Dont get me wrong, I’ll be the first to look at a new idea and ask if we can make money from it. Where are the expenses, and where is the profit. But I need to remind myself and others often, to have value first.
Try not to become a person of success but a person of value. ~Albert Einstein
Lets take a look at twitter’s newly announced plans of advertising in twitter for a great example. This week twitter announced how it will be selling ads within twitter. Its a pretty unique method. But lets step back for a second.
Twitter was free of ads, and free to users for a few years. They built up a customer base, and refined their systems. They kept it lean and mean by only offering one core service—updates. No photos, elaborate profiles, member pages, or other things that have hurt others in the past. Just updates, and a way to follow others. This added a large value to its base, and probably one key factor to its growth.
So back to present day. Twitter built value, and a customer base as its first goal, income streams came later. Did they always have plans for a revenue stream, I hope so! Sure it may have been a rough outline or a few sketchy ideas, but I am sure they did, and their investors saw it too.
Here are some simple questions to answer as you launch a new business, new product, service, or idea.
- Who is my customer for this product & what is their need?
- How will this address their needs?
- Where is my competition on this new product?
- Where can this under promise, and over deliver?
- What is the opportunity for growth after we launch it?
- Where do we see this product in 1, 2, and 5 years?
- How are we going to make sure we keep up on the times
(value now, with outdated needs in a year is no value!)
- What if we fail to offer value now, can we innovate and change? or is the product dead?
- How will we gauge & measure the value created?
(It’s not always sales numbers, especially early on)
We at factor1 are always coming up with new things to help our clients. We clearly outline the goals, benefits, costs, target customer, and where the money is. We often will beta test and give out some freebies to make sure the value is where we expect it.
What tools do you use to measure your value?
Who do you turn to for advice on your new products, service, or ideas?
This is NOT one more post about the tough times… you can get that negative talk anywhere. We all need some inspiration, motivation and ideas to move forward and upward in our pursuits. —- One of the most foundational contributions to my personal leadership & business development was being pressed by a friend to read “The E-Myth Revisited” by Michael Gerber. A key principle from the reading,
“work on your business, not in your business”.
Translation: On good days most of us small business owners slave away trying to keep up with all the items that are going on. We run form one urgent item to another following the squeaky wheel axiom. On bad days, we moan, groan, have lunch with buddies and hope that our yellow page investment will finally pay off with the phone ringing in new work any minute.
Every day that you are in business that you don’t invest in working on the development of your business or organization is a wasted day. QUIT wasting your days! Take at last 30-60 minutes every day to look ahead into areas where you need to do something better, different, more efficient, etc. Build your business, don’t just work in it.
Start by picking up a copy of this particular book and reading — it will inspire you to grow!
So I dont see many comments on this thing, not sure why. Maybe I am not speaking to my audience very well. So I had an idea. Let’s see who actually reads this blog. I know there are a few dozen subscribers, and maybe you are a designer, competition, clients, my mom, etc. I don’t actually care who you are, but I want to know who you are if that makes any sense.
It’s my goal to be effective. If I need to shift my conversations and topics to better suit my actual audience, so be it. I just want to know who you are.
So if you dont mind, comment and let me know who you are. Share a link to your blog or website, let me know what interests you that we can discuss here. Otherwise I’ll keep talking about whatever I feel like (ohh maybe next week we’ll discuss baking tips for high altitude and their role in web marketing).
If you feel like remaining anonymous, thats fine too, maybe just let me know what interests you here.