Golden Rules Of Business Success - Rule 2 Is Conversion

In my first post in this series I talked about the three Golden Rules of Business Success ; Audience, Conversion and Economics.

As a reminder

Audience refers to the crowd of people your business is there for. Are there going to be enough customers that you're able to relate to in a meaningful way. Have you "walked a mile in their shoes?"

Conversion is offering a product or service that your chosen audience are looking for. What is the problem you're offering a solution for?

Economics is making sure you can offer your product at the right price. So it costs less than the price to create or provide it. And more important the customer believes it's worth far more than the price.I also pointed out that if your business isn't where you want it to be then you're breaking one or more of the 3 rules in some way.

So lets look at the second rule and see what can go wrong there.

The Three Golden Rules of Business Success #2 is Conversion.

It always makes sense to start by being clear about who your audience is. The next step is to check that your product or service really does help this group of people.

To do this you'll need to be really clear about what problems or needs this group of people have. So long as you clearly understand your audience then this should be fairly simple.

Using the same example as I used in the Rule #1 post you plan to put on a webinar for people who are short-sighted - you have a non medical based solution that removes the need for glasses. Using some rough math, you've come up with a possible size of about 500,000 people. If we continue with that project we next need to ask ourselves 'What problems your audience has that your webinar is going to help?'

How interested is the group going to be in your solution? What language would the sub-group most interested in your solution use? How can you make contact with the group?

You've probably noticed already that these questions need more effort to answer that the first set. You're always best to start off with what you already know and then check that with some surveys.

Question 1 is 'How interested is the group going to be in your solution? (the webinar) This is probably better phrased as 'Will this group be interested enough to commit time and money in a webinar?' or 'Is a webinar format going to seem normal enough so that the crowd would trust that option?

The reason I've listed these separately is to point out that you might need to change the way you deliver the information - it may be that this group of people are more comfortable getting information in a written form rather than video or the other way around. So just watch out for what the crowd is already doing.

For the second question that is to make sure you have the right words when you come to talk to this crowd of people. Are you able to be part of the group, an insider? This one may need you to do some research if you're not already there. Forums are a great place to go for this info.

The last question is the same as in the first post but I figure its important to ask again as you may have changed your direction but its vital that you can contact your potential crowd. If you can't then you don't really have a business.

So as before answer the questions now for your business.

I hope this was useful - look out for the next in the series economics - will it be a profitable business?