Entrepreneurs, especially engineers, struggle hard to wrestle this thing called "market and sales". Why?
Before you say "this is nonsense", let me guess that you are an engineer or pretty close, right? please listen. I am an engineer as well. I worked with someone for many years who is now a sales process consultant. His screening process is pretty selective about who can and can''t learn to sell, because it takes a certain base mental attitude (a "thick skin" so to speak) that is intrinsic, not necessarily taught.
We went through his training at the company I'm with now. My partner and I both found it immensely interesting to understand the mechanics and process of selling, but we both also fall squarely into the "should not sell" category.
I would suggest that learning the principles and process of selling might be beneficial to most people, but actually trying to sell might be so discouraging for some folks that it would push them away from otherwise great startup or business ideas.
Market and sales is human nature, it is psychology, animal instincts, and people protecting their turf and livelihood. It is not "good product engenders good benefits and good sales and happily thereafter".
Question asked by
May 13, 2020, 12:48:18 PM
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How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.