Online business palava (Troubles)

12 months ago (Edited)

Online business palava (Troubles)

I have made a lot of mistakes doing business online, and I think anyone who is just starting and making less than 500K monthly can learn from me. You see, one of the best ways you can waste your time is by identifying the wrong problem with your business and focusing on solving that problem.

Over the past years, I have spoken with more than 100 internet business owners, and one major problem I have seen across diverse sectors is businesses identifying the wrong problem and pushing all their energies to solve it. In advertisement/marketing, for instance, we have the concept of PRIMARY AUDIENCE and SECONDARY AUDIENCE. The primary audience comprises the key stakeholders in your business, while the secondary audience is there to support you.

For example, suppose your business is into garden design and maintenance. In that case, Facebook[Meta] Blueprint defines the audience as follows:

PRIMARY AUDIENCE:

People interested in planting and maintaining their gardens.
SECONDARY AUDIENCE: People who may be interested in design and maintenance services AND people who want to spruce up their apartments with houseplants.

The Blueprint goes further to say:

"People in your primary target audience will typically get most of your attention since you expect them to become your 'most' valuable customers."
"Your secondary target audiences are other groups of people with common characteristics who may be interested in your products or services but are 'unlikely' to become your most valuable customers." So, what's the problem that most business owners make, especially within 0-5 years? They feel that their business isn’t growing because they lack the right marketing tactic or strategy.

That's not true!!!

Usually, the real problems are:

Not understanding the people you want to serve - the target market.
Not being able to articulate your offer and its pain point to the target.
And of course, not having an ad budget. So, you keep chasing every Tom, Dick, and Harry and keep getting "I'm interested" and "I'll get back to you" kinds of responses without making sales.

Profitable businesses are not run with assumptions and possibilities. They are not run with feelings. Rather, they make decisions based on data and facts. When you truly understand the market you serve, selling becomes easier. Before you take the next step, go back to the drawing board.

Ask yourself:

Who needs this? Why? How? When? and Where? When you critically analyze these principles, you're on your way to building a stress-free business.