The Fool-proof way to build a Successful Business – part 4

This is part four in a series on building a successful business – if you missed the start you can catch up here.

Step number three is to make sure that the right people know that you have something that they want or need.

There's an idea amongst some entrepreneurs that if you "build it, they will come". Well, they might. But they can't if they don't know it even exists.

You've discovered that there are a significant number of gold-frog enthusiasts who don't have time to paint their own frogs, but still love having them around their houses. They just don't know where to get them from.

So you need to get your name in front of these people – "Want a gold-painted frog? Get them from me!".

There are a number of ways of doing this – advertising is an obvious choice, going door-to-door with free samples, getting yourself on TV or in the papers, setting up frog-parties in the local neighbourhood, asking people to recommend you to their friends. All of which work to lesser or greater extents at different times for different products. And of course, has different costs. Never forget that cost of acquisition – and balance it against the value you’re going to get from that customer over the next few years.

Take action: Who needs to know about the stuff you sell? Are you reaching them? How much does it cost to speak to them and how does that compare to the revenue you will earn from them?

PS: If know someone you feel might want a bit of help with this stuff, send them here

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