There’s a pretty big misconception that the most important characteristics of a marketable business are all related to the marketing itself. Some things you may have come across insist that you have to have consistent social media activity, publicity from popular forums, or super aggressive marketing campaigns. As critical and valid as these tools can be, being amazing at executing them doesn’t instantly make your business marketable.
Throughout my many years of being an entrepreneur, I’ve come to discover that the marketability of a business depends more on what the business actually does. If you’re aiming to build a marketable business or increase your business’s marketability, there are a few things I would suggest you focus on.
Here are three commonly overlooked, but essential qualities of a marketable business:
Businesses possessing a unique business model usually prioritise the customer experience. They offer excellence and convenience where their competitors do the opposite. Trying to figure out which areas to choose can sometimes be as simple as researching the most commonly reported complaints relating to your specific industry. For certain businesses though, the solution isn’t so glaringly obvious, and there may not only be one of them. They can’t merely be quicker or cheaper than their competitors. You should, ideally, try to discover overlooked areas that have much room for improvement.
You may find that in a few areas you have a very high chance at becoming so great, that you could potentially top all the advantages of your competitors! Marketing your unique strengths is far easier than mindlessly echoing all of your competitors, by insisting that you’re the most “efficient or affordable option”.
Another aspect of having a unique business model is a certain quality of your team, or way in which you operate, that stands out. Do you have a team full of millennials while everyone else’s teams are leaning on the older side? Does your team use an extremely effective (but mostly unheard of) management tool? These are the kinds of details that help you market the value of your work, because they tell future clients that you have something that sets you apart from the crowd.
A lot of successful companies don’t necessarily have the best or most appropriately priced products or services in their niche. They spark and attract interest by marketing some sort of unique little detail about their product or service. If you take advantage of and play on this in the right way, that unique feature might just be super useful to a certain kind of customer.
Pretty much every article about marketing emphasises how important it is to know your target customers well. But what many articles don’t tell you, is that the core point of knowing your target audience, is to find out what makes them unique. This will assist you in designing products or services for a specific group of consumers whose needs are not being identified or met by your competitors. This results in you being able to market to a group of people that are usually not marketed to by other companies in your industry.
Once you determine that core unique factor of your target customer, other factors will then start to bubble up. Gathering and compiling all of these factors can produce such a clear picture of your target audience, that you can then successfully start basing your marketing materials on it.
It’s a lot more difficult to tick the three items off this list when your number 1 goal is purely “better marketing”. Don’t create products because they seem as though they’d be easy to market. Create them in order to actually help the people you want to help! The key to becoming a more marketable business is not about improving your marketing; it’s about improving your business as a whole.
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