Yasmin Walter of KMD Books is a multi-award-winning entrepreneur, international bestselling author and modern publisher based in Australia.
When you’re starting a new business, it can be both exciting and challenging. As an entrepreneur, I’ve been through the ups and downs of launching a new venture.
Based on my experiences, I’d like to share some of the key factors that can help determine the success of a new business.
1. Target Market
First and foremost, having a clear understanding of your target market is essential. You need to know who your ideal customer is, what their pain points are and how your product or service can solve their problems.
Conducting market research and creating buyer personas can help you identify these factors. I like to ask myself questions like “Who would buy this” and “Who does this service cater to?”
We in the publishing industry like to take into account several factors such as a reader’s age, gender, location and interests. For example, when we’re publishing a children’s book, we focus on targeting parents with young children, teachers and librarians.
Depending on the publication’s niche, the target market can vary. For some basic examples, a business book would target entrepreneurs, while a fashion coffee table book would target young women interested in fashion and the arts.
To make sure your products remain relevant and appealing to the target market, you need to constantly keep up with industry trends and adjust your products or services as needed.
Again, to use an example in my industry, I’ve noticed a significant shift where more people are opting for audiobooks over physical books. As a result, we make sure to offer audiobook options for our publications so that we can cater to a wider audience.
2. Value Proposition
Another crucial factor in the success of a new business is having a strong value proposition. Your value proposition is a statement that explains why your product or service is better than the competition. It should be clear, concise and easy to understand.
Your value proposition should also highlight the unique benefits of your product or service and how it can help customers achieve their goals.
As I’ve learned in publishing, understanding your target audience is super important when crafting a value proposition. You have to figure out what your audience wants and needs and then use the right language and messaging to appeal to them.
Your value proposition should clearly show how it meets your audience’s needs. By nailing your value proposition and speaking their language, you can make sure you connect with your target consumer.
3. Strong Brand
Once you’ve defined your target market and value proposition, it’s time to focus on building a strong brand. A strong brand is more than just a logo or a tagline; it’s your reputation and image.
A strong brand creates a connection with your customers and makes them feel like they’re part of something bigger than just a transaction. To start building a strong brand, focus on creating a consistent visual identity and customer experience across all touchpoints.
When I published my first book, The FIFO Wives’ Tales, I targeted a specific niche market of families living in a fly-in fly-out (FIFO) lifestyle, like those who have families who live on oil rigs. This was a big industry in Western Australia, so I wanted to create a community where these families could connect and share their experiences.
By focusing on a specific niche, building a strong community and becoming an expert in my field, I was able to create a brand that others could emulate and learn from.
4. Business Plan
One thing that can help bring your brand, value proposition and target market together is a solid business plan. This roadmap should also include things like financial projections, marketing plans and operational details.
Having a solid business plan can help you stay focused and on track as you work to build your business. Not only did my own business plan guide me, but it also helped highlight my weaknesses when compared to my competition.
5. Strong Team
Another important factor in the success of a new business is having a strong team. Your team is the backbone of your business, and having the right people in the right roles is critical.
Look for team members who share your vision, have complementary skills and are committed to working hard.
Be sure to provide your team with the support, resources and training they need to succeed. Of course, when you are in a start-up, you can’t always afford to hire staff, so outsource when you can and spend your valuable time focused on the tasks that you can do better.
If you’re anything like me and struggle with delegating tasks, starting a team may not be something you’re excited about. However, I want to encourage you to trust others and take that leap.
When I started building my team, I made sure to only bring on individuals who were highly recommended and with whom I had a good personal connection. This approach helped can help you slowly let people into your inner circle and build a team that you can trust.
6. Focus On Customers
Lastly, one of the most important things you can do to increase your chances of success is to focus on providing exceptional customer service and delivering high-quality products or services. As a part of this, make sure to get feedback from your customers and use it to improve your offerings and processes.
I like to email and check in with customers at random, and they seem to respond well to that. When messaging customers, try to make it as personal as you can by including items they purchased or interactions they may have had in-store.
I hope these areas of business success and my own experiences navigating them can help you. Remember, building a successful business takes time, effort and perseverance, but with the right strategies in place, I believe you can create a thriving enterprise.
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