At POS Nation, about 50 percent of our customers are new businesses. The first year is the most important, and nerve-racking, year for new business owners. Starting fast right out of the gate can mean the difference between continued profitability and instant failure.
We’re constantly being asked about tips for new business owners, and while exploring the Entrepreneur Magazine’s this month, we found a few insightful ideas on how you can effectively jump start your business by grabbing your audience’s attention before your opening day.
Find Your Target Market’s Interests
Finding out what your target audience wants is key, but it’s easier said than done. Utilizing tools such as social media, exploring market trends, and comparing performances and reviews from similar companies can map out a compelling picture of what your customers want.
The most successful businesses are those that are able to use the resources around them to position their products, services, and their brand with those of their customers.
What Will You Do For Your Customers?
Can you answer this question? Building the framework of your business around this mindset allows you to grab attention right out of the gate, simply because it shows your customers that you understand them. Your business must solve a problem for your customer, and you must be able to illustrate this value proposition clearly and concisely. The partnership of understanding and providing a solution for your customers is a powerful tool that constantly flies under the radar.
Giveaways are always a good thing. People will do almost anything for a free gift it seems. Providing customers with the extra incentive to sign up early in the forms of contests and giveaways creates simple, but fantastic exposure before you make a single sale.
Track, Measure, and Analyze Everything
Whether you’re the owner of an up and coming coffee shop, or a neighborhood favorite bar and grill, you must track, measure, and analyze every business move. The most successful business owners are those that recognize that the world is data-driven — and maximizing your data-capturing efforts is of the utmost priorities. Utilizing tools such as POS systems allow you to streamline your data-collecting efforts while easily and effectively managing your operations.
For the full list, check out the Entrepreneur’s article here to get all seven ideas on how you can increase awareness for your new business.