Answer these three questions to help you manage your business well and increase profits.
You would be surprised how many entrepreneurs haven't even considered or made an effort to answer some of the most basic questions that are key to the success of their business
Ironically, most of the challenges they face in their business are due to their lack of awareness of these unanswered questions.
1. Who am I serving?
Anyone who wants to start a business must first ask: Who am I serving? Who is my target customer for whom I am building this business? One of the biggest mistakes most entrepreneurs make is creating the product first without considering their target customer.
They create what they know, not what people need.
Since your goal is to solve a problem for profit, you must first identify who your target customer is. You cannot help someone you don't know.
Analyze your business, rank your customers, and identify which target segment in your customer base has brought in the most profit. These are the customers who easily paid, used your product, loved it, and referred others. These ideal customers should be the main focus of your business going forward. The content you post on social media, the ads you run, and the products you develop should specifically target them.
2. What problem am I solving?
If you answer the first question clearly, this one should be easy.
When you describe someone's problem better than they can, assuming you offer the best solution, they will easily buy from you.
Publish your ads and content by describing the customer's problem and the solution you offer. Strengthen your brand by providing free tips and advice on how to overcome these problems. Then present your main product as the ultimate solution.
3. Why do customers buy my product?
To have a strong position in your market, you must know what makes your product special and unique. What clear advantage do you have over your competitors? To serve someone in need effectively, you need to help them solve their problem faster, more efficiently, and more reliably.
To achieve this, you need a unique proof of value, and the more proof you provide, the more likely your product will be the first choice for your target customers.
This proof of value can include: your personal story and experience, case studies, customer testimonials, expert endorsements, media presence, winning awards, and more.
In summary, every business problem stems from not having a clear answer to one of these three questions: Who am I serving? What problem am I solving? Why do customers choose my product? To have a successful business and consistently attract more customers, you must focus on serving a specific group of people, describe their problems better than they can, and offer a unique solution that solves their problems more effectively.