your Competition Map. There are two main ways you can attract customers: you have to either place your product or service in front of your customer segments, which tends to involves traditional forms of advertisement, or you have to create a sense of urgency that makes your customers feel like they need your product, which tends to involve less traditional strategies like content curation. You should focus on which strategy is best for each customer segment and make sure that the cost of these strategies will be worth the new customers they provide.
How to Keep your Customers
Once you manage to attract these customers, you have to make sure that you can keep them. You want to ensure that customers who use your product or service are satisfied and continue using your product or service and recommend it to their friends. Customer retention strategies can include wonderful customer service, referral codes that give them rewards for referring friends and many more. You must make sure that you understand what strategies are working to keep your customers coming back and if those strategies are worth the money spent to continue providing them. You must be diligent in keeping track of whether each strategy is working, and make sure that the amount of time and money you are putting into customer retention is worth the results they are bringing in.
Other Key Activities
While instrumental to keeping your business running, finding and keeping customers are not the only tasks that a company must complete. There are also issues of Human Resources, Financing, and Product Development that a company must keep in mind. New businesses have to consider their Minimum Viable Product (MVP), which is the most basic version of their product or service that a customer would be willing to buy. You must think about your current MVP and then consider what you must do to reach the next version of an MVP. These next steps of developing an updated version are the ones on which you must focus, such as improving the durability of your product, or implementing a new feature/update of your online platform. You should be clear on what steps are indispensable and which ones are luxuries that can be postponed. In addition to Product Development you should focus on other business needs such as employees, or certifications that your company needs to function properly.
Your Key Activities will make you consider what is necessary for your business to succeed. This is where you think of how you can attract and keep customers and consider the next stops your business must take. You don’t need to set a timeline for these changes just yet, but they should be ideas that are necessary to implement soon in order to ensure that your business continues growing and prospering. Keep in mind that you must be diligent and realistic. For every activity you consider you must ask yourself: Is this integral to developing my next MVP? Is this attraction strategy bringing in enough customers to justify the cost? Is this retention strategy necessary to keeping my customers happy and making them repeat customers? You must also keep in mind what you learned in your Value Proposition, and in your Competition Map. These previous steps can help shape a Plan of Action based on your Key Activities. Especially as a new enterprise you don’t want to waste time or resources on strategies that are not bringing in results.
Want to learn how to identify your Key Activities? Do you have a great idea, but you’re unsure of how or where to start? Apply at bridgeforbillions.org.