CEO’s talk at Sil Vy Entrepreneur Meetup 8/19/10
Saturday, August 21, 2010 9:32 PM
PRINCIPLES of a SUCCESSFUL STARTUP
- If you have an idea for a Product (a need not being met), research it thoroughly to find out if there is a competing or similar product. Make yours significantly better. Document your benefits/advantages. Show them to Partners, Mentors, Customers for feedback.
- When you do detailed Marketing Research, go to potential Customers, that might buy your product. Get feedback. Look how others that are similar to your product are marketing theirs. They may have spent a lot of money building their message and how they look. Capitalize on that. Go to their Website and see how they describe their products. Learn from their successful products, how to market yours.
- Look for ?trends? in the market; Tailor & target your product accordingly. Also look for other markets, that you can target ? with the same or modified product.
- If you have a Hardware device, get a prototype or mockup into the hands of potential Customers and get feedback of what they think of it. You may think you have the perfect design/system, but it?s not worth anything, unless a Customer wants to buy it. If you have Software, get them a Trial version for feedback. Then fine-tune your product to what these Customers want.
- Getting the word out about your product is very important to its success. You have to educate your market about your product and then you need to communicate its value/ benefits. Use all the ?free? publicity you can get, to reach your Target Market thru Newspapers, TV, Radio, eZines & Magazines + Trade shows. Use ?viral? marketing on Social Networking sites of You-Tube, Face-book, etc, to build awareness of your product and its advantages.
- If you have a Consumer Product, look for ways to advertise, that reach your target market. Try small campaigns in different media, till you find out what works for you. Also try different Retail Venues on a small scale to find out what works best there too.
[address removed], Organizer, SVy Entrepreneur Meetup [masked]
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