Have you started a promising concept that doesn’t match the expected success? Don’t panic, this is a normal thing for entrepreneurs. It is completely normal to fixate on the situation and refine your proposal, while facing the realities “on the ground”. Here are some useful tips to develop your concept…
1. Customers First!
Reflex first: Put your customers at the center of the analysis. Is your offer targeted at the right people? Is it clearly visible? Does it really fit the needs expressed by your customers? What can you improve on its functionality, features, perceived image or benefits?
You must have understood: in a moving world where consumer preferences change, it is important to be alert on one important point… the customer!
How? ‘ or ‘ what? Depending on your means, conduct a qualitative study, a satisfaction survey or simply an informal survey to collect as much data as possible on the behavior and expectations of your future customers. You can do this with your first customers, but especially with your prospects to know what will encourage them to buy your offer rather than your competitor’s. You can also use feedback from a sales rep to figure out what the scales might be.
2. React in real environment
A new player is coming to your market? Is the legal environment changing? Barely launched, your concept already copied? Anticipate risks, be on the lookout for news in your area, attend trade fairs and practice rigorous competitive intelligence to optimize your proposition or your brand message and thus stay one step ahead. You must pay attention to what is happening in your surroundings to get your proposal in good shape.
Don’t hesitate to regularly update your business plan, which should also evolve by integrating new market data. And finally, don’t confuse momentum with haste: Take the time to study your strengths and weaknesses, as well as market opportunities and threats, before taking action.
3. Yes to development … without revolution!
Making a few adjustments to your offering doesn’t have to mean starting all over again. It is quite common to customize your offer for the market. You might not want to drastically change the business model so as not to confuse the minds of already acquired customers and that is sometimes the solution. A few small changes can even change the image of your product/service or add value to your customers.
Instead, try to improve and enrich the initial concept without losing its soul, its added value and the basis of your proposal. Accelerate your achievements by revamping your entrepreneurial approach… and build your confidence, you are the best ambassador for this project!
4. A Revolution If Necessary
Sometimes it is necessary not to start from the beginning but to adapt your business model extensively. In this case, you will need to bring your teams with you and explain to them the importance of change. Smaller teams are often more flexible and if you manage to buy into the project, you will lose weight on your own and benefit from the support of your colleagues, which is a significant plus in tough times. The interest of change should be well understood and integrated by your associates, especially by your salespeople, who will probably need to completely change their sales pitch. You just have to look at how many times Crito has had to optimize its business model to understand that success sometimes requires a lot of inquiries.
Why not accompany an expert who will provide an objective view of the situation? He will provide you with strategic and operational solutions and even innovative ways to reproduce your concept.