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All businesses have to start somewhere, and that includes the big businesses here on the Nasdaq. In my first posting here on Nasdaq, I wrote about how small business owners could follow in the footsteps of the likes of Amazon.com, Inc. and Apple, Inc., simply by having a garage.
Now, with news of Apple’s staggering sales of the iPad, with figures estimating that around 3 million were sold in the first three months following the launch, and then the huge success of the iPhone 4, despite controversy surrounding the antennae, it seems that Apple have a winning formula. But, just what is it that gives Apple the edge?
Of course, this is a million (actually billion!) dollar question, and cannot simply be summed up in to saying that x + y = Apple’s Success. There are a few fundamentals that can be seen when looking at the success of Apple, and that can then be transferred to the small business world.
Primarily, the success of Apple is due to their products. For many small business owners developing products on a par with Apple’s seems impossible, but we can learn from the way they place their products within the market, and how they create a desire in people for something that they never knew they needed.
Has something about a competitors’ product frustrated you to the point where your have adapted your own product to ease your frustration, and to ensure your users don’t have the same problem? Apple saw the things that frustrated users and made their products to combat these problems.
That is something that all small business do, but the real nub is capitalizing on these efforts. When marketing your product ensure that the benefit of your product over that of a competitor is patently obvious. People might not realise that there is an alternative to the way of doing things that leads to them being frustrated; you need to show them that there is another way.
You need to make people aware of the problem. This might sound ridiculous, but if someone has been using the same system for years they might not realise that there is a problem with it – people put up with difficult ways on doing things because they don’t know that there is an alternative. Show them a demonstrably easier way to perform the function and they’ll realise the problem with how they are performing these actions at the moment.
Generate buzz and hype around your product. Use social media, such as Twitter and Facebook, and a blog on your own website to hint at something exciting coming soon. Make a noise around your product; if you don’t shout about it no one else will. Truly believe that your product is the best out there and other people will too.
It is easier than ever to market a potential product, and to tell consumers the problems that your business can solve. Blogging is the ideal way to do this; and even big corporations use blogging as a tool to convey their message to potential customers.
Finding your place in a busy marketplace is difficult, but is by no means impossible. Solve problems people have on a regular basis, even before they know they have a problem, market your product well and find a niche following. This recipe can work for big and small businesses alike; tell people the problem they are having, and how you can solve it. It’s all a question of niche marketing, find your niche and your business can flourish.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
