The Aura of Success – Does your Company Have it?

Posted by kboon on April 6, 2010 under General | Read the First Comment

This is part 2 of some insights from Kevin O’Leary’s (Dragons Den on CBC) talk back in March in Waterloo Ontario.

Part 1 is here.

Someone asked Kevin, what are the common characteristics or traits you see in successful businesses?  He listed several ideas.  First, being able to tell your story (or idea) in 90 seconds or less.  The second, was confidence and a persons ability to sell.  The third response intrigued me.  He said successful businesses have what he described as “an aura” about them.  He said he couldn’t explain it.  You feel it when you are in the room with them.  He didn’t know if it was good karma from a past life, but what he did know, it was intuition or a feeling he had.  There is a confidence.  You want to do business with them.  In his case you want to give them money.

I’m paraphasing here because I can’t recall word-for-word his exact response.

His response was at the heart of what I feel is the challenge that many businesses face.

What is an Aura?

So what is this aura that O’Leary refers to?  I’ll have to admit that I have spent most of my adult life trying to figure this out.  What does it take to create a successful business or a better career?

Some people seem to create success so effortlessly, while others struggle and sometimes never get there?  We’ve all met that business entrepreneur, sales person, author or musician who seems to start with the same level of knowledge as you or I, but when it comes down to their craft, they’re a natural.  They have a special talent.  Money flows to them.  People want to be around them.  Business opportunities come to them.

Is this the aura that O’Leary describes?

Is aura something that comes naturally or can it be learned?

My feeling is both can happen.  Some people truly have the gift.  For others it takes effort and time to learn.  I’ve seen this phenomenon on Twitter where a person builds their website, their profile and their network.  They work very hard over a period of time and then there is a point where something kicks in.  Opportunities start flowing to them, their business starts to grow.  The work over time seems effortless and I’m sure that people looking from the outside think that its easy for them.

Being aware of my own aura has been critical for me in starting my business.

For me it comes down to understanding 4 factors:

1. Having a clear vision of my goals and where I want to be with my business.  (Both short & long term)
2. Becoming aware of my own patterns of thought or limiting beliefs.  Are their any judgements I hold about others or about myself that limit my success?
3. Letting go of resistant thoughts or beliefs that might be holding me back.
4. Focusing once again on my vision, goals and where I am going.

For example, if I’m looking for new clients or opportunities and constantly seem to come up against people saying no, then what I’ve learned there is something off in my aura. There is something about my beliefs or some resistance thought I’m putting out there.   This aligns with the ideas around the law of attraction or the Secret.

In my experience, your thoughts do create your reality.

When you change the thought, your aura lifts slightly and opportunities begin to show up.

This is a topic I want to explore in more detail because I feel it is critical for entrepreneurs or small business owners to understand the underlying “aura” or image that they present to customers.

Would love to hear your experiences.

Financial Capital versus Human Capital

Posted by kboon on April 5, 2010 under General | 12 Comments to Read

Recently I had the opportunity to see Kevin O’Leary.  Kevin is a venture capitalist and one of stars of the CBC show the Dragons Den.  He also is a star of a new show in the US called Shark Tank.

O’Leary gave the audience a snapshot of his world view, based on his experience in the world of venture capital investing, his global travels and his personal perspective of life.

His predictions for North America and Europe were pretty bleak.

Is our Purpose in Life to Work 18 Hours a Day?

He told the story of an Engineer, living in Cairo who works 18 hours a day, sleeps by his desk and earns $32,000 per year.  He said workers in the developing world (like this engineer) are hungry for change and are willing to go to great lengths to create wealth and improve their lives.

He described the staggering economic growth rates and small debt loads in countries like China and India, comparing them to the mediocre growth rates and soaring debt loads of the US, Canada and Europe.  He said, the most recent recession that devastated most of the developed world, was just a small blip on China’s radar.

Globalization is the New Reality

His message was not really news.  We all know that globalization has taken hold.  The developing world is taking off.  Developed economies (especially the US) are burdened by heavy debt and are losing their power and influence.  Competion, on a global scale is intense.  Over the coming decades, the dynamics of our global economy will play out in such a way that the share of power will shift.

Most of O’Leary’s observations are ideas that I agree with.

Can we Really Compete by Working Harder?

What I disagree with are some of his proposed solutions and his thoughts on financial capital being the main mantra of business.  He said we need to work harder than ever before and take a competitive mindset.  He told the audience that if you are an entrepreneur and not prepared to sacrifice everything (and for O’Leary that includes friends and family) then be prepared to fail.  Although he had a lot of fans cheering his message, you could feel a relative silence from the audience; a general feeling of apprehension.  His message to me felt cold and out of touch.

He went on to predict the decline of the middle classes in Canada and throughout the developed world over the coming decades.

My question:

Does Kevin O’Leary have a real handle on todays business reality?

Is it true, our world is in decline?

Could it be there is something else emerging?

Financial Capital versus Human Capital?

O’Leary says, capital always pursues the highest return with the lowest risk.  If you look at the realities of the corporate world this true.  Corporations have moved manufacturing and services facilities to the developing world to find greater efficiency and improve profitablity.  Hence we are seeing the challenges of plant closures and downsizing that has plagued North America.

The primary focus for corporations is on financial capital.  This philosophy goes all the way back to the industrial revolution where the needs of money and profit are placed above people and the human element.

Small Business and the Importance of Human Capital

As a small business owner I see something else emerging.  There is becoming a greater focus on human capital.  A growing number of people are taking the entrepreneurial leap, realizing that corporate profit taking and cost cutting does not have their best interests in mind.

You can’t plan your future or a retirement plan when your job is at risk.

There is an empowerment taking place where entrepreneurs and small business owners are harnessing technology, and looking for ways to provide a better lifestyle and greater financial security.

Most traditional businesses are focused entirely on profits and have the competitive pressures to keep costs low.  However there are a growing number of companies who have set an equal priority on the human element, building organizations that provide empowering job opportunities for employees.  This is an important shift for companies and I predict that more will want to make this change over the coming decades.

The reason being, if you want to keep jobs in your country and compete with China and India, then competition on price no longer works.  The focus for a business needs to be about something else.

How important is human capital in your business or career?

Practicing the Art of Listening – 4 Lessons

Posted by kboon on March 17, 2010 under Business Building Strategies | Read the First Comment

For the better part of March, my focus has been on the Art of Listening.  Chris Brogan defines listening as one of the key ingredients for any business committed to success.  He recommends companies set up listening posts on the web.  The purpose is to find ways to interact and talk directly to customers and build better relationships, establish trust and increase sales.

In the last two weeks I have interviewed a number of entrepreneurs and small business owners from a variety of professions.  I have asked a lot of questions.  My goal has been to get to know the individual, learn about their business and understand as much as I can about the opportunities and challenges they face.

Here are some of the lessons I have learned.

1. Every entrepreneur and business owner has unique challenges and opportunities

Like the business consultant I recently started working with, who wants to rebuild his network after a few years off.

His challenge: to find new clients in a world that has changed radically in the last 5 years.

Another contact, a financial consultant who has a great website, a newsletter with over 5000 subscribers, does workshops around the country, and has no problems finding consulting work.

His challenge: time management, prioritization and finding the time to create a subscription based website that will add a new revenue stream for his business.

Or here is another contact, a bookstore owner who wants to expand her business and add new services, but her top priority is to focus on the parts of her business that generate income.

Her challenge: Although she knows networking, social media and newsletters are important, she finds it difficult to find the time for these projects.

2. Solutions must fit the business, the person and their customers

Like the old saying, you can’t push a square peg into a round hole.  Many times you hear a large chorus chanting “TWITTER!!  FACEBOOK!!  BLOGS!!”  Unfortunately, if you jump in without understanding the value, how to use the technologies, or worse yet, if you can’t find your customers, then your efforts can be a big waste of time.

When working with small businesses it’s critical to step back and understand their day-to-day priorities.  Look for opportunities to teach and have the patience to integrate new technologies if and when the company is ready.

This takes me to the next lesson.

3. Change for any small business must be managable

There might be 100 things a business can do to improve, but the real question becomes, where do you start?  How do you prioritize and introduce change without jeopardizing the current business or revenue streams?

Change must be managable for the owner, gradual if resources are limited, have agreed objectives and the ability to test results.

4. Trust, Integrity and a focus on the clients needs are essential for success

Trust and integrity require listening, understanding a clients needs and delivering solutions that show you were listening.  Results are good too!  They both take time to build and are worth the effort for building long-term client relationships.

Bandwidth & Relevancy – 2 Factors that Prevent Companies from Using Social Technologies

Posted by kboon on March 1, 2010 under Business Building Strategies | Read the First Comment

Companies both large and small, are grapling with how to use social technologies within their business. Some have made the mistake of jumping off the cliff too early, only to realize there are no sales and there are rocks at the bottom. For this reason, some companies stay away like the plague, frustrated by this mysterious technology which seems to threaten their business.

Yet there are a growing number of companies (large and small) using social technologies to build their brand, their business reputation and increase sales.

The two main challenges for any business are bandwidth and relevancy. Most business owners will say, our employees are already maxed to the limit. We don’t have time, or the bandwidth to support a blog or Twitter. The other challenge is relevancy. Do these technologies really help my business or are they time wasters?

Let’s talk about each of these challenges and how to work through them.

Bandwidth

Companies exist in fast paced, highly competitive marketplace. Most employees seem to work harder than ever, and from layoffs and cutbacks they have seen their workloads increase. If you’re a manager, executive or employee, how do you incorporate a blog, Twitter or Linkedin if you are so busy handling the other demands of your job?

Relevancy

The other question is relevancy. How is Twitter really going to help my business? Laying it out for employees without a policy or strategy can be disasterous. For small businesses you can waste a lot of time (time taken away from earning money) if not thought out effectively.

Here are 4 Tips for Getting through the Bandwidth and Relevancy Issues

Learning & Research – Read up on those who are using social tools and getting results. Better yet look for examples in your industry. Be careful of not getting caught up in the hype, but look for clear examples of people who are getting results. If you can, make connections and ask lots of questions.  What strategies do they use?  How do they manage their time? What can you learn?  Here is an example of a chiropractor, Dr. Patrick MacNamara, using social tools to build his business.  I’ll guarantee you will find someone or some company in your industry using these tools.

Develop a Listening Strategy First – Although this is part of research I feel it’s an important point on its own.  Chris Brogan, who consults for many fortune 500 companies says, developing a listening strategy first.  He says it better than I can in these two posts.  (Starting a Social Media Strategy & Five Tools I Use for Listening)

Develop a Business Strategy – For larger companies, developing a good corporate policy is important.  Defining your goals for social media are critical.  For small businesses it’s about defining your goals and being smart with your time. Plan your day and give your self a few hours per day (or per week) to learn some of the social tools.

Play Smart – Through your research and testing you can start to make decisions where to play in the social space.  With thousands of social networks, you can’t be everywhere at once. Spend some time, find out where your customers are and go to them. Focus on one or two platforms, especially if your time is limited.  Later you can find ways to automate or be in multiple places at once.

I will talk about those tools in a future post.

3 Factors that Define Social Media

Posted by kboon on February 23, 2010 under Business Building Strategies | 6 Comments to Read

There is barrage of hype around the term “social media”.  Everybody is writing about it, tweeting about it, spamming about it, and a lot of people are trying to determine how they use it for their business.

The other day, I mentioned social media as being a useful method to connect with customers or business partners.  My colleague politely said, “It is more hype than fact!  It really doesn’t substitute for selling or promoting your business. It’s a time waster.”

We talked a little more about about his thoughts and that was the end of it.  But the conversation made me think.

What does social media mean to me?  Do I use the term too loosely?

Social Media (in my view) is a component of a larger business strategy.

The way I see it there are 3 main factors:

1. Web Tools that enhance productivity
2. Sharing technologies to enable you to be part of a community and be in multiple places at once (leverage).
3. Communication technologies that allow you to better reach within your community.

How do you define social media?  Is there a better term?

6 Strategies to Help Your Business Catch the Digital Wave!!

Posted by kboon on February 18, 2010 under Business Building Strategies | Be the First to Comment

Technology and the Internet are driving entirely new approaches to product creation, delivery of information and promotion.  Whether you have an existing business or are starting a new one, it does require a new mindset and a little outside the box thinking.

1990’s model

Back in the old days of technology (about 20 years ago) companies would hire software programmers, employees, lease office space, create applications, manufacture cds, books and packaging.  They would then ship physical products around the world, either directly or through distributors.

Today that same business can be created through an online store with digital downloads.  No printing, no production, no shipping!  And in some cases, no employees!!

Physical versus Digital

Digital is becoming the new frontier.  Why set up a production facility when all you have to do is create content, build a website or online store, and then find innovative ways to find your customers.

While many companies struggled during the recession, Apple has showed this digital model to be profitable building a whole business around iPods, iPhones & iTunes.

The introduction of the Apple iPad and the Amazon Kindle Wireless Reading Device
are changing the way we consume information.  You think the world has changed now with Facebook and YouTube.  Just Wait!!  In the next 10 years we will all experience an entirely new way of consuming information.  And the best part for businesses – that consumption will be monetized!!!

As a business owner (large or small) you can take advantage of these trends today.

6 Digital Strategies to Help your Business Catch the Wave!

1. Software – Downloadable web software is a huge business and is growing at a fast pace.  Although there are millions of applications available the opportunities here are limitless.  Developing software applications can be as simple or complicated as you want to make it.  Bottom line is it requires a good idea and a strategy to take your product to market.
2. E-Books – E-Books were first introduced to me by one of my mentors in the blogging and marketing world – David Meerman Scott.  E-Books can be created for free as an opportunity to promote your brand or company. However there is a growing market beginning to monetize this technology.  Here is an example of an E-Book based on the free model that went viral – Marketing Apple – By Steve Chazin.
3. Video & Audio – Similar to E-books, video and audio content can be used to promote your company.  They can be complemented with ads or sponsors or can be paid subscriptions or services.  If the content is good, video content can go viral as in the case of IBM’s Tim Washer.
4. Online Stores – The technology to create an online store is so easy today.  You can sign up for a variety of programs, build your own store, or get paid a fee for directing people to another companies store (affiliate partners).
5. Affiliate Partners – In my view this technology is still very much in its infancy.  Affiliate companies pay you (the producer of web content) a fee or percentage of product sales.  This could be anything from a couple of dollars to a few hundred dollars per transaction.  There are thousands of businesses today earning lucrative incomes from affiliate partner programs.   More businesses are starting to embrace this approach as an efficient way for promoting and getting their message to customers.
6. Advertising and Sponsorship – Digital advertising, like affiliates is changing the way companies connect with customers.  Some businesses are now finding alternate income streams by having ads or sponsorships on their websites.  Again this market is destined to grow.

Becoming Creative

Most musicians today do not make money off downloads of their music.  Although iTunes is figuring out a formula so that musicians can get paid, most make their money by building their profile on the web.  They create a niche following, build fan sites on Facebook & Twitter, promote concerts and events, and more of them are learning how to sell products and merchandise on the web.

The same strategy can apply for your business.

How do you diversify your product or service?  If you sell real estate how might you use an e-Book, a blog, video or an online store?  Would an affiliate program make sense?  For every referral you receive from an affiliate you pay the web owner a small royalty fee.  How could that drive customers to your business?  Has it ever been done?  I’m not sure.

I am really excited about where my business and this website are moving.  The last month has been fantastic opportunity to connect with people all over North America.  The best is still yet to come because I am going to show you how to build a business using many of the technologies I have described.

How is your business creating income from the web?

Haiti – Bandaids, the Long-Term & Our Ability to Make Change

Posted by kboon on February 11, 2010 under General | 2 Comments to Read

The main theme of my website is to explore wealth creation.  I am interested in how we create money, both individually and collectively through our businesses and organizations.   Technology and our ability to connect, I believe have changed the playing field for creating wealth.  There are more opportunities today than ever before.

Although my main focus is around businesses and entrepreneurs, I have a passion for asking how can we improve the quality of life for the most impoverished people around the world.

A couple of weeks ago I posted some initial thoughts on how make longer term change in Haiti and in other developing nations.  It prompted response and a number of people asked that I go into more detail.

Here goes…

The Short-Term View

The aid pouring into Haiti is astounding and people (I believe) have good hearts.  The majority want to see good things happen in Haiti.  In the short-term aid helps to re-build a society and provide the necessities of the life for the people affected.  Aid organizations, construction companies, doctors and thousands of volunteers give their time to help.   I have a great respect for what these people do.

Unfortunately much of this work is like a band-aid.  It helps heal a wound but often the underlining cause of the illness is not treated.  While our efforts are genuine, our society is conditioned to think short-term.  Our government leaders hold power for 4 to 8 years and their goal is to get re-elected. A new government comes into power and they change everything the previous government created to fit their political view.

Yet countries that prosper and move forward have political leaders that create a vision that will live beyond their political term in office.

The Long-Term View

The crisis in Haiti, Africa and all of the countries of the developing world will never really find solutions until (as a global community) we start thinking long-term.  The UN says (and I quoted in my last post) over a billion people live on less than $1 a day, and 2.7 billion live on less than $2 a day.

So Haiti is not the only problem area.

The way you begin long-term thinking is to have a vision, find partners, set goals and in our technology world, build a community.  For the long-term you think beyond 1 year, a business cycle or a typical politicians 8 years in office.  You must think 20, 50 or 100 years ahead to make real change.  This means thinking beyond our own ego or personal goals, and look at the bigger picture.

If we want to create a better world, there is no one person who is going to make it happen.  It takes millions, if not billions to affect real change.

Technology, online communities and our ability to communicate have greatly enhanced our ability to get the job done.

Create a Vision, Partnerships, Goals & Accountability

The challenge with short-term aid, is it’s difficult to create a long-term outlook.  An aid organization (or construction company) goes in, does their work, might stay for while, but eventually they either leave or have to put resources into another disaster.  Don’t get me wrong the work of these organizations is critical and makes a big difference.

But what if we could give it a boost!

What about a long-term strategy where a country from the developed world (the G8 or G20) partners with a poor country.

Let me give you an example.

Let’s say Canada partnered with Haiti.  They create a 50 year agreement (from 2010 to 2060) whereby in that time both countries agree to the following:

• Free trade pact between both countries
• Canadian help, guidance and funding to help Haiti build a stable government, financial system, legal system, healthcare and education.
• Educational Exchange where the brightest minds from Haiti can attend Canadian colleges and universities
• Cultural Exchange where Haitians and Canadians can connect
• Canadian Investment and Support on Haitian economic infrastructure
• Automony for Haiti to have guidance, but ultimately make their own decisions

When you think about it a lot of factors would need to be aligned.

First the government of Haiti (and it’s people) would have to decide if they wanted this partnership.  Would it be something they could commit to?

Canadians would have to decide what’s the benefit for them?

How would cultural aspects be addressed?

The system would not work well if Haitian leaders didn’t have the best interests of their people in mind.  I’m talking about the dictators of the world and government leaders who milk money out of their citizens, buy villas in Switzerland and who don’t give a rat’s ass about the people.  This approach would require a different type of leader (or even better yet) a community of citizens committed to making their country better.

From the Canadian side it would take political leaders who looked beyond the short-term and their ability to get re-elected.  But the commitment would really come from the people of Canada to take and active interest, give their time and resources and be involved.

Someone made the comment on my last post that you can’t get governments to commit to these kind of projects.  I agree.  But I believe in our socially connected world it’s not the governments job.  As communities we can create the interest, create the demand and then bring the brightest minds together for the execution of the project.

Has it been done successfully before?  Yes.

Hong Kong – 1898 to 1997 – The 99-year lease

The world was a much different place back then.  Britain (at the height of the British Empire) took Hong Kong as a colony.  And for 99 years Britain ruled the colony helping to create legal structures and and build an economic system that thrives to this day.  One often wonders where China learned to build their own economy?  Hong Kong was a great teacher for them.

The idea is similar in the 21^st century, but I believe we can do this without colonization, war or a desire to control another country.

So what’s stopping us today?

More ideas to come and I am always interested in your comments.

6 Tips for Building a Website on a Limited Budget

Posted by kboon on February 10, 2010 under Business Building Strategies | 5 Comments to Read

Imagine you have an important business meeting.  You worked hard to get this appointment and you know this person would be a great partner for your business.  You want to make a good impression.  You take extra time to prepare for your meeting and you make sure you dress professionally and appropriately.

Chances are you wouldn’t dress in a pair of sweat pants, an old t-shirt and running shoes.

Yet many businesses dress their website this way.  Their website is an afterthought.

Website as a Central Source

Social media strategists often say, the first step to creating a social presence is to have a good website.  The main purpose of social tools like Twitter, Facebook, Linkedin and other forums is to drive people to your website.  According to the Edelman Report Barack Obama’s election team used 15 social networking sites to get the word out.  They created a central website at BarackObama.com and that had videos, blogs, calls to action, and resources that people could use and share.  (I’ll include a link to the report at the end of this post)

There are 3 components to a good website.

1. Graphics Design & Layout
2. Programming & Development
3. Usability

It can be difficult to find website design companies who have mastered all 3 of these skills.  If you do, you’re likely to pay big bucks!  IT companies will tend to hire in-house, but small businesses usually have limited budgets.

6 Ideas for Building a Website on a Budget

My website is about 3 weeks old and has been created on a small budget.  This is still a work in progress but here are some resources that I use today:

1. Wordpress – Wordpress is easy to use, includes great themes, and it’s free.
2. Netfirms – URL Registration & Hosting – Hosting is generally inexpensive
3. IstockPhoto – For low-cost images – or Flickr for free images
4. Website Grader – from Hubspot – this is a free tool that lets me grade my website for design, web usuability and Search Engine Optimization (SEO)
5. Technical & Design Support – I am not a techie so I have a friend who helps me with any coding or technical work.  Usually all it takes is an email and he can create something quickly for me.
6. Access to Communities – Accessing web communities is one of the most powerful resources I use.  With Twitter, Linkedin and a new community called Third Tribe Marketing, I can get answers to most questions, business, marketing, sales or web related.

Developing a good website is worth the time investment.

At the end of the day your website can make your day-to-day sales efforts a lot easier.

Resources:

1. Barack Obama’s Social Media Toolkit.  Here is the Edelman website.
2. Website Grader is free.  Hubspot has other free graders for Twitter, Facebook and Press Releases.

Target Markets and Adapting to Change

Posted by kboon on February 8, 2010 under Business Building Strategies | Be the First to Comment

In my last post I talked about how challenging it can be when we don’t take the time to listen or get to know our customers.

This is usually the biggest challenge we face in our businesses or jobs. Why? Because it takes time and planning.

If we are a small business the task can seem daunting. Marketing and business schools provide some simple methods to help us get started.

Market Segmentation

First to understand our target audience we need to segment into categories like age, gender, education, income, marital status, etc.   Then we segment by interests, social class, attitudes, beliefs, etc. We begin to get a picture of our what our typical customer might look like. (there is a resource link I’ll provide at the end of this post)

When we start this process it can feel a little like guess work.  But as we talk to people, get to know our audience it becomes more real and believable.

Well.ca (Canada’s Online Health and Beauty Store) has the ability to create a real picture of their customer, because they gather data when customers order. They can segment by age, gender or marital status and see trends in buying habits. They also identify new customer segments as they emerge.  They can adapt and direct their messaging towards these new markets.

Vertical Markets

Corporations will tend to split their markets into what is called “ verticals or vertical markets”. The best companies treat this work like a science. They create products or services specifically for a target market.  They design all web and marketing materials to talk directly to these customers. Sales people learn the language of their target audience.  Good sales people create buyer personas. They know what magazines, newspapers and communities their customer belongs. They listen and talk the language of their clients.

So the lesson. Regardless of the size of your business, get to know your customers. Think about their needs, interests and how your product or service might fit for them. Ask questions. When a customer buys from you, ask them, “why did you buy from me?” If someone doesn’t buy your product, keep a relationship and ask them, “why didn’t you buy from me?” Make your business a learning ground, get to know your customers and be adaptable.

Resources:

How to Find and Sell to Your Target Market - Marilyn Guille

Vertical Markets – Definitions from Wikipedia

Target Markets – Who is your Customer?

Posted by kboon on February 3, 2010 under Business Building Strategies | Be the First to Comment

A while back I was at a large business gathering.  These events are usually designed for people to meet, share ideas, network and find more business.   I met about 20 people and had some great conversations, asked a lot of questions and exchanged business cards.

There was one woman who approached me and before I could even tell her what I do, she started selling me.  “You need these marketing and print materials and let me tell you we also offer design services …. Blah, blah, blah”  I tuned out.  She was determined to sell me.  We talked for a little longer but she did 99% of the talking.  After a few minutes I found a convenient excuse to get away (my beer glass was empty) and I left the conversation.

By 8am the next morning there was an email (from her) in my inbox telling me how her great products would save me money and be just what I needed to get more customers.

She assumed that I needed to save money or get more customers?

She never even asked me a question?

This is a challenge for many business entrepreneurs and sales people.  We get locked into a mindset that we need to sell.  I have done this myself.  I’ll tell a prospect what I do (an elevator pitch) and then they will comment back, “we don’t do it that way”.  And then I find myself back peddling and saying, “oh no but we can also do this… blah, blah, blah”.   Damn!  I’ve lost them and I lost my credibility because I was trying to sell when I should have been listening and developing a relationship.

When I work with clients I ask three questions:

• Who is your typical customer?
• Could you describe them to me (buyer persona)?
• What is your target market?

These questions can be difficult to answer.  I also believe they change as you get know your business, your customer and as market conditions change.  Often a client will say, “well everybody could use what I offer?” I’ll say, “Hang on!  Let’s step back!  Everyone?  Does your product cost money?”  ”Yes?” “Oh!  So you need people with money?”  Yes!

That’s a target market!  At least it’s a start.  I’ll then work with them to find ways to narrow it down even further.

In a future post I will give some examples of how to define your target market and identify your buyer persona.   Or better yet, if you have a business where you would like to run through this exercise, then connect here in the comments area, on Twitter or Linkedin.