There are two questions that anyone setting up a business needs to be able to answer at the drop of a hat: – What is it that I do? - Why should my customers care? Take a moment to write a short sentence that encapsulates what it is you do. Then another saying why that should matter to your customers. This is value proposition (benefits you provide) Keeping it concise can be tricky. If you find yourself waffling on, keep refining your words until you have something short and to the point. Your answers might look something like this: What is it that I do? I run a service design company. Why should my customers care? We have created unique digital techniques to improve customer experience, ensuring our clients’ offerings are appealing, meaningful and enhance their brand. To examine these two questions a little deeper, here are some basic business facts that you must take on board. 01 Customers have to want what you’re offering A business needs income to survive, and income is based on the demand for your product or service. To help you to find out if there is demand, or the potential for it, you can use market research. This can help you understand your market and reduce chances of your product/service failing, for example due to a lack of customers or charging too much. 02 You need to say how you meet that demand You’ll have to describe how your product or service will meet customer needs. Talk about the benefits it will bring, as well as describing its features and functions. You can do this by engaging with customers: gathering research on what they need and value, and by asking for feedback through customer satisfaction surveys. Remember, you’ll want customers to come back, so it’s important to regularly engage with them and understand their needs. 03 You have to keep appealing to that demand Even when you know a demand exists, and you’ve made your appeal to it, you can’t rest. Customer demand is like putting petrol in a car. You may be going along, even at speed, but unless you keep refuelling you’ll grind to a halt at some point. You can ‘refuel’ by developing a sales and marketing plan that concentrates on engaging with customers. 04 You have to continuously innovate to compete and survive This is done through a competitive strategy. Five guiding principles make the difference and help ensure a business is focused, productive and ultimately successful: 01 You’re not at the centre of your idea, your customers are. 02 You don’t need to do everything yourself. Build partnerships and alliances. 03 You need a vision for your business in order to position your offering. And you need to communicate this vision clearly and consistently. 04 You need to understand your personal motivation for running a business, including the importance of f inancial returns. 05 You need to be able to measure the performance of your business, which at certain critical moments can only be measured in terms of money. These facts are the basis for everything that follows. If your business idea doesn’t stack up against them, then you should seriously question whether it’s likely to work. @Mona Musibega @Bernard Chiira @Benerd Momanyi @Akwabi Paul @Teresa Lubano @Amos Chege Kirongo @robert yawe @Robert Omondi @Gladys N. Gatiba @Elizabeth Waithaka @Aliraza Sumar @Coach Enos @Moses Akwiri Okoth @nicolai ceusescon @Rael Awuor @jessewanyoikewaweru @Bancy Ngatia @Edmond Gimode @AlexMuthii vlogs @Jed Ondiko @Joy Kinyanjui @Brenda Okanja @yasmin @Carrie Kaumbulu
