Starting Your Business? Ramon Shared Indispensable Tips in US Chamber of Commerce’s Panel DiscussionSandeep Babu
The 9-5 grind indeed kills many people’s spirits, but entrepreneurship is not easy either. You need to overcome a host of challenges for starting your business venture and keeping it running profitably. And they say – entrepreneurship is a lonely affair. This means you have to solve your problems yourself. None is going to do that for you.
However, you can find tons of small business resources that can guide you in your entrepreneurial journey.
Ramon and the other two successful small business owners shared insights on defining an audience, finding a niche, and more. Ramon participated in the event as the topic expert.
Key Highlights From Co-Roadmap for Rebuilding
1- Know Your Audience
Knowing your audience is among the most critical tasks every wannabe business owner must be ready to complete thoroughly.
Without knowing your prospects, you cannot offer solutions to their problems. Also, you cannot create compelling marketing messages if you’re not aware of what your audience wants.
Ramon Ray rightly pointed out in the panel discussion.
One of the top challenges for businesses early on is determining how to market your product or service and who is the best fit for it. Companies should walk themselves through a series of questions to help figure this out, including:
- Who is your target customer?
- How do you narrow your reach to a specific segment of people?
- What problem am I solving?
Now, you must be wondering how you can get inside into your prospects’ minds.
Here are some ways that can help:
- Create a customer persona and customer empathy map
- Get to know your ideal customers personally
- Conduct online surveys to get your audience’s opinion
- Monitor engagement and comments of your readers
When you know your audience, starting a business will be easier as you can know where opportunities are.
Greg Bryon, the co-founder of Pasta Packs and one of the panelists, said
During the first week of the shutdown here, we were cooking constantly at our house and decided to jump straight in. We saw an opportunity for people to have an elevated cooking experience that was very simple and quick.
2- Work on Your Pricing Strategy
The pricing of your products/services creates a perceived value in the mind of people. And it has a direct impact on your brand, image, and position in the market.
Setting the price for your products/services is tricky. If you fix higher prices, it can send a signal that your products/services are costly. And the lower prices can give an impression that you offer products/services of substandard quality.
Ashley Haynes, the owner of Learning Leaf Child Development and one of the panelists, echoed the same,
In childcare, you are placing your most valuable asset in a place where you don’t know everyone,” “My job with pricing is to make sure I’m not pricing myself out of the market, but I can’t charge too cheap of a price because red flags go up with parents. There’s a delicate balance to [feeling] like they aren’t getting ripped off and getting something high-quality.
So how can you set the right price? There is no ideal answer. You need to do intensive market research and consider the value you offer to come up with the right price for your product/services.
Ramon Ray said,
Do you want one, to have high volume and low price, which can prove challenging against the bigger brands of the world, or two, do you want to go low volume with a premium price, which will get you a higher profit?
He added further,
Scissors can be 99 cents, but it’s okay to have scissors that cost $49. It all depends on who you are selling to and what they see as worth.
You can check the complete panel discussion below: